| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Long-Term Investments 100.5% | |||||
| Municipal Bonds 100.4% | |||||
| Alameda Corridor Trans. Auth. Rev., Sr. Lien, Series A, AGM | 5.000 % | 10/01/43 | 1,000 | $1,054,185 | |
| Anaheim Pub. Fing. Auth. Rev., Cap. Apprec., Pub. Impts. Proj., Sub. Series C, AGM, ETM(ee) | 3.829(t) | 09/01/36 | 1,500 | 978,859 | |
| Bay Area Toll Auth. Rev., Series A, Rfdg. (Mandatory put date 04/01/28) | 2.000(cc) | 04/01/56 | 750 | 717,390 | |
| Beaumont Unif. Sch. Dist., Cap. Apprec., Election 2008, Series C, GO, AGM | 4.773(t) | 08/01/40 | 2,365 | 1,156,300 | |
| California Cmnty. Choice Fing. Auth. Rev., | |||||
| Green Bond, Clean Energy Proj., Series A (Mandatory put date 12/01/27) | 4.000(cc) | 10/01/52 | 2,690 | 2,696,731 | |
| Green Bond, Clean Energy Proj., Series B-1 (Mandatory put date 08/01/29) | 5.000(cc) | 07/01/53 | 1,320 | 1,376,946 | |
| Green Bond, Series A-1 (Mandatory put date 08/01/28) | 4.000(cc) | 05/01/53 | 1,905 | 1,904,569 | |
| Green Bond, Series B-2 (Mandatory put date 08/01/31) | 2.420(cc) | 02/01/52 | 1,120 | 1,060,272 | |
| Green Bonds, Series D (Mandatory put date 11/01/28) | 5.500(cc) | 05/01/54 | 2,150 | 2,256,009 | |
| Sustainable Bonds, Clean Energy Proj., Series A-1 (Mandatory put date 04/01/32) | 5.000(cc) | 05/01/54 | 5,825 | 6,112,009 | |
| Sustainable Bonds, Clean Energy Proj., Series C (Mandatory put date 10/01/32) | 5.000(cc) | 08/01/55 | 1,000 | 1,043,621 | |
| Sustainable Bonds, Clean Energy Proj., Series E-1 (Mandatory put date 03/01/31) | 5.000(cc) | 02/01/54 | 1,060 | 1,108,705 | |
| Sustainable Bonds, Clean Energy Proj., Series F (Mandatory put date 11/01/32) | 5.000(cc) | 02/01/55 | 2,500 | 2,651,366 | |
| Sustainable Bonds, Clean Energy Proj., Series G-1 (Mandatory put date 04/01/30) | 5.250(cc) | 11/01/54 | 2,000 | 2,105,008 | |
| Sustainable Bonds, Clean Energy Proj., Series H (Mandatory put date 08/01/33) | 5.000(cc) | 01/01/56 | 2,000 | 2,132,479 | |
| California Cnty. Tob. Secur. Agcy. Rev., | |||||
| Sonoma Cnty. Secur. Corp., Series A, Rfdg. | 5.000 | 06/01/28 | 635 | 661,360 | |
| Sr. Series A, Rfdg. | 5.000 | 06/01/25 | 875 | 875,000 | |
| Sr. Series A, Rfdg. | 5.000 | 06/01/26 | 1,220 | 1,238,391 | |
| Sr. Series A, Rfdg. | 5.000 | 06/01/29 | 1,915 | 2,012,951 | |
| Sr. Series A, Rfdg. | 5.000 | 06/01/31 | 1,885 | 2,013,841 | |
| California Edl. Facs. Auth. Rev., Stanford Univ., Series 5 (Mandatory put date 03/01/35) | 5.000(cc) | 03/01/55 | 1,000 | 1,135,652 | |
| California Enterprise Dev. Auth. Rev., | |||||
| Pomona Properties LLC Proj., Series A, Rfdg. | 5.000 | 01/15/39 | 650 | 680,142 | |
| Pomona Properties LLC Proj., Series A, Rfdg. | 5.000 | 01/15/45 | 1,000 | 1,009,143 | |
| Riverside Cnty., Mead Valley Wellness Vlg. Proj., Series B | 5.500 | 11/01/59 | 1,000 | 1,016,589 | |
| California Hlth. Facs. Fing. Auth. Rev., | |||||
| Cedars Sinai Med. Ctr., Rfdg. | 5.000 | 11/15/25 | 1,565 | 1,580,945 | |
| Cedars Sinai Med. Ctr., Rfdg. | 5.000 | 11/15/33 | 1,115 | 1,122,379 | |
| Cedars Sinai Med. Ctr., Series A | 5.000 | 08/15/25 | 535 | 537,281 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| California Hlth. Facs. Fing. Auth. Rev., (cont’d.) | |||||
| Children’s Hosp. of Orange Cnty., Series B (Mandatory put date 05/01/31) | 5.000 %(cc) | 11/01/54 | 1,500 | $1,668,530 | |
| El Camino Hlth., Series A, Rfdg.(hh) | 5.000 | 02/01/35 | 375 | 421,371 | |
| El Camino Hlth., Series A, Rfdg.(hh) | 5.250 | 02/01/48 | 850 | 887,432 | |
| Kaiser Permanente, Series C (Mandatory put date 11/01/29) | 5.000(cc) | 06/01/41 | 2,565 | 2,741,119 | |
| Providence Hlth. Svcs., Series A, Rfdg. | 5.000 | 10/01/27 | 330 | 330,370 | |
| Providence St. Joseph Hlth., Series B, Rfdg. (Mandatory put date 10/01/27) | 5.000(cc) | 10/01/39 | 1,375 | 1,410,728 | |
| Rfdg. (Pre-refunded date 10/01/25)(ee) | 5.000(cc) | 10/01/39 | 1,225 | 1,233,158 | |
| Stanford Healthcare, Series A, Rfdg. (Mandatory put date 08/15/25) | 3.000(cc) | 08/15/54 | 3,150 | 3,139,911 | |
| Sutter Hlth., Series A | 5.000 | 11/15/30 | 500 | 520,860 | |
| Sutter Hlth., Series A | 5.000 | 11/15/36 | 2,085 | 2,143,800 | |
| Sutter Hlth., Series A, Rfdg. | 5.000 | 11/15/35 | 885 | 915,613 | |
| Unrefunded, Rfdg. (Mandatory put date 10/01/25) | 5.000(cc) | 10/01/39 | 1,100 | 1,101,094 | |
| California Hsg. Fin. Agcy. Rev., | |||||
| Series 2, Class A | 4.000 | 03/20/33 | 1,730 | 1,703,544 | |
| Series 2021-1, Class A | 3.500 | 11/20/35 | 1,871 | 1,731,079 | |
| Series 2021-2, Class A | 3.750 | 03/25/35 | 950 | 914,494 | |
| Shoreview Apts., Series T | 3.750 | 07/01/34 | 960 | 955,112 | |
| SISAL Apts. | 3.700 | 11/01/37 | 1,000 | 935,274 | |
| Sustainability Bonds, Series A | 3.850 | 08/01/32 | 1,590 | 1,590,350 | |
| Sustainable Bond, All Hallows Apts., Series U | 3.650 | 09/01/34 | 960 | 950,847 | |
| Sustainable Bond, LA Salle Apts., Series V | 3.650 | 09/01/34 | 965 | 942,818 | |
| California Infrast. & Econ. Dev. Bank Rev., | |||||
| Academy of Motion Picture Arts & Sciences Oblig., Series A, Rfdg. | 4.000 | 11/01/41 | 1,000 | 992,617 | |
| Sustainability Bonds, Calif. Academy of Sciences, Series A, Rfdg. | 3.250 | 08/01/29 | 2,000 | 1,994,792 | |
| UCSF Clinical & Life Science Buildings | 5.000 | 05/15/38 | 2,750 | 3,041,575 | |
| California Muni. Fin. Auth. Rev., | |||||
| American Heritage Ed., Series A, Rfdg. | 4.000 | 06/01/26 | 270 | 269,841 | |
| Catalyst Impact Fund Hsg. Bonds, Class I, 144A | 6.000 | 01/01/39 | 1,000 | 1,001,038 | |
| CHF-Davis I, LLC, West Vlg. Student Hsg. Proj. | 5.000 | 05/15/27 | 950 | 977,931 | |
| CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs | 5.000 | 05/15/29 | 760 | 798,924 | |
| CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs | 5.000 | 05/15/39 | 1,500 | 1,532,994 | |
| Eskaton Properties, Inc. Oblig. Grp., Rfdg. | 5.000 | 11/15/44 | 1,250 | 1,257,611 | |
| Green Bond, Orchard Park Student Hsg. Proj., BAM | 4.000 | 05/15/46 | 1,045 | 955,678 | |
| Humangood Calif. Oblig. Grp. | 4.000 | 10/01/46 | 1,000 | 867,710 | |
| Orange Cnty. Civic Ctr. Infrast. Program Phase 2 | 5.000 | 06/01/43 | 1,500 | 1,528,258 | |
| Republic Svcs. Inc. Proj., Series A, Rfdg., AMT (Mandatory put date 10/01/25) | 3.750(cc) | 07/01/41 | 1,500 | 1,481,504 | |
| Series 2025-1, Class A-1 | 3.536(cc) | 02/20/41 | 2,000 | 1,764,296 | |
| South Central Los Angeles Regl. Ctr. Proj., Rfdg. | 4.000 | 12/01/43 | 300 | 271,924 | |
| Sr. Lien, Linxs Apm Proj., Series A, P3 Proj., AMT | 5.000 | 12/31/25 | 285 | 285,069 | |
| Sr. Lien, Linxs Apm Proj., Series A, P3 Proj., AMT | 5.000 | 06/30/26 | 1,385 | 1,397,108 | |
| Sr. Lien, Linxs Apm Proj., Series A, P3 Proj., AMT | 5.000 | 12/31/28 | 1,000 | 1,021,289 | |
| Sr. Lien, Linxs Apm Proj., Series A, P3 Proj., AMT | 5.000 | 06/30/31 | 1,320 | 1,341,425 | |
| St. Ignatius Clg. Prep. Sch., Series A | 5.000 | 09/01/49 | 1,340 | 1,382,524 | |
| Temps, 85 Aldersly Proj., Series B-1 | 4.000 | 11/15/28 | 595 | 595,238 | |
| Temps, Calif. Oblig. Grp. Proj., Series B-1, Rfdg. | 5.750 | 04/01/30 | 1,000 | 1,000,180 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| California Muni. Fin. Auth. Rev., (cont’d.) | |||||
| Temps, St. Mary’s Sch., Aliso Viejo, Series B | 4.650 % | 05/01/30 | 1,045 | $1,056,275 | |
| UCR North Dist. Phase 1 Student Hsg. Proj., BAM | 5.000 | 05/15/27 | 750 | 778,628 | |
| United Airlines, Inc. Proj., AMT | 4.000 | 07/15/29 | 2,000 | 1,947,300 | |
| Waste Mgmt. Inc. Proj., Series A, AMT (Mandatory put date 10/01/25) | 4.125(cc) | 10/01/41 | 1,000 | 999,968 | |
| Waste Mgmt. Inc. Proj., Series A, AMT (Mandatory put date 12/01/25) | 0.700(cc) | 12/01/44 | 1,000 | 1,000,024 | |
| Waste Mgmt. Inc. Proj., Series A, Rmkt., AMT (Mandatory put date 09/02/25)(hh) | 3.950(cc) | 10/01/45 | 1,000 | 999,960 | |
| California Poll. Ctrl. Fing. Auth. Wtr. Facs. Rev., | |||||
| American Wtr. Cap. Corp. Proj., Series 2020, Rmkt., Rfdg. (Mandatory put date 09/01/28) | 3.700(cc) | 08/01/40 | 1,000 | 1,004,977 | |
| Green Bond, Calplant I Proj., AMT, 144A | 7.000 | 07/01/22(d) | 250 | 2,485 | |
| Green Bond, Calplant I Proj., AMT, 144A | 8.000 | 07/01/39(d) | 500 | 4,969 | |
| California Pub. Fin. Auth. Rev., | |||||
| PIH Hlth., Series A, Rfdg. | 5.000 | 06/01/25 | 875 | 875,000 | |
| PIH Hlth., Series A, Rfdg. | 5.000 | 06/01/26 | 500 | 508,188 | |
| California Sch. Fin. Auth. Rev., | |||||
| Alliance CLG-Ready Pub. Schs., Series A, 144A | 5.000 | 07/01/45 | 1,000 | 999,936 | |
| Alliance CLG-Ready Pub. Schs., Series A, Rfdg., 144A | 4.000 | 07/01/26 | 300 | 300,157 | |
| Green Dot Pub. Sch. Proj., Series A, 144A | 4.000 | 08/01/25 | 150 | 149,980 | |
| Green Dot Pub. Sch. Proj., Series A, 144A | 5.000 | 08/01/45 | 685 | 655,253 | |
| Green Dot Pub. Schs. Calif. Proj., Series A, Rfdg., 144A | 5.000 | 08/01/32 | 650 | 667,750 | |
| KIPP Socal Pub. Schs., Series A, 144A | 5.000 | 07/01/39 | 1,000 | 1,005,219 | |
| KIPP Socal Pub. Schs., Series A, 144A | 5.000 | 07/01/49 | 1,500 | 1,428,162 | |
| Unrefunded, Aspire Pub. Schs., Rfdg., 144A | 5.000 | 08/01/26 | 700 | 701,178 | |
| California St., | |||||
| Bid Grp. C, GO | 4.000 | 09/01/25 | 1,500 | 1,503,719 | |
| CM Veterans Bond, GO, Rfdg., AMT | 3.150 | 12/01/26 | 500 | 494,928 | |
| GO, Rfdg. | 3.250 | 04/01/45 | 1,000 | 791,672 | |
| GO, Rfdg. | 4.000 | 09/01/26 | 1,500 | 1,522,134 | |
| GO, Rfdg. | 4.000 | 09/01/34 | 1,000 | 1,053,102 | |
| GO, Rfdg. | 5.000 | 11/01/26 | 2,075 | 2,138,123 | |
| GO, Rfdg. | 5.000 | 08/01/28 | 2,425 | 2,528,961 | |
| GO, Rfdg. | 5.000 | 08/01/28 | 2,005 | 2,137,260 | |
| GO, Rfdg. | 5.000 | 04/01/33 | 1,000 | 1,066,309 | |
| GO, Rfdg. | 5.000 | 08/01/34 | 500 | 566,126 | |
| GO, Rfdg. | 5.000 | 03/01/35 | 1,100 | 1,246,981 | |
| GO, Rfdg. | 5.000 | 08/01/39 | 4,475 | 4,879,629 | |
| GO, Rfdg. | 5.000 | 03/01/42 | 1,000 | 1,074,712 | |
| GO, Rfdg. | 5.000 | 10/01/42 | 1,000 | 1,058,404 | |
| GO, Rfdg. | 5.000 | 09/01/44 | 1,905 | 2,008,256 | |
| GO, Rfdg., AGM | 5.250 | 08/01/32 | 1,500 | 1,678,398 | |
| Unrefunded Balance, GO, Rfdg. | 5.500 | 04/01/30 | 5 | 5,008 | |
| Var. Purp., GO | 3.000 | 03/01/28 | 2,000 | 2,010,473 | |
| Var. Purp., GO, Rfdg. | 4.000 | 09/01/34 | 1,580 | 1,581,868 | |
| Var. Purp., GO, Rfdg., BAM, TCRs | 5.000 | 09/01/35 | 1,000 | 1,017,775 | |
| California St. Pub. Wks. Brd. Lease Rev., | |||||
| May Lee St. Off. Complex, Series A | 5.000 | 04/01/34 | 800 | 904,493 | |
| Various Capital Proj., Series C, Rfdg. | 5.000 | 09/01/39 | 2,565 | 2,769,404 | |
| California Statewide Cmntys. Dev. Auth. Rev., | |||||
| CHF Irvine LLC, Rfdg. | 5.000 | 05/15/27 | 685 | 693,350 | |
| CHF Irvine LLC, Rfdg. | 5.000 | 05/15/28 | 2,000 | 2,023,367 | |
| Front Porch Cmnty. Svcs., Series A, Rfdg. | 5.000 | 04/01/33 | 1,520 | 1,591,379 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| California Statewide Cmntys. Dev. Auth. Rev., (cont’d.) | |||||
| Heritage Park Apts. Proj., Series A | 3.700 % | 04/01/35 | 3,000 | $2,962,122 | |
| John Muir Hlth., Series A, Rfdg. | 5.250 | 12/01/42 | 1,250 | 1,337,410 | |
| Loma Linda Univ. Med. Ctr. Series A, Rfdg. | 5.500 | 12/01/54 | 1,585 | 1,542,538 | |
| Odd Fellows Home of Cali. Proj., Series A, Rfdg. | 4.000 | 04/01/43 | 1,000 | 940,421 | |
| Southern Calif. Edison Co., Series B, Rmkt., Rfdg. | 1.450 | 04/01/28 | 2,000 | 1,825,128 | |
| Southern Calif. Edison Co., Series D, Rmkt., Rfdg. | 4.500 | 11/01/33 | 1,100 | 1,108,429 | |
| Central Valley Energy Auth. Rev., (Mandatory put date 08/01/35) | 5.000(cc) | 12/01/55 | 1,000 | 1,060,166 | |
| Coast Cmnty. Clg. Dist., CABS, GO, Rfdg. (Pre-refunded date 08/15/25)(ee) | 2.511(t) | 08/01/35 | 1,600 | 1,030,989 | |
| Fontana, Spl. Tax, Cmnty. Facs. Dist. No. 22 Sierra Hills, Rfdg. | 5.000 | 09/01/34 | 500 | 500,548 | |
| Freddie Mac Multifamily Cert. Rev., | |||||
| Series ML-18, Class XCA | 1.439(cc) | 09/25/37 | 9,735 | 1,000,061 | |
| Sustainability Bonds, Series ML-25, Class XCA | 3.427(cc) | 11/25/38 | 1,490 | 1,368,033 | |
| Freddie Mac Multifamily Variable Rate Cert. Rev., Sustainability Bonds, Series ML-13, Class XCA | 0.958(cc) | 07/25/36 | 16,106 | 852,412 | |
| Golden St. Tob. Secur. Corp. Rev., Tob. Settlement Asset-Backed Bonds, Series A-1, Rfdg. | 5.000 | 06/01/51 | 1,100 | 1,080,447 | |
| Guam Govt. Waterworks Auth. Rev., Series A, Rfdg. | 5.000 | 07/01/43 | 650 | 651,507 | |
| Irvine Unif. Sch. Dist., Spl. Tax, Series A | 4.000 | 09/01/28 | 745 | 759,802 | |
| Lincoln Pub. Fing. Auth., Twelve Bridges, Tax Alloc., Sub. Series B, Rfdg. | 6.000 | 09/02/27 | 320 | 320,745 | |
| Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev., | |||||
| Series A | 5.000 | 11/15/35 | 3,725 | 3,944,941 | |
| Series A | 5.500 | 11/15/30 | 1,475 | 1,588,910 | |
| Series A | 5.500 | 11/15/32 | 440 | 479,226 | |
| Los Angeles Calif. Dept. Arpts. Rev., | |||||
| Series B, Rfdg., AMT | 5.000 | 05/15/31 | 1,080 | 1,116,531 | |
| Sr. Bonds, Private Activity, Series H, Rfdg., AMT | 5.000 | 05/15/29 | 1,000 | 1,055,850 | |
| Sub. Series A, Rfdg., AMT | 4.000 | 05/15/44 | 1,000 | 877,277 | |
| Unrefunded, Sub. Series D, Rfdg., AMT | 5.000 | 05/15/35 | 1,530 | 1,595,553 | |
| Los Angeles Cnty. Rev., TRANS | 5.000 | 06/30/25 | 2,000 | 2,002,693 | |
| Los Angeles Dept. Arpts. Rev., | |||||
| Sr. Bonds, Private Activity, Series G, AMT | 5.000 | 05/15/28 | 1,250 | 1,302,345 | |
| Sr. Bonds, Private Activity, Series H, Rfdg., AMT | 5.500 | 05/15/37 | 1,100 | 1,184,635 | |
| Sustainable Bonds, Sub. Private Activity, Series A, Rfdg., AMT | 5.250 | 05/15/40 | 1,500 | 1,600,923 | |
| Los Angeles Dept. of Wtr. & Pwr. Rev., | |||||
| LA Dept. of Wtr. & Pwr. Sys., Series C | 4.000 | 07/01/26 | 500 | 501,231 | |
| Series A | 5.000 | 07/01/43 | 1,115 | 1,115,396 | |
| Series A, Rfdg. | 5.000 | 07/01/25 | 265 | 265,278 | |
| Series A, Rfdg. | 5.000 | 07/01/26 | 1,250 | 1,270,389 | |
| Series A, Rfdg. | 5.000 | 07/01/28 | 1,040 | 1,075,197 | |
| Series A, Rfdg. | 5.000 | 07/01/39 | 1,390 | 1,456,050 | |
| Series A, Rfdg., BAM | 5.250 | 07/01/45 | 1,000 | 1,038,499 | |
| Series B | 5.000 | 07/01/27 | 705 | 710,220 | |
| Series B, Rfdg. | 5.000 | 07/01/26 | 160 | 162,578 | |
| Series B, Rfdg. | 5.000 | 07/01/38 | 250 | 263,662 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Los Angeles Dept. of Wtr. & Pwr. Rev., (cont’d.) | |||||
| Series B, Rfdg. | 5.000 % | 07/01/39 | 1,545 | $1,618,415 | |
| Series C | 5.000 | 07/01/26 | 320 | 325,158 | |
| Series C-1, Rfdg., FRDD | 3.100(cc) | 07/01/57 | 3,400 | 3,400,000 | |
| Series D, Rfdg. | 5.000 | 07/01/26 | 200 | 202,566 | |
| Series D, Rfdg. | 5.000 | 07/01/26 | 190 | 193,061 | |
| Los Angeles Dept. of Wtr. & Pwr. Wtr. Sys. Rev., Series A | 5.000 | 07/01/26 | 160 | 162,578 | |
| Los Angeles Hsg. Auth. Rev., One San Pedro Phase I, Series B (Mandatory put date 02/01/28) | 3.250(cc) | 02/01/29 | 700 | 694,880 | |
| Los Angeles Rev., TRANS | 5.000 | 06/26/25 | 4,000 | 4,003,770 | |
| Los Angeles Unif. Sch. Dist., Series A, GO, Rfdg. | 5.000 | 07/01/25 | 2,410 | 2,413,686 | |
| M-S-R Energy Auth. Rev., Series A | 6.500 | 11/01/39 | 1,000 | 1,165,350 | |
| New Hampshire Business Fin. Auth., Sustainable Cert., Series 2024-4, Class ACA | 3.811(cc) | 07/20/39 | 996 | 901,926 | |
| Northern Calif. Tob. Secur. Auth. Rev., | |||||
| Sr. Bonds Sacramento Co. Tob. Secur. Corp., Series A, Class 1, Rfdg. | 5.000 | 06/01/29 | 1,225 | 1,293,350 | |
| Sr. Bonds Sacramento Co. Tob. Secur. Corp., Series B-1, Class 2, Rfdg. | 4.000 | 06/01/49 | 365 | 363,152 | |
| Sr. Bonds, Series A, Rfdg. | 5.000 | 06/01/28 | 1,500 | 1,567,567 | |
| Northern Calif. Transmn. Agy. Rev., Calif.- Oregon Proj., Series A, Rfdg. | 5.000 | 05/01/39 | 980 | 994,376 | |
| Orange Cnty. Cmnty. Facs. Dist., | |||||
| Spl. Tax, No. 2015-1 Esencia Vlg., Series A | 5.250 | 08/15/45 | 2,150 | 2,155,546 | |
| Spl. Tax, No. 2017-1 Esencia Vlg., Series A | 5.000 | 08/15/47 | 1,500 | 1,493,432 | |
| Patterson Pub. Fing. Auth., Spl. Tax, Rfdg., AGM | 5.000 | 09/01/39 | 745 | 790,528 | |
| Pittsburg Successor Agy. Redev. Agy., | |||||
| Los Medanos Cmnty. Dev. Proj., Tax Alloc., AMBAC, CABS | 3.132(t) | 08/01/26 | 1,585 | 1,528,434 | |
| Tax Alloc., Sub. Series A, Rfdg., AGM | 5.000 | 09/01/29 | 1,750 | 1,786,000 | |
| Port of Los Angeles Rev., Series A-1, Rfdg., AMT | 5.000 | 08/01/35 | 2,000 | 2,169,428 | |
| Port of Oakland Rev., | |||||
| Inter Lien, Series E, Rfdg. | 5.000 | 11/01/26 | 750 | 771,216 | |
| Intermediate Lien, Series H, Rfdg., AMT | 5.000 | 05/01/28 | 2,345 | 2,442,146 | |
| Intermediate Lien, Series H, Rfdg., AMT | 5.000 | 05/01/29 | 1,215 | 1,276,858 | |
| Intermediate Lien, Series H, Rfdg., AMT, ETM(ee) | 5.000 | 05/01/28 | 30 | 31,301 | |
| Intermediate Lien, Series H, Rfdg., AMT, ETM(ee) | 5.000 | 05/01/29 | 5 | 5,278 | |
| Poway Unif. Sch. Dist. Pub. Fing. Auth., Spl. Tax, Cmnty. Fasc. Dist. No. 14, Series A, Rfdg. | 5.000 | 09/01/35 | 1,000 | 1,002,149 | |
| Puerto Rico Comnwlth., | |||||
| Restructured, Series A-1, GO | 5.375 | 07/01/25 | 1,000 | 1,001,372 | |
| Restructured, Series A-1, GO | 5.750 | 07/01/31 | 1,021 | 1,095,845 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| Puerto Rico Ind. Tourist Edl. Med. & Envirml. Ctl. Facs. Fing. Auth. Rev., San Juan Cruise Terminal Proj., Series 2023, A-1, P3 Proj., AMT | 6.750 % | 01/01/45 | 1,000 | $1,115,440 | |
| Puerto Rico Indl. Tourist Edl. Med. & Envirml. Ctl. Facs. Fing. Auth. Rev., | |||||
| Hosp. Auxilio Mutuo Oblig. Grp. Proj., Rfdg. | 5.000 | 07/01/32 | 2,100 | 2,189,544 | |
| Hosp. Auxilio Mutuo Oblig. Grp. Proj., Rfdg. | 5.000 | 07/01/33 | 1,335 | 1,383,199 | |
| Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., | |||||
| Restructured, Series A-1, CABS | 4.431(t) | 07/01/33 | 2,393 | 1,678,953 | |
| Series A-1, CABS | 3.758(t) | 07/01/27 | 2,839 | 2,626,820 | |
| Riverside Cnty. Infrast. Fing. Auth. Rev., Series A, Rfdg. (Pre-refunded date 11/01/25)(ee) | 4.000 | 11/01/37 | 190 | 190,933 | |
| Riverside Cnty. Pub. Fing. Auth., Redev. Proj. Area No.1, Desert Cmntys., Tax Alloc., Series A, Rfdg. AGM | 5.000 | 10/01/34 | 1,000 | 1,117,943 | |
| Riverside Cnty. Pub. Fing. Auth. Rev., Cap. Facs. Proj. (Pre-refunded date 11/01/25)(ee) | 5.250 | 11/01/45 | 1,000 | 1,010,010 | |
| Riverside Cnty. Rev., | |||||
| Teeter Plan Oblig., Series A, Rfdg. | 3.000 | 10/17/25 | 1,000 | 998,449 | |
| TRANS | 5.000 | 06/30/25 | 2,000 | 2,002,962 | |
| Roseville, | |||||
| Spl. Tax, WestPark Cmnty. Facs. Dist. No. 1, Pub. Facs., Rfdg. | 5.000 | 09/01/28 | 300 | 300,655 | |
| Spl. Tax, WestPark Cmnty. Facs. Dist. No. 1, Pub. Facs., Rfdg. | 5.000 | 09/01/37 | 1,165 | 1,164,924 | |
| Sacramento Cnty., Spl. Tax, Cmnty. Facs. Dist. No. 2004-1, Mcclellan Park, Rfdg. | 5.000 | 09/01/40 | 1,085 | 1,090,429 | |
| San Diego Cnty. Regl. Arpt. Auth. Rev., | |||||
| Sub. Series B, AMT | 5.000 | 07/01/34 | 1,000 | 1,046,397 | |
| Sub. Series B, Rfdg., AMT | 5.000 | 07/01/28 | 1,000 | 1,045,912 | |
| Sub. Series B, Rfdg., AMT | 5.000 | 07/01/37 | 1,400 | 1,427,377 | |
| San Diego Pub. Facs. Fing. Auth. Rev., Cap. Impt. Projs., Series A | 5.000 | 10/15/44 | 1,000 | 1,000,014 | |
| San Diego Unif. Sch. Dist., | |||||
| Election of 2008, Series SR-4C, GO, Rfdg. | 5.000 | 07/01/34 | 1,000 | 1,142,098 | |
| Election of 2012, Series ZR-5C, GO, Rfdg. | 5.000 | 07/01/40 | 1,000 | 1,084,994 | |
| San Diego Unif. Sch. Dist. Rev., TRANS, Series A | 5.000 | 06/30/25 | 1,000 | 1,001,365 | |
| San Francisco City & Cnty. Arpt. Commn. Rev., | |||||
| 2nd Series A, Rfdg. | 5.000 | 05/01/27 | 400 | 406,233 | |
| 2nd Series A, Rfdg. | 5.000 | 05/01/35 | 1,000 | 1,056,465 | |
| 2nd Series A, Rfdg., AMT | 5.250 | 05/01/43 | 1,000 | 1,036,256 | |
| 2nd Series C, Rfdg., AMT | 5.500 | 05/01/39 | 1,000 | 1,074,456 | |
| Series D, Rfdg., AMT | 5.000 | 05/01/26 | 1,980 | 2,007,910 | |
| Unrefunded, 2nd Series G, Rfdg., AMT | 5.000 | 05/01/27 | 2,330 | 2,398,667 | |
| San Francisco City & County Redev. Agy. Successor Agy., Mission Bay South Redev. Proj., Tax Alloc., Series A, Rfdg. | 4.818 | 08/01/25 | 1,000 | 1,000,100 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Municipal Bonds (Continued) | |||||
| San Joaquin Valley Clean Energy Auth., Sustainable Bonds, Clean Energy Proj., Series A (Mandatory put date 07/01/25) | 5.500 %(cc) | 01/01/56 | 1,000 | $1,092,246 | |
| San Leandro Cmnty. Facs. Dist. No. 1, Spl. Tax | 6.500 | 09/01/25 | 420 | 420,778 | |
| Sanger Unif. Sch. Dist., Unrefunded, COP, Cap. Proj., Rfdg., AGM | 5.000 | 06/01/52 | 85 | 80,310 | |
| Santa Clara Elec. Rev., Silicon Valley Pwr., Series A | 5.000 | 07/01/42 | 2,500 | 2,714,587 | |
| Santa Maria Joint Union H.S. Dist., Elect. of 2004, CABS, GO, NATL | 3.014(t) | 08/01/29 | 1,250 | 1,103,421 | |
| Santa Monica Cmnty. Clg. Dist., Elect. of 2002, Series A, GO, NATL | 2.840(t) | 08/01/28 | 1,055 | 964,786 | |
| Southern Calif. Pub. Pwr. Auth. Rev., | |||||
| Canyon Pwr. Proj., Series B, Rfdg. (Mandatory put date 07/01/27) | 3.700(cc) | 07/01/40 | 2,500 | 2,521,812 | |
| Clean Energy Proj., Series A (Mandatory put date 09/01/30) | 5.000(cc) | 04/01/55 | 2,000 | 2,089,280 | |
| Southern Calif. Tob. Secur. Auth. Rev., San Diego Co., Asset security, Rfdg. | 5.000 | 06/01/25 | 1,880 | 1,880,000 | |
| Territory of Guam. Rev., Series F, Rfdg. | 5.000 | 01/01/31 | 1,525 | 1,605,997 | |
| Univ. of California Reg. Med. Ctr. Rev., Series L, Rfdg. | 5.000 | 05/15/28 | 1,000 | 1,017,630 | |
| Univ. of California Rev., | |||||
| Series BE, Rfdg. | 5.000 | 05/15/41 | 1,195 | 1,243,692 | |
| Series BS, Rfdg. | 5.000 | 05/15/43 | 1,335 | 1,410,583 | |
| Series BV, Rfdg. | 5.000 | 05/15/41 | 1,000 | 1,068,576 | |
| Series BZ, Rfdg. | 5.250 | 05/15/39 | 2,000 | 2,232,238 | |
| Series CA | 5.000 | 05/15/38 | 1,210 | 1,331,313 | |
| Series CB | 5.000 | 05/15/37 | 1,000 | 1,110,374 | |
| Series CB | 5.000 | 05/15/38 | 2,000 | 2,200,483 | |
| Vernon Elec. Sys. Rev., Series A | 5.000 | 04/01/28 | 2,150 | 2,235,463 | |
| Virgin Islands Trans. & Infrast. Corp. Rev., Garvee Loan Note, Rfdg.(hh) | 5.000 | 09/01/36 | 1,750 | 1,892,308 | |
| Total Municipal Bonds (cost $296,413,228) | 291,278,285 | ||||
| U.S. Treasury Obligation(k) 0.1% | |||||
| U.S. Treasury Notes (cost $223,386) | 3.500 | 09/30/26 | 225 | 223,444 | |
| Total Long-Term Investments (cost $296,636,614) | 291,501,729 | ||||
| Short-Term Investment 0.1% | |||||
| Description | Shares | Value | |||
| Affiliated Mutual Fund | |||||
| PGIM Core Ultra Short Bond Fund (cost $287,549)(wb) | 287,549 | $287,549 | |||
| TOTAL INVESTMENTS 100.6% (cost $296,924,163) | 291,789,278 | ||||
| Liabilities in excess of other assets(z) (0.6)% | (1,690,757) | ||||
| Net Assets 100.0% | $290,098,521 | ||||
| Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: | |||||
| 144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. | |
| AGM—Assured Guaranty Municipal Corp. | |
| AMBAC—American Municipal Bond Assurance Corp. | |
| AMT—Alternative Minimum Tax | |
| BAM—Build America Mutual | |
| CABS—Capital Appreciation Bonds | |
| COP—Certificates of Participation | |
| ETM—Escrowed to Maturity | |
| FRDD—Floating Rate Daily Demand Note | |
| GO—General Obligation | |
| NATL—National Public Finance Guarantee Corp. | |
| OTC—Over-the-counter | |
| Rfdg—Refunding | |
| TCRs—Transferrable Custodial Receipts | |
| TRANS—Tax and Revenue Anticipation Notes |
| # | Principal amount is shown in U.S. dollars unless otherwise stated. |
| (cc) | Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
| (ee) | All or partial escrowed to maturity and pre-refunded issues are secured by escrowed cash, a guaranteed investment contract and /or U.S. guaranteed obligations. |
| (hh) | When-issued security. |
| (k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
| (t) | Represents zero coupon. Rate quoted represents effective yield at May 31, 2025. |
| (wb) | Represents an investment in a Fund affiliated with the Manager. |
| (z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
| Futures contracts outstanding at May 31, 2025: | ||||||||
| Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
| Short Positions: | ||||||||
| 1 | 2 Year U.S. Treasury Notes | Sep. 2025 | $207,438 | $(212) | ||||
| 43 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | 4,990,688 | (63,978) | ||||
| $(64,190) | ||||||||