The Tax-Exempt Fund of California®
Investment portfolio
April 30, 2026
unaudited
 
Bonds, notes & other debt instruments 93.22%
American Samoa 0.07%
 
Principal amount
(000)
Value
(000)
Econ. Dev. Auth., General Rev. Ref. Bonds, Series 2025-A, 5.00% 9/1/2027 (a)
USD310
$314
Econ. Dev. Auth., General Rev. Ref. Bonds, Series 2025-A, 5.00% 9/1/2028 (a)
380
390
Econ. Dev. Auth., General Rev. Ref. Bonds, Series 2025-A, 5.00% 9/1/2029 (a)
325
335
Econ. Dev. Auth., General Rev. Ref. Bonds, Series 2025-A, 5.00% 9/1/2031 (a)
1,500
1,561
 
2,600
California 90.60%
 
 
 
Adelanto Elementary School Dist., Community Facs. Dist. No. 4, Special Tax Bonds, Series 2023-A, 5.75% 9/1/
2047
870
918
Adelanto Elementary School Dist., Community Facs. Dist. No. 4, Special Tax Bonds, Series 2023-B, 5.75% 9/1/
2047
965
1,018
Adelanto Elementary School Dist., Community Facs. Dist. No. 4, Special Tax Bonds, Series 2023-B, 5.75% 9/1/
2053
2,245
2,343
City of Adelanto, Public Utility Auth., Rev. Ref. Bonds (Utility System Project), Series 2017-A, AGI, 5.00% 7/1/2039
2,000
2,038
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, CAB, Series 2022-A, 0% 10/1/2049 (5.375% on
10/1/2037) (b)
2,635
1,539
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, CAB, Series 2022-C-2, 0% 10/1/2050 (5.40% on
10/1/2037) (b)
9,190
5,313
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, CAB, Series 2024-A, AGI, 0% 10/1/2053
6,500
1,749
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Convertible CAB, Series 2022-C-2, AGI, 0% 10/1/2052
(5.45% on 10/1/2037) (b)
7,470
4,332
City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), Special Tax Bonds,
Series 2016, 5.00% 9/1/2042
1,000
1,002
City of Alameda, Community Facs. Dist. No. 2013-1 (Alameda Landing Public Improvements), Special Tax Bonds,
Series 2016, 5.00% 9/1/2046
500
501
City of Alhambra, Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 3.25% 1/1/2033
100
100
Alvord Unified School Dist., GO Bonds, 2022 Election, Series 2022-A, BAM, 5.00% 8/1/2052
1,075
1,121
City of American Canyon, Community Facs. Dist. No 2018-1 (Green Island Road Project), Special Tax Bonds,
Series 2024, 5.00% 9/1/2049
715
729
City of American Canyon, Community Facs. Dist. No 2018-1 (Green Island Road Project), Special Tax Bonds,
Series 2024, 5.00% 9/1/2054
750
763
City of American Canyon, Community Facs. Dist. No 2018-1 (Green Island Road Project), Special Tax Bonds,
Series 2024, 5.00% 9/1/2057
1,250
1,263
Anaheim Union High School Dist., GO Bonds, 2014 Election, Series 2019, 3.00% 8/1/2038
1,000
945
Antelope Valley Community College Dist., GO Bonds, 2016 Election, Series 2020, AGI, 3.00% 8/1/2050
10,000
7,601
Antelope Valley Community College Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2036
1,000
658
Antelope Valley Community College Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2037
1,150
714
Antelope Valley Community College Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2042
4,515
2,058
City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 2, Special Tax Bonds, Series
2019, 5.00% 9/1/2032
455
469
City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 2, Special Tax Bonds, Series
2019, 5.00% 9/1/2035
600
615
City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 2, Special Tax Bonds, Series
2019, 5.00% 9/1/2036
655
671
Banning Unified School Dist., GO Rev. Bonds, Series 2017-A, AGI, 5.00% 8/1/2035
955
979
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2026-F-1, 5.00% 4/1/2037
5,895
7,046
The Tax-Exempt Fund of California — Page 1 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2026-F-1, 5.00% 4/1/2038
USD2,000
$2,393
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2025-F, 5.00% 4/1/2053
1,300
1,374
Beaumont Unified School Dist., Community Facs. Dist. No. 2018-1, Improvement Area No. 1, Special Tax Bonds,
Series 2020, 4.00% 9/1/2045
1,000
900
Beaumont Unified School Dist., Community Facs. Dist. No. 2018-1, Improvement Area No. 1, Special Tax Bonds,
Series 2020, 4.00% 9/1/2050
1,250
1,064
City of Beaumont, Community Facs. Dist. No. 2016-1 (Fairway Canyon), Special Tax Bonds, Series 2019, 5.00% 9/
1/2044
900
913
City of Beaumont, Community Facs. Dist. No. 2016-1 (Fairway Canyon), Special Tax Bonds, Series 2019, 5.00% 9/
1/2049
400
402
City of Beaumont, Community Facs. Dist. No. 2016-2 (Sundance), Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/
2044
1,000
1,009
City of Beaumont, Community Facs. Dist. No. 2016-2 (Sundance), Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/
2049
1,000
1,003
City of Beaumont, Community Facs. Dist. No. 93-1, Improvement Area No. 8C, Special Tax Bonds, Series 2018-A,
5.00% 9/1/2043
1,605
1,633
City of Beaumont, Community Facs. Dist. No. 93-1, Improvement Area No. 8D, Special Tax Bonds, Series 2018-A,
5.00% 9/1/2043
565
575
City of Beaumont, Community Facs. Dist. No. 93-1, Improvement Area No. 8D, Special Tax Bonds, Series 2018-A,
5.00% 9/1/2048
1,000
1,008
Burbank-Glendale-Pasadena Airport Auth., Airport Senior Rev. Bonds, Series 2024-B, AMT, AGI, 4.00% 7/1/2039
1,000
1,001
Burbank-Glendale-Pasadena Airport Auth., Airport Senior Rev. Bonds, Series 2024-B, AMT, AGI, 4.125% 7/1/2041
1,900
1,894
Burbank-Glendale-Pasadena Airport Auth., Airport Senior Rev. Bonds, Series 2024-B, AMT, 5.25% 7/1/2044
3,585
3,864
Burbank-Glendale-Pasadena Airport Auth., Airport Senior Rev. Bonds, Series 2024-B, AMT, 5.25% 7/1/2049
8,310
8,707
California County Tobacco Securitization Agcy., Tobacco Settlement Rev. Bonds (Los Angeles County
Securitization Corp.), Series 2020-A, 5.00% 6/1/2027
600
614
California County Tobacco Securitization Agcy., Tobacco Settlement Rev. Bonds (Los Angeles County
Securitization Corp.), Series 2020-A, 5.00% 6/1/2028
500
521
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2, 0.55% 11/1/2049 (put 11/1/
2026)
3,440
3,396
Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev.
Project Area), Series 2021-C, 4.00% 8/1/2026
275
276
Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev.
Project Area), Series 2021-C, BAM, 4.00% 8/1/2027
300
305
Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev.
Project Area), Series 2021-C, BAM, 4.00% 8/1/2028
250
257
Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev.
Project Area), Series 2021-C, BAM, 4.00% 8/1/2029
250
260
Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev.
Project Area), Series 2021-C, BAM, 4.00% 8/1/2030
275
289
Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev.
Project Area), Series 2021-A, BAM, 4.00% 8/1/2031
375
392
Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev.
Project Area), Series 2021-C, BAM, 4.00% 8/1/2031
300
314
Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev.
Project Area), Series 2021-A, BAM, 4.00% 8/1/2032
525
547
Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev.
Project Area), Series 2021-A, BAM, 4.00% 8/1/2034
1,000
1,035
Centinela Valley Union High School Dist., GO Rev. Ref. Bonds, Series 2016-C, AGI, 4.00% 8/1/2033
2,500
2,509
Central Valley Energy Auth., Commodity Supply Rev. Bonds, Series 2026, 5.00% 8/1/2034
12,600
13,411
Central Valley Energy Auth., Commodity Supply Rev. Bonds, Series 2025, 5.00% 12/1/2055 (put 8/1/2035)
12,540
13,389
Chabot-Las Positas Community College Dist., GO Rev. Ref. Bonds, Series 2017-A, 4.00% 8/1/2042
1,500
1,500
Chaffey Community College Dist., GO Bonds, 2018 Election, Series 2019-A, 4.00% 6/1/2043 (preref. 6/1/2028)
2,000
2,070
Chaffey Joint Union High School Dist., GO Bonds, 2012 Election, Series 2019, 3.00% 8/1/2039
500
461
Chaffey Joint Union High School Dist., GO Bonds, CAB, 2012 Election, Series 2019-D, 0% 8/1/2027
895
865
The Tax-Exempt Fund of California — Page 2 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Chaffey Joint Union High School Dist., GO Bonds, CAB, 2012 Election, Series 2015-B, 0% 8/1/2032
USD535
$408
Chino Valley Unified School Dist., GO Bonds, 2016 Election, Series 2022-C, 4.00% 8/1/2055
3,605
3,363
Chino Valley Unified School Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2032
385
316
Chino Valley Unified School Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2033
430
337
City of Chino, Community Facs. Dist. No. 2003-3, Improvement Area No. 8, Special Tax Bonds, Series 2021, 4.00%
9/1/2041
2,000
1,939
City of Chino, Community Facs. Dist. No. 2003-3, Improvement Area No. 8, Special Tax Bonds, Series 2021, 4.00%
9/1/2046
1,515
1,398
City of Chino, Community Facs. Dist. No. 2003-3, Improvement Area No. 8, Special Tax Bonds, Series 2021, 4.00%
9/1/2051
1,740
1,508
City of Chino, Community Facs. Dist. No. 2016-1 (Bickmore 185), Special Tax Bonds, Series 2020, 4.00% 9/1/2033
260
264
City of Chino, Community Facs. Dist. No. 2016-1 (Bickmore 185), Special Tax Bonds, Series 2020, 4.00% 9/1/2035
280
283
City of Chino, Community Facs. Dist. No. 2016-1 (Bickmore 185), Special Tax Bonds, Series 2020, 4.00% 9/1/2036
290
292
City of Chino, Community Facs. Dist. No. 2016-1 (Bickmore 185), Special Tax Bonds, Series 2020, 4.00% 9/1/2037
300
301
City of Chino, Community Facs. Dist. No. 2016-1 (Bickmore 185), Special Tax Bonds, Series 2020, 4.00% 9/1/2038
315
315
City of Chino, Community Facs. Dist. No. 2016-1 (Bickmore 185), Special Tax Bonds, Series 2020, 4.00% 9/1/2039
325
323
City of Chino, Community Facs. Dist. No. 2019-1 (The Landings), Special Tax Bonds, Series 2020, 4.00% 9/1/2026
210
211
City of Chino, Community Facs. Dist. No. 2019-1 (The Landings), Special Tax Bonds, Series 2020, 4.00% 9/1/2027
220
222
City of Chino, Community Facs. Dist. No. 2019-1 (The Landings), Special Tax Bonds, Series 2020, 4.00% 9/1/2028
230
234
City of Chino, Community Facs. Dist. No. 2019-1 (The Landings), Special Tax Bonds, Series 2020, 4.00% 9/1/2035
900
911
City of Chino, Community Facs. Dist. No. 2019-1 (The Landings), Special Tax Bonds, Series 2020, 4.00% 9/1/2040
955
956
City of Chino, Community Facs. Dist. No. 2019-1 (The Landings), Special Tax Bonds, Series 2020, 4.00% 9/1/2051
1,145
1,006
City of Chula Vista, Community Facs. Dist. No. 16-I (Millenia), Improvement Area No. 2, Special Tax Bonds, Series
2021, 4.00% 9/1/2041
380
366
City of Chula Vista, Community Facs. Dist. No. 16-I (Millenia), Improvement Area No. 2, Special Tax Bonds, Series
2021, 4.00% 9/1/2046
500
456
City of Chula Vista, Community Facs. Dist. No. 16-I (Millenia), Improvement Area No. 2, Special Tax Bonds, Series
2021, 4.00% 9/1/2051
1,020
884
City of Chula Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, AGI, 5.00%
10/1/2029
890
899
City of Chula Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, AGI, 5.00%
10/1/2030
920
929
City of Chula Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, AGI, 5.00%
10/1/2034
1,180
1,191
Clovis Unified School Dist., GO Bonds, CAB, 2004 Election, Series 2006-B, NATL, 0% 8/1/2030
2,300
2,047
CMFA Special Fin. Agcy., Essential Housing Rev. Bonds (The Mix At CTR City), Series 2021-A-2, 4.00% 4/1/2056 (a)
1,350
1,041
Coachella Valley Unified School Dist., GO Bonds, 2005 Election, Series 2016-E, AGI, 4.00% 8/1/2045
6,555
6,482
Coast Community College Dist., GO Bonds, 2012 Election, Series 2019-F, 3.00% 8/1/2038
2,500
2,328
Coast Community College Dist., GO Bonds, CAB, 2012 Election, Series 2019-F, 0% 8/1/2042
3,070
1,576
College of the Sequoias Community College Dist., GO Bonds (Visalia Area Improvement Dist. No. 2), 2022
Election, Series 2024-A, 5.00% 8/1/2054
7,630
7,939
Colton Joint Unified School Dist., GO Bonds, CAB, 2024 Election, Series 2025, BAM, 0% 8/1/2035
650
475
Colton Joint Unified School Dist., GO Bonds, CAB, 2024 Election, Series 2025, BAM, 0% 8/1/2037
500
333
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2026-D, 5.00% 2/1/2031
5,000
5,316
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-G, 5.00% 12/1/2035
14,245
15,502
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2026-C, 5.25% 2/1/2036
4,420
4,764
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2026-B, 5.00% 3/1/2036
10,580
11,071
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, 4.00% 2/1/2052 (put
8/1/2031)
23,020
23,248
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-A, 4.00% 10/1/2052 (put
12/1/2027)
3,185
3,225
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-E-1, 5.00% 2/1/2054 (put
3/1/2031)
8,305
8,775
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-A, 5.00% 5/1/2054 (put
4/1/2032)
29,000
30,688
The Tax-Exempt Fund of California — Page 3 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-G, 5.25% 11/1/2054 (put 4/
1/2030)
USD8,965
$9,496
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-B, 5.00% 1/1/2055 (put
12/1/2032)
18,685
19,127
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-D, 5.00% 2/1/2055 (put 9/
1/2032)
6,000
6,469
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-E, 5.00% 2/1/2055 (put 9/1/
2032)
9,060
9,614
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-F, 5.00% 2/1/2055 (put 11/
1/2032)
21,785
23,146
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-C, 5.00% 8/1/2055 (put 10/
1/2032)
16,030
16,726
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-D, 5.00% 10/1/2055 (put 7/
1/2034)
1,970
1,994
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-G, 5.00% 11/1/2055 (put 8/
1/2032)
9,750
10,007
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-C, 5.00% 12/1/2055 (put
10/1/2033)
39,245
41,151
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-H, 5.00% 1/1/2056 (put 8/
1/2033)
3,850
4,162
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-A, 5.00% 1/1/2056 (put 5/
1/2035)
8,085
8,314
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-B, 5.00% 3/1/2056 (put 11/
1/2035)
10,895
11,633
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2026-A-1, 5.00% 4/1/2056 (put
2/1/2036)
26,570
28,492
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-E, 5.00% 10/1/2056
(put 5/1/2035)
21,720
23,293
Community Housing Agcy., Essential Housing Rev. Bonds (Fountains at Emerald Park), Series 2021-A-2, 4.00%
8/1/2046 (a)
700
606
Community Housing Agcy., Essential Housing Rev. Bonds (Fountains at Emerald Park), Series 2021-A-1, 3.00%
8/1/2056 (a)
1,005
689
Community Housing Agcy., Essential Housing Rev. Bonds (Glendale Properties), Series 2021-A-2, 4.00%
8/1/2047 (a)
5,600
4,418
Community Housing Agcy., Essential Housing Rev. Bonds (Glendale Properties), Series 2021-A-1, 4.00%
2/1/2056 (a)
9,700
7,999
Community Housing Agcy., Essential Housing Rev. Bonds (K Street Flats), Series 2021-A-1, 3.00% 2/1/2057 (a)
500
341
Community Housing Agcy., Essential Housing Rev. Bonds (Summit at Sausalito Apartments), Series 2021-A-2,
4.00% 2/1/2050 (a)
2,300
1,715
Community Housing Agcy., Essential Housing Rev. Bonds (The Exchange at Bayfront Apartments), Series
2021-A-2, 4.00% 8/1/2051 (a)
2,000
896
Community Housing Agcy., Essential Housing Rev. Bonds (Verdant at Green Valley), Series 2019-A, 5.00%
8/1/2049 (a)
1,000
927
Compton Community College Dist., GO Rev. Ref. Bonds, Series 2018-A, BAM, 5.00% 8/1/2038 (preref. 8/1/2026)
2,075
2,087
Compton Community College Dist., GO Rev. Ref. Bonds, 2014 Election, Series 2024-B, BAM, 4.00% 8/1/2041
1,870
1,904
Compton Community College Dist., GO Rev. Ref. Bonds, 2014 Election, Series 2024-B, BAM, 4.00% 8/1/2042
1,000
1,012
Compton Community College Dist., GO Rev. Ref. Bonds, 2014 Election, Series 2024-B, BAM, 4.00% 8/1/2043
1,275
1,283
Compton Unified School Dist., GO Bonds, 2015 Election, Series 2019-B, BAM, 3.00% 6/1/2049
4,900
3,712
Compton Unified School Dist., GO Bonds, CAB, 2015 Election, Series 2019-B, BAM, 0% 6/1/2035
1,000
716
Compton Unified School Dist., GO Bonds, CAB, 2015 Election, Series 2019-B, BAM, 0% 6/1/2038
1,250
774
Compton Unified School Dist., GO Bonds, CAB, 2015 Election, Series 2019-B, BAM, 0% 6/1/2039
3,900
2,292
Contra Costa Community College Dist., GO Bonds, 2014 Election, Series 2020-C, 3.00% 8/1/2036
1,775
1,700
City of Corona, Community Facs. Dist. No. 2018-1 (Bedford), Special Tax Bonds, Series 2018-A, 5.00% 9/1/2034
800
812
City of Corona, Community Facs. Dist. No. 2018-1 (Bedford), Special Tax Bonds, Series 2018-A, 4.00% 9/1/2040
350
343
City of Corona, Community Facs. Dist. No. 2018-1 (Bedford), Special Tax Bonds, Series 2018-A, 4.00% 9/1/2045
700
649
The Tax-Exempt Fund of California — Page 4 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Corona, Community Facs. Dist. No. 2018-1 (Bedford), Special Tax Bonds, Series 2018-A, 4.00% 9/1/2050
USD1,450
$1,268
Corona-Norco Unified School Dist., GO Bonds, 2014 Election, Series 2019-C, 4.00% 8/1/2049
2,500
2,325
Cotati-Rohnert Park Unified School Dist., GO Bonds, 2014 Election, Series 2018-E, BAM, 4.00% 8/1/2043
2,000
2,001
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (1818 Platinum Triangle - Anaheim),
Series 2021-A-2, 3.25% 4/1/2057 (a)
1,215
882
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (1818 Platinum Triangle - Anaheim),
Series 2021-B, 4.00% 4/1/2057 (a)
4,500
3,341
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (777 Place - Pomona), Series
2021-B, 4.00% 5/1/2057 (a)
500
354
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Acacia On Santa Rosa Creek),
Series 2021-B, 4.00% 10/1/2046 (a)
2,500
2,058
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (City of Orange Portfolio), Series
2021-A-1, 2.80% 3/1/2047 (a)
250
219
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (City of Orange Portfolio), Series
2021-B, 4.00% 3/1/2057 (a)
2,070
1,537
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Escondido Portfolio), Series
2021-A-2, 4.00% 6/1/2058 (a)
2,270
1,756
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Escondido Portfolio), Series
2021-B, 4.00% 12/1/2059 (a)
2,000
1,067
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Millennium South Bay -
Hawthorne), Series 2021-A-1, 3.375% 7/1/2043 (a)
1,000
860
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Millennium South Bay -
Hawthorne), Series 2021-A-2, 3.25% 7/1/2056 (a)
1,225
846
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Parallel-Anaheim), Series 2021-A,
4.00% 8/1/2056 (a)
8,355
7,512
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Park Crossing Apartments), Series
2021-A, 3.25% 12/1/2058 (a)
2,315
1,584
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Pasadena Portfolio), Series
2021-A-1, 2.65% 12/1/2046 (a)
1,365
1,166
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Pasadena Portfolio), Series
2021-A-2, 3.00% 12/1/2056 (a)
3,750
2,598
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Pasadena Portfolio), Series 2021-B,
4.00% 12/1/2056 (a)
4,400
3,281
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (The Link - Glendale), Series
2021-A-2, 4.00% 7/1/2056 (a)
260
199
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Theo - Pasadena), Series 2021-A-2,
3.25% 5/1/2057 (a)
2,830
2,018
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Union South Bay), Series 2021-A-1,
3.10% 7/1/2045 (a)
1,650
1,437
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Union South Bay), Series 2021-A-2,
4.00% 7/1/2056 (a)
12,345
10,179
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Westgate Phase 1 - Pasadena),
Series 2021-A-1, 3.00% 6/1/2047 (a)
1,200
858
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Westgate Phase 1 - Pasadena),
Series 2021-A-2, 3.125% 6/1/2057 (a)
5,965
3,612
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Wood Creek Apartments), Series
2021-A-2, 4.00% 12/1/2058 (a)
2,715
2,077
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Wood Creek Apartments), Series
2021-B, 4.00% 12/1/2059 (a)
1,970
1,131
Davis Joint Unified School Dist., GO Bonds, 2018 Election, Series 2020, BAM, 3.00% 8/1/2034
1,925
1,890
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 9/1/2030
225
229
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 9/1/2031
265
270
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 9/1/2032
275
279
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 9/1/2033
265
268
City of Dixon, Community Facs. Dist. No. 2019-1 (Homestead), Special Tax Bonds, Series 2021, 4.00% 9/1/2051
2,715
2,329
The Tax-Exempt Fund of California — Page 5 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, Special Tax Bonds,
Series 2021, 4.00% 9/1/2027
USD335
$338
City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, Special Tax Bonds,
Series 2021, 4.00% 9/1/2029
200
204
City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, Special Tax Bonds,
Series 2021, 4.00% 9/1/2031
130
132
City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, Special Tax Bonds,
Series 2021, 4.00% 9/1/2045
920
836
City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, Special Tax Bonds,
Series 2021, 4.00% 9/1/2051
2,240
1,910
City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 5, Special Tax Bonds,
Series 2023, 5.125% 9/1/2043
1,265
1,318
City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 5, Special Tax Bonds,
Series 2023, 5.375% 9/1/2051
1,250
1,284
East Bay Municipal Utility Dist., Wastewater System Rev. Green Bonds, Series 2024-A, 5.00% 6/1/2054
1,500
1,577
East Bay Municipal Utility Dist., Water System Rev. Green Bonds, Series 2026-A, 5.00% 6/1/2051
2,535
2,725
Eastern Municipal Water Dist., Community Facs. Dist. No. 2013-64 (Atherton and Terracina), Special Tax Bonds,
Series 2019, 5.00% 9/1/2045
850
858
Eastern Municipal Water Dist., Community Facs. Dist. No. 2013-64 (Atherton and Terracina), Special Tax Bonds,
Series 2020, 4.00% 9/1/2050
1,550
1,332
Eastern Municipal Water Dist., Community Facs. Dist. No. 2015-71 (Promontory), Special Tax Bonds, Series 2021,
4.00% 9/1/2027
85
86
Eastern Municipal Water Dist., Community Facs. Dist. No. 2015-71 (Promontory), Special Tax Bonds, Series 2021,
4.00% 9/1/2028
85
86
Eastern Municipal Water Dist., Community Facs. Dist. No. 2015-71 (Promontory), Special Tax Bonds, Series 2021,
4.00% 9/1/2029
90
91
Eastern Municipal Water Dist., Community Facs. Dist. No. 2015-71 (Promontory), Special Tax Bonds, Series 2021,
2.125% 9/1/2037
110
84
Eastern Municipal Water Dist., Community Facs. Dist. No. 2015-71 (Promontory), Special Tax Bonds, Series 2021,
2.125% 9/1/2038
120
89
Eastern Municipal Water Dist., Community Facs. Dist. No. 2015-71 (Promontory), Special Tax Bonds, Series 2021,
2.25% 9/1/2039
125
92
Eastern Municipal Water Dist., Community Facs. Dist. No. 2015-71 (Promontory), Special Tax Bonds, Series 2021,
2.25% 9/1/2040
100
71
Eastern Municipal Water Dist., Community Facs. Dist. No. 2015-71 (Promontory), Special Tax Bonds, Series 2021,
4.00% 9/1/2051
525
445
Eastern Municipal Water Dist., Community Facs. Dist. No. 2016-74 (Menifee Town Center), Improvement Area A,
Special Tax Bonds, Series 2021, 4.00% 9/1/2040
1,075
1,040
Eastern Municipal Water Dist., Community Facs. Dist. No. 2016-74 (Menifee Town Center), Improvement Area A,
Special Tax Bonds, Series 2021, 4.00% 9/1/2046
770
695
Eastern Municipal Water Dist., Community Facs. Dist. No. 2016-74 (Menifee Town Center), Improvement Area A,
Special Tax Bonds, Series 2021, 4.00% 9/1/2051
1,030
878
Eastern Municipal Water Dist., Community Facs. Dist. No. 2018-80 (Willow Springs), Special Tax Bonds, Series
2025, 5.00% 9/1/2045
1,135
1,161
Eastern Municipal Water Dist., Community Facs. Dist. No. 2018-80 (Willow Springs), Special Tax Bonds, Series
2025, 5.00% 9/1/2050
505
510
Eastern Municipal Water Dist., Community Facs. Dist. No. 2018-80 (Willow Springs), Special Tax Bonds, Series
2025, 5.00% 9/1/2054
1,300
1,307
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 12/1/2033
1,515
1,564
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 12/1/2034
760
783
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 12/1/2035
1,550
1,593
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 12/1/2036
1,000
1,025
Educational Facs. Auth., Rev. Bonds (Art Center College of Design), Series 2018-A, 5.00% 12/1/2038
1,140
1,164
Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2017-B, 4.00% 4/1/2047
6,425
5,997
Educational Facs. Auth., Rev. Bonds (Saint Mary’s College of California), Series 2023-A, 5.25% 10/1/2044
520
524
The Tax-Exempt Fund of California — Page 6 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Educational Facs. Auth., Rev. Bonds (Saint Mary’s College of California), Series 2023-A, 5.50% 10/1/2053
USD5,815
$5,718
Educational Facs. Auth., Rev. Bonds (University of Redlands), Series 2022-A, 5.00% 10/1/2044
1,500
1,521
Educational Facs. Auth., Rev. Bonds (University of Redlands), Series 2022-A, 5.00% 10/1/2052
4,210
4,132
Educational Facs. Auth., Rev. Ref. Bonds (Loyola Marymount University), CAB, Series 2001-A, NATL, 0% 10/1/2033
2,000
1,572
El Camino Hospital Dist., GO Bonds, CAB, Series 2006, NATL, 0% 8/1/2031
2,000
1,712
El Monte City School Dist., GO Bonds, 2024 Election, Series 2026-A, AGI, 4.125% 8/1/2055
2,000
1,961
El Monte City School Dist., GO Rev. Ref. Bonds, Series 2026-A, AGI, 5.00% 8/1/2046
500
547
El Rancho Unified School Dist., GO Bonds Anticipation Notes, CAB, Series 2023-D, 0% 8/1/2028
3,000
2,821
El Rancho Unified School Dist., GO Bonds, 2016 Election, Series 2023-D, BAM, 5.75% 8/1/2048
850
945
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2016, 4.00% 9/1/2032
2,500
2,500
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 9/1/2033
945
948
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2018, 5.00% 9/1/2035
1,150
1,153
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2021, 4.00% 9/1/2036
440
440
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2024, 5.00% 9/1/2039
1,055
1,109
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2021, 4.00% 9/1/2041
1,000
950
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2024, 5.00% 9/1/2044
1,195
1,237
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2021, 4.00% 9/1/2046
1,280
1,150
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2020, 4.00% 9/1/2050
1,000
858
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2021, 4.00% 9/1/2051
1,785
1,520
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2024, 5.00% 9/1/2051
2,000
2,017
Enterprise Dev. Auth., Charter School Rev. Bonds (Academy for Academic Excellence Project), Series 2020-A,
5.00% 7/1/2040 (a)
500
501
Enterprise Dev. Auth., Charter School Rev. Bonds (Academy for Academic Excellence Project), Series 2020-A,
5.00% 7/1/2050 (a)
700
659
Enterprise Dev. Auth., Charter School Rev. Bonds (Academy for Academic Excellence Project), Series 2020-A,
5.00% 7/1/2055 (a)
920
847
Enterprise Dev. Auth., Charter School Rev. Bonds (The Rocklin Academy Project), Series 2024, 5.00% 6/1/2044 (a)
750
756
Enterprise Dev. Auth., Charter School Rev. Bonds (The Rocklin Academy Project), Series 2024, 5.00% 6/1/2054 (a)
700
673
Enterprise Dev. Auth., Charter School Rev. Bonds (The Rocklin Academy Project), Series 2024, 5.00% 6/1/2064 (a)
1,350
1,269
Enterprise Dev. Auth., Charter School Rev. Ref. Bonds (Rocketship Public Schools - Obligated Group No. 2),
Series 2022-A, 4.00% 6/1/2027 (a)
1,125
1,121
Enterprise Dev. Auth., Charter School Rev. Ref. Bonds (Rocketship Public Schools - Obligated Group No. 2),
Series 2022-A, 4.00% 6/1/2042 (a)
3,665
3,316
Enterprise Dev. Auth., Rev. Bonds (Milken Community School Project), Series 2026-A, 5.00% 7/1/2033
3,990
4,442
City of Escondido, Community Facs. Dist. No. 2020-2 (The Villages), Special Tax Bonds, Series 2022, 5.00% 9/1/
2042
1,000
1,032
Escondido Union High School Dist., GO Bonds, CAB, 2008 Election, Series 2009-A, AGI, 0% 8/1/2027
5,385
5,217
Etiwanda School Dist., GO Bonds, 2016 Election, Series 2020-A, 4.00% 8/1/2045
1,450
1,422
Etiwanda School Dist., GO Bonds, CAB, 2016 Election, Series 2020-A, 0% 8/1/2032
1,315
1,082
Etiwanda School Dist., GO Bonds, CAB, 2016 Election, Series 2020-A, 0% 8/1/2036
2,430
1,693
Etiwanda School Dist., GO Bonds, CAB, 2016 Election, Series 2020-A, 0% 8/1/2037
1,575
1,048
City of Fairfield, Community Facs. Dist. No. 2023-1 (One Lake Planning Area 5), Improvement Area No. 1, Special
Tax Bonds, Series 2024-A, 5.00% 9/1/2046
2,000
2,038
Fairfield-Suisun Unified School Dist., GO Bonds, 2016 Election, Series 2018, 4.00% 8/1/2041
5,760
5,779
City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 21 (White Rock Springs Ranch), Special Tax
Rev. Bonds, Series 2021, 4.00% 9/1/2046
465
426
City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 21 (White Rock Springs Ranch), Special Tax
Rev. Bonds, Series 2021, 4.00% 9/1/2050
500
438
City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 23 (Folsom Ranch), Improvement Area No.
1, Special Tax Rev. Bonds, Series 2020, 4.00% 9/1/2040
1,245
1,197
City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 23 (Folsom Ranch), Improvement Area No.
3, Special Tax Rev. Bonds, Series 2022, 4.25% 9/1/2037
670
687
City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 23 (Folsom Ranch), Improvement Area No.
3, Special Tax Rev. Bonds, Series 2022, 4.50% 9/1/2042
1,305
1,316
The Tax-Exempt Fund of California — Page 7 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 23 (Folsom Ranch), Improvement Area No.
3, Special Tax Rev. Bonds, Series 2022, 5.00% 9/1/2052
USD2,500
$2,517
City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 23 (Folsom Ranch), Improvement Area No.
4, Special Tax Rev. Bonds, Series 2024, 5.00% 9/1/2039
880
932
City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 23 (Folsom Ranch), Improvement Area No.
4, Special Tax Rev. Bonds, Series 2024, 5.00% 9/1/2044
1,055
1,091
City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 23 (Folsom Ranch), Improvement Area No.
4, Special Tax Rev. Bonds, Series 2024, 5.00% 9/1/2049
1,800
1,824
City of Folsom, Folsom Ranch Fncg. Auth., Community Facs. Dist. No. 23 (Folsom Ranch), Improvement Area No.
4, Special Tax Rev. Bonds, Series 2024, 5.00% 9/1/2054
2,175
2,190
Folsom Cordova Unified School Dist., School Facs. Improvement Dist. No. 1, GO Bonds, CAB, 2002 Election,
Series 2004-B, NATL, 0% 10/1/2026
1,000
990
Folsom Cordova Unified School Dist., School Facs. Improvement Dist. No. 3, GO Bonds, 2007 Election, Series
2019-D, AGI, 4.00% 10/1/2040
8,715
8,722
Folsom Cordova Unified School Dist., School Facs. Improvement Dist. No. 4, GO Bonds, CAB, 2006 Election,
Series 2006-A, NATL, 0% 10/1/2031
1,865
1,595
City of Fontana, Community Facs. Dist. No. 109 (Narra Hills), Special Tax Bonds, Series 2024, 5.00% 9/1/2032
260
280
City of Fontana, Community Facs. Dist. No. 109 (Narra Hills), Special Tax Bonds, Series 2024, 5.00% 9/1/2039
1,355
1,435
City of Fontana, Community Facs. Dist. No. 109 (Narra Hills), Special Tax Bonds, Series 2024, 5.00% 9/1/2044
1,295
1,336
City of Fontana, Community Facs. Dist. No. 109 (Narra Hills), Special Tax Bonds, Series 2024, 5.00% 9/1/2049
1,350
1,366
City of Fontana, Community Facs. Dist. No. 109 (Narra Hills), Special Tax Bonds, Series 2024, 5.00% 9/1/2054
1,690
1,700
City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 9/1/
2030
2,080
2,092
City of Fontana, Community Facs. Dist. No. 31 (Citrus Heights North), Special Tax Rev. Ref. Bonds, Series 2018,
5.00% 9/1/2034
1,255
1,286
City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 9/1/2029
130
133
City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 9/1/2035
100
101
City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 9/1/2045
700
647
City of Fontana, Community Facs. Dist. No. 87 (El Paseo), Special Tax Bonds, Series 2021, 4.00% 9/1/2041
500
484
City of Fontana, Community Facs. Dist. No. 90 (Summit at Rosena Phase 1), Special Tax Bonds, Series 2021, 4.00%
9/1/2041
1,050
1,020
City of Fontana, Community Facs. Dist. No. 90 (Summit at Rosena Phase 1), Special Tax Bonds, Series 2021, 4.00%
9/1/2046
450
418
City of Fontana, Community Facs. Dist. No. 90 (Summit at Rosena Phase 1), Special Tax Bonds, Series 2021, 4.00%
9/1/2051
525
462
City of Fontana, Community Facs. Dist. No. 95 (Summit at Rosena Phase 2), Special Tax Bonds, Series 2022, 5.00%
9/1/2026
175
176
City of Fontana, Community Facs. Dist. No. 95 (Summit at Rosena Phase 2), Special Tax Bonds, Series 2022, 5.00%
9/1/2027
185
190
City of Fontana, Community Facs. Dist. No. 95 (Summit at Rosena Phase 2), Special Tax Bonds, Series 2022, 5.00%
9/1/2028
195
203
City of Fontana, Community Facs. Dist. No. 95 (Summit at Rosena Phase 2), Special Tax Bonds, Series 2022, 5.00%
9/1/2029
200
211
City of Fontana, Community Facs. Dist. No. 95 (Summit at Rosena Phase 2), Special Tax Bonds, Series 2022, 4.25%
9/1/2037
1,000
1,015
City of Fontana, Community Facs. Dist. No. 95 (Summit at Rosena Phase 2), Special Tax Bonds, Series 2022, 4.50%
9/1/2042
1,000
1,006
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2021-A, 4.00% 1/15/2046
6,045
5,830
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-B-2, 3.50% 1/15/2053
3,120
2,561
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-B-1, 3.95% 1/15/2053
3,500
3,136
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, CAB, Series 2015-A, AGI, 0% 1/15/2035
2,000
1,503
City of Fremont, Community Facs. Dist. No. 1 (Pacific Commons), Special Tax Rev. Ref. Bonds, Series 2015, 5.00%
9/1/2030
2,220
2,230
City of Fremont, Community Facs. Dist. No. 2 (Warm Springs Public Facs.), Special Tax Bonds, Series 2019, 5.00%
9/1/2044
1,000
1,011
The Tax-Exempt Fund of California — Page 8 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Fremont, Community Facs. Dist. No. 2 (Warm Springs Public Facs.), Special Tax Bonds, Series 2019, 5.00%
9/1/2049
USD1,550
$1,557
Fresno Unified School Dist., GO Bonds, 2020 Election, Series 2021-A, 3.00% 8/1/2055
2,000
1,433
Fresno Unified School Dist., GO Bonds, 2020 Election, Series 2022-B, 4.00% 8/1/2055
6,535
6,037
Fresno Unified School Dist., GO Rev. Ref. Bonds, Series 2016-A, 4.00% 8/1/2034
3,000
3,004
City of Garden Grove, Successor Agcy. to the Community Dev. Agcy., Tax Allocation Bonds, Series 2016, BAM,
5.00% 10/1/2029
1,500
1,523
Gilroy Public Facs. Fncg. Auth., Wastewater Rev. Bonds, Series 2021-A, 3.00% 8/1/2051
2,000
1,504
Glendale Community College Dist., GO Rev. Ref. Bonds, CAB, 2016 Election, Series 2020-B, 0% 8/1/2036
3,000
2,061
Glendale Community College Dist., GO Rev. Ref. Bonds, CAB, 2016 Election, Series 2020-B, 0% 2/1/2045
2,000
862
GO Bonds, Series 2020, 5.00% 3/1/2030
1,000
1,089
GO Bonds, Series 2021, 5.00% 12/1/2031
85
85
GO Bonds, Series 2021, 5.00% 12/1/2032
70
70
GO Bonds, Series 2021, 5.00% 12/1/2034
70
70
GO Bonds, Series 2023, 5.00% 10/1/2035
2,255
2,538
GO Bonds, Series 2021, 3.00% 12/1/2046
4,085
3,275
GO Bonds, Series 2020, 3.00% 11/1/2050
1,000
762
GO Rev. Ref. Bonds, Series 2023, 5.00% 9/1/2031
1,000
1,115
GO Rev. Ref. Bonds, Series 2024, 5.00% 9/1/2035
3,000
3,422
GO Rev. Ref. Bonds, Series 2023, 5.00% 10/1/2036
2,005
2,246
GO Rev. Ref. Bonds, Series 2020, 3.00% 11/1/2040
1,000
911
GO Rev. Ref. Bonds, Series 2023, 4.00% 9/1/2043
2,000
2,016
GO Rev. Ref. Bonds, Series 2024, 5.00% 9/1/2043
2,950
3,252
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, CAB, Series
2005-A, AMBAC, 0% 6/1/2027 (escrowed to maturity)
2,730
2,659
Golden Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Improvement Area No. 1, Special Tax
Bonds, Series 2019, 5.00% 9/1/2031
150
155
Golden Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Improvement Area No. 1, Special Tax
Bonds, Series 2019, 5.00% 9/1/2032
160
165
Golden Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Improvement Area No. 1, Special Tax
Bonds, Series 2019, 5.00% 9/1/2044
1,125
1,140
Golden Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Improvement Area No. 1, Special Tax
Bonds, Series 2019, 5.00% 9/1/2049
1,430
1,436
Golden Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Improvement Area No. 3, Special Tax
Bonds, Series 2025, 5.00% 9/1/2040
1,135
1,168
Golden Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Improvement Area No. 3, Special Tax
Bonds, Series 2025, 5.00% 9/1/2045
725
733
Golden Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Improvement Area No. 3, Special Tax
Bonds, Series 2025, 5.00% 9/1/2050
615
607
Golden Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Improvement Area No. 3, Special Tax
Bonds, Series 2025, 5.00% 9/1/2055
790
768
Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% 9/1/2026
135
135
Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% 9/1/2027
140
141
Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% 9/1/2028
145
147
Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% 9/1/2029
150
153
Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% 9/1/2030
155
157
Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% 9/1/2032
170
172
Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% 9/1/2046
470
428
Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% 9/1/2051
650
558
Golden Valley Unified School Dist., Fin. Auth., Local Agcy. Rev. Bonds, Series 2021-A, 4.00% 9/1/2056
1,000
842
Grossmont Union High School Dist., GO Bonds, CAB, 2004 Election, Series 2008, 0% 8/1/2032
7,000
5,841
Hartnell Community College Dist., GO Bonds, 2016 Election, Series 2017-A, 4.00% 8/1/2047
4,555
4,334
Hastings Campus Housing Fin. Auth., Campus Housing Rev. Green Bonds, Series 2020-A, 5.00% 7/1/2061 (a)
1,745
1,548
Hayward Unified School Dist., GO Bonds, 2019 Election, Series 2019-A, BAM, 4.00% 8/1/2048
2,000
1,938
Hayward Unified School Dist., GO Bonds, 2024 Election, Series 2025-A, AGI, 5.25% 8/1/2050
1,500
1,606
The Tax-Exempt Fund of California — Page 9 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Hayward Unified School Dist., GO Bonds, CAB, 2008 Election, Series 2010-A, AGI, 0% 8/1/2034
USD1,120
$861
Hayward Unified School Dist., GO Rev. Ref. Bonds, 2019 Election, Series 2019-A, BAM, 5.00% 8/1/2040
790
822
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2024-A, 5.00% 12/1/2028
1,000
1,050
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 4.00% 3/1/2033
710
710
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2016-A, 3.00% 3/1/2039
275
235
Health Facs. Fncg. Auth., Rev. Bonds (Cedars-Sinai Medical Center), Series 2021-A, 3.00% 8/15/2051
7,150
5,272
Health Facs. Fncg. Auth., Rev. Bonds (Children’s Hospital Los Angeles), Series 2017-A, 5.00% 8/15/2042
510
494
Health Facs. Fncg. Auth., Rev. Bonds (Children’s Hospital Los Angeles), Series 2017-A, 5.00% 8/15/2047
4,905
4,656
Health Facs. Fncg. Auth., Rev. Bonds (CommonSpirit Health), Series 2020-A, 4.00% 4/1/2049
970
877
Health Facs. Fncg. Auth., Rev. Bonds (CommonSpirit Health), Series 2020-A, 4.00% 4/1/2049 (preref. 4/1/2030)
30
32
Health Facs. Fncg. Auth., Rev. Bonds (CommonSpirit Health), Series 2024-A, 5.25% 12/1/2049
300
317
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2/1/2042
2,500
2,536
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2/1/2047
4,695
4,741
Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-A, 3.85% 11/15/2027
785
785
Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.00% 11/15/2028
125
130
Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.00% 11/15/2030
115
123
Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.00% 11/15/2032
270
295
Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.00% 11/15/2043
490
511
Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.25% 11/15/2048
550
567
Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.25% 11/15/2053
710
724
Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-B, 5.25% 11/15/2058
1,100
1,118
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-A-2, 5.00% 11/1/2047
3,000
3,323
Health Facs. Fncg. Auth., Rev. Bonds (Marshall Medical Center), Series 2020-A, 4.00% 11/1/2040
4,500
4,498
Health Facs. Fncg. Auth., Rev. Bonds (PIH Health), Series 2020-A, BAM, 3.00% 6/1/2047
3,325
2,632
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-A, 4.00% 10/1/2034
500
501
Health Facs. Fncg. Auth., Rev. Bonds (Scripps Health), Series 2024-A, 5.00% 11/15/2044
2,000
2,187
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 11/15/2035
1,000
1,011
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 11/15/2046
1,535
1,542
Health Facs. Fncg. Auth., Social Rev. Bonds (On Lok Senior Health Services), Series 2020, 3.00% 8/1/2026
145
145
Health Facs. Fncg. Auth., Social Rev. Bonds (On Lok Senior Health Services), Series 2020, 5.00% 8/1/2040
1,740
1,814
Health Facs. Fncg. Auth., Social Rev. Bonds (On Lok Senior Health Services), Series 2020, 5.00% 8/1/2050
1,500
1,509
Health Facs. Fncg. Auth., Social Rev. Bonds (On Lok Senior Health Services), Series 2020, 5.00% 8/1/2055
1,500
1,503
Hemet Unified School Dist., Community Facs. Dist. 2005-6, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% 9/1/
2027
240
243
Hemet Unified School Dist., Community Facs. Dist. 2005-6, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% 9/1/
2029
275
281
Hemet Unified School Dist., Community Facs. Dist. 2005-6, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% 9/1/
2031
310
318
Hemet Unified School Dist., Community Facs. Dist. 2005-6, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% 9/1/
2034
375
379
Hemet Unified School Dist., Community Facs. Dist. 2005-6, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% 9/1/
2036
225
226
Hemet Unified School Dist., Community Facs. Dist. 2020-2, Improvement Area No. 1, Special Tax Bonds, Series
2026, 5.00% 9/1/2051
1,030
1,042
Hemet Unified School Dist., Community Facs. Dist. 2020-2, Improvement Area No. 1, Special Tax Bonds, Series
2026, 5.00% 9/1/2056
500
503
Hemet Unified School Dist., Community Facs. Dist. 2020-2, Improvement Area No. 2, Special Tax Bonds, Series
2026, 5.00% 9/1/2051
780
789
Hemet Unified School Dist., Community Facs. Dist. 2020-2, Improvement Area No. 2, Special Tax Bonds, Series
2026, 5.00% 9/1/2056
500
503
Hemet Unified School Dist., Community Facs. Dist. 2021-6, Special Tax Bonds, Series 2024, 5.00% 9/1/2039
500
538
Hemet Unified School Dist., Community Facs. Dist. 2021-6, Special Tax Bonds, Series 2024, 5.00% 9/1/2044
650
677
Hemet Unified School Dist., Community Facs. Dist. 2021-6, Special Tax Bonds, Series 2024, 5.00% 9/1/2049
1,360
1,375
Hemet Unified School Dist., Community Facs. Dist. 2021-6, Special Tax Bonds, Series 2024, 5.00% 9/1/2054
1,700
1,712
Housing Fin. Agcy., Affordable Housing Rev. Bonds, Series 2024-A-2, FHA, 3.25% 8/1/2064 (put 2/1/2028)
1,680
1,688
The Tax-Exempt Fund of California — Page 10 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Housing Fin. Agcy., Limited Obligation Multi Family Housing Rev. Bonds (Foothill Family Apartments), Series
2025-II, 2.75% 5/1/2044 (put 5/1/2028)
USD4,000
$3,991
Housing Fin. Agcy., Limited Obligation Multi Family Housing Rev. Bonds (Santa Monica Christian Towers), Series
2026-I, 2.60% 10/1/2047 (put 4/1/2030)
1,420
1,400
Housing Fin. Agcy., Limited Obligation Multi Family Housing Rev. Bonds (Sutter Street), Series 2025-D, 2.75%
11/1/2029 (put 11/1/2028)
875
870
Housing Fin. Agcy., Limited Obligation Multi Family Housing Rev. Bonds (VA Building 409), Series 2025-LL, 2.95%
6/1/2046 (put 12/1/2029)
7,000
7,007
Housing Fin. Agcy., Municipal Certs., Series 2019-A-2, 4.00% 3/20/2033
30,117
30,791
Housing Fin. Agcy., Municipal Certs., Series 2019-1, Class X, interest only, 0.289% 1/15/2035 (c)(d)
11,852
118
Housing Fin. Agcy., Municipal Certs., Series 2019-1, Class A, 4.25% 1/15/2035
1,753
1,819
Housing Fin. Agcy., Municipal Certs., Series 2021-1, Class X, interest only, 0.825% 3/25/2035 (c)(d)
17,107
627
Housing Fin. Agcy., Municipal Certs., Series 2021-A-2, 3.75% 3/25/2035
4,888
4,948
Housing Fin. Agcy., Municipal Certs., Series 2021-1, Class X, interest only, 0.799% 11/20/2035 (c)(d)
8,816
344
Housing Fin. Agcy., Municipal Certs., Series 2021-A-1, 3.50% 11/20/2035
23,632
23,509
Housing Fin. Agcy., Municipal Certs., Series 2021-A-3, 3.25% 8/20/2036
22,854
22,054
Housing Fin. Agcy., Municipal Certs., Series 2023-1, Class A, 4.375% 9/20/2036
20,441
20,674
Imperial Community College Dist., GO Bonds, 2022 Election, Series 2023-A, AGI, 5.25% 8/1/2053
1,500
1,586
Imperial Community College Dist., GO Bonds, 2022 Election, Series 2024-B, AGI, 5.00% 8/1/2054
1,715
1,791
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2017, 4.00% 11/1/2036
3,040
3,066
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2017, 4.00% 11/1/2041
5,650
5,659
Independent Cities Fin. Auth., Mobile Home Park Rev. Ref. Bonds (San Juan Mobile Estates), Series 2015, 5.00%
8/15/2030
775
776
Independent Cities Fin. Auth., Sales Tax Rev. Bonds (City of Compton), Series 2021, AGI, 4.00% 6/1/2036 (a)
360
363
Independent Cities Fin. Auth., Sales Tax Rev. Bonds (City of Compton), Series 2021, AGI, 4.00% 6/1/2041 (a)
390
393
Independent Cities Fin. Auth., Sales Tax Rev. Bonds (City of Compton), Series 2021, AGI, 4.00% 6/1/2046 (a)
2,690
2,598
Independent Cities Fin. Auth., Sales Tax Rev. Bonds (City of Compton), Series 2021, AGI, 4.00% 6/1/2051 (a)
1,075
995
City of Indian Wells, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Consolidated
Whitewater Redev. Project Area), Series 2016-A, NATL, 4.00% 9/1/2030
1,250
1,253
City of Indian Wells, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Consolidated
Whitewater Redev. Project Area), Series 2016-A, NATL, 4.00% 9/1/2031
1,250
1,253
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B,
5.00% 11/1/2039
300
308
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B,
5.00% 11/1/2044
350
357
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2020-B,
4.00% 11/1/2045
850
813
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2020-B,
4.00% 11/1/2050
860
776
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2020-B,
4.00% 11/1/2055
915
795
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 5/15/2030
1,080
1,082
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 5/15/2032
1,140
1,142
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 5/15/2033
1,105
1,107
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2019, 1.75% 8/1/2055 (put 8/1/
2026)
4,500
4,466
Infrastructure and Econ. Dev. Bank, Rev. Bonds (WFCS Portfolio Projects), Series 2021-A-1, 5.00% 1/1/2056 (a)
555
478
Infrastructure and Econ. Dev. Bank, Rev. Green Bonds (California Clean Water and Drinking Water State Revolving
Fund), Series 2024, 4.00% 10/1/2048
7,970
7,759
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Los Angeles County Museum of Art Project), Series 2026,
3.25% 6/1/2033
4,575
4,562
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B, 5.00%
7/1/2026 (escrow to maturity)
2,000
2,008
City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. Project), Series
2017-A, BAM, 5.00% 5/1/2033
1,250
1,275
The Tax-Exempt Fund of California — Page 11 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. Project), Series
2017-A, BAM, 5.00% 5/1/2034
USD500
$510
City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. Project), Series
2017-A, BAM, 5.00% 5/1/2035
415
423
City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. Project), Series
2017-A, BAM, 5.00% 5/1/2038
1,000
1,017
Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2038
920
1,092
Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2040
720
845
Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2042
695
808
Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2043
925
1,067
Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2044
535
610
Inglewood Unified School Dist., GO Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM, 5.00% 8/1/2029
230
232
Inglewood Unified School Dist., GO Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM, 5.00% 8/1/2030
500
503
Inglewood Unified School Dist., GO Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM, 5.00% 8/1/2033
500
503
Inglewood Unified School Dist., GO Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM, 5.00% 8/1/2034
685
689
Inglewood Unified School Dist., GO Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM, 5.00% 8/1/2036
800
804
Inglewood Unified School Dist., GO Rev. Ref. Bonds, 2012 Election, Series 2018-B, BAM, 5.00% 8/1/2038
650
653
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 11, Special Tax Bonds, Series
2025, AGI, 5.00% 9/1/2060
6,000
6,323
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 4, Special Tax Bonds, Series
2016, 4.00% 9/1/2031
400
401
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 4, Special Tax Bonds, Series
2016, 4.00% 9/1/2033
1,615
1,617
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 4, Special Tax Bonds, Series
2016, 4.00% 9/1/2049
1,800
1,573
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series
2018, 5.00% 9/1/2035
550
567
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series
2018, 5.00% 9/1/2037
650
668
City of Irvine, Community Facs. Dist. No. 2013-3 (Great Park), Improvement Area No. 8, Special Tax Bonds, Series
2018, 5.00% 9/1/2038
1,000
1,026
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 9/2/2028
525
553
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 9/2/2032
680
723
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 9/2/2034
1,155
1,220
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 4.00% 9/2/2036
1,840
1,883
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 4.00% 9/2/2037
1,285
1,311
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 9/2/2044
1,000
1,024
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, 5.00% 9/1/2030
370
377
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, 5.00% 9/1/2034
250
254
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 5.00% 9/1/2034
430
448
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, 5.00% 9/1/2035
245
249
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 5.00% 9/1/2035
250
260
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, 5.00% 9/1/2036
350
355
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 5.00% 9/1/2036
270
279
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 4.00% 9/1/2037
565
565
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, 5.00% 9/1/2037
270
273
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 4.00% 9/1/2038
545
541
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 4.00% 9/1/2039
630
620
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, 5.00% 9/1/2039
815
823
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, 5.00% 9/1/2040
805
812
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-B, 5.00% 9/1/2042
995
1,002
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-C, 5.00% 9/1/2042
995
1,002
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM, 4.00%
9/1/2044
2,385
2,366
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2044
995
923
The Tax-Exempt Fund of California — Page 12 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2018-A, 5.00% 9/1/2045
USD1,495
$1,505
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-C, 4.00% 9/1/2053
1,240
1,043
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-D, 5.00% 3/1/2057
1,660
1,661
City of Jurupa, Community Facs. Dist. No. 52 (Eastvale Area), Special Tax Bonds, Series 2021-A, 4.00% 9/1/2050
500
431
City of Jurupa, Community Facs. Dist. No. 54 (Eastvale Area), Special Tax Bonds, Series 2021-A, 4.00% 9/1/2041
420
398
City of Jurupa, Community Facs. Dist. No. 54 (Eastvale Area), Special Tax Bonds, Series 2021-A, 4.00% 9/1/2046
450
406
City of Jurupa, Community Facs. Dist. No. 54 (Eastvale Area), Special Tax Bonds, Series 2021-A, 4.00% 9/1/2051
875
746
City of Jurupa, Community Facs. Dist. No. 55 (Eastvale Area), Special Tax Bonds, Series 2020-A, 4.00% 9/1/2045
500
452
City of Jurupa, Community Facs. Dist. No. 55 (Eastvale Area), Special Tax Bonds, Series 2020-A, 4.00% 9/1/2050
500
430
Jurupa Unified School Dist., Community Facs. Dist. No. 11, Special Tax Bonds, Series 2018-B, 5.00% 9/1/2043
1,165
1,181
Jurupa Unified School Dist., Community Facs. Dist. No. 11, Special Tax Bonds, Series 2018-B, 5.00% 9/1/2048
2,265
2,280
Jurupa Unified School Dist., Community Facs. Dist. No. 17, Special Tax Bonds, Series 2018-A, 5.00% 9/1/2048
1,815
1,826
County of Kern, RNR School Fncg. Auth., Community Facs. Dist. No. 92-1, Special Tax Bonds, Series 2017-A, BAM,
5.00% 9/1/2037
1,500
1,508
City of Lake Elsinore, Community Facs. Dist. No. 2006-1 (Summerly), Special Tax Bonds, Series 2021, 4.00% 9/1/
2042
150
142
City of Lake Elsinore, Community Facs. Dist. No. 2006-1 (Summerly), Special Tax Bonds, Series 2021, 4.00% 9/1/
2046
200
181
City of Lake Elsinore, Community Facs. Dist. No. 2006-1 (Summerly), Special Tax Bonds, Series 2021, 4.00% 9/1/
2051
500
430
City of Lake Elsinore, Community Facs. Dist. No. 2019-1 (Westlake), Special Tax Bonds, Series 2021, 4.00% 9/1/
2041
350
334
City of Lake Elsinore, Community Facs. Dist. No. 2019-1 (Westlake), Special Tax Bonds, Series 2021, 4.00% 9/1/
2046
450
406
City of Lake Elsinore, Community Facs. Dist. No. 2019-1 (Westlake), Special Tax Bonds, Series 2021, 4.00% 9/1/
2051
700
599
Lake Elsinore Unified School Dist., Community Facs. Dist. No. 2006-02, Improvement Area No. B, Special Tax
Bonds, Series 2019, BAM, 5.00% 9/1/2035
100
106
Lake Elsinore Unified School Dist., Community Facs. Dist. No. 2006-02, Improvement Area No. B, Special Tax
Bonds, Series 2019, BAM, 5.00% 9/1/2036
170
180
Lake Elsinore Unified School Dist., Community Facs. Dist. No. 2006-02, Improvement Area No. B, Special Tax
Bonds, Series 2019, BAM, 5.00% 9/1/2037
180
190
Lake Elsinore Unified School Dist., Community Facs. Dist. No. 2006-02, Improvement Area No. B, Special Tax
Bonds, Series 2019, BAM, 5.00% 9/1/2038
150
158
Lake Elsinore Unified School Dist., Community Facs. Dist. No. 2006-02, Improvement Area No. B, Special Tax
Bonds, Series 2019, BAM, 5.00% 9/1/2039
120
126
Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2014-1 (Mountain House School Facs.),
Special Tax Bonds, Series 2020, 4.00% 9/1/2040
80
78
Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2014-1 (Mountain House School Facs.),
Special Tax Bonds, Series 2020, 4.00% 9/1/2045
175
160
Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2014-1 (Mountain House School Facs.),
Special Tax Bonds, Series 2020, 4.00% 9/1/2049
425
372
Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2019-1 (Mountain House School Facs.),
Special Tax Bonds, Series 2022, 4.00% 9/1/2042
1,500
1,433
Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2019-1 (Mountain House School Facs.),
Special Tax Bonds, Series 2025, 5.00% 9/1/2051
1,500
1,506
Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2019-1 (Mountain House School Facs.),
Special Tax Bonds, Series 2025, 5.00% 9/1/2055
6,415
6,405
Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2024-1 (Mountain House School Facs.),
Special Tax Bonds, Series 2025, 5.00% 9/1/2040
615
648
Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2024-1 (Mountain House School Facs.),
Special Tax Bonds, Series 2025, 5.00% 9/1/2045
625
641
Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2024-1 (Mountain House School Facs.),
Special Tax Bonds, Series 2025, 5.125% 9/1/2050
1,405
1,436
The Tax-Exempt Fund of California — Page 13 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2024-1 (Mountain House School Facs.),
Special Tax Bonds, Series 2025, 5.25% 9/1/2055
USD3,865
$3,977
City of Lathrop, Crossroads Assessment Dist., Limited Obligation Improvement Bonds, Series 2015, 5.00%
9/2/2040
2,030
2,033
City of Lincoln, Community Facs. Dist. No. 2025-1, Special Tax Bonds (Joiner Ranch East), Series 2025, 5.00% 9/1/
2035
500
524
City of Lincoln, Community Facs. Dist. No. 2025-1, Special Tax Bonds (Joiner Ranch East), Series 2025, 5.00% 9/1/
2045
1,230
1,260
City of Lincoln, Community Facs. Dist. No. 2025-1, Special Tax Bonds (Joiner Ranch East), Series 2025, 5.00% 9/1/
2055
1,550
1,517
City of Lincoln, Community Facs. Dist. No. 2025-1, Special Tax Bonds (Joiner Ranch East), Series 2025, 5.05%
9/1/2055
500
492
Lodi Unified School Dist., GO Bonds, 2016 Election, Series 2021, 2.00% 8/1/2043
1,500
1,029
Lodi Unified School Dist., GO Bonds, 2016 Election, Series 2021, 3.00% 8/1/2046
2,000
1,596
City of Long Beach, Harbor Rev. Bonds, Series 2017-A, AMT, 5.00% 5/15/2032
1,750
1,784
City of Long Beach, Harbor Rev. Bonds, Series 2017-B, AMT, 5.00% 5/15/2043
500
506
City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% 5/15/2033
900
1,017
City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% 5/15/2039
750
837
City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% 5/15/2040
1,000
1,108
City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% 5/15/2041
525
576
City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% 5/15/2042
1,130
1,230
City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% 5/15/2043
1,250
1,351
City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% 5/15/2044
1,000
1,072
City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% 5/15/2045
375
398
Long Beach Community College Dist., GO Bonds, 2016 Election, Series 2019-C, 4.00% 8/1/2045
1,000
980
Long Beach Community College Dist., GO Bonds, 2016 Election, Series 2025-E, 5.00% 8/1/2052
2,400
2,538
Long Beach Unified School Dist., GO Bonds, 2008 Election, Series 2017-E, 5.00% 8/1/2040
580
583
City of Los Angeles, Community Facs. Dist. No. 11 (Ponte Vista), Special Tax Bonds, Series 2021, 4.00% 9/1/2038
1,000
981
City of Los Angeles, Community Facs. Dist. No. 11 (Ponte Vista), Special Tax Bonds, Series 2021, 4.00% 9/1/2046
1,650
1,496
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2021-A,
AMT, 5.00% 5/15/2028
1,250
1,305
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2022-C,
AMT, 5.00% 5/15/2033
2,500
2,750
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2021-A,
AMT, 5.00% 5/15/2037
2,605
2,774
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2021-A,
AMT, 5.00% 5/15/2051
1,525
1,547
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2021-D, AMT, 5.00%
5/15/2028
2,500
2,609
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2022-A, AMT, 5.00%
5/15/2028
1,500
1,566
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00%
5/15/2029
1,450
1,452
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-D, AMT, 5.00%
5/15/2029
2,550
2,712
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-D, AMT, 5.00%
5/15/2031
1,000
1,058
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00%
5/15/2032
1,000
1,019
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-B, AMT, 5.00%
5/15/2032
3,825
3,968
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-C, AMT, 5.00%
5/15/2032
1,000
1,028
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2021-D, AMT, 5.00%
5/15/2032 (preref. 11/15/2031)
730
805
The Tax-Exempt Fund of California — Page 14 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2016-B, AMT, 5.00%
5/15/2033
USD500
$501
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00%
5/15/2033
1,000
1,019
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00%
5/15/2033
1,255
1,300
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2021-D, AMT, 5.00%
5/15/2033 (preref. 11/15/2031)
530
585
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00%
5/15/2034
3,270
3,328
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2022-H, AMT, 5.00%
5/15/2034
1,000
1,088
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2017-A, AMT, 5.00%
5/15/2035
1,000
1,017
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00%
5/15/2036
1,345
1,385
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00%
5/15/2037
1,000
1,028
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2021-D, AMT, 3.00%
5/15/2040
4,155
3,595
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2021-D, AMT, 3.00%
5/15/2040 (preref. 11/15/2031)
175
175
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2022-A, AMT, 4.00%
5/15/2041
1,200
1,181
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-D, AMT, 5.00%
5/15/2043
3,000
3,078
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2020-C, AMT, 5.00%
5/15/2045
1,500
1,541
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2022-H, AMT, 5.50%
5/15/2047
500
527
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 4.00%
5/15/2048
2,000
1,809
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-F, AMT, 3.00%
5/15/2049
5,000
3,586
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Green Bonds, Series 2022-G, AMT,
5.00% 5/15/2047
3,000
3,075
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2022-C, AMT,
3.25% 5/15/2049
3,505
2,651
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Green Bonds, Series 2025-A,
AMT, 5.00% 5/15/2030
1,810
1,953
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Green Bonds, Series 2025-A,
AMT, 5.00% 5/15/2034
5,065
5,671
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-A, 5.00% 7/1/2029
1,320
1,365
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-D, 5.00% 7/1/2029
100
107
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2030
920
994
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-E, 5.00% 7/1/2030
1,795
1,940
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-E, 5.00% 7/1/2030
1,070
1,157
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-A, 5.00% 7/1/2031
1,300
1,424
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2026-A, 5.00% 7/1/2032
4,400
4,876
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2033
750
827
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-E, 5.00% 7/1/2033
990
1,107
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% 7/1/2033
4,000
4,472
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-B, 5.00% 7/1/2034
3,590
4,044
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2035
1,245
1,361
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-B, 5.00% 7/1/2035
725
797
The Tax-Exempt Fund of California — Page 15 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-E, 5.00% 7/1/2035
USD5,270
$5,900
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.00% 7/1/2035
1,000
1,130
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-C, 5.00% 7/1/2036
1,045
1,095
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2021-B, 5.00% 7/1/2036
1,000
1,068
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2036
2,350
2,525
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2036
1,370
1,490
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2036
500
550
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-B, 5.00% 7/1/2036
4,500
4,978
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2037
1,170
1,278
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-A, 5.00% 7/1/2037
80
88
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-C, 5.00% 7/1/2038
3,370
3,606
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2038
1,480
1,608
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-B, 5.00% 7/1/2038
1,650
1,801
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-A, 5.00% 7/1/2039
1,195
1,295
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% 7/1/2039
2,070
2,244
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2040
350
370
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-C, 5.00% 7/1/2040
2,435
2,588
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% 7/1/2040
4,000
4,327
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-D, 5.00% 7/1/2040
3,830
4,195
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2041
1,600
1,689
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-C, 5.00% 7/1/2041
3,505
3,717
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-D, 5.00% 7/1/2041
500
537
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% 7/1/2041
1,200
1,295
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-D, 5.00% 7/1/2041
4,000
4,368
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-C, 5.00% 7/1/2042
490
507
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-B, 5.00% 7/1/2042
1,000
1,077
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-C, 5.00% 7/1/2042
2,630
2,853
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-D, 5.00% 7/1/2042
4,000
4,339
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-D, 5.00% 7/1/2043
3,335
3,593
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-D, 5.00% 7/1/2044
265
272
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-C, 5.00% 7/1/2044
1,460
1,546
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-D, 5.00% 7/1/2044
3,635
3,883
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.25% 7/1/2044
790
860
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2020-B, 5.00% 7/1/2045
2,045
2,105
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-D, 5.00% 7/1/2045
2,270
2,391
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-C, 5.00% 7/1/2045
2,410
2,552
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-D, 5.00% 7/1/2045
4,000
4,235
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2048
605
624
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-E, 5.00% 7/1/2048
1,750
1,810
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2020-B, 5.00% 7/1/2050
2,250
2,286
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-D, 5.00% 7/1/2050
3,635
3,741
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, 5.00% 7/1/2050
4,020
4,143
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2052
1,430
1,457
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-E, 5.00% 7/1/2053
5,945
6,062
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.00% 7/1/2053
2,050
2,105
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-1-A, 5.25% 7/1/2053
2,550
2,642
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.00% 7/1/2055
2,180
2,232
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-D, 5.25% 7/1/2056
7,895
8,214
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 7/1/2029
500
533
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2025-B, 5.00% 7/1/2034
675
760
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-B, 5.00% 7/1/2035
500
560
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2025-B, 5.00% 7/1/2035
645
730
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% 7/1/2036
345
373
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-B, 5.00% 7/1/2036
1,560
1,735
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.00% 7/1/2037
1,380
1,507
The Tax-Exempt Fund of California — Page 16 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% 7/1/2038
USD500
$535
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.00% 7/1/2038
1,600
1,738
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% 7/1/2039
1,000
1,064
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.00% 7/1/2039
1,605
1,732
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-B, 5.00% 7/1/2039
4,070
4,431
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% 7/1/2042
555
586
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2025-C, 5.00% 7/1/2043
2,415
2,602
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-B, 5.00% 7/1/2044
985
1,046
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2025-C, BAM, 5.00% 7/1/2044
2,765
2,965
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% 7/1/2047
780
801
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-C, 5.00% 7/1/2047
3,000
3,086
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-D, 5.00% 7/1/2047
3,330
3,425
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% 7/1/2052
1,035
1,053
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-C, 5.00% 7/1/2052
1,000
1,019
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-D, 5.00% 7/1/2052
920
937
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2023-A, 5.25% 7/1/2053
250
259
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-A, 5.00% 7/1/2054
1,000
1,019
City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2024-A-1, AMT, 5.00% 8/1/2028
520
544
City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2024-A-1, AMT, 5.00% 8/1/2029
675
720
City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2024-A-1, AMT, 5.00% 8/1/2030
500
542
City of Los Angeles, Harbor Dept., Rev. Ref. Bonds, Series 2024-A-1, AMT, 5.00% 8/1/2031
500
549
City of Los Angeles, Harbor Dept., Rev. Ref. Green Bonds, Series 2024-A-2, AMT, 5.00% 8/1/2036
500
554
City of Los Angeles, Harbor Dept., Rev. Ref. Green Bonds, Series 2024-A-2, AMT, 5.00% 8/1/2037
640
706
City of Los Angeles, Harbor Dept., Rev. Ref. Green Bonds, Series 2024-A-2, AMT, 5.00% 8/1/2038
465
510
City of Los Angeles, Wastewater System Rev. Bonds, Series 2022-A, 4.00% 6/1/2052
1,000
946
City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-A, 5.25% 6/1/2050
5,000
5,453
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax
Bonds, Series 2022, 5.00% 9/1/2047
905
923
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax
Bonds, Series 2022, 5.00% 9/1/2052
1,610
1,626
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 2, Special Tax
Bonds, Series 2024, 5.00% 9/1/2039
850
906
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 2, Special Tax
Bonds, Series 2024, 5.00% 9/1/2044
1,435
1,487
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 2, Special Tax
Bonds, Series 2024, 5.00% 9/1/2049
2,800
2,832
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 2, Special Tax
Bonds, Series 2024, 5.00% 9/1/2054
1,750
1,758
County of Los Angeles, Metropolitan Transportation Auth., Measure R Senior Sales Tax Rev. Bonds, Series 2026-B,
5.00% 6/1/2035
8,000
9,309
County of Los Angeles, Metropolitan Transportation Auth., Measure R Senior Sales Tax Rev. Bonds, Series 2026-B,
5.00% 6/1/2036
4,125
4,769
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Bonds, Series 2026-B,
5.00% 7/1/2033
2,320
2,691
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Bonds, Series 2026-B,
5.00% 7/1/2037
1,600
1,878
County of Los Angeles, Redev. Ref. Auth., Tax Allocation Rev. Ref. Bonds (Bunker Hill Project), Series 2014-C, AGI,
5.00% 12/1/2027
1,000
1,001
Los Angeles Community College Dist., GO Bonds, 2008 Election, Series 2019-K, 3.00% 8/1/2039
2,000
1,831
Los Angeles County Facs., Inc., Lease Rev. Bonds (Vermont Corridor County Administration Building), Series
2018-A, 5.00% 12/1/2051
910
927
Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-RYQ,
4.00% 7/1/2044
4,320
4,338
Lynwood Unified School Dist., GO Bonds, 2012 Election, Series 2021-E, BAM, 3.00% 8/1/2048
3,260
2,559
M-S-R Energy Auth., Gas Rev. Bonds, Series 2009-B, 6.50% 11/1/2039
2,110
2,557
The Tax-Exempt Fund of California — Page 17 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, Special Tax
Bonds, Series 2024, 5.00% 9/1/2039
USD1,065
$1,112
City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, Special Tax
Bonds, Series 2024, 5.00% 9/1/2044
870
891
City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, Special Tax
Bonds, Series 2024, 5.00% 9/1/2049
1,320
1,319
City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, Special Tax
Bonds, Series 2024, 5.00% 9/1/2054
2,065
2,050
City of Manteca, Community Facs. Dist. No. 2023-1, Improvement Area No. 3, Special Tax Bonds, Series 2025,
5.00% 9/1/2045
500
509
City of Manteca, Community Facs. Dist. No. 2023-1, Improvement Area No. 3, Special Tax Bonds, Series 2025,
5.00% 9/1/2050
695
695
City of Manteca, Community Facs. Dist. No. 2023-1, Improvement Area No. 3, Special Tax Bonds, Series 2025,
5.00% 9/1/2055
1,000
991
City of Menifee, Community Facs. Dist. No. 2020-1 (McCall Mesa), Special Tax Bonds, Series 2022-A, 4.00% 9/1/
2029
175
177
City of Menifee, Community Facs. Dist. No. 2020-1 (McCall Mesa), Special Tax Bonds, Series 2022-A, 4.00% 9/1/
2037
500
494
City of Menifee, Community Facs. Dist. No. 2020-1 (McCall Mesa), Special Tax Bonds, Series 2022-A, 4.00% 9/1/
2051
1,435
1,207
City of Menifee, Community Facs. Dist. No. 2022-1 (Quartz Ranch), Special Tax Bonds, Series 2024-A, 5.00% 9/1/
2044
850
880
City of Menifee, Community Facs. Dist. No. 2022-1 (Quartz Ranch), Special Tax Bonds, Series 2024-A, 5.00% 9/1/
2049
825
836
City of Menifee, Community Facs. Dist. No. 2022-1 (Quartz Ranch), Special Tax Bonds, Series 2024-A, 5.00%
9/1/2054
1,000
1,004
Menifee Union School Dist., Community Facs. Dist. No. 2006-2, Special Tax Bonds, Series 2020, 4.00% 9/1/2026
170
170
Menifee Union School Dist., Community Facs. Dist. No. 2006-2, Special Tax Bonds, Series 2020, 4.00% 9/1/2027
205
207
Menifee Union School Dist., Community Facs. Dist. No. 2006-2, Special Tax Bonds, Series 2020, 4.00% 9/1/2039
600
591
Menifee Union School Dist., Community Facs. Dist. No. 2006-2, Special Tax Bonds, Series 2020, 4.00% 9/1/2045
1,000
927
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 3, Special Tax Bonds,
Series 2018, 4.00% 9/1/2032
430
433
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 3, Special Tax Bonds,
Series 2018, 4.00% 9/1/2033
470
472
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 3, Special Tax Bonds,
Series 2018, 4.00% 9/1/2034
515
517
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 5, Special Tax Bonds,
Series 2021, 4.00% 9/1/2036
1,000
995
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 5, Special Tax Bonds,
Series 2021, 4.00% 9/1/2041
800
772
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 5, Special Tax Bonds,
Series 2021, 4.00% 9/1/2045
875
806
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 5, Special Tax Bonds,
Series 2021, 4.00% 9/1/2051
1,850
1,594
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 6, Special Tax Bonds,
Series 2021, 4.00% 9/1/2036
445
448
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 6, Special Tax Bonds,
Series 2021, 4.00% 9/1/2041
660
641
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 6, Special Tax Bonds,
Series 2021, 4.00% 9/1/2046
875
804
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 6, Special Tax Bonds,
Series 2021, 4.00% 9/1/2050
2,050
1,801
Menifee Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2021, 4.00% 9/1/2036
250
251
Menifee Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2021, 4.00% 9/1/2041
1,000
968
Menifee Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2021, 4.00% 9/1/2046
1,590
1,467
The Tax-Exempt Fund of California — Page 18 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Menifee Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2021, 4.00% 9/1/2050
USD1,050
$924
Menifee Union School Dist., Community Facs. Dist. No. 2019-2, Special Tax Bonds, Series 2021, 4.00% 9/1/2044
565
533
Menifee Union School Dist., Community Facs. Dist. No. 2019-2, Special Tax Bonds, Series 2021, 4.00% 9/1/2051
675
589
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, AGI, 5.00% 10/1/2030
2,065
2,093
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, AGI, 5.00% 10/1/2031
560
567
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2024-B-3, 5.00% 7/1/2037 (put
7/1/2031)
4,370
4,779
Monrovia Unified School Dist., GO Bonds, CAB, 1997 Election, Series 2001-B, NATL, 0% 8/1/2032
2,150
1,781
Montebello Unified School Dist., GO Bonds, 2016 Election, Series 2022-B, AGI, 5.00% 8/1/2050
1,000
1,036
Montebello Unified School Dist., GO Rev. Bonds, Series 2016-A, 5.00% 8/1/2034
1,095
1,102
Montebello Unified School Dist., GO Rev. Bonds, Series 2016-A, 5.00% 8/1/2035
735
739
Montebello Unified School Dist., GO Rev. Ref. Bonds, Series 2015, 5.00% 8/1/2033
2,505
2,510
Monterey Peninsula Community College Dist., GO Rev. Ref. Bonds, Series 2016, 4.00% 8/1/2033
3,165
3,166
Monterey Peninsula Community College Dist., GO Rev. Ref. Bonds, CAB, Series 2016, 0% 8/1/2028
1,500
1,403
Moorpark Unified School Dist., GO Bonds, CAB, 2008 Election, Series 2011-B, AGI, 0% 8/1/2036
2,000
1,363
Moreno Valley Unified School Dist., Community Facs. Dist. No. 2016-1, Special Tax Bonds, Series 2020, 4.00% 9/
1/2045
1,355
1,215
Moreno Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Special Tax Bonds, Series 2019, 5.00% 9/
1/2044
820
829
Moreno Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Special Tax Bonds, Series 2019, 5.00% 9/
1/2050
1,500
1,465
Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% 9/1/2028
1,090
1,124
Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% 9/1/2032
1,480
1,525
Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% 9/1/2034
1,720
1,773
Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% 9/1/2035
925
952
Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2024-A, AGI, 5.00% 9/1/2039
625
694
Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2024-A, AGI, 5.00% 9/1/2040
600
663
City of Moreno Valley, Community Facs. Dist. No. 5, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% 9/1/2026
215
215
City of Moreno Valley, Community Facs. Dist. No. 5, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% 9/1/2037
750
740
Mountain House Fin. Auth., Special Tax Rev. Bonds, Series 2026-A, 5.00% 9/1/2036
300
312
Mountain House Fin. Auth., Special Tax Rev. Bonds, Series 2026-A, 5.00% 9/1/2041
500
517
Mountain House Fin. Auth., Special Tax Rev. Bonds, Series 2026-A, 5.00% 9/1/2046
475
481
Mountain House Fin. Auth., Special Tax Rev. Bonds, Series 2026-A, 5.00% 9/1/2051
600
601
Mountain House Fin. Auth., Special Tax Rev. Bonds, Series 2026-A, 5.00% 9/1/2056
675
665
Mountain View School Dist., GO Bonds, 2016 Election, Series 2020-C, AGI, 4.00% 8/1/2049
2,800
2,701
City of Mountain House, Community Facs. Dist. No. 2024-1 (Public Facs. and Services), Improvement Area No. 1,
Special Tax Bonds, Series 2025, 5.00% 9/1/2040
550
569
City of Mountain House, Community Facs. Dist. No. 2024-1 (Public Facs. and Services), Improvement Area No. 1,
Special Tax Bonds, Series 2025, 5.00% 9/1/2045
275
280
City of Mountain House, Community Facs. Dist. No. 2024-1 (Public Facs. and Services), Improvement Area No. 1,
Special Tax Bonds, Series 2025, 5.00% 9/1/2050
600
601
City of Mountain House, Community Facs. Dist. No. 2024-1 (Public Facs. and Services), Improvement Area No. 1,
Special Tax Bonds, Series 2025, 5.00% 9/1/2055
625
619
City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 3, Special Tax Bonds, Series
2026, 5.00% 9/1/2046
700
709
City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 3, Special Tax Bonds, Series
2026, 5.00% 9/1/2051
1,300
1,301
City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 3, Special Tax Bonds, Series
2026, 5.00% 9/1/2056
1,300
1,289
City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 6, Special Tax Bonds, Series
2025, 4.75% 9/1/2035
250
254
City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 6, Special Tax Bonds, Series
2025, 5.00% 9/1/2040
910
942
City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 6, Special Tax Bonds, Series
2025, 5.25% 9/1/2050
750
764
The Tax-Exempt Fund of California — Page 19 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 6, Special Tax Bonds, Series
2025, 5.25% 9/1/2055
USD1,000
$1,013
City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 7, Special Tax Bonds, Series
2025, 5.00% 9/1/2040
630
652
City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 7, Special Tax Bonds, Series
2025, 5.125% 9/1/2045
380
391
City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 7, Special Tax Bonds, Series
2025, 5.25% 9/1/2050
500
510
City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 7, Special Tax Bonds, Series
2025, 5.25% 9/1/2055
1,100
1,114
City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 8, Special Tax Bonds, Series
2025, 5.00% 9/1/2045
1,000
1,020
City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 8, Special Tax Bonds, Series
2025, 5.125% 9/1/2050
775
783
City of Mountain House, Community Facs. Dist. No. 2024-1, Improvement Area No. 8, Special Tax Bonds, Series
2025, 5.25% 9/1/2055
1,240
1,256
Mt. Diablo Unified School Dist., GO Rev. Ref. Bonds, Series 2022-B, 4.00% 8/1/2035
2,310
2,437
Mt. Diablo Unified School Dist., GO Rev. Ref. Bonds, Series 2022-B, 4.00% 8/1/2036
2,880
3,024
Mt. Diablo Unified School Dist., GO Rev. Ref. Bonds, Series 2022-B, 4.00% 6/1/2037
810
848
Mt. San Jacinto Community College Dist., GO Bonds, 2014 Election, Series 2021-C, 3.00% 8/1/2034
865
855
Mt. San Antonio Community College Dist., GO Bonds, 2024 Election, Series 2025-A, 5.25% 8/1/2055
750
809
Municipal Fin. Auth., Certs. of Part. (Palomar Health), Series 2021, 5.00% 11/1/2027 (a)
220
219
Municipal Fin. Auth., Certs. of Part. (Palomar Health), Series 2022-A, AGI, 5.25% 11/1/2036
270
282
Municipal Fin. Auth., Charter School Lease Rev. and Rev. Ref. Bonds (Santa Rosa Academy Project), Series 2022,
5.00% 7/1/2052
2,020
1,899
Municipal Fin. Auth., Charter School Lease Rev. and Rev. Ref. Bonds (Santa Rosa Academy Project), Series 2022,
5.00% 7/1/2062
5,000
4,564
Municipal Fin. Auth., Charter School Lease Rev. Bonds (Santa Rosa Academy Project), Series 2015, 5.375%
7/1/2045 (a)
1,075
1,051
Municipal Fin. Auth., Community Facs. Dist. No. 2020-6 (County of Placer - PV 400), Special Tax Bonds, Series
2021, 4.00% 9/1/2040
1,045
1,012
Municipal Fin. Auth., Community Facs. Dist. No. 2020-6 (County of Placer - PV 400), Special Tax Bonds, Series
2025, 4.25% 9/1/2040
875
869
Municipal Fin. Auth., Community Facs. Dist. No. 2020-6 (County of Placer - PV 400), Special Tax Bonds, Series
2025, 5.00% 9/1/2045
1,555
1,589
Municipal Fin. Auth., Community Facs. Dist. No. 2020-6 (County of Placer - PV 400), Special Tax Bonds, Series
2021, 4.00% 9/1/2046
1,305
1,183
Municipal Fin. Auth., Community Facs. Dist. No. 2020-6 (County of Placer - PV 400), Special Tax Bonds, Series
2025, 5.00% 9/1/2050
1,355
1,368
Municipal Fin. Auth., Community Facs. Dist. No. 2020-6 (County of Placer - PV 400), Special Tax Bonds, Series
2021, 4.00% 9/1/2051
1,535
1,311
Municipal Fin. Auth., Community Facs. Dist. No. 2020-6 (County of Placer - PV 400), Special Tax Bonds, Series
2025, 5.00% 9/1/2055
1,915
1,918
Municipal Fin. Auth., Community Facs. Dist. No. 2021-13 (City of Lincoln - Esplanade at Turkey Creek), Special Tax
Bonds, Series 2025, 5.00% 9/1/2040
600
623
Municipal Fin. Auth., Community Facs. Dist. No. 2021-13 (City of Lincoln - Esplanade at Turkey Creek), Special Tax
Bonds, Series 2025, 5.00% 9/1/2045
1,000
1,020
Municipal Fin. Auth., Community Facs. Dist. No. 2021-13 (City of Lincoln - Esplanade at Turkey Creek), Special Tax
Bonds, Series 2025, 5.00% 9/1/2050
1,250
1,262
Municipal Fin. Auth., Community Facs. Dist. No. 2021-13 (City of Lincoln - Esplanade at Turkey Creek), Special Tax
Bonds, Series 2025, 5.00% 9/1/2055
1,350
1,352
Municipal Fin. Auth., Community Facs. Dist. No. 2021-9 (County of Placer - Bickford Ranch), Improvement Area
No. 1, Special Tax Bonds, Series 2025, 5.00% 9/1/2040
465
482
Municipal Fin. Auth., Community Facs. Dist. No. 2021-9 (County of Placer - Bickford Ranch), Improvement Area
No. 1, Special Tax Bonds, Series 2025, 5.25% 9/1/2055
2,430
2,471
The Tax-Exempt Fund of California — Page 20 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Municipal Fin. Auth., Community Facs. Dist. No. 2022-27 (City of Chula Vista - Sunbow), Special Tax Bonds, Series
2025, 5.00% 9/1/2040
USD300
$313
Municipal Fin. Auth., Community Facs. Dist. No. 2022-27 (City of Chula Vista - Sunbow), Special Tax Bonds, Series
2025, 5.125% 9/1/2045
1,580
1,632
Municipal Fin. Auth., Community Facs. Dist. No. 2022-27 (City of Chula Vista - Sunbow), Special Tax Bonds, Series
2024-A, 5.00% 9/1/2054
1,830
1,835
Municipal Fin. Auth., Community Facs. Dist. No. 2022-8 (City of Palmdale - Wildflower/Creekside Encore), Special
Tax Bonds, Series 2024, 5.00% 9/1/2044
610
627
Municipal Fin. Auth., Community Facs. Dist. No. 2022-8 (City of Palmdale - Wildflower/Creekside Encore), Special
Tax Bonds, Series 2024, 5.00% 9/1/2049
685
692
Municipal Fin. Auth., Community Facs. Dist. No. 2022-8 (City of Palmdale - Wildflower/Creekside Encore), Special
Tax Bonds, Series 2024, 5.00% 9/1/2054
870
870
Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special Tax Bonds,
Series 2024, 5.00% 9/1/2044
455
471
Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special Tax Bonds,
Series 2025, 5.00% 9/1/2045
640
654
Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special Tax Bonds,
Series 2025, 5.125% 9/1/2050
800
812
Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special Tax Bonds,
Series 2024, 5.00% 9/1/2054
360
361
Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special Tax Bonds,
Series 2025, 5.125% 9/1/2055
1,000
1,009
Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special Tax Bonds,
Series 2024, 5.125% 9/1/2059
1,445
1,462
Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special Tax Bonds,
Series 2025, 5.25% 9/1/2060
3,665
3,715
Municipal Fin. Auth., Community Facs. Dist. No. 2023-11 (City of Hesperia - Silverwood), Special Tax Bonds,
Series 2025, 5.25% 9/1/2060
2,850
2,886
Municipal Fin. Auth., Community Facs. Dist. No. 2025-9 (County of Placer - Placer One), Improvement Area No. 1,
Special Tax Bonds, Series 2025-B, 5.00% 9/1/2045
935
953
Municipal Fin. Auth., Community Facs. Dist. No. 2025-9 (County of Placer - Placer One), Improvement Area No. 1,
Special Tax Bonds, Series 2025-B, 5.00% 9/1/2050
1,410
1,425
Municipal Fin. Auth., Community Facs. Dist. No. 2025-9 (County of Placer - Placer One), Improvement Area No. 1,
Special Tax Bonds, Series 2025-B, 5.00% 9/1/2055
1,505
1,503
Municipal Fin. Auth., Community Facs. Dist. No. 2025-9 (County of Placer - Placer One), Improvement Area No. 1,
Special Tax Bonds, Series 2025-B, 5.125% 9/1/2055
350
353
Municipal Fin. Auth., Community Facs. Dist. No. 2025-9 (County of Placer - Placer One), Improvement Area No. 2,
Special Tax Bonds, Series 2025, 5.00% 9/1/2045
1,300
1,325
Municipal Fin. Auth., Community Facs. Dist. No. 2025-9 (County of Placer - Placer One), Improvement Area No. 2,
Special Tax Bonds, Series 2025, 5.00% 9/1/2050
2,960
2,991
Municipal Fin. Auth., Community Facs. Dist. No. 2025-9 (County of Placer - Placer One), Improvement Area No. 2,
Special Tax Bonds, Series 2025, 5.00% 9/1/2055
3,245
3,240
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A,
5.00% 6/1/2036
680
680
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A,
5.00% 6/1/2046
2,745
2,745
Municipal Fin. Auth., Insured Rev. Bonds (Carmel Valley Manor Project), Series 2022, 5.00% 5/15/2026
110
110
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Gibson Drive Apartments Project), Series 2024-B, 3.75%
6/1/2028 (put 6/1/2027)
445
449
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Pleasant View Apartments Project), Series 2025, 2.80%
2/1/2028 (put 2/1/2027)
5,765
5,747
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Second Street Family Apartments), Series 2025, 2.93%
12/1/2045 (put 6/1/2029)
3,315
3,318
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Terracina at Westpark Apartments), Series 2024-A, 3.20%
9/1/2045 (put 8/1/2027)
2,565
2,566
The Tax-Exempt Fund of California — Page 21 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (The Winslow), Series 2025-A, 2.95% 1/1/2056
(put 12/1/2028)
USD3,070
$3,070
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Wildomar Family Housing LP), Series 2024, 3.05%
12/1/2064 (put 6/1/2028)
900
902
Municipal Fin. Auth., Municipal Certs., Series 2025-2, 4.327% 11/20/2040 (d)
5,701
5,657
Municipal Fin. Auth., Municipal Certs., Series 2025-1, 3.537% 2/20/2041 (d)
22,585
21,075
Municipal Fin. Auth., Municipal Certs., Series 2026-1, Class A-1, 4.05% 7/20/2041
18,550
18,242
Municipal Fin. Auth., Rev. and Rev. Ref. Bonds (Aldersly Project), Series 2023-B-2, 3.75% 11/15/2028
580
580
Municipal Fin. Auth., Rev. and Rev. Ref. Bonds (Aldersly Project), Series 2023-B-1, 4.00% 11/15/2028
250
250
Municipal Fin. Auth., Rev. and Rev. Ref. Bonds (California Baptist University), Series 2025-A, 5.375% 11/1/2045 (a)
310
320
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2016-A, 5.00% 11/1/2036 (a)
3,500
3,505
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2015-A, 5.375% 11/1/2040 (a)
2,335
2,336
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2015-A, 5.50% 11/1/2045 (a)
2,800
2,800
Municipal Fin. Auth., Rev. Bonds (California Baptist University), Series 2016-A, 5.00% 11/1/2046 (a)
4,315
4,236
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2027
600
614
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2028
150
156
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2029
450
467
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2030
450
466
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2031
650
672
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2032
225
232
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2033
450
463
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2034
150
154
Municipal Fin. Auth., Rev. Bonds (Clay Lacy Aviation Facs. - John Wayne Airport, Orange County Project), Series
2026, AMT, 6.00% 1/1/2055 (a)
1,035
1,041
Municipal Fin. Auth., Rev. Bonds (Clinicas del Camino Real, Inc.), Series 2020, 4.00% 3/1/2033
1,170
1,149
Municipal Fin. Auth., Rev. Bonds (Clinicas del Camino Real, Inc.), Series 2020, 4.00% 3/1/2035
500
483
Municipal Fin. Auth., Rev. Bonds (Clinicas del Camino Real, Inc.), Series 2020, 4.00% 3/1/2040
2,750
2,504
Municipal Fin. Auth., Rev. Bonds (Clinicas del Camino Real, Inc.), Series 2020, 4.00% 3/1/2050
11,635
9,619
Municipal Fin. Auth., Rev. Bonds (Community Health Centers of the Central Coast, Inc.), Series 2021-A, 5.00%
12/1/2046 (a)
170
172
Municipal Fin. Auth., Rev. Bonds (Community Health Centers of the Central Coast, Inc.), Series 2021-A, 5.00%
12/1/2054 (a)
170
168
Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, AGI, 4.00% 2/1/2051
2,135
1,889
Municipal Fin. Auth., Rev. Bonds (El Camino Real Multi Family), Series 2026, 2.50% 3/1/2046 (put 3/1/2029)
1,490
1,467
Municipal Fin. Auth., Rev. Bonds (HumanGood - California Obligated Group), Series 2021, 3.00% 10/1/2049
4,905
3,630
Municipal Fin. Auth., Rev. Bonds (Inland Christian Home), Series 2020, 4.00% 12/1/2030
670
690
Municipal Fin. Auth., Rev. Bonds (Inland Christian Home), Series 2020, 4.00% 12/1/2039
1,225
1,241
Municipal Fin. Auth., Rev. Bonds (Inland Christian Home), Series 2020, 4.00% 12/1/2049
1,500
1,368
Municipal Fin. Auth., Rev. Bonds (John Adams Academies, Inc.), Series 2019-A, 5.00% 10/1/2039 (a)
915
916
Municipal Fin. Auth., Rev. Bonds (John Adams Academies, Inc.), Series 2019-A, 5.00% 10/1/2057 (a)
1,890
1,687
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 12/31/2031
2,695
2,789
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 12/31/2034
1,320
1,359
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 5.00% 12/31/2035
2,000
2,055
Municipal Fin. Auth., Rev. Bonds (LINXS APM Project), Series 2018-A, AMT, 4.00% 12/31/2047
3,900
3,462
Municipal Fin. Auth., Rev. Bonds (SFMTA Potrero Yard Modernization Project), Series 2026-B, 5.00% 6/30/2032
1,310
1,408
Municipal Fin. Auth., Rev. Bonds (SFMTA Potrero Yard Modernization Project), Series 2026-A, 5.25% 9/1/2051
2,380
2,525
Municipal Fin. Auth., Rev. Bonds (SFMTA Potrero Yard Modernization Project), Series 2026-A, 5.50% 9/1/2056
2,515
2,704
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 6/1/2029
1,000
1,018
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 6/1/2031
650
661
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 6/1/2032
1,000
1,016
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 6/1/2033
1,000
1,015
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 6/1/2035
2,000
2,027
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 6/1/2036
1,150
1,165
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 6/1/2043
4,380
4,409
Municipal Fin. Auth., Rev. Bonds (University of San Diego), Series 2019-A, 5.00% 10/1/2049
1,600
1,635
The Tax-Exempt Fund of California — Page 22 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 10/1/2030
USD1,250
$1,279
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 10/1/2033
500
510
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 10/1/2034
440
448
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 10/1/2039
615
622
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 7/1/2034
2,675
2,712
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 7/1/2036
1,000
1,012
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 7/1/2036
600
607
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 7/1/2037
1,250
1,263
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 7/1/2037
600
606
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 7/1/2042
1,250
1,258
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 7/1/2042
1,000
1,006
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-A, 5.00% 7/1/2047
1,000
1,001
Municipal Fin. Auth., Rev. Ref. Bonds (Eisenhower Medical Center), Series 2017-B, 5.00% 7/1/2047
4,010
4,012
Municipal Fin. Auth., Rev. Ref. Bonds (Eskaton Properties, Inc. Obligated Group), Series 2024, 5.00% 11/15/2044
1,750
1,819
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 11/1/2032
1,500
1,502
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 11/1/2039
1,000
1,001
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2028
290
291
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2029
500
501
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2033
1,250
1,252
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2034
1,445
1,447
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2035
2,185
2,186
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2036
2,120
2,120
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2037
5,590
5,564
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2039
2,990
2,927
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2044
300
285
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 5.00% 10/1/2044
7,860
7,878
Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), Series 2015, 5.00% 6/15/2032
3,000
3,003
Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), Series 2015, 5.00% 6/15/2037
4,000
4,000
Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), Series 2015, 5.00% 6/15/2045
4,000
4,002
Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, 5.00% 4/1/2036
570
622
Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, 5.00% 4/1/2037
795
864
Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, 5.00% 4/1/2038
500
541
Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, 5.00% 4/1/2039
655
706
Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, 5.00% 4/1/2040
760
815
Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, 5.00% 4/1/2049
1,300
1,323
Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, 5.00% 4/1/2054
1,740
1,757
Municipal Fin. Auth., School Fac. Rev. Bonds (St. Mary’s School - Aliso Viejo), Series 2024-B, 4.65% 5/1/2030
135
138
Municipal Fin. Auth., School Fac. Rev. Bonds (St. Mary’s School - Aliso Viejo), Series 2024-A, 5.00% 5/1/2034 (a)
400
413
Municipal Fin. Auth., School Fac. Rev. Bonds (St. Mary’s School - Aliso Viejo), Series 2024-A, 5.50% 5/1/2044 (a)
465
475
Municipal Fin. Auth., School Fac. Rev. Bonds (St. Mary’s School - Aliso Viejo), Series 2024-A, 5.75% 5/1/2054 (a)
345
347
Municipal Fin. Auth., School Fac. Rev. Bonds (St. Mary’s School - Aliso Viejo), Series 2024-A, 5.875% 5/1/2059 (a)
360
364
Municipal Fin. Auth., Senior Living Rev. Bonds (Mt. San Antonio Gardens Project), Series 2019, 4.00% 11/15/2026
125
125
Municipal Fin. Auth., Senior Living Rev. Bonds (Mt. San Antonio Gardens Project), Series 2019, 5.00% 11/15/2039
425
436
Municipal Fin. Auth., Senior Living Rev. Bonds (Mt. San Antonio Gardens Project), Series 2022-A, 4.00%
11/15/2052
2,125
1,772
Municipal Fin. Auth., Senior Living Rev. Bonds (Mt. San Antonio Gardens Project), Series 2022-A, 4.00% 11/15/
2056
1,890
1,547
Municipal Fin. Auth., Senior Living Rev. Ref. Bonds (Pilgrim Place in Claremont), Series 2016-A, 4.125% 5/15/2039
125
125
Municipal Fin. Auth., Social Rev. Bonds (HealthRIGHT 360), Series 2019-A, 5.00% 11/1/2039 (a)
1,250
1,265
Municipal Fin. Auth., Social Rev. Bonds (HealthRIGHT 360), Series 2019-A, 5.00% 11/1/2049 (a)
575
544
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2023-A, AMT,
4.375% 9/1/2053 (put 9/1/2033)
15,020
15,629
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2024-A, AMT,
3.875% 3/1/2054 (put 3/1/2034)
11,735
11,765
The Tax-Exempt Fund of California — Page 23 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2022-A, AMT,
3.45% 10/1/2041 (put 10/2/2028)
USD8,460
$8,511
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2019-A, AMT,
2.40% 10/1/2044 (put 10/1/2029)
14,430
14,078
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2017-A, AMT,
3.45% 12/1/2044 (put 12/1/2026)
1,500
1,504
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2024-B, AMT,
3.375% 9/1/2050 (put 9/1/2028)
1,000
994
Municipal Fin. Auth., Special Fac. Rev. Bonds (United Airlines, Inc. Los Angeles International Airport Project),
Series 2019, AMT, 4.00% 7/15/2029
17,460
17,568
Municipal Fin. Auth., Special Fin. Agcy. VII, Essential Housing Rev. Bonds (The Breakwater Apartments), Series
2021-A-2, 4.00% 8/1/2047 (a)
1,990
1,847
Municipal Fin. Auth., Special Fin. Agcy. XII, Essential Housing Rev. Bonds (Allure Apartments), Series 2022-A-2,
4.375% 8/1/2049 (a)
1,245
1,022
Municipal Fin. Auth., Special Fin. Agcy. XII, Essential Housing Rev. Bonds (Allure Apartments), Series 2022-A-1,
3.25% 2/1/2057 (a)
2,255
1,597
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2026
165
165
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2027
190
192
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2028
210
213
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2029
240
244
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2030
265
270
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-A, 4.25% 9/1/2034
250
257
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-B, 4.25% 9/1/2034
290
295
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-A, 4.00% 9/1/2036
535
530
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2036
1,920
1,921
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-B, 4.50% 9/1/2039
1,055
1,076
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-A, 5.00% 9/1/2039
275
287
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-C, 5.00% 9/1/2039
1,010
1,047
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-E, 5.00% 9/1/2039
1,295
1,349
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2025-A, 4.25% 9/1/2040
550
546
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2025-D, 5.00% 9/1/2040
550
571
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-A, 4.00% 9/1/2041
1,315
1,261
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2041
2,875
2,763
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2023-C, 5.00% 9/1/2043
1,760
1,816
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-A, 5.00% 9/1/2044
625
642
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-B, 5.00% 9/1/2044
885
919
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-C, 5.00% 9/1/2044
545
554
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-D, 5.00% 9/1/2044
2,605
2,689
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2025-A, 5.00% 9/1/2045
885
901
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2025-D, 5.00% 9/1/2045
950
971
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-A, 4.00% 9/1/2046
1,095
998
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2046
1,475
1,346
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-A, 5.00% 9/1/2048
775
785
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-B, 5.00% 9/1/2049
1,070
1,082
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-C, 5.00% 9/1/2049
1,000
1,002
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-D, 5.00% 9/1/2049
1,000
1,011
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2025-D, 5.00% 9/1/2050
1,455
1,470
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-A, 4.00% 9/1/2051
1,505
1,312
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2021-C, 4.00% 9/1/2051
1,995
1,721
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2022-A, 5.25% 9/1/2052
3,725
3,789
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2023-C, 5.25% 9/1/2053
2,375
2,419
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-C, 4.70% 9/1/2054
680
635
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-B, 5.00% 9/1/2054
1,380
1,382
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-C, 5.00% 9/1/2054
1,005
998
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-D, 5.00% 9/1/2054
1,375
1,379
The Tax-Exempt Fund of California — Page 24 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-A, 5.125% 9/1/2054
USD2,250
$2,277
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-E, 5.00% 9/1/2055
2,990
2,998
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2025-A, 5.00% 9/1/2055
1,945
1,948
Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2025-D, 5.00% 9/1/2055
2,000
1,997
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing Project),
Series 2018, 5.00% 5/15/2027
1,685
1,719
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing Project),
Series 2018, 5.00% 5/15/2030
600
628
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing Project),
Series 2018, 5.00% 5/15/2038
1,000
1,030
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing Project),
Series 2018, 5.00% 5/15/2040
3,110
3,190
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis I, LLC - West Village Student Housing Project),
Series 2018, 5.00% 5/15/2043
5,525
5,632
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student Housing Project),
Series 2021, BAM, 4.00% 5/15/2046
1,095
1,036
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student Housing Project),
Series 2021, BAM, 3.00% 5/15/2051
2,565
1,907
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student Housing Project),
Series 2021, BAM, 3.00% 5/15/2054
2,570
1,852
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project), Series
2018, 5.00% 5/15/2043
2,000
2,030
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project), Series
2018, 5.00% 5/15/2052
11,500
11,511
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside II, LLC - UCR North Dist. Phase I Student
Housing Project), Series 2019, BAM, 5.00% 5/15/2026
1,000
1,001
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside II, LLC - UCR North Dist. Phase I Student
Housing Project), Series 2019, 5.00% 5/15/2039
300
310
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside II, LLC - UCR Student Housing Project), Series
2019, 5.00% 5/15/2049
2,510
2,521
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside II, LLC - UCR Student Housing Project), Series
2019, 5.00% 5/15/2052
3,500
3,502
Murrieta Valley Unified School Dist., Community Facs. Dist. No. 2014-4, Special Tax Bonds, Series 2020, BAM,
4.00% 9/1/2040
325
326
Murrieta Valley Unified School Dist., GO Rev. Ref. Bonds, Series 2016, BAM, 5.00% 9/1/2030
1,250
1,259
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2026
400
403
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2027
300
302
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2029
1,420
1,428
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2030
1,225
1,232
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, AGI, 5.00% 9/1/
2033
1,965
1,979
Napa Valley Community College Dist., GO Bonds, CAB, 2002 Election, Series 2005-B, NATL, 0% 8/1/2028
2,000
1,891
National Fin. Auth., Municipal Certs., Series 2024-4, Class A-CA, 3.924% 7/20/2039 (d)
22,204
21,589
Natomas Unified School Dist., GO Bonds, Series 2017, BAM, 5.00% 8/1/2032
1,000
1,006
New Haven Unified School Dist., GO Bonds, 2014 Election, Series 2020-C, 4.00% 8/1/2044
1,250
1,233
New Haven Unified School Dist., GO Bonds, 2014 Election, Series 2017-B, 4.00% 8/1/2047
2,750
2,627
North Orange County Community College Dist., GO Bonds, 2014 Election, Series 2019-B, 4.00% 8/1/2044
5,000
4,994
Northern California Energy Auth. Commodity Supply Rev. Ref. Bonds, Series 2024, 5.00% 12/1/2054
(put 8/1/2030)
15,000
15,820
Northern California Gas Auth. No. 1, Gas Project Rev. Bonds, Series 2007-B, (3-month USD CME Term SOFR x
0.67 + 0.72%) 3.368% 7/1/2027 (d)
1,900
1,899
Norwalk La Mirada Unified School Dist., GO Bonds, 2014 Election, Series 2021-E, 3.00% 8/1/2046
1,000
798
Oakland Unified School Dist., GO Bonds, 2012 Election, Series 2019-A, AGI, 4.00% 8/1/2033
2,655
2,682
Oakland Unified School Dist., GO Bonds, 2020 Election, Series 2023-A, AGI, 5.25% 8/1/2048
825
878
Oakland Unified School Dist., GO Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2027
2,000
2,012
The Tax-Exempt Fund of California — Page 25 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Oakland Unified School Dist., GO Rev. Ref. Bonds, Series 2019-A, AGI, 4.00% 8/1/2035
USD1,000
$1,007
Oakland Unified School Dist., GO Rev. Ref. Bonds (Measure J), Series 2017-C, 5.00% 8/1/2036
2,000
2,047
Port of Oakland, Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 11/1/2028
2,205
2,269
Port of Oakland, Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 11/1/2028 (preref. 11/1/2027)
10
10
Port of Oakland, Rev. Ref. Bonds, Series 2017-D, AMT, 5.00% 11/1/2029
250
257
Port of Oakland, Rev. Ref. Bonds, Series 2021-H, AMT, 5.00% 11/1/2029
3,050
3,246
Ohlone Community College Dist., GO Bonds, 2010 Election, Series 2016-C, 4.00% 8/1/2033
1,000
1,003
Ohlone Community College Dist., GO Bonds, 2010 Election, Series 2016-C, 4.00% 8/1/2034
1,000
1,003
Ohlone Community College Dist., GO Bonds, 2010 Election, Series 2016-C, 4.00% 8/1/2035
1,000
1,003
City of Ontario, Community Facs. Dist. No. 38 (Park and Turner NE Facs.), Special Tax Rev. Ref. Bonds, Series 2019,
5.00% 9/1/2044
1,000
1,011
City of Ontario, Community Facs. Dist. No. 38 (Park and Turner NE Facs.), Special Tax Rev. Ref. Bonds, Series 2019,
5.00% 9/1/2049
2,000
2,009
City of Ontario, Community Facs. Dist. No. 40 (Emerald Park Facs.), Special Tax Bonds, Series 2020, 4.00% 9/1/
2039
275
262
City of Ontario, Community Facs. Dist. No. 40 (Emerald Park Facs.), Special Tax Bonds, Series 2020, 4.00% 9/1/
2050
785
664
City of Ontario, Community Facs. Dist. No. 41 (Canvas Park Facs.), Special Tax Bonds, Series 2022, 4.00% 9/1/
2029
310
315
City of Ontario, Community Facs. Dist. No. 41 (Canvas Park Facs.), Special Tax Bonds, Series 2022, 4.00% 9/1/
2031
335
340
City of Ontario, Community Facs. Dist. No. 41 (Canvas Park Facs.), Special Tax Bonds, Series 2022, 4.00% 9/1/
2037
1,650
1,646
City of Ontario, Community Facs. Dist. No. 41 (Canvas Park Facs.), Special Tax Bonds, Series 2022, 4.00% 9/1/
2047
2,795
2,480
City of Ontario, Community Facs. Dist. No. 46 (Avenue 176 Facs.), Special Tax Bonds, Series 2021, 4.00% 9/1/
2045
300
271
City of Ontario, Community Facs. Dist. No. 46 (Avenue 176 Facs.), Special Tax Bonds, Series 2021, 4.00% 9/1/
2051
500
427
City of Ontario, Community Facs. Dist. No. 53 (Tevelde Facs.), Special Tax Bonds, Series 2021, 4.00% 9/1/2027
250
252
City of Ontario, Community Facs. Dist. No. 53 (Tevelde Facs.), Special Tax Bonds, Series 2021, 4.00% 9/1/2028
250
253
City of Ontario, Community Facs. Dist. No. 53 (Tevelde Facs.), Special Tax Bonds, Series 2021, 4.00% 9/1/2036
500
490
City of Ontario, Community Facs. Dist. No. 53 (Tevelde Facs.), Special Tax Bonds, Series 2021, 4.00% 9/1/2042
650
609
City of Ontario, Community Facs. Dist. No. 54 (Esperanza Facs.), Special Tax Bonds, Series 2022, 4.375% 9/1/
2043
900
889
City of Ontario, Community Facs. Dist. No. 54 (Esperanza Facs.), Special Tax Bonds, Series 2022, 4.50% 9/1/2052
825
765
City of Ontario, Community Facs. Dist. No. 55 (Parklane), Special Tax Bonds, Series 2022, 5.00% 9/1/2029
170
179
City of Ontario, Community Facs. Dist. No. 55 (Parklane), Special Tax Bonds, Series 2022, 5.00% 9/1/2037
500
524
City of Ontario, Community Facs. Dist. No. 55 (Parklane), Special Tax Bonds, Series 2022, 5.00% 9/1/2042
600
623
City of Ontario, Community Facs. Dist. No. 55 (Parklane), Special Tax Bonds, Series 2022, 5.00% 9/1/2047
800
813
City of Ontario, Community Facs. Dist. No. 55 (Parklane), Special Tax Bonds, Series 2022, 5.00% 9/1/2053
845
851
City of Ontario, Community Facs. Dist. No. 57 (Neuhouse), Special Tax Bonds, Series 2022, 4.25% 9/1/2037
415
419
City of Ontario, Community Facs. Dist. No. 57 (Neuhouse), Special Tax Bonds, Series 2022, 4.625% 9/1/2042
650
656
City of Ontario, Community Facs. Dist. No. 57 (Neuhouse), Special Tax Bonds, Series 2022, 4.75% 9/1/2047
840
832
City of Ontario, Community Facs. Dist. No. 57 (Neuhouse), Special Tax Bonds, Series 2022, 4.75% 9/1/2052
825
795
City of Ontario, Community Facs. Dist. No. 64 (Sunset Ranch), Special Tax Bonds, Series 2024, 5.00% 9/1/2044
1,000
1,027
City of Ontario, Community Facs. Dist. No. 64 (Sunset Ranch), Special Tax Bonds, Series 2024, 5.00% 9/1/2049
1,000
1,007
City of Ontario, Community Facs. Dist. No. 64 (Sunset Ranch), Special Tax Bonds, Series 2024, 5.00% 9/1/2055
1,000
998
City of Ontario, Community Facs. Dist. No. 66 (Olive and Oleander Facs.), Special Tax Bonds, Series 2024, 5.00%
9/1/2049
1,295
1,311
City of Ontario, Community Facs. Dist. No. 66 (Olive and Oleander Facs.), Special Tax Bonds, Series 2024, 5.00%
9/1/2054
1,930
1,942
County of Orange, Community Facs. Dist. No. 2015-1 (Esencia Village), Special Tax Bonds, Series 2015-A, 5.25%
8/15/2045
2,950
2,954
The Tax-Exempt Fund of California — Page 26 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
County of Orange, Community Facs. Dist. No. 2015-1 (Esencia Village), Special Tax Rev. Ref. Bonds, Series
2015-A, 5.00% 8/15/2029
USD980
$982
County of Orange, Community Facs. Dist. No. 2015-1 (Esencia Village), Special Tax Rev. Ref. Bonds, Series
2015-A, 5.00% 8/15/2033
1,365
1,367
County of Orange, Community Facs. Dist. No. 2016-1 (Esencia Village), Special Tax Bonds, Series 2016-A, 5.00%
8/15/2036
2,000
2,007
County of Orange, Community Facs. Dist. No. 2017-1 (Esencia Village), Improvement Area No. 2, Special Tax
Bonds, Series 2020-A, 4.00% 8/15/2045
2,200
2,025
County of Orange, Community Facs. Dist. No. 2017-1 (Esencia Village), Improvement Area No. 2, Special Tax
Bonds, Series 2020-A, 4.00% 8/15/2050
1,000
868
County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00%
8/15/2037
250
264
County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00%
8/15/2042
1,720
1,789
County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00%
8/15/2047
1,700
1,729
County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00%
8/15/2052
320
323
County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series 2023-A,
5.00% 8/15/2038
525
561
County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series 2023-A,
5.50% 8/15/2048
1,550
1,616
County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series 2023-A,
5.50% 8/15/2053
1,355
1,402
Orinda Union School Dist., GO Bonds, 2018 Election, Measure E, Series 2022-B, 4.00% 8/1/2051
1,730
1,649
City of Oxnard, Wastewater Rev. Ref. Bonds, Series 2025, BAM, 5.00% 6/1/2031
830
933
City of Oxnard, Wastewater Rev. Ref. Bonds, Series 2025, BAM, 5.00% 6/1/2034
1,550
1,814
Oxnard Unified School Dist., GO Bond Anticipation Notes, CAB, Series 2026, 0% 2/1/2031
870
753
Oxnard Unified School Dist., GO Rev. Ref. Bonds, Series 2017-A, BAM, 5.00% 8/1/2036
600
614
Oxnard Unified School Dist., GO Rev. Ref. Bonds, Series 2017-A, BAM, 5.00% 8/1/2045
2,080
2,107
City of Palm Desert, Community Facs. Dist. No. 2005-1 (University Park), Special Tax Rev. Ref. Bonds, Series
2021-A, 4.00% 9/1/2030
195
199
City of Palm Desert, Community Facs. Dist. No. 2005-1 (University Park), Special Tax Rev. Ref. Bonds, Series
2021-A, 4.00% 9/1/2033
220
223
City of Palm Desert, Community Facs. Dist. No. 2005-1 (University Park), Special Tax Rev. Ref. Bonds, Series
2021-A, 4.00% 9/1/2036
235
236
City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series 2021, 3.00% 9/
1/2031
920
868
City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series 2024, 4.25% 9/
1/2034
315
320
City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series 2024, 5.00% 9/
1/2039
655
696
City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series 2021, 4.00% 9/
1/2041
230
215
City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series 2024, 5.00% 9/
1/2044
1,000
1,033
City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series 2024, 5.00%
9/1/2049
600
609
City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series 2021, 4.00%
9/1/2051
1,525
1,291
City of Palm Desert, Community Facs. Dist. No. 2021-1 (University Park), Special Tax Bonds, Series 2024, 5.00% 9/
1/2053
575
581
City of Palm Desert, Section 29 Assessment Dist. No. 2004-02, Limited Obligation Rev. Ref. Improvement Bonds,
Series 2021, 4.00% 9/2/2026
100
100
The Tax-Exempt Fund of California — Page 27 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Palm Desert, Section 29 Assessment Dist. No. 2004-02, Limited Obligation Rev. Ref. Improvement Bonds,
Series 2021, 4.00% 9/2/2031
USD1,000
$1,022
City of Palm Desert, Section 29 Assessment Dist. No. 2004-02, Limited Obligation Rev. Ref. Improvement Bonds,
Series 2021, 4.00% 9/2/2037
2,130
2,115
City of Palmdale, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016-B, NATL, 5.00%
9/1/2032
1,000
1,007
Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, Series 2017-A, AGI, 5.00%
8/1/2041
2,975
3,027
Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, CAB, Series 2012-A, AGI,
0% 8/1/2032
255
209
Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, CAB, Series 2012-A, AGI,
0% 8/1/2037
1,600
1,066
Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, CAB, Series 1999, AGI, 0%
8/1/2038
1,190
755
Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, CAB, Series 2012-A, AGI,
0% 8/1/2038
1,505
955
Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, CAB, Series 1999, AGI, 0%
8/1/2039
240
145
Palmdale Elementary School Dist., Community Facs. Dist. No. 90-1, Special Tax Bonds, CAB, Series 2012-A, AGI,
0% 8/1/2039
840
506
Palo Alto Unified School Dist., GO Bonds, CAB, 2008 Election, Series 2008, 0% 8/1/2032
2,500
2,117
Palomar Health, GO Rev. Ref. Bonds, Series 2016-A, 5.00% 8/1/2026
1,605
1,606
Palomar Health, GO Rev. Ref. Bonds, Series 2016-B, 5.00% 8/1/2029
1,280
1,281
Palomar Health, GO Rev. Ref. Bonds, Series 2016-B, 4.00% 8/1/2030
1,000
972
Palomar Health, GO Rev. Ref. Bonds, Series 2016-B, 4.00% 8/1/2031
1,000
963
Palomar Health, GO Rev. Ref. Bonds, Series 2016-A, 5.00% 8/1/2033
530
529
Palomar Health, GO Rev. Ref. Bonds, Series 2016-B, 4.00% 8/1/2034
70
65
Palomar Health, GO Rev. Ref. Bonds, Series 2016-A, 5.00% 8/1/2034
970
963
Palomar Health, GO Rev. Ref. Bonds, Series 2016-B, BAM, 4.00% 8/1/2036
10
10
Palomar Health, GO Rev. Ref. Bonds, Series 2016-B, 3.00% 8/1/2037
55
44
Palomar Health, GO Rev. Ref. Bonds, Series 2016-B, 4.00% 8/1/2037
25
22
Palomar Health, GO Rev. Ref. Bonds, Series 2016, AGI, 5.00% 11/1/2042
135
130
Palomar Health, Rev. Ref. Bonds, Series 2016, 5.00% 11/1/2030
700
701
Palomar Health, Rev. Ref. Bonds, Series 2016, 5.00% 11/1/2036
2,415
2,391
Palomar Health, Rev. Ref. Bonds, Series 2016, 5.00% 11/1/2039
2,975
2,940
Palomar Pomerado Health, GO Bonds, CAB, 2004 Election, Series 2009-A, AGI, 0% 8/1/2028
3,000
2,772
Palomar Pomerado Health, GO Bonds, CAB, 2004 Election, Series 2009-A, AGI, 0% 8/1/2029
6,550
5,828
Palomar Pomerado Health, GO Bonds, CAB, 2004 Election, Series 2009-A, AGI, 0% 8/1/2031
3,000
2,457
Palomar Pomerado Health, GO Bonds, CAB, 2004 Election, Series 2010-A, 0% 8/1/2035
100
62
Palomar Pomerado Health, GO Bonds, CAB, 2004 Election, Series 2010-A, 0% 8/1/2036
10
6
Pasadena Public Fin. Auth., Lease Rev. Ref. Bonds (Rose Bowl Renovation Project), CAB, Series 2024, 0% 6/1/2041
625
335
Pasadena Public Fin. Auth., Lease Rev. Ref. Bonds (Rose Bowl Renovation Project), CAB, Series 2024, 0% 6/1/2042
985
499
Pasadena Public Fin. Auth., Lease Rev. Ref. Bonds (Rose Bowl Renovation Project), CAB, Series 2024, 0% 6/1/2046
1,250
502
Pasadena Public Fin. Auth., Lease Rev. Ref. Bonds (Rose Bowl Renovation Project), CAB, Series 2024, 0% 6/1/2047
1,250
470
Pasadena Public Fin. Auth., Lease Rev. Ref. Bonds (Rose Bowl Renovation Project), CAB, Series 2024, 0% 6/1/2048
1,125
401
Pasadena Unified School Dist., GO Bonds, 2008 Election, Series 2016, 4.00% 8/1/2036
675
675
City of Paso Robles, Community Facs. Dist. No. 2002-1N (Olsen/South Chandler Ranch Facs.), Improvement Area
No. 1, Special Tax Bonds, Series 2025-A, 5.00% 9/1/2046
1,530
1,544
City of Paso Robles, Community Facs. Dist. No. 2002-1N (Olsen/South Chandler Ranch Facs.), Improvement Area
No. 1, Special Tax Bonds, Series 2025-A, 5.00% 9/1/2060
2,330
2,244
City of Paso Robles, Community Facs. Dist. No. 2002-1N (Olsen/South Chandler Ranch Facs.), Improvement Area
No. 2, Special Tax Bonds, Series 2025-A, 5.00% 9/1/2046
1,335
1,347
City of Paso Robles, Community Facs. Dist. No. 2002-1N (Olsen/South Chandler Ranch Facs.), Improvement Area
No. 2, Special Tax Bonds, Series 2025-A, 5.00% 9/1/2060
2,135
2,056
The Tax-Exempt Fund of California — Page 28 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Patterson, West Patterson Fncg. Auth., Community Facs. Dist. No. 2005-1 (West Patterson Business Park),
Special Tax Bonds, Series 2021, 4.00% 9/1/2043
USD600
$548
City of Patterson, West Patterson Fncg. Auth., Community Facs. Dist. No. 2005-1 (West Patterson Business Park),
Special Tax Bonds, Series 2021, 4.00% 9/1/2046
745
660
City of Patterson, West Patterson Fncg. Auth., Community Facs. Dist. No. 2005-1 (West Patterson Business Park),
Special Tax Bonds, Series 2021, 4.00% 9/1/2049
1,780
1,515
City of Patterson, West Patterson Fncg. Auth., Community Facs. Dist. No. 2018-1 (Villages of Patterson), Special
Tax Bonds, Series 2021, 4.00% 9/1/2036
250
249
City of Patterson, West Patterson Fncg. Auth., Community Facs. Dist. No. 2018-1 (Villages of Patterson), Special
Tax Bonds, Series 2021, 4.00% 9/1/2041
375
356
City of Patterson, West Patterson Fncg. Auth., Community Facs. Dist. No. 2018-1 (Villages of Patterson), Special
Tax Bonds, Series 2021, 4.00% 9/1/2046
555
501
City of Patterson, West Patterson Fncg. Auth., Community Facs. Dist. No. 2018-1 (Villages of Patterson), Special
Tax Bonds, Series 2021, 4.00% 9/1/2051
760
648
Patterson Joint Unified School Dist., GO Bonds, 2022 Election, Series 2025-B, BAM, 5.00% 8/1/2055
3,500
3,638
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2049
8,035
8,060
City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA Nos. 4 and 5; CFD No. 2005-1
IA4), Series 2017-B, 5.00% 9/1/2035
1,000
1,015
City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA Nos. 4 and 5; CFD No. 2005-1
IA4), Series 2017-B, 5.00% 9/1/2037
1,325
1,344
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2031
1,325
1,327
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2034
1,490
1,492
Placentia-Yorba Linda Unified School Dist., Certs. Of Part., Series 2026, 5.00% 10/1/2031
1,125
1,265
Placentia-Yorba Linda Unified School Dist., Rev. Certs. Of Part., Series 2026, 5.00% 10/1/2033
1,000
1,158
Pleasanton Unified School Dist., GO Bonds, 2022 Election, Series 2023, 4.00% 8/1/2040
425
433
Pleasanton Unified School Dist., GO Bonds, 2022 Election, Series 2023, 4.00% 8/1/2041
500
506
Pollution Control Fncg. Auth., Rev. Bonds (San Jose Water Co. Project), Series 2016, AMT, 4.75% 11/1/2046
11,475
11,452
Pollution Control Fncg. Auth., Water Facs. Rev. Bonds (American Water Capital Corp. Project), Series 2020, 3.70%
8/1/2040 (put 9/1/2028)
4,490
4,560
Pomona Unified School Dist., GO Bonds, 2024 Election, Series 2025-A, 5.00% 8/1/2050
1,100
1,165
Pomona Unified School Dist., GO Bonds, 2024 Election, Series 2025-A, 5.00% 8/1/2055
3,000
3,153
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2016-A, 5.00% 9/1/2029
1,660
1,670
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2016-A, 5.00% 9/1/2030
1,820
1,831
Poway Unified School Dist., School Facs. Improvement Dist. No. 2007-1, GO Bonds, CAB, 2008 Election, Series
2011-B, 0% 8/1/2035
3,500
2,608
Public Fin. Auth., Charter School Rev. Bonds (LaVerne Elementary Preparatory Academy Project), Series 2019-A,
5.00% 6/15/2039 (a)
2,155
2,155
Public Fin. Auth., Charter School Rev. Bonds (LaVerne Elementary Preparatory Academy Project), Series 2019-A,
5.00% 6/15/2049 (a)
1,900
1,777
Public Fin. Auth., Reassessment Rev. Ref. Bonds, Series 2019, 5.00% 9/2/2027
1,525
1,567
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, 5.00% 10/15/2037
2,000
2,006
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, 5.00% 10/15/2047
4,025
4,013
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-B, 4.00% 10/15/2051 (put 10/
15/2031)
690
672
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 1/1/2030
490
509
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 1/1/2043
10,155
10,255
Public Fin. Auth., Senior Living Rev. Bonds (The James), Series 2024-A, 6.375% 6/1/2059 (a)
725
672
Public Works Board, Lease Rev. Bonds (Dept. of General Services, May Lee State Office Complex), Series 2024-A,
5.00% 4/1/2049
950
999
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2026-A, 5.00% 9/1/2034
2,000
2,312
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2026-A, 5.00% 9/1/2039
6,500
7,364
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2026-A, 5.00% 9/1/2040
4,500
5,085
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2025-C, 5.00% 11/1/2042
4,740
5,317
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2025-A, 5.00% 4/1/2043
1,000
1,110
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2025-A, 5.00% 4/1/2046
5,000
5,396
The Tax-Exempt Fund of California — Page 29 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2025-C, 5.00% 11/1/2050
USD1,000
$1,055
Public Works Board, Lease Rev. Green Bonds (Dept. of General Services, Sacramento Region New Natural
Resources Headquarters), Series 2021-C, 4.00% 11/1/2037
1,750
1,800
Public Works Board, Lease Rev. Green Bonds (Dept. of General Services, Sacramento Region New Natural
Resources Headquarters), Series 2021-C, 4.00% 11/1/2038
1,500
1,534
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2021-A, 5.00% 2/1/2029
1,000
1,066
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2024-C, 5.00% 9/1/2038
4,500
5,076
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2024-D, 5.00% 11/1/2038
1,395
1,575
City of Rancho Cordova, Community Facs. Dist. No. 2003-1 (Sunridge Anatolia), Special Tax Bonds, Series 2016,
4.00% 9/1/2037
500
500
City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (The Grantline 208 Project), Special Tax Bonds, Series
2021-B, 4.00% 9/1/2036
440
440
City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (The Grantline 208 Project), Special Tax Bonds, Series
2021-B, 4.00% 9/1/2046
1,150
1,034
City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (The Grantline 208 Project), Special Tax Bonds, Series
2021-B, 4.00% 9/1/2051
1,220
1,040
City of Rancho Cordova, Community Facs. Dist. No. 2021-1 (The Ranch Project), Improvement Area No. 2, Special
Tax Bonds, Series 2025, 5.00% 9/1/2045
570
581
City of Rancho Cordova, Community Facs. Dist. No. 2021-1 (The Ranch Project), Improvement Area No. 2, Special
Tax Bonds, Series 2025, 5.00% 9/1/2050
750
753
City of Rancho Cordova, Community Facs. Dist. No. 2021-1 (The Ranch Project), Improvement Area No. 2, Special
Tax Bonds, Series 2025, 5.00% 9/1/2054
740
742
City of Rancho Cordova, Community Facs. Dist. No. 2022-1 (Artista Del Sol), Improvement Area No. 2, Special Tax
Bonds, Series 2026, 5.00% 9/1/2046
1,000
1,017
City of Rancho Cordova, Community Facs. Dist. No. 2022-1 (Artista Del Sol), Improvement Area No. 2, Special Tax
Bonds, Series 2026, 5.00% 9/1/2051
670
672
City of Rancho Cordova, Community Facs. Dist. No. 2022-1 (Artista Del Sol), Improvement Area No. 2, Special Tax
Bonds, Series 2026, 5.00% 9/1/2055
645
645
City of Rancho Cordova, Community Facs. Dist. No. 2022-1 (Artista Del Sol), Special Tax Bonds, Series 2023,
5.125% 9/1/2043
775
807
City of Rancho Cordova, Community Facs. Dist. No. 2022-1 (Artista Del Sol), Special Tax Bonds, Series 2023,
5.375% 9/1/2053
1,300
1,334
City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), Improvement Area No. 1,
Special Tax Bonds, Series 2024, 4.00% 9/1/2029
150
151
City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), Improvement Area No. 1,
Special Tax Bonds, Series 2024, 5.00% 9/1/2034
300
323
City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), Improvement Area No. 1,
Special Tax Bonds, Series 2024, 5.00% 9/1/2039
405
428
City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), Improvement Area No.1,
Special Tax Bonds, Series 2024, 5.00% 9/1/2044
500
514
City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), Improvement Area No. 1,
Special Tax Bonds, Series 2024, 5.00% 9/1/2053
550
553
City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), Improvement Area No. 2,
Special Tax Bonds, Series 2024, 5.00% 9/1/2039
1,915
2,024
City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), Improvement Area No. 2,
Special Tax Bonds, Series 2024, 5.00% 9/1/2044
1,600
1,653
City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), Improvement Area No. 2,
Special Tax Bonds, Series 2024, 5.00% 9/1/2049
1,000
1,014
City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), Improvement Area No. 2,
Special Tax Bonds, Series 2024, 5.00% 9/1/2054
2,000
2,004
City of Rancho Mirage, Community Facs. Dist. No. 4B (Del Webb Project), Special Tax Bonds, Series 2021, 4.00%
9/1/2051
550
469
City of Rancho Mirage, Community Facs. Dist. No. 5 (Improvement Area No. 1), Special Tax Bonds, Series 2024-A,
5.00% 9/1/2044
1,205
1,239
The Tax-Exempt Fund of California — Page 30 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Rancho Mirage, Community Facs. Dist. No. 5 (Improvement Area No. 1), Special Tax Bonds, Series 2024-A,
5.00% 9/1/2049
USD2,400
$2,416
City of Rancho Mirage, Community Facs. Dist. No. 5 (Improvement Area No. 1), Special Tax Bonds, Series 2024-A,
5.00% 9/1/2054
4,170
4,179
City of Rancho Santa Fe, Community Services Dist., Rev. Bonds, Series 2016-A, 5.00% 9/1/2029
1,125
1,133
Ravenswood City School Dist., GO Bonds, CAB, 2022 Election, Series 2025-B, AGI, 0% 8/1/2048
1,690
578
Ravenswood City School Dist., GO Bonds, CAB, 2022 Election, Series 2025-B, AGI, 0% 8/1/2050
2,010
614
City of Redding, Wastewater System Rev. Ref. Bonds, Series 2020, 5.00% 6/1/2032
620
684
City of Redding, Wastewater System Rev. Ref. Bonds, Series 2020, 5.00% 6/1/2033
465
512
City of Rialto, Community Facs. Dist. No. 2019-2 (Foothill/Spruce), Special Tax Bonds, Series 2022, 4.25% 9/1/
2042
770
747
City of Rialto, Community Facs. Dist. No. 2024-1 (Renaissance), Special Tax Bonds, Series 2026, 5.00% 9/1/2051
525
531
City of Rialto, Community Facs. Dist. No. 2024-1 (Renaissance), Special Tax Bonds, Series 2026, 5.00% 9/1/2055
500
503
Rialto Unified School Dist., GO Bonds, 2022 Election, Series 2023, BAM, 5.00% 8/1/2052
1,720
1,777
Rialto Unified School Dist., GO Bonds, CAB, 2022 Election, Series 2023, BAM, 0% 8/1/2034
500
376
Rialto Unified School Dist., GO Bonds, CAB, 2022 Election, Series 2023, BAM, 0% 8/1/2044
1,000
430
Rialto Unified School Dist., GO Bonds, CAB, 2022 Election, Series 2023, BAM, 0% 8/1/2045
1,625
660
Rialto Unified School Dist., GO Bonds, CAB, 2022 Election, Series 2023, BAM, 0% 8/1/2046
1,000
382
Rialto Unified School Dist., GO Bonds, CAB, 2022 Election, Series 2023, BAM, 0% 8/1/2047
1,175
424
Rio Hondo Community College Dist., GO Bonds (Dedicated Unlimited Ad Valorem Property Tax Bonds), 2024
Election, Series 2025-A, 5.00% 8/1/2050
2,500
2,650
Rio Hondo Community College Dist., GO Bonds, CAB, 2004 Election, Series 2010-C, 0% 8/1/2028
1,000
945
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1 (Public Improvements), Special Tax Bonds,
Series 2019-A, 5.00% 9/1/2043
3,035
3,079
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1 (Public Improvements), Special Tax Bonds,
Series 2019-A, 5.00% 9/1/2048
6,000
5,992
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1 (Public Improvements), Special Tax Rev. Ref.
Bonds, Series 2022-A-1, AGI, 5.25% 9/1/2052
3,000
3,157
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2019-1 (Public Improvements), Special Tax Bonds,
Series 2019, 5.00% 9/1/2040
4,685
4,751
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special Tax Bonds,
Series 2021-1, 4.00% 9/1/2026
380
380
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special Tax Bonds,
Series 2021-1, 4.00% 9/1/2027
430
430
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special Tax Bonds,
Series 2021-1, 4.00% 9/1/2029
250
250
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special Tax Bonds,
Series 2021-1, 4.00% 9/1/2033
590
590
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special Tax Bonds,
Series 2021-1, 4.00% 9/1/2041
1,000
930
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special Tax Bonds,
Series 2021-1, 4.00% 9/1/2046
450
382
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2021-1 (Public Improvements), Special Tax Bonds,
Series 2021-1, 4.00% 9/1/2051
1,380
1,134
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2025,
5.00% 9/1/2034
360
386
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2025,
5.00% 9/1/2035
410
436
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024,
4.50% 9/1/2044
300
291
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2025,
4.75% 9/1/2045
1,395
1,385
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024,
5.00% 9/1/2048
920
913
The Tax-Exempt Fund of California — Page 31 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2025,
5.00% 9/1/2050
USD2,995
$2,934
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series
2022-B-2, 5.00% 9/1/2052
2,620
2,538
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2024,
5.00% 9/1/2054
3,575
3,445
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2025,
5.00% 9/1/2055
4,945
4,754
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2023-1 (Public Facs.), Special Tax Bonds, Series 2025,
5.00% 9/1/2055
1,520
1,461
River Islands Public Fncg. Auth., Local Agcy. Rev. Bonds (Phase 1 RANS Refunding Program.), CAB, Series 2026-A,
AGI, 0% 9/1/2055
2,000
447
River Islands Public Fncg. Auth., Local Agcy. Rev. Bonds (Phase 1 RANS Refunding Program.), CAB, Series 2026-A,
AGI, 0% 9/1/2056
5,760
1,217
River Islands Public Fncg. Auth., Local Agcy. Rev. Bonds (Phase 1 RANS Refunding Program.), CAB, Series 2026-A,
AGI, 0% 9/1/2057
4,500
898
River Islands Public Fncg. Auth., Local Agcy. Rev. Bonds (Phase 1 RANS Refunding Program.), CAB, Series 2026-A,
AGI, 0% 9/1/2058
4,700
885
River Islands Public Fncg. Auth., Local Agcy. Rev. Bonds (Phase 1 RANS Refunding Program.), CAB, Series 2026-A,
AGI, 0% 9/1/2059
3,650
650
River Islands Public Fncg. Auth., Local Agcy. Rev. Bonds (Phase 1 RANS Refunding Program.), CAB, Series 2026-A,
AGI, 0% 9/1/2060
7,535
1,272
River Islands Public Fncg. Auth., Local Agcy. Rev. Bonds (Phase 1 RANS Refunding Program.), CAB, Series 2026-A,
AGI, 0% 9/1/2061
4,625
736
River Islands Public Fncg. Auth., Local Agcy. Rev. Bonds (Phase 1 RANS Refunding Program.), CAB, Series 2026-A,
AGI, 0% 9/1/2062
5,650
846
River Islands Public Fncg. Auth., Local Agcy. Rev. Bonds (Phase 1 RANS Refunding Program.), CAB, Series 2026-A,
AGI, 0% 9/1/2063
5,625
794
River Islands Public Fncg. Auth., Local Agcy. Rev. Bonds (Phase 1 RANS Refunding Program.), CAB, Series 2026-A,
AGI, 0% 9/1/2064
7,100
944
River Islands Public Fncg. Auth., Local Agcy. Rev. Bonds (Phase 1 RANS Refunding Program.), CAB, Series 2026-A,
AGI, 0% 9/1/2065
4,475
560
County of Riverside, Community Facs. Dist. No. 05-8 (Scott Road), Special Tax Bonds, Series 2018, 5.00% 9/1/
2048
2,500
2,520
County of Riverside, Transportation Commission, Toll Rev. Ref. Bonds, Series 2021-B-2, 3.00% 6/1/2044
1,894
1,574
County of Riverside, Transportation Commission, Toll Rev. Ref. Bonds, Series 2021-C, 4.00% 6/1/2047
2,012
1,920
County of Riverside, Transportation Commission, Toll Rev. Ref. Bonds, Series 2021-B-2, 3.00% 6/1/2048
1,288
986
County of Riverside, Transportation Commission, Toll Rev. Ref. Bonds, Series 2021-B-1, BAM, 3.00% 6/1/2049
10,970
8,421
County of Riverside, Transportation Commission, Toll Rev. Ref. Bonds (RCTC 91 Express Lanes), Series 2021-B-1,
4.00% 6/1/2046
1,020
990
Riverside Community College Dist., GO Bonds, 2024 Election, Series 2025-A, 4.00% 8/1/2054
5,000
4,749
Riverside Unified School Dist., Special Tax Bonds, Series 2021, 4.00% 9/1/2045
375
346
Riverside Unified School Dist., Special Tax Bonds, Series 2021, 4.00% 9/1/2050
600
525
Romoland School Dist., Community Facs. Dist. No. 2004-1 (Heritage Lake), Improvement Area No. 4, Special Tax
Bonds, Series 2020-A, 4.00% 9/1/2038
550
545
Romoland School Dist., Community Facs. Dist. No. 2004-1 (Heritage Lake), Improvement Area No. 4, Special Tax
Bonds, Series 2020-A, 4.00% 9/1/2045
750
690
Romoland School Dist., Community Facs. Dist. No. 2006-1 (Brendle Mills), Special Tax Bonds, Series 2017, 5.00%
9/1/2039
990
1,004
Romoland School Dist., Community Facs. Dist. No. 2022-2 (Mountains Edge), Special Tax Bonds, Series 2024,
5.00% 9/1/2044
500
514
Romoland School Dist., Community Facs. Dist. No. 2022-2 (Mountains Edge), Special Tax Bonds, Series 2024,
5.00% 9/1/2049
775
777
Romoland School Dist., Community Facs. Dist. No. 2022-2 (Mountains Edge), Special Tax Bonds, Series 2024,
5.00% 9/1/2054
860
860
The Tax-Exempt Fund of California — Page 32 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Romoland School Dist., Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 9/1/2027
USD250
$257
Romoland School Dist., Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 9/1/2028
360
369
Romoland School Dist., Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 9/1/2031
830
849
Romoland School Dist., Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 9/1/2034
855
871
Romoland School Dist., Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 9/1/2035
1,140
1,160
Romoland School Dist., Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 9/1/2037
1,000
1,016
Romoland School Dist., Community Facs. Dist. No. 91-1, Special Tax Bonds, Series 2017, 5.00% 9/1/2041
1,255
1,268
City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 4.00% 9/1/2026
125
125
City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 4.00% 9/1/2027
145
146
City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 4.00% 9/1/2028
165
168
City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 4.00% 9/1/2029
185
189
City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 4.00% 9/1/2030
205
210
City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 4.00% 9/1/2041
1,215
1,169
City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 4.00% 9/1/2046
1,145
1,030
City of Roseville, Community Facs. Dist. No. 1 (Creekview), Special Tax Bonds, Series 2021, 4.00% 9/1/2051
2,815
2,436
City of Roseville, Community Facs. Dist. No. 1 (Public Facs.), Special Tax Rev. Ref. Bonds, Series 2017, 5.00% 9/1/
2034
1,000
1,018
City of Roseville, Community Facs. Dist. No. 1 (The Fountains), Special Tax Rev. Ref. Bonds, Series 2016, 5.00% 9/
1/2038
1,650
1,655
City of Roseville, Community Facs. Dist. No. 1 (Villages at Sierra Vista), Special Tax Bonds, Series 2021, 4.00% 9/1/
2037
220
220
City of Roseville, Community Facs. Dist. No. 1 (Villages at Sierra Vista), Special Tax Bonds, Series 2021, 4.00% 9/1/
2041
305
297
City of Roseville, Community Facs. Dist. No. 1 (Villages at Sierra Vista), Special Tax Bonds, Series 2021, 4.00%
9/1/2046
1,040
948
City of Roseville, Community Facs. Dist. No. 1 (Villages at Sierra Vista), Special Tax Bonds, Series 2021, 4.00%
9/1/2051
710
614
City of Roseville, Community Facs. Dist. No. 5 (Fiddyment Ranch), Special Tax Bonds, Series 2021, 4.00% 9/1/
2041
750
722
City of Roseville, Creekview Community Facs. Dist. No. 1 (Public Facs.) Improvement Area No. 2, Special Tax
Bonds, Series 2024, 5.00% 9/1/2049
3,670
3,689
City of Roseville, Creekview Community Facs. Dist. No. 1 (Public Facs.) Improvement Area No. 2, Special Tax
Bonds, Series 2024, 5.00% 9/1/2054
3,000
2,996
Rowland Unified School Dist., GO Bonds, CAB, 2006 Election, Series 2009-B, 0% 8/1/2034
4,000
2,946
City of Sacramento, Community Facs. Dist. No. 2001-01 (Natomas Meadows), Improvement Area No. 1, Special
Tax Bonds, Series 2017, 5.00% 9/1/2047 (a)
1,900
1,902
City of Sacramento, Community Facs. Dist. No. 2006-02 (Natomas Central), Special Tax Bonds, Series 2016,
5.00% 9/1/2041
235
236
City of Sacramento, Community Facs. Dist. No. 2006-02 (Natomas Central), Special Tax Bonds, Series 2016,
5.00% 9/1/2046
1,750
1,752
City of Sacramento, Community Facs. Dist. No. 2018-03 (Greenbriar), Improvement Area No. 2, Special Tax
Bonds, Series 2024, 5.00% 9/1/2039
1,500
1,593
City of Sacramento, Community Facs. Dist. No. 2018-03 (Greenbriar), Improvement Area No. 2, Special Tax
Bonds, Series 2024, 5.00% 9/1/2054
6,100
6,146
City of Sacramento, Community Facs. Dist. No. 2019-01 (Delta Shores), Improvement Area No. 1, Special Tax
Bonds, Series 2024, 5.00% 9/1/2045
2,680
2,754
City of Sacramento, Community Facs. Dist. No. 2019-01 (Delta Shores), Improvement Area No. 1, Special Tax
Bonds, Series 2024, 5.00% 9/1/2049
3,085
3,111
City of Sacramento, Community Facs. Dist. No. 2019-01 (Delta Shores), Improvement Area No. 1, Special Tax
Bonds, Series 2024, 5.00% 9/1/2054
3,230
3,248
City of Sacramento, Community Facs. Dist. No. 2019-01 (Delta Shores), Improvement Area No. 2, Special Tax
Bonds, Series 2022, 5.50% 9/1/2052
260
264
City of Sacramento, Community Facs. Dist. No. 2019-01 (Delta Shores), Improvement Area No. 2, Special Tax
Bonds, Series 2022, 5.75% 9/1/2052
1,130
1,163
County of Sacramento, Airport System Rev. Bonds, Series 2025-A, AMT, 5.00% 7/1/2040
1,000
1,086
The Tax-Exempt Fund of California — Page 33 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
County of Sacramento, Airport System Rev. Bonds, Series 2024, 5.25% 7/1/2054
USD1,585
$1,681
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-C, AMT, 5.00% 7/1/2028
1,455
1,519
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-C, AMT, 5.00% 7/1/2033
3,000
3,100
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-C, AMT, 5.00% 7/1/2034
3,000
3,095
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-C, AMT, 5.00% 7/1/2035
4,000
4,119
County of Sacramento, Community Facs. Dist. No. 2005-2 (North Vineyard Station No. 1), Special Tax Bonds,
Series 2016, 5.00% 9/1/2040
1,090
1,093
County of Sacramento, Community Facs. Dist. No. 2005-2 (North Vineyard Station No. 1), Special Tax Bonds,
Series 2016, 5.00% 9/1/2045
1,000
1,001
County of Sacramento, Community Facs. Dist. No. 2014-2 (North Vineyard Station No. 2), Special Tax Bonds,
Series 2021, 4.00% 9/1/2036
530
526
County of Sacramento, Community Facs. Dist. No. 2014-2 (North Vineyard Station No. 2), Special Tax Bonds,
Series 2021, 4.00% 9/1/2041
650
618
Sacramento Unified School Dist., GO Bonds, 2020 Election, Series 2025, AGI, 5.00% 8/1/2043
1,350
1,495
Sacramento Unified School Dist., GO Bonds, 2020 Election, Series 2025-A, AGI, 5.00% 8/1/2050
2,095
2,180
Sacramento Unified School Dist., GO Bonds, 2020 Election, Series 2025-C, AGI, 5.00% 8/1/2050
2,005
2,087
Sacramento Unified School Dist., GO Bonds, 2020 Election, Series 2025-A, AGI, 5.00% 8/1/2053
7,000
7,242
Sacramento Unified School Dist., GO Bonds, 2020 Election, Series 2025-C, AGI, 5.00% 8/1/2054
9,000
9,302
Sacramento Unified School Dist., GO Bonds, 2021 Election, Series 2021-G, AGI, 4.00% 8/1/2044
815
816
Sacramento Unified School Dist., GO Bonds, 2021 Election, Series 2021-G, AGI, 4.00% 8/1/2049
3,690
3,529
Sacramento Unified School Dist., GO Bonds, CAB, 2002 Election, Series 2007, AGI, 0% 7/1/2028
4,575
4,301
Sacramento Unified School Dist., GO Rev. Ref. Bonds, Series 2024-B, BAM, 5.00% 8/1/2038
440
496
Sacramento Unified School Dist., GO Rev. Ref. Bonds, Series 2024-B, BAM, 5.00% 8/1/2043
1,330
1,446
County of San Bernardino and Cities of Colton, Loma Linda and San Bernardino, Successor Agcy. to the Inland
Valley Dev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, 5.00% 9/1/2044
3,750
3,783
County of San Bernardino, Community Facs. Dist. No. 2006-1 (Lytle Creek North), Improvement Area No. 1,
Special Tax Bonds, Series 2015, 5.00% 9/1/2040
1,000
1,001
County of San Bernardino, Community Facs. Dist. No. 2006-1 (Lytle Creek North), Improvement Area No. 6,
Special Tax Bonds, Series 2018, 5.00% 9/1/2043
1,860
1,885
County of San Bernardino, Community Facs. Dist. No. 2006-1 (Lytle Creek North), Improvement Area No. 6,
Special Tax Bonds, Series 2018, 5.00% 9/1/2048
1,775
1,783
San Bernardino Unified School Dist., GO Rev. Ref. Bonds, Series 2017-D, AGI, 4.00% 8/1/2042
1,175
1,176
City of San Diego, Community Facs. Dist. No. 4 (Black Mountain Ranch Villages), Special Tax Bonds, Series 2016,
5.00% 9/1/2037
970
978
City of San Diego, Housing Auth., Multi Family Housing Rev. Bonds, Series 2023-B, 5.00% 5/1/2057 (put 11/1/
2026)
1,550
1,564
City of San Diego, Public Facs. Fncg. Auth., Water Rev. Bonds, Series 2020-A, 4.00% 8/1/2045
1,000
1,000
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 1,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2032
125
126
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 1,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2032
100
101
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 1,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2033
100
101
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 1,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2034
265
267
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 1,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2034
100
100
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 1,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2035
125
125
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 1,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2036
170
171
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 1,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2037
175
175
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 1,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2038
855
843
The Tax-Exempt Fund of California — Page 34 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 1,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2039
USD410
$405
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 1,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2040
100
98
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 1,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2045
550
507
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 1,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2050
1,000
867
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 2,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2036
635
633
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 2,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2040
475
463
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 2,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2045
1,000
914
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 2,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2050
1,100
947
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 4.00% 7/1/2037
1,000
1,021
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2044
1,000
1,043
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 7/1/2029
1,595
1,692
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 7/1/2033
2,280
2,400
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2021-B, AMT, 4.00% 7/1/2035
1,000
1,018
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 7/1/2035
2,495
2,539
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2021-B, AMT, 4.00% 7/1/2036
1,075
1,090
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 7/1/2036
750
762
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 7/1/2037
750
762
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 7/1/2042
1,500
1,515
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2017-B, AMT, 5.00% 7/1/2047
1,000
1,001
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2023-B, AMT, 5.00% 7/1/2048
3,365
3,434
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 7/1/2049
3,375
3,396
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2021-B, AMT, 4.00% 7/1/2056
14,830
12,775
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Green Bonds, Series 2020-A,
4.00% 4/1/2048
1,000
975
County of San Diego, Water Auth., Water Rev. Ref. Green Bonds, Series 2021-B, 4.00% 5/1/2038
5,000
5,205
San Diego Community College Dist., GO Rev. Ref. Bonds, Series 2024, 4.00% 8/1/2041
1,000
1,021
San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, 2012 Election, Series
2026-ZR-7, 5.00% 7/1/2045
2,500
2,899
San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, 2012 Election, Series
2017-I, 4.00% 7/1/2047
2,000
1,938
San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, 2012 Election, Series
2020-M-2, 3.00% 7/1/2050
5,000
3,809
San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, 2022 Election, Series
2024-B-3, 5.00% 7/1/2039
3,000
3,397
San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, CAB, 2008 Election,
Series 2012-E, 0% 7/1/2034
3,000
2,307
San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Green Bonds, 2018 Election,
Series 2024-H-2, 5.00% 7/1/2049
745
793
San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Green Bonds, 2018 Election,
Series 2025-I-3, 5.00% 7/1/2055
1,715
1,797
San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Green Bonds, 2022 Election,
Series 2024-B-3, 4.00% 7/1/2054
2,000
1,872
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds, Series
2016-B-2, AMT, 5.00% 5/1/2046
4,000
3,986
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds, Series
2019-A-2, AMT, 5.00% 5/1/2049
4,000
4,005
The Tax-Exempt Fund of California — Page 35 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds, Series
2019-E, AMT, 4.00% 5/1/2050
USD5,385
$4,820
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds, Series
2019-E, AMT, 4.00% 5/1/2050 (preref. 5/1/2029)
510
517
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds, Series
2019-E-2, AMT, 5.00% 5/1/2050
7,315
7,316
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds, Series
2025-D-2, AMT, 5.25% 5/1/2055
4,000
4,154
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds, Series
2025-D-2, AMT, 5.50% 5/1/2055
11,000
11,690
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds,
Series 2024-A, AMT, 5.00% 5/1/2031
7,500
8,184
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds,
Series 2023-C, AMT, 5.00% 5/1/2033
2,000
2,222
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds,
Series 2021-A-2, AMT, 5.00% 5/1/2036
2,000
2,140
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds,
Series 2020-A-2, AMT, 5.00% 5/1/2037
2,000
2,107
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds,
Series 2024-A-2, AMT, 5.25% 5/1/2040
6,500
7,165
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds,
Series 2022-A-2, AMT, 5.25% 5/1/2041
5,000
5,481
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds,
Series 2019-A-2, AMT, 5.00% 5/1/2044
3,000
3,067
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds,
Series 2019-E-2, AMT, 5.00% 5/1/2045
500
510
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds,
Series 2024-A-2, AMT, 5.25% 5/1/2049
2,995
3,140
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds,
Series 2022-A-2, AMT, 5.00% 5/1/2052
2,500
2,523
City and County of San Francisco, Community Facs. Dist. No. 2014-1 (Transbay Transit Center), Special Tax Bonds,
Series 2022-A, 5.00% 9/1/2047
530
548
City and County of San Francisco, Community Facs. Dist. No. 2014-1 (Transbay Transit Center), Special Tax Bonds,
Series 2022-A, 5.00% 9/1/2052
640
653
City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), Improvement Area No. 1,
Special Tax Bonds, Series 2021, 4.00% 9/1/2041
1,950
1,812
City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), Improvement Area No. 1,
Special Tax Bonds, Series 2021, 4.00% 9/1/2046
1,745
1,524
City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), Improvement Area No. 1,
Special Tax Bonds, Series 2021, 4.00% 9/1/2051
1,035
859
City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), Improvement Area No. 2,
Special Tax Bonds, Series 2023-A, 5.00% 9/1/2043 (a)
1,230
1,268
City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), Improvement Area No. 2,
Special Tax Bonds, Series 2022-A, 4.00% 9/1/2052 (a)
2,500
2,107
City and County of San Francisco, Community Facs. Dist. No. 2016-1 (Treasure Island), Improvement Area No. 2,
Special Tax Bonds, Series 2023-A, 5.50% 9/1/2053 (a)
2,050
2,114
City and County of San Francisco, GO Bonds (Earthquake Safety and Emergency Response), Series 2021-E-1,
4.00% 6/15/2043
3,445
3,451
City and County of San Francisco, Infrastructure and Revitalization Fncg. Dist. No. 1 (Treasure Island), Tax
Increment Rev. Bonds, Series 2022-A, 5.00% 9/1/2032 (a)
500
536
City and County of San Francisco, Infrastructure and Revitalization Fncg. Dist. No. 1 (Treasure Island), Tax
Increment Rev. Bonds, Series 2025-A, 5.00% 9/1/2035 (a)
1,285
1,350
City and County of San Francisco, Infrastructure and Revitalization Fncg. Dist. No. 1 (Treasure Island), Tax
Increment Rev. Bonds, Series 2022-A, 5.00% 9/1/2037 (a)
500
523
The Tax-Exempt Fund of California — Page 36 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City and County of San Francisco, Infrastructure and Revitalization Fncg. Dist. No. 1 (Treasure Island), Tax
Increment Rev. Bonds, Series 2025-A, 5.00% 9/1/2046 (a)
USD1,600
$1,594
City and County of San Francisco, Infrastructure and Revitalization Fncg. Dist. No. 1 (Treasure Island), Tax
Increment Rev. Bonds, Series 2022-A, 5.00% 9/1/2052 (a)
3,500
3,352
City and County of San Francisco, Infrastructure and Revitalization Fncg. Dist. No. 1 (Treasure Island), Tax
Increment Rev. Bonds, Series 2023-A, 5.50% 9/1/2053 (a)
1,530
1,523
City and County of San Francisco, Infrastructure and Revitalization Fncg. Dist. No. 1 (Treasure Island), Tax
Increment Rev. Bonds, Series 2025-A, 5.00% 9/1/2055 (a)
2,255
2,168
City and County of San Francisco, Infrastructure and Revitalization Fncg. Dist. No. 1 (Treasure Island), Tax
Increment Rev. Bonds, Series 2025-B, 5.00% 9/1/2055 (a)
2,145
2,047
City and County of San Francisco, Multi Family Housing Rev. Bonds (Sunnydale Hope SF Block 9), Series
2025-B-2, 3.35% 8/1/2029 (put 8/1/2028)
1,800
1,821
City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, Series 2020-D,
3.00% 11/1/2050
1,615
1,211
City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, Series 2020-A,
4.00% 11/1/2050
2,000
1,911
City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, Series 2020-C,
4.00% 11/1/2050
1,000
955
City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, Series 2025-D,
5.00% 11/1/2055
2,500
2,627
City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Green Bonds, Series
2020-A, 5.00% 11/1/2050
2,500
2,584
City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2016-A,
4.00% 10/1/2037
3,575
3,575
City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2024-D,
5.00% 10/1/2046
825
892
City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2023-C,
4.00% 10/1/2048 (put 10/1/2029)
1,000
1,040
City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2021-A,
4.00% 10/1/2050
5,000
4,784
City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2024-C,
5.00% 10/1/2054
2,135
2,235
City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project),
Series 2016-B, 5.00% 8/1/2031
425
427
City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project),
Series 2016-C, 5.00% 8/1/2033
1,000
1,005
City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project),
Series 2016-C, NATL, 5.00% 8/1/2041
2,100
2,107
City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project),
Series 2014-A, 5.00% 8/1/2043
2,100
2,102
City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Dev. Special Tax
Bonds, Series 2021-A, 4.00% 9/1/2026 (a)
50
50
City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Dev. Special Tax
Bonds, Series 2021-A, 4.00% 9/1/2041 (a)
1,435
1,357
City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Dev. Special Tax
Bonds, Series 2021-A, 4.00% 9/1/2046 (a)
4,475
3,919
City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Dev. Special Tax
Bonds, Series 2023-A, 5.75% 9/1/2050 (a)
480
502
City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Dev. Special Tax
Bonds, Series 2021-A, 4.00% 9/1/2051 (a)
5,675
4,810
City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Dev. Special Tax
Bonds, Series 2021-A, 4.00% 9/1/2051 (a)
2,040
1,729
City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Shoreline
Special Tax Bonds, Series 2023-C, 5.00% 9/1/2033 (a)
520
546
The Tax-Exempt Fund of California — Page 37 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Shoreline
Special Tax Bonds, Series 2023-C, 5.50% 9/1/2043 (a)
USD1,000
$1,060
City and County of San Francisco, Special Tax Dist. No. 2020-1 (Mission Rock Facs. and Services), Shoreline
Special Tax Bonds, Series 2023-C, 5.75% 9/1/2053 (a)
1,000
1,043
City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Community Facs. Dist. No. 7 (Hunters
Point Shipyard Phase 1 Improvements), Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 8/1/2028
325
326
City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Community Facs. Dist. No. 7 (Hunters
Point Shipyard Phase 1 Improvements), Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 8/1/2029
540
542
City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Community Facs. Dist. No. 7 (Hunters
Point Shipyard Phase 1 Improvements), Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 8/1/2030
410
412
City of San Francisco, Bay Area Rapid Transit Dist., GO Bonds, 2016 Election, Series 2020-C-1, 3.00% 8/1/2037
3,455
3,263
City of San Francisco, Bay Area Rapid Transit Dist., GO Green Bonds, 2016 Election, Series 2020-C-1, 3.00% 8/1/
2050
7,670
5,768
San Francisco Community College Dist., GO Bonds, 2020 Election, Series 2020-A, 4.00% 6/15/2045
5,000
4,894
San Francisco Community College Dist., GO Bonds, 2020 Election, Series 2020-B, BAM, 5.25% 6/15/2049
900
965
San Francisco Unified School Dist., GO Bonds, 2016 Election, Series 2022-C, 5.00% 6/15/2031
3,000
3,293
San Jacinto Unified School Dist., Community Facs. Dist. No. 2003-1, Special Tax Rev. Bonds (Infrastructure
Projects), Series 2022, 4.00% 9/1/2050
875
743
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2028
380
394
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2030
200
207
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2031
550
569
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2033
750
775
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2017, 5.00% 9/1/2034
735
746
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2017, 5.00% 9/1/2035
190
193
San Joaquin Valley Clean Energy Auth., Clean Energy Project Rev. Green Bonds, Series 2025-A, 5.50% 1/1/2056
(put 7/1/2035)
3,030
3,338
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, AMT, 5.00% 3/1/2029
1,030
1,087
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, AMT, 5.00% 3/1/2033
1,500
1,610
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 3/1/2035
1,000
1,012
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 3/1/2037
1,000
1,011
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 3/1/2041
1,500
1,512
City of San Jose, Airport Rev. Ref. Bonds, Series 2017-A, AMT, 5.00% 3/1/2047
2,000
2,004
San Juan Unified School Dist., GO Bonds, 2016 Election, Series 2020, 4.00% 8/1/2034
1,000
1,022
San Leandro Unified School Dist., GO Bonds, Series 2019-B, BAM, 5.00% 8/1/2033
355
375
San Leandro Unified School Dist., GO Bonds, 2020 Election, Series 2020-A, BAM, 4.00% 8/1/2043
1,300
1,282
San Leandro Unified School Dist., GO Bonds, 2024 Election, Series 2024-B, 5.00% 8/1/2052
1,440
1,520
City of San Luis Obispo, Community Facs. Dist. No. 2019-1 (San Luis Ranch), Special Tax Bonds, Series 2021,
4.00% 9/1/2046
730
667
City of San Luis Obispo, Community Facs. Dist. No. 2019-1 (San Luis Ranch), Special Tax Bonds, Series 2021,
4.00% 9/1/2051
925
799
San Mateo Community College Dist., GO Bonds, CAB, 2005 Election, Series 2006-B, NATL, 0% 9/1/2035
2,000
1,469
San Rafael High School Dist., GO Bonds, Series 2019-C, 4.00% 8/1/2043
2,500
2,489
City of San Ramon, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM,
5.00% 2/1/2038
2,000
2,018
Sanger Unified School Dist., GO Bonds, 2018 Election, Series 2021-C, BAM, 3.00% 8/1/2048
2,465
1,921
Sanger Unified School Dist., GO Bonds, 2020 Election, Series 2021-A, BAM, 3.00% 8/1/2051
3,325
2,501
Santa Ana Unified School Dist., GO Bonds, CAB, 1999 Election, Series 2002-B, NATL, 0% 8/1/2030
1,000
884
City of Santa Clarita, Community Facs. Dist. No. 2016-1 (Vista Canyon), Special Tax Bonds, Series 2020, 4.00%
9/1/2026 (a)
200
200
City of Santa Clarita, Community Facs. Dist. No. 2016-1 (Vista Canyon), Special Tax Bonds, Series 2020, 4.00%
9/1/2028 (a)
250
251
City of Santa Clarita, Community Facs. Dist. No. 2016-1 (Vista Canyon), Special Tax Bonds, Series 2020, 4.00%
9/1/2030 (a)
110
110
City of Santa Clarita, Community Facs. Dist. No. 2016-1 (Vista Canyon), Special Tax Bonds, Series 2020, 4.00%
9/1/2035 (a)
1,010
987
The Tax-Exempt Fund of California — Page 38 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Santa Clarita, Community Facs. Dist. No. 2016-1 (Vista Canyon), Special Tax Bonds, Series 2020, 4.00%
9/1/2050 (a)
USD5,820
$4,921
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B,
5.00% 9/1/2026
835
836
City of Santa Monica, Redev. Agcy., Tax Allocation Bonds (Earthquake Recovery Redev. Project), Series 2011,
5.00% 7/1/2032
2,000
2,004
City of Santa Monica, Redev. Agcy., Tax Allocation Bonds (Earthquake Recovery Redev. Project), Series 2011,
5.875% 7/1/2036
1,250
1,253
City of Santa Monica, Redev. Agcy., Tax Allocation Bonds (Earthquake Recovery Redev. Project), Series 2011,
5.875% 7/1/2042
2,500
2,506
Santa Monica-Malibu Unified School Dist., GO Rev. Ref. Bonds, Series 2026-A, 5.00% 7/1/2035
6,330
7,547
Santa Monica-Malibu Unified School Dist., GO Bonds, 2012 Election, Series 2019-E, 3.00% 8/1/2033
2,000
1,985
Santa Rita Union School Dist., GO Rev. Ref. Bonds, Series 2019, 2.50% 8/1/2031
1,160
1,113
City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series 2019, 5.00%
9/1/2027
195
200
City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series 2019, 5.00%
9/1/2028
205
212
City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series 2019, 5.00%
9/1/2034
350
362
City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series 2019, 3.00%
9/1/2036
250
227
City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series 2019, 3.00%
9/1/2037
185
166
City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series 2019, 3.00%
9/1/2038
270
236
City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series 2019, 3.125%
9/1/2039
165
143
City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series 2019, 5.00%
9/1/2049
1,940
1,952
Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, 4.00% 9/1/2029
135
137
Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, 4.00% 9/1/2033
215
215
Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, 4.00% 9/1/2034
230
230
Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, 4.00% 9/1/2035
240
239
Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, 4.00% 9/1/2036
275
272
Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, 4.00% 9/1/2037
295
289
Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, 4.00% 9/1/2038
320
307
Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, 4.00% 9/1/2039
345
329
Saugus Union School Dist., Community Facs. Dist. No. 2019-1, Special Tax Bonds, Series 2020, 4.00% 9/1/2040
295
280
Saugus Union School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2021-A, BAM, 4.00% 9/1/2035
600
611
Saugus Union School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2021-A, BAM, 4.00% 9/1/2039
700
706
Saugus Union School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2021-A, BAM, 4.00% 9/1/2041
275
276
Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, Special Tax
Rev. Bonds, Series 2016, 5.00% 9/1/2033
1,240
1,244
School Fin. Auth., Charter School Rev. Bonds (Aspire Public Schools Obligated Group - Issue No. 5), Series
2021-A, 4.00% 8/1/2051 (a)
800
634
School Fin. Auth., Charter School Rev. Bonds (Aspire Public Schools Obligated Group - Issue No. 5), Series
2021-A, 4.00% 8/1/2061 (a)
2,275
1,769
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Oceanside Project), Series 2022-A, 5.00%
10/1/2042 (a)
1,000
1,014
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Oceanside Project), Series 2022-A, 5.00%
10/1/2061 (a)
2,025
1,873
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 4.00% 10/1/2027 (a)
390
391
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% 10/1/2032 (a)
2,500
2,534
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% 10/1/2037 (a)
1,485
1,497
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2017-A, 5.00% 10/1/2044 (a)
3,805
3,807
The Tax-Exempt Fund of California — Page 39 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, 5.00%
6/1/2029 (a)
USD2,165
$2,175
School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, 5.00%
6/1/2035 (a)
500
501
School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, 5.00%
6/1/2041 (a)
3,000
2,937
School Fin. Auth., Charter School Rev. Bonds (Equitas Academy Obligated Group), Series 2018-A, 5.00%
6/1/2048 (a)
2,795
2,590
School Fin. Auth., Charter School Rev. Bonds (Fenton Charter Public Schools Obligated Group), Series 2020-A,
5.00% 7/1/2040 (a)
1,350
1,350
School Fin. Auth., Charter School Rev. Bonds (Fenton Charter Public Schools Obligated Group), Series 2020-A,
5.00% 7/1/2050 (a)
750
678
School Fin. Auth., Charter School Rev. Bonds (Fenton Charter Public Schools Obligated Group), Series 2020-A,
5.00% 7/1/2058 (a)
1,625
1,421
School Fin. Auth., Charter School Rev. Bonds (Larchmont Charter School Project), Series 2018-A, 5.00%
6/1/2055 (a)
1,000
920
School Fin. Auth., Charter School Rev. Bonds (Larchmont Charter School Project), Series 2026, 6.00% 6/1/2056 (a)
300
309
School Fin. Auth., Charter School Rev. Bonds (Larchmont Charter School Project), Series 2026, 6.25% 6/1/2065 (a)
1,350
1,409
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series 2017-A, 5.00%
6/1/2034 (a)
750
750
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series 2016-A, 5.00%
6/1/2036 (a)
1,000
1,000
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series 2016-A, 5.00%
6/1/2046 (a)
750
716
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education Obligated Group), Series 2017-A, 5.25%
6/1/2052 (a)
460
431
School Fin. Auth., Charter School Rev. Bonds (Rocketship Public Schools Obligated Group), Series 2017-G, 5.00%
6/1/2030 (a)
280
283
School Fin. Auth., Charter School Rev. Bonds (Rocketship Public Schools Obligated Group), Series 2017-G, 5.00%
6/1/2047 (a)
250
235
School Fin. Auth., Educational Fac. Rev. Bonds (River Springs Charter School Project), Series 2017-A, 5.00%
7/1/2030 (a)
1,180
1,196
School Fin. Auth., Educational Fac. Rev. Bonds (River Springs Charter School Project), Series 2017-A, 5.00%
7/1/2037 (a)
2,105
2,115
School Fin. Auth., Educational Fac. Rev. Bonds (River Springs Charter School Project), Series 2023-A, 5.75%
7/1/2042 (a)
790
821
School Fin. Auth., Educational Fac. Rev. Bonds (River Springs Charter School Project), Series 2017-A, 5.00%
7/1/2047 (a)
1,000
953
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 5.00%
7/1/2043 (a)
1,750
1,750
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 7/1/2037 (a)
860
868
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/2054 (a)
2,150
2,100
School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, 5.00%
7/1/2037 (a)
1,455
1,464
School Fin. Auth., School Fac. Rev. Ref. Bonds (High Tech High Learning Project), Series 2017-A, 5.00%
7/1/2049 (a)
5,400
5,213
South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2035
500
595
South San Francisco Unified School Dist., GO Bonds, 2022 Election, Series 2023, 4.00% 9/1/2041
1,690
1,732
City of South San Francisco, Community Facs. Dist. No. 2021-01 (Oyster Point), Special Tax Bonds (Public Facs.
and Services), Series 2025, 5.00% 9/1/2040
375
393
City of South San Francisco, Community Facs. Dist. No. 2021-01 (Oyster Point), Special Tax Bonds (Public Facs.
and Services), Series 2025, 5.00% 9/1/2045
600
617
City of South San Francisco, Community Facs. Dist. No. 2021-01 (Oyster Point), Special Tax Bonds (Public Facs.
and Services), Series 2025, 5.125% 9/1/2050
1,000
1,020
The Tax-Exempt Fund of California — Page 40 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of South San Francisco, Community Facs. Dist. No. 2021-01 (Oyster Point), Special Tax Bonds (Public Facs.
and Services), Series 2022, 5.00% 9/1/2052
USD1,500
$1,506
City of South San Francisco, Community Facs. Dist. No. 2021-01 (Oyster Point), Special Tax Bonds (Public Facs.
and Services), Series 2025, 5.25% 9/1/2055
1,500
1,536
Southern California Public Power Auth., Clean Energy Project Rev. Bonds, Series 2024-A, 5.00% 4/1/2055 (put 9/
1/2030)
1,750
1,831
Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal Project), Series
2023-1, 5.00% 7/1/2036
930
1,023
Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal Project), Series
2023-1, 5.00% 7/1/2041
1,165
1,252
Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal Project), Series
2025-1, BAM, 5.25% 7/1/2044
650
710
Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal Project), Series
2024-1, 5.00% 7/1/2053
2,720
2,780
Southern California Public Power Auth., Rev. Bonds (Southern Transmission System Renewal Project), Series
2025-1, 5.00% 7/1/2053
5,015
5,136
Southern California Public Power Auth., Rev. Ref. Bonds (Milford Wind Corridor Phase I Project), Series 2019-1,
5.00% 7/1/2029
1,000
1,065
Southwestern Community College Dist., GO Rev. Ref. Bonds (2019 Crossover), Series 2016-B, 4.00% 8/1/2035
500
501
Statewide Communities Dev. Auth., Community Facs. Dist. No. 2016-02 (Delta Coves), Special Tax Bonds, Series
2020, 4.00% 9/1/2050
1,000
857
Statewide Communities Dev. Auth., Community Facs. Dist. No. 2017-01 (Horse Creek Ridge), Special Tax Bonds,
Series 2018, 5.00% 9/1/2048
5,250
5,265
Statewide Communities Dev. Auth., Community Facs. Dist. No. 2018-01 (Wagon Wheel), Special Tax Bonds,
Series 2020, 4.00% 9/1/2040
2,100
2,058
Statewide Communities Dev. Auth., Community Facs. Dist. No. 2020-02 Improvement Area No. 4 (Atwell), Special
Tax Bonds, Series 2024, 5.00% 9/1/2045
1,800
1,847
Statewide Communities Dev. Auth., Community Facs. Dist. No. 2020-02 Improvement Area No. 4 (Atwell), Special
Tax Bonds, Series 2024, 5.00% 9/1/2055
2,400
2,396
Statewide Communities Dev. Auth., Community Facs. Dist. No. 2021-01 (Meadowlands), Special Tax Bonds,
Series 2021, 4.00% 9/1/2041
2,780
2,639
Statewide Communities Dev. Auth., Community Facs. Dist. No. 2021-01 (Meadowlands), Special Tax Bonds,
Series 2021, 4.00% 9/1/2051
1,290
1,098
Statewide Communities Dev. Auth., Community Facs. Dist. No. 2021-02 (Citro), Special Tax Bonds, Series 2022,
4.25% 9/1/2037
1,250
1,263
Statewide Communities Dev. Auth., Community Facs. Dist. No. 2021-02 (Citro), Special Tax Bonds, Series 2022,
5.00% 9/1/2042
1,965
2,046
Statewide Communities Dev. Auth., Community Facs. Dist. No. 2021-02 (Citro), Special Tax Bonds, Series 2022,
5.00% 9/1/2052
500
503
Statewide Communities Dev. Auth., Health Fac. Rev. Bonds (Montage Health), Series 2021-A, 4.00% 6/1/2040
1,090
1,095
Statewide Communities Dev. Auth., Health Fac. Rev. Bonds (Montage Health), Series 2021-A, 4.00% 6/1/2041
1,160
1,155
Statewide Communities Dev. Auth., Insured Rev. Ref. Bonds (Moldaw Residences), Series 2024, 5.00% 11/1/2049
1,610
1,673
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Vintage at Folsom), Series 2024-E-2, 5.00%
10/1/2028 (put 10/1/2027)
185
190
Statewide Communities Dev. Auth., Open PACE Limited Obligation Improvement Bonds (HR Ontario Hotel
Project), Series 2026, 5.00% 9/2/2040 (a)
265
267
Statewide Communities Dev. Auth., Open PACE Limited Obligation Improvement Bonds (HR Ontario Hotel
Project), Series 2026, 5.25% 9/2/2061 (a)
290
288
Statewide Communities Dev. Auth., Open PACE Limited Obligation Improvement Bonds (HR Ontario Hotel
Project), Series 2026, 6.25% 9/2/2061 (a)
275
280
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), Series
2006-B, 1.45% 4/1/2028
1,250
1,199
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), Series
2010-A, 1.75% 9/1/2029
8,530
8,005
The Tax-Exempt Fund of California — Page 41 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), Series
2006-D, 4.50% 11/1/2033
USD5,650
$5,844
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 3/1/2035
1,465
1,499
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 3.50% 3/1/2038
195
178
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 4.00% 3/1/2042
1,240
1,135
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2017-A, 5.00% 4/
1/2027
200
203
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2017-A, 5.00% 4/
1/2029
405
411
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2021-A, 5.00% 4/
1/2032
470
503
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2021-A, 5.00% 4/
1/2034
1,565
1,663
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2017-A, 3.50% 4/
1/2035
250
247
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2021-A, 4.00% 4/
1/2039
500
500
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2017-A, 4.00% 4/
1/2042
2,075
2,012
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2021-A, 3.00% 4/
1/2046
6,845
5,292
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2017-A, 4.00% 4/
1/2047
250
223
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2017-A, 5.00% 4/
1/2047
3,715
3,720
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2021-A, 2.50% 4/
1/2051
4,605
2,900
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2021-A, 3.00% 4/
1/2051
5,000
3,536
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services), Series 2021-A, 4.00% 4/
1/2051
6,450
5,507
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 4.00% 7/1/2048
500
470
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Foundation Hospitals), Series 2025-B, 5.00% 10/1/2032 (a)
4,000
4,441
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Foundation Hospitals), Series 2025-B, 5.00% 10/1/2035 (a)
25,900
29,481
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-L, 5.00% 4/1/2038 (put 11/1/
2029)
500
539
Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), Series 2019-A,
5.00% 6/1/2034 (a)
100
103
Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), Series 2019-A,
5.00% 6/1/2039 (a)
105
107
Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), Series 2019-A,
5.00% 6/1/2051 (a)
2,315
2,254
Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2014-A, 5.25% 12/
1/2044
2,925
2,926
Statewide Communities Dev. Auth., Rev. Bonds (Odd Fellows Home of California Project), Series 2026-B-1, 2.85%
10/1/2032
1,500
1,489
Statewide Communities Dev. Auth., Rev. Bonds (Odd Fellows Home of California Project), Series 2026-A, 5.00%
4/1/2050
415
431
Statewide Communities Dev. Auth., Rev. Bonds (Odd Fellows Home of California Project), Series 2026-A, 5.00%
4/1/2056
1,435
1,476
Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2016, 5.00% 10/1/2031
1,135
1,142
Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2016, 5.00% 10/1/2032
1,500
1,509
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-A, 3.50% 7/1/
2034
150
151
The Tax-Exempt Fund of California — Page 42 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Statewide Communities Dev. Auth., Rev. Ref. Bonds (California Baptist University), Series 2017-A, 5.00%
11/1/2032 (a)
USD2,025
$2,052
Statewide Communities Dev. Auth., Rev. Ref. Bonds (California Baptist University), Series 2017-A, 5.00%
11/1/2041 (a)
13,295
13,337
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), Series 2016-A,
4.00% 6/1/2026 (a)
740
740
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), Series 2016-A,
5.00% 6/1/2036 (a)
4,500
4,503
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Lancer Educational Student Housing Project), Series 2016-A,
5.00% 6/1/2046 (a)
2,250
2,234
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Odd Fellows Home of California Project), Series 2023-A,
5.00% 4/1/2036
500
535
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Odd Fellows Home of California Project), Series 2023-A,
5.00% 4/1/2037
350
373
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Odd Fellows Home of California Project), Series 2023-A,
5.00% 4/1/2038
250
266
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Odd Fellows Home of California Project), Series 2023-A,
4.125% 4/1/2053
700
657
Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2025-C-2,
4.00% 9/2/2038
310
304
Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2025-C-2,
4.25% 9/2/2039
390
388
Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1,
5.00% 9/2/2039
1,235
1,303
Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2025-C-2,
4.25% 9/2/2040
215
213
Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2025-C-2,
4.25% 9/2/2041
235
232
Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2025-C-2,
5.00% 9/2/2046
860
887
Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1,
5.00% 9/2/2049
3,500
3,564
Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds (City of Hesperia
Ranchero Road Widening Improvements), Series 2022, 5.75% 9/2/2052
8,100
8,100
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC - University of California, Irvine
East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM, 4.00% 5/15/2046
7,465
7,091
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (Custodial Receipts), Series 2017, 4.305% 7/1/
2032
5,905
5,553
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California,
Irvine East Campus Apartments), Series 2016, 5.00% 5/15/2029
1,000
1,001
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California,
Irvine East Campus Apartments), Series 2016, 5.00% 5/15/2030
1,500
1,502
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California,
Irvine East Campus Apartments), Series 2016, 5.00% 5/15/2032
1,000
1,001
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California,
Irvine East Campus Apartments), Series 2016, 5.00% 5/15/2035
1,250
1,251
Statewide Communities Dev. Auth., Taxable Statewide Community Infrastructure Program Rev. Bonds, Series
2024-B-1, 5.00% 9/2/2044
3,000
3,095
Statewide Communities Dev. Auth., Taxable Statewide Community Infrastructure Program Rev. Bonds, Series
2024-B-1, 5.00% 9/2/2049
2,500
2,518
Statewide Communities Dev. Auth., Taxable Statewide Community Infrastructure Program Rev. Bonds, Series
2024-B-1, 5.00% 9/2/2054
3,500
3,500
City of Stockton, Community Facs. Dist. No. 2018-2 (Westlake Villages II), Special Tax Bonds, Series 2025, 5.00%
9/1/2040
1,600
1,663
The Tax-Exempt Fund of California — Page 43 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Stockton, Community Facs. Dist. No. 2018-2 (Westlake Villages II), Special Tax Bonds, Series 2025, 5.00%
9/1/2045
USD1,250
$1,274
City of Stockton, Community Facs. Dist. No. 2018-2 (Westlake Villages II), Special Tax Bonds, Series 2025, 5.00%
9/1/2050
3,100
3,112
City of Stockton, Community Facs. Dist. No. 2018-2 (Westlake Villages II), Special Tax Bonds, Series 2025, 5.00%
9/1/2055
4,500
4,479
City of Stockton, Public Fncg. Auth., Wastewater Rev. Ref. Bonds (Wastewater Ref. Project), Series 2024, AGI,
5.00% 9/1/2028
445
471
City of Stockton, Public Fncg. Auth., Wastewater Rev. Ref. Bonds (Wastewater Ref. Project), Series 2024, AGI,
5.00% 9/1/2029
460
498
Stockton Unified School Dist., GO Bonds, 2018 Election, Series 2021-B, AGI, 4.00% 8/1/2040
790
805
Stockton Unified School Dist., GO Bonds, 2018 Election, Series 2021-B, AGI, 4.00% 8/1/2045
9,245
9,040
Stockton Unified School Dist., GO Bonds, 2022 Election, Series 2025-A, BAM, 5.00% 8/1/2049
2,000
2,110
Stockton Unified School Dist., GO Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 8/1/2037
350
397
Stockton Unified School Dist., GO Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 8/1/2039
415
465
Stockton Unified School Dist., GO Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 8/1/2040
500
558
Sulphur Springs Union School Dist., Community Facs. Dist. No. 2006-1, Special Tax Bonds, Series 2021, 4.00% 9/
1/2048
1,000
879
Sulphur Springs Union School Dist., Community Facs. Dist. No. 2006-1, Special Tax Bonds, CAB, Series 2021, 0%
9/1/2041
200
96
Sulphur Springs Union School Dist., Community Facs. Dist. No. 2006-1, Special Tax Bonds, CAB, Series 2021, 0%
9/1/2052
8,800
2,114
Sweetwater Union High School Dist., GO Bonds, 2006 Election, Series 2018-C, 4.00% 8/1/2043
4,290
4,292
Sweetwater Union High School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, 2018 Election,
Series 2022-A-1, 4.50% 8/1/2040
6,020
6,359
Sweetwater Union High School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, 2018 Election,
Series 2022-A-1, 4.50% 8/1/2041
6,690
7,008
Sweetwater Union High School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, CAB, 2006
Election, Series 2022-D-2, AGI, 0% 8/1/2034
1,170
866
Sweetwater Union High School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, CAB, 2006
Election, Series 2022-D-2, AGI, 0% 8/1/2037
1,250
778
Sweetwater Union High School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, CAB, 2006
Election, Series 2022-D-2, AGI, 0% 8/1/2044
2,000
802
Sweetwater Union High School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, CAB, 2006
Election, Series 2022-D-2, AGI, 0% 8/1/2045
2,000
754
Sweetwater Union High School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, CAB, 2006
Election, Series 2022-D-2, AGI, 0% 8/1/2046
2,000
708
Sweetwater Union High School Dist., GO Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2032
530
531
Sweetwater Union High School Dist., GO Rev. Ref. Bonds, Series 2016, 4.00% 8/1/2047
4,750
4,381
Tejon Ranch Public Facs. Fncg. Auth., Community Facs. Dist. No. 2008-1, Special Tax Rev. Ref. Bonds (Tejon Ranch
Industrial Complex Public Improvements - East), Series 2024-A, 5.00% 9/1/2038
1,250
1,346
Tejon Ranch Public Facs. Fncg. Auth., Community Facs. Dist. No. 2008-1, Special Tax Rev. Ref. Bonds (Tejon Ranch
Industrial Complex Public Improvements - East), Series 2024-A, 5.00% 9/1/2054
1,240
1,240
City of Temecula Public Fncg. Auth. Community Facs. Dist. No. 20-01, Special Tax Bonds (Heirloom Farms), Series
2024, 5.00% 9/1/2044
920
947
Temecula Valley Unified School Dist., Community Facs. Dist. No. 2014-1, Special Tax Rev. Bonds, Series 2018,
5.00% 9/1/2050
2,100
2,105
Temecula Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Special Tax Bonds, Series 2022, 4.25% 9/
1/2043
700
680
Temecula Valley Unified School Dist., Community Facs. Dist. No. 2017-1, Special Tax Bonds, Series 2022, 4.375%
9/1/2052
1,600
1,468
Temecula Valley Unified School Dist., GO Bonds, 2012 Election, Series 2016-B, AGI, 4.00% 8/1/2045
1,400
1,380
Temescal Valley Water Dist., Community Facs. Dist. No. 4 (Terramor), Improvement Area No. 2, Special Tax Bonds,
Series 2021, 4.00% 9/1/2036
930
934
The Tax-Exempt Fund of California — Page 44 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Temescal Valley Water Dist., Community Facs. Dist. No. 4 (Terramor), Improvement Area No. 2, Special Tax Bonds,
Series 2021, 4.00% 9/1/2046
USD1,045
$959
City of Thousand Oaks, Community Facs. Dist. No. 1994-1 (Marketplace Public Pedestrian, Traffic Circulation and
Parking Facs.), Special Tax Rev. Ref. Bonds, Series 2012, 5.375% 9/1/2031
1,895
1,899
Tobacco Securitization Auth. of Northern California, Tobacco Settlement Asset-Backed Rev. Ref. Senior Bonds
(Sacramento County Tobacco Securitization Corp.), Series 2021-A-1, 4.00% 6/1/2034
670
681
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San
Diego County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 6/1/2028
1,500
1,570
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San
Diego County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 6/1/2032
2,400
2,567
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San
Diego County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 6/1/2033
2,000
2,133
Township of Washington, Health Care Dist., GO Bonds, 2020 Election, Series 2023-B, 5.25% 8/1/2048
1,125
1,222
Township of Washington, Health Care Dist., GO Bonds, 2020 Election, Series 2023-B, 5.50% 8/1/2053
500
538
City of Tracy, Community Facs. Dist. No. 2006-01 (NEI Phase II), Special Tax Rev. Ref. Bonds, Series 2019, 5.00% 9/
1/2030
535
562
City of Tracy, Community Facs. Dist. No. 2006-01 (NEI Phase II), Special Tax Rev. Ref. Bonds, Series 2019, 5.00% 9/
1/2034
1,380
1,439
City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax Bonds, Series 2019,
5.00% 9/1/2030
260
269
City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax Bonds, Series 2019,
5.00% 9/1/2031
290
300
City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax Bonds, Series 2019,
5.00% 9/1/2032
300
310
City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax Bonds, Series 2019,
5.00% 9/1/2033
335
346
City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax Bonds, Series 2019,
5.00% 9/1/2034
400
413
City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax Bonds, Series 2019,
5.00% 9/1/2035
440
455
City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax Bonds, Series 2019,
5.00% 9/1/2036
485
500
City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax Bonds, Series 2019,
5.00% 9/1/2037
530
545
City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax Bonds, Series 2019,
5.00% 9/1/2038
575
589
City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax Bonds, Series 2019,
5.00% 9/1/2044
870
878
City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 1, Special Tax Bonds, Series 2019,
5.00% 9/1/2049
1,750
1,737
City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 2, Special Tax Bonds, Series 2021,
4.00% 9/1/2036
750
754
City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 2, Special Tax Bonds, Series 2021,
4.00% 9/1/2041
1,100
1,054
City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 2, Special Tax Bonds, Series 2021,
4.00% 9/1/2046
1,600
1,441
City of Tracy, Community Facs. Dist. No. 2016-2 (ECFD), Improvement Area No. 2, Special Tax Bonds, Series 2021,
4.00% 9/1/2051
2,100
1,796
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2045
1,000
1,010
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2049
2,135
2,144
Transbay Joint Powers Auth., Tax Allocation Green Bonds, Series 2020-B, 5.00% 10/1/2029
1,280
1,333
Transbay Joint Powers Auth., Tax Allocation Green Bonds, Series 2020-B, 5.00% 10/1/2032
500
517
Transbay Joint Powers Auth., Tax Allocation Green Bonds, Series 2020-B, 5.00% 10/1/2033
300
311
Transbay Joint Powers Auth., Tax Allocation Green Bonds, Series 2020-B, 5.00% 10/1/2034
300
310
Transbay Joint Powers Auth., Tax Allocation Green Bonds, Series 2020-B, 5.00% 10/1/2035
300
308
The Tax-Exempt Fund of California — Page 45 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Transbay Joint Powers Auth., Tax Allocation Green Bonds, Series 2020-B, 5.00% 10/1/2038
USD820
$837
Transmission Agcy. of Northern California, Rev. Ref. Bonds (California-Oregon Transmission Project), Series
2016-A, 5.00% 5/1/2037
600
601
Transmission Agcy. of Northern California, Rev. Ref. Bonds (California-Oregon Transmission Project), Series
2016-A, 5.00% 5/1/2039
1,000
1,002
City of Tulare, Sewer Rev. Ref. Bonds, Series 2016, AGI, 4.00% 11/15/2034
2,235
2,236
City of Tulare, Sewer Rev. Ref. Bonds, Series 2016, AGI, 4.00% 11/15/2035
1,320
1,320
County of Tulare, Local Health Care Dist., GO Rev. Ref. Bonds, Series 2020, BAM, 4.00% 8/1/2039
1,850
1,854
City of Turlock, Irrigation Dist., Rev. Ref. Bonds, Series 2016, 5.00% 1/1/2036
600
608
Tustin Unified School Dist., Community Facs. Dist. No. 97-1, Special Tax Rev. Ref. Bonds, Series 1997-A-1, 5.00%
9/1/2028
3,000
3,002
Tustin Unified School Dist., Community Facs. Dist. No. 97-1, Special Tax Rev. Ref. Bonds, Series 1997-A-1, 5.00%
9/1/2029
1,000
1,001
Tustin Unified School Dist., Community Facs. Dist. No. 97-1, Special Tax Rev. Ref. Bonds, Series 1997-A-1, BAM,
5.00% 9/1/2038
2,500
2,503
Twin Rivers Unified School Dist., GO Bonds, CAB, 2006 Election, Series 2016, AGI, 0% 8/1/2041
7,000
3,552
Regents of the University of California, General Rev. Bonds, Series 2024-BV, 5.00% 5/15/2035
1,250
1,433
Regents of the University of California, General Rev. Bonds, Series 2025-CC, 5.00% 5/15/2036
2,000
2,306
Regents of the University of California, General Rev. Bonds, Series 2020-BE, 4.00% 5/15/2040
2,570
2,601
Regents of the University of California, General Rev. Bonds, Series 2025-CD, 5.25% 5/15/2040
3,205
3,886
Regents of the University of California, General Rev. Bonds, Series 2025-CD, 5.50% 5/15/2040
6,450
7,603
Regents of the University of California, General Rev. Bonds, Series 2020-BE, 4.00% 5/15/2047
1,855
1,805
Regents of the University of California, General Rev. Bonds, Series 2025-CC, 4.00% 5/15/2055
10,420
9,660
Regents of the University of California, General Rev. Bonds, Series 2025-CC, 5.25% 5/15/2055
7,800
8,405
Regents of the University of California, Limited Project Rev. Bonds, Series 2021-Q, 4.00% 5/15/2038
1,215
1,247
Regents of the University of California, Limited Project Rev. Bonds, Series 2021-Q, 4.00% 5/15/2040
1,205
1,221
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2016-L, 5.00% 5/15/2047
11,010
11,020
City of Upland, Community Facs. Dist. No 2016-1 (Harvest at Upland), Improvement Area No. 2, Special Tax
Bonds, Series 2021-A, 4.00% 9/1/2040
260
251
City of Upland, Community Facs. Dist. No 2016-1 (Harvest at Upland), Improvement Area No. 2, Special Tax
Bonds, Series 2021-A, 4.00% 9/1/2045
165
148
City of Upland, Community Facs. Dist. No 2016-1 (Harvest at Upland), Improvement Area No. 2, Special Tax
Bonds, Series 2021-A, 4.00% 9/1/2051
265
222
Upper Santa Clara Valley Joint Powers Auth., Rev. Bonds, Series 2016-A, 5.00% 8/1/2046 (preref. 8/1/2045)
2,120
2,133
City of Vacaville, Community Facs. Dist. No. 1, Improvement Area No. 1, Special Tax Bonds (Lower Lagoon Valley),
Series 2025-A, 5.00% 9/1/2045
810
820
City of Vacaville, Community Facs. Dist. No. 1, Improvement Area No. 1, Special Tax Bonds (Lower Lagoon Valley),
Series 2025-A, 5.125% 9/1/2050
1,250
1,253
City of Vacaville, Community Facs. Dist. No. 1, Improvement Area No. 1, Special Tax Bonds (Lower Lagoon Valley),
Series 2025-A, 5.25% 9/1/2055
1,475
1,488
Val Verde Unified School Dist., GO Bonds, 2012 Election, Series 2016-C, AGI, 4.00% 8/1/2045
1,550
1,511
Val Verde Unified School Dist., GO Bonds, 2020 Election, Series 2021-B, AGI, 4.00% 8/1/2046
1,885
1,828
Val Verde Unified School Dist., GO Bonds, 2020 Election, Series 2021-B, AGI, 4.00% 8/1/2051
2,850
2,673
City of Vallejo, Water Rev. Bonds, Series 2021-A, BAM, 4.00% 5/1/2046
3,350
3,319
City of Vallejo, Water Rev. Bonds, Series 2021-A, BAM, 4.00% 5/1/2051
4,500
4,238
Various Purpose GO Bonds, Series 2025, 5.00% 8/1/2042
1,760
1,981
Various Purpose GO Bonds, Series 2025, 5.00% 8/1/2043
785
878
Various Purpose GO Bonds, Series 2026, 5.00% 10/1/2045
1,145
1,266
Various Purpose GO Bonds, Series 2026, 5.00% 10/1/2046
955
1,046
Various Purpose GO Bonds, Series 2021, 5.00% 12/1/2046 (preref. 12/1/2030)
25
28
Various Purpose GO Bonds, Series 2024, 4.00% 9/1/2047
3,165
3,110
Various Purpose GO Bonds, Series 2026, 5.25% 10/1/2051
3,685
4,010
Various Purpose GO Bonds, Series 2025, 5.25% 8/1/2055
2,665
2,871
Various Purpose GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2034
1,555
1,796
Various Purpose GO Rev. Ref. Bonds, Series 2020, 4.00% 3/1/2036
1,750
1,805
The Tax-Exempt Fund of California — Page 46 of 53
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Various Purpose GO Rev. Ref. Bonds, Series 2020, 4.00% 3/1/2036 (preref. 3/1/2030)
USD40
$42
Various Purpose GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2037
1,250
1,438
Various Purpose GO Rev. Ref. Bonds, Series 2022, 4.00% 4/1/2042
5,000
5,062
Various Purpose GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2045
3,000
3,298
Ventura Unified School Dist., GO Bonds, 2022 Election, Series 2025-B, 5.25% 8/1/2055
5,000
5,299
City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 10/1/2027
1,180
1,211
City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 4/1/2028
1,470
1,519
City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 8/1/2037
1,565
1,684
City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 8/1/2040
775
824
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 12/1/2049
1,575
1,582
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2020-A, 3.00% 12/1/2050
2,905
2,883
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2022-A, 5.50% 12/1/2052
2,475
2,614
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2026-A, 6.25% 12/1/2056
2,280
2,593
Dept. of Veterans Affairs, Veterans GO Bonds, Series 2018-CR, 4.00% 12/1/2048
3,245
3,259
Dept. of Veterans Affairs, Veterans GO Bonds, Series 2019-CS, 4.00% 12/1/2049
3,585
3,599
Dept. of Veterans Affairs, Veterans GO Bonds, Series 2020-CT, 3.00% 12/1/2050
2,750
2,731
Dept. of Veterans Affairs, Veterans GO Bonds, Series 2022-CU, 5.50% 12/1/2052
4,115
4,312
Victor Valley Union High School Dist., GO Rev. Ref. Bonds, Series 2016-A, BAM, 4.00% 8/1/2031
1,000
1,002
Victor Valley Union High School Dist., GO Rev. Ref. Bonds, Series 2016-B, AGI, 4.00% 8/1/2035
3,630
3,633
Victor Valley Union High School Dist., GO Rev. Ref. Bonds, Series 2016-B, AGI, 4.00% 8/1/2036
1,665
1,666
Victor Valley Union High School Dist., GO Rev. Ref. Bonds, Series 2016-B, AGI, 4.00% 8/1/2037
3,800
3,801
West Contra Costa Unified School Dist., GO Bonds, 2012 Election, Series 2020-E, AGI, 4.00% 8/1/2049
2,000
1,907
West Contra Costa Unified School Dist., GO Bonds, 2020 Election, Series 2024-B, BAM, 4.00% 8/1/2054
3,105
2,915
West Contra Costa Unified School Dist., GO Bonds, CAB, 2002 Election, Series 2005-D, NATL, 0% 8/1/2031
7,500
6,366
West Contra Costa Unified School Dist., GO Rev. Ref. Bonds, CAB, Series 2010-D-2, AGI, 0% 8/1/2036
9,000
6,307
City of West Sacramento, Fin. Auth., Special Tax Rev. Bonds, Series 2006-A, AGI, 5.00% 9/1/2026
80
80
Western Riverside Water and Wastewater Fncg. Auth., Local Agcy. Rev. Bonds, Series 2017-A, 5.00% 9/1/2042
1,150
1,159
Western Riverside Water and Wastewater Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2016-A, 5.00% 9/1/
2030
600
605
Western Riverside Water and Wastewater Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2016-A, 5.00% 9/1/
2032
1,240
1,249
City of Westminster, Successor Agcy. to the Redev. Agcy., Commercial Redev. Project No. 1, Tax Allocation Rev.
Ref. Bonds, Series 2016-B, BAM, 4.00% 11/1/2031
3,105
3,118
City of Westminster, Successor Agcy. to the Redev. Agcy., Commercial Redev. Project No. 1, Tax Allocation Rev.
Ref. Bonds, Series 2016-B, BAM, 4.00% 11/1/2035
2,220
2,226
Whittier Union High School Dist., GO Bonds, 2020 Election, Series 2021-A, 3.00% 8/1/2046
6,900
5,525
Whittier Union High School Dist., GO Rev. Ref. Bonds, CAB, Series 2016, 0% 8/1/2032
2,000
1,640
William S. Hart Union High School Dist., GO Bonds, CAB, 2008 Election, Series 2009-A, 0% 8/1/2032
2,000
1,655
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Rev. Ref. and Capital Projects
Bonds, Series 2019, 5.00% 9/1/2033
1,275
1,315
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Rev. Ref. and Capital Projects
Bonds, Series 2019, 5.00% 9/1/2038
1,445
1,478
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Rev. Ref. and Capital Projects
Bonds, Series 2019, 5.00% 9/1/2044
1,455
1,471
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Rev. Ref. and Capital Projects
Bonds, Series 2019, 5.00% 9/1/2048
1,605
1,612
Yosemite Community College Dist., GO Bonds, CAB, 2004 Election, Series 2010-D, 0% 8/1/2031
1,500
1,290
 
3,290,465
Guam 0.54%
 
 
 
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.00% 10/1/2030
250
262
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2023-A, AMT, 5.25% 10/1/2030
750
795
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2023-A, AMT, 5.25% 10/1/2031
350
374
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.00% 10/1/2032
350
372
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2023-A, AMT, 5.25% 10/1/2036
685
737
The Tax-Exempt Fund of California — Page 47 of 53
unaudited
Bonds, notes & other debt instruments (continued)
Guam (continued)
 
Principal amount
(000)
Value
(000)
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.25% 10/1/2037
USD250
$270
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.25% 10/1/2038
350
376
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.25% 10/1/2039
450
481
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.25% 10/1/2040
660
702
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.25% 10/1/2041
400
421
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.25% 10/1/2042
515
540
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-A, AMT, 5.25% 10/1/2043
250
261
Business Privilege Tax Rev. Ref. Bonds, Series 2021-F, 5.00% 1/1/2029
2,000
2,088
Business Privilege Tax Rev. Ref. Bonds, Series 2025-G, 5.00% 1/1/2035
500
547
Business Privilege Tax Rev. Ref. Bonds, Series 2025-G, 5.00% 1/1/2036
370
402
Business Privilege Tax Rev. Ref. Bonds, Series 2021-F, 4.00% 1/1/2042
5,185
5,011
GO Bonds, Series 2019, AMT, 5.00% 11/15/2031
1,695
1,771
Hotel Occupancy Tax Rev. Ref. Bonds, Series 2021-A, 5.00% 11/1/2040
635
661
Limited Obligation Bonds (Section 30), Series 2016-A, 5.00% 12/1/2046
3,000
3,015
Port Auth., Port Rev. Bonds, Series 2018-B, AMT, 5.00% 7/1/2037
400
407
 
19,493
New Hampshire 0.10%
 
 
 
National Fin. Auth., Municipal Certs., Series 2024-4, Class B-CA, 3.924% 7/20/2040 (d)
3,967
3,573
 
3,573
Puerto Rico 1.20%
 
 
 
Electric Power Auth., Power Rev. Bonds, Series 2007-UU, AGI, 5.00% 7/1/2026
1,000
1,004
Electric Power Auth., Power Rev. Ref. Bonds, Series 2010-DDD, 5.00% 7/1/2021 (e)
2,000
1,410
GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2041
200
187
GO Taxable Bonds, Series 2022, 0% 11/1/2043 (d)
16,150
11,002
GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051
22,783
15,806
Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2001-E, 6.00% 8/1/2026 (escrowed to maturity)
1,830
1,844
Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2001-E, 6.00% 8/1/2026 (escrowed to maturity)
170
171
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2018-A-1, 4.75% 7/1/2053
2,000
1,913
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.329% 7/1/2040
3,417
3,387
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.329% 7/1/2040
2,468
2,446
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, CAB, Series 2018-A-1, 0% 7/1/2046
5,000
1,791
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, CAB, Series 2018-A-1, 0% 7/1/2051
4,088
1,072
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 6/1/2026
1,500
1,500
 
43,533
United States 0.48%
 
 
 
Freddie Mac, Multi Family Certs. Green Bonds, Series 2023-ML-16, Class ACA, 2.75% 11/25/2035 (a)
7,426
6,763
Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class ACA, 3.35% 11/25/2033
7,600
7,390
Freddie Mac, Multi Family Mortgage Bonds, Series 2021-ML-10, Class ACA, 2.046% 6/25/2038 (a)
936
770
Freddie Mac, Multi Family Mortgage Certs., Series 2019-M-049, 3.05% 4/15/2034
1,750
1,588
Freddie Mac, Multi Family Mortgage Green Bonds, Series 2023-ML-18, Class ACA, 2.25% 9/25/2037
955
799
 
17,310
Virgin Islands 0.23%
 
 
 
Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00%
10/1/2027
2,500
2,529
Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00%
10/1/2028
1,565
1,597
Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00%
10/1/2030
2,080
2,146
The Tax-Exempt Fund of California — Page 48 of 53
unaudited
Bonds, notes & other debt instruments (continued)
Virgin Islands (continued)
 
Principal amount
(000)
Value
(000)
Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00%
10/1/2032
USD1,740
$1,811
Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00%
10/1/2039
210
215
 
8,298
Total bonds, notes & other debt instruments (cost: $3,451,320,000)
3,385,272
Rights & warrants 0.00%
 
 
 
BL Train Holdings West, LLC, warrants, expire 2035 (f)(g)
18,000
55
Short-term securities 6.12%
Municipals 6.12%
 
 
 
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2023-B, 3.10% 4/1/2055 (d)
USD13,055
13,055
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2024-E, 3.00% 4/1/2059 (d)
23,135
23,135
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2024-H, 3.00% 4/1/2059 (d)
18,530
18,530
Eastern Municipal Water Dist., Water and Wastewater Rev. Ref. Bonds, Series 2018-A, 2.55% 7/1/2046 (d)
2,900
2,900
Eastern Municipal Water Dist., Water and Wastewater Ref. Rev. Bonds, Series 2024-A, 2.45% 7/1/2046 (d)
1,300
1,300
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Brightline West Passenger Rail Project), Series 2025, AMT, 3.50%
1/1/2065 (put 11/2/2026) (a)(h)
4,000
3,999
City of Los Angeles, Tax and Rev. Anticipation Notes, Series 2025, 5.00% 6/25/2026
20,000
20,070
Municipal Fin. Auth., Recovery Zone Fac. Bonds (Chevron USA, Inc. Project), Series 2010-B, 2.90% 11/1/2035 (d)
21,890
21,890
Municipal Fin. Auth., Recovery Zone Fac. Bonds (Chevron USA, Inc. Project), Series 2010-C, 2.90% 11/1/2035 (d)
16,380
16,380
Municipal Fin. Auth., Recovery Zone Fac. Bonds (Chevron USA, Inc. Project), Series 2010-A, 2.95% 11/1/2035 (d)
21,375
21,375
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2021-B, AMT, 3.25%
7/1/2051 (put 7/15/2026) (h)
5,525
5,523
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2026-A, AMT, 2.80%
3/1/2056 (put 6/15/2026) (h)
2,480
2,478
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2020, AMT,
3.45% 10/1/2045 (put 6/2/2026) (h)
2,705
2,704
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2024-A, AMT,
2.875% 11/1/2046 (put 6/1/2026) (h)
5,000
4,998
City of Pasadena, Demand Rev. Ref. Certs. of Part., Series 2008-A, 2.55% 2/1/2035 (d)
15,080
15,080
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2017-A-2,
AMT, 2.95% 11/1/2042 (put 7/15/2026) (a)(h)
4,150
4,148
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2001-A,
AMT, 4.20% 7/1/2031 (put 7/2/2029) (h)
6,000
6,071
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2003-A,
AMT, 4.20% 11/1/2038 (put 7/2/2029) (d)(h)
7,000
7,215
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2023,
AMT, 2.875% 7/1/2043 (put 8/17/2026) (a)(h)
7,190
7,179
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series
2015-B-2, AMT, 3.125% 11/1/2040 (put 11/2/2026) (h)
3,750
3,758
Statewide Communities Dev. Auth., Rev. IAM Commercial Paper, Series 2009-B-6, 2.62% 6/4/2026
15,000
14,998
Regents of the University of California, General Rev. Bonds, Series 2013-AL-2, 3.00% 5/15/2048 (d)
5,650
5,650
Total short-term securities (cost: $222,162,000)
222,436
Total investment securities 99.34% (cost: $3,673,482,000)
3,607,763
Other assets less liabilities 0.66%
23,923
Net assets 100.00%
$3,631,686
The Tax-Exempt Fund of California — Page 49 of 53
unaudited
Futures contracts
 
Contracts
Type
Number of
contracts
Expiration
date
Notional
amount
(000)
Value and
unrealized
appreciation
(depreciation)
at 4/30/2026
(000)
2 Year U.S. Treasury Note Futures
Long
762
7/6/2026
USD157,829
$126
5 Year U.S. Treasury Note Futures
Long
391
7/6/2026
42,164
(221
)
 
 
 
 
$(95
)
 
(a)
Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in
the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $290,869,000, which
represented 8.01% of the net assets of the fund.
(b)
Step bond; coupon rate may change at a later date.
(c)
Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
(d)
Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the
issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next
scheduled coupon rate change is considered to be the maturity date.
(e)
Scheduled interest and/or principal payment was not received.
(f)
Value determined using significant unobservable inputs.
(g)
Non-income producing.
(h)
For short-term securities, the mandatory put date is considered to be the maturity date.
The Tax-Exempt Fund of California — Page 50 of 53
unaudited
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the following inputs: benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads, interest rate volatilities, and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data. For certain distressed securities, valuation may include cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts.
Exchange-traded futures are generally valued at the official settlement price on the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. The average month-end notional amount of futures contracts while held was $181,719,000.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund’s investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has designated the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
The Tax-Exempt Fund of California — Page 51 of 53
unaudited
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The fund’s valuation levels as of April 30, 2026, were as follows (dollars in thousands): 
 
Investment securities
 
Level 1
Level 2
Level 3
Total
Assets:
Bonds, notes & other debt instruments:
Municipals
$—
$3,384,183
$—
$3,384,183
Mortgage-backed obligations
—
1,089
—
1,089
Rights & warrants
—
—
55
55
Short-term securities
—
222,436
—
222,436
Total
$—
$3,607,708
$55
$3,607,763
 
 
Other investments*
 
Level 1
Level 2
Level 3
Total
Assets:
Unrealized appreciation on futures contracts
$126
$—
$—
$126
Liabilities:
Unrealized depreciation on futures contracts
(221
)
—
—
(221
)
Total
$(95
)
$—
$—
$(95
)
*
Futures contracts are not included in the fund’s investment portfolio.
 
Key to abbreviation(s)
Agcy. = Agency
AGI = Assured Guaranty insured
AMBAC = American Municipal Bond Assurance Company insured
AMT = Alternative Minimum Tax
Auth. = Authority
BAM = Build America Mutual insured
CAB = Capital Appreciation Bonds
Certs. = Certificates
CME = CME Group
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
 
Facs. = Facilities
FHA = Federal Housing Administration insured
Fin. = Finance
Fncg. = Financing
GO = General Obligation
IAM = Interest at Maturity
NATL = National Public Finance Guarantee Corp. insured
Part. = Participation
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
SOFR = Secured Overnight Financing Rate
USD = U.S. dollars
The Tax-Exempt Fund of California — Page 52 of 53
unaudited
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Capital Client Group, Inc., member FINRA.
© 2026 Capital Group. All rights reserved.
MFGEFP3-020-0626
The Tax-Exempt Fund of California — Page 53 of 53