# EDGAR Filing Document

**Accession Number:** 0000717316
**File Stem:** 0000717316-26-000006
**Filing Date:** 2026-4
**Character Count:** 346563
**Document Hash:** 4d86bb9543234409b69bfea83e45d481
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000717316-26-000006.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0000717316-26-000006

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**EFFECTIVENESS DATE**: 20260427

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY CALIFORNIA TAX FREE & MUNICIPAL FUNDS
- **CENTRAL INDEX KEY:** 0000717316

**ORGANIZATION NAME:**
- **EIN:** 946562826
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03706
- **FILM NUMBER:** 26899656

**BUSINESS ADDRESS:**
- **STREET 1:** 1665 CHARLESTON RD
- **CITY:** MOUNTAIN VIEW
- **STATE:** CA
- **ZIP:** 94043
- **BUSINESS PHONE:** 8003218321

**MAIL ADDRESS:**
- **STREET 1:** 1665 CHARLESTON RD
- **CITY:** MOUNTAIN VIEW
- **STATE:** CA
- **ZIP:** 94043

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BENHAM CALIFORNIA TAX FREE TRUST /
- **DATE OF NAME CHANGE:** 19960815

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BENHAM CALIFORNIA TAX FREE & MUNICIPAL FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BENHAM CALIFORNIA TAX FREE TRUST
- **DATE OF NAME CHANGE:** 19910218

## Series and Classes Contracts Data

### CALIFORNIA HIGH-YIELD MUNICIPAL FUND (Series ID: S000005667)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015521 | INVESTOR CLASS | BCHYX           |
| C000015522 | A CLASS        | CAYAX           |
| C000015524 | C CLASS        | CAYCX           |
| C000087984 | I CLASS        | BCHIX           |
| C000189669 | Y CLASS        | ACYHX           |

### CALIFORNIA INTERMEDIATE-TERM TAX-FREE BOND FUND (Series ID: S000005668)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015525 | INVESTOR CLASS | BCITX           |
| C000087985 | I CLASS        | BCTIX           |
| C000087986 | A CLASS        | BCIAX           |
| C000087987 | C CLASS        | BCIYX           |
| C000189670 | Y CLASS        | ACYTX           |

### CALIFORNIA TAX-FREE MONEY MARKET FUND (Series ID: S000005671)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015528 | INVESTOR CLASS | BCTXX           |

?xml version='1.0' encoding='ASCII'? ck0000717316-20260228

**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 | Investment Company Act file number | **811-03706** | **811-03706** | **811-03706** |
| **AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS** | **AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS** | **AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS** | **AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS** | **AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS** |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |
| **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **64111** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
| **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** |
| (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **816-531-5575** | **816-531-5575** |
| Date of fiscal year end: | **08-31** | **08-31** | **08-31** | **08-31** |
| Date of reporting period: | **02-28-2026** | **02-28-2026** | **02-28-2026** | **02-28-2026** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a) ------

**SEMIANNUAL SHAREHOLDER REPORT**

California High-Yield Municipal Fund ![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (BCHYX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about California High-Yield Municipal Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $25 | 0.49% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1643061596 |
| Management Fees (dollars paid during the reporting period) | $3057095 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 666 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 98.5% |
| Affiliated Funds | 0.5% |
| Warrants | 0.0% |
| Other Assets and Liabilities | 1.0% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000717316-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

S-25075201

------

**SEMIANNUAL SHAREHOLDER REPORT**

California High-Yield Municipal Fund ![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

---

| | |
|:---|:---|
| **I Class (BCHIX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about California High-Yield Municipal Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $15 | 0.29% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1643061596 |
| Management Fees (dollars paid during the reporting period) | $3057095 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 666 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 98.5% |
| Affiliated Funds | 0.5% |
| Warrants | 0.0% |
| Other Assets and Liabilities | 1.0% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000717316-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

S-25075789

------

**SEMIANNUAL SHAREHOLDER REPORT**

California High-Yield Municipal Fund ![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (ACYHX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about California High-Yield Municipal Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $13 | 0.26% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1643061596 |
| Management Fees (dollars paid during the reporting period) | $3057095 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 666 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 98.5% |
| Affiliated Funds | 0.5% |
| Warrants | 0.0% |
| Other Assets and Liabilities | 1.0% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000717316-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

S-25075771

------

**SEMIANNUAL SHAREHOLDER REPORT**

California High-Yield Municipal Fund ![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

---

| | |
|:---|:---|
| **A Class (CAYAX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about California High-Yield Municipal Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $38 | 0.74% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1643061596 |
| Management Fees (dollars paid during the reporting period) | $3057095 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 666 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 98.5% |
| Affiliated Funds | 0.5% |
| Warrants | 0.0% |
| Other Assets and Liabilities | 1.0% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000717316-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

S-25075888

------

**SEMIANNUAL SHAREHOLDER REPORT**

California High-Yield Municipal Fund ![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

---

| | |
|:---|:---|
| **C Class (CAYCX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about California High-Yield Municipal Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $76 | 1.49% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1643061596 |
| Management Fees (dollars paid during the reporting period) | $3057095 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 666 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 98.5% |
| Affiliated Funds | 0.5% |
| Warrants | 0.0% |
| Other Assets and Liabilities | 1.0% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000717316-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

S-25075805

------

**SEMIANNUAL SHAREHOLDER REPORT**

California Intermediate-Term Tax-Free Bond Fund ![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (BCITX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about California Intermediate-Term Tax-Free Bond Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $23 | 0.46% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2221727663 |
| Management Fees (dollars paid during the reporting period) | $3234198 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 1052 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 100.8% |
| Affiliated Funds | 0.5% |
| Other Assets and Liabilities | (1.3)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000717316-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

S-25075508

------

**SEMIANNUAL SHAREHOLDER REPORT**

California Intermediate-Term Tax-Free Bond Fund ![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

---

| | |
|:---|:---|
| **I Class (BCTIX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about California Intermediate-Term Tax-Free Bond Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $13 | 0.26% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2221727663 |
| Management Fees (dollars paid during the reporting period) | $3234198 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 1052 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 100.8% |
| Affiliated Funds | 0.5% |
| Other Assets and Liabilities | (1.3)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000717316-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

S-25075839

------

**SEMIANNUAL SHAREHOLDER REPORT**

California Intermediate-Term Tax-Free Bond Fund ![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (ACYTX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about California Intermediate-Term Tax-Free Bond Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $12 | 0.23% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2221727663 |
| Management Fees (dollars paid during the reporting period) | $3234198 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 1052 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 100.8% |
| Affiliated Funds | 0.5% |
| Other Assets and Liabilities | (1.3)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000717316-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

S-25075763

------

**SEMIANNUAL SHAREHOLDER REPORT**

California Intermediate-Term Tax-Free Bond Fund ![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

---

| | |
|:---|:---|
| **A Class (BCIAX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about California Intermediate-Term Tax-Free Bond Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $36 | 0.71% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2221727663 |
| Management Fees (dollars paid during the reporting period) | $3234198 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 1052 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 100.8% |
| Affiliated Funds | 0.5% |
| Other Assets and Liabilities | (1.3)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000717316-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

S-25075821

------

**SEMIANNUAL SHAREHOLDER REPORT**

California Intermediate-Term Tax-Free Bond Fund ![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

---

| | |
|:---|:---|
| **C Class (BCIYX)**  | **February 28, 2026** |

---

This semi-annual shareholder report contains important information about California Intermediate-Term Tax-Free Bond Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $74 | 1.46% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2221727663 |
| Management Fees (dollars paid during the reporting period) | $3234198 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 1052 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 100.8% |
| Affiliated Funds | 0.5% |
| Other Assets and Liabilities | (1.3)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000717316-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

S-25075813

------

**SEMIANNUAL SHAREHOLDER REPORT**

California Tax-Free Money Market Fund ![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

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| | |
|:---|:---|
| **Investor Class (BCTXX)**  | **February 28, 2026** |

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This semi-annual shareholder report contains important information about California Tax-Free Money Market Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

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| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $24 | 0.49% |

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| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $113408866 |
| Management Fees (dollars paid during the reporting period) | $271138 |
| Total Number of Portfolio Holdings | 65 |
| 7-Day Current Yield - Investor Class | 1.49% |
| 7-Day Effective Yield - Investor Class | 1.50% |

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**Fund Holdings**

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| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 100.1% |
| Other Assets and Liabilities | (0.1)% |

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*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000717316-20260228_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

S-25075300

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(b) Not applicable.

**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 financial statements and other information filed under Item 7 of this Form.

(b) Not applicable.

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

(a) ------

&nbsp;&nbsp;&nbsp;&nbsp;

![ACI_Horiz_RGB_Black.jpg](ck0000717316-20260228_g1.jpg)

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| |
|:---|
| Semiannual Financial Statements and Other Information |
| February 28, 2026 |
| California High-Yield Municipal Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (BCHYX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (BCHIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (ACYHX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (CAYAX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (CAYCX) |
| California Intermediate-Term Tax-Free Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (BCITX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (BCTIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (ACYTX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (BCIAX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (BCIYX) |
| California Tax-Free Money Market Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (BCTXX) |

---

***Investors should carefully consider a fund's investment objectives, risks, charges and expenses. For this and additional information about a fund, including the Annual Shareholder Report, Semiannual Shareholder Report, Prospectus and Statement of Additional Information, visit americancentury.com/docs.***

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**Table of Contents**

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| | |
|:---|:---|
| Schedules of Investments | [2](#i2e2539f36fd240939e34a0874c40523b_31) |
| Statements of Assets and Liabilities | [50](#i2e2539f36fd240939e34a0874c40523b_37) |
| Statements of Operations | [52](#i2e2539f36fd240939e34a0874c40523b_40) |
| Statements of Changes in Net Assets | [54](#i2e2539f36fd240939e34a0874c40523b_43) |
| Notes to Financial Statements | [56](#i2e2539f36fd240939e34a0874c40523b_46) |
| Financial Highlights | [62](#i2e2539f36fd240939e34a0874c40523b_49) |

---

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Schedule of Investments - California High-Yield Municipal Fund

**FEBRUARY 28, 2026 (UNAUDITED)**

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| | | |
|:---|:---|:---|
|<br>**MUNICIPAL SECURITIES — 98.5%** | **Principal Amount/Shares** | **Value** |
| **California — 96.3%** | | |
| Alameda Community Facilities District Special Tax, (City of Alameda CA Community Facilities District No. 22-1), 5.00%, 9/1/48 | $750000 | $765998 |
| Alameda Community Facilities District Special Tax, (City of Alameda CA Community Facilities District No. 22-1), 5.00%, 9/1/53 | 1175000 | 1192462 |
| Alameda Corridor Transportation Authority Rev., Capital Appreciation, VRN, 0.00%, 10/1/52 (AG) | 12000000 | 7135112 |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/36 | 2700000 | 2730862 |
| Alameda County Fire Department GO, 5.25%, 6/1/55 | 2500000 | 2727661 |
| Antelope Valley Healthcare District Rev., (Antelope Valley Healthcare District Obligated Group), 5.00%, 3/1/46 | 5000000 | 4652202 |
| Bay Area Toll Authority Rev., 4.125%, 4/1/54 | 3750000 | 3700815 |
| Bay Area Toll Authority Rev., VRDN, 1.25%, 3/2/26 (LOC: Barclays Bank PLC) | 1650000 | 1650000 |
| Bay Area Toll Authority Rev., VRDN, 1.25%, 3/2/26 (LOC: Bank of America N.A.) | 6385000 | 6385000 |
| Beaumont Special Tax, (City of Beaumont CA Community Facilities District No 93-1 Area No. 8C), 5.00%, 9/1/43 | 1605000 | 1639731 |
| Beaumont Special Tax, (City of Beaumont CA Community Facilities District No. 93-1 Improvement Area 8F), 4.00%, 9/1/45 | 1510000 | 1398404 |
| Beaumont Special Tax, (City of Beaumont CA Community Facilities District No. 93-1 Improvement Area 8F), 4.00%, 9/1/50 | 1500000 | 1329075 |
| California Community Choice Financing Authority Rev., 5.00%, 11/1/33 (GA: Canadian Imperial Bank) | 20000000 | 22150888 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 12/1/53 (GA: Goldman Sachs Group, Inc.) | 3000000 | 3193091 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 2/1/54 (GA: Morgan Stanley) | 2600000 | 2813369 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 5/1/54 (GA: Morgan Stanley) | 7475000 | 8154440 |
| California Community Choice Financing Authority Rev., VRN, 5.50%, 10/1/54 (GA: National Bank of Canada) | 2305000 | 2534373 |
| California Community Choice Financing Authority Rev., VRN, 5.25%, 11/1/54 (GA: Goldman Sachs Group, Inc.) | 10000000 | 10788954 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 2/1/55 (GA: Royal Bank of Canada) | 5005000 | 5541074 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 2/1/55 (GA: Pacific Life Insurance Co.) | 8670000 | 9523837 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 8/1/55 (GA: American General Life) | 2500000 | 2706472 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 12/1/55 (GA: American General Life) | 5000000 | 5428783 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 1/1/56 (GA: New York Life Insurance Co.) | 5445000 | 6078710 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 4/1/56 (GA: Morgan Stanley) | 4000000 | 4442714 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 10/1/56 (GA: Bank Of Nova Scotia TR) | 8650000 | 9696201 |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.25%, 5/1/43 | 3200000 | 3274628 |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.25%, 5/1/48 | 4500000 | 4556873 |
| California Community Housing Agency Rev., (California Community Housing Agency Fountains at Emerald Park), 4.00%, 8/1/46<sup>(1)</sup> | 3060000 | 2684771 |
| California Community Housing Agency Rev., (California Community Housing Agency Verdant at Green Valley Apartments), 5.00%, 8/1/49<sup>(1)</sup> | 2640000 | 2484162 |
| California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50<sup>(2)</sup> | 22520000 | 5171837 |
| California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 4.00%, 6/1/49 | 750000 | 668869 |
| California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 5.00%, 6/1/49 | 1730000 | 1733085 |
| California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), Capital Appreciation, 0.00%, 6/1/55<sup>(2)</sup> | 5020000 | 975669 |
| California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/44 | 1275000 | 1419553 |
| California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/45 | 1150000 | 1263722 |
| California Educational Facilities Authority Rev., (University of Southern California), 5.00%, 10/1/55 | 4000000 | 4250713 |
| California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/55 | 4000000 | 4213168 |
| California Enterprise Development Authority Rev., (Academy For Academic Excellence CA), 5.00%, 7/1/40<sup>(1)</sup> | 500000 | 502890 |
| California Enterprise Development Authority Rev., (Academy For Academic Excellence CA), 5.00%, 7/1/50<sup>(1)</sup> | 500000 | 477776 |
| California Enterprise Development Authority Rev., (Academy For Academic Excellence CA), 5.00%, 7/1/55<sup>(1)</sup> | 350000 | 328384 |
| California Enterprise Development Authority Rev., (Castilleja School Foundation), 5.00%, 6/1/49 | 2800000 | 2954909 |
| California Enterprise Development Authority Rev., (Castilleja School Foundation), 4.00%, 6/1/54 | 2500000 | 2313033 |
| California Enterprise Development Authority Rev., (Provident Group-Pomona Properties LLC), 5.00%, 1/15/45 | 1000000 | 1034983 |

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Schedule of Investments - California High-Yield Municipal Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| California Enterprise Development Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/44<sup>(1)</sup> | $1315000 | $1340999 |
| California Enterprise Development Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/54<sup>(1)</sup> | 2500000 | 2466899 |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 4.00%, 8/15/48 | 5000000 | 4787488 |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 4/1/30, Prerefunded at 100% of Par<sup>(3)</sup> | 330000 | 357084 |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 4/1/49 | 9380000 | 8721645 |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 5.00%, 12/1/54 | 4750000 | 4945888 |
| California Health Facilities Financing Authority Rev., (Scripps Health Obligated Group), 5.00%, 11/15/43 | 5000000 | 5582895 |
| California Health Facilities Financing Authority Rev., (Scripps Health Obligated Group), 5.00%, 11/15/44 | 950000 | 1051139 |
| California Health Facilities Financing Authority Rev., (Stanford Health Care Obligated Group), 5.25%, 8/15/54 | 5000000 | 5395956 |
| California Housing Finance Agency Rev., 4.25%, 1/15/35 | 2765535 | 2916939 |
| California Housing Finance Agency Rev., 3.50%, 11/20/35 | 14787854 | 15139613 |
| California Housing Finance Agency Rev., (AH Housing Preservation LP), 4.10%, 9/1/40 (FNMA) | 10000000 | 10410586 |
| California Housing Finance Agency Rev., (SV Housing Preservation LP), 4.10%, 7/1/40 (FHLMC) | 3330000 | 3405774 |
| California Infrastructure & Economic Development Bank Rev., 4.00%, 10/1/42 | 15165000 | 15747037 |
| California Infrastructure & Economic Development Bank Rev., (California Science Center Foundation), 5.00%, 11/1/31 | 5000000 | 5751378 |
| California Infrastructure & Economic Development Bank Rev., (California Science Center Foundation), 4.00%, 5/1/51 | 4000000 | 3768353 |
| California Infrastructure & Economic Development Bank Rev., (Desertxpress Enterprises LLC), VRN, 12.00%, 1/1/65<sup>(1)</sup> | 8655000 | 4673700 |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 5.00%, 11/1/49 | 1500000 | 1563195 |
| California Infrastructure & Economic Development Bank Rev., (University of California), 5.00%, 5/15/50 | 5000000 | 5339545 |
| California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AG) | 2335000 | 2382235 |
| California Municipal Finance Authority Rev., 4.00%, 12/1/43 | 1000000 | 1002439 |
| California Municipal Finance Authority Rev., (Ascent 613), 5.375%, 1/1/55<sup>(1)</sup> | 1800000 | 1803477 |
| California Municipal Finance Authority Rev., (Azusa Pacific University), 5.00%, 4/1/41 | 500000 | 492776 |
| California Municipal Finance Authority Rev., (Bowles Hall Foundation), 5.00%, 6/1/50 | 1750000 | 1750098 |
| California Municipal Finance Authority Rev., (California Baptist University), 5.375%, 11/1/45<sup>(1)</sup> | 775000 | 804833 |
| California Municipal Finance Authority Rev., (California Baptist University), 5.50%, 11/1/45<sup>(1)</sup> | 4000000 | 4000888 |
| California Municipal Finance Authority Rev., (California Baptist University), 5.00%, 11/1/46<sup>(1)</sup> | 8325000 | 8286741 |
| California Municipal Finance Authority Rev., (California Baptist University), 5.625%, 11/1/54<sup>(1)</sup> | 500000 | 513442 |
| California Municipal Finance Authority Rev., (Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio), 4.00%, 8/15/44 | 1000000 | 955958 |
| California Municipal Finance Authority Rev., (Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio), 5.00%, 8/15/54 | 1800000 | 1836658 |
| California Municipal Finance Authority Rev., (Catalyst Impact Fund 1 LLC), 6.00%, 1/1/39<sup>(1)</sup> | 4000000 | 4252664 |
| California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/32 (BAM-TCRS) | 3000000 | 3190750 |
| California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/51 (BAM-TCRS) | 5505000 | 5569728 |
| California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/51 | 6700000 | 6717927 |
| California Municipal Finance Authority Rev., (CHF-Davis II LLC), 4.00%, 5/15/41 (BAM) | 1000000 | 1015905 |
| California Municipal Finance Authority Rev., (Claremont Graduate University), 5.00%, 10/1/49<sup>(1)</sup> | 2145000 | 2032155 |
| California Municipal Finance Authority Rev., (Claremont Graduate University), 5.00%, 10/1/54<sup>(1)</sup> | 1875000 | 1739903 |
| California Municipal Finance Authority Rev., (Clinicas del Camino Real, Inc.), 4.00%, 3/1/50 | 6535000 | 5462424 |
| California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/54<sup>(1)</sup> | 5125000 | 5136440 |
| California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.75%, 12/1/55 | 1000000 | 1058154 |
| California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 4.00%, 2/1/51 | 2000000 | 1756238 |
| California Municipal Finance Authority Rev., (Congregational Homes, Inc. Obligated Group), 5.00%, 11/15/49 | 4750000 | 4758787 |
| California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.00%, 11/1/26<sup>(1)</sup> | 100000 | 100350 |
| California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.00%, 11/1/36<sup>(1)</sup> | 1400000 | 1401468 |
| California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.50%, 11/1/46<sup>(1)</sup> | 5300000 | 5042350 |
| California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/42 | 5250000 | 5296216 |
| California Municipal Finance Authority Rev., (Eskaton Properties, Inc. Obligated Group), 5.00%, 11/15/44 | 5245000 | 5496131 |
| California Municipal Finance Authority Rev., (Gracelight Community Health Obligated Group), 5.375%, 6/1/56 | 1955000 | 1995454 |

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Schedule of Investments - California High-Yield Municipal Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| California Municipal Finance Authority Rev., (Healthright 360), 5.00%, 11/1/29<sup>(1)</sup> | $1155000 | $1190720 |
| California Municipal Finance Authority Rev., (Healthright 360), 5.00%, 11/1/39<sup>(1)</sup> | 3535000 | 3624982 |
| California Municipal Finance Authority Rev., (Healthright 360), 5.00%, 11/1/49<sup>(1)</sup> | 4450000 | 4306475 |
| California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 5.25%, 10/1/44 | 1000000 | 1059822 |
| California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 5.25%, 10/1/45 | 1120000 | 1177298 |
| California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 4.00%, 10/1/49 | 6250000 | 5590109 |
| California Municipal Finance Authority Rev., (Ignatian Corp.), 5.00%, 9/1/54 | 2250000 | 2365230 |
| California Municipal Finance Authority Rev., (Maison's Sierra Phase 2 LP), 4.45%, 11/1/43 (FNMA) | 2175000 | 2265068 |
| California Municipal Finance Authority Rev., (P3 Claremont Holdings LLC), 5.00%, 7/1/40<sup>(1)</sup> | 1515000 | 1529575 |
| California Municipal Finance Authority Rev., (P3 Claremont Holdings LLC), 5.00%, 7/1/52<sup>(1)</sup> | 2075000 | 1908832 |
| California Municipal Finance Authority Rev., (Palmdale Aerospace Academy, Inc.), 5.00%, 7/1/49<sup>(1)</sup> | 5100000 | 4860082 |
| California Municipal Finance Authority Rev., (PRS-California Obligated Group), 5.00%, 4/1/44 | 1165000 | 1236139 |
| California Municipal Finance Authority Rev., (PRS-California Obligated Group), 5.00%, 4/1/49 | 1300000 | 1336905 |
| California Municipal Finance Authority Rev., (PRS-California Obligated Group), 5.00%, 4/1/54 | 1540000 | 1568512 |
| California Municipal Finance Authority Rev., (River Charter Schools), 5.50%, 6/1/48<sup>(1)</sup> | 2265000 | 2217188 |
| California Municipal Finance Authority Rev., (Samuel Merritt University), 5.25%, 6/1/53 | 4000000 | 4195966 |
| California Municipal Finance Authority Rev., (San Jose South 1st Street Associates LP), 5.00%, 12/1/44 | 5000000 | 5489338 |
| California Municipal Finance Authority Rev., (Santa Rosa Academy LLC), 5.375%, 7/1/45<sup>(1)</sup> | 1400000 | 1384652 |
| California Municipal Finance Authority Rev., (St. Mary and All Angels Christian Church CA), 4.65%, 5/1/30 | 400000 | 414847 |
| California Municipal Finance Authority Rev., (St. Mary and All Angels Christian Church CA), 5.00%, 5/1/34<sup>(1)</sup> | 275000 | 289179 |
| California Municipal Finance Authority Rev., (St. Mary and All Angels Christian Church CA), 5.50%, 5/1/44<sup>(1)</sup> | 350000 | 359013 |
| California Municipal Finance Authority Rev., (St. Mary and All Angels Christian Church CA), 5.75%, 5/1/54<sup>(1)</sup> | 1095000 | 1107204 |
| California Municipal Finance Authority Rev., (St. Mary and All Angels Christian Church CA), 5.875%, 5/1/59<sup>(1)</sup> | 1200000 | 1218783 |
| California Municipal Finance Authority Rev., (United Airlines, Inc.), 4.00%, 7/15/29 | 2600000 | 2651488 |
| California Municipal Finance Authority Rev., (Village Green Tax Credit LP), 4.125%, 11/1/41 (FNMA) | 4950000 | 5083049 |
| California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/48<sup>(1)</sup> | 8450000 | 5657915 |
| California Municipal Finance Authority Rev., (Witmer Manor Community Partners LP), 4.875%, 11/1/43 (FNMA)(HUD) | 1450000 | 1547079 |
| California Municipal Finance Authority Rev., VRN, 4.33%, 11/20/40 | 2952230 | 3000719 |
| California Municipal Finance Authority Rev., VRN, 3.54%, 2/20/41 | 2960590 | 2870266 |
| California Municipal Finance Authority Special Tax, 5.00%, 9/1/39 | 1290000 | 1374903 |
| California Municipal Finance Authority Special Tax, 5.00%, 9/1/44 | 2140000 | 2233383 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority BOLD Program Series 2020B), 4.00%, 9/1/43 | 1000000 | 986404 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority BOLD Program Series 2020B), 4.00%, 9/1/50 | 1500000 | 1343021 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority BOLD Program Series 2023B), 5.75%, 9/1/53 | 1850000 | 1958183 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority BOLD Program Series 2024A), 5.125%, 9/1/54 | 1000000 | 1015551 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs Dist No. 2022-6 Impt Area No. 2), 5.00%, 9/1/40 | 525000 | 559815 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs Dist No. 2022-6 Impt Area No. 2), 5.25%, 9/1/45 | 500000 | 524111 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs Dist No. 2022-6 Impt Area No. 2), 5.375%, 9/1/50 | 925000 | 964781 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs Dist No. 2022-6 Impt Area No. 2), 5.375%, 9/1/55 | 1500000 | 1560730 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2021-6 Area No. 2), 6.00%, 9/1/52 | 1700000 | 1802525 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2022-6 Area No. 1), 5.00%, 9/1/49 | 1250000 | 1262162 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2022-6 Area No. 1), 5.00%, 9/1/54 | 2750000 | 2777519 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2023-11 Area A), 5.00%, 9/1/54 | 800000 | 795804 |

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Schedule of Investments - California High-Yield Municipal Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2023-11 Area A), 5.125%, 9/1/59 | $1250000 | $1248846 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2023-5 Area 2), 4.125%, 9/1/34 | 500000 | 512469 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2023-5 Area 2), 5.00%, 9/1/39 | 750000 | 799362 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2023-5 Area 2), 5.00%, 9/1/44 | 1210000 | 1261056 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2023-5 Area No. 2), 5.00%, 9/1/50 | 1000000 | 1016205 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2023-5 Area No. 2), 5.00%, 9/1/55 | 1100000 | 1111752 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Community Facilities District No. 2021-13), 5.00%, 9/1/47 | 2000000 | 2049474 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Community Facilities District No. 2021-13), 5.00%, 9/1/50 | 1000000 | 1014123 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Community Facilities District No. 2021-13), 5.00%, 9/1/55 | 1250000 | 1262217 |
| California Municipal Finance Authority Special Tax, (City of Chula Vista Community Facilities District No. 2021-11), 5.00%, 9/1/57 | 5000000 | 5043997 |
| California Municipal Finance Authority Special Tax, (City of Hesperia CA Community Facilities District No. 2023-11 Area No. 1), 5.125%, 9/1/50 | 765000 | 780274 |
| California Municipal Finance Authority Special Tax, (City of Hesperia CA Community Facilities District No. 2023-11 Area No. 1), 5.125%, 9/1/55 | 1000000 | 1015608 |
| California Municipal Finance Authority SEQ, Series A-1, Class A1, 4.05%, 7/20/41<sup>(4)</sup> | 5000000 | 5061631 |
| California Pollution Control Financing Authority Rev., (Channelside Water Resources LP), 5.00%, 11/21/45<sup>(1)</sup> | 2500000 | 2551803 |
| California Public Finance Authority Rev., (Crossroads Christian Schools Obligated Group), 5.00%, 1/1/56<sup>(1)</sup> | 4000000 | 3559254 |
| California Public Finance Authority Rev., (Hazelden Betty Ford Foundation), 5.00%, 11/1/54 | 2000000 | 2034491 |
| California Public Finance Authority Rev., (Hoag Memorial Hospital Presbyterian Obligated Group), VRDN, 1.25%, 3/2/26 (LIQ FAC: JPMorgan Chase Bank N.A.) | 6020000 | 6020000 |
| California Public Finance Authority Rev., (Hoag Memorial Hospital Presbyterian Obligated Group), VRDN, 1.25%, 3/2/26 (LIQ FAC: JPMorgan Chase Bank N.A.) | 9880000 | 9880000 |
| California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/36<sup>(1)</sup> | 1160000 | 1196601 |
| California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/46<sup>(1)</sup> | 1545000 | 1468514 |
| California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/51<sup>(1)</sup> | 1250000 | 1141820 |
| California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/56<sup>(1)</sup> | 1260000 | 1129281 |
| California School Finance Authority Rev., 5.00%, 6/1/37<sup>(1)</sup> | 475000 | 478293 |
| California School Finance Authority Rev., 5.00%, 6/1/47<sup>(1)</sup> | 875000 | 832681 |
| California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/31<sup>(1)</sup> | 4000000 | 4018161 |
| California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/45<sup>(1)</sup> | 5000000 | 5000829 |
| California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/49<sup>(1)</sup> | 1000000 | 1022575 |
| California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/45<sup>(1)</sup> | 1100000 | 1099991 |
| California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/51<sup>(1)</sup> | 1300000 | 1090980 |
| California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/61<sup>(1)</sup> | 4000000 | 3796382 |
| California School Finance Authority Rev., (Bright Star Schools Obligated Group), 2.00%, 6/1/27<sup>(1)</sup> | 140000 | 137349 |
| California School Finance Authority Rev., (Bright Star Schools Obligated Group), 5.00%, 6/1/37<sup>(1)</sup> | 1800000 | 1809221 |
| California School Finance Authority Rev., (Bright Star Schools Obligated Group), 4.00%, 6/1/39<sup>(1)</sup> | 1085000 | 1054915 |
| California School Finance Authority Rev., (Bright Star Schools Obligated Group), 5.00%, 6/1/47<sup>(1)</sup> | 3130000 | 2971028 |
| California School Finance Authority Rev., (Bright Star Schools Obligated Group), 4.00%, 6/1/51<sup>(1)</sup> | 1730000 | 1448904 |
| California School Finance Authority Rev., (Bright Star Schools Obligated Group), 4.00%, 6/1/61<sup>(1)</sup> | 2220000 | 1761330 |
| California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.00%, 6/1/26<sup>(1)(5)(6)</sup> | 970000 | 582000 |
| California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.50%, 6/1/31<sup>(1)(5)(6)</sup> | 1500000 | 900000 |
| California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.75%, 6/1/36<sup>(1)(5)(6)</sup> | 1500000 | 900000 |
| California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/30<sup>(1)</sup> | 805000 | 815868 |

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Schedule of Investments - California High-Yield Municipal Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/37<sup>(1)</sup> | $430000 | $431530 |
| California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/48<sup>(1)</sup> | 2100000 | 1941332 |
| California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/56<sup>(1)</sup> | 2000000 | 1775356 |
| California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 5.00%, 7/1/64<sup>(1)</sup> | 2040000 | 1949404 |
| California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/38<sup>(1)</sup> | 1130000 | 1157395 |
| California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.375%, 8/1/42<sup>(1)</sup> | 500000 | 532133 |
| California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/45<sup>(1)</sup> | 3500000 | 3500276 |
| California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/48<sup>(1)</sup> | 3630000 | 3637504 |
| California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.75%, 8/1/52<sup>(1)</sup> | 1650000 | 1720841 |
| California School Finance Authority Rev., (Kepler Education, Inc.), 5.75%, 5/1/37 (ST INTERCEPT)<sup>(1)</sup> | 1050000 | 1061475 |
| California School Finance Authority Rev., (Kepler Education, Inc.), 5.875%, 5/1/47 (ST INTERCEPT)<sup>(1)</sup> | 2425000 | 2431971 |
| California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/37<sup>(1)</sup> | 1180000 | 1198856 |
| California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/45<sup>(1)</sup> | 1650000 | 1650221 |
| California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/49<sup>(1)</sup> | 2000000 | 2004795 |
| California School Finance Authority Rev., (Larchmont Schools), 5.00%, 6/1/33<sup>(1)</sup> | 1025000 | 1037609 |
| California School Finance Authority Rev., (Larchmont Schools), 5.00%, 6/1/43<sup>(1)</sup> | 1075000 | 1076668 |
| California School Finance Authority Rev., (Larchmont Schools), 5.00%, 6/1/55<sup>(1)</sup> | 1000000 | 920609 |
| California School Finance Authority Rev., (Lighthouse Community Public Schools Obligated Group), 6.375%, 6/1/52<sup>(1)</sup> | 1225000 | 1265804 |
| California School Finance Authority Rev., (Lighthouse Community Public Schools Obligated Group), 6.50%, 6/1/62<sup>(1)</sup> | 2125000 | 2196067 |
| California School Finance Authority Rev., (Orange County Educational Arts Academy), 5.625%, 6/1/43<sup>(1)</sup> | 560000 | 571607 |
| California School Finance Authority Rev., (Orange County Educational Arts Academy), 5.875%, 6/1/53<sup>(1)</sup> | 700000 | 705407 |
| California School Finance Authority Rev., (Partnerships to Uplift Communities Series 2023 Obligated Group), 5.50%, 8/1/43<sup>(1)</sup> | 550000 | 574023 |
| California School Finance Authority Rev., (Partnerships to Uplift Communities Series 2023 Obligated Group), 5.50%, 8/1/47<sup>(1)</sup> | 505000 | 514323 |
| California School Finance Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/49<sup>(1)</sup> | 5250000 | 5149789 |
| California School Finance Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/50<sup>(1)</sup> | 2740000 | 2674091 |
| California School Finance Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/59<sup>(1)</sup> | 3915000 | 3737583 |
| California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/26<sup>(1)</sup> | 120000 | 119995 |
| California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/31<sup>(1)</sup> | 870000 | 869969 |
| California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/36<sup>(1)</sup> | 1000000 | 1000468 |
| California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/37<sup>(1)</sup> | 360000 | 362278 |
| California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/46<sup>(1)</sup> | 2100000 | 2030709 |
| California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/53<sup>(1)</sup> | 2265000 | 2098310 |
| California School Finance Authority Rev., (Summit Public Schools Obligated Group), 5.00%, 6/1/27, Prerefunded at 100% of Par<sup>(1)(3)</sup> | 525000 | 541914 |
| California School Finance Authority Rev., (Summit Public Schools Obligated Group), 5.00%, 6/1/27, Prerefunded at 100% of Par<sup>(1)(3)</sup> | 995000 | 1027055 |
| California School Finance Authority Rev., (TEACH, Inc. Series 2019 Obligated Group), 5.00%, 6/1/58<sup>(1)</sup> | 3600000 | 3396304 |
| California School Finance Authority Rev., (Value Schools), 5.00%, 7/1/40 (ST INTERCEPT)<sup>(1)</sup> | 545000 | 565622 |
| California School Finance Authority Rev., (Value Schools), 5.25%, 7/1/48 (ST INTERCEPT)<sup>(1)</sup> | 700000 | 710790 |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/39 | 1640000 | 1677167 |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/48 | 1000000 | 979335 |
| California State University Rev., 5.50%, 11/1/49 | 6025000 | 6756415 |
| California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/35 | 1785000 | 1786644 |
| California Statewide Communities Development Authority Rev., (California Baptist University), 3.50%, 11/1/27<sup>(1)</sup> | 1075000 | 1073026 |
| California Statewide Communities Development Authority Rev., (California Baptist University), 5.00%, 11/1/32<sup>(1)</sup> | 3090000 | 3156422 |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/29 | 1250000 | 1255836 |
| California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/45 (BAM-TCRS) | 2000000 | 1981802 |
| California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/45 | 3000000 | 2850567 |
| California Statewide Communities Development Authority Rev., (Enloe Medical Center Obligated Group), 5.25%, 8/15/52 (AG) | 500000 | 512642 |

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Schedule of Investments - California High-Yield Municipal Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| California Statewide Communities Development Authority Rev., (Front Porch Communities & Services Obligated Group), 4.00%, 4/1/39 | $1405000 | $1427052 |
| California Statewide Communities Development Authority Rev., (Front Porch Communities & Services Obligated Group), 4.00%, 4/1/40 | 2615000 | 2646046 |
| California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.00%, 6/1/46<sup>(1)</sup> | 3500000 | 3470560 |
| California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.00%, 6/1/51<sup>(1)</sup> | 1450000 | 1399924 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/26<sup>(1)</sup> | 2000000 | 2008371 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/29<sup>(1)</sup> | 3155000 | 3171039 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36<sup>(1)</sup> | 1000000 | 1003703 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/41<sup>(1)</sup> | 1700000 | 1704443 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/46<sup>(1)</sup> | 9900000 | 9907741 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.50%, 12/1/54 | 4605000 | 4611415 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/56<sup>(1)</sup> | 14750000 | 14758058 |
| California Statewide Communities Development Authority Rev., (Rady Children's Hospital Obligated Group), VRDN, 1.25%, 3/2/26 (LOC: Wells Fargo Bank N.A.) | 890000 | 890000 |
| California Statewide Communities Development Authority Rev., (Redlands Community Hospital Obligated Group), 4.00%, 10/1/41 | 6500000 | 6501418 |
| California Statewide Communities Development Authority Rev., (USC Obligated Group), 5.00%, 1/1/43 | 7500000 | 7715606 |
| California Statewide Communities Development Authority Special Assessment, (City of San Diego CA Assessment District No. 18-01), 5.00%, 9/2/39 | 1300000 | 1363002 |
| California Statewide Communities Development Authority Special Assessment, (City of San Diego CA Assessment District No. 18-01), 4.00%, 9/2/44 | 900000 | 854817 |
| California Statewide Communities Development Authority Special Assessment, (County of Contra Costa CA Assessment District No. 14-01), 5.00%, 9/2/35 | 1920000 | 1922749 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Cmntys Dev Authority Cmnty Facs Dist No. 2015-01 Area No. 3), 5.50%, 9/1/42 | 1000000 | 1069508 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Cmntys Dev Authority Cmnty Facs Dist No. 2015-01 Area No. 3), 5.625%, 9/1/52 | 3000000 | 3148794 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Dev Auth Cmnty Facs Dist 2020-2 Impt Area 4), 4.00%, 9/1/34 | 250000 | 255201 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Dev Auth Cmnty Facs Dist 2020-2 Impt Area 4), 5.00%, 9/1/45 | 1800000 | 1867212 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Dev Auth Cmnty Facs Dist 2020-2 Impt Area 4), 5.00%, 9/1/55 | 2380000 | 2418170 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Dev Auth Cmnty Facs Dist 2022-7 Impt Area 2), 5.00%, 9/1/49 | 1500000 | 1531347 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Dev Auth Cmnty Facs Dist No. 2020-2 Impt Area 3), 5.00%, 9/1/49 | 375000 | 383017 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Dev Authority Cmnty Facs Dist No. 2022-10), 5.50%, 9/1/53 | 1700000 | 1780550 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2007), 5.00%, 9/1/37 | 1505000 | 1507155 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2016), 5.00%, 9/1/39 | 1000000 | 1038760 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2016), 5.00%, 9/1/49 | 2095000 | 2112440 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2016), 5.50%, 9/1/52 | 4240000 | 4354151 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2017), 5.00%, 9/1/48 | 7330000 | 7376737 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2018), 5.00%, 9/1/39 | 1415000 | 1460685 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2018), 5.00%, 9/1/48 | 1750000 | 1768545 |

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Schedule of Investments - California High-Yield Municipal Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Development Authority Cmnty Facs Dist No. 2018), 4.00%, 9/1/50 | $1200000 | $1049145 |
| California Statewide Financing Authority Rev., Capital Appreciation, 0.00%, 6/1/46<sup>(2)</sup> | 20000000 | 5235796 |
| Central Valley Energy Authority Rev., 5.00%, 8/1/34 (GA: Goldman Sachs Group, Inc.) | 2200000 | 2420864 |
| Central Valley Energy Authority Rev., VRN, 5.00%, 12/1/55 (GA: Pacific Life Insurance Co.) | 5000000 | 5553579 |
| Chabot-Las Positas Community College District GO, 5.25%, 8/1/48 | 4350000 | 4702615 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No 2003-3 Improvement Area No. 11), 5.00%, 9/1/50 | 1000000 | 1006338 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No 2003-3 Improvement Area No. 11), 5.00%, 9/1/55 | 1375000 | 1376212 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2003-3 Improvement Area No. 10), 5.00%, 9/1/49 | 680000 | 694688 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2003-3 Improvement Area No. 10), 5.00%, 9/1/54 | 740000 | 751525 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2003-3 Improvement Area No. 7), 5.00%, 9/1/43 | 3160000 | 3226122 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2003-3 Improvement Area No. 7), 4.00%, 9/1/45 | 1325000 | 1254929 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2003-3 Improvement Area No. 7), 5.00%, 9/1/48 | 2500000 | 2527081 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2003-3 Improvement Area No. 7), 4.00%, 9/1/50 | 2500000 | 2251801 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2003-3 Improvement Area No. 9), 5.375%, 9/1/47 | 1615000 | 1692380 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2003-3 Improvement Area No. 9), 5.375%, 9/1/52 | 2000000 | 2072637 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2019-1), 4.00%, 9/1/51 | 1000000 | 897966 |
| Citrus Community College District GO, 5.00%, 8/1/44 | 3590000 | 3990649 |
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, (City & County of San Francisco Community Facilities District No. 2016-1 Area 1), 4.00%, 9/1/35 | 300000 | 304898 |
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, (City & County of San Francisco Community Facilities District No. 2016-1 Area 1), 4.00%, 9/1/42 | 600000 | 575451 |
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, (City & County of San Francisco Community Facilities District No. 2016-1 Area 1), 4.00%, 9/1/50 | 1450000 | 1275259 |
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax, (City & County of San Francisco Community Facilities District No. 2016-1 Area 1), 4.00%, 9/1/51 | 2500000 | 2119516 |
| City & County of San Francisco Special Tax District No. Special Tax, (City & County of San Francisco CA Dist No. 2020-1 Office Special Tax), 5.75%, 9/1/53<sup>(1)</sup> | 1800000 | 1894848 |
| City & County of San Francisco Special Tax District No. Special Tax, (City & County of San Francisco CA Dist No. 2020-1 Shoreline Tax Zone 1), 5.75%, 9/1/53<sup>(1)</sup> | 1500000 | 1579040 |
| City & County of San Francisco, Infrastructure & Revitalization Financing Dist No. 1 Facs Tax Allocation, 5.00%, 9/1/52<sup>(1)</sup> | 1500000 | 1467793 |
| City & County of San Francisco, Infrastructure & Revitalization Financing Dist No. 1 Facs Tax Allocation, 5.00%, 9/1/55<sup>(1)</sup> | 2250000 | 2209733 |
| Clovis Unified School District GO, 4.00%, 8/1/48 | 4000000 | 3943780 |
| Corona Community Facilities District Special Tax, (City of Corona CA Community Facilities District No 2018-1 Improvement Area No. 2), 5.00%, 9/1/49 | 1600000 | 1631190 |
| Corona Community Facilities District Special Tax, (City of Corona CA Community Facilities District No 2018-1 Improvement Area No. 2), 5.00%, 9/1/54 | 1600000 | 1619345 |
| Corona-Norco Unified School District Special Tax, (Corona-Norco Unified School District Community Facilities District No. 05-1), 4.00%, 9/1/45 | 2000000 | 1864430 |
| Corona-Norco Unified School District Special Tax, (Corona-Norco Unified School District Community Facilities District No. 16-1), 5.00%, 9/1/43 | 2430000 | 2476224 |
| County of Sacramento Rev., (Einstein Preservation LP), Series 2024-01FN, 4.125%, 5/1/40 (FNMA) | 1235000 | 1287717 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim), 3.25%, 4/1/57<sup>(1)</sup> | 9635000 | 7147421 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57<sup>(1)</sup> | 3000000 | 2271546 |

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Schedule of Investments - California High-Yield Municipal Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Altana Apartments), 4.00%, 10/1/56<sup>(1)</sup> | $13000000 | $10830895 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Dublin), 4.00%, 2/1/57<sup>(1)</sup> | 4000000 | 3102747 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Escondido Portfolio), 4.00%, 12/1/59<sup>(1)</sup> | 12000000 | 6507930 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Oceanaire Apartments), 4.00%, 9/1/56<sup>(1)</sup> | 3000000 | 2197739 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Orange Portfolio), 3.00%, 3/1/57<sup>(1)</sup> | 9000000 | 6276798 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Orange Portfolio), 4.00%, 3/1/57<sup>(1)</sup> | 3235000 | 2442761 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Parallel-Anaheim), 4.00%, 8/1/56<sup>(1)</sup> | 4820000 | 4429751 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Pasadena Portfolio), 2.65%, 12/1/46<sup>(1)</sup> | 1405000 | 1208562 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Renaissance at City Center), 5.00%, 7/1/51<sup>(1)</sup> | 11610000 | 11220439 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Waterscape Apartments), 4.00%, 9/1/46<sup>(1)</sup> | 1925000 | 1653340 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Westgate Apartments), 3.125%, 6/1/57<sup>(1)</sup> | 5385000 | 3322350 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Westgate Apartments), 4.00%, 6/1/57<sup>(1)</sup> | 2500000 | 512500 |
| Dixon Special Tax, (City of Dixon CA Community Facilities District No. 2019-1 Improvement Area No. 1), 4.00%, 9/1/45 | 1000000 | 932215 |
| Dixon Special Tax, (City of Dixon CA Community Facilities District No. 2019-1 Improvement Area No. 2), 5.00%, 9/1/46 | 300000 | 311532 |
| Dixon Special Tax, (City of Dixon CA Community Facilities District No. 2019-1 Improvement Area No. 2), 5.00%, 9/1/48 | 1400000 | 1419662 |
| Dixon Special Tax, (City of Dixon CA Community Facilities District No. 2019-1 Improvement Area No. 2), 5.00%, 9/1/53 | 1600000 | 1616646 |
| Dixon Special Tax, (City of Dixon CA Community Facilities District No. 2019-1 Improvement Area No. 2), 5.00%, 9/1/54 | 1000000 | 1017672 |
| Dublin Special Tax, (City of Dublin CA Community Facilities District No. 2015-1 Improvement Area No. 4), 5.50%, 9/1/47 | 2630000 | 2774345 |
| Dublin Special Tax, (City of Dublin CA Community Facilities District No. 2015-1 Improvement Area No. 4), 5.50%, 9/1/51 | 3040000 | 3171320 |
| Dublin Special Tax, (City of Dublin CA Community Facilities District No. 2015-1 Improvement Area No. 5), 5.375%, 9/1/51 | 1250000 | 1294634 |
| Dublin Community Facilities District Improvement Area No. 1 Special Tax, (City of Dublin CA Community Facilities District No. 2015-1 Improvement Area No. 1), 5.00%, 9/1/37 | 1150000 | 1176607 |
| Dublin Community Facilities District Improvement Area No. 1 Special Tax, (City of Dublin CA Community Facilities District No. 2015-1 Improvement Area No. 1), 5.00%, 9/1/47 | 2840000 | 2860506 |
| Dublin Community Facilities District Improvement Area No. 1 Special Tax, (City of Dublin CA Community Facilities District No. 2015-1 Improvement Area No. 2), 5.00%, 9/1/44 | 2200000 | 2256012 |
| East Garrison Public Finance Authority Special Tax, (East Garrison Public Finance Authority East Garrison Cmnty Facs Dist No. 2006-1), 5.00%, 9/1/46 | 1150000 | 1152279 |
| Eastern Municipal Water District Community Facilities District Special Tax, (Eastern Municipal Water District Community Facilities District No. 2018-80), 5.00%, 9/1/54 | 565000 | 573800 |
| El Dorado County Special Tax, (County of El Dorado CA Community Facilities District No. 2014-1), 4.00%, 9/1/46 | 2350000 | 2146134 |
| El Rancho Unified School District GO, 5.75%, 8/1/48 (BAM) | 625000 | 708498 |
| El Rancho Unified School District GO, Capital Appreciation, 0.00%, 8/1/28<sup>(2)</sup> | 1335000 | 1261571 |
| Escondido Special Tax, (City of Escondido CA Community Facilities District No. 2020-2), 5.00%, 9/1/52 | 2700000 | 2729924 |
| Fairfield Community Facilities District Special Tax, (City of Fairfield CA Community Facilities District No. 2019-1 Area No. 1), 5.00%, 9/1/50 | 3250000 | 3285741 |
| Folsom Ranch Financing Authority Special Tax, (City of Folsom CA Community Facilities District No. 18), 5.00%, 9/1/44 | 1065000 | 1116094 |
| Folsom Ranch Financing Authority Special Tax, (City of Folsom CA Community Facilities District No. 18), 5.00%, 9/1/49 | 1250000 | 1279641 |

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Schedule of Investments - California High-Yield Municipal Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Folsom Ranch Financing Authority Special Tax, (City of Folsom CA Community Facilities District No. 19), 5.00%, 9/1/44 | $1140000 | $1169024 |
| Folsom Ranch Financing Authority Special Tax, (City of Folsom CA Community Facilities District No. 19), 5.00%, 9/1/47 | 4325000 | 4355605 |
| Folsom Ranch Financing Authority Special Tax, (City of Folsom CA Community Facilities District No. 20), 5.00%, 9/1/33 | 530000 | 546569 |
| Folsom Ranch Financing Authority Special Tax, (City of Folsom CA Community Facilities District No. 20), 5.00%, 9/1/42 | 1680000 | 1773309 |
| Folsom Ranch Financing Authority Special Tax, (City of Folsom CA Community Facilities District No. 20), 5.125%, 9/1/47 | 1250000 | 1294599 |
| Folsom Ranch Financing Authority Special Tax, (City of Folsom CA Community Facilities District No. 20), 5.125%, 9/1/52 | 1300000 | 1332864 |
| Folsom Ranch Financing Authority Special Tax, (City of Folsom CA Community Facilities District No. 23 Area No 1), 4.00%, 9/1/50 | 2285000 | 2039768 |
| Folsom Ranch Financing Authority Special Tax, (City of Folsom CA Community Facilities District No. 23 Improvement Area No. 4), 5.00%, 9/1/44 | 1000000 | 1047975 |
| Fontana Special Tax, (City of Fontana CA Community Facilities District No. 109), 5.00%, 9/1/49 | 1000000 | 1020898 |
| Fontana Special Tax, (City of Fontana CA Community Facilities District No. 109), 5.00%, 9/1/54 | 1400000 | 1420827 |
| Fontana Special Tax, (City of Fontana CA Community Facilities District No. 31), 5.00%, 9/1/35 | 1365000 | 1404146 |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/46 (BAM-TCRS) | 7611000 | 7577926 |
| Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/42<sup>(2)</sup> | 6000000 | 3296303 |
| Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 6.85%, 1/15/42 | 2200000 | 2672120 |
| Fort Bragg Unified School District GO, 5.50%, 8/1/52 | 1450000 | 1525490 |
| Fremont Community Facilities District No. 1 Special Tax, 5.00%, 9/1/45 | 2000000 | 2004106 |
| Fresno Unified School District GO, 4.00%, 8/1/52 | 2500000 | 2348586 |
| Fresno Unified School District GO, 4.00%, 8/1/55 | 4500000 | 4184696 |
| Glendale Electric Rev., 5.00%, 2/1/49 | 2000000 | 2100225 |
| Glendale Electric Rev., 5.00%, 2/1/54 | 3000000 | 3128477 |
| Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/51 | 4000000 | 3984283 |
| Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/66<sup>(2)</sup> | 48750000 | 5217893 |
| Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45<sup>(1)</sup> | 1000000 | 991748 |
| Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/61<sup>(1)</sup> | 7135000 | 6611965 |
| Hastings Campus Housing Finance Authority Rev., Capital Appreciation, VRN, 0.00%, 7/1/61<sup>(1)</sup> | 14365000 | 7380392 |
| Independent Cities Finance Authority Rev., (City of Compton CA Sales Tax), 4.00%, 6/1/51 (AG)<sup>(1)</sup> | 3400000 | 3277874 |
| Independent Cities Finance Authority Rev., (Millennium Housing LLC CA), 5.00%, 9/15/50 | 2000000 | 2038390 |
| Independent Cities Finance Authority Rev., (Palomar Estates East), 5.00%, 9/15/36 | 1000000 | 1001007 |
| Independent Cities Finance Authority Rev., (Palomar Estates West), 5.00%, 9/15/36 | 1500000 | 1501511 |
| Indio Electric Financing Authority Rev., (Imperial Irrigation District Electric System), 5.25%, 1/1/53 | 3000000 | 3181589 |
| Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37 | 1110000 | 1120051 |
| Irvine Special Tax, (City of Irvine CA Community Facilities District No 2013-3 Area No. 1), Capital Appreciation, 0.00%, 9/1/52 (BAM)<sup>(2)</sup> | 1400000 | 392580 |
| Irvine Special Tax, (City of Irvine CA Community Facilities District No 2013-3 Area No. 1), Capital Appreciation, 0.00%, 9/1/53 (BAM)<sup>(2)</sup> | 1000000 | 266917 |
| Irvine Special Tax, (City of Irvine CA Community Facilities District No. 2013-3 Improvement Area No. 8), 5.00%, 9/1/48 | 2500000 | 2521210 |
| Irvine Facilities Financing Authority Rev., (City of Irvine CA), 4.25%, 5/1/53 | 5000000 | 4958639 |
| Jurupa Unified School District Special Tax, (Jurupa Unified School District Community Facilities District No. 11 Area B), 4.00%, 9/1/47 | 1000000 | 914052 |
| Jurupa Unified School District Special Tax, (Jurupa Unified School District Community Facilities District No. 6 Zone 2), 5.00%, 9/1/38 | 1000000 | 1025564 |
| Jurupa Unified School District Special Tax, (Jurupa Unified School District Community Facilities District No. 6 Zone 2), 5.00%, 9/1/43 | 1255000 | 1275005 |
| Kentfield School District GO, 5.00%, 8/1/42 | 1075000 | 1225213 |
| La Canada Unified School District GO, 6.00%, 8/1/50 | 3400000 | 3982614 |
| Lake Elsinore Special Tax, (City of Lake Elsinore CA Community Facilities District No. 2015-4), 5.00%, 9/1/46 | 475000 | 494245 |
| Lake Elsinore Special Tax, (City of Lake Elsinore CA Community Facilities District No. 2015-4), 5.00%, 9/1/55 | 1300000 | 1319820 |

---

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Schedule of Investments - California High-Yield Municipal Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Lake Elsinore Special Tax, (City of Lake Elsinore CA Community Facilities District No. 2016-2), 5.00%, 9/1/43 | $2470000 | $2515226 |
| Lake Elsinore Unified School District Community Facilities District Special Tax, (Lake Elsinore Unified School District Community Facilities District No. 2013-1), 4.00%, 9/1/47 | 900000 | 829564 |
| Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities Dist No. 2024-1), 5.125%, 9/1/50 | 2000000 | 2066735 |
| Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities Dist No. 2024-1), 5.25%, 9/1/55 | 3000000 | 3120987 |
| Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities District No. 200), 5.00%, 9/1/30 | 1300000 | 1341264 |
| Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities District No. 200), 5.00%, 9/1/32 | 1510000 | 1555167 |
| Lee Lake Water District Financing Corp. Special Tax, (Temescal Valley Water District Community Facilities District No. 4 Area No. 1), 5.00%, 9/1/43 | 4730000 | 4827848 |
| Lincoln Special Tax, (City of Lincoln CA Community Facilities District No. 2005-1), 5.00%, 9/1/50 | 1125000 | 1135532 |
| Long Beach Bond Finance Authority Rev., 5.50%, 11/15/37 (GA: Merrill Lynch & Co., Inc.) | 1150000 | 1403320 |
| Long Beach Marina System Rev., 5.00%, 5/15/36 | 2410000 | 2848150 |
| Long Beach Marina System Rev., 5.00%, 5/15/37 | 2505000 | 2933358 |
| Long Beach Marina System Rev., 5.00%, 5/15/38 | 2780000 | 3229368 |
| Long Beach Marina System Rev., 5.00%, 5/15/39 | 1110000 | 1279463 |
| Los Angeles County Community Facilities District No. 2021-01 Special Tax, (County of Los Angeles CA Community Facilities District No. 2021-01 Area No.1), 5.00%, 9/1/52 | 1000000 | 1018905 |
| Los Angeles County Community Facilities District No. 2021-01 Special Tax, (County of Los Angeles CA Community Facilities District No. 2021-01 Area No.2), 5.00%, 9/1/49 | 2525000 | 2579542 |
| Los Angeles County Public Works Financing Authority Rev., (County of Los Angeles CA), 5.50%, 12/1/49 | 2350000 | 2620936 |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/39 | 3000000 | 3268078 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/42 | 6440000 | 7235667 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/26 | 1115000 | 1124348 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/27 | 1305000 | 1353137 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 1/1/30 | 1880000 | 2044097 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/31 | 1000000 | 1131479 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/33 | 1425000 | 1662488 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/34 | 675000 | 795910 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/35 | 1000000 | 1187273 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/46 (BAM) | 2000000 | 2170307 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/51 | 2500000 | 2573236 |
| Los Angeles Housing Authority Rev., 3.75%, 4/1/34 (FNMA) | 2000000 | 2063694 |
| Los Angeles Unified School District GO, 5.00%, 7/1/49 | 4000000 | 4315566 |
| Marina Joint Powers Financing Authority Rev., 3.40%, 3/1/36 (FNMA) | 2280000 | 2327007 |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/26 | 115000 | 116147 |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/27 | 100000 | 102701 |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/28 | 100000 | 103124 |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/38 | 250000 | 256581 |
| Menifee Special Tax, (City of Menifee CA Community Facilities District No. 2023-1), 5.00%, 9/1/39 | 820000 | 881896 |
| Menifee Special Tax, (City of Menifee CA Community Facilities District No. 2023-1), 5.00%, 9/1/44 | 1000000 | 1045081 |
| Menifee Union School District GO, Capital Appreciation, 0.00%, 8/1/44<sup>(2)</sup> | 1750000 | 756075 |
| Menifee Union School District GO, Capital Appreciation, 0.00%, 8/1/45<sup>(2)</sup> | 1200000 | 487115 |
| Menifee Union School District Special Tax, (Menifee Union School District Community Facilities District No. 2011-1 Area No. 4), 5.00%, 9/1/44 | 1245000 | 1279959 |
| Menifee Union School District Special Tax, (Menifee Union School District Community Facilities District No. 2011-1 Area No. 7), 5.25%, 9/1/52 | 2000000 | 2058787 |
| Middle Fork Project Finance Authority Rev., 5.00%, 4/1/34 | 1175000 | 1261184 |
| Middle Fork Project Finance Authority Rev., 5.00%, 4/1/35 | 1030000 | 1101758 |
| Middle Fork Project Finance Authority Rev., 5.00%, 4/1/36 | 2350000 | 2503763 |
| Midpeninsula Regional Open Space District Field Employees Corp. GO, 4.00%, 3/1/54 | 1140000 | 1110920 |

---

------

Schedule of Investments - California High-Yield Municipal Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Moreno Valley Unified School District Community Facilities District Special Tax, (Moreno Valley Unified School District Community Facilities District No. 2022-1), 5.125%, 9/1/50 | $800000 | $816849 |
| Moreno Valley Unified School District Community Facilities District Special Tax, (Moreno Valley Unified School District Community Facilities District No. 2022-1), 5.125%, 9/1/55 | 1345000 | 1364881 |
| Mountain House Community Facilities District Special Tax, (City of Mountain House CA Community Facilities District No. 2024-1 Improvement Area 1), 4.25%, 9/1/35 | 400000 | 413547 |
| Mountain House Community Facilities District Special Tax, (City of Mountain House CA Community Facilities District No. 2024-1 Improvement Area 1), 5.00%, 9/1/40 | 500000 | 532454 |
| Mountain House Community Facilities District Special Tax, (City of Mountain House CA Community Facilities District No. 2024-1 Improvement Area 1), 5.00%, 9/1/45 | 1000000 | 1023135 |
| Mountain House Community Facilities District Special Tax, (City of Mountain House CA Community Facilities District No. 2024-1 Improvement Area 1), 5.00%, 9/1/50 | 2125000 | 2144673 |
| Mountain House Community Facilities District Special Tax, (City of Mountain House CA Community Facilities District No. 2024-1 Improvement Area 1), 5.00%, 9/1/55 | 2000000 | 2009867 |
| Mountain House Community Facilities District Special Tax, (City of Mountain House CA Community Facilities District No. 2024-1 Impt Area 6), 5.125%, 9/1/45 | 300000 | 311893 |
| Mountain House Community Facilities District Special Tax, (City of Mountain House CA Community Facilities District No. 2024-1 Impt Area 6), 5.25%, 9/1/50 | 400000 | 410875 |
| Mountain House Community Facilities District Special Tax, (City of Mountain House CA Community Facilities District No. 2024-1 Impt Area 6), 5.25%, 9/1/55 | 600000 | 610355 |
| Mountain House Community Facilities District Special Tax, (City of Mountain House CA Community Facilities District No. 2024-1 Impt Area 7), 5.125%, 9/1/45 | 250000 | 260090 |
| Mountain House Community Facilities District Special Tax, (City of Mountain House CA Community Facilities District No. 2024-1 Impt Area 7), 5.25%, 9/1/50 | 500000 | 512894 |
| Mountain House Community Facilities District Special Tax, (City of Mountain House CA Community Facilities District No. 2024-1 Impt Area 7), 5.25%, 9/1/55 | 600000 | 611603 |
| M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup, Inc.) | 1700000 | 2112490 |
| M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup, Inc.) | 4000000 | 5010782 |
| Murrieta Community Facilities District Special Tax, (City of Murrieta CA Community Facilities District No. 2005-5 Improvement Area A), 5.00%, 9/1/46 | 825000 | 826509 |
| New Hampshire Business Finance Authority Rev., VRN, 3.92%, 7/20/39 | 13342932 | 13332192 |
| North Lake Tahoe Public Financing Authority Rev., (County of Placer CA), 5.50%, 12/1/47 | 4425000 | 4835464 |
| Northern Inyo County Local Hospital District GO, 0.00%, 11/1/34 (AG)<sup>(2)</sup> | 1325000 | 979429 |
| Northern Inyo County Local Hospital District GO, 0.00%, 11/1/36 (AG)<sup>(2)</sup> | 2885000 | 1929755 |
| Norwalk-La Mirada Unified School District GO, 5.00%, 8/1/51 | 1750000 | 1850879 |
| Ojai Unified School District GO, 5.50%, 8/1/53 (AG) | 1750000 | 1893233 |
| Ontario Special Tax, (City of Ontario CA Community Facilities District No. 35), 5.00%, 9/1/49 | 500000 | 511504 |
| Ontario Special Tax, (City of Ontario CA Community Facilities District No. 35), 5.00%, 9/1/54 | 1000000 | 1016972 |
| Ontario Special Tax, (City of Ontario CA Community Facilities District No. 56), 5.50%, 9/1/48 | 1250000 | 1328290 |
| Ontario Special Tax, (City of Ontario CA Community Facilities District No. 56), 5.75%, 9/1/54 | 2210000 | 2358821 |
| Ontario Special Tax, (City of Ontario CA Community Facilities District No. 57), 4.25%, 9/1/37 | 415000 | 428758 |
| Ontario Special Tax, (City of Ontario CA Community Facilities District No. 57), 4.625%, 9/1/42 | 650000 | 665932 |
| Ontario Special Tax, (City of Ontario CA Community Facilities District No. 57), 4.75%, 9/1/47 | 840000 | 843455 |
| Ontario Special Tax, (City of Ontario CA Community Facilities District No. 57), 4.75%, 9/1/52 | 825000 | 812840 |
| Ontario Special Tax, (City of Ontario CA Community Facilities District No. 71), 5.00%, 9/1/40 | 1000000 | 1076074 |
| Ontario Special Tax, (City of Ontario CA Community Facilities District No. 71), 5.00%, 9/1/45 | 500000 | 520834 |
| Ontario Community Facilities District No. 24 Special Tax, 5.00%, 9/1/26 | 390000 | 394665 |
| Ontario Community Facilities District No. 28 Special Tax, 5.00%, 9/1/42 | 1000000 | 1013664 |
| Ontario Community Facilities District No. 28 Special Tax, 5.00%, 9/1/47 | 500000 | 503322 |
| Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/42 | 1395000 | 1336337 |
| Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/48 | 2000000 | 1767180 |
| Ontario Community Facilities District No. 31 Special Tax, 5.00%, 9/1/42 | 1050000 | 1063281 |
| Ontario Community Facilities District No. 34 Special Tax, 4.00%, 9/1/48 | 1000000 | 887355 |
| Ontario Community Facilities District No. 43 Special Tax, 4.00%, 9/1/50 | 1000000 | 887370 |
| Ontario Community Facilities District No. 64 Special Tax, 5.00%, 9/1/44 | 3485000 | 3624531 |
| Ontario Community Facilities District No. 64 Special Tax, 5.00%, 9/1/49 | 2500000 | 2543480 |

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Schedule of Investments - California High-Yield Municipal Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2016-1), 5.00%, 8/15/41 | $6545000 | $6578124 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2016-1), 5.00%, 8/15/46 | 3000000 | 3007964 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2017-1 Area No.1), 5.00%, 8/15/42 | 2500000 | 2547844 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2021-1), 5.00%, 8/15/47 | 3300000 | 3384786 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2021-1), 5.00%, 8/15/52 | 1000000 | 1016542 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2023-1), 5.50%, 8/15/53 | 2200000 | 2298052 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2023-1), 5.75%, 8/15/53 | 1085000 | 1150195 |
| Oroville Rev., (Oroville Hospital), 5.25%, 4/1/39 | 2350000 | 1668500 |
| Oroville Rev., (Oroville Hospital), 5.25%, 4/1/49 | 3000000 | 2100000 |
| Palm Desert Special Tax, (City of Palm Desert CA Community Facilities District No. 2021-1), 5.00%, 9/1/49 | 600000 | 615117 |
| Palm Desert Special Tax, (City of Palm Desert CA Community Facilities District No. 2021-1), 4.00%, 9/1/51 | 1300000 | 1128975 |
| Palm Desert Special Tax, (City of Palm Desert CA Community Facilities District No. 2021-1), 5.00%, 9/1/53 | 525000 | 535134 |
| Palmdale Water District Public Financing Authority Rev., (Palmdale Water District), 5.00%, 10/1/53 (AG) | 1700000 | 1790901 |
| Palomar Health COP, (Palomar Health Obligated Group), 4.00%, 11/1/38 | 1445000 | 1273307 |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/36 | 3465000 | 3467560 |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/39 | 8250000 | 8176285 |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/42 | 15000000 | 14716204 |
| Paradise Unified School District COP, 4.875%, 5/1/54 | 11000000 | 10736114 |
| Peninsula Corridor Joint Powers Board Rev., 5.00%, 6/1/51 | 7000000 | 7307664 |
| Perris Joint Powers Authority Special Tax, 5.00%, 9/1/34 | 1555000 | 1594919 |
| Perris Union High School District Special Tax, (Perris Union High School District Community Facilities District No. 92-1), 5.00%, 9/1/41 | 4750000 | 4754224 |
| Pleasant Valley School District/Ventura County GO, 5.85%, 8/1/31 (NPFG) | 3330000 | 3625815 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA Arista Del Sol Cmnty Facs Dist No. 2022-1 Impt Area 1), 5.375%, 9/1/53 | 1300000 | 1345581 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA Arista Del Sol Cmnty Facs Dist No. 2022-1 Impt Area 2), 5.00%, 9/1/51 | 670000 | 670993 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA Arista Del Sol Cmnty Facs Dist No. 2022-1 Impt Area 2), 5.00%, 9/1/55 | 645000 | 642217 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA Ranch Community Facs District No. 2021-1 Area No. 1), 5.25%, 9/1/52 | 2000000 | 2057660 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA Ranch Community Facs District No. 2021-1 Area No. 2), 5.00%, 9/1/40 | 365000 | 389231 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA Ranch Community Facs District No. 2021-1 Area No. 2), 5.00%, 9/1/45 | 560000 | 576916 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA Ranch Community Facs District No. 2021-1 Area No. 2), 5.00%, 9/1/50 | 750000 | 760070 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA Ranch Community Facs District No. 2021-1 Area No. 2), 5.00%, 9/1/54 | 700000 | 708463 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA Ranch Community Facs District No. 2021-1 Area No. 3), 5.00%, 9/1/50 | 850000 | 861830 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA Ranch Community Facs District No. 2021-1 Area No. 3), 5.00%, 9/1/55 | 1085000 | 1094947 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA Sunridge North Douglas Cmnty Facs District No. 2005-1), 5.00%, 9/1/40 | 1195000 | 1196049 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA Sunridge North Douglas Cmnty Facs District No. 2005-1), 4.00%, 9/1/45 | 1025000 | 950498 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA Sunridge North Douglas Cmnty Facs District No. 2005-1), 5.00%, 9/1/45 | 1250000 | 1250564 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA The Preserve Community Facs Dist No. 2025-1 Impt Area), 5.00%, 9/1/46 | 350000 | 362536 |

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Schedule of Investments - California High-Yield Municipal Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA The Preserve Community Facs Dist No. 2025-1 Impt Area), 5.00%, 9/1/51 | $650000 | $660307 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA The Preserve Community Facs Dist No. 2025-1 Impt Area), 5.00%, 9/1/55 | 655000 | 661998 |
| Redwood City Redevelopment Agency Successor Agency Tax Allocation, Capital Appreciation, 0.00%, 7/15/28 (AMBAC)<sup>(2)</sup> | 3405000 | 3197947 |
| Regents of the University of California Medical Center Pooled Rev., 4.13%, 5/15/32 | 2710000 | 2749803 |
| Regents of the University of California Medical Center Pooled Rev., VRDN, 1.25%, 3/2/26 | 1815000 | 1815000 |
| Rialto Special Tax, (City of Rialto CA Community Facilities District No 2024-1), 5.00%, 9/1/46<sup>(4)</sup> | 610000 | 629421 |
| Rialto Special Tax, (City of Rialto CA Community Facilities District No 2024-1), 5.00%, 9/1/51<sup>(4)</sup> | 550000 | 562481 |
| Rialto Special Tax, (City of Rialto CA Community Facilities District No 2024-1), 5.00%, 9/1/55<sup>(4)</sup> | 445000 | 452442 |
| Rialto Special Tax, (City of Rialto CA Community Facilities District No. 2020-1), 5.00%, 9/1/50 | 1750000 | 1777023 |
| Rialto Special Tax, (City of Rialto CA Community Facilities District No. 2020-1), 5.50%, 9/1/53 | 1500000 | 1575900 |
| Rialto Special Tax, (City of Rialto CA Community Facilities District No. 2020-1), 5.125%, 9/1/55 | 1115000 | 1139118 |
| Rialto Special Tax, (City of Rialto CA Community Facilities District No. 2020-1), 5.25%, 9/1/60 | 5545000 | 5716242 |
| Rincon Valley Union School District GO, 4.00%, 8/1/49 | 915000 | 881408 |
| River Islands Public Financing Authority Special Tax, (River Islands Public Financing Authority Community Facs Dist 2023-1 Impt Area 3), 4.50%, 9/1/40 | 1100000 | 1130133 |
| River Islands Public Financing Authority Special Tax, (River Islands Public Financing Authority Community Facs Dist 2023-1 Impt Area 3), 5.00%, 9/1/55 | 1750000 | 1747795 |
| Riverside County Community Facilities Districts Special Tax, (County of Riverside CA Community Facilities District No. 07-2), 5.00%, 9/1/42 | 1110000 | 1124040 |
| Riverside County Community Facilities Districts Special Tax, (County of Riverside CA Community Facilities District No. 07-2), 5.00%, 9/1/44 | 2735000 | 2735903 |
| Riverside County Community Facilities Districts Special Tax, (County of Riverside CA Community Facilities District No. 07-2), 5.00%, 9/1/45 | 540000 | 544823 |
| Riverside County Transportation Commission Rev., 4.00%, 6/1/46 | 1475000 | 1382874 |
| Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/41<sup>(2)</sup> | 2000000 | 1102634 |
| Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/42<sup>(2)</sup> | 3320000 | 1719678 |
| Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/43<sup>(2)</sup> | 5000000 | 2429139 |
| Riverside Sewer Rev., 5.00%, 8/1/40 | 500000 | 591892 |
| Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities Dist No. 19 Impt Area 1), 5.00%, 9/1/54 | 1270000 | 1289441 |
| Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities Dist No. 19 Impt Area 2), 5.00%, 9/1/54 | 770000 | 781787 |
| Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 32), 4.00%, 9/1/43 | 1600000 | 1539543 |
| Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 32), 4.00%, 9/1/48 | 1850000 | 1662742 |
| Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 38), 5.00%, 9/1/50 | 2000000 | 2040061 |
| Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 38), 5.00%, 9/1/55 | 1000000 | 1013723 |
| Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 40), 5.00%, 9/1/55 | 2000000 | 2029284 |
| Riverside Water Rev., 5.00%, 10/1/47 | 1000000 | 1068908 |
| Riverside Water Rev., 5.00%, 10/1/52 | 1000000 | 1052041 |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1 Area No. 4), 5.00%, 9/1/43 | 3000000 | 3065633 |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1), 5.00%, 9/1/38 | 2900000 | 2903338 |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2020-1), 5.00%, 9/1/49 | 1000000 | 1021601 |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2020-2 Area No. 1), 5.00%, 9/1/50 | 2000000 | 2045058 |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2020-2 Area No. 1), 5.00%, 9/1/55 | 1800000 | 1830126 |

---

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Schedule of Investments - California High-Yield Municipal Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Romoland School District Special Tax, (Romoland School District-Community Facilities District No. 2017-1 Impt Area 2), 5.00%, 9/1/46 | $370000 | $382335 |
| Romoland School District Special Tax, (Romoland School District-Community Facilities District No. 2017-1 Impt Area 2), 5.00%, 9/1/54 | 1525000 | 1547384 |
| Roseville Special Tax, (City of Roseville CA Amoruso Ranch Community Facilities District 1 Impt Area 1), 5.00%, 9/1/49 | 1125000 | 1142207 |
| Roseville Special Tax, (City of Roseville CA Amoruso Ranch Community Facilities District 1 Impt Area 1), 5.00%, 9/1/54 | 3245000 | 3275223 |
| Roseville Special Tax, (City of Roseville CA Creekview Community Facilities District No. 1 Area No. 1), 5.00%, 9/1/50 | 1995000 | 2018551 |
| Roseville Special Tax, (City of Roseville CA Creekview Community Facilities District No. 1 Area No. 2), 5.00%, 9/1/39 | 740000 | 794752 |
| Roseville Special Tax, (City of Roseville CA Creekview Community Facilities District No. 1 Area No. 2), 5.00%, 9/1/44 | 1000000 | 1037169 |
| Roseville Special Tax, (City of Roseville CA Creekview Community Facilities District No. 1), 5.00%, 9/1/43 | 475000 | 495871 |
| Roseville Special Tax, (City of Roseville CA Creekview Community Facilities District No. 1), 5.25%, 9/1/53 | 1500000 | 1542213 |
| Roseville Special Tax, (City of Roseville CA Creekview Phase 5 Community Facilities District No. 1), 5.00%, 9/1/55 | 1375000 | 1378275 |
| Roseville Special Tax, (City of Roseville CA Fiddyment Ranch Community Facilities District No. 5), 5.00%, 9/1/32<sup>(1)</sup> | 1265000 | 1300215 |
| Roseville Special Tax, (City of Roseville CA Fiddyment Ranch Community Facilities District No. 5), 5.00%, 9/1/47<sup>(1)</sup> | 6500000 | 6541322 |
| Roseville Special Tax, (City of Roseville CA Ranch at Sierra Vista Community Facilities District No. 1), 4.00%, 9/1/50 | 1000000 | 891347 |
| Roseville Special Tax, (City of Roseville CA Ranch at Sierra Vista Community Facilities District No. 1), 5.00%, 9/1/53 | 1000000 | 1016774 |
| Roseville Special Tax, (City of Roseville CA SVSP Westpark-Federico Community Facilities District No. 1), 4.00%, 9/1/51 | 1290000 | 1133937 |
| Roseville Special Tax, (City of Roseville CA Villages at Sierra Vista Community Facilities District 1), 5.00%, 9/1/39 | 1390000 | 1439514 |
| Roseville Special Tax, (City of Roseville CA Villages at Sierra Vista Community Facilities District 1), 5.00%, 9/1/44 | 3230000 | 3312235 |
| Roseville Special Tax, (City of Roseville CA Villages at Sierra Vista Community Facilities District 1), 4.00%, 9/1/45 | 495000 | 464501 |
| Roseville Special Tax, (City of Roseville CA Villages at Sierra Vista Community Facilities District 1), 4.00%, 9/1/50 | 650000 | 579375 |
| Roseville Special Tax, (City of Roseville CA Westbrook Community Facilities District No. 1), 5.00%, 9/1/43 | 2840000 | 2889979 |
| Roseville Special Tax, (City of Roseville CA Westbrook Community Facilities District No. 1), 5.00%, 9/1/44 | 1650000 | 1650898 |
| Roseville Special Tax, (City of Roseville CA Westbrook Community Facilities District No. 1), 5.00%, 9/1/44 | 2950000 | 3017402 |
| Sacramento Special Tax, (City of Sacramento CA Natomas Central Community Facilities District No. 2006-2), 5.00%, 9/1/41 | 1900000 | 1910155 |
| Sacramento Special Tax, (City of Sacramento CA Natomas Meadows Cmnty Facs District No. 2007-1 Area No. 1), 5.00%, 9/1/47<sup>(1)</sup> | 1900000 | 1910713 |
| Sacramento Special Tax, (Sacramento Greenbriar Community Facs District No. 2018-03 Area No. 2), 5.00%, 9/1/49 | 1000000 | 1020898 |
| Sacramento County Special Tax, (County of Sacramento CA Community Facilities District No. 2004-1), 5.00%, 9/1/30 | 1170000 | 1202798 |
| Sacramento County Special Tax, (County of Sacramento CA Community Facilities District No. 2004-1), 5.00%, 9/1/31 | 1355000 | 1392023 |
| Sacramento County Special Tax, (County of Sacramento CA Community Facilities District No. 2004-1), 5.00%, 9/1/35 | 2335000 | 2387594 |
| Sacramento County Special Tax, (County of Sacramento CA Community Facilities District No. 2004-1), 5.00%, 9/1/40 | 3000000 | 3044133 |
| Sacramento County Special Tax, (County of Sacramento CA Community Facilities District No. 2005-2), 5.00%, 9/1/40 | 2325000 | 2338974 |
| Sacramento County Airport System Rev., 5.25%, 7/1/54 | 3250000 | 3484092 |
| Sacramento Municipal Utility District Rev., 5.00%, 8/15/48 | 4000000 | 4288472 |
| Salinas Union High School District GO, 4.00%, 8/1/47 | 5000000 | 4981440 |
| San Bernardino County Special Tax, (County of San Bernardino CA Community Facilities District No. 2006-1 Area No. 5), 4.00%, 9/1/42 | 700000 | 672157 |
| San Bernardino County Special Tax, (County of San Bernardino CA Community Facilities District No. 2006-1 Area No. 5), 4.00%, 9/1/48 | 1000000 | 883590 |
| San Diego County Special Tax, (County of San Diego CA Community Facilities District No. 2008-01 Area No. 1), 4.00%, 9/1/43 | 1255000 | 1206086 |
| San Diego County Special Tax, (County of San Diego CA Community Facilities District No. 2008-01 Area No. 1), 4.00%, 9/1/48 | 1250000 | 1121876 |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/36 | 3750000 | 4071018 |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/39 | 2000000 | 2144799 |
| San Diego Unified School District GO, 4.125%, 7/1/50 | 500000 | 499164 |
| San Diego Unified School District GO, 4.00%, 7/1/53 | 1750000 | 1692898 |
| San Diego Unified School District GO, 4.00%, 7/1/54 | 1000000 | 964616 |
| San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/43 | 4000000 | 4473896 |
| San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/49 | 1000000 | 1069095 |

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Schedule of Investments - California High-Yield Municipal Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/33 | $780000 | $781124 |
| San Francisco City & County Redevelopment Successor Agency Tax Allocation, 5.25%, 8/1/53 (AG) | 1000000 | 1071705 |
| San Francisco Public Utilities Commission Water Rev., 5.25%, 11/1/52 | 6665000 | 7187347 |
| San Joaquin Hills Transportation Corridor Agency Rev., 5.25%, 1/15/44 | 955000 | 955709 |
| San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/29 (NPFG)<sup>(2)</sup> | 165000 | 152416 |
| San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/31 (NPFG)<sup>(2)</sup> | 16000000 | 13881658 |
| San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/32 (NPFG)<sup>(2)</sup> | 290000 | 242995 |
| San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/36 (NPFG)<sup>(2)</sup> | 1335000 | 958338 |
| San Jose Rev., (La Moraga San Jose LP), 3.90%, 10/1/35 (FNMA) | 2435000 | 2567346 |
| San Rafael City Elementary School District GO, 4.00%, 8/1/54 | 2445000 | 2350557 |
| Saugus/Hart School Facilities Financing Authority Special Tax, (Saugus/Hart School Facilities Financing Authority Community Facs Dist No. 2006-1), 5.00%, 9/1/46 | 1250000 | 1252721 |
| Silicon Valley Tobacco Securitization Authority Rev., Capital Appreciation, 0.00%, 6/1/36<sup>(2)</sup> | 22000000 | 12461671 |
| Silicon Valley Tobacco Securitization Authority Rev., Capital Appreciation, 0.00%, 6/1/41<sup>(2)</sup> | 11465000 | 4368119 |
| Simi Valley Unified School District GO, 5.25%, 8/1/51 | 5000000 | 5264006 |
| South San Francisco Special Tax, (City of South San Francisco CA Community Facilities District No. 2021-01), 4.00%, 9/1/44 | 1000000 | 942540 |
| South San Francisco Special Tax, (City of South San Francisco CA Community Facilities District No. 2021-01), 5.125%, 9/1/50 | 925000 | 953718 |
| South San Francisco Special Tax, (City of South San Francisco CA Community Facilities District No. 2021-01), 5.00%, 9/1/52 | 2200000 | 2228057 |
| South San Francisco Special Tax, (City of South San Francisco CA Community Facilities District No. 2021-01), 5.25%, 9/1/55 | 1600000 | 1655854 |
| South Tahoe Joint Powers Financing Authority Rev., (City of South Lake Tahoe CA), 5.25%, 10/1/53 | 3000000 | 3224437 |
| Southern California Public Power Authority Rev., 5.00%, 11/1/28 (GA: Goldman Sachs Group, Inc.) | 2150000 | 2274232 |
| Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs Group, Inc.) | 3755000 | 4254400 |
| Southern California Public Power Authority Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/48 | 5750000 | 6064710 |
| Southern California Public Power Authority Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/53 | 10000000 | 10441322 |
| Southern California Public Power Authority Rev., (Los Angeles Department of Water & Power Power System), 5.25%, 7/1/53 | 5250000 | 5546369 |
| Southern California Public Power Authority Rev., (Los Angeles Department of Water & Power Power System), VRN, 5.00%, 7/1/53 | 3850000 | 4094512 |
| Southern Mono Health Care District GO, Capital Appreciation, 0.00%, 8/1/26 (NPFG)<sup>(2)</sup> | 1800000 | 1780258 |
| State of California GO, 5.25%, 8/1/44 | 1070000 | 1218006 |
| State of California GO, 5.25%, 9/1/53 | 5000000 | 5404225 |
| State of California GO, 5.00%, 3/1/55 | 4000000 | 4287820 |
| Stockton Community Facilities District Special Tax, (City of Stockton CA Community Facilities District No. 2018-2 Area No. 1), 4.00%, 9/1/45 | 1115000 | 1007825 |
| Stockton Community Facilities District Special Tax, (City of Stockton CA Community Facilities District No. 2018-2 Area No. 1), 4.00%, 9/1/50 | 1500000 | 1286654 |
| Stockton Community Facilities District Special Tax, (Stockton Community Facilities District No. 2018-2 Area No. 4), 5.00%, 9/1/45 | 1220000 | 1258435 |
| Stockton Public Financing Authority Rev., (City of Stockton CA Arch Road East Community Facilities District No. 99-02), 5.00%, 9/1/37 | 2500000 | 2577660 |
| Stockton Public Financing Authority Rev., (City of Stockton CA Arch Road East Community Facilities District No. 99-02), 5.00%, 9/1/43 | 3000000 | 3054930 |
| Sulphur Springs Union School District Special Tax, (Sulphur Springs School District Community Facilities District No. 2006-1), 5.00%, 9/1/47 | 1820000 | 1831570 |
| Sulphur Springs Union School District Special Tax, (Sulphur Springs Union School District Community Facilities District No. 2019-1), 5.00%, 9/1/39 | 1300000 | 1410091 |
| Sulphur Springs Union School District Special Tax, (Sulphur Springs Union School District Community Facilities District No. 2019-1), 5.00%, 9/1/44 | 2155000 | 2247483 |
| Sunnyvale Special Tax, (City of Sunnyvale CA Community Facilities District No. 1), 7.75%, 8/1/32 | 4725000 | 4742412 |
| 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 | 5000000 | 5003086 |

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Schedule of Investments - California High-Yield Municipal Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| 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 | $4750000 | $4215007 |
| Temecula Public Financing Authority Special Tax, (Temecula Public Financing Authority-Community Facilities District No. 16-01), Capital Appreciation, 0.00%, 9/1/53<sup>(2)</sup> | 8730000 | 1713140 |
| Temecula Public Financing Authority Special Tax, (Temecula Public Financing Authority-Community Facilities District No. 20-01), 5.00%, 9/1/49 | 950000 | 967301 |
| 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 | 1000000 | 1018310 |
| Tobacco Securitization Authority of Northern California Rev., (Sacramento County Tobacco Securitization Corp.), 4.00%, 6/1/49 | 1500000 | 1309803 |
| Tobacco Securitization Authority of Northern California Rev., (Sacramento County Tobacco Securitization Corp.), Capital Appreciation, 0.00%, 6/1/60<sup>(2)</sup> | 5000000 | 810535 |
| Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 5.00%, 6/1/48 | 2340000 | 2338263 |
| Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), Capital Appreciation, 0.00%, 6/1/46<sup>(2)</sup> | 25000000 | 3765915 |
| Tracy Community Facilities District Special Tax, (City of Tracy CA Community Facilities District No. 2016-01 Improvement Area No. 1), 5.00%, 9/1/43 | 2750000 | 2798395 |
| Tracy Community Facilities District Special Tax, (City of Tracy CA Community Facilities District No. 2016-01 Improvement Area No. 1), 5.00%, 9/1/48 | 2500000 | 2520038 |
| Tracy Community Facilities District Special Tax, (City of Tracy CA Community Facilities District No. 2016-01 Improvement Area No. 2), 5.75%, 9/1/48 | 1900000 | 2018064 |
| Tracy Community Facilities District Special Tax, (City of Tracy CA Community Facilities District No. 2016-01 Improvement Area No. 2), 5.875%, 9/1/53 | 2900000 | 3078628 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/45 | 6390000 | 6472711 |
| University of California Rev., 5.00%, 5/15/42 | 2500000 | 2675517 |
| University of California Rev., 5.00%, 5/15/53 | 4000000 | 4266593 |
| University of California Rev., VRDN, 1.20%, 3/2/26 | 400000 | 400000 |
| University of California Rev., VRDN, 1.25%, 3/2/26 | 700000 | 700000 |
| University of California Rev., VRDN, 1.25%, 3/2/26 | 1000000 | 1000000 |
| Upland COP, (San Antonio Regional Hospital Obligated Group), 4.00%, 1/1/42 | 3000000 | 2867318 |
| Upland COP, (San Antonio Regional Hospital Obligated Group), 5.00%, 1/1/47 | 2500000 | 2521758 |
| Vacaville Special Tax, (City of Vacaville CA-Community Facilities District No. 13 Improvement Area 1), 5.125%, 9/1/50 | 1225000 | 1240562 |
| Vacaville Special Tax, (City of Vacaville CA-Community Facilities District No. 13 Improvement Area 1), 5.25%, 9/1/55 | 1480000 | 1509024 |
| Victor Valley Community College District GO, 5.00%, 8/1/51 | 3670000 | 3855205 |
| Vista Unified School District GO, 5.25%, 8/1/48 (BAM) | 4410000 | 4722531 |
| Washington Township Health Care District GO, 5.50%, 8/1/53 | 1115000 | 1212604 |
| Washington Township Health Care District Rev., 5.00%, 7/1/26 | 400000 | 400515 |
| Washington Township Health Care District Rev., 3.25%, 7/1/27 | 1000000 | 1000131 |
| Washington Township Health Care District Rev., 3.50%, 7/1/28 | 750000 | 750096 |
| Washington Township Health Care District Rev., 3.75%, 7/1/29 | 1000000 | 1000279 |
| Washington Township Health Care District Rev., 5.75%, 7/1/48 | 850000 | 906576 |
| Washington Township Health Care District Rev., 5.75%, 7/1/53 | 1000000 | 1047879 |
| West Contra Costa Unified School District GO, 4.00%, 8/1/54 (BAM) | 1325000 | 1234133 |
| West Sacramento Enhanced Infrastructure Financing District No. 1 Tax Allocation, 5.00%, 9/1/50 (AG) | 5000000 | 5292276 |
| West Sacramento Enhanced Infrastructure Financing District No. 1 Tax Allocation, 5.00%, 9/1/55 (AG) | 5000000 | 5279244 |
| William S Hart Union High School District Special Tax, (William S Hart Union High School District Cmnty Facs Dist No. 2021-1 Impt Area A), 5.00%, 9/1/49 | 750000 | 765673 |
| William S Hart Union High School District Special Tax, (William S Hart Union High School District Cmnty Facs Dist No. 2021-1 Impt Area A), 5.00%, 9/1/54 | 885000 | 895700 |
| William S Hart Union High School District Special Tax, (William S Hart Union High School District Community Facilities Dist No. 2015-1), 5.00%, 9/1/42 | 1350000 | 1354728 |
| William S Hart Union High School District Special Tax, (William S Hart Union High School District Community Facilities Dist No. 2015-1), 5.00%, 9/1/47 | 2350000 | 2354152 |
| Woodland Special Tax, (City of Woodland CA Community Facilities District No. 2004-1), 4.00%, 9/1/41 | 2485000 | 2450068 |

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Schedule of Investments - California High-Yield Municipal Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Woodland Special Tax, (City of Woodland CA Community Facilities District No. 2004-1), 4.00%, 9/1/45 | $2485000 | $2316555 |
| Yorba Linda Water District Public Financing Corp. Rev., 4.00%, 10/1/52 | 3750000 | 3654302 |
|  |  | 1581732098 |
| **Guam — 0.7%** |  |  |
| Guam Government Waterworks Authority Rev., 5.00%, 7/1/36 | 1755000 | 1795591 |
| Guam Government Waterworks Authority Rev., 5.00%, 7/1/37 | 1500000 | 1532332 |
| Guam Government Waterworks Authority Rev., 5.00%, 1/1/50 | 1750000 | 1786157 |
| Guam Government Waterworks Authority Rev., (Guam Government Waterworks Authority Water And Wastewater System), 5.25%, 7/1/50 | 2750000 | 2857201 |
| Guam Power Authority Rev., 5.00%, 10/1/30 | 1005000 | 1090322 |
| Port Authority of Guam Government Rev., 5.00%, 7/1/48 | 1500000 | 1514313 |
| Territory of Guam Rev., 5.00%, 1/1/35 | 1200000 | 1367952 |
|  |  | 11943868 |
| **Puerto Rico — 1.2%** |  |  |
| Children's Trust Fund Rev., 0.00%, 5/15/50<sup>(2)</sup> | 20000000 | 4213104 |
| Puerto Rico GO, 5.625%, 7/1/29 | 201036 | 214814 |
| Puerto Rico GO, 5.75%, 7/1/31 | 195264 | 216983 |
| Puerto Rico GO, 4.00%, 7/1/33 | 185162 | 189639 |
| Puerto Rico GO, 4.00%, 7/1/35 | 166436 | 169293 |
| Puerto Rico GO, 4.00%, 7/1/37 | 142845 | 143140 |
| Puerto Rico GO, 4.00%, 7/1/41 | 194215 | 188500 |
| Puerto Rico GO, 4.00%, 7/1/46 | 3601981 | 3252042 |
| Puerto Rico GO, Capital Appreciation, 0.00%, 7/1/33<sup>(2)</sup> | 238285 | 176436 |
| Puerto Rico GO, VRN, 0.00%, 11/1/43 | 713210 | 487658 |
| Puerto Rico GO, VRN, 0.00%, 11/1/51 | 1976220 | 1222786 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.33%, 7/1/40 | 5800000 | 5811997 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., Capital Appreciation, 0.00%, 7/1/51<sup>(2)</sup> | 15092000 | 3970817 |
|  |  | 20257209 |
| **U.S. Virgin Islands — 0.3%** |  |  |
| Virgin Islands Hotel Development Financing Corp. Rev., (CFC-FR LLC), 6.00%, 12/1/55 | 4900000 | 4920418 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $1,630,704,612) |  | **1618853593** |
| **AFFILIATED FUNDS**<sup>(7)</sup> **— 0.5%** |  |  |
| American Century California Municipal Bond ETF<br>(Cost $8,122,136) | 160300 | **8188124** |
| **WARRANTS — 0.0%** |  |  |
| **Ground Transportation — 0.0%** |  |  |
| BL Train Holdings West LLC<sup>(6)</sup><br>(Cost $—) | 72088 | **144176** |
| **TOTAL INVESTMENT SECURITIES — 99.0%**<br>(Cost $1,638,826,748) |  | **1627185893** |
| **OTHER ASSETS AND LIABILITIES — 1.0%** |  | **15875703** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1643061596** |

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Schedule of Investments - California High-Yield Municipal Fund

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| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| AG | – | Assured Guaranty, Inc. |
| AMBAC | – | American Municipal Bond Assurance Corp. |
| BAM | – | Build America Mutual Assurance Corp. |
| BAM-TCRS | – | Build America Mutual Assurance Corp. - Transferrable Custodial Receipts |
| COP | – | Certificates of Participation |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| GA | – | Guaranty Agreement |
| GO | – | General Obligation |
| HUD | – | Housing and Urban Development |
| LIQ FAC | – | Liquidity Facilities |
| LOC | – | Letter of Credit |
| NPFG | – | National Public Finance Guarantee Corp. |
| SEQ | – | Sequential Payer |
| ST INTERCEPT | – | State Intercept |
| VRDN | – | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $318,580,464, which represented 19.4% of total net assets.

(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

(3)Escrowed to maturity in U.S. government securities or state and local government securities.

(4)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(5)Security is in default.

(6)Non-income producing.

(7)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

**AFFILIATED FUND TRANSACTIONS**

A summary of transactions for each affiliated fund for the period ended February 28, 2026 follows (amounts in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net<br>Realized<br>Gain<br>(Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| American Century California Municipal Bond ETF | $7813 |  |  | $375 | $8188 | 160 |  | $148 |

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(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds. Additional information and attributes of each affiliated fund are available at americancentury.com.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

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Schedule of Investments - California High-Yield Municipal Fund

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

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| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Municipal Securities |  | $1618853593 |  |
| Affiliated Funds | $8188124 |  |  |
| Warrants | 144176 |  |  |
|  | $8332300 | $1618853593 |  |

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**DERIVATIVE INSTRUMENTS**

As of period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

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| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Interest Rate** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;&nbsp;Futures contract transactions | $914 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | $493 |

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See Notes to Financial Statements.

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Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

**FEBRUARY 28, 2026 (UNAUDITED)**

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| | | |
|:---|:---|:---|
|<br>**MUNICIPAL SECURITIES — 100.8%** | **Principal Amount/Shares** | **Value** |
| **California — 99.7%** | | |
| ABAG Finance Authority for Nonprofit Corps. Special Tax, (Abag Finance Authority for Nonprofit Corps Assessment District No. 1999-1), 5.00%, 9/2/28 (AG) | $2620000 | $2740534 |
| ABAG Finance Authority for Nonprofit Corps. Special Tax, (Abag Finance Authority for Nonprofit Corps Assessment District No. 1999-1), 5.00%, 9/2/31 (AG) | 1395000 | 1457002 |
| ABAG Finance Authority for Nonprofit Corps. Special Tax, (Abag Finance Authority for Nonprofit Corps Assessment District No. 1999-1), 5.00%, 9/2/32 (AG) | 490000 | 511145 |
| Alameda Community Facilities District Special Tax, (City of Alameda CA Community Facilities District No. 22-1), 5.00%, 9/1/43 | 1250000 | 1303480 |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/34 | 3500000 | 3544618 |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/35 | 3000000 | 3036403 |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/36 | 4550000 | 4602009 |
| Alameda Corridor Transportation Authority Rev., Capital Appreciation, 0.00%, 10/1/35 (NPFG)<sup>(1)</sup> | 9000000 | 6752715 |
| Alameda County Joint Powers Authority Rev., (County of Alameda CA), 5.00%, 12/1/31 | 2000000 | 2339580 |
| Alameda County Joint Powers Authority Rev., (County of Alameda CA), 5.00%, 12/1/32 | 2350000 | 2802066 |
| Anaheim Public Financing Authority Rev., (City of Anaheim CA), 5.00%, 9/1/35 (BAM) | 6000000 | 6215639 |
| Antelope Valley Community College District GO, Capital Appreciation, 0.00%, 8/1/45<sup>(1)</sup> | 1600000 | 674967 |
| Antelope Valley Community College District GO, Capital Appreciation, 0.00%, 8/1/46<sup>(1)</sup> | 1535000 | 608970 |
| Atwater Wastewater Rev., 5.00%, 5/1/27 (AG) | 415000 | 427730 |
| Atwater Wastewater Rev., 5.00%, 5/1/29 (AG) | 700000 | 722812 |
| Atwater Wastewater Rev., 5.00%, 5/1/32 (AG) | 895000 | 921757 |
| Baldwin Park Unified School District GO, 4.00%, 8/1/31 (AG) | 6420000 | 6456807 |
| Bay Area Toll Authority Rev., 5.00%, 4/1/26 | 3000000 | 3007863 |
| Bay Area Toll Authority Rev., 5.00%, 4/1/42<sup>(2)</sup> | 2750000 | 3409669 |
| Bay Area Toll Authority Rev., 5.00%, 4/1/42 | 7000000 | 7789104 |
| Bay Area Toll Authority Rev., 5.00%, 4/1/43<sup>(2)</sup> | 2600000 | 3195144 |
| Bay Area Toll Authority Rev., 5.00%, 4/1/44 | 1000000 | 1133312 |
| Bay Area Toll Authority Rev., 5.00%, 4/1/45 | 1000000 | 1083936 |
| Bay Area Toll Authority Rev., VRDN, 1.25%, 3/2/26 (LOC: Bank of America N.A.) | 4085000 | 4085000 |
| Bay Area Toll Authority Rev., VRDN, 1.25%, 3/2/26 (LOC: Barclays Bank PLC) | 6840000 | 6840000 |
| Bay Area Toll Authority Rev., VRN, 2.625%, 4/1/45 | 10000000 | 9999597 |
| Bay Area Toll Authority Rev., VRN, 2.33%, (MUNIPSA plus 0.45%), 4/1/56 | 3000000 | 2998846 |
| Brea Redevelopment Agency Tax Allocation, Capital Appreciation, 5.00%, 8/1/33 | 1500000 | 1553494 |
| Brea Redevelopment Agency Tax Allocation, Capital Appreciation, 5.00%, 8/1/34 | 1785000 | 1846520 |
| California Community Choice Financing Authority Rev., 5.00%, 11/1/33 (GA: Canadian Imperial Bank) | 25000000 | 27688610 |
| California Community Choice Financing Authority Rev., VRN, 4.00%, 2/1/52 (GA: Morgan Stanley) | 11045000 | 11481128 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 12/1/53 (GA: Goldman Sachs Group, Inc.) | 7500000 | 7982726 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 2/1/54 (GA: Morgan Stanley) | 11150000 | 12065026 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 5/1/54 (GA: Morgan Stanley) | 6545000 | 7139908 |
| California Community Choice Financing Authority Rev., VRN, 5.50%, 10/1/54 (GA: National Bank of Canada) | 4605000 | 5063249 |
| California Community Choice Financing Authority Rev., VRN, 5.25%, 11/1/54 (GA: Goldman Sachs Group, Inc.) | 14410000 | 15546883 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 2/1/55 (GA: Pacific Life Insurance Co.) | 4330000 | 4756426 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 2/1/55 (GA: Royal Bank of Canada) | 10010000 | 11082147 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 8/1/55 (GA: American General Life) | 6000000 | 6495532 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 12/1/55 (GA: American General Life) | 12400000 | 13463382 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 1/1/56 (GA: New York Life Insurance Co.) | 5695000 | 6357806 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 3/1/56 (GA: Pacific Life Insurance Co.) | 7000000 | 7782621 |
| California Community Choice Financing Authority Rev., VRN, 3.91%, (SOFR plus 1.45%), 4/1/56 (GA: Morgan Stanley) | 3000000 | 3003103 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 10/1/56 (GA: Bank Of Nova Scotia TR) | 6100000 | 6837783 |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/28 | 275000 | 288574 |

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------

Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/29 | $800000 | $838815 |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/34 | 1295000 | 1347450 |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/36 | 1595000 | 1652032 |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.25%, 5/1/43 | 1955000 | 2000593 |
| California County Tobacco Securitization Agency Rev., (Gold Country Settlement Funding Corp.), 5.00%, 6/1/33 | 900000 | 977941 |
| California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 5.00%, 6/1/30 | 450000 | 484155 |
| California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 5.00%, 6/1/32 | 400000 | 425599 |
| California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 4.00%, 6/1/34 | 500000 | 504885 |
| California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 4.00%, 6/1/36 | 275000 | 275968 |
| California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 4.00%, 6/1/39 | 250000 | 244489 |
| California Educational Facilities Authority Rev., (Leland Stanford Junior University), 5.00%, 6/1/43 | 3000000 | 3697953 |
| California Educational Facilities Authority Rev., (Leland Stanford Junior University), 5.00%, 6/1/46 | 4450000 | 5260766 |
| California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/27 | 300000 | 307450 |
| California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/28 | 800000 | 819475 |
| California Educational Facilities Authority Rev., (Loyola Marymount University), 5.00%, 10/1/34 | 490000 | 521593 |
| California Educational Facilities Authority Rev., (Loyola Marymount University), 5.00%, 10/1/35 | 625000 | 663587 |
| California Educational Facilities Authority Rev., (Loyola Marymount University), 5.00%, 10/1/37 | 1485000 | 1567615 |
| California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/40 | 325000 | 381099 |
| California Educational Facilities Authority Rev., (University of Southern California), 5.00%, 10/1/35 | 4000000 | 5020338 |
| California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/37 | 200000 | 237170 |
| California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/38 | 300000 | 353112 |
| California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/39 | 350000 | 409143 |
| California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/40 | 315000 | 364849 |
| California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/41 | 500000 | 572268 |
| California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/42 | 575000 | 650516 |
| California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/43 | 610000 | 682966 |
| California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/44 | 725000 | 801838 |
| California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/45 | 1010000 | 1105858 |
| California Enterprise Development Authority Rev., (Castilleja School Foundation), 5.00%, 6/1/35 | 425000 | 504178 |
| California Enterprise Development Authority Rev., (Castilleja School Foundation), 5.00%, 6/1/36 | 450000 | 529380 |
| California Enterprise Development Authority Rev., (Castilleja School Foundation), 5.00%, 6/1/37 | 525000 | 612162 |
| California Enterprise Development Authority Rev., (Castilleja School Foundation), 5.00%, 6/1/39 | 580000 | 666646 |
| California Enterprise Development Authority Rev., (Castilleja School Foundation), 5.00%, 6/1/40 | 400000 | 454453 |
| California Enterprise Development Authority Rev., (Castilleja School Foundation), 5.00%, 6/1/41 | 600000 | 676115 |
| California Enterprise Development Authority Rev., (Castilleja School Foundation), 5.00%, 6/1/42 | 675000 | 752872 |
| California Enterprise Development Authority Rev., (Castilleja School Foundation), 5.00%, 6/1/43 | 1100000 | 1211738 |
| California Enterprise Development Authority Rev., (Castilleja School Foundation), 5.00%, 6/1/44 | 1000000 | 1090285 |
| California Enterprise Development Authority Rev., (Provident Group-Pomona Properties LLC), 5.00%, 1/15/39 | 650000 | 710048 |
| California Enterprise Development Authority Rev., (Provident Group-SDSU Properties LLC), 5.00%, 8/1/45 | 1745000 | 1786730 |
| California Enterprise Development Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/34<sup>(3)</sup> | 950000 | 1015551 |
| California Enterprise Development Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/44<sup>(3)</sup> | 1000000 | 1019771 |
| California Enterprise Development Authority Rev., (Sage Hill School), 5.00%, 12/1/33 | 400000 | 470737 |
| California Enterprise Development Authority Rev., (Sage Hill School), 5.00%, 12/1/34 | 300000 | 356970 |
| California Enterprise Development Authority Rev., (Sage Hill School), 5.00%, 12/1/35 | 325000 | 384751 |
| California Enterprise Development Authority Rev., (Sage Hill School), 5.00%, 12/1/36 | 450000 | 529246 |
| California Enterprise Development Authority Rev., (Sage Hill School), 5.00%, 12/1/37 | 500000 | 581134 |
| California Enterprise Development Authority Rev., (Sage Hill School), 5.00%, 12/1/38 | 500000 | 576215 |
| California Enterprise Development Authority Rev., (Sage Hill School), 5.00%, 12/1/39 | 450000 | 514825 |
| California Enterprise Development Authority Rev., (Sage Hill School), 5.00%, 12/1/40 | 300000 | 341597 |
| California Health Facilities Financing Authority Rev., 4.00%, 4/1/45 (BAM-TCRS) | 1000000 | 992213 |
| California Health Facilities Financing Authority Rev., (Adventist Health System/West Obligated Group), 5.25%, 12/1/40 | 4820000 | 5373229 |

---

------

Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 11/15/26 | $3000000 | $3005808 |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 11/15/27 | 6000000 | 6015554 |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 11/15/31 | 2700000 | 2712912 |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 11/15/32 | 400000 | 401925 |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 8/15/33 | 1900000 | 1923794 |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 4.00%, 8/15/35 | 2440000 | 2449115 |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 4.00%, 8/15/48 | 10000000 | 9574977 |
| 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) | 1000000 | 1108827 |
| 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) | 1200000 | 1325935 |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 4/1/37 | 1600000 | 1647581 |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 5.00%, 12/1/37 | 1600000 | 1833832 |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 4/1/38 | 3000000 | 3077818 |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 5.00%, 12/1/39 | 2000000 | 2259669 |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 4/1/40 | 1785000 | 1817831 |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 5.00%, 12/1/40 | 2200000 | 2467715 |
| California Health Facilities Financing Authority Rev., (El Camino Healthcare Obligated Group), 5.00%, 2/1/42 | 1800000 | 2069053 |
| California Health Facilities Financing Authority Rev., (El Camino Healthcare Obligated Group), 5.00%, 2/1/43 | 1750000 | 1991156 |
| California Health Facilities Financing Authority Rev., (El Camino Healthcare Obligated Group), 5.00%, 2/1/44 | 2000000 | 2267362 |
| California Health Facilities Financing Authority Rev., (Episcopal Communities & Services for Seniors Obligated Group), 3.85%, 11/15/27 | 1250000 | 1250556 |
| California Health Facilities Financing Authority Rev., (Kaiser Foundation Hospitals), VRN, 5.00%, 6/1/41 | 2000000 | 2198887 |
| California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), 5.00%, 8/15/30 | 1730000 | 1751378 |
| California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), 5.00%, 8/15/31 | 1300000 | 1315840 |
| California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), 5.00%, 8/15/34 | 4000000 | 4823306 |
| California Health Facilities Financing Authority Rev., (Scripps Health Obligated Group), VRN, 5.00%, 11/15/61 | 9000000 | 10110806 |
| California Health Facilities Financing Authority Rev., (Stanford Health Care Obligated Group), 5.00%, 8/15/33 | 4000000 | 4880821 |
| California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/26 | 1500000 | 1532220 |
| California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/32 | 3700000 | 3873251 |
| California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/36 | 6135000 | 6373788 |
| California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 4.00%, 11/15/42 | 2925000 | 2907038 |
| California Housing Finance Agency Rev., 4.25%, 1/15/35 | 4660053 | 4915177 |
| California Housing Finance Agency Rev., 3.50%, 11/20/35 | 9952667 | 10189411 |
| California Housing Finance Agency Rev., (300 De Haro Venture LP), VRN, 3.25%, 6/1/55 | 7375000 | 7435178 |
| California Housing Finance Agency Rev., (AH Housing Preservation LP), 4.10%, 9/1/40 (FNMA) | 5000000 | 5205293 |
| California Housing Finance Agency Rev., (Century WLAVA 4 LP), VRN, 2.95%, 6/1/46 | 3000000 | 3037228 |
| California Housing Finance Agency Rev., (SV Housing Preservation LP), 4.10%, 7/1/40 (FHLMC) | 6670000 | 6821776 |
| California Housing Finance Agency Rev., (CR Epoca L Communities LP), Class PT, 3.70%, 11/1/37 (FNMA) | 3850000 | 4024932 |
| California Infrastructure & Economic Development Bank Rev., (California Academy of Sciences), 3.25%, 8/1/29 | 1000000 | 1025018 |
| California Infrastructure & Economic Development Bank Rev., (California Science Center Foundation), 5.00%, 11/1/31 | 10670000 | 12273442 |
| California Infrastructure & Economic Development Bank Rev., (California State Teachers' Retirement System), 5.00%, 8/1/33 | 1800000 | 1967576 |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 5.00%, 11/1/29 | 2125000 | 2294897 |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/34 | 500000 | 518327 |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/36 | 365000 | 374001 |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 5.00%, 11/1/39 | 200000 | 224776 |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/40 | 650000 | 654332 |

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------

Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 5.00%, 11/1/40 | $255000 | $284837 |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 4.00%, 11/1/41 | 425000 | 427045 |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 5.00%, 11/1/41 | 290000 | 321943 |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 5.00%, 11/1/42 | 250000 | 275447 |
| California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRN, 2.58%, (MUNIPSA plus 0.70%), 12/1/50 | 2500000 | 2496903 |
| California Infrastructure & Economic Development Bank Rev., (Segerstrom Center for the Arts), 5.00%, 1/1/28 | 1105000 | 1160835 |
| California Infrastructure & Economic Development Bank Rev., (University of California), 5.00%, 5/15/45 | 2600000 | 2864221 |
| California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AG) | 1670000 | 1703783 |
| California Municipal Finance Authority Rev., 5.00%, 12/1/40 | 600000 | 682211 |
| California Municipal Finance Authority Rev., 4.70%, 7/1/41 (FNMA) | 4735000 | 5071707 |
| California Municipal Finance Authority Rev., 4.00%, 12/1/43 | 2100000 | 2105122 |
| California Municipal Finance Authority Rev., (4252 Crenshaw Preservation LLC), 3.75%, 12/1/35 (FHLMC) | 2500000 | 2562919 |
| California Municipal Finance Authority Rev., (5435 Balboa LP), VRN, 3.15%, 8/1/59 | 1650000 | 1662434 |
| California Municipal Finance Authority Rev., (6033 De Soto LP), VRN, 2.95%, 1/1/56 | 4000000 | 4034256 |
| California Municipal Finance Authority Rev., (Aldersly), 3.75%, 11/15/28 | 1065000 | 1065424 |
| California Municipal Finance Authority Rev., (Aldersly), 4.00%, 11/15/28 | 940000 | 942358 |
| California Municipal Finance Authority Rev., (Azusa Pacific University), 5.00%, 4/1/27 | 580000 | 580211 |
| California Municipal Finance Authority Rev., (California Baptist University), 5.00%, 11/1/36<sup>(3)</sup> | 1500000 | 1506204 |
| California Municipal Finance Authority Rev., (California Baptist University), 5.125%, 11/1/40<sup>(3)</sup> | 1100000 | 1175356 |
| California Municipal Finance Authority Rev., (California Baptist University), 5.50%, 11/1/45<sup>(3)</sup> | 1750000 | 1750388 |
| California Municipal Finance Authority Rev., (California Lutheran University CA), 5.00%, 10/1/27 | 300000 | 309944 |
| California Municipal Finance Authority Rev., (California Lutheran University CA), 5.00%, 10/1/28 | 150000 | 157908 |
| California Municipal Finance Authority Rev., (California Lutheran University CA), 5.00%, 10/1/29 | 225000 | 236658 |
| California Municipal Finance Authority Rev., (California Lutheran University CA), 5.00%, 10/1/30 | 225000 | 236295 |
| California Municipal Finance Authority Rev., (California Lutheran University CA), 5.00%, 10/1/31 | 200000 | 209594 |
| California Municipal Finance Authority Rev., (California Lutheran University CA), 5.00%, 10/1/32 | 225000 | 235234 |
| California Municipal Finance Authority Rev., (California Lutheran University CA), 5.00%, 10/1/33 | 225000 | 234694 |
| California Municipal Finance Authority Rev., (California Lutheran University CA), 5.00%, 10/1/34 | 250000 | 260064 |
| California Municipal Finance Authority Rev., (California Lutheran University CA), 5.00%, 10/1/35 | 225000 | 233572 |
| California Municipal Finance Authority Rev., (California Lutheran University CA), 5.00%, 10/1/36 | 250000 | 258826 |
| California Municipal Finance Authority Rev., (California Lutheran University CA), 5.00%, 10/1/37 | 775000 | 800502 |
| California Municipal Finance Authority Rev., (California Lutheran University CA), 5.00%, 10/1/38 | 300000 | 309122 |
| California Municipal Finance Authority Rev., (Capital Facilities Development Corp.), 5.00%, 6/1/36 | 5650000 | 5985473 |
| California Municipal Finance Authority Rev., (Capital Facilities Development Corp.), 5.00%, 6/1/38 | 4015000 | 4234656 |
| California Municipal Finance Authority Rev., (Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio), 5.00%, 8/15/31 | 270000 | 301348 |
| California Municipal Finance Authority Rev., (Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio), 5.00%, 8/15/33 | 600000 | 682772 |
| California Municipal Finance Authority Rev., (Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio), 5.00%, 8/15/35 | 660000 | 752163 |
| California Municipal Finance Authority Rev., (Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio), 5.00%, 8/15/37 | 720000 | 808668 |
| California Municipal Finance Authority Rev., (Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio), 5.00%, 8/15/39 | 950000 | 1053337 |
| California Municipal Finance Authority Rev., (Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio), 5.00%, 8/15/40 | 525000 | 574416 |
| California Municipal Finance Authority Rev., (Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio), 4.00%, 8/15/44 | 2560000 | 2447253 |
| California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/26 | 4210000 | 4228933 |
| California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/31 | 400000 | 422802 |
| California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/32 (BAM-TCRS) | 3000000 | 3190750 |

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Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/35 | $7500000 | $7852611 |
| California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/38 | 500000 | 519337 |
| California Municipal Finance Authority Rev., (CHF-Davis II LLC), 4.00%, 5/15/36 (BAM) | 1200000 | 1252785 |
| California Municipal Finance Authority Rev., (CHF-Davis II LLC), 4.00%, 5/15/38 (BAM) | 750000 | 774372 |
| California Municipal Finance Authority Rev., (Claremont Graduate University), 5.00%, 10/1/34<sup>(3)</sup> | 435000 | 452415 |
| California Municipal Finance Authority Rev., (Claremont Graduate University), 5.00%, 10/1/39<sup>(3)</sup> | 1130000 | 1148003 |
| California Municipal Finance Authority Rev., (Clinicas del Camino Real, Inc.), 4.00%, 3/1/30 | 785000 | 795254 |
| California Municipal Finance Authority Rev., (Clinicas del Camino Real, Inc.), 4.00%, 3/1/31 | 1635000 | 1653432 |
| California Municipal Finance Authority Rev., (Clinicas del Camino Real, Inc.), 4.00%, 3/1/32 | 1700000 | 1716135 |
| California Municipal Finance Authority Rev., (Clinicas del Camino Real, Inc.), 4.00%, 3/1/34 | 1240000 | 1244796 |
| California Municipal Finance Authority Rev., (Clinicas del Camino Real, Inc.), 4.00%, 3/1/35 | 500000 | 500270 |
| California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/28<sup>(3)</sup> | 100000 | 105409 |
| California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.50%, 12/1/45 | 1000000 | 1071845 |
| California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/46<sup>(3)</sup> | 1590000 | 1612557 |
| California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/27 | 1750000 | 1782152 |
| California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/28 | 3325000 | 3390240 |
| California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/31 | 2700000 | 2747569 |
| California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/35 | 5000000 | 5075458 |
| California Municipal Finance Authority Rev., (Congregational Homes, Inc. Obligated Group), 4.00%, 11/15/27 | 300000 | 305211 |
| California Municipal Finance Authority Rev., (Congregational Homes, Inc. Obligated Group), 4.00%, 11/15/29 | 740000 | 766379 |
| California Municipal Finance Authority Rev., (County of Orange CA), 5.00%, 6/1/37 | 2990000 | 3081052 |
| California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.50%, 11/1/46<sup>(3)</sup> | 1500000 | 1427080 |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/26 | 2260000 | 2272634 |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/29 | 2100000 | 2153257 |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/34 | 1500000 | 1533360 |
| California Municipal Finance Authority Rev., (EL Camino LP), VRN, 2.50%, 3/1/46 | 2000000 | 2001022 |
| California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/29 | 1350000 | 1396369 |
| California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/31 | 1480000 | 1528377 |
| California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/32 | 1000000 | 1031465 |
| California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/34 | 1000000 | 1027892 |
| California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/35 | 2565000 | 2631155 |
| California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/36 | 720000 | 737123 |
| California Municipal Finance Authority Rev., (Emerson College), 5.00%, 1/1/37 | 1000000 | 1021578 |
| California Municipal Finance Authority Rev., (Eskaton Properties, Inc. Obligated Group), 5.00%, 11/15/30 | 1055000 | 1153566 |
| California Municipal Finance Authority Rev., (Eskaton Properties, Inc. Obligated Group), 5.00%, 11/15/32 | 1160000 | 1301563 |
| California Municipal Finance Authority Rev., (Eskaton Properties, Inc. Obligated Group), 5.00%, 11/15/33 | 1825000 | 2055874 |
| California Municipal Finance Authority Rev., (Eskaton Properties, Inc. Obligated Group), 5.00%, 11/15/34 | 1280000 | 1435821 |
| California Municipal Finance Authority Rev., (Eskaton Properties, Inc. Obligated Group), 5.00%, 11/15/35 | 1340000 | 1494186 |
| California Municipal Finance Authority Rev., (Eskaton Properties, Inc. Obligated Group), 5.00%, 11/15/37 | 2210000 | 2436510 |
| California Municipal Finance Authority Rev., (Eskaton Properties, Inc. Obligated Group), 5.00%, 11/15/38 | 3105000 | 3408165 |
| California Municipal Finance Authority Rev., (Eskaton Properties, Inc. Obligated Group), 5.00%, 11/15/44 | 1250000 | 1309850 |
| California Municipal Finance Authority Rev., (Gracelight Community Health Obligated Group), 4.125%, 6/1/36 | 750000 | 752062 |
| California Municipal Finance Authority Rev., (Gracelight Community Health Obligated Group), 5.125%, 6/1/45 | 950000 | 988822 |
| California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 5.00%, 10/1/35 | 1000000 | 1108951 |
| California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 5.00%, 10/1/36 | 745000 | 820974 |
| California Municipal Finance Authority Rev., (Ignatian Corp.), 5.00%, 9/1/39 | 1000000 | 1142924 |
| California Municipal Finance Authority Rev., (Ignatian Corp.), 5.00%, 9/1/40 | 750000 | 846885 |
| California Municipal Finance Authority Rev., (Ignatian Corp.), 5.00%, 9/1/41 | 750000 | 845366 |
| California Municipal Finance Authority Rev., (Ignatian Corp.), 5.00%, 9/1/42 | 1250000 | 1395536 |

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Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| California Municipal Finance Authority Rev., (Ignatian Corp.), 5.00%, 9/1/43 | $1000000 | $1104811 |
| California Municipal Finance Authority Rev., (Ignatian Corp.), 5.00%, 9/1/44 | 675000 | 737480 |
| California Municipal Finance Authority Rev., (Maison's Sierra Phase 2 LP), 4.45%, 11/1/43 (FNMA) | 2725000 | 2837844 |
| California Municipal Finance Authority Rev., (Palmdale Family Housing LP), VRN, 2.95%, 1/1/56 | 1750000 | 1763409 |
| California Municipal Finance Authority Rev., (PRS-California Obligated Group), 5.00%, 4/1/28 | 305000 | 318768 |
| California Municipal Finance Authority Rev., (PRS-California Obligated Group), 5.00%, 4/1/29 | 250000 | 266498 |
| California Municipal Finance Authority Rev., (PRS-California Obligated Group), 5.00%, 4/1/30 | 200000 | 217071 |
| California Municipal Finance Authority Rev., (PRS-California Obligated Group), 5.00%, 4/1/31 | 210000 | 231107 |
| California Municipal Finance Authority Rev., (PRS-California Obligated Group), 5.00%, 4/1/32 | 310000 | 345864 |
| California Municipal Finance Authority Rev., (PRS-California Obligated Group), 5.00%, 4/1/33 | 490000 | 552060 |
| California Municipal Finance Authority Rev., (PRS-California Obligated Group), 5.00%, 4/1/34 | 410000 | 463723 |
| California Municipal Finance Authority Rev., (PRS-California Obligated Group), 5.00%, 4/1/35 | 725000 | 815976 |
| California Municipal Finance Authority Rev., (PRS-California Obligated Group), 5.00%, 4/1/36 | 565000 | 632630 |
| California Municipal Finance Authority Rev., (San Jose South 1st Street Associates LP), 5.00%, 12/1/44 | 10000000 | 10978676 |
| California Municipal Finance Authority Rev., (Scripps College), 5.00%, 7/1/28 | 350000 | 372662 |
| California Municipal Finance Authority Rev., (Scripps College), 5.00%, 7/1/30 | 300000 | 335009 |
| California Municipal Finance Authority Rev., (Scripps College), 5.00%, 7/1/31 | 465000 | 528635 |
| California Municipal Finance Authority Rev., (Scripps College), 5.00%, 7/1/32 | 500000 | 576883 |
| California Municipal Finance Authority Rev., (Scripps College), 5.00%, 7/1/33 | 725000 | 848474 |
| California Municipal Finance Authority Rev., (Scripps College), 5.00%, 7/1/34 | 1330000 | 1529997 |
| California Municipal Finance Authority Rev., (Scripps College), 5.00%, 7/1/35 | 540000 | 617816 |
| California Municipal Finance Authority Rev., (University of La Verne), 5.00%, 6/1/26 | 1000000 | 1006272 |
| California Municipal Finance Authority Rev., (University of La Verne), 5.00%, 6/1/28 | 1000000 | 1026288 |
| California Municipal Finance Authority Rev., (View at San Bruno LP), VRN, 5.00%, 6/1/56 | 1875000 | 1989798 |
| California Municipal Finance Authority Rev., (Village Green Tax Credit LP), 4.125%, 11/1/41 (FNMA) | 4950000 | 5083049 |
| California Municipal Finance Authority Rev., (Wildomar Family Housing LP), VRN, 3.05%, 12/1/64 | 2300000 | 2323588 |
| California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/26<sup>(3)</sup> | 1530000 | 1493180 |
| California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/29<sup>(3)</sup> | 1000000 | 906606 |
| California Municipal Finance Authority Rev., (William Jessup University), 5.00%, 8/1/39<sup>(3)</sup> | 2750000 | 2076775 |
| California Municipal Finance Authority Rev., (Witmer Manor Community Partners LP), 4.875%, 11/1/43 (FNMA)(HUD) | 1450000 | 1547079 |
| California Municipal Finance Authority Rev., VRN, 4.33%, 11/20/40 | 3929658 | 3994200 |
| California Municipal Finance Authority Rev., VRN, 3.54%, 2/20/41 | 5866630 | 5687647 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority BOLD Program Series 2020B), 4.00%, 9/1/35 | 1320000 | 1349257 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2020-4 Area No. 2), 4.00%, 9/1/36 | 585000 | 599087 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2020-4 Area No. 2), 4.00%, 9/1/41 | 1610000 | 1598300 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2021-6 Area No. 2), 5.75%, 9/1/42 | 1500000 | 1617377 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2022-6 Area No. 1), 5.00%, 9/1/39 | 400000 | 426326 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2022-6 Area No. 1), 5.00%, 9/1/44 | 750000 | 776804 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority Cmnty Facs District No. 2023-5 Area No. 2), 5.00%, 9/1/45 | 670000 | 688509 |
| California Municipal Finance Authority SEQ, Series A-1, Class A1, 4.05%, 7/20/41<sup>(2)</sup> | 5000000 | 5061631 |
| California Pollution Control Financing Authority Rev., (Channelside Water Resources LP), 5.00%, 7/1/39<sup>(3)</sup> | 2000000 | 2073841 |
| California Pollution Control Financing Authority Rev., (Channelside Water Resources LP), 5.00%, 11/21/45<sup>(3)</sup> | 3435000 | 3506178 |
| California Public Finance Authority Rev., (Hazelden Betty Ford Foundation), 5.00%, 11/1/49 | 750000 | 768467 |
| California Public Finance Authority Rev., (Henry Mayo Newhall Hospital Obligated Group), 5.00%, 10/15/33 | 500000 | 504513 |
| California Public Finance Authority Rev., (Henry Mayo Newhall Hospital Obligated Group), 5.00%, 10/15/37 | 1000000 | 1006286 |
| California Public Finance Authority Rev., (Hoag Memorial Hospital Presbyterian Obligated Group), 5.00%, 7/15/35 | 700000 | 812148 |
| California Public Finance Authority Rev., (Hoag Memorial Hospital Presbyterian Obligated Group), VRDN, 1.25%, 3/2/26 (LIQ FAC: JPMorgan Chase Bank N.A.) | 12465000 | 12465000 |

---

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Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| California Public Finance Authority Rev., (Hoag Memorial Hospital Presbyterian Obligated Group), VRDN, 1.25%, 3/2/26 (LIQ FAC: JPMorgan Chase Bank N.A.) | $16250000 | $16250000 |
| California Public Finance Authority Rev., (PIH Health, Inc. Obligated Group), 5.00%, 6/1/27 | 1070000 | 1104873 |
| California Public Finance Authority Rev., (PIH Health, Inc. Obligated Group), 5.00%, 6/1/28 | 700000 | 737415 |
| California Public Finance Authority Rev., (PIH Health, Inc. Obligated Group), 5.00%, 6/1/29 | 625000 | 672476 |
| California Public Finance Authority Rev., (PIH Health, Inc. Obligated Group), 5.00%, 6/1/30 | 750000 | 821659 |
| California Public Finance Authority Rev., (Sharp Healthcare Obligated Group), 5.00%, 8/1/28 | 4000000 | 4306332 |
| California Public Finance Authority Rev., (Sharp Healthcare Obligated Group), 5.00%, 8/1/30 | 3250000 | 3692900 |
| California School Finance Authority Rev., 5.00%, 6/1/37<sup>(3)</sup> | 240000 | 241664 |
| California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/39<sup>(3)</sup> | 250000 | 271995 |
| California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/36<sup>(3)</sup> | 325000 | 325406 |
| California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/40<sup>(3)</sup> | 2000000 | 2031307 |
| California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/41<sup>(3)</sup> | 525000 | 498065 |
| California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 5.00%, 7/1/34<sup>(3)</sup> | 340000 | 366910 |
| California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 5.00%, 7/1/34<sup>(3)</sup> | 505000 | 507368 |
| California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 5.00%, 7/1/35<sup>(3)</sup> | 355000 | 381136 |
| California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 5.00%, 7/1/36<sup>(3)</sup> | 375000 | 400173 |
| California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 5.00%, 7/1/37<sup>(3)</sup> | 395000 | 418763 |
| California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 4.00%, 7/1/38<sup>(3)</sup> | 465000 | 465308 |
| California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 5.00%, 7/1/38<sup>(3)</sup> | 415000 | 437412 |
| California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 5.00%, 7/1/39<sup>(3)</sup> | 435000 | 456084 |
| California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 5.00%, 7/1/41<sup>(3)</sup> | 480000 | 494820 |
| California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 5.00%, 7/1/43<sup>(3)</sup> | 175000 | 177936 |
| California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 5.00%, 7/1/44<sup>(3)</sup> | 185000 | 186975 |
| California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 4.00%, 7/1/48<sup>(3)</sup> | 680000 | 577202 |
| California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/26<sup>(3)</sup> | 450000 | 453324 |
| California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/27<sup>(3)</sup> | 310000 | 318383 |
| California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/28<sup>(3)</sup> | 380000 | 395977 |
| California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/32<sup>(3)</sup> | 1215000 | 1283144 |
| California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.375%, 8/1/42<sup>(3)</sup> | 1000000 | 1064266 |
| California School Finance Authority Rev., (Partnerships to Uplift Communities Series 2023 Obligated Group), 5.00%, 8/1/33<sup>(3)</sup> | 620000 | 650136 |
| California School Finance Authority Rev., (Partnerships to Uplift Communities Series 2023 Obligated Group), 5.25%, 8/1/38<sup>(3)</sup> | 420000 | 443172 |
| California School Finance Authority Rev., (Real Journey Academies Obligated Group), 5.00%, 6/1/30<sup>(3)</sup> | 250000 | 254537 |
| California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/26<sup>(3)</sup> | 120000 | 119995 |
| California School Finance Authority Rev., (Rocketship Education Obligated Group), 4.50%, 6/1/27<sup>(3)</sup> | 310000 | 310534 |
| California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/34<sup>(3)</sup> | 670000 | 671774 |
| California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.125%, 6/1/47<sup>(3)</sup> | 635000 | 615825 |
| California School Finance Authority Rev., (Summit Public Schools Obligated Group), 5.00%, 6/1/27, Prerefunded at 100% of Par<sup>(3)(4)</sup> | 260000 | 268376 |
| California School Finance Authority Rev., (TEACH, Inc. Series 2019 Obligated Group), 5.00%, 6/1/29<sup>(3)</sup> | 195000 | 195719 |
| California School Finance Authority Rev., (TEACH, Inc. Series 2019 Obligated Group), 5.00%, 6/1/39<sup>(3)</sup> | 740000 | 741121 |
| California School Finance Authority Rev., (Value Schools), 5.00%, 7/1/33 (ST INTERCEPT)<sup>(3)</sup> | 850000 | 901601 |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/26 | 780000 | 785569 |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/27 | 820000 | 839653 |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/28 | 865000 | 897082 |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/29 | 905000 | 951021 |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/39 | 1750000 | 1789660 |
| California State Public Works Board Rev., (State of California), 5.00%, 5/1/27 | 5000000 | 5008343 |
| California State Public Works Board Rev., (State of California), 5.00%, 9/1/33 | 3500000 | 4192872 |
| California State Public Works Board Rev., (State of California), 5.00%, 9/1/34 | 2500000 | 3039877 |
| California State Public Works Board Rev., (State of California), 5.00%, 8/1/35 | 2615000 | 2974740 |

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Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| California State University Rev., 5.00%, 11/1/28 | $2000000 | $2072993 |
| California State University Rev., 5.00%, 11/1/29 | 1000000 | 1036181 |
| California State University Rev., 5.00%, 11/1/30 | 3000000 | 3105137 |
| California State University Rev., 5.00%, 11/1/31 | 2900000 | 3000682 |
| California State University Rev., 5.00%, 11/1/39 | 5000000 | 5929262 |
| California State University Rev., VRN, 3.125%, 11/1/51 | 4300000 | 4300362 |
| California Statewide Communities Development Authority COP, (City of Salinas CA Measure X Sales Tax Rev.), 5.00%, 12/1/31 (AG) | 1155000 | 1245599 |
| California Statewide Communities Development Authority COP, (City of Salinas CA Measure X Sales Tax Rev.), 5.00%, 12/1/34 (AG) | 1340000 | 1436393 |
| California Statewide Communities Development Authority COP, (City of Salinas CA Measure X Sales Tax Rev.), 5.00%, 12/1/38 (AG) | 1000000 | 1057818 |
| California Statewide Communities Development Authority Rev., 5.00%, 10/1/32<sup>(3)</sup> | 7000000 | 8106286 |
| California Statewide Communities Development Authority Rev., 5.00%, 11/15/32 (CA MTG INS) | 1685000 | 1845707 |
| California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/26 | 1000000 | 1000000 |
| California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/27 | 1590000 | 1591744 |
| California Statewide Communities Development Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 5.00%, 7/1/26 | 325000 | 327996 |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/28 | 2050000 | 2059611 |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/29 | 1000000 | 1027648 |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/29 | 1250000 | 1255836 |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/30 | 1940000 | 1948858 |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/34 | 2220000 | 2272943 |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/40 | 605000 | 606523 |
| California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/36 | 675000 | 698281 |
| California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/37 | 700000 | 721087 |
| California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/38 | 1350000 | 1385018 |
| California Statewide Communities Development Authority Rev., (Enloe Medical Center Obligated Group), 5.25%, 8/15/37 | 1605000 | 1714587 |
| California Statewide Communities Development Authority Rev., (Enloe Medical Center Obligated Group), 5.125%, 8/15/47 (AG) | 350000 | 360233 |
| California Statewide Communities Development Authority Rev., (Foothill Oak Park Apartments LLC), VRN, 4.25%, 9/1/67 (FNMA) | 2300000 | 2439708 |
| California Statewide Communities Development Authority Rev., (Front Porch Communities & Services Obligated Group), 5.00%, 4/1/30 | 145000 | 148198 |
| California Statewide Communities Development Authority Rev., (Front Porch Communities & Services Obligated Group), 5.00%, 4/1/31 | 125000 | 127719 |
| California Statewide Communities Development Authority Rev., (Front Porch Communities & Services Obligated Group), 4.00%, 4/1/32 | 185000 | 186990 |
| California Statewide Communities Development Authority Rev., (Heritage Park Apartments Roseville LP), 3.70%, 4/1/35 (FNMA) | 2500000 | 2612005 |
| California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 4.00%, 6/1/26<sup>(3)</sup> | 615000 | 615339 |
| California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.00%, 6/1/34<sup>(3)</sup> | 375000 | 389769 |
| California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.00%, 6/1/39<sup>(3)</sup> | 475000 | 485296 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/26<sup>(3)</sup> | 5000000 | 5020926 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/33<sup>(3)</sup> | 1000000 | 1040962 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36<sup>(3)</sup> | 6500000 | 6524072 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/44 | 1085000 | 1086447 |
| California Statewide Communities Development Authority Rev., (Sequoia Living, Inc.), 5.00%, 7/1/34 | 680000 | 802193 |
| California Statewide Communities Development Authority Rev., (Sequoia Living, Inc.), 5.00%, 7/1/35 | 570000 | 668745 |
| California Statewide Communities Development Authority Rev., (Sequoia Living, Inc.), 5.00%, 7/1/36 | 1500000 | 1744774 |

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Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| California Statewide Communities Development Authority Rev., (Sequoia Living, Inc.), 5.00%, 7/1/37 | $1045000 | $1205967 |
| California Statewide Communities Development Authority Rev., (Sequoia Living, Inc.), 5.00%, 7/1/38 | 1020000 | 1168437 |
| California Statewide Communities Development Authority Rev., (Sequoia Living, Inc.), 5.00%, 7/1/39 | 1485000 | 1691534 |
| California Statewide Communities Development Authority Rev., (Sequoia Living, Inc.), 5.00%, 7/1/40 | 3645000 | 4116013 |
| California Statewide Communities Development Authority Rev., (Sequoia Living, Inc.), 5.00%, 7/1/41 | 3825000 | 4287439 |
| California Statewide Communities Development Authority Rev., (Sequoia Living, Inc.), 5.00%, 7/1/42 | 2010000 | 2231223 |
| California Statewide Communities Development Authority Rev., (Sequoia Living, Inc.), 5.00%, 7/1/43 | 2110000 | 2324427 |
| California Statewide Communities Development Authority Rev., (Sequoia Living, Inc.), 5.00%, 7/1/44 | 4430000 | 4844230 |
| California Statewide Communities Development Authority Rev., (Sequoia Living, Inc.), 5.00%, 7/1/45 | 4650000 | 5053538 |
| California Statewide Communities Development Authority Rev., (USC Obligated Group), 5.00%, 1/1/35 | 5175000 | 5418058 |
| California Statewide Communities Development Authority Rev., (USC Obligated Group), 5.00%, 1/1/36 | 4560000 | 4760719 |
| California Statewide Communities Development Authority Rev., (USC Obligated Group), 5.00%, 1/1/38 | 3825000 | 3976882 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Cmntys Dev Authority Cmnty Facs Dist No. 2015-01 Area No. 2), 5.00%, 9/1/27 | 250000 | 255708 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Cmntys Dev Authority Cmnty Facs Dist No. 2015-01 Area No. 2), 5.00%, 9/1/37 | 2225000 | 2279098 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Dev Authority Cmnty Facs Dist No. 2022-10), 5.25%, 9/1/43 | 650000 | 693089 |
| California Statewide Communities Development Authority Rev., (Kaiser Foundation Hospitals), VRN, Series 2009-C3, 5.00%, 4/1/45 | 5725000 | 6304940 |
| Carson Public Financing Authority Rev., (City of Carson CA Reassessment District No. 2001-1), 5.00%, 9/2/30 | 1000000 | 1091077 |
| Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 8/1/28 (BAM) | 200000 | 208340 |
| Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 8/1/31 (BAM) | 760000 | 819857 |
| Centinela Valley Union High School District GO, 5.00%, 8/1/28 (AG)<sup>(2)</sup> | 925000 | 985589 |
| Centinela Valley Union High School District GO, 5.00%, 8/1/29 (AG)<sup>(2)</sup> | 885000 | 967744 |
| Centinela Valley Union High School District GO, 5.00%, 8/1/30 (AG)<sup>(2)</sup> | 570000 | 637932 |
| Centinela Valley Union High School District GO, 5.00%, 8/1/33 (AG)<sup>(2)</sup> | 1420000 | 1676865 |
| Centinela Valley Union High School District GO, 5.00%, 8/1/34 (AG)<sup>(2)</sup> | 3660000 | 4387470 |
| Central Valley Energy Authority Rev., 5.00%, 8/1/34 (GA: Goldman Sachs Group, Inc.) | 2800000 | 3081100 |
| Central Valley Energy Authority Rev., VRN, 5.00%, 12/1/55 (GA: Pacific Life Insurance Co.) | 5000000 | 5553579 |
| Chabot-Las Positas Community College District GO, 5.25%, 8/1/48 | 2900000 | 3135077 |
| Chaffey Joint Union High School District GO, Capital Appreciation, 0.00%, 8/1/48<sup>(1)</sup> | 3000000 | 1100215 |
| Chino Community Facilities District Special Tax, (Chino Community Facilities District No. 2022-1), 5.00%, 9/1/26 | 130000 | 131368 |
| Chino Community Facilities District Special Tax, (Chino Community Facilities District No. 2022-1), 5.00%, 9/1/27 | 195000 | 201714 |
| Chino Community Facilities District Special Tax, (Chino Community Facilities District No. 2022-1), 5.00%, 9/1/28 | 205000 | 215626 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2003-3 Improvement Area No. 10), 4.00%, 9/1/29 | 285000 | 291996 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2003-3 Improvement Area No. 10), 5.00%, 9/1/34 | 655000 | 726228 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2003-3 Improvement Area No. 10), 5.00%, 9/1/39 | 835000 | 909211 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2003-3 Improvement Area No. 10), 5.00%, 9/1/44 | 795000 | 832564 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2003-3 Improvement Area No. 11), 5.00%, 9/1/40 | 995000 | 1065016 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2003-3 Improvement Area No. 8), 4.00%, 9/1/36 | 1525000 | 1564794 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2019-1), 4.00%, 9/1/35 | 500000 | 515498 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2022-1), 5.00%, 9/1/29 | 215000 | 228885 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2022-1), 5.00%, 9/1/31 | 235000 | 255330 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2022-1), 5.00%, 9/1/32 | 250000 | 272639 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2022-1), 5.00%, 9/1/33 | 260000 | 284462 |

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Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2022-1), 5.00%, 9/1/34 | $275000 | $302130 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2022-1), 5.00%, 9/1/40 | 1000000 | 1075257 |
| Chula Vista Elementary School District GO, 5.00%, 8/1/40 | 1000000 | 1141414 |
| City & County of San Francisco, Infrastructure & Revitalization Financing Dist No. 1 Facs Tax Allocation, 5.00%, 9/1/27<sup>(3)</sup> | 155000 | 160221 |
| City & County of San Francisco, Infrastructure & Revitalization Financing Dist No. 1 Facs Tax Allocation, 5.00%, 9/1/32<sup>(3)</sup> | 400000 | 441119 |
| City & County of San Francisco, Infrastructure & Revitalization Financing Dist No. 1 Facs Tax Allocation, 5.00%, 9/1/35<sup>(3)</sup> | 1200000 | 1305568 |
| City & County of San Francisco, Infrastructure & Revitalization Financing Dist No. 1 Facs Tax Allocation, 5.00%, 9/1/37<sup>(3)</sup> | 385000 | 411793 |
| City & County of San Francisco, Infrastructure & Revitalization Financing Dist No. 1 Facs Tax Allocation, 5.00%, 9/1/46<sup>(3)</sup> | 1350000 | 1359977 |
| City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, (City & County of San Francisco CA Dist No. 2020-1 Development), 4.00%, 9/1/26<sup>(3)</sup> | 35000 | 35195 |
| City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, (City & County of San Francisco CA Dist No. 2020-1 Development), 4.00%, 9/1/31<sup>(3)</sup> | 150000 | 154870 |
| Clovis Unified School District GO, 4.00%, 8/1/48 | 4000000 | 3943780 |
| Compton Unified School District COP, 4.00%, 6/1/34 (BAM) | 575000 | 582336 |
| Corona Community Facilities District Special Tax, (City of Corona CA Community Facilities District No. 2018-1 Improvement Area No. 2), 5.00%, 9/1/39 | 500000 | 544701 |
| Corona Community Facilities District Special Tax, (City of Corona CA Community Facilities District No. 2018-1 Improvement Area No. 2), 5.00%, 9/1/44 | 725000 | 758732 |
| County of Sacramento Rev., (Einstein Preservation LP), Series 2024-01FN, 4.125%, 5/1/40 (FNMA) | 1235000 | 1287717 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Dublin), 2.45%, 2/1/47<sup>(3)</sup> | 1900000 | 1681499 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Oceanaire Apartments), 3.20%, 9/1/46<sup>(3)</sup> | 5000000 | 3702105 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Orange Portfolio), 3.00%, 3/1/57<sup>(3)</sup> | 2000000 | 1394844 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Pasadena Portfolio), 2.65%, 12/1/46<sup>(3)</sup> | 7545000 | 6490105 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Westgate Apartments), 4.00%, 6/1/57<sup>(3)</sup> | 705000 | 144525 |
| Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/30 | 225000 | 233024 |
| Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/31 | 250000 | 258511 |
| Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/32 | 275000 | 283760 |
| Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/33 | 265000 | 272677 |
| Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/37 | 1345000 | 1364659 |
| Del Mar Union School District Special Tax, (Del Mar Union School District Community Facilities District No. 99-1), 4.00%, 9/1/39 | 1285000 | 1293518 |
| Desert Community College District GO, 5.00%, 8/1/51 | 3050000 | 3284671 |
| Desert Sands Unified School District GO, 5.00%, 8/1/28 | 3000000 | 3231228 |
| Desert Sands Unified School District GO, 5.00%, 8/1/39 | 1750000 | 1805965 |
| Dixon Special Tax, (City of Dixon CA Community Facilities District No. 2019-1 Improvement Area No. 1), 4.00%, 9/1/36 | 200000 | 203424 |
| Dixon Special Tax, (City of Dixon CA Community Facilities District No. 2019-1 Improvement Area No. 2), 5.00%, 9/1/38 | 1290000 | 1380631 |
| Dixon Special Tax, (City of Dixon CA Community Facilities District No. 2019-1 Improvement Area No. 2), 5.00%, 9/1/43 | 2280000 | 2369672 |
| Dublin Special Tax, (City of Dublin CA Community Facilities District No. 2015-1 Improvement Area No. 4), 5.00%, 9/1/37 | 955000 | 1025438 |

---

------

Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Dublin Special Tax, (City of Dublin CA Community Facilities District No. 2015-1 Improvement Area No. 4), 5.25%, 9/1/42 | $2000000 | $2131029 |
| Dublin Special Tax, (City of Dublin CA Community Facilities District No. 2015-1 Improvement Area No. 5), 5.00%, 9/1/38 | 785000 | 841499 |
| Dublin Special Tax, (City of Dublin CA Community Facilities District No. 2015-1 Improvement Area No. 5), 5.125%, 9/1/43 | 1265000 | 1335370 |
| East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/34 | 350000 | 414078 |
| East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/36 | 600000 | 702285 |
| East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/37 | 450000 | 522673 |
| East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/44 | 2250000 | 2507239 |
| East County Advanced Water Purification Joint Powers Authority Rev., 3.125%, 9/1/26 | 30000000 | 30040971 |
| Eastern Municipal Water District Rev., 4.00%, 7/1/26 | 2250000 | 2266379 |
| Eastern Municipal Water District Rev., 4.00%, 7/1/27 | 1750000 | 1801759 |
| Eastern Municipal Water District Community Facilities District Special Tax, (Eastern Municipal Water District Community Facilities District No. 2018-80), 5.00%, 9/1/40 | 525000 | 565844 |
| Eastern Municipal Water District Community Facilities District Special Tax, (Eastern Municipal Water District Community Facilities District No. 2018-80), 5.00%, 9/1/45 | 475000 | 491039 |
| Eastern Municipal Water District Financing Authority Rev., (Eastern Municipal Water District), 4.00%, 7/1/37 | 1700000 | 1792992 |
| Eastern Municipal Water District Financing Authority Rev., (Eastern Municipal Water District), 4.00%, 7/1/38 | 1500000 | 1571953 |
| El Camino Community College District Fountation GO, 4.00%, 8/1/41 | 1000000 | 1065906 |
| El Dorado Irrigation District COP, 5.00%, 3/1/41 | 1345000 | 1508219 |
| El Dorado Irrigation District COP, 5.00%, 3/1/43 | 1950000 | 2145400 |
| El Monte City School District GO, 5.00%, 8/1/40 (AG)<sup>(2)</sup> | 285000 | 329233 |
| El Monte City School District GO, 5.00%, 8/1/42 (AG)<sup>(2)</sup> | 220000 | 249184 |
| El Monte City School District GO, 5.00%, 8/1/44 (AG)<sup>(2)</sup> | 250000 | 277258 |
| El Monte City School District GO, 5.00%, 8/1/46 (AG)<sup>(2)</sup> | 415000 | 449129 |
| El Monte Union High School District GO, Capital Appreciation, 0.00%, 6/1/47<sup>(1)</sup> | 3500000 | 1312383 |
| El Rancho Unified School District GO, 5.75%, 8/1/48 (BAM) | 625000 | 708498 |
| El Rancho Unified School District GO, Capital Appreciation, 0.00%, 8/1/28<sup>(1)</sup> | 2665000 | 2518417 |
| Elk Grove Finance Authority Special Tax, (City of Elk Grove CA Community Facilities District No. 2005-1 Laguna Ridge), 5.00%, 9/1/30 | 1715000 | 1729090 |
| Fairfield Community Facilities District Special Tax, (City of Fairfield CA Community Facilities District No. 2016-1 Improvement Area C), 4.00%, 9/1/36 | 545000 | 554575 |
| Folsom Ranch Financing Authority Special Tax, (City of Folsom CA Community Facilities District No. 18), 5.00%, 9/1/26 | 1120000 | 1133119 |
| Folsom Ranch Financing Authority Special Tax, (City of Folsom CA Community Facilities District No. 23 Area No. 1), 4.00%, 9/1/35 | 1690000 | 1731707 |
| Fontana Special Tax, (City of Fontana CA Community Facilities District No. 109), 5.00%, 9/1/39 | 1200000 | 1298491 |
| Fontana Special Tax, (City of Fontana CA Community Facilities District No. 109), 5.00%, 9/1/44 | 1000000 | 1043637 |
| Fontana Special Tax, (City of Fontana CA Community Facilities District No. 31), 4.00%, 9/1/30 | 1110000 | 1130617 |
| Fontana Special Tax, (City of Fontana CA Community Facilities District No. 31), 4.00%, 9/1/32 | 1000000 | 1015852 |
| Fontana Special Tax, (City of Fontana CA Community Facilities District No. 31), 4.00%, 9/1/36 | 2230000 | 2287068 |
| Fontana Special Tax, (City of Fontana CA Community Facilities District No. 85), 4.00%, 9/1/32 | 245000 | 253845 |
| Fontana Special Tax, (City of Fontana CA Community Facilities District No. 85), 4.00%, 9/1/36 | 550000 | 562169 |
| Fontana Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/29 | 2100000 | 2195277 |
| Fontana Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/32 | 1495000 | 1556422 |
| Foothill-Eastern Transportation Corridor Agency Rev., 5.00%, 1/15/30 | 300000 | 328372 |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/32 | 350000 | 372668 |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/33 | 250000 | 265273 |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/33 | 3271000 | 3470832 |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/43 | 6725000 | 6763300 |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/46 (BAM-TCRS) | 7000000 | 6969581 |
| Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/33<sup>(1)</sup> | 750000 | 623648 |
| Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/42<sup>(1)</sup> | 6070000 | 3334760 |
| Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 6.85%, 1/15/42 | 2300000 | 2793580 |

---

------

Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Fremont Unified School District/Alameda County GO, 5.00%, 8/1/27<sup>(2)</sup> | $690000 | $715013 |
| Fremont Unified School District/Alameda County GO, 5.00%, 8/1/28<sup>(2)</sup> | 500000 | 532490 |
| Fremont Unified School District/Alameda County GO, 5.00%, 8/1/29<sup>(2)</sup> | 675000 | 738215 |
| Fresno Joint Powers Financing Authority Rev., (City of Fresno CA), 5.00%, 4/1/26 (AG) | 1650000 | 1653917 |
| Fresno Joint Powers Financing Authority Rev., (City of Fresno CA), 5.00%, 4/1/28 (AG) | 1400000 | 1445005 |
| Fresno Joint Powers Financing Authority Rev., (City of Fresno CA), 5.00%, 4/1/29 (AG) | 1000000 | 1031399 |
| Fresno Joint Powers Financing Authority Rev., (City of Fresno CA), 5.00%, 4/1/30 (AG) | 1350000 | 1391297 |
| Glendale Community College District GO, 5.00%, 8/1/44 | 4280000 | 4809468 |
| Glendale Community College District GO, 5.00%, 8/1/45 | 2000000 | 2222331 |
| Glendale Electric Rev., 5.00%, 2/1/45 | 5600000 | 6036997 |
| Glendale Electric Rev., 5.00%, 2/1/46 | 800000 | 853714 |
| Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/26<sup>(4)</sup> | 6000000 | 6046511 |
| Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/27, Prerefunded at 100% of Par<sup>(4)</sup> | 2000000 | 2078261 |
| Goleta Water District Rev., 5.00%, 9/1/31 (BAM) | 400000 | 466302 |
| Goleta Water District Rev., 5.00%, 9/1/33 (BAM) | 200000 | 242214 |
| Goleta Water District Rev., 5.00%, 9/1/34 (BAM) | 425000 | 512055 |
| Hanford Joint Union High School District GO, Capital Appreciation, 0.00%, 8/1/41<sup>(1)</sup> | 2235000 | 1131157 |
| Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45<sup>(3)</sup> | 10925000 | 10834847 |
| Hayward Unified School District GO, 4.00%, 8/1/36 (BAM) | 1000000 | 1025085 |
| Hayward Unified School District GO, 4.00%, 8/1/37 (BAM) | 1000000 | 1021329 |
| Hayward Unified School District GO, 4.00%, 8/1/39 (BAM) | 2360000 | 2395094 |
| Hayward Unified School District GO, 4.00%, 8/1/43 (BAM) | 2520000 | 2516954 |
| Hercules Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/42 (AG) | 7235000 | 7862791 |
| Hesperia Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/33 (AG) | 4195000 | 4465822 |
| Imperial Irrigation District Electric System Rev., 5.00%, 11/1/31 | 400000 | 438980 |
| Imperial Irrigation District Electric System Rev., 5.00%, 11/1/32 | 525000 | 574448 |
| Imperial Irrigation District Electric System Rev., 5.00%, 11/1/36 | 1015000 | 1018697 |
| Imperial Irrigation District Electric System Rev., 5.00%, 11/1/38 | 4075000 | 4370148 |
| Independent Cities Finance Authority Rev., (City of Compton CA Sales Tax), 4.00%, 6/1/36 (AG)<sup>(3)</sup> | 1450000 | 1498224 |
| Independent Cities Finance Authority Rev., (City of Compton CA Sales Tax), 4.00%, 6/1/41 (AG)<sup>(3)</sup> | 900000 | 923245 |
| Inglewood Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 5/1/38 (BAM) | 500000 | 511956 |
| Inglewood Unified School District GO, 5.00%, 8/1/29 (BAM) | 235000 | 237989 |
| Inglewood Unified School District GO, 5.00%, 8/1/31 (BAM) | 500000 | 506370 |
| Inglewood Unified School District GO, 5.00%, 8/1/32 (BAM) | 500000 | 506198 |
| Inglewood Unified School District GO, 5.00%, 8/1/34 (BAM) | 300000 | 303386 |
| Inglewood Unified School District GO, 5.00%, 8/1/35 (BAM) | 855000 | 864025 |
| Inglewood Unified School District GO, 5.00%, 8/1/37 (BAM) | 500000 | 504740 |
| Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37 | 1665000 | 1680076 |
| Inland Valley Development Agency Tax Allocation, 5.00%, 9/1/44 | 1765000 | 1780628 |
| Irvine Special Assessment, (City of Irvine CA Reassessment District No. 15-1), 5.00%, 9/2/26 | 1500000 | 1521803 |
| Irvine Special Assessment, (City of Irvine CA Reassessment District No. 25-1), 5.00%, 9/2/27 | 275000 | 286968 |
| Irvine Special Assessment, (City of Irvine CA Reassessment District No. 25-1), 5.00%, 9/2/28 | 250000 | 267977 |
| Irvine Special Assessment, (City of Irvine CA Reassessment District No. 25-1), 5.00%, 9/2/29 | 400000 | 439806 |
| Irvine Special Assessment, (City of Irvine CA Reassessment District No. 25-1), 5.00%, 9/2/30 (AG) | 435000 | 491490 |
| Irvine Special Assessment, (City of Irvine CA Reassessment District No. 25-1), 5.00%, 9/2/31 (AG) | 350000 | 404072 |
| Irvine Special Assessment, (City of Irvine CA Reassessment District No. 25-1), 5.00%, 9/2/32 (AG) | 400000 | 470574 |
| Irvine Facilities Financing Authority Rev., (City of Irvine CA), 5.25%, 5/1/43 | 2500000 | 2507161 |
| Irvine Unified School District Special Tax, 4.00%, 9/1/27 | 1735000 | 1766357 |
| Irvine Unified School District Special Tax, 5.00%, 9/1/29 | 1910000 | 2061664 |
| Irvine Unified School District Special Tax, 4.00%, 9/1/34 | 2285000 | 2361027 |
| Irvine Unified School District Special Tax, 4.00%, 9/1/35 | 995000 | 1024581 |
| Irvine Unified School District Special Tax, 4.00%, 9/1/36 (AG) | 1500000 | 1505723 |

---

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Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Irvine Unified School District Special Tax, 4.00%, 9/1/38 | $2720000 | $2760997 |
| Irvine Unified School District Special Tax, (Irvine Unified School District Community Facilities District No. 09-1), 5.00%, 9/1/26 | 635000 | 642596 |
| Irvine Unified School District Special Tax, (Irvine Unified School District Community Facilities District No. 09-1), 5.00%, 9/1/29 | 360000 | 388961 |
| Irvine Unified School District Special Tax, (Irvine Unified School District Community Facilities District No. 09-1), 5.00%, 9/1/31 | 345000 | 371695 |
| Irvine Unified School District Special Tax, (Irvine Unified School District Community Facilities District No. 09-1), 5.00%, 9/1/33 | 395000 | 422274 |
| Irvine Unified School District Special Tax, (Irvine Unified School District Community Facilities District No. 09-1), 4.00%, 9/1/37 | 570000 | 580964 |
| Jurupa Community Services District Special Tax, (Jurupa Community Services District Community Facilities District No. 59), 5.00%, 9/1/40 | 1000000 | 1080172 |
| Jurupa Community Services District Special Tax, (Jurupa Community Services District Community Facilities District No. 59), 5.00%, 9/1/45 | 2965000 | 3079235 |
| Kentfield School District GO, 5.00%, 8/1/39 | 1010000 | 1197284 |
| Kern Community College District GO, 5.00%, 8/1/39 | 2000000 | 2317603 |
| Kern Community College District GO, 5.00%, 8/1/40 | 1000000 | 1152955 |
| La Mesa-Spring Valley School District GO, 4.00%, 8/1/42 | 350000 | 359074 |
| La Mesa-Spring Valley School District GO, 4.00%, 8/1/43 | 335000 | 341204 |
| La Mesa-Spring Valley School District GO, 5.00%, 8/1/47 | 1250000 | 1317992 |
| Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities Dist No. 2024-1), 5.00%, 9/1/40 | 400000 | 431741 |
| Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities Dist No. 2024-1), 5.00%, 9/1/45 | 1825000 | 1895313 |
| Lee Lake Water District Financing Corp. Special Tax, (Temescal Valley Water District Community Facilities District No. 4 Area No. 2), 4.00%, 9/1/36 | 930000 | 954268 |
| Lincoln Special Tax, (City of Lincoln CA Community Facilities District No. 2003-1), 5.00%, 9/1/32 (AG) | 3210000 | 3425780 |
| Long Beach Bond Finance Authority Rev., 5.00%, 11/15/35 (GA: Merrill Lynch & Co., Inc.) | 1920000 | 2241491 |
| Long Beach Bond Finance Authority Rev., 5.50%, 11/15/37 (GA: Merrill Lynch & Co., Inc.) | 1625000 | 1982952 |
| Long Beach Marina System Rev., 5.00%, 5/15/36 | 1925000 | 2274974 |
| Long Beach Marina System Rev., 5.00%, 5/15/37 | 2005000 | 2347857 |
| Long Beach Marina System Rev., 5.00%, 5/15/38 | 2220000 | 2578847 |
| Long Beach Marina System Rev., 5.00%, 5/15/39 | 890000 | 1025876 |
| Long Beach Unified School District GO, 5.00%, 8/1/28 | 5000000 | 5061778 |
| Long Beach Unified School District GO, 5.00%, 8/1/32 | 3985000 | 4032907 |
| Los Alamitos Unified School District COP, Capital Appreciation, VRN, 6.05%, 8/1/42 | 3200000 | 3506723 |
| Los Angeles Community College District GO, 5.00%, 6/1/26 | 2115000 | 2130439 |
| Los Angeles Community College District GO, 5.00%, 8/1/32 | 5000000 | 5976308 |
| Los Angeles Community College District GO, 4.00%, 8/1/39 | 10000000 | 10019569 |
| Los Angeles County Community Facilities District No. 2021-01 Special Tax, (County of Los Angeles CA Community Facilities District No. 2021-01 Area No.1), 5.00%, 9/1/42 | 1800000 | 1898921 |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., 5.00%, 7/1/32 | 5000000 | 5352433 |
| Los Angeles County Public Works Financing Authority Rev., (County of Los Angeles CA), 5.25%, 12/1/44 | 2000000 | 2281164 |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/29, Prerefunded at 100% of Par<sup>(4)</sup> | 1565000 | 1718315 |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/33 | 1350000 | 1400011 |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/34 | 1250000 | 1295171 |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/35 | 1500000 | 1552455 |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/36 | 5000000 | 5506719 |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/38 | 935000 | 1009896 |
| Los Angeles Department of Airports Rev., 4.00%, 5/15/39 | 2545000 | 2639673 |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/40 | 1520000 | 1716024 |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/41 | 2600000 | 2914934 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/39 | 5000000 | 5668722 |

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Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/42 | $6250000 | $6760797 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/42 | 8050000 | 9044583 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/43 | 1900000 | 2040781 |
| Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/41 | 3470000 | 3799470 |
| Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/42 | 3960000 | 4308529 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/26 | 1335000 | 1346192 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/27 | 1570000 | 1627912 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 1/1/30 | 5370000 | 5838723 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/40 | 3775000 | 4253841 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/41 | 3000000 | 3363200 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/41 | 7480000 | 7580927 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/42 | 1790000 | 1947542 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/42 (BAM) | 11875000 | 13392701 |
| Los Angeles Housing Authority Rev., 3.75%, 4/1/34 (FNMA) | 2000000 | 2063694 |
| Los Angeles Housing Authority Rev., (Victory Boulevard Housing Partners LP), VRN, 3.00%, 1/1/46 | 10000000 | 10098345 |
| Los Angeles Unified School District GO, 5.00%, 7/1/26 | 2500000 | 2527562 |
| Los Angeles Unified School District GO, 5.00%, 7/1/27 | 2345000 | 2448225 |
| Los Angeles Unified School District GO, 5.00%, 7/1/28 | 1750000 | 1880290 |
| Los Angeles Unified School District GO, 5.00%, 7/1/35 | 5000000 | 6230321 |
| Los Angeles Unified School District GO, 5.25%, 7/1/40 | 4000000 | 4697213 |
| Los Angeles Unified School District GO, 5.25%, 7/1/47 | 4000000 | 4344378 |
| Los Angeles Wastewater System Rev., 5.00%, 6/1/35 | 1500000 | 1597527 |
| Los Rios Community College District GO, 5.00%, 8/1/26 | 3250000 | 3294145 |
| Manhattan Beach COP, VRN, 5.00%, 7/1/55 | 1800000 | 1890289 |
| Manhattan Beach Unified School District GO, Capital Appreciation, 0.00%, 9/1/29<sup>(1)</sup> | 5905000 | 5465138 |
| Marina Joint Powers Financing Authority Rev., 3.40%, 3/1/36 (FNMA) | 3120000 | 3184325 |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/43 | 1000000 | 1034174 |
| Marina Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/43 | 2100000 | 2171765 |
| Menifee Union School District GO, 4.00%, 8/1/46 | 5000000 | 5008866 |
| Menifee Union School District Special Tax, (Menifee Union School District Community Facilities District No. 2011-1 Area No. 5), 4.00%, 9/1/36 | 500000 | 507521 |
| Metropolitan Water District of Southern California Rev., 5.00%, 7/1/35 | 1600000 | 1887068 |
| Metropolitan Water District of Southern California Rev., 5.00%, 7/1/36 | 1700000 | 1991093 |
| Metropolitan Water District of Southern California Rev., 5.00%, 10/1/36 | 1175000 | 1336617 |
| Metropolitan Water District of Southern California Rev., 5.00%, 7/1/37 | 1000000 | 1162865 |
| Middle Fork Project Finance Authority Rev., 5.00%, 4/1/27 | 3000000 | 3069504 |
| Middle Fork Project Finance Authority Rev., 5.00%, 4/1/31 | 3895000 | 4212249 |
| Milpitas Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/26 | 6285000 | 6298571 |
| Monterey Peninsula Community College District GO, 4.00%, 8/1/43 | 875000 | 896446 |
| Monterey Peninsula Community College District GO, 4.00%, 8/1/44 | 650000 | 660440 |
| Moreno Valley Unified School District Community Facilities District Special Tax, (Moreno Valley Unified School District Community Facilities District No. 2018-1), 4.00%, 9/1/36 | 750000 | 764675 |
| Moreno Valley Unified School District Community Facilities District Special Tax, (Moreno Valley Unified School District Community Facilities District No. 2018-1), 4.00%, 9/1/41 | 1625000 | 1598500 |
| Moreno Valley Unified School District Community Facilities District Special Tax, (Moreno Valley Unified School District Community Facilities District No. 2022-1), 5.00%, 9/1/40 | 500000 | 531140 |
| Moreno Valley Unified School District Community Facilities District Special Tax, (Moreno Valley Unified School District Community Facilities District No. 2022-1), 5.00%, 9/1/45 | 750000 | 772463 |
| Mountain View Los Altos Union High School District GO, 4.00%, 8/1/33 | 4135000 | 4619393 |
| Mountain View School District School Facilities Improvement District No. 2 GO, Capital Appreciation, 0.00%, 7/1/29<sup>(1)</sup> | 7495000 | 6688408 |
| Mountain View-Whisman School District GO, 4.25%, 9/1/45 | 5750000 | 5845123 |
| M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup, Inc.) | 1000000 | 1242641 |

---

------

Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup, Inc.) | $5880000 | $7306729 |
| M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup, Inc.) | 1180000 | 1478181 |
| M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup, Inc.) | 1425000 | 1785091 |
| Mt San Antonio Community College District GO, 5.00%, 8/1/42 | 2900000 | 3347011 |
| Mt San Antonio Community College District GO, 5.00%, 8/1/45 | 1000000 | 1124767 |
| Napa Valley Unified School District GO, 5.00%, 8/1/43 | 350000 | 395391 |
| New Hampshire Business Finance Authority Rev., VRN, 3.92%, 7/20/39 | 6057770 | 6052894 |
| New Haven Unified School District GO, 4.00%, 8/1/38 | 250000 | 254863 |
| North Lake Tahoe Public Financing Authority Rev., (County of Placer CA), 5.25%, 12/1/42 | 3250000 | 3593158 |
| Northern California Energy Authority Rev., VRN, 5.00%, 12/1/54 (GA: Pacific Life Insurance Co.) | 10000000 | 10779675 |
| Northern California Sanitation Agencies Financing Authority Rev., (Sacramento Area Sewer District), 5.00%, 12/1/39 | 1000000 | 1189378 |
| Northern California Transmission Agency Rev., 5.00%, 5/1/28 | 1000000 | 1004667 |
| Northern California Transmission Agency Rev., 5.00%, 5/1/29 | 1000000 | 1004639 |
| Northern California Transmission Agency Rev., 5.00%, 5/1/30 | 1855000 | 1863673 |
| Novato Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 9/1/36 | 1825000 | 1888547 |
| Novato Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 9/1/37 | 1900000 | 1957078 |
| Novato Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 9/1/38 | 1420000 | 1456173 |
| Oakland Sewer Rev., 5.00%, 6/15/26 | 1200000 | 1208164 |
| Oakland Unified School District/Alameda County GO, 5.00%, 8/1/28 | 1185000 | 1199297 |
| Oakland Unified School District/Alameda County GO, 5.25%, 8/1/40 (AG) | 1500000 | 1719747 |
| Oakland Unified School District/Alameda County GO, 5.25%, 8/1/41 (AG) | 2250000 | 2555079 |
| Ontario Special Tax, (City of Ontario CA Community Facilities District No. 35), 5.00%, 9/1/39 | 500000 | 539218 |
| Ontario Special Tax, (City of Ontario CA Community Facilities District No. 35), 5.00%, 9/1/44 | 500000 | 524350 |
| Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/26 | 340000 | 341978 |
| Ontario Community Facilities District No. 30 Special Tax, 4.00%, 9/1/29 | 230000 | 234021 |
| Ontario Community Facilities District No. 56 Special Tax, (City of Ontario CA Community Facilities District No. 56), 5.00%, 9/1/38 | 1200000 | 1305433 |
| Ontario Community Facilities District No. 56 Special Tax, (City of Ontario CA Community Facilities District No. 56), 5.25%, 9/1/43 | 1000000 | 1071371 |
| Ontario Community Facilities District No. 64 Special Tax, 5.00%, 9/1/32 | 550000 | 604509 |
| Ontario Community Facilities District No. 64 Special Tax, 5.00%, 9/1/33 | 575000 | 636055 |
| Ontario Community Facilities District No. 64 Special Tax, 5.00%, 9/1/34 | 605000 | 666639 |
| Ontario Community Facilities District No. 64 Special Tax, 5.00%, 9/1/39 | 1150000 | 1237665 |
| Orange County Special Assessment, (County of Orange CA Reassessment District No. 17-1R), 5.00%, 9/2/26 | 600000 | 608360 |
| Orange County Special Assessment, (County of Orange CA Reassessment District No. 17-1R), 5.00%, 9/2/28 | 600000 | 641628 |
| Orange County Special Assessment, (County of Orange CA Reassessment District No. 17-1R), 5.00%, 9/2/30 | 875000 | 942253 |
| Orange County Airport Rev., 5.00%, 7/1/26<sup>(4)</sup> | 1000000 | 1009552 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2016-1), 5.00%, 8/15/29 | 2000000 | 2020800 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2016-1), 5.00%, 8/15/30 | 2220000 | 2242697 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2016-1), 5.00%, 8/15/32 | 2575000 | 2599675 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2021-1), 5.00%, 8/15/37 | 1300000 | 1394507 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2021-1), 5.00%, 8/15/47 | 1700000 | 1743677 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2023-1), 5.50%, 8/15/48 | 1200000 | 1263114 |
| Oroville Rev., (Oroville Hospital), 5.25%, 4/1/34 | 1685000 | 1213200 |
| Oroville Rev., (Oroville Hospital), 5.25%, 4/1/39 | 3500000 | 2485000 |
| Oxnard School District GO, 5.00%, 8/1/41 (BAM) | 1000000 | 1117198 |
| Oxnard School District GO, 5.00%, 8/1/44 (BAM) | 1190000 | 1297317 |
| Palm Desert Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/30 (BAM) | 350000 | 360729 |
| Palmdale Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/28 (NPFG) | 2150000 | 2180030 |

---

------

Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Palmdale Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/29 (NPFG) | $2075000 | $2104303 |
| Palmdale Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/30 (NPFG) | 1215000 | 1231974 |
| Palomar Health COP, (Palomar Health Obligated Group), 5.00%, 11/1/26 | 475000 | 473722 |
| Palomar Health COP, (Palomar Health Obligated Group), 5.00%, 11/1/27 | 720000 | 715550 |
| Palomar Health COP, (Palomar Health Obligated Group), 5.00%, 11/1/32 | 4000000 | 4009421 |
| Palomar Health GO, (Palomar Health Obligated Group), 5.00%, 8/1/28 | 1340000 | 1344067 |
| Palomar Health GO, (Palomar Health Obligated Group), Capital Appreciation, 7.00%, 8/1/38 (AG) | 3330000 | 3710256 |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/29 | 4585000 | 4593848 |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/36 | 4080000 | 4083014 |
| Palos Verdes Peninsula Unified School District GO, Capital Appreciation, 0.00%, 8/1/33<sup>(1)</sup> | 2600000 | 2147943 |
| Paradise Unified School District COP, 5.25%, 5/1/44 | 1000000 | 1024805 |
| Paradise Unified School District COP, 5.25%, 5/1/48 | 2620000 | 2655873 |
| Pasadena Public Financing Authority Rev., (City of Pasadena CA), Capital Appreciation, 0.00%, 6/1/40<sup>(1)</sup> | 1000000 | 575016 |
| Pasadena Public Financing Authority Rev., (City of Pasadena CA), Capital Appreciation, 0.00%, 6/1/41<sup>(1)</sup> | 1000000 | 544790 |
| Pasadena Public Financing Authority Rev., (City of Pasadena CA), Capital Appreciation, 0.00%, 6/1/42<sup>(1)</sup> | 1000000 | 513897 |
| Pasadena Unified School District GO, 5.00%, 8/1/29 | 2700000 | 2996304 |
| Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/31 | 1045000 | 1150446 |
| Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/32 | 785000 | 861807 |
| Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/36 | 300000 | 326874 |
| Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/37 | 435000 | 472249 |
| Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/38 | 550000 | 593442 |
| Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/39 | 1210000 | 1299924 |
| Peninsula Corridor Joint Powers Board Rev., 5.00%, 6/1/41 | 3625000 | 3997803 |
| Pittsburg Successor Agency Redevelopment Agency Tax Allocation, 5.00%, 9/1/27 (AG) | 3340000 | 3385336 |
| Pittsburg Successor Agency Redevelopment Agency Tax Allocation, 5.00%, 9/1/29 (AG) | 3000000 | 3041992 |
| Pleasanton Unified School District GO, 4.00%, 8/1/42 | 3280000 | 3352018 |
| Pomona Unified School District GO, 6.55%, 8/1/29 (NPFG) | 495000 | 538126 |
| Pomona Unified School District GO, 5.00%, 8/1/42 | 150000 | 171557 |
| Pomona Unified School District GO, 5.00%, 8/1/43 | 200000 | 226370 |
| Port of Los Angeles Rev., 5.00%, 8/1/41 | 665000 | 770166 |
| Poway Unified School District GO, (Poway Unified School District Facilities Improvement District No. 2007-1), Capital Appreciation, 0.00%, 8/1/38<sup>(1)</sup> | 2000000 | 1342681 |
| Poway Unified School District GO, (Poway Unified School District Facilities Improvement District No. 2007-1), Capital Appreciation, 0.00%, 8/1/41<sup>(1)</sup> | 4890000 | 2832665 |
| Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/31 | 1630000 | 1649591 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA Ranch Community Facs District No. 2021-1 Area No. 3), 5.00%, 9/1/45 | 585000 | 604340 |
| Rancho Cordova Special Tax, (City of Rancho Cordova CA The Preserve Community Facs Dist No. 2025-1 Impt Area), 5.00%, 9/1/41 | 400000 | 428291 |
| Rancho Cucamonga Redevelopment Successor Agency Tax Allocation, (Rancho Cucamonga Redev Agency Successor Agency Rancho Redev Project Area), 5.00%, 9/1/31 | 1775000 | 2061150 |
| Rancho Cucamonga Redevelopment Successor Agency Tax Allocation, (Rancho Cucamonga Redev Agency Successor Agency Rancho Redev Project Area), 5.00%, 9/1/32 | 1000000 | 1184401 |
| Rancho Santa Fe Community Services District Special Tax, (Rancho Santa Fe Community Services District Community Facilities District No. 1), 5.00%, 9/1/27 | 1500000 | 1519688 |
| Ravenswood City School District GO, 5.25%, 8/1/45 (AG) | 3375000 | 3610659 |
| Redwood City Redevelopment Agency Successor Agency Tax Allocation, Capital Appreciation, 0.00%, 7/15/30 (AMBAC)<sup>(1)</sup> | 3305000 | 2937232 |
| Redwood City School District GO, 5.00%, 8/1/38 | 200000 | 234441 |
| Redwood City School District GO, 5.00%, 8/1/39 | 250000 | 291348 |
| Redwood City School District GO, 5.00%, 8/1/40 | 350000 | 402520 |
| Regents of the University of California Medical Center Pooled Rev., 5.00%, 5/15/33 | 3015000 | 3032549 |
| Regents of the University of California Medical Center Pooled Rev., 5.00%, 5/15/33 | 2900000 | 3397137 |
| Regents of the University of California Medical Center Pooled Rev., 5.00%, 5/15/34 | 2000000 | 2011334 |
| Regents of the University of California Medical Center Pooled Rev., VRDN, 1.25%, 3/2/26 | 3020000 | 3020000 |

---

------

Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Regents of the University of California Medical Center Pooled Rev., VRDN, 1.25%, 3/2/26 | $3545000 | $3545000 |
| Rialto Special Tax, (City of Rialto CA Community Facilities District No. 2020-1), 5.00%, 9/1/40 | 775000 | 828277 |
| Rialto Special Tax, (City of Rialto CA Community Facilities District No. 2020-1), 5.00%, 9/1/45 | 1225000 | 1267408 |
| Rialto Unified School District GO, Capital Appreciation, 0.00%, 8/1/46 (BAM)<sup>(1)</sup> | 1000000 | 383340 |
| Rialto Unified School District GO, Capital Appreciation, 0.00%, 8/1/47 (BAM)<sup>(1)</sup> | 1175000 | 425176 |
| Rio Hondo Community College District GO, 5.00%, 8/1/43 | 1000000 | 1142690 |
| Rio Hondo Community College District GO, Capital Appreciation, 0.00%, 8/1/36<sup>(1)</sup> | 6400000 | 4713290 |
| Riverside County Public Financing Authority Tax Allocation, 5.00%, 10/1/35 (BAM) | 1655000 | 2030327 |
| Riverside County Public Financing Authority Tax Allocation, (Riverside County Public Financing Authority Redevelopment Project Area No. 1), 5.00%, 10/1/27 (AG) | 250000 | 261013 |
| Riverside County Public Financing Authority Tax Allocation, (Riverside County Public Financing Authority Redevelopment Project Area No. 1), 5.00%, 10/1/28 (AG) | 500000 | 537601 |
| Riverside County Public Financing Authority Tax Allocation, (Riverside County Public Financing Authority Redevelopment Project Area No. 1), 5.00%, 10/1/34 (AG) | 1000000 | 1208512 |
| Riverside County Public Financing Authority Tax Allocation, (Riverside County Public Financing Authority Redevelopment Project Area No. 1), 5.00%, 10/1/35 (AG) | 1325000 | 1589186 |
| Riverside County Public Financing Authority Tax Allocation, (Riverside County Public Financing Authority Redevelopment Project Area No. 1), 5.00%, 10/1/36 (AG) | 1000000 | 1193609 |
| Riverside County Public Financing Authority Tax Allocation, (Riverside County Public Financing Authority Redevelopment Project Area No. 1), 5.00%, 10/1/37 (AG) | 750000 | 884024 |
| Riverside County Transportation Commission Rev., 4.00%, 6/1/40 | 2500000 | 2541372 |
| Riverside County Transportation Commission Rev., 4.00%, 6/1/46 | 1820000 | 1706326 |
| Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/28<sup>(1)(4)</sup> | 465000 | 442431 |
| Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/28<sup>(1)</sup> | 535000 | 501634 |
| Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/30<sup>(1)</sup> | 1000000 | 884605 |
| Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/31<sup>(1)</sup> | 1555000 | 1333098 |
| Riverside Sewer Rev., 5.00%, 8/1/35 | 3750000 | 3996027 |
| Riverside Sewer Rev., 5.00%, 8/1/37 | 1605000 | 1961892 |
| Riverside Sewer Rev., 5.00%, 8/1/37 | 3265000 | 3455563 |
| Riverside Sewer Rev., 5.00%, 8/1/38 | 2400000 | 2899160 |
| Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 38), 5.00%, 9/1/40 | 575000 | 607580 |
| Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 38), 5.00%, 9/1/45 | 1400000 | 1457235 |
| Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 40), 5.00%, 9/1/40 | 1275000 | 1359643 |
| Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 40), 5.00%, 9/1/45 | 1500000 | 1558160 |
| RNR School Financing Authority Special Tax, (RNR School Financing Authority Community Facilities District No. 92-1), 5.00%, 9/1/34 (BAM) | 1035000 | 1223312 |
| RNR School Financing Authority Special Tax, (RNR School Financing Authority Community Facilities District No. 92-1), 5.00%, 9/1/35 (BAM) | 1000000 | 1187535 |
| RNR School Financing Authority Special Tax, (RNR School Financing Authority Community Facilities District No. 92-1), 5.00%, 9/1/36 (BAM) | 1325000 | 1568096 |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1 Area No. 4), 5.00%, 9/1/36 | 1000000 | 1028221 |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1 Area No. 4), 5.00%, 9/1/37 | 1100000 | 1130504 |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2004-1 Area No. 4), 5.00%, 9/1/38 | 1000000 | 1027269 |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2017-1 Impt Area 2), 5.00%, 9/1/38 | 250000 | 271417 |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2017-1 Impt Area 2), 5.00%, 9/1/43 | 425000 | 448640 |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2020-1), 5.00%, 9/1/44 | 565000 | 592106 |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2020-2 Area No. 1), 5.00%, 9/1/40 | 250000 | 269190 |

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------

Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2020-2 Area No. 1), 5.00%, 9/1/45 | $1500000 | $1557084 |
| Roseville Special Tax, (City of Roseville CA Amoruso Ranch Community Facilities District 1 Impt Area 1), 5.00%, 9/1/34 | 250000 | 274276 |
| Roseville Special Tax, (City of Roseville CA Amoruso Ranch Community Facilities District 1 Impt Area 1), 5.00%, 9/1/39 | 1000000 | 1073989 |
| Roseville Special Tax, (City of Roseville CA Amoruso Ranch Community Facilities District 1 Impt Area 1), 5.00%, 9/1/44 | 550000 | 569263 |
| Roseville Special Tax, (City of Roseville CA Creekview Community Facilities District No. 1 Area No. 1), 5.00%, 9/1/40 | 1260000 | 1317191 |
| Roseville Special Tax, (City of Roseville CA Creekview Phase 5 Community Facilities District No. 1), 5.00%, 9/1/40 | 285000 | 302520 |
| Roseville Special Tax, (City of Roseville CA Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/26 | 1075000 | 1088875 |
| Roseville Special Tax, (City of Roseville CA Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/28 | 1025000 | 1061120 |
| Roseville Special Tax, (City of Roseville CA Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/30 | 1390000 | 1432675 |
| Roseville Special Tax, (City of Roseville CA Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/32 | 1245000 | 1280211 |
| Roseville Special Tax, (City of Roseville CA Fiddyment Ranch Community Facilities District No. 1), 5.00%, 9/1/34 | 1045000 | 1072752 |
| Roseville Special Tax, (City of Roseville CA SVSP Westpark-Federico Community Facilities District No. 1), 4.00%, 9/1/37 | 350000 | 355496 |
| Roseville Water Utility COP, 5.00%, 12/1/26 | 1690000 | 1694188 |
| Roseville Water Utility COP, 5.00%, 12/1/27 | 2250000 | 2255153 |
| Sacramento Special Tax, (City of Sacramento CA Greenbriar Community Facs District No. 2018-03 Area No. 1), 4.00%, 9/1/27 | 570000 | 580722 |
| Sacramento Special Tax, (City of Sacramento CA Greenbriar Community Facs District No. 2018-03 Area No. 1), 4.00%, 9/1/29 | 710000 | 739411 |
| Sacramento Special Tax, (City of Sacramento CA Greenbriar Community Facs District No. 2018-03 Area No. 1), 4.00%, 9/1/30 | 265000 | 277177 |
| Sacramento Special Tax, (City of Sacramento CA Greenbriar Community Facs District No. 2018-03 Area No. 1), 4.00%, 9/1/31 | 220000 | 229949 |
| Sacramento Special Tax, (City of Sacramento CA Greenbriar Community Facs District No. 2018-03 Area No. 1), 4.00%, 9/1/32 | 315000 | 328934 |
| Sacramento Special Tax, (City of Sacramento CA Greenbriar Community Facs District No. 2018-03 Area No. 1), 4.00%, 9/1/34 | 560000 | 579583 |
| Sacramento Special Tax, (City of Sacramento CA Greenbriar Community Facs District No. 2018-03 Area No. 1), 4.00%, 9/1/36 | 660000 | 676540 |
| Sacramento Special Tax, (City of Sacramento CA Greenbriar Community Facs District No. 2018-03 Area No. 1), 4.00%, 9/1/41 | 1000000 | 1001483 |
| Sacramento County Airport System Rev., 5.00%, 7/1/33 | 1450000 | 1547935 |
| Sacramento County Airport System Rev., 5.00%, 7/1/34 | 1000000 | 1065720 |
| Sacramento County Airport System Rev., 5.00%, 7/1/34 | 1000000 | 1221003 |
| Sacramento County Airport System Rev., 5.00%, 7/1/35 | 1000000 | 1063381 |
| Sacramento County Airport System Rev., 5.00%, 7/1/39 | 1250000 | 1484472 |
| Sacramento County Airport System Rev., 5.00%, 7/1/40 | 3000000 | 3536077 |
| Sacramento Municipal Utility District Rev., 5.00%, 8/15/26 | 6500000 | 6596686 |
| Sacramento Municipal Utility District Rev., 5.00%, 8/15/27 | 3000000 | 3143231 |
| Sacramento Municipal Utility District Rev., 5.00%, 8/15/28 | 4000000 | 4320232 |
| Sacramento Municipal Utility District Rev., 5.00%, 8/15/36 | 7465000 | 8353942 |
| Sacramento Municipal Utility District Rev., 5.00%, 11/15/41 | 4350000 | 5035249 |
| Sacramento Municipal Utility District Rev., 5.00%, 11/15/42 | 1000000 | 1145203 |
| Sacramento Municipal Utility District Rev., VRN, 5.00%, 8/15/49 | 3850000 | 4528136 |
| Sacramento Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/34 (BAM) | 1355000 | 1356699 |
| Sacramento Transient Occupancy Tax Rev., 5.00%, 6/1/36 | 3220000 | 3405373 |
| Sacramento Transient Occupancy Tax Rev., 5.00%, 6/1/38 | 1000000 | 1053137 |
| Sacramento Transportation Authority Sales Tax Rev., 5.00%, 10/1/26 | 825000 | 840123 |
| San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30 | 675000 | 676423 |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/31 | 1000000 | 1040784 |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/32 | 850000 | 883986 |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/33 | 1000000 | 1038935 |

---

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Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/34 | $700000 | $726529 |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/35 | 1000000 | 1036567 |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/39 | 1000000 | 1072400 |
| San Diego County Regional Transportation Commission Rev., 5.00%, 4/1/38 | 1300000 | 1516605 |
| San Diego County Regional Transportation Commission Rev., 5.00%, 4/1/46 | 3500000 | 3929426 |
| San Diego County Regional Transportation Commission Rev., 5.00%, 4/1/47 | 7500000 | 8336746 |
| San Diego County Water Authority Rev., 5.00%, 5/1/26 | 2390000 | 2393428 |
| San Diego County Water Authority Rev., 5.00%, 5/1/27 | 3485000 | 3490071 |
| San Diego County Water Authority Rev., 5.00%, 5/1/28 | 3000000 | 3197497 |
| San Diego County Water Authority Rev., 4.00%, 5/1/34 | 1900000 | 2069780 |
| San Diego Public Facilities Financing Authority Rev., (City of San Diego CA Sewer Utility), 5.00%, 5/15/28 | 10000000 | 10062220 |
| San Diego Public Facilities Financing Authority Rev., (City of San Diego CA Sewer Utility), 5.00%, 8/1/38 | 5000000 | 5304732 |
| San Diego Public Facilities Financing Authority Rev., (City of San Diego CA Sewer Utility), 5.00%, 5/15/39 | 1800000 | 2054865 |
| San Diego Public Facilities Financing Authority Rev., (City of San Diego CA Water Utility), 5.00%, 8/1/42 | 4805000 | 5600761 |
| San Diego Unified School District GO, 5.00%, 7/1/31 | 500000 | 582905 |
| San Diego Unified School District GO, 5.00%, 7/1/34 | 1000000 | 1239111 |
| San Diego Unified School District GO, 5.00%, 7/1/41 | 1040000 | 1303761 |
| San Diego Unified School District GO, 5.00%, 7/1/42 | 500000 | 619532 |
| San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/39<sup>(1)</sup> | 1410000 | 835908 |
| San Francisco Bay Area Rapid Transit District GO, 5.00%, 8/1/40 | 5000000 | 5624989 |
| San Francisco Bay Area Rapid Transit District GO, 4.00%, 8/1/42 | 7425000 | 7456223 |
| San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/39 | 6000000 | 6454198 |
| San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/40 | 1000000 | 1162683 |
| San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/43 | 6750000 | 7549699 |
| San Francisco City & County Public Utilities Commission Wastewater Rev., 4.66%, 10/1/27 | 5020000 | 5099763 |
| San Francisco City & County Public Utilities Commission Wastewater Rev., 5.25%, 10/1/42 | 1000000 | 1141117 |
| San Francisco City & County Public Utilities Commission Wastewater Rev., VRN, 4.00%, 10/1/48 | 2485000 | 2629110 |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/26 | 425000 | 425876 |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/27 | 550000 | 550888 |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/28 | 370000 | 370635 |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/29 (AG) | 1980000 | 2177896 |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/30 (AG) | 1095000 | 1233798 |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/31 | 400000 | 400647 |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/31 (AG) | 1095000 | 1260686 |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/32 (AG) | 1250000 | 1466747 |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/33 (AG) | 1290000 | 1538423 |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/34 (AG) | 2900000 | 3507613 |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/35 (AG) | 1150000 | 1405593 |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/36 (AG) | 1240000 | 1499269 |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/37 (AG) | 2160000 | 2587843 |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/38 (AG) | 3080000 | 3660874 |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/39 (AG) | 645000 | 761217 |

---

------

Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, (Mission Bay South Redevelopment Area Tax Increment Financing District), 5.00%, 8/1/40 (AG) | $685000 | $800990 |
| San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/28 | 1055000 | 1058807 |
| San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/39 | 2500000 | 3215929 |
| San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/40 | 1310000 | 1682546 |
| San Joaquin Hills Transportation Corridor Agency Rev., 4.00%, 1/15/34 | 1500000 | 1590468 |
| San Joaquin Hills Transportation Corridor Agency Rev., 4.00%, 1/15/34 | 7809000 | 8279974 |
| San Joaquin Hills Transportation Corridor Agency Rev., 4.00%, 1/15/35 | 1730000 | 1823040 |
| San Joaquin Hills Transportation Corridor Agency Rev., 4.00%, 1/15/36 | 1400000 | 1468094 |
| San Joaquin Hills Transportation Corridor Agency Rev., 4.00%, 1/15/44 | 986000 | 961417 |
| San Joaquin Hills Transportation Corridor Agency Rev., 5.25%, 1/15/44 | 520000 | 520386 |
| San Jose Rev., (La Moraga San Jose LP), 3.90%, 10/1/35 (FNMA) | 4871000 | 5135746 |
| San Jose Evergreen Community College District GO, 4.00%, 9/1/45 | 5000000 | 5061151 |
| San Luis Obispo Community Facilities District No. 2019-1 Special Tax, 4.00%, 9/1/36 | 150000 | 154293 |
| San Luis Obispo County Financing Authority Rev., (County of San Luis Obispo CA), 5.50%, 11/15/47 | 4000000 | 4397357 |
| San Mateo Foster City Public Financing Authority Rev., (City of San Mateo CA Sewer), 5.00%, 8/1/34 | 1050000 | 1151893 |
| San Mateo Foster City Public Financing Authority Rev., (City of San Mateo CA Sewer), 5.00%, 8/1/36 | 1885000 | 2045718 |
| San Mateo Foster City School District GO, 5.00%, 8/1/40 | 1000000 | 1133428 |
| San Mateo Foster City School District GO, 5.00%, 8/1/41 | 1150000 | 1290960 |
| San Mateo Foster City School District GO, 4.00%, 8/1/42 | 1000000 | 1042505 |
| San Mateo Union High School District GO, Capital Appreciation, VRN, 0.00%, 9/1/33 | 2000000 | 2094581 |
| San Pablo Redevelopment Successor Agency Tax Allocation, 5.00%, 6/15/28 | 1345000 | 1431077 |
| San Pablo Redevelopment Successor Agency Tax Allocation, 5.00%, 6/15/29 | 1345000 | 1466527 |
| Santa Ana Gas Tax Rev., 5.00%, 1/1/34 | 720000 | 778015 |
| Santa Ana Gas Tax Rev., 5.00%, 1/1/37 | 1260000 | 1346374 |
| Santa Barbara Community College District GO, 6.00%, 8/1/41 | 1000000 | 1253417 |
| Santa Barbara Financing Authority Rev., (City of Santa Barbara CA Airport), 5.00%, 4/1/29 | 1515000 | 1659406 |
| Santa Barbara Financing Authority Rev., (City of Santa Barbara CA Airport), 5.00%, 4/1/31 | 845000 | 927586 |
| Santa Barbara Financing Authority Rev., (City of Santa Barbara CA Airport), 5.00%, 4/1/33 | 840000 | 918605 |
| Santa Barbara Financing Authority Rev., (City of Santa Barbara CA Airport), 5.00%, 4/1/35 | 2035000 | 2214891 |
| Santa Barbara Financing Authority Rev., (City of Santa Barbara CA Airport), 5.00%, 4/1/38 | 1000000 | 1077529 |
| Santa Clara Valley Water District Safe Clean Water COP, 5.00%, 12/1/26 | 2000000 | 2042235 |
| Santa Clarita Community College District GO, 5.25%, 8/1/45 | 3000000 | 3287083 |
| Santa Clarita Community College District GO, 5.25%, 8/1/48 | 3500000 | 3764442 |
| Santa Monica Redevelopment Agency Tax Allocation, (Santa Monica Redevelopment Agency Successor Agy Earthquake Recovery Redev Proj), 5.875%, 7/1/42 | 1000000 | 1002602 |
| Santa Monica-Malibu Unified School District GO, 5.00%, 7/1/34<sup>(2)</sup> | 6000000 | 7324000 |
| Santa Monica-Malibu Unified School District GO, 5.00%, 7/1/35<sup>(2)</sup> | 6000000 | 7413230 |
| Santa Paula Special Tax, (City of Santa Paula CA Harvest Community Facilities District No. 1 Area A), 5.00%, 9/1/40 | 1000000 | 1044141 |
| Santa Paula Utility Authority Rev., (City of Santa Paula CA), 5.00%, 2/1/31 (AG) | 2090000 | 2273402 |
| Santa Paula Utility Authority Rev., (City of Santa Paula CA), 5.00%, 2/1/32 (AG) | 1900000 | 2056929 |
| Santa Paula Utility Authority Rev., (City of Santa Paula CA), 4.00%, 2/1/33 (AG) | 2000000 | 2068123 |
| Santa Paula Utility Authority Rev., (City of Santa Paula CA), 4.00%, 2/1/34 (AG) | 600000 | 619056 |
| Shasta Union High School District GO, Capital Appreciation, 0.00%, 2/1/29<sup>(1)</sup> | 10000000 | 9346609 |
| Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/29 (NPFG) | 1100000 | 1108943 |
| Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/33 (NPFG) | 1325000 | 1335115 |
| South Bayside Waste Management Authority Rev., 5.00%, 9/1/33 (AG)<sup>(4)</sup> | 15000 | 16306 |
| South Bayside Waste Management Authority Rev., 5.00%, 9/1/33 (AG) | 435000 | 475257 |
| South Bayside Waste Management Authority Rev., 5.00%, 9/1/36 (AG)<sup>(4)</sup> | 70000 | 76096 |
| South Bayside Waste Management Authority Rev., 5.00%, 9/1/36 (AG) | 2040000 | 2206608 |
| South Bayside Waste Management Authority Rev., 5.00%, 9/1/39 (AG) | 2450000 | 2623666 |
| South Bayside Waste Management Authority Rev., 5.00%, 9/1/40 (AG)<sup>(4)</sup> | 80000 | 86967 |
| South Orange County Public Financing Authority Rev., (County of Orange CA), 5.00%, 6/1/37 | 1935000 | 2227090 |

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Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| South Orange County Public Financing Authority Rev., (County of Orange CA), 5.00%, 6/1/38 | $1400000 | $1598593 |
| South Orange County Public Financing Authority Special Tax, 5.00%, 8/15/26 | 1000000 | 1012094 |
| South Orange County Public Financing Authority Special Tax, 5.00%, 8/15/27 | 1155000 | 1199804 |
| South Orange County Public Financing Authority Special Tax, 5.00%, 8/15/28 | 1340000 | 1427923 |
| South San Francisco Special Tax, (City of South San Francisco CA Community Facilities District No. 2021-01), 5.00%, 9/1/40 | 275000 | 295696 |
| South San Francisco Special Tax, (City of South San Francisco CA Community Facilities District No. 2021-01), 5.00%, 9/1/45 | 500000 | 520048 |
| Southern California Public Power Authority Rev., 5.00%, 11/1/28 (GA: Goldman Sachs Group, Inc.) | 835000 | 883248 |
| Southern California Public Power Authority Rev., (City of Anaheim CA Electric System), VRN, 3.70%, 7/1/40 | 2250000 | 2263153 |
| Southern California Public Power Authority Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/35 | 5400000 | 6215355 |
| Southern California Public Power Authority Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/48 | 6250000 | 6592076 |
| Southern California Public Power Authority Rev., (Los Angeles Department of Water & Power Power System), VRN, 5.00%, 7/1/53 | 7150000 | 7604094 |
| Southern California Water Replenishment District Rev., 5.00%, 8/1/35 | 2190000 | 2333680 |
| Southern California Water Replenishment District Rev., 5.00%, 8/1/37 | 2170000 | 2299797 |
| State of California GO, 5.00%, 9/1/28 | 10000000 | 10748686 |
| State of California GO, 5.00%, 11/1/28 | 5000000 | 5398655 |
| State of California GO, 5.00%, 9/1/31 | 3685000 | 4256159 |
| State of California GO, 5.00%, 8/1/33 | 7000000 | 8358607 |
| State of California GO, 4.00%, 3/1/36 | 700000 | 781030 |
| State of California GO, 4.00%, 3/1/37 | 825000 | 911773 |
| State of California GO, 4.00%, 3/1/37 | 10100000 | 10603430 |
| State of California GO, 4.00%, 9/1/37 | 1250000 | 1363190 |
| State of California GO, 4.00%, 3/1/38 | 1000000 | 1095133 |
| State of California GO, 4.00%, 3/1/38 | 5000000 | 5226044 |
| State of California GO, 5.00%, 9/1/39 | 5000000 | 5788792 |
| State of California GO, 4.00%, 10/1/41 | 6595000 | 6820522 |
| State of California GO, 5.00%, 3/1/42 | 1000000 | 1149867 |
| State of California GO, 4.00%, 4/1/42 | 7500000 | 7745098 |
| State of California GO, 4.00%, 9/1/42 | 1000000 | 1034707 |
| State of California GO, 5.00%, 9/1/42 | 2025000 | 2101343 |
| State of California GO, 5.00%, 9/1/42 | 4000000 | 4449079 |
| State of California GO, 5.00%, 3/1/43 | 1000000 | 1135597 |
| State of California GO, 5.25%, 8/1/44 | 2510000 | 2857191 |
| Stockton Public Financing Authority Rev., (City of Stockton CA Water), 5.00%, 10/1/30 (BAM) | 1000000 | 1075385 |
| Stockton Public Financing Authority Rev., (City of Stockton CA Water), 5.00%, 10/1/31 (BAM) | 1000000 | 1074654 |
| Stockton Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/29 (AG) | 1500000 | 1521221 |
| Stockton Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/30 (AG) | 1800000 | 1824922 |
| Stockton Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/31 (AG) | 1825000 | 1849832 |
| Stockton Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/34 (AG) | 1000000 | 1012751 |
| Stockton Unified School District GO, 5.00%, 8/1/35 (AG) | 1110000 | 1325393 |
| Stockton Unified School District GO, 5.00%, 8/1/35 (AG) | 2375000 | 2835864 |
| Stockton Unified School District GO, 5.00%, 8/1/36 (AG) | 850000 | 1005978 |
| Stockton Unified School District GO, 5.00%, 8/1/36 (AG) | 1325000 | 1568142 |
| Stockton Unified School District GO, 5.00%, 8/1/39 (AG) | 1000000 | 1153705 |
| Stockton Unified School District GO, 5.00%, 8/1/40 (AG) | 500000 | 571425 |
| Sulphur Springs Union School District Special Tax, (Sulphur Springs Union School District Community Facilities District No. 2019-1), 5.00%, 9/1/29 | 225000 | 240378 |
| Sulphur Springs Union School District Special Tax, (Sulphur Springs Union School District Community Facilities District No. 2019-1), 5.00%, 9/1/31 | 330000 | 361155 |
| Sulphur Springs Union School District Special Tax, (Sulphur Springs Union School District Community Facilities District No. 2019-1), 5.00%, 9/1/32 | 385000 | 425765 |

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Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Sulphur Springs Union School District Special Tax, (Sulphur Springs Union School District Community Facilities District No. 2019-1), 5.00%, 9/1/33 | $445000 | $494878 |
| Temecula Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/15/28 (AG) | 500000 | 525596 |
| Temecula Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/15/29 (AG) | 1155000 | 1213569 |
| Temecula Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/15/31 (AG) | 765000 | 801578 |
| Temecula Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/15/32 (AG) | 750000 | 784473 |
| Temescal Valley Water District Public Financing Authority Special Tax, 5.00%, 9/1/27 (AG) | 1060000 | 1103807 |
| Temescal Valley Water District Public Financing Authority Special Tax, 5.00%, 9/1/28 (AG) | 1130000 | 1207174 |
| Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 5.00%, 6/1/30 | 1000000 | 1083375 |
| Tracy Community Facilities District Special Tax, (City of Tracy CA Community Facilities District No. 2016-01 Improvement Area No. 1), 5.00%, 9/1/28 | 425000 | 438468 |
| Tracy Community Facilities District Special Tax, (City of Tracy CA Community Facilities District No. 2016-01 Improvement Area No. 1), 5.00%, 9/1/33 | 3220000 | 3320796 |
| Tracy Community Facilities District Special Tax, (City of Tracy CA Community Facilities District No. 2016-01 Improvement Area No. 1), 5.00%, 9/1/38 | 3270000 | 3370961 |
| Tracy Community Facilities District Special Tax, (City of Tracy CA Community Facilities District No. 2016-01 Improvement Area No. 2), 5.25%, 9/1/38 | 700000 | 754635 |
| Tracy Community Facilities District Special Tax, (City of Tracy CA Community Facilities District No. 2016-01 Improvement Area No. 2), 5.625%, 9/1/43 | 1400000 | 1497267 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/26 | 1185000 | 1198791 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/28 | 1310000 | 1370079 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/30 | 800000 | 854215 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/30 | 1440000 | 1536451 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/31 | 750000 | 795875 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/31 | 1025000 | 1091720 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/33 | 815000 | 862837 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/34 | 300000 | 316763 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/35 | 300000 | 315644 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/37 | 700000 | 729008 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/38 | 320000 | 332520 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/39 | 1000000 | 1036004 |
| Truckee Redevelopment Successor Agency Tax Allocation, 4.00%, 9/1/32 (AG) | 330000 | 349438 |
| Tulare Local Health Care District GO, 4.00%, 8/1/27 (BAM) | 585000 | 598832 |
| Tulare Local Health Care District GO, 4.00%, 8/1/28 (BAM) | 435000 | 452411 |
| Tulare Local Health Care District GO, 4.00%, 8/1/29 (BAM) | 740000 | 781352 |
| Tustin Financing Authority Special Tax, 5.00%, 9/1/28 | 325000 | 347278 |
| Tustin Financing Authority Special Tax, 5.00%, 9/1/29 | 325000 | 355935 |
| Tustin Financing Authority Special Tax, 5.00%, 9/1/30 (AG) | 320000 | 359042 |
| Tustin Financing Authority Special Tax, 5.00%, 9/1/31 (AG) | 485000 | 555010 |
| Tustin Financing Authority Special Tax, 5.00%, 9/1/32 (AG) | 480000 | 558017 |
| Tustin Financing Authority Special Tax, 5.00%, 9/1/33 (AG) | 775000 | 912555 |
| Tustin Financing Authority Special Tax, 5.00%, 9/1/34 (AG) | 1000000 | 1188655 |
| Tustin Financing Authority Special Tax, 5.00%, 9/1/35 (AG) | 700000 | 839044 |
| University of California Rev., 4.00%, 5/15/26 | 2415000 | 2424939 |
| University of California Rev., 5.00%, 5/15/26 | 15000000 | 15091855 |

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Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| University of California Rev., 5.00%, 11/15/28<sup>(2)</sup> | $10000000 | $10782341 |
| University of California Rev., 5.00%, 5/15/29 | 4000000 | 4372190 |
| University of California Rev., 5.00%, 5/15/29 | 14500000 | 15849190 |
| University of California Rev., 5.00%, 5/15/30 | 7610000 | 8523772 |
| University of California Rev., 5.00%, 5/15/37 | 10500000 | 12316857 |
| University of California Rev., 5.25%, 5/15/37 | 5000000 | 6069135 |
| University of California Rev., 5.25%, 5/15/40 | 1500000 | 1910974 |
| University of California Rev., 5.25%, 11/15/41<sup>(2)</sup> | 2000000 | 2375926 |
| University of California Rev., 5.00%, 5/15/42 | 2500000 | 2675517 |
| University of California Rev., 5.00%, 5/15/42 | 7500000 | 8361910 |
| University of California Rev., VRDN, 1.20%, 3/2/26 | 2500000 | 2500000 |
| University of California Rev., VRDN, 1.25%, 3/2/26 | 4100000 | 4100000 |
| University of California Rev., VRDN, 1.25%, 3/2/26 | 5100000 | 5100000 |
| University of California College of the Law San Francisco Rev., 5.00%, 4/1/27 (AG), Prerefunded at 100% of Par(4) | 1045000 | 1077632 |
| Upland COP, (San Antonio Regional Hospital Obligated Group), 5.00%, 1/1/29 | 1510000 | 1571182 |
| Upland COP, (San Antonio Regional Hospital Obligated Group), 5.00%, 1/1/32 | 1475000 | 1532086 |
| Upland COP, (San Antonio Regional Hospital Obligated Group), 4.00%, 1/1/36 | 1000000 | 1009596 |
| Vacaville Special Tax, (City of Vacaville CA-Community Facilities District No. 13 Improvement Area 1), 5.00%, 9/1/40 | 275000 | 290582 |
| Vacaville Special Tax, (City of Vacaville CA-Community Facilities District No. 13 Improvement Area 1), 5.00%, 9/1/45 | 810000 | 829875 |
| Walnut Energy Center Authority Rev., 5.00%, 1/1/27 | 1645000 | 1688321 |
| Washington Township Health Care District GO, 5.25%, 8/1/37 | 150000 | 176346 |
| Washington Township Health Care District GO, 5.25%, 8/1/38 | 200000 | 233760 |
| Washington Township Health Care District GO, 5.25%, 8/1/39 | 300000 | 348184 |
| Washington Township Health Care District GO, 5.25%, 8/1/40 | 500000 | 578331 |
| Washington Township Health Care District Rev., 5.00%, 7/1/27 | 755000 | 777115 |
| Washington Township Health Care District Rev., 5.00%, 7/1/41 | 300000 | 312040 |
| Washington Township Health Care District Rev., 5.00%, 7/1/42 | 250000 | 258187 |
| Washington Township Health Care District Rev., 5.00%, 7/1/43 | 225000 | 230677 |
| West Contra Costa Unified School District GO, 5.00%, 8/1/34 (BAM) | 2000000 | 2451688 |
| West Contra Costa Unified School District GO, 4.00%, 8/1/41 (BAM) | 900000 | 942715 |
| West Sacramento Enhanced Infrastructure Financing District No. 1 Tax Allocation, 5.00%, 9/1/40 (AG) | 800000 | 918682 |
| West Sacramento Enhanced Infrastructure Financing District No. 1 Tax Allocation, 5.00%, 9/1/45 (AG) | 2250000 | 2443557 |
| West Valley-Mission Community College District GO, 5.00%, 8/1/38 | 1000000 | 1150746 |
| Western Placer Waste Management Authority Rev., 4.00%, 6/1/42 | 4770000 | 4838272 |
| Whittier Union High School District GO, 4.00%, 8/1/43 | 2000000 | 2056869 |
| Whittier Union High School District GO, 4.00%, 8/1/46 | 4000000 | 4007285 |
| William S Hart Union High School District Special Tax, (William S Hart Union High School District Cmnty Facs Dist No. 2021-1 Impt Area A), 5.00%, 9/1/44 | 385000 | 402356 |
| Yosemite Community College District GO, Capital Appreciation, 0.00%, 8/1/31<sup>(1)</sup> | 1210000 | 1057098 |
| Yosemite Community College District GO, Capital Appreciation, VRN, 0.00%, 8/1/42 | 1410000 | 1347659 |
|  |  | 2215840600 |
| **Guam — 0.8%** |  |  |
| Antonio B Won Pat International Airport Authority Rev., 5.00%, 10/1/30 | 100000 | 108401 |
| Antonio B Won Pat International Airport Authority Rev., 5.00%, 10/1/31 | 100000 | 109807 |
| Antonio B Won Pat International Airport Authority Rev., 5.00%, 10/1/32 | 100000 | 110691 |
| Antonio B Won Pat International Airport Authority Rev., 5.00%, 10/1/33 | 100000 | 111950 |
| Guam Government Waterworks Authority Rev., 5.00%, 7/1/26 | 500000 | 503792 |
| Guam Government Waterworks Authority Rev., 5.00%, 7/1/27 | 900000 | 927351 |
| Guam Government Waterworks Authority Rev., (Guam Government Waterworks Authority Water And Wastewater System), 5.00%, 7/1/35 | 605000 | 699748 |
| Guam Government Waterworks Authority Rev., (Guam Government Waterworks Authority Water And Wastewater System), 5.00%, 7/1/36 | 585000 | 665440 |

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Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

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| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Guam Government Waterworks Authority Rev., (Guam Government Waterworks Authority Water And Wastewater System), 5.00%, 7/1/37 | $820000 | $922929 |
| Guam Government Waterworks Authority Rev., (Guam Government Waterworks Authority Water And Wastewater System), 5.00%, 7/1/38 | 1010000 | 1130393 |
| Guam Government Waterworks Authority Rev., (Guam Government Waterworks Authority Water And Wastewater System), 5.25%, 7/1/39 | 1000000 | 1132769 |
| Guam Government Waterworks Authority Rev., (Guam Government Waterworks Authority Water And Wastewater System), 5.25%, 7/1/40 | 1105000 | 1239737 |
| Guam Government Waterworks Authority Rev., (Guam Government Waterworks Authority Water And Wastewater System), 5.25%, 7/1/41 | 555000 | 614129 |
| Guam Power Authority Rev., 5.00%, 10/1/26 | 450000 | 455393 |
| Guam Power Authority Rev., 5.00%, 10/1/27 | 300000 | 309710 |
| Guam Power Authority Rev., 5.00%, 10/1/28 | 300000 | 315207 |
| Guam Power Authority Rev., 5.00%, 10/1/29 | 400000 | 427714 |
| Guam Power Authority Rev., 5.00%, 10/1/30 | 150000 | 162735 |
| Guam Power Authority Rev., 5.00%, 10/1/34 | 750000 | 848581 |
| Guam Power Authority Rev., 5.00%, 10/1/40 | 3525000 | 3585743 |
| Territory of Guam Rev., 5.00%, 1/1/30 | 850000 | 916051 |
| Territory of Guam Rev., 5.00%, 1/1/31 | 875000 | 957814 |
| Territory of Guam Rev., 5.00%, 1/1/32 | 1250000 | 1387441 |
|  |  | 17643526 |
| **Puerto Rico — 0.3%** |  |  |
| Puerto Rico GO, VRN, 0.00%, 11/1/51 | 1581310 | 978436 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.33%, 7/1/40 | 3000000 | 3006205 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., Capital Appreciation, 0.00%, 7/1/51<sup>(1)</sup> | 10000000 | 2631074 |
|  |  | 6615715 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $2,183,372,910) |  | **2240099841** |
| **AFFILIATED FUNDS**<sup>(5)</sup> **— 0.5%** |  |  |
| American Century California Municipal Bond ETF<br>(Cost $10,360,308) | 206600 | **10553128** |
| **TOTAL INVESTMENT SECURITIES — 101.3%**<br>(Cost $2,193,733,218) |  | **2250652969** |
| **OTHER ASSETS AND LIABILITIES — (1.3)%** |  | **(28925306)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**2221727663** |

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Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

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| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| AG | – | Assured Guaranty, Inc. |
| AMBAC | – | American Municipal Bond Assurance Corp. |
| BAM | – | Build America Mutual Assurance Corp. |
| BAM-TCRS | – | Build America Mutual Assurance Corp. - Transferrable Custodial Receipts |
| CA MTG INS | – | California Mortgage Insurance Co. |
| COP | – | Certificates of Participation |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| GA | – | Guaranty Agreement |
| GO | – | General Obligation |
| HUD | – | Housing and Urban Development |
| LIQ FAC | – | Liquidity Facilities |
| LOC | – | Letter of Credit |
| MUNIPSA | – | SIFMA Municipal Swap Index |
| NPFG | – | National Public Finance Guarantee Corp. |
| SEQ | – | Sequential Payer |
| SOFR | – | Secured Overnight Financing Rate |
| ST INTERCEPT | – | State Intercept |
| 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. |

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(1)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

(2)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.

(3)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $90,916,509, which represented 4.1% of total net assets.

(4)Escrowed to maturity in U.S. government securities or state and local government securities.

(5)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

**AFFILIATED FUND TRANSACTIONS**

A summary of transactions for each affiliated fund for the period ended February 28, 2026 follows (amounts in thousands):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| American Century California Municipal Bond ETF | $5859 | $4292 |  | $402 | $10553 | 207 |  | $172 |

---

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds. Additional information and attributes of each affiliated fund are available at americancentury.com or avantisinvestors.com.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Municipal Securities |  | $2240099841 |  |
| Affiliated Funds | $10553128 |  |  |
|  | $10553128 | $2240099841 |  |

---

------

Schedule of Investments - California Intermediate-Term Tax-Free Bond Fund

**DERIVATIVE INSTRUMENTS**

As of period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended February 28, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Interest Rate** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Futures contract transactions | $1375 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $568 |

---

See Notes to Financial Statements.

------

Schedule of Investments - California Tax-Free Money Market Fund

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**MUNICIPAL SECURITIES — 100.1%** | **Principal Amount** | **Value** |
| **California — 100.1%** | | |
| Bay Area Toll Authority Rev., VRDN, 1.26%, 3/6/26 (LOC: Sumitomo Mitsui Banking Corp.) | $1930000 | $1930000 |
| California Educational Facilities Authority Rev., (California Institute of Technology), VRDN, 0.83%, 3/6/26 | 25000 | 25000 |
| California Enterprise Development Authority Rev., (Community Hospice, Inc.), VRDN, 1.87%, 3/6/26 (LOC: Bank of Stockton and FHLB) | 1495000 | 1495000 |
| California Health Facilities Financing Authority, 2.62%, 6/2/26 | 1250000 | 1250000 |
| California Health Facilities Financing Authority, 2.62%, 6/3/26 | 3500000 | 3500000 |
| California Housing Finance Agency Rev., (5035 Coliseum Property LP), VRN, 2.95%, 2/1/56 (LOC: U.S. Treasury) | 1096000 | 1096000 |
| California Infrastructure & Economic Development Bank Rev., (EB Property Management LLC), VRDN, 1.80%, 3/6/26 (LOC: California United Bank and Wells Fargo Bank N.A.) | 185000 | 185000 |
| California Infrastructure & Economic Development Bank Rev., (Goodwill Industries of Orange County), VRDN, 1.88%, 3/6/26 (LOC: Wells Fargo Bank N.A.) | 350000 | 350000 |
| California Infrastructure & Economic Development Bank Rev., (Kennfoods USA LLC), VRDN, 1.57%, 3/6/26 (LOC: Bank of the West and BMO Bank N.A.) | 400000 | 400000 |
| California Infrastructure & Economic Development Bank Rev., (Los Angeles Society for the Prevention of Cruelty to Animals), VRDN, 1.48%, 3/6/26 (LOC: Bank of New York Mellon) | 500000 | 500000 |
| California Municipal Finance Authority Rev., (Pacific Meadows Senior Housing LP), VRDN, 1.88%, 3/6/26 (LOC: FHLMC)(LIQ FAC: FHLMC) | 1850000 | 1850000 |
| California State University, 2.50%, 3/4/26 | 1500000 | 1500000 |
| California Statewide Communities Development Authority, 2.50%, 3/4/26 | 500000 | 500000 |
| California Statewide Communities Development Authority Rev., (Marvin & Bebe L Zigman), VRDN, 1.65%, 3/6/26 (LOC: Wells Fargo Bank N.A.) | 1200000 | 1200000 |
| California Statewide Communities Development Authority Rev., (Rady Children's Hospital Obligated Group), VRDN, 1.33%, 3/6/26 (LOC: Northern Trust Company) | 4620000 | 4620000 |
| California Statewide Communities Development Authority Rev., (Southside Brookshore Associates LP), VRDN, 1.43%, 3/6/26 (LOC: East West Bank and FHLB) | 5250000 | 5250000 |
| Calleguas-Las Virgenes Public Financing Authority Rev., VRDN, 1.33%, 3/6/26 (LOC: Wells Fargo Bank N.A.) | 570000 | 570000 |
| Irvine Ranch Water District Special Assessment, VRDN, 0.90%, 3/6/26 (LOC: Sumitomo Mitsui Banking Corp.) | 1000000 | 1000000 |
| Irvine Ranch Water District Special Assessment, VRDN, 0.90%, 3/6/26 (LOC: Sumitomo Mitsui Banking Corp.) | 2000000 | 2000000 |
| Los Angeles COP, (Kadima Hebrew Academy), VRDN, 2.47%, 3/6/26 (LOC: California Bank & Trust and U.S. Bank N.A.) | 5055000 | 5055000 |
| Los Angeles County Capital Asset Leasing Corp., 2.32%, 4/2/26 | 1500000 | 1500000 |
| Los Angeles County Capital Asset Leasing Corp., 2.30%, 5/4/26 | 1500000 | 1500000 |
| Los Angeles Industrial Development Authority Rev., (Anderson Industrial Property LLC), VRDN, 1.93%, 3/6/26 (LOC: FHLB and East West Bank) | 100000 | 100000 |
| Mizuho Floater/Residual Trust Rev., VRDN, 2.06%, 4/3/26 (LOC: Mizuho Capital Markets LLC)<sup>(1)</sup> | 3120000 | 3120000 |
| Mizuho Floater/Residual Trust Rev., VRDN, 2.06%, 4/3/26 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)<sup>(1)</sup> | 3300000 | 3300000 |
| Modesto Rev., (VO Associates A California LP), VRDN, 1.01%, 3/6/26 (LOC: FHLMC)(LIQ FAC: FHLMC) | 3000000 | 3000000 |
| Municipal Improvement Corp. of Los Angeles, 2.15%, 3/3/26 | 3000000 | 3000000 |
| Municipal Improvement Corp. of Los Angeles, 2.30%, 3/3/26 | 1000000 | 1000000 |
| Municipal Improvement Corp. of Los Angeles, 2.30%, 3/3/26 | 1400000 | 1400000 |
| Municipal Water District Of Orange County Water Facilities Corp. COP, VRDN, 1.10%, 3/6/26 (LOC: Bank of America N.A.) | 360000 | 360000 |
| RBC Municipal Products, Inc. Trust GO, VRDN, 1.88%, 3/6/26 (LOC: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada)<sup>(1)</sup> | 2000000 | 2000000 |
| RBC Municipal Products, Inc. Trust Rev., VRDN, 1.88%, 3/6/26 (LOC: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada)<sup>(1)</sup> | 3000000 | 3000000 |
| Reedley COP, (Mennonite Brethren Homes, Inc.), VRDN, 1.88%, 3/6/26 (LOC: Bank of the Sierra and FHLB) | 770000 | 770000 |
| Riverside County Rev., 2.55%, 10/16/26 | 2000000 | 2002436 |
| Riverside County Housing Authority Rev., (Pacific Inland Communities LLC), VRDN, 1.43%, 3/6/26 (LOC: FNMA)(LIQ FAC: FNMA) | 1000000 | 1000000 |
| San Diego County COP, VRDN, 0.90%, 3/6/26 (LOC: Northern Trust Company) | 3350000 | 3350000 |
| San Diego County Rev., 5.00%, 6/30/26 | 1400000 | 1410767 |

---

------

Schedule of Investments - California Tax-Free Money Market Fund

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| San Diego Housing Authority, Inc. Rev., (Park & Market Apartments Obligated Group), VRDN, 1.40%, 3/6/26 (LOC: Bank of America N.A.) | $500000 | $500000 |
| San Francisco City & County Airport Comm-San Francisco International Airport Rev., VRDN, 1.15%, 3/6/26 (LOC: Barclays Bank PLC) | 520000 | 520000 |
| San Francisco City & County Public Utilities Commission Power Rev., 2.32%, 3/4/26 | 1501000 | 1501000 |
| San Francisco City & County Public Utilities Commission Power Rev., 2.35%, 7/7/26 | 571000 | 571000 |
| San Mateo Joint Powers Financing Authority Rev., (City of San Mateo CA), VRDN, 1.10%, 3/6/26 (LOC: Wells Fargo Bank N.A.) | 1460000 | 1460000 |
| Santa Clara Valley Transportation Authority Rev., VRDN, 1.30%, 3/6/26 (LOC: Sumitomo Mitsui Banking Corp.) | 1740000 | 1740000 |
| State of California, 2.30%, 3/12/26 | 1250000 | 1250000 |
| State of California, 2.35%, 4/28/26 | 1000000 | 1000000 |
| State of California, 2.30%, 5/6/26 | 1000000 | 1000000 |
| State of California GO, VRDN, 1.00%, 3/6/26 (LOC: Sumitomo Mitsui Banking Corp.) | 315000 | 315000 |
| State of California Department of Water Resources, 2.35%, 3/11/26 | 1001000 | 1001000 |
| State of California Department of Water Resources, 2.33%, 3/12/26 | 1000000 | 1000000 |
| State of California Department of Water Resources, 2.35%, 3/13/26 | 5000000 | 5000100 |
| State of California Department of Water Resources, 2.30%, 3/16/26 | 1000000 | 1000000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 1.65%, 3/2/26 (LOC: JPMorgan Chase Bank N.A.)(LIQ FAC: JPMorgan Chase Bank N.A.)<sup>(1)</sup> | 3125000 | 3125000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 1.98%, 3/2/26 (LOC: Barclays Bank PLC)(LIQ FAC: Barclays Bank PLC)<sup>(1)</sup> | 2500000 | 2500000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.20%, 3/2/26 (LOC: Barclays Bank PLC)(LIQ FAC: Barclays Bank PLC)<sup>(1)</sup> | 1250000 | 1250000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 1.90%, 3/6/26 (LOC: Bank of America N.A.)(LIQ FAC: Bank of America N.A.)<sup>(1)</sup> | 2400000 | 2400000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 1.92%, 3/6/26 (LOC: Deutsche Bank AG)(LIQ FAC: Deutsche Bank AG)<sup>(1)</sup> | 2830000 | 2830000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 1.90%, 4/3/26 (LOC: Bank of America N.A.)(LIQ FAC: Bank of America N.A.)<sup>(1)</sup> | 4000000 | 4000000 |
| Tender Option Bond Trust Receipts/Certificates Tax Allocation, VRDN, 1.96%, 3/6/26 (LOC: Barclays Bank PLC)(LIQ FAC: Barclays Bank PLC)<sup>(1)</sup> | 5290000 | 5290000 |
| University of California, 2.30%, 3/5/26 | 3000000 | 3000000 |
| University of California, 2.60%, 4/6/26 | 1085000 | 1085000 |
| University of California Rev., VRDN, 1.35%, 3/2/26 | 335000 | 335000 |
| University of California Rev., VRDN, 1.26%, 3/6/26 | 340000 | 340000 |
| University of California Rev., VRDN, 1.41%, 3/6/26 | 1750000 | 1750000 |
| Western Municipal Water District Facilities Authority Rev., VRDN, 1.15%, 3/6/26 (LOC: Toronto-Dominion Bank and TD Bank N.A.) | 300000 | 300000 |
| Yolo County Rev., (Beckett Hall, Inc.), VRDN, 1.35%, 3/6/26 (LOC: BMO Bank N.A.) | 1380000 | 1380000 |
| **TOTAL INVESTMENT SECURITIES — 100.1%** |  | **113532303** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(123437)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**113408866** |

---

------

Schedule of Investments - California Tax-Free Money Market Fund

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| COP | – | Certificates of Participation |
| FHLB | – | Federal Home Loan Bank |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| GO | – | General Obligation |
| LIQ FAC | – | Liquidity Facilities |
| LOC | – | Letter of Credit |
| VRDN | – | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $32,815,000, which represented 28.9% of total net assets.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 2.

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | | |
| | **California High-Yield Municipal Fund** | **California Intermediate-Term Tax-Free Bond Fund** |
| **Assets** | | |
| Investment securities, at value | $1618997769 | $2240099841 |
| Investment securities - affiliated, at value | 8188124 | 10553128 |
| Cash | 19506 | 6224 |
| Receivable for investments sold | 85850 |  |
| Receivable for capital shares sold | 2967146 | 1416547 |
| Interest receivable | 23322562 | 24886331 |
|  | 1653580957 | 2276962071 |
| **Liabilities** |  |  |
| Payable for investments purchased | 6623992 | 50478302 |
| Payable for capital shares redeemed | 2982561 | 3309172 |
| Accrued management fees | 476737 | 519372 |
| Distribution and service fees payable | 16660 | 4481 |
| Dividends payable | 419411 | 923081 |
|  | 10519361 | 55234408 |
| **Net Assets** | $1643061596 | $2221727663 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $1770269914 | $2232857023 |
| Distributable earnings (loss) | (127208318) | (11129360) |
|  | $1643061596 | $2221727663 |
| Investment securities, at cost | $1630704612 | $2183372910 |
| Investment securities - affiliated, at cost | $8122136 | $10360308 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** |
| Investor Class | $728131940 | 74430670 | $9.78 |
| I Class | $831574037 | 85052606 | $9.78 |
| Y Class | $26093574 | 2668111 | $9.78 |
| A Class | $46798405 | 4783857 | $9.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.955) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.955) |  | $10.24 |
| C Class | $10463640 | 1069524 | $9.78 |
| **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** |
| Investor Class | $596669376 | 52182807 | $11.43 |
| I Class | $1237070155 | 108161937 | $11.44 |
| Y Class | $370627787 | 32404559 | $11.44 |
| A Class | $15363851 | 1342957 | $11.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.955) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.955) |  | $11.98 |
| C Class | $1996494 | 174434 | $11.45 |

---

Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class. The A Class may incur an initial sales charge and the A Class and C Class may be subject to a contingent deferred sales charge.

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | |
|:---|:---|
| **FEBRUARY 28, 2026 (UNAUDITED)** | **FEBRUARY 28, 2026 (UNAUDITED)** |
| | **California Tax-Free Money Market Fund** |
| **Assets** | **Assets** |
| Investment securities, at value | $113532303 |
| Cash | 4304 |
| Receivable for investments sold | 370000 |
| Receivable for capital shares sold | 139661 |
| Interest receivable | 432387 |
|  | 114478655 |
| **Liabilities** |  |
| Payable for capital shares redeemed | 1025394 |
| Accrued management fees | 42657 |
| Dividends payable | 1738 |
|  | 1069789 |
| **Net Assets** | $113408866 |
| **Net Assets Consist of:** |  |
| Capital paid in | $113404164 |
| Distributable earnings (loss) | 4702 |
|  | $113408866 |
| Investment securities, at cost | $113532303 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **California Tax-Free Money Market Fund** | **California Tax-Free Money Market Fund** | **California Tax-Free Money Market Fund** | **California Tax-Free Money Market Fund** |
| Investor Class | $113408866 | 113399591 | $1.00 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | |
| | **California High-Yield Municipal Fund** | **California Intermediate-Term Tax-Free Bond Fund** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | |
| **Income:** | | |
| Interest | $35758304 | $36980742 |
| Income distributions from affiliated funds | 148037 | 172083 |
|  | 35906341 | 37152825 |
| **Expenses:** |  |  |
| Management fees | 3067854 | 3246966 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class | 58083 | 18473 |
| &nbsp;&nbsp;&nbsp;C Class | 54500 | 9859 |
| Trustees' fees and expenses | 47136 | 61872 |
| Other expenses | 280 | 380 |
|  | 3227853 | 3337550 |
| Fees waived | (10759) | (12768) |
|  | 3217094 | 3324782 |
| **Net investment income (loss)** | 32689247 | 33828043 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | (224922) | 1650105 |
| Futures contract transactions | 914 | 1375 |
|  | (224008) | 1651480 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 81403679 | 74638107 |
| Investments in affiliated funds | 374911 | 401634 |
| Futures contracts | 493 | 568 |
|  | 81779083 | 75040309 |
| **Net realized and unrealized gain (loss)** | 81555075 | 76691789 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $114244322 | $110519832 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)** |
| | **California Tax-Free Money Market Fund** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Interest | $1307737 |
| **Expenses:** |  |
| Management fees | 271138 |
| Trustees' fees and expenses | 3285 |
|  | 274423 |
| **Net investment income (loss)** | 1033314 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1033314 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | | |
| | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $32689247 | $63188667 | $33828043 | $63044114 |
| Net realized gain (loss) | (224008) | (21162067) | 1651480 | (9251320) |
| Change in net unrealized appreciation (depreciation) | 81779083 | (82020118) | 75040309 | (35416833) |
| Net increase (decrease) in net assets resulting from operations | 114244322 | (39993518) | 110519832 | 18375961 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (14555514) | (28600508) | (8940061) | (17499999) |
| &nbsp;&nbsp;&nbsp;I Class | (16554820) | (31286041) | (18766839) | (33276864) |
| &nbsp;&nbsp;&nbsp;Y Class | (534162) | (1034315) | (5893282) | (11668232) |
| &nbsp;&nbsp;&nbsp;A Class | (877097) | (1717191) | (209724) | (375313) |
| &nbsp;&nbsp;&nbsp;C Class | (164755) | (400302) | (20560) | (57739) |
| Decrease in net assets from distributions | (32686348) | (63038357) | (33830466) | (62878147) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions<br> (Note 5) | 21162540 | 88885183 | 154387028 | 1919258 |
| **Net increase (decrease) in net assets** | 102720514 | (14146692) | 231076394 | (42582928) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 1540341082 | 1554487774 | 1990651269 | 2033234197 |
| End of period | $1643061596 | $1540341082 | $2221727663 | $1990651269 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2025** |
| | **California Tax-Free Money Market Fund** | **California Tax-Free Money Market Fund** |
| **Increase (Decrease) in Net Assets** | **February 28, 2026** | **August 31, 2025** |
| **Operations** | | |
| Net investment income (loss) | $1033314 | $2450483 |
| Net realized gain (loss) |  | 4567 |
| Net increase (decrease) in net assets resulting from operations | 1033314 | 2455050 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1033640) | (2450411) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (1929283) | 2342653 |
| **Net increase (decrease) in net assets** | (1929609) | 2347292 |
| **Net Assets** |  |  |
| Beginning of period | 115338475 | 112991183 |
| End of period | $113408866 | $115338475 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**FEBRUARY 28, 2026 (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. The financial statements herein relate to the following funds and the respective share classes offered by the trust.

---

| | |
|:---|:---|
| California High-Yield Municipal Fund | Investor, I, Y, A, C |
| California Intermediate-Term Tax-Free Bond Fund | Investor, I, Y, A, C |
| California Tax-Free Money Market Fund | Investor |

---

Each fund represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the funds serves as the chief operating decision maker (CODM). A fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each 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 —** Each 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 a fund's investments 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.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.

Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.

Securities held in California Tax-Free Money Market Fund are generally valued at amortized cost, which approximates fair value.

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 a 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 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. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

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**Fair Value Measurements —** The investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by a 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. The Schedule of Investments provides additional information on a fund's level classifications.

**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 less foreign taxes withheld, if any, is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Income and capital gain distributions, if any, from the affiliated funds are recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. A fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes.

**Income Tax Status —** It is each 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. A fund files U.S. federal, state, local and non-U.S. tax returns as applicable. A 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 a 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 a fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date in a manner consistent with provisions of the 1940 Act. A fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization). Distributions from net investment income, if any, are generally 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 a fund. In addition, in the normal course of business, a fund may enter 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. ACIM serves as the investment advisor for the affiliated funds.

**Management Fees —** The trust has entered into a management agreement with ACIM, under which ACIM provides each 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 a 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 the daily net assets of each class 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 a 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 advisor will waive the portion of a fund's management fee equal to the expenses attributable to the management fees of the funds advised by American Century Investments in which a fund invests (the underlying funds

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waiver). The amount of the underlying funds waiver will fluctuate depending on a fund's daily allocation to such funds. This waiver is expected to remain in effect permanently and it cannot be terminated without the approval of the Board of Trustees.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee including any waiver impacts, if applicable, for the period ended February 28, 2026 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **California High-Yield Municipal Fund** | **Investment Category**<br>**Fee Range** | **Complex**<br>**Fee Range** | **Effective Annual Management Fee** | **Effective Annual Management Fee** | **Effective Annual Management Fee** |
| **California High-Yield Municipal Fund** | **Investment Category**<br>**Fee Range** | **Complex**<br>**Fee Range** | **Before Waiver** | **After Waiver** | **Management Fee Waived** |
| Investor Class | 0.1925% <br>to 0.3100% | 0.2500% to 0.3100% | 0.49% | 0.49% | $4898 |
| I Class | 0.1925% <br>to 0.3100% | 0.0500% to 0.1100% | 0.29% | 0.29% | $5302 |
| Y Class | 0.1925% <br>to 0.3100% | 0.0200% to 0.0800% | 0.26% | 0.26% | $170 |
| A Class | 0.1925% <br>to 0.3100% | 0.2500% to 0.3100% | 0.49% | 0.49% | $315 |
| C Class | 0.1925% <br>to 0.3100% | 0.2500% to 0.3100% | 0.49% | 0.49% | $74 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **California Intermediate-Term Tax-Free Bond Fund** | **Investment Category**<br>**Fee Range** | **Complex**<br>**Fee Range** | **Effective Annual Management Fee** | **Effective Annual Management Fee** | **Effective Annual Management Fee** |
| **California Intermediate-Term Tax-Free Bond Fund** | **Investment Category**<br>**Fee Range** | **Complex**<br>**Fee Range** | **Before Waiver** | **After Waiver** | **Management Fee Waived** |
| Investor Class | 0.1625%<br> to 0.2800% | 0.2500% to 0.3100% | 0.46% | 0.46% | $3529 |
| I Class | 0.1625%<br> to 0.2800% | 0.0500% to 0.1100% | 0.26% | 0.26% | $6970 |
| Y Class | 0.1625%<br> to 0.2800% | 0.0200% to 0.0800% | 0.23% | 0.23% | $2167 |
| A Class | 0.1625%<br> to 0.2800% | 0.2500% to 0.3100% | 0.46% | 0.46% | $90 |
| C Class | 0.1625%<br> to 0.2800% | 0.2500% to 0.3100% | 0.46% | 0.46% | $12 |

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| | | | |
|:---|:---|:---|:---|
| **California Tax-Free Money Market Fund** | **Investment Category**<br>**Fee Range** | **Complex**<br>**Fee Range** | **Effective Annual**<br>**Management Fee** |
| Investor Class | 0.1570% to 0.2700% | 0.2500% to 0.3100% | 0.49% |

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**Distribution and Service Fees —** The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and C Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended February 28, 2026 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 funds. The trustees receive detailed information about the funds and their investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The funds' officers do not receive compensation from the funds.

**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 —** A 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 and the effect of interfund transactions on the Statement of Operations were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Interfund <br>Purchases** | **Interfund <br>Sales** | **Net Realized Gain (loss) on Investment Transactions** |
| California High-Yield Municipal Fund | $17420000 | $29845000 |  |
| California Intermediate-Term Tax-Free Bond Fund | $31115000 | $20700000 |  |
| California Tax-Free Money Market Fund | $5470000 | $3760000 |  |

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**4. Investment Transactions**

Investment transactions, excluding short-term investments, for the period ended February 28, 2026 were as follows:

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| | | |
|:---|:---|:---|
| | **California High-Yield Municipal Fund** | **California Intermediate-Term Tax-Free Bond Fund** |
| Purchases | $327153727 | $527003768 |
| Sales | $311725144 | $327168285 |

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**5. Capital Share Transactions** 

Transactions in shares of the funds were as follows (unlimited number of shares authorized):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**February 28, 2026** | **Six months ended**<br>**February 28, 2026** | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**California High-Yield Municipal Fund** | | | | |
| **Investor Class** | | | | |
| Sold | 10503751 | $101361525 | 22024693 | $213009031 |
| Issued in reinvestment of distributions | 1391373 | 13458752 | 2751641 | 26434944 |
| Redeemed | (13329514) | (128706348) | (23017929) | (219990839) |
|  | (1434390) | (13886071) | 1758405 | 19453136 |
| **I Class** |  |  |  |  |
| Sold | 18050545 | 173809271 | 42342129 | 406890540 |
| Issued in reinvestment of distributions | 1596583 | 15437311 | 3020410 | 29008270 |
| Redeemed | (15618077) | (150252736) | (37524529) | (357162609) |
|  | 4029051 | 38993846 | 7838010 | 78736201 |
| **Y Class** |  |  |  |  |
| Sold | 58675 | 566194 | 326990 | 3141473 |
| Issued in reinvestment of distributions | 52626 | 508905 | 102706 | 987390 |
| Redeemed | (47409) | (457350) | (1324624) | (13071348) |
|  | 63892 | 617749 | (894928) | (8942485) |
| **A Class** |  |  |  |  |
| Sold | 327675 | 3172958 | 1233343 | 11843176 |
| Issued in reinvestment of distributions | 72586 | 702106 | 140935 | 1353853 |
| Redeemed | (669565) | (6458838) | (1059786) | (10102665) |
|  | (269304) | (2583774) | 314492 | 3094364 |
| **C Class** |  |  |  |  |
| Sold | 113994 | 1101350 | 293624 | 2875290 |
| Issued in reinvestment of distributions | 16198 | 156636 | 40782 | 392912 |
| Redeemed | (335593) | (3237196) | (692331) | (6724235) |
|  | (205401) | (1979210) | (357925) | (3456033) |
| Net increase (decrease) | 2183848 | $21162540 | 8658054 | $88885183 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**February 28, 2026** | **Six months ended**<br>**February 28, 2026** | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**California Intermediate-Term Tax-Free Bond Fund** | | | | |
| **Investor Class** | | | | |
| Sold | 4506172 | $50823140 | 9505499 | $105393669 |
| Issued in reinvestment of distributions | 712750 | 8055403 | 1407670 | 15636157 |
| Redeemed | (5218611) | (58720476) | (12480287) | (138381050) |
|  | 311 | 158067 | (1567118) | (17351224) |
| **I Class** |  |  |  |  |
| Sold | 18328077 | 206446304 | 42183572 | 466053806 |
| Issued in reinvestment of distributions | 1657011 | 18733708 | 2945172 | 32715248 |
| Redeemed | (8084782) | (91088312) | (46765783) | (517742663) |
|  | 11900306 | 134091700 | (1637039) | (18973609) |
| **Y Class** |  |  |  |  |
| Sold | 4832977 | 54480629 | 18857783 | 210036142 |
| Issued in reinvestment of distributions | 121731 | 1376446 | 325391 | 3620101 |
| Redeemed | (3115733) | (35170871) | (15867464) | (175478813) |
|  | 1838975 | 20686204 | 3315710 | 38177430 |
| **A Class** |  |  |  |  |
| Sold | 95070 | 1076392 | 562696 | 6199550 |
| Issued in reinvestment of distributions | 17743 | 200609 | 31841 | 353866 |
| Redeemed | (110429) | (1245365) | (567929) | (6286762) |
|  | 2384 | 31636 | 26608 | 266654 |
| **C Class** |  |  |  |  |
| Sold | 5057 | 57250 | 64610 | 732039 |
| Issued in reinvestment of distributions | 1818 | 20560 | 5181 | 57592 |
| Redeemed | (58991) | (658389) | (89436) | (989624) |
|  | (52116) | (580579) | (19645) | (199993) |
| Net increase (decrease) | 13689860 | $154387028 | 118516 | $1919258 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**February 28, 2026** | **Six months ended**<br>**February 28, 2026** | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**California Tax-Free Money Market Fund** | | | | |
| **Investor Class** | | | | |
| Sold | 27322328 | $27322328 | 49041645 | $49041645 |
| Issued in reinvestment of distributions | 988772 | 988772 | 2380984 | 2380984 |
| Redeemed | (30240383) | (30240383) | (49079976) | (49079976) |
| Net increase (decrease) | (1929283) | $(1929283) | 2342653 | $2342653 |

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**6. Investments in Affiliated Funds**

The funds do not invest in an affiliated fund for the purpose of exercising management or control; however, investments by the funds within their investment strategies may represent a significant portion of an affiliated fund's net assets.

**7. Derivative Instruments**

A fund may invest in various types of derivative instruments as permitted by its investment objectives and policies. The following is a summary of the primary underlying risks and derivative strategies used during the period. The Schedule of Investments provides additional information on the value and effect of a fund's derivative instruments activity.

**Interest Rate Risk —** The funds may be subject to interest rate risk in the normal course of pursuing their 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

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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 average notional exposure to interest rate risk derivative instruments held during the period was as follows:

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| | | |
|:---|:---|:---|
| | **Futures Contracts**<br>**Purchased** | **Futures Contracts**<br>**Sold** |
| California High-Yield Municipal Fund | $70465078 | $18163266 |
| California Intermediate-Term Tax-Free Bond Fund | $95899219 | $24674625 |

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**8. Risk Factors**

The overall risk profile of a fund will be impacted by the fund's investment strategy, including the investment vehicles and techniques utilized to manage a portfolio. The net asset value of a fund 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 a 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.

**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:

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| | | | |
|:---|:---|:---|:---|
| | **California High-Yield Municipal Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Tax-Free Money Market Fund** |
| Federal tax cost of investments | $1639188280 | $2193735831 | $113532303 |
| Gross tax appreciation of investments | $36906930 | $66714155 |  |
| Gross tax depreciation of investments | (48909317) | (9797017) |  |
| Net tax appreciation (depreciation) of investments | $(12002387) | $56917138 |  |

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

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| | | |
|:---|:---|:---|
| As of August 31, 2025, the funds had accumulated capital losses 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. Capital loss carryovers were as follows: | As of August 31, 2025, the funds had accumulated capital losses 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. Capital loss carryovers were as follows: | As of August 31, 2025, the funds had accumulated capital losses 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. Capital loss carryovers were as follows: |
|  | **Short-term capital losses** | **Long-term capital losses** |
| California High-Yield Municipal Fund | $(58410610) | $(56523974) |
| California Intermediate-Term Tax-Free Bond Fund | $(31201137) | $(38358648) |

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Financial Highlights

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment Income (Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total<br>From Investment Operations** | **Distributions From Net Investment Income** | **Net Asset<br>Value, End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before expense waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before expense waiver)** | **Portfolio Turnover<br>Rate** | **Net Assets,<br>End of Period<br>(in thousands)** |
| **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | |
| 2026<sup>(3)</sup> | $9.29 | 0.19 | 0.49 | 0.68 | (0.19) | $9.78 | 7.39% | 0.49% | 4.03% | 20% | $728132 |
| 2025 | $9.89 | 0.37 | (0.60) | (0.23) | (0.37) | $9.29 | (2.48)% | 0.49% | 3.86% | 64% | $704914 |
| 2024 | $9.46 | 0.37 | 0.43 | 0.80 | (0.37) | $9.89 | 8.75% | 0.50% | 3.84% | 56% | $733179 |
| 2023 | $9.79 | 0.35 | (0.33) | 0.02 | (0.35) | $9.46 | 0.25% | 0.50% | 3.67% | 73% | $668857 |
| 2022 | $11.30 | 0.31 | (1.51) | (1.20) | (0.31) | $9.79 | (10.74)% | 0.49% | 2.96% | 73% | $744087 |
| 2021 | $10.86 | 0.32 | 0.44 | 0.76 | (0.32) | $11.30 | 7.12% | 0.49% | 2.91% | 25% | $941838 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $9.29 | 0.20 | 0.49 | 0.69 | (0.20) | $9.78 | 7.49% | 0.29% | 4.23% | 20% | $831574 |
| 2025 | $9.89 | 0.39 | (0.60) | (0.21) | (0.39) | $9.29 | (2.18)% | 0.29% | 4.06% | 64% | $752435 |
| 2024 | $9.45 | 0.39 | 0.44 | 0.83 | (0.39) | $9.89 | 8.97% | 0.30% | 4.04% | 56% | $723661 |
| 2023 | $9.78 | 0.37 | (0.33) | 0.04 | (0.37) | $9.45 | 0.44% | 0.30% | 3.87% | 73% | $632307 |
| 2022 | $11.29 | 0.33 | (1.51) | (1.18) | (0.33) | $9.78 | (10.57)% | 0.29% | 3.16% | 73% | $666056 |
| 2021 | $10.86 | 0.34 | 0.44 | 0.78 | (0.35) | $11.29 | 7.24% | 0.29% | 3.11% | 25% | $724407 |
| **Y Class** | **Y Class** | **Y Class** |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $9.29 | 0.20 | 0.49 | 0.69 | (0.20) | $9.78 | 7.51% | 0.26% | 4.26% | 20% | $26094 |
| 2025 | $9.89 | 0.39 | (0.60) | (0.21) | (0.39) | $9.29 | (2.15)% | 0.26% | 4.09% | 64% | $24191 |
| 2024 | $9.46 | 0.39 | 0.43 | 0.82 | (0.39) | $9.89 | 8.89% | 0.27% | 4.07% | 56% | $34608 |
| 2023 | $9.78 | 0.37 | (0.32) | 0.05 | (0.37) | $9.46 | 0.58% | 0.27% | 3.90% | 73% | $4108 |
| 2022 | $11.29 | 0.34 | (1.51) | (1.17) | (0.34) | $9.78 | (10.54)% | 0.26% | 3.19% | 73% | $3993 |
| 2021 | $10.86 | 0.35 | 0.43 | 0.78 | (0.35) | $11.29 | 7.28% | 0.26% | 3.14% | 25% | $6 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $9.29 | 0.18 | 0.49 | 0.67 | (0.18) | $9.78 | 7.25% | 0.74% | 3.78% | 20% | $46798 |
| 2025 | $9.89 | 0.35 | (0.60) | (0.25) | (0.35) | $9.29 | (2.72)% | 0.74% | 3.61% | 64% | $46953 |
| 2024 | $9.46 | 0.35 | 0.43 | 0.78 | (0.35) | $9.89 | 8.48% | 0.75% | 3.59% | 56% | $46883 |
| 2023 | $9.79 | 0.33 | (0.33) |  | (0.33) | $9.46 | 0.00% | 0.75% | 3.42% | 73% | $50999 |
| 2022 | $11.30 | 0.29 | (1.51) | (1.22) | (0.29) | $9.79 | (10.96)% | 0.74% | 2.71% | 73% | $59508 |
| 2021 | $10.86 | 0.30 | 0.44 | 0.74 | (0.30) | $11.30 | 6.86% | 0.74% | 2.66% | 25% | $65969 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment Income (Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total<br>From Investment Operations** | **Distributions From Net Investment Income** | **Net Asset<br>Value, End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating Expenses** | **Operating<br>Expenses<br>(before expense waiver)** | **Net<br>Investment Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before expense waiver)** | **Portfolio Turnover<br>Rate** | **Net Assets,<br>End of Period<br>(in thousands)** |
| **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** | **California High-Yield Municipal Fund** |
| **C Class** | | | | | | | | | | | | | |
| 2026<sup>(3)</sup> | $9.29 | 0.14 | 0.49 | 0.63 | (0.14) | $9.78 | 6.86% | 1.49% | 1.49% | 3.03% | 3.03% | 20% | $10464 |
| 2025 | $9.89 | 0.27 | (0.60) | (0.33) | (0.27) | $9.29 | (3.44)% | 1.49% | 1.49% | 2.86% | 2.86% | 64% | $11848 |
| 2024 | $9.46 | 0.27 | 0.43 | 0.70 | (0.27) | $9.89 | 7.67% | 1.50% | 1.50% | 2.84% | 2.84% | 56% | $16157 |
| 2023 | $9.79 | 0.26 | (0.33) | (0.07) | (0.26) | $9.46 | (0.75)% | 1.50% | 1.50% | 2.67% | 2.67% | 73% | $15412 |
| 2022 | $11.30 | 0.21 | (1.51) | (1.30) | (0.21) | $9.79 | (11.63)% | 1.49% | 1.49% | 1.96% | 1.96% | 73% | $16564 |
| 2021 | $10.86 | 0.21 | 0.44 | 0.65 | (0.21) | $11.30 | 6.06% | 1.49% | 1.49% | 1.91% | 1.91% | 25% | $22196 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended February 28, 2026 (unaudited).

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement 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.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net<br>Investment Income** | **Net<br>Realized Gains** | **Total Distributions** | **Net Asset<br>Value,<br>End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio Turnover<br>Rate** | **Net Assets,<br>End of Period <br>(in thousands)** |
| **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2026<sup>(3)</sup> | $11.02 | 0.17 | 0.41 | 0.58 | (0.17) |  | (0.17) | $11.43 | 5.41% | 0.46% | 3.09% | 15% | $596669 |
| 2025 | $11.27 | 0.33 | (0.25) | 0.08 | (0.33) |  | (0.33) | $11.02 | 0.73% | 0.46% | 2.98% | 61% | $575139 |
| 2024 | $11.01 | 0.30 | 0.28 | 0.58 | (0.32) |  | (0.32) | $11.27 | 5.38% | 0.47% | 2.72% | 64% | $605505 |
| 2023 | $11.14 | 0.29 | (0.13) | 0.16 | (0.29) |  | (0.29) | $11.01 | 1.46% | 0.47% | 2.62% | 79% | $672918 |
| 2022 | $12.28 | 0.23 | (1.13) | (0.90) | (0.23) | (0.01) | (0.24) | $11.14 | (7.38)% | 0.46% | 2.00% | 69% | $757454 |
| 2021 | $12.17 | 0.26 | 0.11 | 0.37 | (0.26) |  | (0.26) | $12.28 | 3.04% | 0.46% | 2.10% | 30% | $917539 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |
| 2026<sup>(3)</sup> | $11.02 | 0.18 | 0.42 | 0.60 | (0.18) |  | (0.18) | $11.44 | 5.41% | 0.26% | 3.29% | 15% | $1237070 |
| 2025 | $11.27 | 0.35 | (0.25) | 0.10 | (0.35) |  | (0.35) | $11.02 | 1.02% | 0.26% | 3.18% | 61% | $1061247 |
| 2024 | $11.01 | 0.33 | 0.28 | 0.61 | (0.35) |  | (0.35) | $11.27 | 5.59% | 0.27% | 2.92% | 64% | $1103078 |
| 2023 | $11.15 | 0.31 | (0.14) | 0.17 | (0.31) |  | (0.31) | $11.01 | 1.57% | 0.27% | 2.82% | 79% | $1005299 |
| 2022 | $12.29 | 0.26 | (1.13) | (0.87) | (0.26) | (0.01) | (0.27) | $11.15 | (7.19)% | 0.26% | 2.20% | 69% | $1028424 |
| 2021 | $12.17 | 0.28 | 0.12 | 0.40 | (0.28) |  | (0.28) | $12.29 | 3.33% | 0.26% | 2.30% | 30% | $932636 |
| **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** |
| 2026<sup>(3)</sup> | $11.02 | 0.19 | 0.42 | 0.61 | (0.19) |  | (0.19) | $11.44 | 5.43% | 0.23% | 3.32% | 15% | $370628 |
| 2025 | $11.27 | 0.36 | (0.25) | 0.11 | (0.36) |  | (0.36) | $11.02 | 1.05% | 0.23% | 3.21% | 61% | $336982 |
| 2024 | $11.01 | 0.33 | 0.28 | 0.61 | (0.35) |  | (0.35) | $11.27 | 5.63% | 0.24% | 2.95% | 64% | $307065 |
| 2023 | $11.15 | 0.32 | (0.14) | 0.18 | (0.32) |  | (0.32) | $11.01 | 1.60% | 0.24% | 2.85% | 79% | $331733 |
| 2022 | $12.29 | 0.26 | (1.13) | (0.87) | (0.26) | (0.01) | (0.27) | $11.15 | (7.16)% | 0.23% | 2.23% | 69% | $252327 |
| 2021 | $12.18 | 0.29 | 0.11 | 0.40 | (0.29) |  | (0.29) | $12.29 | 3.37% | 0.23% | 2.33% | 30% | $263120 |
| **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** |
| 2026<sup>(3)</sup> | $11.03 | 0.16 | 0.41 | 0.57 | (0.16) |  | (0.16) | $11.44 | 5.18% | 0.71% | 2.84% | 15% | $15364 |
| 2025 | $11.27 | 0.30 | (0.24) | 0.06 | (0.30) |  | (0.30) | $11.03 | 0.57% | 0.71% | 2.73% | 61% | $14784 |
| 2024 | $11.01 | 0.28 | 0.28 | 0.56 | (0.30) |  | (0.30) | $11.27 | 5.12% | 0.72% | 2.47% | 64% | $14811 |
| 2023 | $11.15 | 0.26 | (0.14) | 0.12 | (0.26) |  | (0.26) | $11.01 | 1.12% | 0.72% | 2.37% | 79% | $15071 |
| 2022 | $12.29 | 0.20 | (1.13) | (0.93) | (0.20) | (0.01) | (0.21) | $11.15 | (7.60)% | 0.71% | 1.75% | 69% | $16499 |
| 2021 | $12.18 | 0.23 | 0.11 | 0.34 | (0.23) |  | (0.23) | $12.29 | 2.79% | 0.71% | 1.85% | 30% | $23015 |

---

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net<br>Investment Income** | **Net<br>Realized Gains** | **Total Distributions** | **Net Asset<br>Value,<br>End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio Turnover<br>Rate** | **Net Assets,<br>End of Period <br>(in thousands)** |
| **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** | **California Intermediate-Term Tax-Free Bond Fund** |
| **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** |
| 2026<sup>(3)</sup> | $11.03 | 0.12 | 0.42 | 0.54 | (0.12) |  | (0.12) | $11.45 | 4.88% | 1.46% | 1.46% | 2.09% | 15% | $1996 |
| 2025 | $11.27 | 0.22 | (0.24) | (0.02) | (0.22) |  | (0.22) | $11.03 | (0.27)% | 1.46% | 1.46% | 1.98% | 61% | $2499 |
| 2024 | $11.02 | 0.19 | 0.27 | 0.46 | (0.21) |  | (0.21) | $11.27 | 4.33% | 1.47% | 1.47% | 1.72% | 64% | $2776 |
| 2023 | $11.15 | 0.18 | (0.13) | 0.05 | (0.18) |  | (0.18) | $11.02 | 0.45% | 1.47% | 1.47% | 1.62% | 79% | $4270 |
| 2022 | $12.29 | 0.12 | (1.13) | (1.01) | (0.12) | (0.01) | (0.13) | $11.15 | (8.30)% | 1.46% | 1.46% | 1.00% | 69% | $4631 |
| 2021 | $12.18 | 0.14 | 0.10 | 0.24 | (0.13) |  | (0.13) | $12.29 | 2.02% | 1.46% | 1.46% | 1.10% | 30% | $7603 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended February 28, 2026 (unaudited).

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement 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.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment Income (Loss)** | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total<br>From Investment Operations** | **Distributions From Net Investment Income** | **Net Asset<br>Value, End<br>of Period** | **Total**<br>**Return**<sup>(1)</sup> | **Operating Expenses** | **Operating<br>Expenses<br>(before expense waiver)** | **Net<br>Investment Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before expense waiver)** | **Net Assets,<br>End of Period<br>(in thousands)** |
| **California Tax-Free Money Market Fund** | **California Tax-Free Money Market Fund** | **California Tax-Free Money Market Fund** | **California Tax-Free Money Market Fund** | **California Tax-Free Money Market Fund** | **California Tax-Free Money Market Fund** | **California Tax-Free Money Market Fund** | **California Tax-Free Money Market Fund** | **California Tax-Free Money Market Fund** | **California Tax-Free Money Market Fund** | **California Tax-Free Money Market Fund** | **California Tax-Free Money Market Fund** | |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2026<sup>(2)</sup> | $1.00 | 0.01 |  | 0.01 | (0.01) | $1.00 | 0.92% | 0.49% | 0.49% | 1.85% | 1.85% | $113409 |
| 2025 | $1.00 | 0.02 | —<sup>(3)</sup> | 0.02 | (0.02) | $1.00 | 2.18% | 0.49% | 0.49% | 2.16% | 2.16% | $115338 |
| 2024 | $1.00 | 0.03 | —<sup>(3)</sup> | 0.03 | (0.03) | $1.00 | 2.81% | 0.50% | 0.50% | 2.77% | 2.77% | $112991 |
| 2023 | $1.00 | 0.02 | —<sup>(3)</sup> | 0.02 | (0.02) | $1.00 | 2.21% | 0.50% | 0.50% | 2.18% | 2.18% | $119879 |
| 2022 | $1.00 | —<sup>(3)</sup> |  | —<sup>(3)</sup> | —<sup>(3)</sup> | $1.00 | 0.19% | 0.28% | 0.50% | 0.18% | (0.04)% | $119487 |
| 2021 | $1.00 | —<sup>(3)</sup> | —<sup>(3)</sup> | —<sup>(3)</sup> | —<sup>(3)</sup> | $1.00 | 0.01% | 0.11% | 0.50% | 0.01% | (0.38)% | $127418 |

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**Notes to Financial Highlights**

(1)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(2)Six months ended February 28, 2026 (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 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.

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| | |
|:---|:---|
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| *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.* | *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.* |
| **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91770 2604** | **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91770 2604** |

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(b) The information required by Item 13 of Form N-1A is included as part of the financial statements filed under Item 7(a) of this Form.

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

None.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

None.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

The remuneration paid to directors, officers and others is included as part of the financial statements and other information filed under Item 7 of this Form.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

None. <br>

**ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable.

**ITEM 15. 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 16. CONTROLS AND PROCEDURES.**

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(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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.**

(a) Not applicable.

(b) Not applicable.

**ITEM 19. EXHIBITS.** 

(a)(1) Not applicable for semiannual report filings.

(a)(2) Not applicable for semiannual report filings.

(a)(3) <u>[Separate certifications by the registrant's principal executive officer and principal financial officer](acctfmfex-99cert.htm)</u>, 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)(4) Not applicable.

(a)(5) Not applicable.

(b) <u>[A certification by the registrant's chief executive officer and chief financial officer](acctfmfex-99906cert.htm)</u>, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT.

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**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 | American Century California Tax-Free and Municipal Funds |
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
| Date: | April 27, 2026 | April 27, 2026 |

---

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 | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
|  |  | (principal executive officer) |
| Date: | April 27, 2026 | April 27, 2026 |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ R. Wes Campbell | /s/ R. Wes Campbell |
|  | Name: | R. Wes Campbell |
|  | Title: | Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |
| Date: | April 27, 2026 | April 27, 2026 |

---

## Ex-99

EX-99.CERT

CERTIFICATIONS

I, Patrick Bannigan, certify that:

1. I have reviewed this report on Form N-CSR of American Century California Tax-Free and Municipal Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | April 27, 2026 |
| /s/ Patrick Bannigan | /s/ Patrick Bannigan |
| Patrick Bannigan | Patrick Bannigan |
| President | President |
| (principal executive officer) | (principal executive officer) |

---

------

I, R. Wes Campbell, certify that:

1. I have reviewed this report on Form N-CSR of American Century California Tax-Free and Municipal Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | April 27, 2026 |
| /s/ R. Wes Campbell | /s/ R. Wes Campbell |
| R. Wes Campbell | R. Wes Campbell |
| Treasurer and Chief Financial Officer | Treasurer and Chief Financial Officer |
| (principal financial officer) | (principal financial officer) |

---

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION** 

**<u>PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</u>**

In connection with the shareholder report of American Century California Tax-Free and Municipal Funds (the "Registrant") on Form N-CSR for the period ending February 28, 2026 (the "Report"), we, the undersigned, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | | |
|:---|:---|:---|:---|
| Date: | April 27, 2026 |  |  |
|  |  | By: | /s/ Patrick Bannigan |
|  |  |  | Patrick Bannigan |
|  |  |  | President |
|  |  |  | (chief executive officer) |
|  |  | By: | /s/ R. Wes Campbell |
|  |  |  | R. Wes Campbell |
|  |  |  | Treasurer and Chief Financial Officer |
|  |  |  | (chief financial officer) |

---

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