-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I5MJWccOsItrAKq6blfRkGl5eLTQubv22wP10sitTo+TJkceBCXDXt/O5zIouXLG D+Vszp+p7KjdlPgjZ6zmlw== 0000717316-09-000014.txt : 20090727 0000717316-09-000014.hdr.sgml : 20090727 20090727160051 ACCESSION NUMBER: 0000717316-09-000014 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090531 FILED AS OF DATE: 20090727 DATE AS OF CHANGE: 20090727 EFFECTIVENESS DATE: 20090727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN CENTURY CALIFORNIA TAX FREE & MUNICIPAL FUNDS CENTRAL INDEX KEY: 0000717316 IRS NUMBER: 946562826 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03706 FILM NUMBER: 09964631 BUSINESS ADDRESS: STREET 1: 1665 CHARLESTON RD CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043 BUSINESS PHONE: 8003218321 MAIL ADDRESS: STREET 1: 1665 CHARLESTON RD CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043 FORMER COMPANY: FORMER CONFORMED NAME: BENHAM CALIFORNIA TAX FREE TRUST / DATE OF NAME CHANGE: 19960815 FORMER COMPANY: FORMER CONFORMED NAME: BENHAM CALIFORNIA TAX FREE & MUNICIPAL FUNDS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: BENHAM CALIFORNIA TAX FREE TRUST DATE OF NAME CHANGE: 19910218 0000717316 S000005667 CALIFORNIA HIGH-YIELD MUNICIPAL FUND C000015521 INVESTOR CLASS BCHYX C000015522 A CLASS CAYAX C000015523 B CLASS CAYBX C000015524 C CLASS CAYCX 0000717316 S000005668 CALIFORNIA TAX-FREE BOND FUND C000015525 INVESTOR CLASS BCITX 0000717316 S000005670 CALIFORNIA LONG-TERM TAX-FREE FUND C000015527 INVESTOR CLASS BCLTX C000055489 A CLASS ALTAX C000055490 B CLASS ALQBX C000055491 C CLASS ALTCX 0000717316 S000005671 CALIFORNIA TAX-FREE MONEY MARKET FUND C000015528 INVESTOR CLASS BCTXX N-Q 1 n-q.htm FORM N-Q (3RD QTR) n-q.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-Q
 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number
                                      811-03706
   
   
   
AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS
(Exact name of registrant as specified in charter)
   
   
4500 MAIN STREET, KANSAS CITY, MISSOURI
64111
(Address of principal executive offices)
(Zip Code)
   
   
CHARLES A. ETHERINGTON, 4500 MAIN STREET
KANSAS CITY, MISSOURI  64111
(Name and address of agent for service)
   
   
Registrant’s telephone number, including area code:
816-531-5575
   
   
Date of fiscal year end:
                        08-31
   
   
Date of reporting period:
                        05-31-2009
 
 
 
 
 
ITEM 1.  SCHEDULE OF INVESTMENTS.
 


 

 

 

 
 
 
 
 
 
 
 
 
American Century Investments®
 
Quarterly Portfolio Holdings
 
California Tax-Free Money Market Fund
 
May 31, 2009
 

 

 

 

 

 
 
 
 
 
 
 

GRAPHIC
 
 
 
 
California Tax-Free Money Market – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
MUNICIPAL SECURITIES — 99.2%
  
   CALIFORNIA — 95.9%
  
 
ABAG Finance Auth. for Nonprofit Corps. Multifamily Housing Rev., Series 2002 A, (The Arbors Apartments), VRDN, 0.30%, 6/3/09 (FNMA) (LIQ FAC: FNMA)
  
$  2,000,000
$  2,000,000
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (Francis Parker School), VRDN, 0.18%, 6/4/09 (LOC: Bank of New York)
  
 5,270,000
 5,270,000
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (Institute Defense Analyses), VRDN, 0.30%, 6/4/09 (LOC: Branch & Banking Trust)
  
 3,980,000
 3,980,000
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (Katherine Delmar Burke School), VRDN, 0.82%, 6/4/09 (LOC: Allied Irish Bank plc)
  
 1,050,000
 1,050,000
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (Oshman Family Jewish Community), VRDN, 0.20%, 6/1/09 (LOC: LaSalle Bank N.A.)
  
 1,350,000
 1,350,000
 
ABAG Finance Auth. for Nonprofit Corps. Rev., Series 2005 A, (San Francisco University), VRDN, 0.82%, 6/4/09 (LOC: Allied Irish Bank plc)
  
 1,150,000
 1,150,000
 
ABAG Finance Auth. for Nonprofit Corps. Rev., Series 2006 A, (La Jolla Country Day School), VRDN, 0.82%, 6/4/09 (LOC: Allied Irish Bank plc)
  
 1,090,000
 1,090,000
 
Alameda Public Financing Auth. Multifamily Housing Rev., Series 2005 A, (Eagle Village/Parrot Village Apartments), VRDN, 0.20%, 6/4/09 (FNMA) (LIQ FAC: FNMA)
  
 4,065,000
 4,065,000
 
Alameda-Contra Costa Schools Financing Auth. COP, Series 2003 L, (Capital Improvement Financing), VRDN, 0.25%, 6/4/09 (LOC: Scotia Bank)
  
 1,940,000
 1,940,000
 
Anaheim Union High School District COP, (School Facility Bridge Funding Project), VRDN, 1.50%, 6/4/09 (FSA) (SBBPA: Wachovia Bank N.A.)
  
 4,500,000
 4,500,000
 
Anaheim Union High School District COP, (School Facility Bridge Funding Project), VRDN, 1.50%, 6/4/09 (FSA) (SBBPA: Wachovia Bank N.A.)
  
 7,560,000
 7,560,000
 
Apple Valley COP, (Public Facilities Financing), VRDN, 0.34%, 6/4/09 (LOC: Union Bank of California N.A. and California State Teacher's Retirement)
  
 3,745,000
 3,745,000
 
Austin Trust Various States GO, Series 2008-1154, VRDN, 0.59%, 6/4/09 (FSA) (LIQ FAC: Bank of America N.A.)(1)
  
 5,315,000
 5,315,000
 
Austin Trust Various States GO, Series 2008-3016X, VRDN, 0.59%, 6/4/09 (FSA) (LIQ FAC: Bank of America N.A.)(1)
  
 7,180,000
 7,180,000
 
Austin Trust Various States GO, Series 2008-3019X, VRDN, 0.59%, 6/4/09 (FSA) (LIQ FAC: Bank of America N.A.)
  
 6,500,000
 6,500,000
 
Austin Trust Various States GO, Series 2008-3020X, VRDN, 0.59%, 6/4/09 (FSA) (LIQ FAC: Bank of America N.A.)
  
 5,750,000
 5,750,000
 
Austin Trust Various States GO, Series 2008-3318, VRDN, 0.64%, 6/4/09 (AGC) (LIQ FAC: Bank of America N.A.)
  
 1,500,000
 1,500,000
 
Austin Trust Various States Rev., Series 2008-3013X, VRDN, 0.29%, 6/4/09 (LIQ FAC: Bank of America N.A.)(1)
  
 1,200,000
 1,200,000
 
Austin Trust Various States Rev., Series 2008-3305, VRDN, 0.29%, 6/4/09 (LIQ FAC: Bank of America N.A.)(1)
  
 5,000,000
 5,000,000
 
Barstow Multifamily Housing Rev., (Desert Vista Apartments), VRDN, 0.18%, 6/3/09 (LOC: Redlands Federal Bank and FHLB)
  
 2,400,000
 2,400,000
 
Beaumont Utility Auth. Rev., Series 2001 A, (Wastewater Enterprise), VRDN, 0.20%, 6/3/09 (LOC: Union Bank of California N.A. and California State Teacher's Retirement)
  
 4,585,000
 4,585,000
 
Burbank Redevelopment Agency Multifamily Housing Rev., Series 1985 A, VRDN, 0.15%, 6/2/09 (LOC: FHLB and Washington Mutual Bank)
  
 2,400,000
 2,400,000
 
California Communities Tax & Rev. Anticipation Note Program Rev., Series 2008 A3, 3.00%, 6/30/09
  
 7,500,000
 7,507,971
 
California Educational Facilities Auth. Rev., (Life Chiropractic College), VRDN, 0.20%, 6/4/09 (LOC: Bank of the West)
  
 5,850,000
 5,850,000
 
California Educational Facilities Auth. Rev., Series 2002 A, (Art Center Design College), VRDN, 0.50%, 6/4/09 (LOC: Allied Irish Bank plc)
  
 1,155,000
 1,155,000
 
 
 
 
 
 
California Tax-Free Money Market – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
  Principal Amount
Value
 
California Educational Facilities Auth. Rev., Series 2008-2495, (PUTTERs), VRDN, 0.27%, 6/4/09 (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
  
$  1,595,000
$  1,595,000
 
California Enterprise Development Auth. Rev., (Community Hospice, Inc.), VRDN, 0.34%, 6/4/09 (LOC: Bank of Stockton and Bank of New York)
  
   4,835,000
 4,835,000
 
California Enterprise Development Auth. Rev., (Humane Society Silicon Valley), VRDN, 0.34%, 6/4/09 (LOC: First Republic Bank and U.S. Bank N.A.)
  
 8,000,000
 8,000,000
 
California GO, Series 2003 C2, VRDN, 0.27%, 6/4/09 (LOC: Landesbank Hessen-Thuringen Girozentrale, Bank of America N.A. and Bank of Nova Scotia)
  
 4,000,000
 4,000,000
 
California GO, Series 2006-1255, VRDN, 0.44%, 6/4/09 (BHAC-CR/Ambac) (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
  
 2,750,000
 2,750,000
 
California Health Facilities Financing Auth. Rev., (Memorial Health Services), VRDN, 0.50%, 6/3/09
  
 2,725,000
 2,725,000
 
California Infrastructure & Economic Development Bank Rev., (Bay Area Toll Bridges), VRDN, 0.34%, 6/4/09 (LOC: Bank of the West)
  
 2,830,000
 2,830,000
 
California Infrastructure & Economic Development Bank Rev., (Country Schools), VRDN, 0.34%, 6/4/09 (LOC: First Republic Bank and Bank of New York)
  
 3,000,000
 3,000,000
 
California Infrastructure & Economic Development Bank Rev., (India Community Center), VRDN, 0.20%, 6/1/09 (LOC: Bank of America N.A.)
  
 200,000
 200,000
 
California Municipal Finance Auth. Rev., (Saint Andrew's Parish), VRDN, 0.82%, 6/4/09 (LOC: Allied Irish Bank plc)
  
 1,300,000
 1,300,000
 
California Municipal Finance Auth. Rev., (San Francisco Planning), VRDN, 0.15%, 6/4/09 (LOC: Pacific Capital Bank N.A. and FHLB)
  
 3,435,000
 3,435,000
 
California Municipal Finance Auth. Rev., Series 2008 A, (Central Coast YMCA), VRDN, 0.35%, 6/4/09 (LOC: Pacific Capital Bank N.A. and FHLB)
  
 2,750,000
 2,750,000
 
California State Department of Water Resources Rev., Series 2002 A, 5.50%, 5/1/10
  
 2,095,000
 2,181,569
 
California State Department of Water Resources Rev., Series 2002 C8, VRDN, 1.75%, 6/4/09 (LOC: Bayerische Landesbank)
  
 1,100,000
 1,100,000
 
California Statewide Communities Development Auth. Multifamily Housing Rev., Series 2008-2680, (PUTTERs), VRDN, 0.49%, 6/4/09 (LOC: JPMorgan Chase Bank N.A.)(1)
  
 7,500,000
 7,500,000
 
California Statewide Communities Development Auth. Rev., (Archer School for Girls, Inc.), VRDN, 0.82%, 6/4/09 (LOC: Allied Irish Bank plc)
  
 1,000,000
 1,000,000
 
California Statewide Communities Development Auth. Rev., (Masters College), VRDN, 0.05%, 6/4/09 (LOC: U.S. Bank N.A.)
  
 2,765,000
 2,765,000
 
California Statewide Communities Development Auth. Rev., (St. Mary & All Angels School), VRDN, 0.50%, 6/4/09 (LOC: Allied Irish Bank plc)
  
 2,000,000
 2,000,000
 
California Statewide Communities Development Auth. Rev., Series 2000 A, (Jewish Federation), VRDN, 0.85%, 6/4/09 (LOC: Allied Irish Bank plc)
  
 3,230,000
 3,230,000
 
Carlsbad Unified School District COP, 1.50%, 6/4/09 (FSA) (SBBPA: Wachovia Bank N.A.)
  
 1,600,000
 1,600,000
 
Carlsbad Unified School District COP, (School Facility Bridge Funding), VRDN, 1.50%, 6/4/09 (FSA) (SBBPA: Wachovia Bank N.A.)
  
 8,200,000
 8,200,000
 
Carlsbad Unified School District COP, (School Facility Bridge Funding), VRDN, 1.50%, 6/4/09 (FSA) (SBBPA: Wachovia Bank N.A.)
  
 2,875,000
 2,875,000
 
Carlsbad Unified School District COP, (School Facility Bridge Funding), VRDN, 1.50%, 6/4/09 (FSA) (SBBPA: Wachovia Bank N.A.)
  
 6,450,000
 6,450,000
 
Chico Multifamily Mortgage Rev., (Webb Homes), VRDN, 1.50%, 6/1/09 (LOC: Wells Fargo Bank N.A.)
  
 295,000
 295,000
 
Chula Vista Industrial Development Rev., Series 2006 A, (San Diego Gas), VRDN, 0.10%, 6/3/09
  
 8,000,000
 8,000,000
 
Colton Redevelopment Agency Rev., Series 1985 A, VRDN, 0.35%, 6/2/09 (LOC: Coast Federal Bank and FHLB)
  
 1,450,000
 1,450,000
 
Contra Costa Housing Auth. Multifamily Housing Rev., Series 1992 C, (Lakeshore), VRDN, 0.15%, 6/3/09 (FHLMC) (LIQ FAC: FHLMC)
  
 2,505,000
 2,505,000
 
 
 

 

California Tax-Free Money Market – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Diamond Bar Public Financing Auth. Lease Rev., Series 2002 A, (Community/Senior Center), VRDN, 0.20%, 6/3/09 (LOC: Union Bank of California N.A.)
  
$   7,400,000
$   7,400,000
 
East Bay Municipal Utility District Rev., Series 2009 A1, (Sifma), VRN, 0.39%, 6/4/09
  
 5,000,000
 5,000,000
 
East Bay Municipal Utility District Rev., Series 2009 A2, (Sifma), VRN, 0.39%, 6/4/09
  
29,540,000
 29,540,000
 
Eastern Municipal Water District Water & Sewer COP, Series 2008 E, VRDN, 0.15%, 6/3/09 (LIQ FAC: Lloyds TSB Bank plc)
  
 4,900,000
 4,900,000
 
El Monte COP, Series 2003 A, (Community Improvement), VRDN, 0.34%, 6/4/09 (LOC: Union Bank of California N.A. and California State Teacher's Retirement)
  
 4,935,000
 4,935,000
 
Fremont COP, (Capital Improvement Funding), VRDN, 0.15%, 6/4/09 (LOC: Scotia Bank)
  
 2,820,000
 2,820,000
 
Hanford Sewer System Rev., Series 1996 A, VRDN, 0.89%, 6/4/09 (LOC: Union Bank of California N.A.)
  
 300,000
 300,000
 
Inland Valley Development Agency Tax Allocation Rev., VRDN, 0.20%, 6/3/09 (LOC: Union Bank of California N.A. and California State Teacher's Retirement)
  
 4,380,000
 4,380,000
 
JP Morgan Chase (PUTTERs/DRIVERs) Trust COP, Series 2009-3361, VRDN, 0.59%, 6/4/09 (NATL) (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
  
 2,570,000
 2,570,000
 
JP Morgan Chase (PUTTERs/DRIVERs) Trust COP, Series 2009-3416, VRDN, 0.59%, 6/4/09 (NATL) (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
  
 2,200,000
 2,200,000
 
Lake Elsinore Recreation Auth. Rev., Series 2000 A, (Public Facilities), VRDN, 0.20%, 6/3/09 (LOC: Union Bank of California N.A. and California State Teacher's Retirement)
  
 1,125,000
 1,125,000
 
Lemoore COP, (Municipal Golf Course Refinancing), VRDN, 0.25%, 6/4/09 (LOC: Union Bank of California N.A.)
  
 2,605,000
 2,605,000
 
Long Beach Bond Finance Authority Rev., (Long Beach Museum of Art), VRDN, 0.20%, 6/3/09 (LOC: Bank One N.A.)
  
 2,510,000
 2,510,000
 
Long Beach Health Facilities Rev., (Memorial Health Services), VRDN, 0.65%, 6/3/09
  
 22,200,000
 22,200,000
 
Los Angeles COP, Series 2005 A, (Loyola High School), VRDN, 0.82%, 6/4/09 (LOC: Allied Irish Bank plc)
  
 1,005,000
 1,005,000
 
Los Angeles COP, Series 2006 A, (Notre Dame High School), VRDN, 0.82%, 6/4/09 (LOC: Allied Irish Bank plc)
  
 1,100,000
 1,100,000
 
Los Angeles County Tax & Rev. Anticipation Notes Rev., Series 2008 A, 3.00%, 6/30/09
  
 5,000,000
 5,005,553
 
Los Angeles Unified School District GO, Series 2000 D, 5.50%, 7/1/09
  
 2,000,000
 2,006,167
 
Los Angeles Unified School District GO, Series 2008-2748, (PUTTERs), VRDN, 0.59%, 6/4/09 (FSA) (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
  
 4,995,000
 4,995,000
 
Los Angeles Unified School District Tax & Rev. Anticipation Notes GO, Series 2008 A, 3.00%, 7/30/09
  
 8,000,000
 8,018,893
 
Manhattan Beach Unified School District COP, (Capital Improvement), VRDN, 2.20%, 6/4/09 (FSA) (SBBPA: Wachovia Bank N.A.)
  
 2,180,000
 2,180,000
 
Metropolitan Water District Southern California Rev., Series 2009 A1, VRN, 0.47%, 6/1/09
  
 15,000,000
 15,000,000
 
Metropolitan Water District Southern California Rev., Series 2009 A2, VRN, 0.44%, 6/4/09
  
 16,000,000
 16,000,000
 
Modesto Multifamily Housing Rev., Series 2008 A, (Valley Oak), VRDN, 0.15%, 6/4/09 (FHLMC) (LIQ FAC: FHLMC)
  
 3,675,000
 3,675,000
 
Moreno Valley COP, (1997 City Hall Refinancing), VRDN, 0.34%, 6/4/09 (LOC: Union Bank of California N.A. and California State Teacher's Retirement)
  
 5,470,000
 5,470,000
 
Novato Multifamily Housing Rev., (Nova-Ro III Senior Housing), VRDN, 0.20%, 6/4/09 (LOC: Bank of the West)
  
 800,000
 800,000
 
Orange County Apartments Development Rev., Series 1998 J, (Trabuco Woods), VRDN, 0.15%, 6/4/09 (FNMA) (LIQ FAC: FNMA)
  
 1,700,000
 1,700,000
 
 
 
 
 

California Tax-Free Money Market – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Orange County Housing Multifamily Apartments Development Auth. Rev., Series 1985 CC, (Lantern Pines), VRDN, 0.20%, 6/10/09 (FNMA) (LIQ FAC: FNMA)
  
$    1,450,000
$    1,450,000
 
Orange County Sanitation District COP, Series 2008 C, 2.50%, 12/10/09
  
 5,000,000
 5,039,584
 
Paramount Unified School District COP, (School Facility Bridge Funding Program), VRDN, 1.50%, 6/4/09 (FSA) (SBBPA: Wachovia Bank N.A.)
  
 3,200,000
 3,200,000
 
Peralta Community College District GO, Series 2008-2682, (PUTTERs), VRDN, 0.59%, 6/4/09 (FSA) (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
  
 2,225,000
2,225,000
 
RBC Municipal Products Inc. Trust Tax Allocation Rev., Series 2008 E5, VRDN, 0.39%, 6/4/09 (LOC: Royal Bank of Canada) (LIQ FAC: Royal Bank of Canada)(1)
  
 28,870,000
 28,870,000
 
Reedley COP, VRDN, 0.37%, 6/4/09 (LOC: U.S. Bank N.A.)
  
 11,045,000
 11,045,000
 
Richmond Wastewater Rev., Series 2008 A, VRDN, 0.26%, 6/4/09 (LOC: Union Bank of California N.A.)
  
 3,000,000
 3,000,000
 
Riverside County Industrial Development Authority Rev., VRDN, 0.40%, 6/4/09 (LOC: California Bank & Trust and FHLB)
  
 5,765,000
 5,765,000
 
San Bernardino County Multifamily Housing Auth. Rev., Series 1993 A, (Rialto Heritage), VRDN, 0.30%, 6/11/09 (LOC: California Federal Bank and FHLB)
  
 4,330,000
 4,330,000
 
San Diego County & School District Tax & Rev. Anticipation Notes, 3.50%, 6/30/09
  
 4,150,000
 4,156,262
 
San Diego County COP, 0.50%, 6/4/09 (LOC: Allied Irish Bank plc)
  
 3,300,000
 3,300,000
 
San Diego Unified School District Tax & Rev. Anticipation Notes GO,  3.00%, 7/1/09
  
 10,000,000
 10,011,080
 
San Francisco City & County Redevelopment Agency Community Facilities District No. 4 Rev., (Mission Bay North Public Improvements), VRDN, 0.28%, 6/4/09 (LOC: Bank of America N.A.)
  
 1,400,000
 1,400,000
 
Santa Rosa Wastewater Rev., Series 2004 A, VRDN, 1.35%, 6/4/09 (LOC: Landesbank Baden-Wurttemberg)
  
 15,000,000
 15,000,000
 
Southern California Public Power Auth. Transmission Project Rev., (Southern Transmission), VRDN, 1.15%, 6/10/09 (Ambac) (LOC: Lloyds TSB Bank plc)
  
 3,500,000
 3,500,000
 
Three Valleys Municipal Water District COP, (Miramar Water Treatment, Water Transmission and Hydroelectric Generating Facilities), VRDN, 0.30%, 6/3/09 (LOC: Wells Fargo Bank N.A.)
  
 5,000,000
 5,000,000
 
Triunfo County Sanitation District Rev., VRDN, 0.15%, 6/3/09 (LOC: BNP Paribas)
  
 600,000
 600,000
 
University of California Rev., Series 2008-2475, (PUTTERs), VRDN, 0.27%, 6/4/09 (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
  
 520,000
 520,000
 
Upland Housing Multifamily Auth. Rev., Series 2002, VRDN, 0.15%, 6/4/09 (FHLMC) (LIQ FAC: FHLMC)
  
 4,855,000
 4,855,000
 
Vallejo Water Rev., Series 2005 A, VRDN, 0.40%, 6/3/09 (LOC: JPMorgan Chase Bank N.A.)
  
 3,000,000
 3,000,000
 
West Hills Community College District COP, VRDN, 0.20%, 6/3/09 (LOC: Union Bank of California N.A.)
  
 9,000,000
 9,000,000
 
William S. Hart Union High School District COP, Series, (School Facility Bridge Funding Project), VRDN, 1.45%, 6/4/09 (FSA) (SBBPA: First Union National Bank)
  
 2,000,000
 2,000,000
       
 469,322,079
PUERTO RICO — 3.3%
  
 
Puerto Rico Tax & Rev. Anticipation Notes Rev., Series 2008 A2, 3.00%, 7/30/09 (LOC: BNP Paribas)
  
 16,000,000
 16,034,686
 
TOTAL INVESTMENT SECURITIES — 99.2%
    
       
 485,356,765
 
OTHER ASSETS AND LIABILITIES — 0.8%
  
 4,042,098
 
TOTAL NET ASSETS — 100.0%
  
$489,398,863
 
 
 
 
 

 
California Tax-Free Money Market – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
   
 
Notes to Schedule of Investments
 
ABAG
-
Association of Bay Area Governments
 
AGC
-
Assured Guaranty Corporation
 
Ambac
-
Ambac Assurance Corporation
 
BHAC-CR
-
Berkshire Hathaway Assurance Corporation - Custodial Receipts
 
COP
-
Certificates of Participation
 
DRIVERs
-
Derivative Inverse Tax-Exempt Receipts
 
FHLB
-
Federal Home Loan Bank
 
FHLMC
-
Federal Home Loan Mortgage Corporation
 
FNMA
-
Federal National Mortgage Association
 
FSA
-
Financial Security Assurance, Inc.
 
GO
-
General Obligation
 
LIQ FAC
-
Liquidity Facilities
 
LOC
-
Letter of Credit
 
NATL
-
National Public Finance Guarantee Corporation
 
PUTTERs
-
Puttable Tax-Exempt Receipts
 
SBBPA
-
Standby Bond Purchase Agreement
 
VRDN
-
Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
 
VRN
-
Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.
 

(1)
Security was purchased under Rule 144A or Section 4(2) of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $71,920,000, which represented 14.7% of total net assets. None of the restricted securities are considered to be illiquid.

 
 
 
 
 
California Tax-Free Money Market – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
 
 
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities are valued at amortized cost, which approximates current market value. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Trustees. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security's fair value, such security is valued as determined by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees, if such determination would materially impact a fund's net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
 
  •  Level 1 valuation inputs consist of actual quoted prices based on an active market;
  •  Level 2 valuation inputs consist of significant direct or indirect observable market data; or
  •  Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
 
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of May 31, 2009:
 
Valuation Inputs
Value of Investment Securities
    
Level 1 - Quoted Prices
-
        
Level 2 - Other Significant Observable Inputs
$ 485,356,765
        
Level 3 - Significant Unobservable Inputs
-
        
 
$ 485,356,765
        
 
 
3. Federal Tax Information
 
As of May 31, 2009, the cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.
 
Federal tax cost of investments
$ 485,356,765
    
 
 
This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.

 
 
 
 


 

 

 

 
 
 
 
 
 
 
 
 
American Century Investments®
 
Quarterly Portfolio Holdings
 
California Tax-Free Bond Fund
 
May 31, 2009
 

 
 
 
 
 
 
 

 

 

 

 

GRAPHIC
 
 
 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
MUNICIPAL SECURITIES — 100.1%
  
  CALIFORNIA — 94.0%
  
 
Alameda County COP, (Santa Rita Jail), 5.375%, 6/1/09 (NATL)(1)(2)
  
$   600,000
$       600,168
 
Alameda County COP, Series 2001 A, 5.375%, 12/1/15 (NATL)(2)
  
 1,385,000
 1,500,731
 
Banning Utility Auth. Rev., (Refunding and Improvement Projects), 5.25%, 11/1/35 (NATL/FGIC)(2)
  
 750,000
 711,015
 
Bay Area Toll Auth. Rev., Series 2008 F1, (San Francisco Bay Area), 5.00%, 4/1/34(2)
  
 5,000,000
 4,950,550
 
California Department of Water Resources Power Supply Rev., Series 2002 A, 5.375%, 5/1/12, Prerefunded at 101% of Par (XLCA)(1)(2)
  
 7,000,000
 7,877,240
 
California Department of Water Resources Power Supply Rev., Series 2002 A, 5.50%, 5/1/12(2)
  
 3,750,000
 4,121,475
 
California Department of Water Resources Power Supply Rev., Series 2005 F5, 5.00%, 5/1/22(2)
  
 1,800,000
 1,904,796
 
California Department of Water Resources Power Supply Rev., Series 2005 G4, 5.00%, 5/1/16(2)
  
 2,450,000
 2,714,918
 
California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/21(2)
  
 5,000,000
 5,335,950
 
California Department of Water Resources Rev., (Central Valley), 5.50%, 12/1/11, Prerefunded at 100% of Par(1)(2)
  
 15,000
 16,673
 
California Department of Water Resources Rev., (Central Valley), 5.50%, 12/1/17(2)
  
 1,235,000
 1,333,417
 
California Department of Water Resources Rev., Series 2009 AF, (Central Valley Water System), 5.00%, 12/1/22(2)
  
 2,000,000
 2,204,240
 
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14(2)
  
 5,000,000
 5,482,600
 
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14 (NATL/FGIC)(2)
  
 5,000,000
 5,477,700
 
California Educational Facilities Auth. Rev., (Golden Gate University), 5.50%, 10/1/18(2)
  
 4,000,000
 3,627,680
 
California Educational Facilities Auth. Rev., (Santa Clara University), 5.00%, 4/1/18
  
 500,000
 554,285
 
California Educational Facilities Auth. Rev., (Santa Clara University), 5.00%, 4/1/19
  
 700,000
 765,002
 
California Educational Facilities Auth. Rev., (Santa Clara University), 5.25%, 4/1/23
  
 2,000,000
 2,144,900
 
California Educational Facilities Auth. Rev., (Scripps College), 5.25%, 8/1/11, Prerefunded at 100% of Par(1)(2)
  
 1,020,000
 1,113,718
 
California Educational Facilities Auth. Rev., Series 2000 B, (Pooled College & University), 6.625%, 6/1/10, Prerefunded at 101% of Par(1)(2)
  
 275,000
 293,598
 
California Educational Facilities Auth. Rev., Series 2000 B, (Pooled College & University), 6.625%, 6/1/10, Prerefunded at 101% of Par(1)(2)
  
 1,330,000
 1,419,948
 
California Educational Facilities Auth. Rev., Series 2004 C, (Lutheran University), 5.00%, 10/1/24(2)
  
 2,500,000
 2,198,825
 
California Educational Facilities Auth. Rev., Series 2008 T4, (Stanford University), 5.00%, 3/15/14(2)
  
 5,000,000
 5,634,050
 
California Educational Facilities Auth. Rev., Series 2009 A, (Pomona College), 5.00%, 1/1/24(2)
  
 2,100,000
 2,274,510
 
California Educational Facilities Auth. Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39(2)
  
 2,952,000
 3,000,265
 
California GO, 5.75%, 4/1/10 (Ambac-TCRS) (Bank of New York)(2)
  
 1,350,000
 1,402,380
 
California GO, 5.25%, 10/1/10, Prerefunded at 100% of Par (FGIC-TCRS)(1)(2)
  
 2,350,000
 2,494,008
 
California GO, 5.25%, 10/1/10, Prerefunded at 100% of Par (FGIC-TCRS)(1)(2)
  
 7,650,000
 8,091,252
 
California GO, 5.50%, 3/1/11 (XLCA-ICR)(2)
  
 1,000,000
 1,064,310
 
California GO, 5.50%, 4/1/12 (NATL)(2)
  
 5,000,000
 5,403,450
 
California GO, 5.00%, 2/1/14, Prerefunded at 100% of Par(1)(2)
  
 4,000,000
 4,576,040
 
California GO, 5.125%, 2/1/14, Prerefunded at 100% of Par(1)(2)
  
 5,000,000
 5,747,950
 
 
 
 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
 
California GO, 5.00%, 3/1/14(2)
  
$ 5,000,000
$    5,384,700
 
California GO, 5.00%, 11/1/16 (Ambac)(2)
  
 1,575,000
 1,688,920
 
California GO, 5.00%, 8/1/18(2)
  
 2,260,000
 2,355,711
 
California GO, 5.25%, 2/1/20(2)
  
 5,000,000
 5,145,100
 
California GO, 5.00%, 3/1/20(2)
  
 1,690,000
 1,735,089
 
California GO, 5.00%, 3/1/20(2)
  
 5,000,000
 5,107,350
 
California GO, 5.00%, 3/1/22(2)
  
 5,000,000
 5,053,850
 
California GO, 5.75%, 4/1/28(2)
  
 5,000,000
 5,166,500
 
California GO, 5.75%, 4/1/31(2)
  
 3,000,000
 3,051,600
 
California GO, 6.50%, 4/1/33(2)
  
 3,000,000
 3,270,570
 
California GO, 5.00%, 4/1/38(2)
  
 4,450,000
 4,022,844
 
California Health Facilities Financing Auth. Rev., 5.70%, 12/1/24 (Ambac/California Mortgage Insurance)(2)
  
 1,985,000
 2,027,340
 
California Health Facilities Financing Auth. Rev., Series 1998 A, (Kaiser Permanente), 5.25%, 6/1/11 (FSA)(1)(2)
  
 2,000,000
 2,026,780
 
California Health Facilities Financing Auth. Rev., Series 2008 A, (Scripps Health), 5.00%, 10/1/17(2)
  
 1,400,000
 1,413,216
 
California Health Facilities Financing Auth. Rev., Series 2008 A, (Sutter Health), 5.50%, 8/15/17(2)
  
 1,000,000
 1,091,170
 
California Health Facilities Financing Auth. Rev., Series 2008 A, (Sutter Health), 5.25%, 8/15/22(2)
  
 3,335,000
 3,452,959
 
California Health Facilities Financing Auth. Rev., Series 2008 A, (Sutter Health), 5.00%, 8/15/38(2)
  
 2,520,000
 2,337,653
 
California Health Facilities Financing Auth. Rev., Series 2008 A3, (Stanford Hospital), VRN, 3.45%, 6/15/11(2)
  
 1,000,000
 1,029,430
 
California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 5.00%, 10/1/14(2)
  
 500,000
 528,720
 
California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 6.25%, 10/1/24(2)
  
 3,250,000
 3,555,012
 
California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/38(2)
  
 2,125,000
 2,276,789
 
California Health Facilities Financing Auth. Rev., Series 2008 H, (Catholic Healthcare West), 5.125%, 7/1/22(2)
  
 1,000,000
 995,050
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (Catholic Healthcare West), 5.00%, 7/1/18(2)
  
 4,980,000
 5,085,576
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (Catholic Healthcare West), 5.40%, 7/1/21(2)
  
 2,500,000
 2,560,450
 
California Infrastructure & Economic Development Bank Rev., (India Community Center), VRDN, 0.20%, 6/1/09 (LOC: Bank of America N.A.)
  
 750,000
 750,000
 
California Infrastructure & Economic Development Bank Rev., Series 2000 A, (Scripps Research Institute), 5.625%, 7/1/20(2)
  
 1,000,000
 1,009,700
 
California Infrastructure & Economic Development Bank Rev., Series 2003 A, (Bay Area Toll Bridges Seismic Retrofit 1st Lien), 5.125%, 7/1/26, Prerefunded at 100% of Par (Ambac)(1)(2)
  
 5,000,000
 5,768,850
 
California Infrastructure & Economic Development Bank Rev., Series 2006 A, (California Science Center Phase II), 4.25%, 5/1/13 (NATL/FGIC)(2)
  
 1,075,000
 1,096,532
 
California Infrastructure & Economic Development Bank Rev., Series 2008 A, (California Independent System Operator Corp.), 5.00%, 2/1/13(2)
  
 2,500,000
 2,708,575
 
California Infrastructure & Economic Development Bank Rev., Series 2008 B, (Rand Corp.), VRDN, 0.22%, 6/1/09 (LOC: Bank of America N.A.)
  
 5,600,000
 5,600,000
 
California Mobilehome Park Financing Auth. Rev., Series 2000 A, (Union City Tropics), 5.375%, 8/15/10, Prerefunded at 102% of Par (ACA)(1)(2)
  
 1,075,000
 1,157,592
 
California Mobilehome Park Financing Auth. Rev., Series 2006 A, (Union City Tropics), 3.80%, 12/15/11(2)
  
 1,350,000
 1,349,716
 
California Municipal Finance Auth. Rev., (Loma Linda University), 5.00%, 4/1/23(2)
  
 1,145,000
 1,156,759

 
 
 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
California Municipal Finance Auth. Rev., (Loma Linda University), 5.00%, 4/1/28(2)
  
$ 2,000,000
$    1,908,280
 
California Public Works Board Lease Rev., Series 2005 A, (Department General Services - Butterfield), 5.00%, 6/1/15(2)
  
 1,450,000
 1,514,757
 
California Public Works Board Lease Rev., Series 2006 A, (Various California State University Projects), 5.00%, 10/1/11(2)
  
 2,165,000
 2,296,177
 
California Public Works Board Lease Rev., Series 2009 A, (Department General Services - Buildings 8 & 9), 6.25%, 4/1/34(2)
  
 2,435,000
 2,484,406
 
California Public Works Board Lease Rev., Series 2009 B, (Department of Education - Riverside Campus), 6.00%, 4/1/27(2)
  
 2,130,000
 2,172,600
 
California State University Fresno Association, Inc. Rev., (Auxiliary Organization Event Center), 5.00%, 7/1/12(1)(2)
  
 1,000,000
 1,108,610
 
California State University Fresno Association, Inc. Rev., (Auxiliary Organization Event Center), 5.25%, 7/1/12, Prerefunded at 101% of Par(1)(2)
  
 3,100,000
 3,489,732
 
California State University Fresno Association, Inc. Rev., (Auxiliary Organization Event Center), 6.00%, 7/1/12, Prerefunded at 101% of Par(1)(2)
  
 1,500,000
 1,724,445
 
California State University System Rev., Series 2002 A, 5.375%, 11/1/18 (Ambac)(2)
  
 1,250,000
 1,339,238
 
California Statewide Communities Development Auth. Rev., Series 2002 B, 5.20%, 10/1/18 (FSA)(2)
  
 1,695,000
 1,789,361
 
California Statewide Communities Development Auth. Rev., Series 2002 C, (Kaiser Permanente), VRN, 3.85%, 6/1/12(2)
  
 1,100,000
 1,107,645
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (California Baptist University), 5.30%, 11/1/18
  
 2,250,000
 1,806,322
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (California Baptist University), 5.40%, 11/1/27
  
 2,500,000
 1,703,275
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (Front Porch Communities and Services), 5.125%, 4/1/37(2)(3)
  
 1,600,000
 1,129,376
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/1/20 (California Mortgage Insurance)(2)
  
 1,000,000
 1,019,750
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (Valleycare Health System), 4.80%, 7/15/17
  
 5,000,000
 4,107,700
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (Valleycare Health System), 5.00%, 7/15/22
  
 1,000,000
 731,610
 
California Statewide Communities Development Auth. Rev., Series 2007 B, (Adventist Health System/West), 5.00%, 3/1/37 (AGC)(2)
  
 2,500,000
 2,336,400
 
California Statewide Communities Development Auth. Rev., Series 2008 D, (Catholic Healthcare West), 5.50%, 7/1/31(2)
  
 1,000,000
 981,150
 
California Statewide Communities Development Auth. Rev., Series 2009 A, (Kaiser Permanente), 5.00%, 4/1/13(4)
  
 2,500,000
 2,639,025
 
Calleguas-Las Virgines Public Financing Auth. Rev., Series 2007 A, (Municipal Water District), 5.00%, 7/1/20 (NATL/FGIC)(2)
  
 1,000,000
 1,072,640
 
Campbell Union High School District GO, 5.00%, 8/1/30(4)
  
 1,600,000
 1,612,592
 
Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 87-1), 5.00%, 9/1/18 (Ambac)(2)
  
 3,115,000
 3,148,767
 
Carson Redevelopment Agency Tax Allocation Rev., (Redevelopment Project Area No. 1), 5.50%, 10/1/11 (NATL)(2)
  
 1,130,000
 1,191,156
 
Castaic Lake Water Agency COP, Series 2001 A, 5.375%, 8/1/17 (NATL)(2)
  
 2,100,000
 2,236,668
 
Central California Joint Powers Health Financing Auth. COP, (Community Hospitals), 5.25%, 2/1/10, Prerefunded at 101% of Par(1)(2)
  
 860,000
 896,146
 
Chabot Las Positas Community College District COP, 5.50%, 12/1/10 (FSA)(1)(2)
  
 1,090,000
 1,136,162
 
Chaffey Community College District GO, Series 2002 A, 4.25%, 7/1/11 (FSA)(2)
  
 1,070,000
 1,133,237
 
Chaffey Community College District GO, Series 2007 C, (Election of 2002), 5.00%, 6/1/20 (NATL)(2)
  
 1,765,000
 1,897,022
 
Chino Ontario Upland Water Facilities Auth. COP, Series 1997 A, (Agua de Lejos), 5.20%, 10/1/15 (NATL/FGIC)(2)
  
 3,000,000
 3,060,180
 
 

 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Coast Community College District GO, Series 2006 B, (Election of 2002), 5.00%, 8/1/17 (FSA)(2)
  
$ 2,065,000
$    2,294,174
 
Eastern Municipal Water District Water & Sewer COP, Series 2001 A, 5.25%, 7/1/13 (NATL/FGIC)(2)
  
 2,300,000
 2,450,926
 
Eastern Municipal Water District Water & Sewer COP, Series 2008 H, 5.00%, 7/1/24(2)
  
 1,000,000
 1,039,950
 
El Segundo Unified School District GO, 5.375%, 9/1/12, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,020,000
 1,151,182
 
El Segundo Unified School District GO, 5.375%, 9/1/12, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,095,000
 1,235,828
 
Folsom Cordova Unified School District No. 2 Facilities Improvement GO, Series 2002 A, 5.375%, 10/1/15 (NATL)(2)
  
 1,000,000
 1,088,720
 
Folsom Cordova Unified School District No. 2 Facilities Improvement GO, Series 2002 A, 5.375%, 10/1/16 (NATL)(2)
  
 1,225,000
 1,333,682
 
Folsom Public Financing Auth. Lease Rev., (City Hall & Community Center), 5.25%, 10/1/14 (FSA)(2)
  
 1,225,000
 1,333,057
 
Folsom Public Financing Auth. Lease Rev., (City Hall & Community Center), 5.25%, 10/1/15 (FSA)(2)
  
 1,290,000
 1,403,791
 
Fontana Unified School District GO, 4.00%, 5/1/15 (AGC)(2)
  
 935,000
 999,356
 
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 1995 A, (Senior Lien), 5.26%, 1/1/26(1)(2)(5)
  
 10,000,000
 4,733,300
 
Franklin-Mckinley School District GO, Series 2005 A, (Election of 2004), 5.00%, 8/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,150,000
 1,327,755
 
Fremont Union High School District GO, Series 2000 B, 5.25%, 9/1/10, Prerefunded at 100% of Par(1)(2)
  
 2,550,000
 2,686,195
 
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2003 A1, 6.75%, 6/1/13, Prerefunded at 100% of Par(1)(2)
  
 4,440,000
 5,201,593
 
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.75%, 6/1/47(2)
  
 10,000,000
 6,665,400
 
Hercules Redevelopment Agency Tax Allocation Rev., Series 2007 A, 5.00%, 8/1/12 (Ambac)(2)
  
 1,300,000
 1,361,425
 
Hercules Redevelopment Agency Tax Allocation Rev., Series 2007 A, 5.00%, 8/1/13 (Ambac)(2)
  
 1,360,000
 1,426,531
 
Hillsborough School District GO, (Bond Anticipation Notes), 3.60%, 9/1/13(5)
  
 2,700,000
 2,363,094
 
Huntington Beach Union High School District GO, (Election of 2004), 4.98%, 8/1/30 (FSA-CR) (NATL)(5)
  
 10,320,000
 2,799,506
 
Imperial Irrigation District COP, (Water Systems), 5.50%, 7/1/16 (Ambac)(2)
  
 1,675,000
 1,758,951
 
Inglewood Redevelopment Agency Tax Allocation Rev., Series 2007 A1, (Subordinate Lien), 5.00%, 5/1/23 (Ambac)(2)
  
 945,000
 853,051
 
Irvine Unified School District Financing Auth. Special Tax Rev., Series 2006 A, (Group II), 4.50%, 9/1/13
  
 825,000
 812,872
 
Irvine Unified School District Financing Auth. Special Tax Rev., Series 2006 A, (Group II), 4.75%, 9/1/16
  
 635,000
 612,286
 
Irvine Unified School District Financing Auth. Special Tax Rev., Series 2006 A, (Group II), 5.00%, 9/1/20
  
 790,000
 737,291
 
Lancaster Financing Auth. Tax Allocation Rev., (Projects No. 5 & 6), 3.80%, 2/1/10(2)
  
 110,000
 109,525
 
Lancaster Financing Auth. Tax Allocation Rev., (Projects No. 5 & 6), 4.00%, 2/1/11(2)
  
 120,000
 118,423
 
Lancaster Financing Auth. Tax Allocation Rev., (Projects No. 5 & 6), 4.30%, 2/1/13(2)
  
 125,000
 120,653
 
Long Beach Bond Finance Auth. Lease Rev., (Plaza Parking Facility), 5.25%, 11/1/16(2)
  
 2,030,000
 2,116,214
 
Long Beach Bond Finance Auth. Tax Allocation Rev., Series 2002 A, (North Long Beach Redevelopment), 5.00%, 8/1/10 (Ambac)(2)
  
 750,000
 758,955
 
Long Beach Bond Finance Auth. Tax Allocation Rev., Series 2002 A, (North Long Beach Redevelopment), 5.00%, 8/1/11 (Ambac)(2)
  
 680,000
 689,846

 
 
 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Los Alamitos Unified School District GO, (School Facilities Improvement District No. 1), 5.50%, 8/1/33(2)
  
$ 2,875,000
$    2,983,962
 
Los Altos School District GO, 5.00%, 8/1/19 (Ambac)(2)
  
 2,500,000
 2,703,300
 
Los Angeles Community Redevelopment Agency Parking System Rev., (Cinerama Dome Public Package), 5.30%, 7/1/13 (ACA) (LOC: Wells Fargo Bank N.A.)(2)
  
 1,030,000
 916,257
 
Los Angeles Convention and Exhibition Center Auth. Lease Rev., Series 1993 A, 6.00%, 8/15/10 (NATL-IBC)(2)
  
 1,155,000
 1,223,873
 
Los Angeles County Metropolitan Transportation Auth. Sales Tax Rev., Series 2001 B, (Proposal A), 5.25%, 7/1/13 (FSA)(2)
  
 3,000,000
 3,244,950
 
Los Angeles County Metropolitan Transportation Auth. Sales Tax Rev., Series 2001 B, (Proposal A), 5.25%, 7/1/16 (FSA)(2)
  
 6,680,000
 7,225,422
 
Los Angeles County Metropolitan Transportation Auth. Sales Tax Rev., Series 2008 B, (Proposal A), 5.00%, 7/1/31(2)
  
 1,000,000
 1,022,680
 
Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.00%, 5/15/18(2)
  
 750,000
 805,770
 
Los Angeles Department of Water & Power Rev., Series 2001 AA1, (Power System), 5.25%, 7/1/10 (NATL)(2)
  
 3,130,000
 3,280,334
 
Los Angeles Department of Water & Power Rev., Series 2008 A1, (Power System), 5.25%, 7/1/38(2)
  
 5,000,000
 5,064,650
 
Los Angeles Department of Water & Power Rev., Series 2008 A2, (Power System), 5.25%, 7/1/32(2)
  
 3,735,000
 3,802,342
 
Los Angeles Municipal Improvement Corp. Lease Rev., Series 2007 A, (Capital Equipment), 5.00%, 8/1/14 (NATL/FGIC)(2)
  
 600,000
 655,806
 
Los Angeles Unified School District GO, 5.50%, 7/1/12 (NATL)(2)
  
 3,500,000
 3,866,205
 
Los Angeles Unified School District GO, Series 2002 E, (Election of 1997), 5.00%, 7/1/11 (NATL)(2)
  
 5,000,000
 5,363,850
 
Los Angeles Unified School District GO, Series 2003 F, (Election of 1997), 5.00%, 7/1/16 (FSA)(2)
  
 2,500,000
 2,749,625
 
Los Angeles Unified School District GO, Series 2009 F, 5.00%, 7/1/21(2)
  
 5,405,000
 5,778,107
 
Los Angeles Wastewater System Rev., Series 2009 A, 5.75%, 6/1/34(2)
  
 2,975,000
 3,153,798
 
Los Gatos-Saratoga Joint Union High School District GO, Series 2002 C, (Election of 1998), 5.375%, 6/1/12, Prerefunded at 101% of Par (FSA)(1)(2)
  
 1,390,000
 1,568,698
 
Lynwood Public Financing Auth. Lease Rev., Series 2003 A, (Public Capital Improvement), 4.125%, 9/1/12 (Ambac)(2)
  
 575,000
 600,099
 
Mojave Unified School District No. 1 Facilities Improvement GO, 5.25%, 8/1/20 (NATL/FGIC)(2)
  
 1,520,000
 1,581,226
 
Mountain View COP, (Capital Projects), 5.25%, 8/1/18(2)
  
 1,485,000
 1,584,762
 
M-S-R Public Power Agency Rev., Series 2007 K, (San Juan), 5.00%, 7/1/12 (NATL)(2)
  
 4,065,000
 4,340,810
 
M-S-R Public Power Agency Rev., Series 2007 K, (San Juan), 5.00%, 7/1/13 (NATL)(2)
  
 2,305,000
 2,481,102
 
M-S-R Public Power Agency Rev., Series 2007 K, (San Juan), 5.00%, 7/1/14 (NATL)(2)
  
 1,000,000
 1,075,610
 
Murrieta Valley Unified School District Public Financing Auth. Special Tax Rev., Series 2006 A, 4.00%, 9/1/11 (AGC)(2)
  
 1,255,000
 1,305,062
 
Murrieta Valley Unified School District Public Financing Auth. Special Tax Rev., Series 2006 A, 4.00%, 9/1/12 (AGC)(2)
  
 1,745,000
 1,826,457
 
Murrieta Valley Unified School District Public Financing Auth. Special Tax Rev., Series 2006 A, 4.00%, 9/1/13 (AGC)(2)
  
 1,690,000
 1,771,255
 
Murrieta Valley Unified School District Public Financing Auth. Special Tax Rev., Series 2006 A, 4.00%, 9/1/14 (AGC)(2)
  
 1,085,000
 1,131,818
 
Oceanside COP, Series 2003 A, 5.00%, 4/1/11 (Ambac)(2)
  
 1,225,000
 1,254,645
 
Oceanside COP, Series 2003 A, 5.00%, 4/1/12 (Ambac)(2)
  
 1,310,000
 1,345,999
 
Orange County Community Facilities District Special Tax Rev., Series 2005 A, (No. 04-1-Ladera Ranch), 3.50%, 8/15/10
  
 650,000
 645,164

 
 
 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Orange County Community Facilities District Special Tax Rev., Series 2005 A, (No. 04-1-Ladera Ranch), 3.80%, 8/15/11
  
$   760,000
$       746,176
 
Orange County Community Facilities District Special Tax Rev., Series 2005 A, (No. 04-1-Ladera Ranch), 3.90%, 8/15/12
  
 825,000
 802,502
 
Orange County Community Facilities District Special Tax Rev., Series 2005 A, (No. 04-1-Ladera Ranch), 4.10%, 8/15/13
  
 700,000
 676,270
 
Orange County Community Facilities District Special Tax Rev., Series 2005 A, (No. 04-1-Ladera Ranch), 4.25%, 8/15/14
  
 1,135,000
 1,085,503
 
Orange County Improvement Bond Act of 1915 Special Assessment Rev., (Newport Coast Phase IV Assessment District No. 01-1), 4.30%, 9/2/14
  
 270,000
 255,204
 
Orange County Improvement Bond Act of 1915 Special Assessment Rev., (Newport Coast Phase IV Assessment District No. 01-1), 4.45%, 9/2/15
  
 320,000
 300,659
 
Orange County Improvement Bond Act of 1915 Special Assessment Rev., (Newport Coast Phase IV Assessment District No. 01-1), 4.55%, 9/2/16
  
 245,000
 227,679
 
Orange County Public Financing Auth. Lease Rev., (Juvenile Justice Center Facility), 5.375%, 6/1/15 (Ambac)(2)
  
 1,805,000
 1,881,676
 
Orange County Public Financing Auth. Lease Rev., (Juvenile Justice Center Facility), 5.375%, 6/1/16 (Ambac)(2)
  
 1,000,000
 1,034,190
 
Orange County Public Financing Auth. Lease Rev., (Juvenile Justice Center Facility), 5.375%, 6/1/17 (Ambac)(2)
  
 3,030,000
 3,105,659
 
Orange County Sanitation District COP, Series 2007 B, 5.00%, 2/1/26 (FSA)(2)
  
 2,750,000
 2,854,472
 
Palomar Pomerado Health GO, Series 2009 A, (Election of 2004), 6.94%, 8/1/38 (AGC)(2)
  
 1,660,000
 931,858
 
Paramount Unified School District GO, (Election of 2006), 5.25%, 8/1/25 (FSA)(2)
  
 1,570,000
 1,657,370
 
Paramount Unified School District GO, (Election of 2006), 5.25%, 8/1/26 (FSA)(2)
  
 1,760,000
 1,843,178
 
Perris Public Financing Auth. Tax Allocation Rev., 5.35%, 10/1/36
  
 1,150,000
 782,920
 
Poway Unified School District Public Financing Auth. Special Tax Rev., 5.00%, 9/15/19 (Ambac)(2)
  
 1,170,000
 1,226,979
 
Poway Unified School District Public Financing Auth. Special Tax Rev., 5.00%, 9/15/20 (Ambac)(2)
  
 1,215,000
 1,257,100
 
Rancho Mirage Joint Powers Financing Auth. Rev., Series 2007 A, (Eisenhower Medical Center), 5.00%, 7/1/15(2)
  
 1,505,000
 1,563,304
 
Rancho Mirage Joint Powers Financing Auth. Rev., Series 2007 A, (Eisenhower Medical Center), 5.00%, 7/1/21(2)
  
 1,000,000
 998,160
 
Richmond Joint Powers Financing Auth. Lease Rev., (Refunding & Civic Center), VRDN, 4.125%, 11/25/09 (Ambac) (SBBPA: Dexia Credit Local)(2)
  
 1,395,000
 1,394,693
 
Riverside County COP, Series 2007 A, (Public Safety Communication), 5.00%, 11/1/14 (Ambac)(2)
  
 1,000,000
 1,107,450
 
Riverside County COP, Series 2007 A, (Public Safety Communication), 5.00%, 11/1/15 (Ambac)(2)
  
 2,000,000
 2,226,220
 
Sacramento City Financing Auth. Lease Rev., Series 1993 A, 5.40%, 11/1/20 (Ambac)(2)
  
 3,000,000
 3,157,530
 
Sacramento City Financing Auth. Rev., 5.00%, 12/1/16 (NATL/FGIC)(2)
  
 2,500,000
 2,602,850
 
Sacramento City Financing Auth. Rev., Series 2002 A, (City Hall), 5.25%, 12/1/12, Prerefunded at 100% of Par (FSA)(1)(2)
  
 4,045,000
 4,584,118
 
Sacramento City Financing Auth. Rev., Series 2002 A, (City Hall), 5.25%, 12/1/15 (FSA)(2)
  
 1,245,000
 1,358,009
 
Sacramento County Sanitation District Financing Auth. Rev., (Subordinate Lien), VRDN, 0.20%, 6/1/09 (LOC: Bank of America N.A.)(2)
  
 1,500,000
 1,500,000
 
Sacramento County Sanitation District Financing Auth. Rev., Series 2000 A, 5.10%, 12/1/09(2)
  
 3,800,000
 3,887,210
 
Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.70%, 7/1/17 (Ambac)(2)
  
 3,105,000
 3,523,523
 
Sacramento Municipal Utility District Electric Rev., Series 2001 O, 5.25%, 8/15/11 (NATL)(2)
  
 5,005,000
 5,334,980
 
 
 
 

 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Sacramento Municipal Utility District Electric Rev., Series 2003 S, 5.00%, 11/15/11 (NATL)(2)
  
$ 3,000,000
$    3,199,680
 
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 5.25%, 8/1/18(2)
  
 350,000
 397,565
 
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 5.50%, 8/1/19(2)
  
 300,000
 341,460
 
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 6.25%, 8/1/33(2)
  
 1,500,000
 1,651,185
 
San Bernardino County Redevelopment Agency Tax Allocation Rev., Series 2005 A, (San Sevaine Redevelopment), 5.00%, 9/1/15 (Radian)(2)
  
 1,005,000
 992,196
 
San Buenaventura City COP, Series 2002 B, 5.50%, 1/1/15 (Ambac)(2)
  
 1,695,000
 1,832,227
 
San Buenaventura City COP, Series 2002 B, 5.50%, 1/1/16 (Ambac)(2)
  
 1,790,000
 1,934,918
 
San Diego Public Facilities Financing Auth. Rev., Series 1993 A, 5.25%, 5/15/20 (Ambac-TCRS)(2)
  
 2,100,000
 2,101,575
 
San Diego Public Facilities Financing Auth. Rev., Series 2009 A, 5.00%, 8/1/21(2)
  
 1,000,000
 1,086,340
 
San Diego Public Facilities Financing Auth. Rev., Series 2009 B, 5.00%, 5/15/22(4)
  
 1,000,000
 1,043,930
 
San Diego Public Facilities Financing Auth. Tax Allocation Rev., Series 2007 B, (Southcrest and Central Imperial Redevelopment), 5.125%, 10/1/22 (Radian)(2)
  
 1,280,000
 1,190,298
 
San Diego Redevelopment Agency Tax Allocation Rev., (Horton Plaza), 5.70%, 11/1/17(2)
  
 2,030,000
 2,048,067
 
San Diego Redevelopment Agency Tax Allocation Rev., (Horton Plaza), 5.80%, 11/1/21(2)
  
 2,635,000
 2,601,615
 
San Diego Redevelopment Agency Tax Allocation Rev., (North Park), 5.90%, 9/1/25(2)
  
 710,000
 681,288
 
San Francisco City and County Airports Commission Rev., Series 2008-34D, (San Francisco International Airport), 5.00%, 5/1/17 (AGC)(2)
  
 3,375,000
 3,723,502
 
San Francisco City and County Airports Commission Rev., Series 2008-34D, (San Francisco International Airport), 5.00%, 5/1/18 (AGC)(2)
  
 2,000,000
 2,192,800
 
San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29(2)
  
 1,170,000
 1,159,751
 
San Mateo County Transportation District Sales Tax Rev., Series 1993 A, 5.25%, 6/1/18 (NATL)(2)
  
 2,680,000
 3,031,643
 
San Ramon Valley Unified School District GO, (Election of 2002), 5.00%, 8/1/21 (NATL)(2)
  
 1,000,000
 1,061,830
 
Santa Ana Community Redevelopment Agency Tax Allocation Rev., Series 2003 B, (South Main Street Redevelopment), 5.00%, 9/1/13 (NATL/FGIC)(2)
  
 2,085,000
 2,253,551
 
Santa Barbara County COP, 5.375%, 10/1/17 (Ambac)(2)
  
 3,350,000
 3,638,100
 
Santa Fe Springs Community Development Commission Tax Allocation Rev., Series 2002 A, 5.375%, 9/1/10, Prerefunded at 101% of Par (NATL)(1)(2)
  
 690,000
 738,003
 
Santa Fe Springs Community Development Commission Tax Allocation Rev., Series 2002 A, 5.375%, 9/1/16 (NATL)(2)
  
 430,000
 438,351
 
Santa Monica-Malibu Unified School District GO, 5.25%, 8/1/13(2)
  
 1,250,000
 1,400,350
 
Scotts Valley COP, 4.00%, 10/1/15 (FSA)(2)
  
 1,145,000
 1,196,307
 
Scotts Valley COP, 4.25%, 10/1/18 (FSA)(2)
  
 1,370,000
 1,417,786
 
Scotts Valley Redevelopment Agency Tax Allocation Rev., 5.00%, 8/1/29 (Ambac)(2)
  
 2,780,000
 2,548,259
 
Shasta Lake Public Finance Auth. Rev., 4.00%, 4/1/12(2)
  
 1,000,000
 963,290
 
Shasta Lake Public Finance Auth. Rev., 4.50%, 4/1/15(2)
  
 1,530,000
 1,405,489
 
Shasta Lake Public Finance Auth. Rev., 5.00%, 4/1/19(2)
  
 2,400,000
 2,165,400
 
Shasta Lake Public Finance Auth. Rev., 5.00%, 4/1/22(2)
  
 2,130,000
 1,846,114
 
Solano County COP, 5.00%, 11/1/13 (NATL)(2)
  
 1,135,000
 1,254,073
 
South Orange County Public Financing Auth. Special Tax Rev., Series 2003 A, (Senior Lien), 5.00%, 9/1/12 (NATL)(2)
  
 2,000,000
 2,096,220
 
 
 
 
 

California Tax-Free Bond – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
South Tahoe Joint Powers Financing Auth. Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/13 (Ambac)(2)
  
$ 1,080,000
$    1,113,674
 
South Tahoe Joint Powers Financing Auth. Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/15 (Ambac)(2)
  
 1,195,000
 1,225,712
 
South Tahoe Joint Powers Financing Auth. Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/17 (Ambac)(2)
  
 1,310,000
 1,318,397
 
South Tahoe Joint Powers Financing Auth. Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/19 (Ambac)(2)
  
 1,445,000
 1,420,536
 
Southern California Public Power Auth. Rev., 6.75%, 7/1/10 (GIC: PNC Bank)(2)
  
 2,000,000
 2,125,800
 
Southern California Public Power Auth. Rev., Series 2002 A, (Southern Transmission), 5.25%, 7/1/17 (FSA)(2)
  
 5,000,000
 5,400,000
 
Southern California Public Power Auth. Rev., Series 2002 A, (Southern Transmission), 5.25%, 7/1/18 (FSA)(2)
  
 3,325,000
 3,526,894
 
Southern California Public Power Auth. Rev., Series 2008 A, (Southern Transmission), 5.00%, 7/1/22(2)
  
 2,875,000
 3,017,255
 
Southern California Public Power Auth. Rev., Series 2008 B, (Southern Transmission), 6.00%, 7/1/27(2)
  
 2,000,000
 2,153,620
 
Southwestern Community College District GO, 5.625%, 8/1/11, Prerefunded at 101% of Par (Ambac)(1)(2)
  
 1,975,000
 2,193,040
 
Stockton Community Facilities District Special Tax Rev., (No. 1 Weston Ranch), 5.50%, 9/1/09, Prerefunded at 102% of Par(1)(2)
  
 325,000
 335,660
 
Stockton Public Financing Auth. Rev., Series 2006 A, (Redevelopment), 5.00%, 9/1/25 (Radian)(2)
  
 2,390,000
 1,906,336
 
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 4.25%, 10/15/09(2)
  
 785,000
 781,742
 
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 4.50%, 10/15/10(2)
  
 820,000
 807,618
 
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.00%, 10/15/12(2)
  
 895,000
 857,804
 
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.00%, 10/15/14(2)
  
 985,000
 900,566
 
Turlock Health Facility COP, Series 2004 A, (Emanuel Medical Center, Inc.), 5.50%, 10/15/15(2)
  
 1,035,000
 951,393
 
Turlock Health Facility COP, Series 2004 A, (Emanuel Medical Center, Inc.), 5.50%, 10/15/16(2)
  
 1,090,000
 986,712
 
Turlock Health Facility COP, Series 2004 A, (Emanuel Medical Center, Inc.), 5.50%, 10/15/17(2)
  
 1,150,000
 1,024,167
 
Turlock Irrigation District Rev., Series 2003 A, 5.00%, 1/1/13 (NATL)(2)
  
 2,175,000
 2,348,065
 
University of California Regents Medical Center Pooled Rev., Series 2008 D, 5.00%, 5/15/27(2)
  
 1,000,000
 1,017,720
 
Val Verde Unified School District COP, 5.00%, 1/1/14 (FGIC)(1)(2)
  
 1,000,000
 1,141,980
 
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,000,000
 1,167,860
 
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,145,000
 1,337,200
 
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,415,000
 1,652,522
 
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 2,505,000
 2,925,489
 
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 2,640,000
 3,083,150
 
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 2,980,000
 3,480,223
 
Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/33(2)
  
 3,000,000
 3,075,750
 
Ventura County Public Financing COP, 4.75%, 8/15/11 (FSA)(2)
  
 3,000,000
 3,020,640
 
Vernon Electric System Rev., Series 2009 A, 5.125%, 8/1/21(2)
  
 5,000,000
 4,916,600
 
 

 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
West Basin Municipal Water District COP, Series 2008 B, 5.00%, 8/1/22 (AGC)(2)
  
$ 2,890,000
$    3,021,986
 
West Sacramento Financing Auth. Special Tax Rev., Series 2006 A, 5.00%, 9/1/18 (XLCA)(2)
  
 1,500,000
 1,437,645
 
West Sacramento Financing Auth. Special Tax Rev., Series 2006 A, 5.00%, 9/1/19 (XLCA)(2)
  
 1,500,000
 1,416,165
 
West Sacramento Financing Auth. Special Tax Rev., Series 2006 A, 5.00%, 9/1/20 (XLCA)(2)
  
 1,350,000
 1,257,593
       
 547,597,465
GUAM — 0.9%
  
 
Guam Government Limited Obligation Rev., Series 2001 A, 5.00%, 12/1/09 (FSA)(2)
  
 5,000,000
 5,076,850
   
NORTHERN MARIANA ISLANDS — 0.5%
  
 
Northern Mariana Islands GO, Series 2000 A, 5.50%, 6/1/09 (ACA)(2)
  
 1,555,000
 1,555,015
 
Northern Mariana Islands GO, Series 2000 A, 5.75%, 6/1/10 (ACA)(2)
  
 1,430,000
 1,431,716
       
 2,986,731
PUERTO RICO — 4.0%
  
 
Puerto Rico Electric Power Auth. Rev., Series 1999 FF, 5.25%, 7/1/09 (NATL)(2)
  
 100,000
 100,201
 
Puerto Rico Electric Power Auth. Rev., Series 2002 II, 5.375%, 7/1/12, Prerefunded at 101% of Par (NATL)(1)(2)
  
 3,700,000
 4,191,175
 
Puerto Rico Electric Power Auth. Rev., Series 2002 KK, 5.25%, 7/1/13 (FSA)(2)
  
 2,655,000
 2,812,840
 
Puerto Rico Electric Power Auth. Rev., Series 2002 KK, 5.50%, 7/1/14 (FSA)(2)
  
 3,140,000
 3,336,972
 
Puerto Rico GO, Series 2001 A, (Public Improvement), 5.50%, 7/1/17 (XLCA)(2)
  
 5,000,000
 5,014,300
 
Puerto Rico GO, Series 2004 A, VRN, 5.00%, 7/1/12(2)
  
 1,750,000
 1,754,392
 
Puerto Rico Government Development Bank Rev., Series 2006 B, (Senior Notes), 5.00%, 12/1/15(2)
  
 2,500,000
 2,458,775
 
Puerto Rico Infrastructure Financing Auth. Special Tax Rev., Series 2006 B, 4.50%, 7/1/11(2)
  
 1,500,000
 1,530,705
 
Puerto Rico Public Buildings Auth. Rev., Series 1995 A, (Government Facilities), 6.25%, 7/1/09 (Ambac)(2)
  
 1,890,000
 1,895,670
       
 23,095,030
U.S. VIRGIN ISLANDS — 0.7%
  
 
Virgin Islands Public Finance Auth. Rev., (Virgin Islands Gross Receipts Taxes Loan Note), 5.00%, 10/1/18 (NATL/FGIC)(2)
  
 1,270,000
 1,226,261
 
Virgin Islands Public Finance Auth. Rev., Series 1998 A, (Senior Lien), 5.50%, 10/1/13(2)
  
 1,050,000
 1,057,560
 
Virgin Islands Public Finance Auth. Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.00%, 10/1/14(2)
  
 500,000
 495,355
 
Virgin Islands Public Finance Auth. Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.25%, 10/1/15(2)
  
 170,000
 169,652
 
Virgin Islands Public Finance Auth. Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.25%, 10/1/16(2)
  
 500,000
 495,825
 
Virgin Islands Public Finance Auth. Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.25%, 10/1/20(2)
  
 1,000,000
 974,760
       
 4,419,413
 
TOTAL INVESTMENT SECURITIES —  100.1%
    
 
(Cost $573,199,911)
    
 583,175,489
 
OTHER ASSETS AND LIABILITIES — (0.1)%
  
 (680,016)
 
TOTAL NET ASSETS —  100.0%
  
$582,495,473
 
 
 
 
 
 

California Tax-Free Bond – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
   
 
FUTURES CONTRACTS
Contracts Sold
Expiration
Date
Underlying Face
Amount at Value
Unrealized
Gain (Loss)
185
U.S. Treasury 2-Year Notes
September 2009
$40,110,313
$(5,998)
     

Notes to Schedule of Investments
 
ACA
-
American Capital Access
 
AGC
-
Assured Guaranty Corporation
 
Ambac
-
Ambac Assurance Corporation
 
Ambac-TCRS
-
Ambac Assurance Corporation - Transferrable Custodial Receipts
 
COP
-
Certificates of Participation
 
FGIC
-
Financial Guaranty Insurance Company
 
FGIC-TCRS
-
Financial Guaranty Insurance Company - Transferable Custodial Receipts
 
FSA
-
Financial Security Assurance, Inc.
 
FSA-CR
-
Financial Security Assurance, Inc. - Custodian Receipts
 
GIC
-
Guaranteed Investment Contact
 
GO
-
General Obligation
 
LOC
-
Letter of Credit
 
M-S-R
-
Modesto, Stockton, Redding
 
NATL
-
National Public Finance Guarantee Corporation
 
NATL-IBC
-
National Public Finance Guarantee Corporation - Insured Bond Certificates
 
Radian
-
Radian Asset Assurance, Inc.
 
SBBPA
-
Standby Bond Purchase Agreement
 
VRDN
-
Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
 
VRN
-
Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.
 
XLCA
-
XL Capital Ltd.
 
XLCA-ICR
-
XL Capital Ltd. - Insured Custodial Receipts
 

(1)
Escrowed to maturity in U.S. government securities or state and local government securities.
(2)
Security, or a portion thereof, has been segregated for when-issued securities and/or futures contracts. At the period end, the aggregate value of securities pledged was $45,406,000.
(3)
Security was purchased under Rule 144A of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $1,129,376, which represented 0.2% of total net assets.
(4)
When-issued security.
(5)
Security is a zero-coupon municipal bond. The rate indicated is the yield to maturity at purchase. Zero-coupon securities are issued at a substantial discount from their value at maturity.

 
 

 

California Tax-Free Bond – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
   
 
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities are valued at current market value as provided by a commercial pricing service or at the mean of the most recent bid and asked prices. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Trustees. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security's fair value, such security is valued as determined by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees, if such determination would materially impact a fund's net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices based on an active market;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or
   •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
 
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of May 31, 2009:
Valuation Inputs
Value of Investment Securities
Unrealized Gain (Loss) on Other Financial Instruments*
  
Level 1 - Quoted Prices
-
  
$(5,998)
    
Level 2 - Other Significant Observable Inputs
$583,175,489
  
-
    
Level 3 - Significant Unobservable Inputs
-
  
-
    
 
$583,175,489
  
$(5,998)
    
 
* Includes futures contracts.
 
3. Federal Tax Information
 
As of May 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$573,199,911
    
Gross tax appreciation of investments
$  20,244,681
    
Gross tax depreciation of investments
(10,269,103)
    
Net tax appreciation (depreciation) of investments
$    9,975,578
    
 
The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.
 
 
This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.

 
 
 
 
 
 
 
 
 


 
 

 

 
 

 
 
American Century Investments®
 
Quarterly Portfolio Holdings
 
California Long-Term Tax-Free Fund
 
May 31, 2009
 
 
 
 
 
 
 

 

 

 

 

 

GRAPHIC

 
 
 
 
 
California Long-Term Tax-Free – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
MUNICIPAL SECURITIES — 99.5%
  
  CALIFORNIA — 97.6%
  
 
ABAG Finance Auth. for Nonprofit Corps. Rev., VRDN, 0.35%, 6/1/09 (LOC: Allied Irish Bank plc)
  
$    850,000
$    850,000
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (Oshman Family Jewish Community), VRDN, 0.20%, 6/1/09 (LOC: LaSalle Bank N.A.)
  
 1,100,000
 1,100,000
 
ABAG Tax Allocation Rev., Series 2007 A, 5.00%, 9/1/33 (Ambac)(1)
  
 1,195,000
 1,003,071
 
Anaheim Public Financing Auth. Rev., (Electric System Distribution), 5.25%, 10/1/39(1)
  
 4,000,000
 4,014,960
 
Antioch Public Financing Auth. Lease Rev., Series 2002 A, (Municipal Facilities), 5.50%, 1/1/32 (NATL)(1)
  
 5,235,000
 5,254,422
 
Antioch Public Financing Auth. Lease Rev., Series 2002 B, (Municipal Facilities), 5.625%, 1/1/22 (NATL)(1)
  
 4,730,000
 4,838,932
 
Antioch Public Financing Auth. Lease Rev., Series 2002 B, (Municipal Facilities), 5.625%, 1/1/27 (NATL)(1)
  
 6,005,000
 6,119,215
 
Avenal Public Financing Auth. Rev., 5.00%, 9/1/25(1)
  
 1,395,000
 1,161,310
 
Banning COP, (Wastewater System Refunding & Improvement), 8.00%, 1/1/19 (Ambac)(1)
  
 495,000
 597,747
 
Bay Area Toll Auth. Toll Bridge Rev., Series 2008 F1, (San Francisco Bay Area), 5.00%, 4/1/39(1)
  
 2,135,000
 2,086,301
 
Berryessa Union School District GO, Series 2001 B, (Election of 1999), 5.375%, 8/1/11, Prerefunded at 101% of Par (FSA)(1)(2)
  
 1,205,000
 1,331,573
 
Big Bear Lake Water Rev., 6.00%, 4/1/22 (NATL)(1)
  
 3,500,000
 4,068,575
 
California County Tobacco Securitization Agency Rev., (Gold Country Settlement Funding Corp.), 5.25%, 6/1/46(1)
  
 5,000,000
 3,066,250
 
California Department of Water Resources Power Supply Rev., Series 2002 A, 5.50%, 5/1/14 (Ambac)(1)
  
 3,480,000
 3,780,011
 
California Department of Water Resources Power Supply Rev., Series 2005 G4, 5.00%, 5/1/16(1)
  
 2,350,000
 2,604,105
 
California Educational Facilities Auth. Rev., (University of Pacific), 5.25%, 5/1/34(1)
  
 2,000,000
 1,870,840
 
California Educational Facilities Auth. Rev., (University of Santa Clara), 5.625%, 4/1/37
  
 5,000,000
 5,155,800
 
California Educational Facilities Auth. Rev., (University of Southern California), 5.50%, 10/1/27(1)
  
 7,570,000
 7,685,140
 
California Educational Facilities Auth. Rev., (Western University Health Sciences), 6.00%, 10/1/12, Prerefunded at 100% of Par(1)(2)
  
 1,920,000
 2,204,698
 
California Educational Facilities Auth. Rev., Series 2004 C, (Lutheran University), 5.00%, 10/1/29(1)
  
 1,220,000
 1,015,003
 
California Educational Facilities Auth. Rev., Series 2007 A, (Claremont Graduate University), 5.00%, 3/1/42(1)
  
 5,000,000
 4,389,500
 
California Educational Facilities Auth. Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39(1)
  
 3,953,000
 4,017,631
 
California GO, 5.00%, 4/1/26(1)
  
 3,000,000
 2,929,740
 
California GO, 5.75%, 4/1/28(1)
  
 2,000,000
 2,066,600
 
California GO, 5.00%, 6/1/32(1)
  
 6,600,000
 6,107,376
 
California GO, 5.00%, 11/1/32(1)
  
 9,500,000
 8,784,175
 
California GO, 6.50%, 4/1/33(1)
  
 2,000,000
 2,180,380
 
California GO, 5.00%, 6/1/34(1)
  
 6,400,000
 5,856,064
 
California GO, 5.00%, 4/1/38(1)
  
 7,000,000
 6,328,070
 
California GO, 6.00%, 4/1/38(1)
  
 5,000,000
 5,149,250
 
California Health Facilities Financing Auth. Rev., Series 1989 A, (Kaiser Permanente), 7.15%, 10/1/09(1)(3)
  
 3,000,000
 2,979,510
 
California Health Facilities Financing Auth. Rev., Series 1993 C, (St. Francis Memorial Hospital), 5.875%, 11/1/23(1)
  
 7,165,000
 8,693,151
 
 
 
 
 

California Long-Term Tax-Free – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/33(1)
  
$  1,000,000
$  1,076,720
 
California Health Facilities Financing Auth. Rev., Series 2008 J, (Catholic Healthcare West), 5.625%, 7/1/32(1)
  
 5,000,000
 4,920,350
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39(1)
  
 3,400,000
 3,456,372
 
California Infrastructure & Economic Development Bank Rev., (Performing Arts Center of Los Angeles County), 5.00%, 12/1/37(1)
  
 1,000,000
 947,700
 
California Infrastructure & Economic Development Bank Rev., Series 2008 B, (Rand Corp.), VRDN, 0.22%, 6/1/09 (LOC: Bank of America N.A.)
  
 2,200,000
 2,200,000
 
California Public Works Board Lease Rev., Series 1993 A, (Department of Corrections), 5.00%, 12/1/19 (Ambac)(1)
  
 4,000,000
 4,091,600
 
California Public Works Board Lease Rev., Series 2005 A, (Department of General Services - Butterfield), 5.25%, 6/1/30(1)
  
 3,250,000
 3,015,935
 
California Public Works Board Lease Rev., Series 2006 E, (University of California Research), 5.00%, 10/1/31(1)
  
 2,835,000
 2,782,439
 
California State University Systemwide Rev., Series 2007 A, (California State University Systemwide), 5.00%, 11/1/24 (FSA)(1)
  
 5,000,000
 5,220,100
 
California State University Systemwide Rev., Series 2009 A, (California State University Systemwide), 5.25%, 11/1/34(1)
  
 2,200,000
 2,213,442
 
California Statewide Communities Development Auth. Rev., Series 1998 A, (Sherman Oaks Project), 5.00%, 8/1/22 (Ambac/California Mortgage Insurance)(1)
  
 9,815,000
 10,437,860
 
California Statewide Communities Development Auth. Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31(1)
  
 5,000,000
 4,676,650
 
California Statewide Communities Development Auth. Rev., Series 2005 A, (Thomas Jefferson School of Law), 4.875%, 10/1/35, Prerefunded at 100% of Par(1)(2)
  
 1,000,000
 1,101,520
 
California Statewide Communities Development Auth. Rev., Series 2006 B, (Kaiser Permanente), 5.25%, 3/1/45(1)
  
 5,000,000
 4,497,100
 
California Statewide Communities Development Auth. Rev., Series 2008 C, (Catholic Healthcare West), 5.625%, 7/1/35(1)
  
 3,000,000
 2,945,490
 
Campbell Union High School District GO, 5.00%, 8/1/30(4)
  
 2,400,000
 2,418,888
 
Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 88-1), 6.50%, 9/1/14 (FSA)(1)
  
 5,695,000
 5,755,481
 
Carlsbad Unified School District GO, Series 2007 A, (Election of 2006), 5.25%, 8/1/32 (NATL)(1)
  
 1,125,000
 1,161,889
 
Castaic Lake Water Agency COP, Series 1994 A, (Water System Improvement), 7.00%, 8/1/12 (NATL)(1)
  
 1,520,000
 1,736,129
 
Coalinga Public Financing Auth. Local Obligation Rev., Series 1998 A, (Senior Lien), 6.375%, 9/15/21 (Ambac)(1)
  
 1,320,000
 1,531,688
 
Concord Joint Powers Financing Auth. Lease Rev., (Concord Avenue Parking Structure), 5.125%, 3/1/23(1)
  
 2,615,000
 2,682,519
 
Concord Joint Powers Financing Auth. Lease Rev., (Police Facilities), 5.25%, 8/1/13(1)
  
 2,205,000
 2,364,003
 
Contra Costa Water District Rev., Series 1992 E, 6.25%, 10/1/12 (Ambac)(1)
  
 1,555,000
 1,665,001
 
Eastern Municipal Water District Water & Sewer COP, Series 2008 H, 5.00%, 7/1/33(1)
  
 4,500,000
 4,376,970
 
Escondido COP, 5.00%, 9/1/30 (Ambac)(1)
  
 4,725,000
 4,487,380
 
Fontana Redevelopment Agency Tax Allocation Rev., (Sierra Corridor Commercial Redevelopment Project), 5.50%, 9/1/34(1)
  
 3,590,000
 3,103,411
 
Foothill-De Anza Community College District GO, Series 2007 A, (Election of 2006), 5.00%, 8/1/27 (Ambac)(1)
  
 2,000,000
 2,038,840
 
Fresno Sewer Rev., Series 1993 A1, 6.25%, 9/1/14 (Ambac)(1)
  
 2,225,000
 2,468,793
 
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2003 A1, 6.25%, 6/1/33, Prerefunded at 100% of Par(1)(2)
  
 1,355,000
 1,482,804
 
 
 
 
 
 
California Long-Term Tax-Free – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.125%, 6/1/47(1)
  
$  4,375,000
$  2,617,125
 
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.75%, 6/1/47(1)
  
 14,570,000
 9,711,488
 
Hillsborough School District GO, Series 2006 B, (Election of 2002), 4.86%, 9/1/29(1)(3)
  
 4,705,000
 1,499,436
 
Hillsborough School District GO, Series 2006 B, (Election of 2002), 4.87%, 9/1/30(1)(3)
  
 5,010,000
 1,488,571
 
Hillsborough School District GO, Series 2006 B, (Election of 2002), 4.88%, 9/1/31(1)(3)
  
 5,335,000
 1,485,531
 
Huntington Beach Union High School District GO, (Election of 2004), 4.98%, 8/1/30 (FSA-CR) (NATL)(3)
  
 6,880,000
 1,866,338
 
Huntington Beach Union High School District GO, (Election of 2004), 5.00%, 8/1/31 (NATL)(1)(3)
  
 5,000,000
 1,269,250
 
Imperial Irrigation District COP, (Water System), 5.50%, 7/1/29 (Ambac)(1)
  
 6,350,000
 6,549,136
 
Irvine California Unified School District Special Tax Rev., VRDN, 0.20%, 6/1/09 (LOC: Bank of America N.A.)
  
 1,900,000
 1,900,000
 
Irvine Ranch Water District Rev., VRDN, 0.20%, 6/1/09 (LOC: Bank of America N.A.)(1)
  
 300,000
 300,000
 
Kern High School District GO, 7.15%, 8/1/14 (NATL)(1)
  
 1,815,000
 2,284,377
 
Kern High School District GO, Series 1992 C, (Election of 1990), 6.25%, 8/1/13 (NATL)(1)
  
 1,340,000
 1,595,980
 
Kern High School District GO, Series 1993 D, 7.00%, 8/1/17 (NATL)(1)
  
 3,630,000
 4,760,164
 
Lancaster Financing Auth. Tax Allocation Rev., (Projects No. 5 & 6), 5.60%, 2/1/34(1)
  
 1,250,000
 1,066,375
 
Lancaster Financing Auth. Tax Allocation Rev., (School District), 5.00%, 2/1/37(1)
  
 5,190,000
 4,117,954
 
Lodi Unified School District COP, Series 2005 A, (Aspire), 5.00%, 8/1/32 (FGIC)(NATL)(1)
  
 2,140,000
 1,948,470
 
Long Beach Bond Finance Auth. Lease Rev., (Plaza Parking Facility), 5.25%, 11/1/21(1)
  
 1,605,000
 1,638,849
 
Los Angeles Community College District GO, Series 2008 E1, (Election of 2001), 5.00%, 8/1/26(1)
  
 2,800,000
 2,887,108
 
Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.25%, 5/15/21(1)
  
 4,370,000
 4,595,273
 
Los Angeles Department of Water & Power Rev., Series 2008 A1, (Power System), 5.25%, 7/1/38(1)
  
 4,000,000
 4,051,720
 
Los Angeles Unified School District GO, Series 2006 G, (Election of 2004), 5.00%, 7/1/25 (Ambac)(1)
  
 5,000,000
 5,098,400
 
Metropolitan Water District of Southern California Rev., 5.75%, 8/10/18(1)
  
 8,000,000
 8,845,440
 
Metropolitan Water District of Southern California Rev., Series 2006 B, 4.375%, 7/1/37(1)
  
 3,000,000
 2,830,830
 
Metropolitan Water District of Southern California Rev., Series 2009 A, 5.00%, 1/1/39(1)
  
 5,000,000
 5,122,250
 
Modesto Irrigation District COP, Series 2009 A, 5.75%, 10/1/34(1)
  
 2,500,000
 2,558,250
 
M-S-R Public Power Agency Rev., Series 1989 D, (San Juan), 6.75%, 7/1/20 (NATL)(1)
  
 8,635,000
 10,601,708
 
New Haven Unified School District GO, 12.00%, 8/1/18 (FSA)(1)
  
 1,000,000
 1,656,050
 
Oakland Redevelopment Agency Tax Allocation Rev., (Central District), 5.50%, 2/1/14 (Ambac)(1)
  
 5,055,000
 5,159,841
 
Orange County Improvement Bond Act of 1915 Special Assessment Rev., (Newport Coast Phase IV Assessment District No. 01-1), 5.00%, 9/2/26
  
 850,000
 748,085
 
Orange County Improvement Bond Act of 1915 Special Assessment Rev., (Newport Coast Phase IV Assessment District No. 01-1), 5.05%, 9/2/33
  
 1,250,000
 1,033,412
 
Oxnard School District GO, Series 2001 A, 5.75%, 8/1/22 (NATL)(1)
  
 3,100,000
 3,273,941
 
Palomar Pomerado Health GO, Series 2009 A, (Election of 2004), 6.94%, 8/1/38 (AGC)(1)
  
 1,670,000
 937,471
 
 
 
 
 
 
California Long-Term Tax-Free – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Pasadena COP, (Old Pasadena Parking Facility), 6.25%, 1/1/18(1)
  
$  2,075,000
$  2,409,490
 
Perris Public Financing Auth. Tax Allocation Rev., 5.35%, 10/1/36
  
 1,150,000
 782,920
 
Pico Rivera Water Auth. Rev., Series 1999 A, (Water System), 5.50%, 5/1/29 (NATL)(1)
  
 2,500,000
 2,735,275
 
Pomona Unified School District GO, Series 2000 A, 6.55%, 8/1/29 (NATL)(1)
  
 1,000,000
 1,095,440
 
Pomona Unified School District GO, Series 2001 A, 6.15%, 8/1/30 (NATL)(1)
  
 1,000,000
 1,037,750
 
Riverside Redevelopment Agency Tax Allocation Rev., Series 2004 A, (Housing Set-Aside), 5.00%, 8/1/28 (FGIC)(NATL)(1)
  
 1,580,000
 1,453,632
 
Saddleback Valley Unified School District Public Financing Auth. Special Tax Rev., Series 1997 A, 6.00%, 9/1/16 (FSA)(1)
  
 1,000,000
 1,163,500
 
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 6.25%, 8/1/33(1)
  
 1,800,000
 1,981,422
 
San Diego County COP Linked Security, ARC, YCC, 5.625%, 9/1/12 (Ambac)(1)
  
 7,700,000
 7,880,103
 
San Diego Public Facilities Financing Auth. Rev., Series 2009 A, 5.25%, 5/15/34(1)
  
 2,000,000
 2,010,740
 
San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29(1)
  
 1,170,000
 1,159,751
 
San Mateo County Joint Powers Financing Auth. Lease Rev., Series 1993 A, (Capital Projects Program), 6.50%, 7/1/15 (NATL)(1)
  
 3,000,000
 3,412,920
 
San Mateo County Joint Powers Financing Auth. Lease Rev., Series 1993 A, (Capital Projects Program), 6.00%, 7/1/19 (NATL)(1)
  
 4,000,000
 4,423,960
 
Santa Margarita-Dana Point Auth. Rev., Series 1994 B, (Improvement Districts 3, 3A, 4, 4A), 7.25%, 8/1/14 (NATL)(1)
  
 2,000,000
 2,276,000
 
Shasta Lake Public Finance Auth. Rev., 5.00%, 4/1/25(1)
  
 2,470,000
 2,057,386
 
South Coast Air Quality Management District Building Corp. Rev., (Installment Sale Headquarters), 6.00%, 8/1/11 (Ambac)(1)
  
 2,500,000
 2,644,275
 
South Gate COP, Series 2002 A, 5.50%, 9/1/21 (Ambac)(1)
  
 2,705,000
 2,796,889
 
South Orange County Public Financing Auth. Special Tax Rev., Series 1994 A, (Senior Lien), 7.00%, 9/1/11 (NATL)(1)
  
 2,000,000
 2,121,660
 
Southern California Public Power Auth. Rev., (Multiple Projects), 6.75%, 7/1/12 (FSA-CR)(1)
  
 7,315,000
 8,317,594
 
Southern California Public Power Auth. Rev., (Multiple Projects), 6.75%, 7/1/13 (FSA-CR)(1)
  
 3,730,000
 4,366,189
 
Stanton Redevelopment Agency Tax Allocation Rev., (Stanton Community Development Project), 5.45%, 12/1/17 (Ambac)(1)
  
 1,105,000
 1,110,315
 
Taft Public Financing Auth. Lease Rev., Series 1997 A, (Community Correctional Facility Acquisition), 6.05%, 1/1/17(1)
  
 2,000,000
 2,007,000
 
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/18(1)
  
 1,215,000
 1,052,955
 
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/19(1)
  
 1,285,000
 1,101,399
 
Ukiah Electric Rev., 6.25%, 6/1/18 (NATL)(1)
  
 2,315,000
 2,533,999
 
University of California Rev., Series 2004 A, (UCLA Medical Center), 5.50%, 5/15/12, Prerefunded at 101% of Par (Ambac)(1)(2)
  
 630,000
 710,804
 
University of California Rev., Series 2004 A, (UCLA Medical Center), 5.50%, 5/15/24 (Ambac)(1)
  
 370,000
 348,755
 
Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/33(1)
  
 5,000,000
 5,126,250
 
Vernon Electric System Rev., Series 2009 A, 5.125%, 8/1/21(1)
  
 5,000,000
 4,916,600
 
Vista COP, (Community Projects), 5.00%, 5/1/37 (NATL)(1)
  
 7,000,000
 6,185,900
 
Walnut Valley Unified School District GO, Series 1992 B, 6.00%, 8/1/10 (Ambac)(1)
  
 1,445,000
 1,536,844
 
Watsonville Insured Hospital Rev., Series 1996 A, (Watsonville Community Hospital), 6.20%, 7/1/12 (California Mortgage Insurance)(1)
  
 1,925,000
 2,069,587
 
Woodland COP, (Wastewater System Reference), 5.75%, 3/1/12 (Ambac)(1)
  
 2,460,000
 2,597,293
       
 403,069,894
   
 
 
 
 
 
 
California Long-Term Tax-Free – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
PUERTO RICO — 1.9%
  
 
Puerto Rico Commonwealth Infrastructure Financing Auth. Special Tax Rev., Series 2005 C, 5.50%, 7/1/23 (Ambac)(1)
  
$  2,000,000
$  1,907,500
 
Puerto Rico Electric Power Auth. Rev., Series 2002 II, 5.375%, 7/1/12, Prerefunded at 101% of Par (XLCA)(1)(2)
  
 4,000,000
 4,531,000
 
University of Puerto Rico Rev., Series 2006 Q, 5.00%, 6/1/12(1)
  
 1,200,000
 1,212,324
       
 7,650,824
 
TOTAL INVESTMENT SECURITIES —  99.5%
    
 
(Cost $411,629,486)
    
 410,720,718
 
OTHER ASSETS AND LIABILITIES — 0.5%
  
 2,219,140
 
TOTAL NET ASSETS —  100.0%
  
$412,939,858

FUTURES CONTRACTS
 
Contracts Sold
Expiration
Date
Underlying Face
Amount at Value
Unrealized
Gain (Loss)
129
U.S. Treasury 2-Year Notes
September 2009
$27,968,813
$(4,182)
     
 

Notes to Schedule of Investments
 
ABAG
-
Association of  Bay Area Governments
 
AGC
-
Assured Guaranty Corporation
 
Ambac
-
Ambac Assurance Corporation
 
ARC
-
Auction Rate Certificate
 
COP
-
Certificates of Participation
 
FGIC
-
Financial Guaranty Insurance Company
 
FSA
-
Financial Security Assurance, Inc.
 
FSA-CR
-
Financial Security Assurance, Inc. - Custodian Receipts
 
GO
-
General Obligation
 
LOC
-
Letter of Credit
 
M-S-R
-
Modesto, Stockton, Redding
 
NATL
-
National Public Finance Guarantee Corporation
 
VRDN
-
Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
 
XLCA
-
XL Capital Ltd.
 
YCC
-
Yield Curve Certificate
 

(1)
Security, or a portion thereof, has been segregated for when-issued securities and/or futures contracts. At the period end, the aggregate value of securities pledged was $30,388,000.
(2)
Escrowed to maturity in U.S. government securities or state and local government securities.
(3)
Security is a zero-coupon municipal bond. The rate indicated is the yield to maturity at purchase. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(4)
When-issued security.
 
 
 
 

 
California Long-Term Tax-Free – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
 
 

1. Security Valuations
 
Debt securities maturing in greater than 60 days at the time of purchase are valued at current market value as provided by a commercial pricing service or at the mean of the most recent bid and asked prices. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Trustees. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices based on an active market;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or
   •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
 
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of May 31, 2009:
 
Valuation Inputs
Value of Investment Securities
Unrealized Gain (Loss) on Other Financial Instruments*
  
Level 1 - Quoted Prices
-
  
$              (4,182)
    
Level 2 - Other Significant Observable Inputs
$        410,720,718
  
  -
    
Level 3 - Significant Unobservable Inputs
  -
  
  -
    
 
$        410,720,718
  
$              (4,182)
    
* Includes futures contracts.
 
3. Federal Tax Information
 
As of May 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$        412,135,853
    
Gross tax appreciation of investments
$          16,921,944
    
Gross tax depreciation of investments
(18,337,079)
    
Net tax appreciation (depreciation) of investments
$         (1,415,135)
    
 
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 

 
This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.

 
 
 


 

 

 
 
 
 
 
 
 
 
 
 
 
 
American Century Investments®
 
Quarterly Portfolio Holdings
 
California High-Yield Municipal Fund
 
May 31, 2009
 
 
 
 

 

 

 
 
 

 
 

 

GRAPHIC
 
California High-Yield Municipal – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
MUNICIPAL SECURITIES — 99.8%
  
  CALIFORNIA — 97.4%
  
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (Oshman Family Jewish Community), VRDN, 0.20%, 6/1/09 (LOC: LaSalle Bank N.A.)
  
$ 10,200,000
$ 10,200,000
 
ABC Unified School District GO, Series 2000 B, 6.14%, 8/1/21 (NATL/FGIC)(1)(2)
  
 1,000,000
 547,870
 
Anaheim Public Financing Auth. Lease Rev., Series 1997 A, (Public Improvements), 6.00%, 9/1/24 (FSA)(2)
  
 1,200,000
 1,359,696
 
Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2004 D, 5.80%, 9/1/35
  
 2,875,000
 2,160,965
 
Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2005 B, 5.40%, 9/1/35
  
 1,435,000
 1,007,356
 
Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2005 C, 5.50%, 9/1/29
  
 855,000
 646,064
 
Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2005 C, 5.50%, 9/1/35
  
 4,000,000
 2,795,160
 
Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2006 A, (Improvement Area No. 19C), 5.35%, 9/1/36
  
 2,700,000
 1,830,330
 
Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2008 A, (Improvement Area No. 19C), 6.875%, 9/1/36
  
 1,050,000
 890,673
 
Berryessa Unified School District GO, Series 2000 A, 6.18%, 8/1/21 (FSA)(1)(2)
  
 1,190,000
 651,965
 
Berryessa Unified School District GO, Series 2000 A, 6.05%, 8/1/22 (FSA)(1)(2)
  
 1,220,000
 622,664
 
Berryessa Unified School District GO, Series 2000 A, 6.06%, 8/1/23 (FSA)(1)(2)
  
 1,000,000
 468,840
 
California Department of Water Resources Power Supply Rev., Series 2005 G4, 5.00%, 5/1/16(2)
  
 2,450,000
 2,714,918
 
California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/22(2)
  
 4,500,000
 4,761,990
 
California Department of Water Resources Water System Rev., Series 2008 AE, (Central Valley), 5.00%, 12/1/23(2)
  
 2,500,000
 2,723,400
 
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14 (NATL/FGIC)(2)
  
 6,000,000
 6,573,240
 
California Educational Facilities Auth. Rev., (Western University Health Sciences), 6.00%, 10/1/12, Prerefunded at 100% of Par(2)(3)
  
 1,505,000
 1,723,917
 
California Educational Facilities Auth. Rev., Series 2009 A, (Pomona College), 5.00%, 1/1/24(2)
  
 1,400,000
 1,516,340
 
California GO, 6.00%, 4/1/38(2)
  
 5,000,000
 5,149,250
 
California Health Facilities Financing Auth. Rev., Series 1989 A, (Kaiser Permanente), 7.15%, 10/1/12 (Ambac-TCRS)(1)(2)
  
 4,000,000
 3,661,000
 
California Health Facilities Financing Auth. Rev., Series 2008 A, (Scripps Health), 5.50%, 10/1/20(2)
  
 1,500,000
 1,536,195
 
California Health Facilities Financing Auth. Rev., Series 2008 A, (Sutter Health), 5.50%, 8/15/16(2)
  
 5,000,000
 5,446,550
 
California Health Facilities Financing Auth. Rev., Series 2008 A, (Sutter Health), 5.25%, 8/15/22(2)
  
 5,000,000
 5,176,850
 
California Health Facilities Financing Auth. Rev., Series 2008 A3, (Stanford Hospital), VRN, 3.45%, 6/15/11(2)
  
 3,700,000
 3,808,891
 
California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/33(2)
  
 1,000,000
 1,076,720
 
California Health Facilities Financing Auth. Rev., Series 2008 G, (Catholic Healthcare West), 5.50%, 7/1/25(2)
  
 2,000,000
 2,028,460
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39(2)
  
 4,300,000
 4,371,294
 
California Infrastructure & Economic Development Bank Rev., Series 2008 A, (California Independent System Operator Corp.), 5.00%, 2/1/13(2)
  
 2,500,000
 2,708,575
 
California Mobilehome Park Financing Auth. Rev., Series 2000 B, (Union City Tropics), 7.30%, 8/15/10, Prerefunded at 102% of Par(3)
  
 4,410,000
 4,829,920
 
 
 
 

 
California High-Yield Municipal – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
California Mobilehome Park Financing Auth. Rev., Series 2001 B, (Rancho Vallecitos - San Marcos), 6.75%, 11/15/36
  
$ 1,905,000
$ 1,581,988
 
California Mobilehome Park Financing Auth. Rev., Series 2003 B, (Palomar Estates E&W), 7.00%, 9/15/36(2)
  
 6,345,000
 5,534,363
 
California Mobilehome Park Financing Auth. Rev., Series 2006 B, (Union City Tropics), 5.50%, 12/15/41
  
 2,000,000
 1,359,280
 
California Municipal Finance Auth. Rev., (Biola University), 5.875%, 10/1/34
  
 1,000,000
 888,850
 
California Public Works Board Lease Rev., Series 1993 D, (Department of Corrections), 5.25%, 6/1/15 (FSA)(2)
  
 2,000,000
 2,215,720
 
California State and Local Government Financial Auth. Rev., Series 1997 B, (Marin Valley Mobile Country), 7.50%, 10/1/24
  
 1,265,000
 1,182,547
 
California State Department of Water Resources Rev., Series 2009 AF, (Water System), 5.00%, 12/1/32(2)
  
 1,000,000
 1,038,320
 
California State University Fresno Association, Inc. Rev., (Auxiliary Organization Event Center), 7.00%, 7/1/12, Prerefunded at 101% of Par(2)(3)
  
 2,455,000
 2,882,440
 
California State University Rev., Series 2005 C, (Systemwide Financing Program), 5.00%, 11/1/30 (NATL)(2)
  
 10,000,000
 9,908,800
 
California State University Rev., Series 2009 A, (Systemwide Financing Program), 5.25%, 11/1/38(2)
  
 3,000,000
 2,995,410
 
California Statewide Communities Development Auth. COP, (Sonoma County Indian Health), 6.40%, 9/1/29(2)
  
 2,550,000
 2,289,033
 
California Statewide Communities Development Auth. Rev., (Drew School), 5.30%, 10/1/37
  
 1,070,000
 699,855
 
California Statewide Communities Development Auth. Rev., (Lancer Educational Student Housing), 5.625%, 6/1/33
  
 2,500,000
 1,609,175
 
California Statewide Communities Development Auth. Rev., (Thomas Jefferson School of Law), 7.75%, 10/1/11, Prerefunded at 101% of Par(2)(3)
  
 1,910,000
 2,174,096
 
California Statewide Communities Development Auth. Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31(2)
  
 4,000,000
 3,741,320
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (California Baptist University), 5.50%, 11/1/38
  
 9,000,000
 5,682,870
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (Front Porch Communities and Services), 5.125%, 4/1/37(2)(4)
  
 3,400,000
 2,399,924
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (Valleycare Health System), 5.125%, 7/15/31
  
 2,000,000
 1,289,480
 
California Statewide Communities Development Auth. Rev., Series 2009 A, (Kaiser Permanente), 5.00%, 4/1/19(5)
  
 5,000,000
 5,144,550
 
Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 90-2), 6.00%, 9/1/33
  
 6,250,000
 5,372,625
 
Carmel Unified School District GO, 5.50%, 8/1/25 (NATL)(2)
  
 1,000,000
 1,026,260
 
Chino Valley Unified School District COP, Series 2001 A, 5.375%, 9/1/20 (FSA)(2)
  
 1,700,000
 1,789,726
 
Chula Vista Community Facilities District No. 06-1 Area A Special Tax Rev., (Eastlake Woods), 6.20%, 9/1/33
  
 3,600,000
 3,350,664
 
Chula Vista Community Facilities District No. 99-1 Special Tax Rev., (Otay Ranch Spa One), 7.625%, 9/1/09, Prerefunded at 102% of Par(3)
  
 7,715,000
 8,009,482
 
Clovis Public Financing Auth. Lease Rev., (Corporate Yard), 5.375%, 3/1/20 (Ambac)(2)
  
 1,780,000
 1,864,817
 
Corcoran COP, 8.75%, 6/1/16(4)
  
 445,000
 508,559
 
Corona Department of Water & Power COP, 5.00%, 9/1/35 (NATL)(2)
  
 2,000,000
 1,851,320
 
Duarte Unified School District GO, Series 1999 B, 6.08%, 11/1/23 (FSA)(1)(2)
  
 1,150,000
 531,415
 
Duarte Unified School District GO, Series 2006 E, (Election of 1998), 5.07%, 11/1/28 (FSA)(1)(2)
  
 2,355,000
 738,340
 
Eastern Municipal Water District Water & Sewer COP, Series 2008 H, 5.00%, 7/1/33(2)
  
 4,500,000
 4,376,970
 
El Dorado County Community Facilities District No. 1992-1 Special Tax Rev., 5.60%, 9/1/09
  
 970,000
 969,185
 
 
 
 
 
 
California High-Yield Municipal – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
El Dorado County Community Facilities District No. 2001-1 Special Tax Rev., (Promontory Specific), 6.30%, 9/1/31
  
$ 2,500,000
$ 1,900,700
 
El Dorado County Community Facilities District No. 2005-1 Special Tax Rev. , 5.25%, 9/1/35
  
 3,400,000
 2,136,186
 
Fillmore Redevelopment Agency Tax Allocation Rev., Series 2006 A, (Central City Redevelopment), 5.375%, 5/1/31
  
 5,000,000
 3,741,950
 
Florin Resource Conservation District COP, Series 1999 A, (Elk Grove Water Works), 6.75%, 9/1/09, Prerefunded at 102% of Par(2)(3)
  
 4,225,000
 4,377,987
 
Folsom Community Facilities District No. 7 Special Tax Rev., 5.75%, 9/1/14
  
 2,450,000
 2,371,649
 
Folsom Community Facilities District No. 10 Special Tax Rev., 7.00%, 9/1/09, Prerefunded at 102% of Par(3)
  
 1,640,000
 1,699,762
 
Folsom Community Facilities District No. 10 Special Tax Rev., 7.00%, 9/1/24
  
 2,610,000
 2,491,036
 
Folsom Community Facilities District No. 14 Special Tax Rev., 6.30%, 9/1/11, Prerefunded at 102% of Par(3)
  
 6,500,000
 7,345,390
 
Foothill-De Anza Community College District GO, 6.16%, 8/1/21 (NATL)(1)(2)
  
 3,000,000
 1,733,910
 
Fullerton Community Facilities District No. 1 Special Tax Rev., (Amerige Heights), 6.20%, 9/1/32
  
 3,000,000
 2,506,140
 
Fullerton Unified School District Special Tax Rev., (Community Facilities District No. 2001-1), 6.375%, 9/1/31
  
 5,000,000
 4,296,600
 
Glendale Unified School District GO, Series 1999 C, 6.00%, 9/1/22 (FSA)(2)
  
 2,630,000
 2,678,024
 
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.125%, 6/1/47(2)
  
 7,500,000
 4,486,500
 
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.75%, 6/1/47(2)
  
 7,500,000
 4,999,050
 
Hawaiian Gardens COP, Series 2000 A, 8.00%, 6/1/10, Prerefunded at 102% of Par(3)
  
 2,965,000
 3,206,588
 
Hawaiian Gardens Redevelopment Agency Tax Allocation Rev., Series 2006 B, (Redevelopment Project No. 1), 5.40%, 12/1/25
  
 1,155,000
 921,678
 
Hemet Unified School District Special Tax Rev., (Community Facilities District No. 2005-2), 5.25%, 9/1/30
  
 2,670,000
 1,894,552
 
Hemet Unified School District Special Tax Rev., (Community Facilities District No. 2005-2), 5.25%, 9/1/35
  
 1,510,000
 1,022,285
 
Hesperia Public Financing Auth. Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/32 (XLCA)(2)
  
 3,500,000
 2,836,050
 
Hesperia Public Financing Auth. Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/37 (XLCA)(2)
  
 2,025,000
 1,583,327
 
Highland Community Facilities District No. 2001-1 Special Tax Rev., 6.45%, 9/1/28
  
 2,000,000
 1,728,420
 
Hillsborough School District GO, Series 2006 B, (Election of 2002), 4.84%, 9/1/28(1)(2)
  
 3,345,000
 1,145,395
 
Huntington Beach Union High School District GO, (Election of 2004), 5.00%, 8/1/31 (NATL)(1)(2)
  
 5,000,000
 1,269,250
 
Imperial Irrigation District COP, (Water System), 5.50%, 7/1/29 (Ambac)(2)
  
 5,000,000
 5,156,800
 
Imperial Irrigation District Rev., 5.00%, 11/1/33(2)
  
 2,185,000
 2,139,661
 
Independent Cities Lease Finance Auth. Rev., Series 2004 A, (Morgan Hill - Hacienda Valley Mobile Estates), 5.90%, 11/15/34
  
 2,235,000
 1,779,418
 
Independent Cities Lease Finance Auth. Rev., Series 2006 B, (San Juan Mobile Estates), 5.55%, 5/15/31
  
 500,000
 370,710
 
Independent Cities Lease Finance Auth. Rev., Series 2006 B, (San Juan Mobile Estates), 5.85%, 5/15/41
  
 1,150,000
 842,145
 
Independent Cities Lease Finance Auth. Rev., Series 2007 A, (Santa Rosa Leisure Mobilehome Park), 5.70%, 11/15/47
  
 3,430,000
 2,597,162
 
Irvine Unified School District Financing Auth. Special Tax Rev., Series 2005 A, 5.00%, 9/1/34 (Ambac)(2)
  
 5,000,000
 4,199,750
 
Jurupa Special Tax Rev., Series 2008 A, (Community Facilities District No. 25), 8.875%, 9/1/38
  
 2,000,000
 1,987,120
 
 
 
 

 
California High-Yield Municipal – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Kern Community College Safety, Repair and Improvement District GO, (Election of 2002), 4.56%, 11/1/30 (FSA)(1)(2)
  
$ 8,550,000
$ 2,532,083
 
Laguna Salada Union School District GO, Series 2000 C, 6.12%, 8/1/29 (NATL/FGIC)(1)(2)
  
 1,000,000
 330,790
 
Lake Elsinore Community Facilities District No. 2004-3 Special Tax Rev., Series 2005 A, (Rosetta Canyon Improvement Area No. 1), 5.25%, 9/1/35
  
 1,225,000
 757,062
 
Lake Elsinore Community Facilities District No. 2004-3 Special Tax Rev., Series 2006 A, (Rosetta Canyon improvement Area No. 2), 5.25%, 9/1/37
  
 5,000,000
 3,230,200
 
Lake Elsinore Community Facilities District No. 2005-1 Special Tax Rev., Series 2006 A, (Serenity), 5.35%, 9/1/36
  
 1,100,000
 752,631
 
Lake Elsinore Community Facilities District No. 2005-2 Special Tax Rev., Series 2005 A, (Alverhill Ranch Improvement Area A), 5.45%, 9/1/36
  
 5,000,000
 3,360,400
 
Lake Elsinore Community Facilities District No. 2006-2 Special Tax Rev., Series 2006 A, (Viscaya), 5.40%, 9/1/36
  
 2,020,000
 1,393,598
 
Lake Elsinore Unified School District Special Tax Rev., (Community Facilities District No. 2005-1, Improvement Area A), 5.40%, 9/1/35
  
 2,245,000
 1,505,475
 
Lincoln Community Facilities District No. 2003-1 Special Tax Rev., (Lincoln Crossing), 6.00%, 9/1/13, Prerefunded at 102% of Par(3)
  
 1,775,000
 2,113,386
 
Los Angeles Community College District GO No. 2003, Series 2008 F1, (Election of 2003), 5.00%, 8/1/27(2)
  
 2,000,000
 2,047,160
 
Los Angeles Community Facilities District No. 3 Special Tax Rev., (Cascades Business Park & Golf Course), 6.40%, 9/1/22
  
 1,310,000
 1,193,659
 
Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.25%, 5/15/25(2)
  
 2,000,000
 2,057,540
 
Los Angeles Unified School District GO, Series 2009 D, 5.00%, 1/1/34(2)
  
 2,500,000
 2,441,100
 
Manteca Unified School District GO, (Election of 2004), 4.92%, 8/1/30 (NATL)(1)(2)
  
 5,455,000
 1,482,178
 
Menifee Union School District Special Tax Rev., (Community Facilities District No. 2005-2), 5.375%, 9/1/36
  
 1,850,000
 1,316,626
 
Metropolitan Water District of Southern California Rev., Series 2009 A, 5.00%, 1/1/39(2)
  
 5,000,000
 5,122,250
 
Milpitas Improvement Bond Act of 1915 Special Assessment Rev., Series 1996 A, (Local Improvement District No. 18), 6.75%, 9/2/16
  
 1,670,000
 1,669,633
 
Modesto Irrigation District COP, Series 2009 A, (Capital Improvements), 6.00%, 10/1/39(2)
  
 3,000,000
 3,131,790
 
Montebello Community Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Montebello Hills Redevelopment), 8.10%, 3/1/27(2)
  
 2,000,000
 2,122,820
 
Moreno Valley Unified School District Special Tax Rev., (Community Facilities District No. 2002-1), 6.20%, 9/1/32
  
 4,000,000
 3,196,880
 
Murrieta Community Facilities District No. 2000-2 Special Tax Rev., Series 2004 A, (The Oaks Improvement Area), 6.00%, 9/1/34
  
 1,920,000
 1,491,475
 
Murrieta Improvement Bond Act of 1915 Special Tax Rev., (Community Facilities District No. 2000-1), 6.375%, 9/1/30
  
 4,100,000
 3,421,942
 
Oceanside Community Development Commission Tax Allocation Rev., (Downtown Redevelopment), 5.70%, 9/1/25(2)
  
 3,500,000
 3,429,230
 
Oceanside Community Facilities District No. 2001-1 Special Tax Rev., Series 2002 A, (Morrow Hills Development), 6.20%, 9/1/32
  
 2,700,000
 2,157,894
 
Orange County Community Facilities District No. 1999-1 Special Tax Rev., Series 1999 A, (Ladera Ranch), 6.50%, 8/15/09, Prerefunded at 102% of Par(3)
  
 2,000,000
 2,065,560
 
Oxnard School District GO, Series 2001 A, 5.75%, 8/1/30 (NATL)(2)
  
 3,000,000
 2,977,950
 
Pacifica COP, (Public Safety Building), 5.80%, 11/1/09, Prerefunded at 102% of Par (NATL)(2)(3)
  
 1,150,000
 1,180,659
 
Palmdale Water District COP, 5.00%, 10/1/34 (NATL/FGIC)(2)
  
 10,000,000
 9,192,200
 
Palomar Pomerado Health Care District COP, (Indian Health Council, Inc.), 6.25%, 10/1/29(2)
  
 2,470,000
 2,178,120
 
Palomar Pomerado Health GO, Series 2009 A, (Election of 2004), 6.94%, 8/1/38 (AGC)(2)
  
 1,670,000
 937,471
 
 
 
 

 
California High-Yield Municipal – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Perris Community Facilities District No. 2004-3 Special Tax Rev., Series 2005 A, (Improvement Area No. 2), 5.30%, 9/1/35
  
$ 1,390,000
$   944,505
 
Perris Public Financing Auth. Special Tax Rev., Series 2003 A, 6.25%, 9/1/33
  
 3,000,000
 2,160,570
 
Perris Public Financing Auth. Special Tax Rev., Series 2004 A, 6.125%, 9/1/34
  
 3,000,000
 2,333,610
 
Perris Public Financing Auth. Special Tax Rev., Series 2008 A, (Community Facilities District No. 2005-4), 6.60%, 9/1/38
  
 2,210,000
 1,797,879
 
Perris Public Financing Auth. Tax Allocation Rev., 5.35%, 10/1/36
  
 1,050,000
 714,840
 
Perris Union High School District GO, Series 2000 A, 6.40%, 9/1/24 (NATL/FGIC)(1)(2)
  
 1,000,000
 434,000
 
Perris Union High School District GO, Series 2000 A, 6.40%, 3/1/25 (NATL/FGIC)(1)(2)
  
 1,000,000
 414,410
 
Pittsburg Redevelopment Agency Tax Allocation Rev., (Los Medanos Community Development), 6.20%, 8/1/25 (Ambac)(1)(2)
  
 2,900,000
 1,106,060
 
Placer Union High School District GO, Series 2000 A, (Election of 1999), 6.20%, 8/1/16 (NATL/FGIC)(1)(2)
  
 2,640,000
 2,013,370
 
Placer Union High School District GO, Series 2000 A, (Election of 1999), 6.28%, 8/1/18 (NATL/FGIC)(1)(2)
  
 1,600,000
 1,072,592
 
Placer Union High School District GO, Series 2000 A, (Election of 1999), 6.35%, 8/1/21 (NATL/FGIC)(1)(2)
  
 2,925,000
 1,602,520
 
Placer Union High School District GO, Series 2000 A, (Election of 1999), 6.37%, 8/1/22 (NATL/FGIC)(1)(2)
  
 2,100,000
 1,071,798
 
Placer Union High School District GO, Series 2000 A, (Election of 1999), 6.39%, 8/1/23 (NATL/FGIC)(1)(2)
  
 3,525,000
 1,652,661
 
Placer Union High School District GO, Series 2000 A, (Election of 1999), 2.11%, 8/1/24 (NATL/FGIC)(1)(2)
  
 1,000,000
 436,050
 
Pleasant Valley School District-Ventura County GO, Series 2002 A, 5.85%, 8/1/31 (NATL)(2)
  
 4,835,000
 4,816,675
 
Pomona Public Financing Auth. Rev., Series 2007 AX, (Merged Redevelopment), 5.00%, 2/1/25(2)
  
 1,155,000
 930,537
 
Rancho Cordova Community Facilities District No. 2003-1 Special Tax Rev., (Sunridge Anatolia), 5.375%, 9/1/37
  
 3,000,000
 2,049,780
 
Rancho Cordova Community Facilities District No. 2003-1 Special Tax Rev., (Sunridge Anatolia), 5.50%, 9/1/37
  
 2,000,000
 1,395,240
 
Rancho Cordova Community Facilities District No. 2004-1 Special Tax Rev., (Sunridge Park Area), 6.125%, 9/1/37
  
 10,000,000
 7,088,600
 
Redding California Electric System Rev., COP, Series 2008 A, 5.00%, 6/1/30 (FSA)(2)
  
 2,500,000
 2,480,725
 
Rialto Community Facilities District No. 2006-1 Special Tax Rev., Series 2006-1, (Elm Park), 5.35%, 9/1/36
  
 1,460,000
 989,734
 
Richmond Joint Powers Financing Auth. Lease Rev., (Refunding & Civic Center), VRDN, 4.125%, 11/25/09 (Ambac) (SBBPA: Dexia Credit Local)(2)
  
 1,970,000
 1,969,567
 
Richmond Joint Powers Financing Auth. Rev., Series 1995 A, (Lease and Gas Tax), 5.25%, 5/15/13(2)
  
 195,000
 195,351
 
Riverside County COP, 5.75%, 11/1/31 (NATL)(2)
  
 2,365,000
 2,414,760
 
Riverside County Improvement Bond Act of 1915 Special Assessment Rev., (District No. 168-Rivercrest), 6.70%, 9/2/26
  
 2,040,000
 1,812,050
 
Riverside Unified School District Special Tax Rev., (Community Facilities District No. 13, Improvement Area 1), 5.375%, 9/1/34
  
 2,000,000
 1,456,800
 
Riverside Unified School District Special Tax Rev., Series 2000 A, (Community Facilities District No. 7), 7.00%, 9/1/10, Prerefunded at 102% of Par(3)
  
 4,765,000
 5,227,681
 
Riverside Unified School District Special Tax Rev., Series 2005 A, (Community Facilities District No. 15, Improvement Area 2), 5.25%, 9/1/30
  
 1,000,000
 750,190
 
Rohnert Park Finance Auth. Rev., Series 2001 A, (Las Casitas de Sonoma), 6.40%, 4/15/36
  
 4,315,000
 3,682,896
 
Romoland School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area 1), 5.40%, 9/1/36
  
 5,000,000
 3,449,500
 
 
 

 
 
California High-Yield Municipal – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Roseville Community Facilities District No. 1 Special Tax Rev., (The Fountains), 6.125%, 9/1/38
  
$ 2,600,000
$ 1,899,040
 
Sacramento County Community Facilities District No. 1 Special Tax Rev., (Elliot Ranch), 6.30%, 9/1/21
  
 1,500,000
 1,499,730
 
Sacramento County Community Facilities District No. 2005-2 Special Tax Rev., Series 2007 A, (North Vineyard Station), 6.00%, 9/1/37
  
 4,035,000
 2,679,482
 
Sacramento Municipal Utilities District Electric Rev., Series 1997 K, 5.25%, 7/1/24 (Ambac)(2)
  
 4,000,000
 4,095,080
 
Sacramento Special Tax Rev., (North Natomas Community Facilities District No. 1), 6.30%, 9/1/26
  
 4,000,000
 3,533,800
 
San Buenaventura City COP, (Wastewater Revenue), 5.00%, 3/1/29 (NATL)(2)
  
 1,975,000
 1,972,393
 
San Francisco City and County Airports Commission Rev., Series 2008 34D, 5.25%, 5/1/26(2)
  
 3,000,000
 3,055,500
 
San Francisco City and County Redevelopment Agency Lease Rev., (George R. Moscone), 7.05%, 7/1/13(1)(2)
  
 1,250,000
 1,104,475
 
San Marcos Public Facilities Auth. Special Tax Rev., Series 2004 A, 5.45%, 9/1/24
  
 2,790,000
 2,268,744
 
Santa Barbara County Water Rev. COP, 5.50%, 9/1/22 (Ambac)(2)
  
 3,005,000
 3,074,415
 
Santa Cruz County Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Live Oak/Soquel Community Improvement), 7.00%, 9/1/36(2)
  
 1,500,000
 1,601,610
 
Shasta Lake Public Finance Auth. Rev., (Electrical Enterprise), 6.25%, 4/1/13, Prerefunded at 102% of Par(2)(3)
  
 7,755,000
 9,268,854
 
Soledad Improvement Bond Act of 1915 Special Assessment Rev., (Diamond Ridge Assessment District No. 2002-01), 6.75%, 9/2/33
  
 2,160,000
 1,841,033
 
Southern California Public Power Auth. Rev., (Multi-Projects), 6.75%, 7/1/10 (FSA-CR)(2)
  
 500,000
 532,015
 
Southern California Public Power Auth. Rev., (Transmission), 6.35%, 7/1/14 (NATL-IBC)(1)(2)
  
 2,400,000
 2,050,176
 
Southern California Public Power Auth. Rev., (Transmission), 6.35%, 7/1/15 (NATL-IBC)(1)(2)
  
 1,250,000
 1,016,200
 
Southern California Public Power Auth. Rev., Series 2008 A, (Southern Transmission), 5.00%, 7/1/22(2)
  
 5,750,000
 6,034,510
 
Stockton Community Facilities District Special Tax Rev., (Spanos Park West No. 2001-1), 6.375%, 9/1/12, Prerefunded at 102% of Par(2)(3)
  
 4,195,000
 4,909,702
 
Sunnyvale Community Facilities District No. 1 Special Tax Rev., 7.75%, 8/1/32
  
 6,500,000
 5,920,525
 
Tahoe-Truckee Unified School District GO, Series 1999 A, (Improvement District No. 2), 6.19%, 8/1/22 (NATL/FGIC)(1)(2)
  
 2,690,000
 1,372,922
 
Tahoe-Truckee Unified School District GO, Series 1999 A, (Improvement District No. 2), 6.19%, 8/1/23 (NATL/FGIC)(1)(2)
  
 2,220,000
 1,040,825
 
Tracy Community Facilities District No. 2006-1 Special Tax Rev., (NEI Phase II), 5.75%, 9/1/36
  
 3,105,000
 2,268,855
 
Turlock Health Facility COP, Series 2007 B, (Emanuel Medical Center, Inc.), 5.50%, 10/15/37(2)
  
 2,000,000
 1,344,180
 
Tustin Community Facilities District No. 06-1 Special Tax Rev., Series 2007 A, (Tustin Legacy/Columbus Villages), 6.00%, 9/1/36
  
 5,000,000
 4,156,200
 
Tustin Community Facilities District No. 07-1 Special Tax Rev., (Tustin Legacy/Retail Center), 6.00%, 9/1/37
  
 1,300,000
 1,076,868
 
University of California Rev., Series 2009 O, 5.25%, 5/15/39(2)
  
 1,300,000
 1,334,463
 
Val Verde Unified School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area A), 5.40%, 9/1/30
  
 2,500,000
 1,985,550
 
Val Verde Unified School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area A), 5.45%, 9/1/36
  
 2,600,000
 1,992,094
 
Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/33(2)
  
 1,650,000
 1,691,663
 
Vernon Electric System Rev., Series 2009 A, 5.125%, 8/1/21(2)
  
 8,000,000
 7,866,560
 
West Sacramento Community Facilities District No. 10 Special Tax Rev., 6.20%, 9/1/09, Prerefunded at 102% of Par(3)
  
 1,000,000
 1,033,840
 
 
 
 

 
California High-Yield Municipal – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
West Sacramento Community Facilities District No. 10 Special Tax Rev., 6.75%, 9/1/09, Prerefunded at 102% of Par(3)
  
$ 3,235,000
$ 3,349,001
 
West Sacramento Community Facilities District No. 20 Special Tax Rev., 5.30%, 9/1/35
  
 1,740,000
 1,170,167
 
Westlands Water District COP, Series 2005 A, 5.00%, 9/1/25 (NATL)(2)
  
 2,080,000
 2,068,394
 
Yosemite Community College District GO, 4.97%, 8/1/20 (FSA)(1)(2)
  
 6,020,000
 3,678,882
 
Yosemite Community College District GO, (Election of 2004), 4.33%, 8/1/16 (FSA)(1)(2)
  
 3,545,000
 2,788,674
 
Yuba City Redevelopment Agency Tax Allocation Rev., 5.70%, 9/1/24
  
 2,270,000
 1,757,865
 
Yuba City Redevelopment Agency Tax Allocation Rev., 6.00%, 9/1/31
  
 2,000,000
 1,476,140
 
Yuba City Unified School District GO, 6.05%, 9/1/24 (NATL/FGIC)(1)(2)
  
 2,895,000
 1,256,430
 
Yuba City Unified School District GO, 6.05%, 3/1/25 (NATL/FGIC)(1)(2)
  
 1,500,000
 621,615
       
 482,384,857
PUERTO RICO — 2.4%
  
 
Puerto Rico Commonwealth GO, Series 2006 A, (Public Improvement), 5.25%, 7/1/30(2)
  
 1,145,000
 1,014,207
 
Puerto Rico Commonwealth GO, Series 2008 A, 6.00%, 7/1/38(2)
  
 1,400,000
 1,358,728
 
Puerto Rico Electric Power Auth. Rev., Series 2007 UU, VRDN, 1.51%, 7/1/09 resets quarterly at 67% of the 3-month LIBOR plus 0.70% with no caps(2)
  
 7,800,000
 3,786,900
 
Puerto Rico Sales Tax Financing Corp. Rev., Series 2007 A, VRDN, 1.62%, 8/3/09 resets quarterly at 67% of the 3-month LIBOR plus 0.93% with no caps(2)
  
 10,000,000
 5,600,000
       
 11,759,835
 
TOTAL INVESTMENT SECURITIES —  99.8%
    
 
(Cost $546,428,023)
    
 494,144,692
 
OTHER ASSETS AND LIABILITIES — 0.2%
  
 800,678
 
TOTAL NET ASSETS —  100.0%
  
$494,945,370
 

 
 
 

 
California High-Yield Municipal – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
 
 
Notes to Schedule of Investments
 
ABAG
-
Association of  Bay Area Governments
 
AGC
-
Assured Guaranty Corporation
 
Ambac
-
Ambac Assurance Corporation
 
Ambac-TCRS
-
Ambac Assurance Corporation - Transferrable Custodial Receipts
 
COP
-
Certificates of Participation
 
FGIC
-
Financial Guaranty Insurance Company
 
FSA
-
Financial Security Assurance, Inc.
 
FSA-CR
-
Financial Security Assurance, Inc. - Custodian Receipts
 
GO
-
General Obligation
 
LIBOR
-
London Interbank Offered Rate
 
LOC
-
Letter of Credit
 
NATL
-
National Public Finance Guarantee Corporation
 
NATL-IBC
-
National Public Finance Guarantee Corporation - Insured Bond Certificates
 
resets
-
The frequency with which a security’s coupon changes, based on current market conditions or an underlying index. The more frequently a security resets the less risk the investor is taking that the coupon will vary significantly from current market rates.
 
SBBPA
-
Standby Bond Purchase Agreement
 
VRDN
-
Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
 
VRN
-
Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.
 
XLCA
-
XL Capital Ltd.
 

(1)
Security is a zero-coupon municipal bond. The rate indicated is the yield to maturity at purchase. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(2)
Security, or a portion thereof, has been segregated for when-issued securities. At the period end, the aggregate value of securities pledged was $5,145,000.
(3)
Escrowed to maturity in U.S. government securities or state and local government securities.
(4)
Security was purchased under Rule 144A of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $2,908,483 which represented 0.6% of total net assets.
(5)
When-issued security.

 
 

 

California High-Yield Municipal – Schedule of Investments

MAY 31, 2009 (UNAUDITED)
 
 
 
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Debt securities maturing in greater than 60 days at the time of purchase are valued at current market value as provided by a commercial pricing service or at the mean of the most recent bid and asked prices. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Trustees. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices based on an active market;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or
   •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
 
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of May 31, 2009:
       
Valuation Inputs
Value of Investment Securities
    
Level 1 - Quoted Prices
-
        
Level 2 - Other Significant Observable Inputs
  $ 494,144,692
        
Level 3 - Significant Unobservable Inputs
 -
        
 
$ 494,144,692
        
 
 
3. Federal Tax Information
 
As of May 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$  546,428,023
    
Gross tax appreciation of investments
$    12,833,022
    
Gross tax depreciation of investments
  (65,116,353)
    
Net tax appreciation (depreciation) of investments
$  (52,283,331)
    
 
The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.
 

 
This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.

 
 
 
 
 
ITEM 2.  CONTROLS AND PROCEDURES.
 
(a)  
The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b)  
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.


 
ITEM 3.  EXHIBITS.

Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as Exhibit 99.CERT.
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant:
 AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS  
       
       
By:
 /s/  Jonathan S. Thomas  
 
Name:
Jonathan S. Thomas
  
 
Title:
President
  
       
Date:
 July 27, 2009  
       



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:
 /s/  Jonathan S. Thomas  
 
Name:
Jonathan S. Thomas
  
 
Title:
President
  
   
(principal executive officer)
  
     
Date:
 July 27, 2009  



By:
 /s/  Robert J. Leach  
 
Name:
Robert J. Leach
  
 
Title:
Vice President, Treasurer, and
  
   
Chief Financial Officer
  
   
(principal financial officer)
  
     
Date:
 July 27, 2009  



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EXHIBIT 99.CERT



CERTIFICATIONS

I, Jonathan S. Thomas, certify that:

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

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

3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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

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

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

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

 
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date:
July 27, 2009
  
     
     
     
 /s/  Jonathan S. Thomas   
Jonathan S. Thomas
  
President
  
(principal executive officer)
  
     

 
 
 

I, Robert J. Leach, certify that:

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

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

3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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

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

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

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

 
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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


Date:
  July 27, 2009  
     
     
     
 /s/  Robert J. Leach   
Robert J. Leach
  
Vice President, Treasurer, and
  
Chief Financial Officer
  
(principal financial officer)
  



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