-----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, PfAq6bPYa60xmWUIwu2atkzdAv0pCIRUiONcYYQeY0FJNQetbpufGLQqPP6ftckE ch3VAGZm6K35Sh6EClZ9UA== 0000717316-10-000062.txt : 20100728 0000717316-10-000062.hdr.sgml : 20100728 20100728103308 ACCESSION NUMBER: 0000717316-10-000062 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20100531 FILED AS OF DATE: 20100728 DATE AS OF CHANGE: 20100728 EFFECTIVENESS DATE: 20100728 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: 10973249 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 C000087984 INSTITUTIONAL CLASS BCHIX 0000717316 S000005668 CALIFORNIA TAX-FREE BOND FUND C000015525 INVESTOR CLASS BCITX C000087985 INSTITUTIONAL CLASS BCTIX C000087986 A CLASS BCIAX C000087987 C CLASS BCIYX 0000717316 S000005670 CALIFORNIA LONG-TERM TAX-FREE FUND C000015527 INVESTOR CLASS BCLTX C000055489 A CLASS ALTAX C000055490 B CLASS ALQBX C000055491 C CLASS ALTCX C000087988 INSTITUTIONAL CLASS BCLIX 0000717316 S000005671 CALIFORNIA TAX-FREE MONEY MARKET FUND C000015528 INVESTOR CLASS BCTXX N-Q 1 n-q.htm FORM N-Q (3RD QUARTER) 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:
               05-31-2010
 
 
 
 

ITEM 1.  SCHEDULE OF INVESTMENTS.
 
 
 
 
 
 
 
 

 


 

 
 

 
American Century Investments®
 
Quarterly Portfolio Holdings
 
California High-Yield Municipal Fund
 
May 31, 2010
 

 

 

 

 
 
 
 
 
 
 
 

 
 
 
 
 
California High-Yield Municipal – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value


 
MUNICIPAL SECURITIES — 98.6%
CALIFORNIA — 94.1%
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (Branson School), VRDN, 2.75%, 6/3/10 (LOC: Allied Irish Bank plc)(1)
  
$ 8,000,000
$    8,000,000
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (Ecole Bilingue De Berkeley), VRDN, 0.30%, 6/3/10 (LOC: Bank of the West)(1)
  
 2,200,000
 2,200,000
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (Sharp Healthcare), 6.25%, 8/1/39(1)
  
 1,800,000
 1,976,310
 
ABC Unified School District GO, Series 2000 B, 6.14%, 8/1/21 (NATL/FGIC)(1)(2)
  
 1,000,000
 550,600
 
Adelanto Public Utility Auth. Rev., Series 2009 A, 6.75%, 7/1/39
  
 5,225,000
 5,392,775
 
Alhambra Rev., Series 2010 A, (Atherton Baptist Homes), 7.50%, 1/1/30
  
 1,640,000
 1,715,079
 
Anaheim Public Financing Auth. Lease Rev., Series 1997 A, (Public Improvements), 6.00%, 9/1/24 (AGM)(1)
  
 1,200,000
 1,375,788
 
Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2004 D, 5.80%, 9/1/35
  
 2,875,000
 2,683,841
 
Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2005 B, 5.40%, 9/1/35
  
 1,390,000
 1,215,652
 
Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2005 C, 5.50%, 9/1/29
  
 855,000
 779,213
 
Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2005 C, 5.50%, 9/1/35
  
 4,000,000
 3,260,840
 
Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2006 A, (Improvement Area No. 19C), 5.35%, 9/1/36
  
 2,700,000
 2,140,209
 
Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2008 A, (Improvement Area No. 19C), 6.875%, 9/1/36
  
 1,050,000
 1,031,698
 
Berryessa Union School District GO, Series 2000 A, 6.18%, 8/1/21 (AGM)(1)(2)
  
 1,190,000
 671,826
 
Berryessa Union School District GO, Series 2000 A, 6.05%, 8/1/22 (AGM)(1)(2)
  
 1,220,000
 637,548
 
Berryessa Union School District GO, Series 2000 A, 6.06%, 8/1/23 (AGM)(1)(2)
  
 1,000,000
 489,770
 
California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/22(1)
  
 4,500,000
 4,921,155
 
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/21(1)
  
 4,725,000
 5,299,654
 
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/22(1)
  
 4,200,000
 4,675,818
 
California Department of Water Resources Water System Rev., Series 2008 AE, (Central Valley), 5.00%, 12/1/23(1)
  
 2,500,000
 2,802,000
 
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14 (NATL/FGIC)(1)
  
 6,000,000
 6,817,980
 
California Educational Facilities Auth. Rev., (Western University Health Sciences), 6.00%, 10/1/12, Prerefunded at 100% of Par(1)(3)
  
 1,505,000
 1,661,731
 
California Educational Facilities Auth. Rev., Series 2009 A, (Pomona College), 5.00%, 1/1/24(1)
  
 1,400,000
 1,582,896
 
California GO, 5.25%, 10/1/29(1)
  
 5,000,000
 5,163,650
 
California GO, 5.25%, 3/1/38(1)
  
 6,000,000
 6,010,860
 
California GO, 6.00%, 4/1/38(1)
  
 5,000,000
 5,457,900
 
California GO, 5.50%, 3/1/40(1)
  
 1,500,000
 1,542,060
 
California Health Facilities Financing Auth. Rev., Series 1989 A, (Kaiser Permanente), 7.15%, 10/1/12 (Ambac-TCRS)(1)(2)
  
 4,000,000
 3,837,400
 
California Health Facilities Financing Auth. Rev., Series 2008 A, (Scripps Health), 5.50%, 10/1/20(1)
  
 1,500,000
 1,654,815
 
California Health Facilities Financing Auth. Rev., Series 2008 A, (Sutter Health), 5.50%, 8/15/16(1)
  
 5,000,000
 5,696,900
 
California Health Facilities Financing Auth. Rev., Series 2008 A3, (Stanford Hospital), VRDN, 3.45%, 6/15/11(1)
  
 3,700,000
 3,787,061
 
 
 
 
 
 
California High-Yield Municipal – Schedule of Investments

MAY 31, 2010 (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
$    1,142,230
 
California Health Facilities Financing Auth. Rev., Series 2008 G, (Catholic Healthcare West), 5.50%, 7/1/25(1)
  
 2,000,000
 2,119,000
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39(1)
  
 4,300,000
 4,640,173
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38(1)
  
 3,000,000
 3,195,480
 
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
 4,560,425
 
California Mobilehome Park Financing Auth. Rev., Series 2001 B, (Rancho Vallecitos - San Marcos), 6.75%, 11/15/36
  
 1,905,000
 1,824,742
 
California Mobilehome Park Financing Auth. Rev., Series 2003 B, (Palomar Estates E&W), 7.00%, 9/15/36(1)
  
 6,345,000
 6,356,865
 
California Mobilehome Park Financing Auth. Rev., Series 2006 B, (Union City Tropics), 5.50%, 12/15/41
  
 2,000,000
 1,659,500
 
California Municipal Finance Auth. Rev., (Biola University), 5.875%, 10/1/34
  
 1,000,000
 1,037,070
 
California Municipal Finance Auth. Rev., (Community Hospital of Central California), 5.50%, 2/1/39(1)
  
 1,450,000
 1,345,426
 
California Public Works Board Lease Rev., Series 1993 D, (Department of Corrections), 5.25%, 6/1/15 (AGM)(1)
  
 2,000,000
 2,186,980
 
California Public Works Board Lease Rev., Series 2009 G1, (Various Capital Projects), 5.75%, 10/1/30(1)
  
 2,000,000
 2,061,020
 
California Public Works Board Lease Rev., Series 2010 A1, (Various Capital Projects), 6.00%, 3/1/35(1)
  
 1,250,000
 1,297,537
 
California State Department of Water Resources Rev., Series 2009 AF, (Water System), 5.00%, 12/1/32(1)
  
 1,000,000
 1,068,910
 
California State University Fresno Association, Inc. Rev., (Auxiliary Organization Event Center), 7.00%, 7/1/12, Prerefunded at 101% of Par(1)(3)
  
 2,455,000
 2,788,414
 
California State University Rev., Series 2005 C, (Systemwide Financing Program), 5.00%, 11/1/30 (NATL)(1)
  
 10,000,000
 10,257,300
 
California State University Rev., Series 2009 A, (Systemwide Financing Program), 5.25%, 11/1/38(1)
  
 3,000,000
 3,139,080
 
California Statewide Communities Development Auth. COP, (Sonoma County Indian Health), 6.40%, 9/1/29(1)
  
 2,290,000
 2,294,351
 
California Statewide Communities Development Auth. Rev., (Drew School), 5.30%, 10/1/37
  
 1,070,000
 838,891
 
California Statewide Communities Development Auth. Rev., (John Muir Health), 5.125%, 7/1/39(1)
  
 625,000
 615,212
 
California Statewide Communities Development Auth. Rev., (Lancer Educational Student Housing), 5.625%, 6/1/33
  
 2,500,000
 2,117,275
 
California Statewide Communities Development Auth. Rev., (Southern California Presbyterian Homes), 7.25%, 11/15/41(1)
  
 2,500,000
 2,728,750
 
California Statewide Communities Development Auth. Rev., (Thomas Jefferson School of Law), 7.75%, 10/1/11, Prerefunded at 101% of Par(1)(3)
  
 1,885,000
 2,063,359
 
California Statewide Communities Development Auth. Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31(1)
  
 4,000,000
 4,029,040
 
California Statewide Communities Development Auth. Rev., Series 2006 A, (John Muir Health), 5.00%, 8/15/34(1)
  
 2,000,000
 1,947,800
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (California Baptist University), 5.50%, 11/1/38
  
 7,000,000
 5,853,750
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (Front Porch Communities and Services), 5.125%, 4/1/37(1)(4)
  
 3,400,000
 3,046,910
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (Valleycare Health System), 5.125%, 7/15/31
  
 2,000,000
 1,729,500
 
California Statewide Communities Development Auth. Rev., Series 2009 A, (Kaiser Permanente), 5.00%, 4/1/19(1)
  
 5,000,000
 5,440,100
 
 
 
 
 
 
California High-Yield Municipal – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value

 
 
Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 90-2), 6.00%, 9/1/33
  
$ 6,250,000
$    6,141,688
 
Carmel Unified School District GO, 5.50%, 8/1/10 (NATL)(1)(3)
  
 1,000,000
 1,019,070
 
Carson Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Project Area No. 1), 7.00%, 10/1/36(1)
  
 2,000,000
 2,249,340
 
Chino Valley Unified School District COP, Series 2001 A, 5.375%, 9/1/20 (AGM)(1)
  
 1,700,000
 1,750,286
 
Chula Vista Community Facilities District No. 06-1 Area A Special Tax Rev., (Eastlake Woods), 6.20%, 9/1/33
  
 3,600,000
 3,639,672
 
Chula Vista Industrial Development Rev., Series 2004 D, (San Diego Gas), 5.875%, 1/1/34(1)
  
 1,000,000
 1,110,290
 
Clovis Public Financing Auth. Lease Rev., (Corporate Yard), 5.375%, 3/1/20 (Ambac)(1)
  
 1,780,000
 1,851,111
 
Corcoran COP, 8.75%, 6/1/16(4)
  
 405,000
 482,290
 
Corona Department of Water & Power COP, 5.00%, 9/1/35 (NATL)(1)
  
 2,000,000
 2,002,600
 
Duarte Unified School District GO, Series 1999 B, 6.08%, 11/1/23 (AGM)(1)(2)
  
 1,150,000
 555,301
 
Eastern Municipal Water District Water & Sewer COP, Series 2008 H, 5.00%, 7/1/33(1)
  
 4,500,000
 4,660,290
 
El Dorado County Community Facilities District No. 2001-1 Special Tax Rev., (Promontory Specific), 6.30%, 9/1/31
  
 2,500,000
 2,336,300
 
Folsom Community Facilities District No. 7 Special Tax Rev., 5.75%, 9/1/14
  
 2,450,000
 2,481,140
 
Folsom Community Facilities District No. 10 Special Tax Rev., 7.00%, 9/1/24
  
 2,610,000
 2,624,851
 
Folsom Community Facilities District No. 14 Special Tax Rev., 6.30%, 9/1/11, Prerefunded at 102% of Par(3)
  
 6,500,000
 7,070,180
 
Foothill-De Anza Community College District GO, 6.16%, 8/1/21 (NATL)(1)(2)
  
 3,000,000
 1,850,220
 
Fullerton Community Facilities District No. 1 Special Tax Rev., (Amerige Heights), 6.20%, 9/1/32
  
 3,000,000
 3,004,650
 
Fullerton Unified School District Special Tax Rev., (Community Facilities District No. 2001-1), 6.375%, 9/1/31
  
 5,000,000
 5,039,500
 
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.125%, 6/1/47(1)
  
 8,500,000
 5,605,835
 
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.75%, 6/1/47(1)
  
 9,500,000
 6,966,065
 
Hawaiian Gardens COP, Series 2000 A, 8.00%, 6/1/10, Prerefunded at 102% of Par(3)
  
 2,845,000
 2,903,522
 
Hemet Unified School District Special Tax Rev., (Community Facilities District No. 2005-2), 5.25%, 9/1/30
  
 2,670,000
 2,345,835
 
Hemet Unified School District Special Tax Rev., (Community Facilities District No. 2005-2), 5.25%, 9/1/35
  
 1,510,000
 1,290,431
 
Hesperia Public Financing Auth. Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/32 (XLCA)(1)
  
 3,000,000
 2,799,330
 
Hesperia Public Financing Auth. Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/37 (XLCA)(1)
  
 2,025,000
 1,832,078
 
Highland Community Facilities District No. 2001-1 Special Tax Rev., 6.45%, 9/1/28
  
 2,000,000
 2,000,520
 
Imperial Irrigation District COP, (Water System), 5.50%, 7/1/29 (Ambac)(1)
  
 5,000,000
 5,089,900
 
Independent Cities Lease Finance Auth. Rev., Series 2004 A, (Morgan Hill - Hacienda Valley Mobile Estates), 5.90%, 11/15/34
  
 2,235,000
 2,097,704
 
Independent Cities Lease Finance Auth. Rev., Series 2006 B, (San Juan Mobile Estates), 5.55%, 5/15/31
  
 500,000
 439,800
 
Independent Cities Lease Finance Auth. Rev., Series 2006 B, (San Juan Mobile Estates), 5.85%, 5/15/41
  
 1,150,000
 1,013,576
 
Independent Cities Lease Finance Auth. Rev., Series 2007 A, (Santa Rosa Leisure Mobilehome Park), 5.70%, 11/15/47
  
 3,430,000
 3,127,920
 
Irvine Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.70%, 9/1/35
  
 1,000,000
 1,035,110
 
 
 
 
 
 
California High-Yield Municipal – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value

 
 
Jurupa Community Services District Special Tax Rev., Series 2008 A, (Community Facilities District No. 25), 8.875%, 9/1/38
  
$ 2,000,000
$    2,188,520
 
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
 1,020,290
 
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
 4,028,200
 
Lake Elsinore Community Facilities District No. 2005-1 Special Tax Rev., Series 2006 A, (Serenity), 5.35%, 9/1/36
  
 1,100,000
 926,772
 
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
 4,170,850
 
Lake Elsinore Community Facilities District No. 2006-2 Special Tax Rev., Series 2006 A, (Viscaya), 5.40%, 9/1/36
  
 2,020,000
 1,715,283
 
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
 1,926,008
 
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
 2,082,057
 
Los Angeles Community College District GO, Series 2008 F1, (Election of 2003), 5.00%, 8/1/27(1)
  
 2,000,000
 2,121,000
 
Los Angeles Community Facilities District No. 3 Special Tax Rev., (Cascades Business Park & Golf Course), 6.40%, 9/1/22
  
 1,310,000
 1,310,144
 
Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.25%, 5/15/25(1)
  
 2,000,000
 2,160,540
 
Manteca Unified School District GO, (Election of 2004), 4.92%, 8/1/30 (NATL)(1)(2)
  
 5,455,000
 1,530,455
 
Metropolitan Water District of Southern California Rev., Series 2009 C, 5.00%, 7/1/35(1)
  
 1,150,000
 1,222,910
 
Milpitas Improvement Bond Act of 1915 Special Assessment Rev., Series 1996 A, (Local Improvement District No. 18), 6.75%, 9/2/16
  
 1,480,000
 1,485,476
 
Modesto Irrigation District COP, Series 2009 A, (Capital Improvements), 6.00%, 10/1/39(1)
  
 3,000,000
 3,290,670
 
Montebello Community Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Montebello Hills Redevelopment), 8.10%, 3/1/27(1)
  
 2,000,000
 2,279,680
 
Moreno Valley Unified School District Special Tax Rev., (Community Facilities District No. 2002-1), 6.20%, 9/1/32
  
 4,000,000
 3,873,040
 
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
 1,801,152
 
Murrieta Improvement Bond Act of 1915 Special Tax Rev., (Community Facilities District No. 2000-1), 6.375%, 9/1/30
  
 4,100,000
 4,006,151
 
Oakland Unified School District Alameda County GO, Series 2009 A, (Election of 2006), 6.125%, 8/1/29(1)
  
 2,500,000
 2,663,075
 
Oceanside Community Development Commission Tax Allocation Rev., (Downtown Redevelopment), 5.70%, 9/1/25(1)
  
 3,500,000
 3,460,695
 
Oceanside Community Facilities District No. 2001-1 Special Tax Rev., Series 2002 A, (Morrow Hills Development), 6.20%, 9/1/32
  
 2,590,000
 2,478,423
 
Oxnard School District GO, Series 2001 A, 5.75%, 8/1/30 (NATL)(1)
  
 3,000,000
 3,236,340
 
Palmdale Water District COP, 5.00%, 10/1/34 (NATL/FGIC)(1)
  
 2,950,000
 2,821,793
 
Palomar Pomerado Health Care District COP, 6.75%, 11/1/39
  
 4,250,000
 4,578,100
 
Palomar Pomerado Health Care District COP, (Indian Health Council, Inc.), 6.25%, 10/1/29(1)
  
 2,410,000
 2,369,970
 
Perris Community Facilities District No. 2004-3 Special Tax Rev., Series 2005 A, (Improvement Area No. 2), 5.30%, 9/1/35
  
 1,365,000
 1,103,166
 
Perris Public Financing Auth. Special Tax Rev., Series 2003 A, 6.25%, 9/1/33
  
 2,955,000
 2,802,345
 
Perris Public Financing Auth. Special Tax Rev., Series 2004 A, 6.125%, 9/1/34
  
 2,995,000
 2,786,159
 
Perris Public Financing Auth. Special Tax Rev., Series 2008 A, (Community Facilities District No. 2005-4), 6.60%, 9/1/38
  
 2,210,000
 2,093,688
 
Pleasant Valley School District-Ventura County GO, Series 2002 A, 5.85%, 8/1/31 (NATL)(1)
  
 4,835,000
 5,287,604
 
 
 
 
 
 
California High-Yield Municipal – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value

 
 
Poway Unified School District Public Financing Auth. Rev., 7.875%, 9/15/39
  
$ 4,000,000
$    4,369,960
 
Rancho Cordova Community Facilities District No. 2003-1 Special Tax Rev., (Sunridge Anatolia), 5.375%, 9/1/37
  
 3,000,000
 2,514,600
 
Rancho Cordova Community Facilities District No. 2003-1 Special Tax Rev., (Sunridge Anatolia), 5.50%, 9/1/37
  
 2,000,000
 1,709,820
 
Rancho Cordova Community Facilities District No. 2004-1 Special Tax Rev., (Sunridge Park Area), 6.125%, 9/1/37
  
 10,000,000
 8,680,200
 
Riverside County COP, 5.75%, 11/1/31 (NATL)(1)
  
 2,365,000
 2,512,221
 
Riverside County Improvement Bond Act of 1915 Special Assessment Rev., (District No. 168-Rivercrest), 6.70%, 9/2/26
  
 1,875,000
 1,861,912
 
Riverside Unified School District Special Tax Rev., (Community Facilities District No. 13, Improvement Area 1), 5.375%, 9/1/34
  
 2,000,000
 1,707,540
 
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
 4,941,067
 
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
 873,430
 
Rohnert Park Finance Auth. Rev., Series 2001 A, (Las Casitas de Sonoma), 6.40%, 4/15/36
  
 4,315,000
 4,317,762
 
Romoland School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area 1), 5.40%, 9/1/36
  
 5,000,000
 4,164,800
 
Roseville Community Facilities District No. 1 Special Tax Rev., (The Fountains), 6.125%, 9/1/38
  
 2,600,000
 2,458,274
 
Sacramento Airport System Rev., Series 2009 D, (Grant Revenue Bonds), 6.00%, 7/1/35(1)
  
 4,000,000
 4,360,520
 
Sacramento County Community Facilities District No. 1 Special Tax Rev., (Elliot Ranch), 6.30%, 9/1/21
  
 1,500,000
 1,502,190
 
Sacramento County COP, 5.75%, 2/1/30(1)
  
 3,000,000
 3,024,090
 
Sacramento Municipal Utilities District Electric Rev., Series 1997 K, 5.25%, 7/1/24 (Ambac)(1)
  
 4,000,000
 4,400,560
 
Sacramento Special Tax Rev., (North Natomas Community Facilities District No. 1), 6.30%, 9/1/26
  
 4,000,000
 4,015,080
 
San Buenaventura City COP, (Wastewater Revenue), 5.00%, 3/1/29 (NATL)(1)
  
 1,975,000
 2,027,890
 
San Diego Redevelopment Agency Tax Allocation Rev., Series 2009 A, (North Park Redevelopment Project), 7.00%, 11/1/39(1)
  
 3,000,000
 3,265,200
 
San Francisco City and County Airports Commission Rev., Series 2008 34D, (San Francisco International Airport), 5.25%, 5/1/26(1)
  
 3,000,000
 3,208,290
 
San Francisco City and County Redevelopment Agency Lease Rev., (George R. Moscone), 7.05%, 7/1/13(1)(2)
  
 1,250,000
 1,187,350
 
San Francisco City and County Redevelopment Financing Auth. Tax Allocation Rev., Series 2009 D, (Mission Bay South Redevelopment), 6.625%, 8/1/39(1)
  
 2,000,000
 2,142,940
 
San Marcos Public Facilities Auth. Special Tax Rev., Series 2004 A, 5.45%, 9/1/24
  
 2,790,000
 2,648,156
 
Santa Barbara County Water Rev. COP, 5.50%, 9/1/22 (Ambac)(1)
  
 3,005,000
 3,219,707
 
Santa Cruz County Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Live Oak/Soquel Community Improvement), 7.00%, 9/1/36(1)
  
 3,000,000
 3,350,430
 
Shasta Lake Public Finance Auth. Rev., (Electrical Enterprise), 6.25%, 4/1/13, Prerefunded at 102% of Par(1)(3)
  
 7,755,000
 9,066,293
 
Soledad Improvement Bond Act of 1915 District No. 2002-01 Special Assessment Rev., (Diamond Ridge), 6.75%, 9/2/33
  
 2,160,000
 2,124,878
 
Southern California Public Power Auth. Rev., (Multi-Projects), 6.75%, 7/1/10 (AGM-CR)(1)
  
 500,000
 502,910
 
Southern California Public Power Auth. Rev., (Transmission), 6.35%, 7/1/14 (NATL-IBC)(1)(2)
  
 2,400,000
 2,153,184
 
Southern California Public Power Auth. Rev., (Transmission), 6.35%, 7/1/15 (NATL-IBC)(1)(2)
  
 1,250,000
 1,069,900
 
Southern California Public Power Auth. Rev., Series 2008 A, (Transmission), 5.00%, 7/1/22(1)
  
 5,750,000
 6,272,617
 
 
 
 
 
 
California High-Yield Municipal – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value

 
 
Stockton Community Facilities District Special Tax Rev., (Spanos Park West No. 2001-1), 6.375%, 9/1/12, Prerefunded at 102% of Par(1)(3)
  
$ 4,195,000
$    4,789,851
 
Sunnyvale Community Facilities District No. 1 Special Tax Rev., 7.75%, 8/1/32
  
 6,500,000
 6,525,545
 
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
 1,366,332
 
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
 1,054,367
 
Tracy Community Facilities District No. 2006-1 Special Tax Rev., (NEI Phase II), 5.75%, 9/1/36
  
 3,105,000
 2,564,326
 
Tuolumne Wind Project Auth. Rev., Series 2009 A, 5.875%, 1/1/29(1)
  
 2,000,000
 2,200,060
 
Turlock Health Facility COP, Series 2007 B, (Emanuel Medical Center, Inc.), 5.50%, 10/15/37(1)
  
 2,000,000
 1,775,760
 
Turlock Irrigation District Rev., Series 2010 A, 5.00%, 1/1/40(5)
  
 3,485,000
 3,551,354
 
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
 4,752,750
 
Tustin Community Facilities District No. 07-1 Special Tax Rev., (Tustin Legacy/Retail Center), 6.00%, 9/1/37
  
 1,300,000
 1,277,601
 
Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 5.75%, 9/1/30(1)
  
 1,000,000
 1,013,040
 
Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.00%, 9/1/40(1)
  
 1,500,000
 1,525,110
 
University of California Rev., Series 2009 O, 5.25%, 5/15/39(1)
  
 1,300,000
 1,398,553
 
Val Verde Unified School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area A), 5.40%, 9/1/30
  
 2,500,000
 2,203,175
 
Val Verde Unified School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area A), 5.45%, 9/1/36
  
 2,600,000
 2,239,406
 
Vallejo Water Rev., Series 2005 A, VRDN, 0.26%, 6/2/10 (LOC: JPMorgan Chase Bank)(1)
  
 1,450,000
 1,450,000
 
Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/33(1)
  
 1,600,000
 1,700,448
 
Vernon Electric System Rev., Series 2009 A, 5.125%, 8/1/21(1)
  
 8,000,000
 8,416,800
 
West Sacramento Community Facilities District No. 20 Special Tax Rev., 5.30%, 9/1/35
  
 1,740,000
 1,469,935
 
Westlands Water District COP, Series 2005 A, 5.00%, 9/1/25 (NATL)(1)
  
 2,080,000
 2,136,514
 
Yosemite Community College District GO, (Election of 2004), 4.33%, 8/1/16 (AGM)(1)(2)
  
 3,545,000
 2,829,371
 
Yuba City Redevelopment Agency Tax Allocation Rev., 5.70%, 9/1/24
  
 2,270,000
 1,970,383
 
Yuba City Redevelopment Agency Tax Allocation Rev., 6.00%, 9/1/31
  
 2,000,000
 1,698,320
 
Yuba City Unified School District GO, 6.05%, 3/1/25 (NATL/FGIC)(1)(2)
  
 1,500,000
 603,960
       
 505,821,812
GUAM — 0.7%
 
Guam Government GO, Series 2009 A, 7.00%, 11/15/39(1)
  
 3,300,000
 3,547,137
PUERTO RICO — 3.2%
 
Puerto Rico Electric Power Auth. Rev., Series 2007 UU, VRN, 0.90%, 7/1/10 resets quarterly at 67% of the 3-month LIBOR plus 0.70% with no caps(1)
  
 7,800,000
 5,557,500
 
Puerto Rico GO, Series 2006 A, (Public Improvement), 5.25%, 7/1/30(1)
  
 1,145,000
 1,163,423
 
Puerto Rico GO, Series 2008 A, 6.00%, 7/1/38(1)
  
 2,500,000
 2,640,725
 
Puerto Rico GO, Series 2009 B, (Public Improvement), 6.00%, 7/1/39(1)
  
 2,000,000
 2,122,080
 
Puerto Rico Sales Tax Financing Corp. Rev., Series 2007 A, VRN, 1.16%, 8/2/10 resets quarterly at 67% of the 3-month LIBOR plus 0.93% with no caps(1)
  
 10,000,000
 5,975,000
       
 17,458,728
U.S. VIRGIN ISLANDS — 0.6%
 
Virgin Islands Public Finance Auth. Rev., Series 2009 A, (Diageo Matching Fund Bonds), 6.75%, 10/1/37
  
 2,000,000
 2,236,340
 
 
 
 
 
 
California High-Yield Municipal – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value

 
 
Virgin Islands Public Finance Auth. Rev., Series 2009 A1, (Senior Lien/Capital Projects), 5.00%, 10/1/29(1)
  
$ 1,000,000
$    1,012,600
       
 3,248,940
 
TOTAL INVESTMENT SECURITIES —  98.6%
    
 
(Cost $532,809,852)
  
 530,076,617
 
OTHER ASSETS AND LIABILITIES — 1.4%
  
 7,689,181
 
TOTAL NET ASSETS —  100.0%
  
$537,765,798
 

FUTURES CONTRACTS
 
Contracts Purchased
Expiration
Date
Underlying Face
Amount at Value
Unrealized
Gain (Loss)
151
U.S. Long Bond
September 2010
$18,521,094
$(165,522)
     
 
Contracts Sold
Expiration
Date
Underlying Face
Amount at Value
Unrealized
Gain (Loss)
478
U.S. Treasury 2-Year Notes
September 2010
$104,271,219
$(128,039)
     
 

Notes to Schedule of Investments
 
ABAG
-
Association of  Bay Area Governments
 
AGM
-
Assured Guaranty Municipal Corporation
 
AGM-CR
-
Assured Guaranty Municipal Corporation - Custodian Receipts
 
Ambac
-
Ambac Assurance Corporation
 
Ambac-TCRS
-
Ambac Assurance Corporation - Transferrable Custodial Receipts
 
COP
-
Certificates of Participation
 
FGIC
-
Financial Guaranty Insurance Company
 
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
 
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, or a portion thereof, has been segregated for when-issued securities and futures contracts. At the period end, the aggregate value of securities pledged was $126,344,000.
(2)
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.
(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 $3,529,200, which represented 0.7% of total net assets.
(5)
When-issued security.
 
 
 
 
 
 
California High-Yield Municipal – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities are generally valued at current market value as provided by a commercial pricing service or at the mean of the most recent bid and ask prices. Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. 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 decla red 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 unadjusted quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (including a fund’s own assumptions).
 
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
 

As of May 31, 2010, the valuation inputs used to determine the fair value of the fund’s municipal securities and unrealized gain (loss) on futures contracts were classified as Level 2 and Level 1, respectively. The Schedule of Investments provides additional details on the fund's portfolio holdings.  

3. Federal Tax Information
 
As of May 31, 2010, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$532,809,852
  
Gross tax appreciation of investments
$  20,404,150
  
Gross tax depreciation of investments
(23,137,385)
  
Net tax appreciation (depreciation) of investments
$  (2,733,235)
  
 
The cost of investment 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, 2010
 

 

 

 

 
 
 
 
 

 
 

 
 
 
 
 
California Long-Term Tax-Free – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value
 
 
MUNICIPAL SECURITIES — 99.1%
CALIFORNIA — 95.5%
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (Oshman Family Jewish Community), VRDN, 0.26%, 6/1/10 (LOC: LaSalle Bank N.A.)
  
$ 1,600,000
$  1,600,000
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (Sharp HealthCare), 6.25%, 8/1/39(1)
  
 2,200,000
 2,415,490
 
Adelanto Public Utility Auth. Rev., Series 2009 A, (Utility System), 6.25%, 7/1/26
  
 500,000
 519,450
 
Anaheim Public Financing Auth. Rev., (Electric System Distribution), 5.25%, 10/1/39(1)
  
 4,000,000
 4,186,880
 
Antioch Public Financing Auth. Lease Rev., Series 2002 A, (Municipal Facilities), 5.50%, 1/1/32 (NATL)(1)
  
 5,235,000
 5,322,477
 
Antioch Public Financing Auth. Lease Rev., Series 2002 B, (Municipal Facilities), 5.625%, 1/1/27 (NATL)(1)
  
 4,005,000
 4,074,847
 
Avenal Public Financing Auth. Rev., 5.00%, 9/1/25(1)
  
 1,395,000
 1,255,807
 
Banning COP, (Wastewater System Refunding & Improvement), 8.00%, 1/1/19 (Ambac)(1)(2)
  
 365,000
 454,086
 
Bay Area Toll Auth. Toll Bridge Rev., Series 2008 F1, (San Francisco Bay Area), 5.00%, 4/1/39(1)
  
 2,135,000
 2,194,801
 
Bay Area Toll Auth. Toll Bridge Rev., Series 2009 F1, (San Francisco Bay Area), 5.25%, 4/1/27(1)
  
 6,250,000
 6,831,562
 
Berryessa Union School District GO, Series 2001 B, (Election of 1999), 5.375%, 8/1/11, Prerefunded at 101% of Par (AGM)(1)(2)
  
 1,205,000
 1,287,603
 
Big Bear Lake Water Rev., 6.00%, 4/1/22 (NATL)(1)
  
 3,500,000
 4,034,030
 
California County Tobacco Securitization Agency Rev., (Gold Country Settlement Funding Corp.), 5.25%, 6/1/46(1)
  
 5,000,000
 3,337,400
 
California Department of Water Resources Power Supply Rev., Series 2002 A, 5.50%, 5/1/14 (Ambac)(1)
  
 3,480,000
 3,816,655
 
California Department of Water Resources Power Supply Rev., Series 2005 G4, 5.00%, 5/1/16(1)
  
 1,450,000
 1,644,778
 
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/21(1)
  
 1,425,000
 1,598,309
 
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/22(1)
  
 1,275,000
 1,419,445
 
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/16(1)
  
 1,700,000
 1,931,523
 
California Educational Facilities Auth. Rev., (University of Pacific), 5.25%, 5/1/34(1)
  
 2,000,000
 2,036,220
 
California Educational Facilities Auth. Rev., (University of Santa Clara), 5.625%, 4/1/37
  
 5,000,000
 5,378,150
 
California Educational Facilities Auth. Rev., (Western University Health Sciences), 6.00%, 10/1/12, Prerefunded at 100% of Par(1)(2)
  
 1,920,000
 2,153,760
 
California Educational Facilities Auth. Rev., Series 2004 C, (Lutheran University), 5.00%, 10/1/29(1)
  
 1,220,000
 1,186,023
 
California Educational Facilities Auth. Rev., Series 2005 A, (Occidental College), 5.00%, 10/1/33 (NATL)
  
 1,070,000
 1,079,908
 
California Educational Facilities Auth. Rev., Series 2007 A, (Claremont Graduate University), 5.00%, 3/1/42(1)
  
 3,000,000
 2,910,600
 
California Educational Facilities Auth. Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39(1)
  
 3,953,000
 4,166,264
 
California Educational Facilities Auth. Rev., Series 2010 B, (Loyola Marymount University), VRDN, 1.09%, 6/2/10
  
 3,000,000
 3,000,000
 
California GO, 5.00%, 4/1/26(1)
  
 3,000,000
 3,076,080
 
California GO, 5.75%, 4/1/28(1)
  
 2,000,000
 2,172,980
 
California GO, 5.00%, 6/1/32(1)
  
 6,600,000
 6,496,116
 
California GO, 5.00%, 11/1/32(1)
  
 9,500,000
 9,348,665
 
California GO, 6.50%, 4/1/33(1)
  
 5,000,000
 5,664,750
 
 
 
 
 
 
California Long-Term Tax-Free – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value
 
 
California GO, 5.00%, 4/1/38(1)
  
$ 5,000,000
$  4,839,100
 
California GO, 6.00%, 4/1/38(1)
  
 5,000,000
 5,457,900
 
California GO, 6.00%, 11/1/39(1)
  
 5,000,000
 5,482,150
 
California GO, 5.50%, 3/1/40(1)
  
 1,500,000
 1,542,060
 
California Health Facilities Financing Auth. Rev., Series 1993 C, (St. Francis Memorial Hospital), 5.875%, 11/1/23(1)(2)
  
 7,165,000
 8,906,310
 
California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/33(1)
  
 1,000,000
 1,142,230
 
California Health Facilities Financing Auth. Rev., Series 2008 J, (Catholic Healthcare West), 5.625%, 7/1/32(1)
  
 5,000,000
 5,147,750
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39(1)
  
 3,400,000
 3,668,974
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38(1)
  
 5,000,000
 5,325,800
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (St. Joseph Health System), 5.50%, 7/1/29(1)
  
 3,750,000
 3,921,712
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (St. Joseph Health System), 5.75%, 7/1/39(1)
  
 3,000,000
 3,140,310
 
California Health Facilities Financing Auth. Rev., Series 2009 B, (Providence Health & Services), 5.50%, 10/1/39(1)
  
 1,000,000
 1,052,900
 
California Infrastructure & Economic Development Bank Rev., (Performing Arts Center of Los Angeles County), 5.00%, 12/1/37(1)
  
 1,000,000
 963,820
 
California Municipal Finance Auth. Rev., (Community Hospital of Central California), 5.50%, 2/1/39(1)
  
 1,450,000
 1,345,426
 
California Public Works Board Lease Rev., Series 1993 A, (Department of Corrections), 5.00%, 12/1/19 (Ambac)(1)
  
 4,000,000
 4,085,000
 
California Public Works Board Lease Rev., Series 2006 E, (University of California Research), 5.00%, 10/1/31(1)
  
 1,335,000
 1,355,199
 
California Public Works Board Lease Rev., Series 2009 G1, (Various Capital Projects), 5.75%, 10/1/30(1)
  
 2,000,000
 2,061,020
 
California Public Works Board Lease Rev., Series 2009 H, (Department of Corrections and Rehabilitation), 5.75%, 11/1/29(1)
  
 2,435,000
 2,528,163
 
California Public Works Board Lease Rev., Series 2010 A1, (Various Capital Projects), 6.00%, 3/1/35(1)
  
 200,000
 207,606
 
California Statewide Communities Development Auth. Rev., (John Muir Health), 5.125%, 7/1/39(1)
  
 625,000
 615,213
 
California Statewide Communities Development Auth. Rev., (Proposition 1A Receivables), 5.00%, 6/15/13(1)
  
 3,600,000
 3,919,932
 
California Statewide Communities Development Auth. Rev., (St. Joseph Remarketing 3/27/08), 5.125%, 7/1/24 (NATL)(1)
  
 1,500,000
 1,548,555
 
California Statewide Communities Development Auth. Rev., Series 1998 A, (Sherman Oaks), 5.00%, 8/1/22 (Ambac/California Mortgage Insurance)(1)
  
 5,500,000
 5,540,590
 
California Statewide Communities Development Auth. Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31(1)
  
 5,000,000
 5,036,300
 
California Statewide Communities Development Auth. Rev., Series 2005 A, (Thomas Jefferson School of Law), 4.875%, 10/1/15, Prerefunded at 100% of Par(1)(2)
  
 1,000,000
 1,108,900
 
California Statewide Communities Development Auth. Rev., Series 2006 B, (Kaiser Permanente), 5.25%, 3/1/45(1)
  
 5,000,000
 4,936,600
 
California Statewide Communities Development Auth. Rev., Series 2008 C, (Catholic Healthcare West), 5.625%, 7/1/35(1)
  
 3,000,000
 3,119,340
 
California Statewide Communities Development Auth. Rev., Series 2009 A, (Kaiser Permanente), 5.00%, 4/1/13(1)
  
 2,500,000
 2,719,150
 
California University Systemwide Rev., Series 2007 A, 5.00%, 11/1/24 (AGM)(1)
  
 5,000,000
 5,372,550
 
California University Systemwide Rev., Series 2009 A, 5.25%, 11/1/34(1)
  
 2,200,000
 2,315,148
 
Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 88-1), 6.50%, 9/1/14 (AGM)(1)
  
 5,695,000
  5,765,504
 
 
 
 
 
 
California Long-Term Tax-Free – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value
 
 
Carlsbad Unified School District GO, Series 2007 A, (Election of 2006), 5.25%, 8/1/32 (NATL)(1)
  
$ 1,125,000
$  1,201,770
 
Castaic Lake Water Agency COP, Series 1994 A, (Water System Improvement), 7.00%, 8/1/12 (NATL)(1)
  
 1,520,000
 1,706,367
 
Coalinga Public Financing Auth. Local Obligation Rev., Series 1998 A, (Senior Lien), 6.375%, 9/15/21 (Ambac)(1)
  
 1,320,000
 1,513,103
 
Concord Joint Powers Financing Auth. Lease Rev., (Police Facilities), 5.25%, 8/1/13(1)
  
 1,810,000
 1,929,551
 
Contra Costa Water District Rev., Series 1992 E, 6.25%, 10/1/12 (Ambac)(1)
  
 1,205,000
 1,284,807
 
Fresno Sewer Rev., Series 1993 A1, 6.25%, 9/1/14 (Ambac)(1)
  
 2,225,000
 2,450,637
 
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2003 A1, 6.25%, 6/1/13, Prerefunded at 100% of Par(1)(2)
  
 1,190,000
 1,326,529
 
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.125%, 6/1/47(1)
  
 4,375,000
 2,885,356
 
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.75%, 6/1/47(1)
  
 10,000,000
 7,332,700
 
Hillsborough School District GO, Series 2006 B, (Election of 2002), 4.86%, 9/1/29(1)(3)
  
 4,705,000
 1,800,651
 
Hillsborough School District GO, Series 2006 B, (Election of 2002), 4.87%, 9/1/30(1)(3)
  
 5,010,000
 1,784,211
 
Hillsborough School District GO, Series 2006 B, (Election of 2002), 4.88%, 9/1/31(1)(3)
  
 5,335,000
 1,777,302
 
Huntington Beach Union High School District GO, (Election of 2004), 4.98%, 8/1/30 (AGM-CR)(NATL)(1)(3)
  
 6,880,000
 1,998,227
 
Huntington Beach Union High School District GO, (Election of 2004), 5.00%, 8/1/31 (NATL)(1)(3)
  
 5,000,000
 1,383,650
 
Kern High School District GO, 7.15%, 8/1/14 (NATL)(1)(2)
  
 1,815,000
 2,248,331
 
Kern High School District GO, Series 1992 C, (Election of 1990), 6.25%, 8/1/13 (NATL)(1)(2)
  
 1,340,000
 1,563,190
 
Kern High School District GO, Series 2004 B, (Election of 2004), 7.00%, 8/1/17(1)
  
 3,630,000
 4,661,719
 
Lancaster Financing Auth. Tax Allocation Rev., (Projects No. 5 & 6), 5.60%, 2/1/34(1)
  
 1,250,000
 1,217,912
 
Lodi Unified School District COP, Series 2005 A, (Aspire), 5.00%, 8/1/32 (FGIC)(NATL)(1)
  
 2,140,000
 2,141,455
 
Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.25%, 5/15/21(1)
  
 4,370,000
 4,930,802
 
Los Angeles Department of Water & Power Rev., Series 2008 A1, (Power System), 5.25%, 7/1/38(1)
  
 4,000,000
 4,233,400
 
Los Angeles Department of Water & Power Waterworks Rev., Series 2007 A2, 5.00%, 7/1/44 (Ambac)(1)
  
 9,900,000
 10,151,955
 
Los Angeles Department of Water & Power Waterworks Rev., Series 2009 B, 5.00%, 7/1/20(1)
  
 5,000,000
 5,732,600
 
Los Angeles Unified School District GO, Series 2009 I, (Election of 2004), 5.00%, 7/1/29(1)
  
 2,000,000
 2,086,000
 
Manhattan Beach Unified School District GO, Series 2009 A, (Election of 2008), 6.37%, 9/1/29(1)(3)
  
 5,905,000
 1,919,834
 
Metropolitan Water District of Southern California Rev., 5.75%, 8/10/18(1)
  
 8,000,000
 9,443,440
 
Metropolitan Water District of Southern California Rev., Series 2009 B, 5.00%, 7/1/30(1)
  
 4,000,000
 4,326,000
 
Metropolitan Water District of Southern California Rev., Series 2009 C, 5.00%, 7/1/35(1)
  
 1,150,000
 1,222,910
 
Modesto Irrigation District COP, Series 2009 A, 5.75%, 10/1/34(1)
  
 2,500,000
 2,689,825
 
M-S-R Public Power Agency Rev., Series 1989 D, (San Juan), 6.75%, 7/1/20 (NATL)(1)(2)
  
 8,145,000
 9,959,869
 
New Haven Unified School District GO, 12.00%, 8/1/18 (AGM)(1)
  
 1,000,000
  1,653,240
 
Northern California Power Agency Rev., Series 2010 A, 4.00%, 7/1/14(1)
  
 1,000,000
 1,084,950
 
 
 
 
 
 
California Long-Term Tax-Free – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value
 
 
Oakland Redevelopment Agency Tax Allocation Rev., (Central District), 5.50%, 2/1/14 (Ambac)(1)
  
 $ 4,160,000
 $  4,239,082
 
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
 773,950
 
Oxnard School District GO, Series 2001 A, 5.75%, 8/1/22 (NATL)(1)
  
 3,100,000
 3,468,621
 
Palomar Pomerado Health Care District COP, 6.75%, 11/1/39
  
 1,750,000
 1,885,100
 
Palomar Pomerado Health GO, Series 2009 A, (Election of 2004), 0.00%, 8/1/19 (AGC)(1)(4)
  
 1,670,000
 1,039,709
 
Pasadena COP, (Old Pasadena Parking Facility), 6.25%, 1/1/18(1)
  
 1,895,000
 2,203,506
 
Pico Rivera Water Auth. Rev., Series 1999 A, (Water System), 5.50%, 5/1/29 (NATL)(1)
  
 2,500,000
 2,699,975
 
Pomona Unified School District GO, Series 2000 A, 6.55%, 8/1/29 (NATL)(1)
  
 1,000,000
 1,192,420
 
Pomona Unified School District GO, Series 2001 A, 6.15%, 8/1/30 (NATL)(1)
  
 1,000,000
 1,111,080
 
Poway Unified School District Public Financing Auth. Rev., 7.875%, 9/15/39
  
 1,070,000
 1,168,964
 
Riverside Redevelopment Agency Tax Allocation Rev., Series 2004 A, (Housing Set-Aside), 5.00%, 8/1/28 (FGIC)(NATL)(1)
  
 1,280,000
 1,197,171
 
Sacramento County Airport System Rev., Series 2009 D, (Grant Revenue Bonds), 5.625%, 7/1/29(1)
  
 1,000,000
 1,086,140
 
Saddleback Valley Unified School District Public Financing Auth. Special Tax Rev., Series 1997 A, 6.00%, 9/1/16 (AGM)(1)
  
 1,000,000
 1,168,100
 
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 6.25%, 8/1/33(1)
  
 1,800,000
 2,037,006
 
San Bernardino Community College District GO, Series 2009 B, (Election of 2008), 0.00%, 8/1/19(1)(4)
  
 7,400,000
 4,418,614
 
San Diego County COP Linked Security, ARC, YCC, 5.625%, 9/1/12 (Ambac)(1)
  
 5,300,000
 5,461,756
 
San Diego County Water Financing Agency Auth. Rev., Series 2010 A, 5.00%, 5/1/24(1)
  
 5,000,000
 5,518,550
 
San Diego Public Facilities Financing Auth. Sewer Rev., Series 2009 A, 5.25%, 5/15/34(1)
  
 2,000,000
 2,135,460
 
San Diego Public Facilities Financing Auth. Sewer Rev., Series 2010 A, 5.25%, 5/15/25(1)
  
 2,000,000
 2,222,860
 
San Francisco City and County Airports Commission Rev., Series 2009 D, VRDN, 2.25%, 12/4/12(1)
  
 1,500,000
 1,520,535
 
San Francisco City and County Airports Commission Rev., Series 2009 E, 5.25%, 5/1/23(1)
  
 2,000,000
 2,199,120
 
San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29(1)
  
 1,170,000
 1,195,927
 
San Mateo County Joint Powers Financing Auth. Lease Rev., (Capital Projects Program), 6.50%, 7/1/15 (NATL)(1)
  
 3,000,000
 3,492,420
 
San Mateo County Joint Powers Financing Auth. Lease Rev., (Capital Projects Program), 6.00%, 7/1/19 (NATL)(1)
  
 4,000,000
 4,611,160
 
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
 2,350,520
 
Shasta Lake Public Finance Auth. Rev., 5.00%, 4/1/25(1)
  
 2,470,000
 2,357,689
 
South Coast Air Quality Management District Building Corp. Rev., (Installment Sale Headquarters), 6.00%, 8/1/11 (Ambac)(1)
  
 2,500,000
 2,544,425
 
South Orange County Public Financing Auth. Special Tax Rev., Series 1994 A, (Senior Lien), 7.00%, 9/1/11 (NATL)(1)
  
 2,000,000
 2,136,540
 
Southern California Public Power Auth. Rev., (Multiple Projects), 6.75%, 7/1/12 (AGM-CR)(1)
  
 7,315,000
 8,155,859
 
Southern California Public Power Auth. Rev., (Multiple Projects), 6.75%, 7/1/13 (AGM-CR)(1)
  
 3,730,000
 4,336,610
 
Taft Public Financing Auth. Lease Rev., Series 1997 A, (Community Correctional Facility Acquisition), 6.05%, 1/1/17(1)
  
 2,000,000
 2,003,660
 
Tuolumne Wind Project Auth. Rev., Series 2009 A, 5.625%, 1/1/29(1)
  
 1,200,000
 1,298,820
 
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/18(1)
  
 1,215,000
  1,224,307
 
 
 
 
 
 
California Long-Term Tax-Free – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value

 
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/19(1)
  
 $ 1,285,000
 $  1,286,889
 
Turlock Irrigation District Rev., Series 2010 A, 5.00%, 1/1/40(5)
  
 2,790,000
 2,843,122
 
Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.00%, 9/1/40(1)
  
 2,000,000
 2,033,480
 
Ukiah Electric Rev., 6.25%, 6/1/18 (NATL)(1)
  
 2,115,000
 2,282,212
 
Vallejo Water Rev., Series 2005 A, VRDN, 0.26%, 6/2/10 (LOC: JPMorgan Chase Bank)(1)
  
 1,160,000
 1,160,000
 
Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/33(1)
  
 5,000,000
 5,313,900
 
Vernon Electric System Rev., Series 2009 A, 5.125%, 8/1/21(1)
  
 4,000,000
 4,208,400
 
Vista COP, (Community Projects), 5.00%, 5/1/37 (NATL)(1)
  
 6,000,000
 5,701,980
 
Walnut Valley Unified School District GO, Series 1992 B, 6.00%, 8/1/10 (Ambac)(1)(2)
  
 1,445,000
 1,459,450
 
Watsonville Insured Hospital Rev., Series 1996 A, (Community Hospital), 6.20%, 7/1/12 (California Mortgage Insurance)(1)(2)
  
 1,325,000
 1,403,215
 
Woodland COP, (Wastewater System), 5.75%, 3/1/12 (Ambac)(1)
  
 1,690,000
 1,755,369
 
Woodland Finance Auth. Rev., Series 2009 A, (Second Senior Lien), 5.00%, 3/1/32(1)
  
 3,305,000
 3,418,461
       
 419,730,298
GUAM — 0.2%
 
Guam Government GO, Series 2009 A, 6.75%, 11/15/29(1)
  
 900,000
 963,603
PUERTO RICO — 2.5%
 
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
 4,432,800
 
Puerto Rico Highway & Transportation Auth. Rev., Series 2007 M, 5.00%, 7/1/22(1)
  
 3,220,000
 3,281,438
 
Puerto Rico Infrastructure Financing Auth. Special Tax Rev., Series 2005 C, 5.50%, 7/1/23 (Ambac)(1)
  
 2,000,000
 2,148,940
 
University of Puerto Rico Rev., Series 2006 Q, 5.00%, 6/1/12(1)
  
 1,200,000
 1,268,352
       
 11,131,530
U.S. VIRGIN ISLANDS — 0.9%
 
Virgin Islands Public Finance Auth. Rev., Series 2009 B, (Senior Lien), 5.00%, 10/1/17(1)
  
 3,480,000
 3,757,460
 
TOTAL INVESTMENT SECURITIES —  99.1%
    
 
(Cost $415,744,079)
  
 435,582,891
 
OTHER ASSETS AND LIABILITIES — 0.9%
  
 3,849,534
 
TOTAL NET ASSETS —  100.0%
  
$439,432,425
 

FUTURES CONTRACTS
 
Contracts Sold
Expiration
Date
Underlying Face
Amount at Value
Unrealized
Gain (Loss)
386
U.S. Treasury 2-Year Notes
September 2010
$84,202,281
$(103,396)
 
 
 
 
 
 
California Long-Term Tax-Free – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Notes to Schedule of Investments
 
ABAG
-
Association of  Bay Area Governments
 
AGC
-
Assured Guaranty Corporation
 
AGM
-
Assured Guaranty Municipal Corporation
 
AGM-CR
-
Assured Guaranty Municipal Corporation - Custodian Receipts
 
Ambac
-
Ambac Assurance Corporation
 
ARC
-
Auction Rate Certificate
 
COP
-
Certificates of Participation
 
FGIC
-
Financial Guaranty Insurance Company
 
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 $87,046,000.
(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)
Convertible capital appreciation bond. These securities are issued with a zero-coupon and become interest bearing at a predetermined rate and date and are issued at a substantial discount from their value at maturity.  Interest reset or final maturity date is indicated, as applicable.  Rate shown is effective at the period end.  
(5)
When-issued security.

 

 

 
California Long-Term Tax-Free – Schedule of Investments

MAY 31, 2010 (UNAUDITED)


SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities are generally valued at current market value as provided by a commercial pricing service or at the mean of the most recent bid and ask prices. Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. 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 decla red 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 unadjusted quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (including a fund’s own assumptions).
 
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
 
As of  May 31, 2010, the valuation inputs used to determine the fair value of the fund’s municipal securities and unrealized gain (loss) on futures contracts were classified as Level 2 and Level 1, respectively.
 

   
3. Federal Tax Information
 
As of May 31, 2010, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$416,250,446
  
Gross tax appreciation of investments
$25,218,303
  
Gross tax depreciation of investments
(5,885,858)
  
Net tax appreciation (depreciation) of investments
$19,332,445
  
 
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 Tax-Free Bond Fund
 
May 31, 2010
 

 

 

 

 
 
 
 

 


 
 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value
 
 
MUNICIPAL SECURITIES — 99.3%
CALIFORNIA — 95.9%
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (Branson School), VRDN, 2.75%, 6/3/10 (LOC: Allied Irish Bank plc)
  
$    500,000
$    500,000
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (Ecole Bilingue De Berkeley), VRDN, 0.30%, 6/3/10 (LOC: Bank of the West)(1)
  
 2,045,000
 2,045,000
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (Oshman Family Jewish Community), VRDN, 0.26%, 6/1/10 (LOC: LaSalle Bank N.A.)
  
 1,200,000
 1,200,000
 
Banning Utility Auth. Rev., (Refunding and Improvement Projects), 5.25%, 11/1/35 (NATL/FGIC)(1)
  
 700,000
 707,952
 
Bay Area Toll Auth. Toll Bridge Rev., Series 2008 F1, (San Francisco Bay Area), 5.00%, 4/1/34(1)
  
 5,000,000
 5,163,350
 
Bay Area Toll Auth. Toll Bridge Rev., Series 2009 F1, (San Francisco Bay Area), 5.25%, 4/1/27(1)
  
 6,250,000
 6,831,563
 
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
 7,710,500
 
California Department of Water Resources Power Supply Rev., Series 2002 A, 5.50%, 5/1/12(1)
  
 3,750,000
 4,083,487
 
California Department of Water Resources Power Supply Rev., Series 2005 F5, 5.00%, 5/1/22(1)
  
 1,800,000
 1,968,462
 
California Department of Water Resources Power Supply Rev., Series 2005 G4, 5.00%, 5/1/16(1)
  
 2,450,000
 2,779,108
 
California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/21(1)
  
 5,000,000
 5,501,950
 
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/21(1)
  
 2,850,000
 3,196,617
 
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/22(1)
  
 28,725,000
 31,979,255
 
California Department of Water Resources Rev., (Central Valley), 5.50%, 12/1/11, Prerefunded at 100% of Par(1)(2)
  
 15,000
 16,129
 
California Department of Water Resources Rev., (Central Valley), 5.50%, 12/1/17(1)
  
 1,235,000
 1,317,263
 
California Department of Water Resources Rev., Series 2009 AF, (Central Valley), 5.00%, 12/1/22(1)
  
 2,000,000
 2,270,600
 
California Department of Water Resources Rev., Series 2009 AF, (Central Valley), 5.00%, 12/1/24(1)
  
 2,000,000
 2,237,360
 
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/13(1)
  
 2,905,000
 3,245,030
 
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/13 (NATL)(1)
  
 1,645,000
 1,837,547
 
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14(1)(2)
  
 1,130,000
 1,312,427
 
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14(1)
  
 3,870,000
 4,397,597
 
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14 (NATL/FGIC)(1)
  
 5,000,000
 5,681,650
 
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/18(1)
  
 7,000,000
 7,963,970
 
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/22(1)
  
 2,000,000
 2,127,680
 
California Educational Facilities Auth. Rev., (Golden Gate University), 5.50%, 10/1/18(1)
  
 4,000,000
 4,004,640
 
California Educational Facilities Auth. Rev., (Santa Clara University), 5.00%, 4/1/18
  
 500,000
 563,995
 
California Educational Facilities Auth. Rev., (Santa Clara University), 5.00%, 4/1/19
  
 700,000
 780,220
 
California Educational Facilities Auth. Rev., (Santa Clara University), 5.25%, 4/1/23
  
 2,000,000
 2,193,960
 
California Educational Facilities Auth. Rev., (Scripps College), 5.25%, 8/1/11, Prerefunded at 100% of Par(1)(2)
  
 985,000
 1,041,273
 
California Educational Facilities Auth. Rev., (University of the Pacific), 5.00%, 11/1/36
  
 1,045,000
 1,037,382
 
 
 
 
 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value
 
 
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
$    277,888
 
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
 1,343,965
 
California Educational Facilities Auth. Rev., Series 2004 C, (Lutheran University), 5.00%, 10/1/24(1)
  
 2,500,000
 2,501,775
 
California Educational Facilities Auth. Rev., Series 2008 T4, (Stanford University), 5.00%, 3/15/14(1)
  
 5,000,000
 5,710,950
 
California Educational Facilities Auth. Rev., Series 2009 A, (Pomona College), 5.00%, 1/1/24(1)
  
 2,100,000
 2,374,344
 
California Educational Facilities Auth. Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39(1)
  
 2,952,000
 3,111,260
 
California Educational Facilities Auth. Rev., Series 2010 A, (Loyola Marymount University), 5.00%, 10/1/30
  
 1,365,000
 1,398,702
 
California Educational Facilities Auth. Rev., Series 2010 B, (Loyola Marymount University), VRDN, 1.09%, 6/2/10
  
 4,500,000
 4,500,000
 
California GO, 5.25%, 10/1/10, Prerefunded at 100% of Par (FGIC-TCRS)(1)(2)
  
 7,650,000
 7,776,378
 
California GO, 5.50%, 3/1/11 (XLCA-ICR)(1)
  
 1,000,000
 1,036,810
 
California GO, 5.50%, 4/1/12 (NATL)(1)
  
 5,000,000
 5,401,850
 
California GO, 5.00%, 2/1/14, Prerefunded at 100% of Par(1)(2)
  
 4,000,000
 4,549,440
 
California GO, 5.125%, 2/1/14, Prerefunded at 100% of Par(1)(2)
  
 5,000,000
 5,709,200
 
California GO, 5.00%, 10/1/16(1)
  
 2,820,000
 3,138,237
 
California GO, 5.00%, 11/1/16 (Ambac)(1)
  
 1,575,000
 1,753,227
 
California GO, 5.00%, 8/1/18(1)
  
 2,260,000
 2,462,089
 
California GO, 5.25%, 2/1/20(1)
  
 5,000,000
 5,381,300
 
California GO, 5.00%, 3/1/20(1)
  
 1,690,000
 1,817,426
 
California GO, 5.00%, 8/1/20(1)
  
 5,000,000
 5,311,750
 
California GO, 5.25%, 10/1/20(1)
  
 5,000,000
 5,502,150
 
California GO, 5.00%, 3/1/22(1)
  
 5,000,000
 5,189,450
 
California GO, 5.50%, 4/1/24
  
 4,000,000
 4,322,200
 
California GO, 5.00%, 8/1/24(1)
  
 1,260,000
 1,299,350
 
California GO, 5.75%, 4/1/28(1)
  
 5,000,000
 5,432,450
 
California GO, 5.25%, 10/1/29(1)
  
 5,000,000
 5,163,650
 
California GO, 5.75%, 4/1/31(1)
  
 7,710,000
 8,220,710
 
California GO, 6.50%, 4/1/33(1)
  
 5,000,000
 5,664,750
 
California GO, 6.00%, 4/1/38(1)
  
 3,000,000
 3,274,740
 
California Health Facilities Financing Auth. Rev., (NCROC Paradise Valley), 5.70%, 12/1/24 (Ambac/California Mortgage Insurance)(1)
  
 1,985,000
 2,097,232
 
California Health Facilities Financing Auth. Rev., Series 1998 A, (Kaiser Permanente), 5.25%, 6/1/11 (AGM)(1)(2)
  
 2,000,000
 2,008,100
 
California Health Facilities Financing Auth. Rev., Series 2008 A, (Scripps Health), 5.00%, 10/1/17(1)
  
 1,400,000
 1,540,574
 
California Health Facilities Financing Auth. Rev., Series 2008 A, (Sutter Health), 5.50%, 8/15/17(1)
  
 1,000,000
 1,133,970
 
California Health Facilities Financing Auth. Rev., Series 2008 A, (Sutter Health), 5.25%, 8/15/22(1)
  
 3,335,000
 3,587,926
 
California Health Facilities Financing Auth. Rev., Series 2008 A, (Sutter Health), 5.00%, 8/15/38(1)
  
 2,520,000
 2,452,918
 
California Health Facilities Financing Auth. Rev., Series 2008 A3, (Stanford Hospital), VRDN, 3.45%, 6/15/11(1)
  
 1,000,000
 1,023,530
 
California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 5.00%, 10/1/14(1)
  
 500,000
 558,095
 
California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 6.25%, 10/1/24(1)
  
 3,250,000
 3,739,222
 
California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/38(1)
  
 2,125,000
 2,409,814
 
 

 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value

 
California Health Facilities Financing Auth. Rev., Series 2008 H, (Catholic Healthcare West), 5.125%, 7/1/22(1)
  
$  1,000,000
$  1,045,190
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (Catholic Healthcare West), 5.00%, 7/1/18(1)
  
 4,980,000
 5,392,742
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (Catholic Healthcare West), 5.40%, 7/1/21(1)
  
 2,500,000
 2,716,800
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (Children's Hospital), 6.25%, 11/1/29(1)
  
 5,000,000
 5,310,450
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (St. Joseph Health System), 5.50%, 7/1/29(1)
  
 3,750,000
 3,921,712
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (St. Joseph Health System), 5.75%, 7/1/39(1)
  
 3,000,000
 3,140,310
 
California Infrastructure & Economic Development Bank Rev., (UCSF Neurosciences Building), 5.00%, 5/15/22(1)
  
 3,735,000
 4,134,234
 
California Infrastructure & Economic Development Bank Rev., Series 2000 A, (Scripps Research Institute), 5.625%, 7/1/20(1)
  
 1,000,000
 1,003,460
 
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
 6,020,500
 
California Infrastructure & Economic Development Bank Rev., Series 2006 A, (California Science Center Phase II), 4.25%, 5/1/13 (NATL/FGIC)(1)
  
 1,075,000
 1,115,119
 
California Infrastructure & Economic Development Bank Rev., Series 2008 A, (California Independent System Operator Corp.), 5.00%, 2/1/13(1)
  
 2,500,000
 2,692,300
 
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
 1,108,056
 
California Mobilehome Park Financing Auth. Rev., Series 2006 A, (Union City Tropics), 3.80%, 12/15/11(1)
  
 825,000
 828,795
 
California Municipal Finance Auth. Rev., (Loma Linda University), 5.00%, 4/1/23(1)
  
 1,145,000
 1,184,457
 
California Municipal Finance Auth. Rev., (Loma Linda University), 5.00%, 4/1/28(1)
  
 2,000,000
 2,021,800
 
California Public Works Board Lease Rev., Series 2005 A, (Department General Services - Butterfield), 5.00%, 6/1/15(1)
  
 1,450,000
 1,560,707
 
California Public Works Board Lease Rev., Series 2006 A, (Various California State University Projects), 5.00%, 10/1/11(1)
  
 2,165,000
 2,277,970
 
California Public Works Board Lease Rev., Series 2006 F, (Department of Corrections & Rehabilitation), 5.00%, 11/1/13 (NATL/FGIC)(1)
  
 2,590,000
 2,823,489
 
California Public Works Board Lease Rev., Series 2006 F, (Department of Corrections & Rehabilitation), 5.25%, 11/1/19 (NATL/FGIC)(1)
  
 1,210,000
 1,303,715
 
California Public Works Board Lease Rev., Series 2009 A, (Department General Services - Buildings 8 & 9), 6.25%, 4/1/34(1)
  
 2,435,000
 2,566,539
 
California Public Works Board Lease Rev., Series 2009 B, (Department of Education - Riverside Campus), 6.00%, 4/1/27(1)
  
 2,130,000
 2,275,841
 
California Public Works Board Lease Rev., Series 2009 I1, (Various Capital Projects), 5.00%, 11/1/13(1)
  
 2,000,000
 2,180,300
 
California Public Works Board Lease Rev., Series 2010 A1, (Various Capital Projects), 6.00%, 3/1/35(1)
  
 750,000
 778,523
 
California State University Fresno Association, Inc. Rev., (Auxiliary Organization Event Center), 5.00%, 7/1/12(1)(2)
  
 1,000,000
 1,084,870
 
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
 3,409,535
 
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
 1,673,040
 
California State University System Rev., Series 2002 A, 5.375%, 11/1/18 (Ambac)(1)
  
 1,250,000
 1,353,875
 
California Statewide Communities Development Auth. Rev., (John Muir Health), 5.00%, 7/1/20(1)
  
 2,225,000
 2,302,141
 
 
 
 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value

 
California Statewide Communities Development Auth. Rev., (Proposition 1A Receivables), 5.00%, 6/15/13(1)
  
$ 20,070,000
$ 21,853,621
 
California Statewide Communities Development Auth. Rev., (St. Joseph Remarketing 3/27/08), 5.125%, 7/1/24 (NATL)(1)
  
 2,000,000
 2,064,740
 
California Statewide Communities Development Auth. Rev., (The Painted Turtle), VRDN, 2.75%, 6/3/10 (LOC: Allied Irish Bank plc)(1)
  
 10,000,000
 10,000,000
 
California Statewide Communities Development Auth. Rev., Series 2002 B, (Pooled Financing Program), 5.20%, 10/1/18 (AGM)(1)
  
 1,695,000
 1,825,515
 
California Statewide Communities Development Auth. Rev., Series 2002 C, (Kaiser Permanente), VRDN, 3.85%, 6/1/12(1)
  
 1,100,000
 1,140,744
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (California Baptist University), 5.30%, 11/1/18
  
 2,140,000
 2,067,989
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (California Baptist University), 5.40%, 11/1/27
  
 2,450,000
 2,161,953
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (Front Porch Communities and Services), 5.125%, 4/1/37(1)(3)
  
 1,600,000
 1,433,840
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/1/20 (California Mortgage Insurance)(1)
  
 1,000,000
 1,019,010
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (Valleycare Health System), 4.80%, 7/15/17
  
 4,600,000
 4,485,920
 
California Statewide Communities Development Auth. Rev., Series 2007 A, (Valleycare Health System), 5.00%, 7/15/22
  
 1,000,000
 927,640
 
California Statewide Communities Development Auth. Rev., Series 2007 B, (Adventist Health System West), 5.00%, 3/1/37 (AGC)(1)
  
 2,500,000
 2,496,150
 
California Statewide Communities Development Auth. Rev., Series 2008 D, (Catholic Healthcare West), 5.50%, 7/1/31(1)
  
 1,000,000
 1,033,110
 
California Statewide Communities Development Auth. Rev., Series 2009 A, (Kaiser Permanente), 5.00%, 4/1/13
  
 6,500,000
 7,069,790
 
Calleguas-Las Virgines Public Financing Auth. Rev., Series 2007 A, (Municipal Water District), 5.00%, 7/1/20 (NATL/FGIC)(1)
  
 1,000,000
 1,098,880
 
Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 87-1), 5.00%, 9/1/18 (Ambac)(1)
  
 3,115,000
 3,258,197
 
Carson Redevelopment Agency Tax Allocation Rev., (Redevelopment Project Area No. 1), 5.50%, 10/1/11 (NATL)(1)
  
 1,130,000
 1,182,918
 
Chabot-Las Positas Community College District COP, (1995 Financing Project), 5.50%, 12/1/10 (AGM)(1)(2)
  
 560,000
 573,115
 
Chaffey Community College District GO, Series 2002 A, 4.25%, 7/1/11 (AGM)(1)
  
 1,070,000
 1,110,992
 
Coast Community College District GO, Series 2006 B, (Election of 2002), 5.00%, 8/1/17 (AGM)(1)
  
 2,065,000
 2,354,059
 
Eastern Municipal Water District Water & Sewer COP, Series 2001 A, 5.25%, 7/1/13 (NATL/FGIC)(1)
  
 2,300,000
 2,408,169
 
Eastern Municipal Water District Water & Sewer COP, Series 2008 H, 5.00%, 7/1/24(1)
  
 1,000,000
 1,081,440
 
El Segundo Unified School District GO, 5.375%, 9/1/12, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,020,000
 1,127,233
 
El Segundo Unified School District GO, 5.375%, 9/1/12, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,095,000
 1,210,117
 
Folsom Cordova Unified School District No. 2 Facilities Improvement GO, Series 2002 A, 5.375%, 10/1/15 (NATL)(1)
  
 1,000,000
 1,070,880
 
Folsom Cordova Unified School District No. 2 Facilities Improvement GO, Series 2002 A, 5.375%, 10/1/16 (NATL)(1)
  
 1,225,000
 1,311,828
 
Folsom Public Financing Auth. Lease Rev., (City Hall & Community Center), 5.25%, 10/1/14 (AGM)(1)
  
 1,225,000
 1,316,899
 
Folsom Public Financing Auth. Lease Rev., (City Hall & Community Center), 5.25%, 10/1/15 (AGM)(1)
  
 1,290,000
 1,386,776
 
 
 
 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value

 
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 1995 A, (Senior Lien), 5.26%, 1/1/26(1)(2)(4)
  
$ 10,000,000
$  5,270,600
 
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
 1,333,804
 
Fremont Union High School District GO, Series 2000 B, 5.25%, 9/1/10, Prerefunded at 100% of Par(1)(2)
  
 2,550,000
 2,582,130
 
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
 5,158,081
 
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.75%, 6/1/47(1)
  
 10,000,000
 7,332,700
 
Hercules Redevelopment Agency Tax Allocation Rev., Series 2007 A, 5.00%, 8/1/12 (Ambac)(1)
  
 1,300,000
 1,307,891
 
Hercules Redevelopment Agency Tax Allocation Rev., Series 2007 A, 5.00%, 8/1/13 (Ambac)(1)
  
 1,360,000
 1,357,144
 
Hillsborough School District GO, (Bond Anticipation Notes), 3.60%, 9/1/13(4)
  
 2,700,000
 2,446,848
 
Huntington Beach Union High School District GO, (Election of 2004), 4.98%, 8/1/30 (AGM-CR)(NATL)(1)(4)
  
 10,320,000
 2,997,341
 
Imperial Irrigation District COP, (Water Systems), 5.50%, 7/1/16 (Ambac)(1)
  
 1,675,000
 1,695,301
 
Inglewood Redevelopment Agency Tax Allocation Rev., Series 2007 A1, (Subordinate Lien), 5.00%, 5/1/23 (Ambac)(1)
  
 895,000
 850,769
 
Irvine Unified School District Financing Auth. Special Tax Rev., Series 2006 A, (Group II), 4.50%, 9/1/13
  
 785,000
 803,832
 
Irvine Unified School District Financing Auth. Special Tax Rev., Series 2006 A, (Group II), 4.75%, 9/1/16
  
 600,000
 603,024
 
Irvine Unified School District Financing Auth. Special Tax Rev., Series 2006 A, (Group II), 5.00%, 9/1/20
  
 745,000
 719,424
 
Lancaster Financing Auth. Tax Allocation Rev., (Projects No. 5 & 6), 4.00%, 2/1/11(1)
  
 120,000
 121,567
 
Lancaster Financing Auth. Tax Allocation Rev., (Projects No. 5 & 6), 4.30%, 2/1/13(1)
  
 125,000
 129,720
 
Long Beach Bond Finance Auth. Lease Rev., (Plaza Parking Facility), 5.25%, 11/1/16(1)
  
 2,030,000
 2,093,092
 
Long Beach Bond Finance Auth. Tax Allocation Rev., Series 2002 A, (North Long Beach Redevelopment), 5.00%, 8/1/10 (Ambac)(1)
  
 750,000
 753,683
 
Long Beach Bond Finance Auth. Tax Allocation Rev., Series 2002 A, (North Long Beach Redevelopment), 5.00%, 8/1/11 (Ambac)(1)
  
 430,000
 443,429
 
Los Altos School District GO, 5.00%, 8/1/19 (Ambac)(1)
  
 2,500,000
 2,765,425
 
Los Angeles Community Redevelopment Agency Parking System Rev., (Cinerama Dome Public Package), 5.30%, 7/1/13 (ACA) (LOC: Wells Fargo Bank N.A.)(1)
  
 1,030,000
 956,386
 
Los Angeles Convention and Exhibition Center Auth. Lease Rev., Series 1993 A, 6.00%, 8/15/10 (NATL-IBC)(1)
  
 1,155,000
 1,168,502
 
Los Angeles County Metropolitan Transportation Auth. Sales Tax Rev., Series 2001 B, (Proposal A), 5.25%, 7/1/13 (AGM)(1)
  
 3,000,000
 3,181,020
 
Los Angeles County Metropolitan Transportation Auth. Sales Tax Rev., Series 2001 B, (Proposal A), 5.25%, 7/1/16 (AGM)(1)
  
 6,680,000
 7,060,292
 
Los Angeles County Metropolitan Transportation Auth. Sales Tax Rev., Series 2008 B, (Proposal A), 5.00%, 7/1/31(1)
  
 1,000,000
 1,068,870
 
Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.00%, 5/15/18(1)
  
 750,000
 863,115
 
Los Angeles Department of Water & Power Rev., Series 2001 AA1, (Power System), 5.25%, 7/1/10 (NATL)(1)
  
 3,130,000
 3,144,304
 
Los Angeles Department of Water & Power Rev., Series 2008 A1, (Power System), 5.25%, 7/1/38(1)
  
 5,000,000
 5,291,750
 
Los Angeles Department of Water & Power Rev., Series 2008 A2, (Power System), 5.25%, 7/1/32(1)
  
 3,735,000
 4,045,491
 
 
 
 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value

 
Los Angeles Department of Water & Power Waterworks Rev., Series 2009 B, 5.00%, 7/1/20(1)
  
$ 10,000,000
$ 11,465,200
 
Los Angeles Unified School District GO, 5.50%, 7/1/12 (NATL)(1)
  
 3,500,000
 3,831,310
 
Los Angeles Unified School District GO, Series 2002 E, (Election of 1997), 5.00%, 7/1/11 (NATL)(1)
  
 5,000,000
 5,241,800
 
Los Angeles Unified School District GO, Series 2003 F, (Election of 1997), 5.00%, 7/1/16 (AGM)(1)
  
 2,500,000
 2,739,875
 
Los Angeles Unified School District GO, Series 2009 I, (Election of 2004), 5.00%, 7/1/29(1)
  
 4,000,000
 4,172,000
 
Los Angeles Wastewater System Rev., Series 2009 A, 5.75%, 6/1/34(1)
  
 2,975,000
 3,324,979
 
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 (AGM)(1)(2)
  
 1,390,000
 1,536,395
 
Lynwood Public Financing Auth. Lease Rev., Series 2003 A, (Public Capital Improvement), 4.125%, 9/1/12 (Ambac)(1)
  
 575,000
 613,818
 
Manhattan Beach Unified School District GO, Series 2009 A, (Election of 2008), 6.29%, 9/1/28(1)(4)
  
 5,620,000
 1,968,124
 
Mojave Unified School District No. 1 Facilities Improvement GO, 5.25%, 8/1/20 (NATL/FGIC)(1)
  
 1,520,000
 1,631,720
 
Mountain View COP, (Capital Projects), 5.25%, 8/1/18(1)
  
 1,485,000
 1,592,024
 
M-S-R Public Power Agency Rev., Series 2007 K, (San Juan), 5.00%, 7/1/12 (NATL)(1)
  
 4,065,000
 4,396,745
 
M-S-R Public Power Agency Rev., Series 2007 K, (San Juan), 5.00%, 7/1/13 (NATL)(1)
  
 2,305,000
 2,542,346
 
M-S-R Public Power Agency Rev., Series 2007 K, (San Juan), 5.00%, 7/1/14 (NATL)(1)
  
 1,000,000
 1,118,330
 
Murrieta Valley Unified School District Public Financing Auth. Special Tax Rev., Series 2006 A, 4.00%, 9/1/11 (AGC)(1)
  
 1,255,000
 1,305,652
 
Murrieta Valley Unified School District Public Financing Auth. Special Tax Rev., Series 2006 A, 4.00%, 9/1/12 (AGC)(1)
  
 1,745,000
 1,859,280
 
Murrieta Valley Unified School District Public Financing Auth. Special Tax Rev., Series 2006 A, 4.00%, 9/1/13 (AGC)(1)
  
 1,690,000
 1,829,780
 
Murrieta Valley Unified School District Public Financing Auth. Special Tax Rev., Series 2006 A, 4.00%, 9/1/14 (AGC)(1)
  
 1,085,000
 1,179,612
 
Northern California Power Agency Rev., Series 2010 A, 4.00%, 7/1/14(1)
  
 1,500,000
 1,627,425
 
Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/19(1)
  
 2,000,000
 2,200,940
 
Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/20(1)
  
 1,515,000
 1,654,668
 
Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/21(1)
  
 2,050,000
 2,221,237
 
Northern California Power Agency Rev., Series 2010 A, 5.25%, 8/1/22(1)
  
 4,250,000
 4,645,038
 
Oceanside COP, Series 2003 A, 5.00%, 4/1/11 (Ambac)(1)
  
 1,225,000
 1,256,581
 
Oceanside COP, Series 2003 A, 5.00%, 4/1/12 (Ambac)(1)
  
 1,310,000
 1,378,238
 
Orange County Community Facilities District Special Tax Rev., Series 2005 A, (No. 04-1-Ladera Ranch), 3.50%, 8/15/10
  
 650,000
 651,333
 
Orange County Community Facilities District Special Tax Rev., Series 2005 A, (No. 04-1-Ladera Ranch), 3.80%, 8/15/11
  
 760,000
 767,638
 
Orange County Community Facilities District Special Tax Rev., Series 2005 A, (No. 04-1-Ladera Ranch), 3.90%, 8/15/12
  
 825,000
 833,869
 
Orange County Community Facilities District Special Tax Rev., Series 2005 A, (No. 04-1-Ladera Ranch), 4.10%, 8/15/13
  
 700,000
 707,826
 
Orange County Community Facilities District Special Tax Rev., Series 2005 A, (No. 04-1-Ladera Ranch), 4.25%, 8/15/14
  
 1,135,000
 1,142,741
 
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
 273,999
 
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
 323,542
 
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
 244,865
 
 
 
 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value

 
Orange County Public Financing Auth. Lease Rev., (Juvenile Justice Center Facility), 5.375%, 6/1/17 (Ambac)(1)
  
$  3,030,000
$  3,233,858
 
Orange County Sanitation District COP, Series 2007 B, 5.00%, 2/1/26 (AGM)(1)
  
 2,750,000
 2,950,338
 
Palomar Pomerado Health Care District COP, 6.75%, 11/1/39
  
 1,000,000
 1,077,200
 
Palomar Pomerado Health GO, Series 2009 A, (Election of 2004), 0.00%, 8/1/19 (AGC)(1)(5)
  
 1,660,000
 1,033,483
 
Poway Unified School District Public Financing Auth. Special Tax Rev., 5.00%, 9/15/19 (Ambac)(1)
  
 1,170,000
 1,194,652
 
Poway Unified School District Public Financing Auth. Special Tax Rev., 5.00%, 9/15/20 (Ambac)(1)
  
 1,215,000
 1,230,394
 
Rancho Mirage Joint Powers Financing Auth. Rev., Series 2007 A, (Eisenhower Medical Center), 5.00%, 7/1/15(1)
  
 1,505,000
 1,617,393
 
Rancho Mirage Joint Powers Financing Auth. Rev., Series 2007 A, (Eisenhower Medical Center), 5.00%, 7/1/21(1)
  
 1,000,000
 1,014,860
 
Riverside County COP, Series 2007 A, (Public Safety Communication), 5.00%, 11/1/14 (Ambac)(1)
  
 1,000,000
 1,113,180
 
Riverside County COP, Series 2007 A, (Public Safety Communication), 5.00%, 11/1/15 (Ambac)(1)
  
 1,875,000
 2,084,231
 
Sacramento City Financing Auth. Lease Rev., Series 1993 A, 5.40%, 11/1/20 (Ambac)(1)
  
 3,000,000
 3,214,590
 
Sacramento City Financing Auth. Rev., 5.00%, 12/1/16 (NATL/FGIC)(1)
  
 2,500,000
 2,702,900
 
Sacramento City Financing Auth. Rev., Series 2002 A, (City Hall), 5.25%, 12/1/12, Prerefunded at 100% of Par (AGM)(1)(2)
  
 4,045,000
 4,495,168
 
Sacramento City Financing Auth. Rev., Series 2002 A, (City Hall), 5.25%, 12/1/15 (AGM)(1)
  
 1,245,000
 1,355,257
 
Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.70%, 7/1/17 (Ambac)(1)
  
 3,105,000
 3,616,176
 
Sacramento Municipal Utility District Electric Rev., Series 2001 O, 5.25%, 8/15/11 (NATL)(1)
  
 5,005,000
 5,268,864
 
Sacramento Municipal Utility District Electric Rev., Series 2003 S, 5.00%, 11/15/11 (NATL)(1)
  
 3,000,000
 3,177,960
 
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 5.25%, 8/1/18(1)
  
 350,000
 407,309
 
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 5.50%, 8/1/19(1)
  
 300,000
 351,228
 
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 6.25%, 8/1/33(1)
  
 1,500,000
 1,697,505
 
San Bernardino Community College District GO, Series 2009 B, (Election of 2008), 0.00%, 8/1/19(1)(5)
  
 9,840,000
 5,875,562
 
San Bernardino County Redevelopment Agency Tax Allocation Rev., Series 2005 A, (San Sevaine Redevelopment), 5.00%, 9/1/15 (Radian)(1)
  
 1,005,000
 1,055,582
 
San Buenaventura City COP, Series 2002 B, 5.50%, 1/1/15 (Ambac)(1)
  
 1,695,000
 1,826,176
 
San Buenaventura City COP, Series 2002 B, 5.50%, 1/1/16 (Ambac)(1)
  
 1,790,000
 1,928,528
 
San Diego Public Facilities Financing Auth. Rev., Series 2009 A, 5.00%, 8/1/21(1)
  
 1,000,000
 1,112,410
 
San Diego Public Facilities Financing Auth. Rev., Series 2009 B, 5.00%, 5/15/22(1)
  
 3,680,000
 4,095,251
 
San Diego Public Facilities Financing Auth. Tax Allocation Rev., Series 2007 B, (Southcrest and Central Imperial Redevelopment), 5.125%, 10/1/22 (Radian)(1)
  
 1,280,000
 1,302,234
 
San Diego Public Facilities Financing Sewer Auth. Rev., Series 2010 A, 5.25%, 5/15/24(1)
  
 3,400,000
 3,805,722
 
San Diego Redevelopment Agency Tax Allocation Rev., (Horton Plaza), 5.70%, 11/1/17(1)
  
 2,030,000
 2,060,470
 
San Diego Redevelopment Agency Tax Allocation Rev., (Horton Plaza), 5.80%, 11/1/21(1)
  
 2,635,000
 2,668,728
 
San Diego Redevelopment Agency Tax Allocation Rev., (North Park), 5.90%, 9/1/25(1)
  
 710,000
 711,186
 
 
 
 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value

 
San Francisco City and County Airports Commission Rev., Series 2008-34D, (San Francisco International Airport), 5.00%, 5/1/17 (AGC)(1)
  
$  3,375,000
$  3,849,424
 
San Francisco City and County Airports Commission Rev., Series 2008-34D, (San Francisco International Airport), 5.00%, 5/1/18 (AGC)(1)
  
 2,000,000
 2,285,840
 
San Francisco City and County Airports Commission Rev., Series 2009 D, VRDN, 2.25%, 12/4/12(1)
  
 2,500,000
 2,534,225
 
San Francisco City and County Airports Commission Rev., Series 2009 E, 5.25%, 5/1/23(1)
  
 2,000,000
 2,199,120
 
San Francisco City and County Airports Commission Rev., Series 2010 C, (Governmental Purpose), 5.00%, 5/1/19(1)
  
 1,500,000
 1,685,475
 
San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29(1)
  
 1,170,000
 1,195,927
 
San Mateo County Transportation District Sales Tax Rev., Series 1993 A, 5.25%, 6/1/18 (NATL)(1)
  
 2,680,000
 3,083,581
 
San Ramon Valley Unified School District GO, (Election of 2002), 5.00%, 8/1/21 (NATL)(1)
  
 1,000,000
 1,085,960
 
Santa Ana Community Redevelopment Agency Tax Allocation Rev., Series 2003 B, (South Main Street Redevelopment), 5.00%, 9/1/13 (NATL/FGIC)(1)
  
 1,885,000
 1,984,924
 
Santa Barbara County COP, 5.375%, 10/1/17 (Ambac)(1)
  
 3,350,000
 3,474,720
 
Santa Fe Springs Community Development Commission Tax Allocation Rev., 5.375%, 9/1/16 (NATL)(1)
  
 430,000
 435,986
 
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
 705,973
 
Santa Monica-Malibu Unified School District GO, 5.25%, 8/1/13(1)
  
 1,250,000
 1,404,100
 
Scotts Valley COP, 4.00%, 10/1/15 (AGM)(1)
  
 1,075,000
 1,110,421
 
Scotts Valley COP, 4.25%, 10/1/18 (AGM)(1)
  
 1,370,000
 1,389,892
 
Scotts Valley Redevelopment Agency Tax Allocation Rev., 5.00%, 8/1/29 (Ambac)(1)
  
 2,230,000
 2,126,662
 
Shasta Lake Public Finance Auth. Rev., 4.00%, 4/1/12(1)
  
 425,000
 432,089
 
Shasta Lake Public Finance Auth. Rev., 4.50%, 4/1/15(1)
  
 1,530,000
 1,563,293
 
Shasta Lake Public Finance Auth. Rev., 5.00%, 4/1/19(1)
  
 2,400,000
 2,404,944
 
Shasta Lake Public Finance Auth. Rev., 5.00%, 4/1/22(1)
  
 2,130,000
 2,077,836
 
Solano County COP, 5.00%, 11/1/13 (NATL)(1)
  
 1,135,000
 1,262,302
 
South Orange County Public Financing Auth. Special Tax Rev., Series 2003 A, (Senior Lien), 5.00%, 9/1/12 (NATL)(1)
  
 2,000,000
 2,123,240
 
South Tahoe Joint Powers Financing Auth. Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/13 (Ambac)(1)
  
 1,080,000
 1,156,572
 
South Tahoe Joint Powers Financing Auth. Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/15 (Ambac)(1)
  
 1,195,000
 1,289,262
 
South Tahoe Joint Powers Financing Auth. Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/17 (Ambac)(1)
  
 1,310,000
 1,368,531
 
South Tahoe Joint Powers Financing Auth. Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/19 (Ambac)(1)
  
 1,445,000
 1,486,139
 
Southern California Public Power Auth. Rev., 6.75%, 7/1/10 (GIC: PNC Bank)(1)
  
 2,000,000
 2,011,460
 
Southern California Public Power Auth. Rev., Series 2002 A, (Transmission), 5.25%, 7/1/17 (AGM)(1)
  
 5,000,000
 5,399,700
 
Southern California Public Power Auth. Rev., Series 2002 A, (Transmission), 5.25%, 7/1/18 (AGM)(1)
  
 3,325,000
 3,576,470
 
Southern California Public Power Auth. Rev., Series 2008 A, (Transmission), 5.00%, 7/1/22(1)
  
 2,875,000
 3,136,309
 
Southern California Public Power Auth. Rev., Series 2008 B, (Transmission), 6.00%, 7/1/27(1)
  
 2,000,000
 2,252,020
 
Southwestern Community College District GO, 5.625%, 8/1/11, Prerefunded at 101% of Par (Ambac)(1)(2)
  
 1,975,000
 2,116,173
 
Tuolumne Wind Project Auth. Rev., Series 2009 A, 5.625%, 1/1/29(1)
  
 1,000,000
 1,082,350
 
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 4.50%, 10/15/10(1)
  
    820,000
    824,986
 
 
 
 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value

 
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.00%, 10/15/12(1)
  
$    895,000
 $   925,170
 
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.00%, 10/15/14(1)
  
 985,000
 1,019,376
 
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/15(1)
  
 1,035,000
 1,080,695
 
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/16(1)
  
 1,090,000
 1,119,321
 
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/17(1)
  
 1,150,000
 1,168,239
 
Turlock Irrigation District Rev., Series 2003 A, 5.00%, 1/1/13 (NATL)(1)
  
 2,175,000
 2,359,070
 
Turlock Irrigation District Rev., Series 2010 A, 5.00%, 1/1/40(6)
  
 4,185,000
 4,264,682
 
University of California Regents Medical Center Pooled Rev., Series 2008 D, 5.00%, 5/15/27(1)
  
 1,000,000
 1,050,320
 
University of California Rev., Series 2009 Q, 5.25%, 5/15/23(1)
  
 2,000,000
 2,236,640
 
University of California Rev., Series 2010 S, 5.00%, 5/15/20(1)
  
 1,405,000
 1,599,888
 
Val Verde Unified School District COP, 5.00%, 1/1/14 (FGIC)(1)(2)
  
 1,000,000
 1,134,500
 
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,000,000
 1,165,540
 
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,145,000
 1,334,543
 
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,415,000
 1,649,239
 
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 2,505,000
 2,919,678
 
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 2,640,000
 3,077,026
 
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 2,980,000
 3,473,309
 
Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/33(1)
  
 3,000,000
 3,188,340
 
Vernon Electric System Rev., Series 2009 A, 5.125%, 8/1/21(1)
  
 5,000,000
 5,260,500
 
West Sacramento Financing Auth. Special Tax Rev., Series 2006 A, 5.00%, 9/1/18 (XLCA)(1)
  
 1,500,000
 1,507,245
 
West Sacramento Financing Auth. Special Tax Rev., Series 2006 A, 5.00%, 9/1/19 (XLCA)(1)
  
 1,500,000
 1,490,775
 
West Sacramento Financing Auth. Special Tax Rev., Series 2006 A, 5.00%, 9/1/20 (XLCA)(1)
  
 1,350,000
 1,326,537
       
 712,740,783
GUAM — 0.1%
 
Territory of Guam GO, Series 2009 A, 6.00%, 11/15/19(1)
  
 1,000,000
 1,042,470
NORTHERN MARIANA ISLANDS — 0.2%
 
Northern Mariana Islands GO, Series 2000 A, 5.75%, 6/1/10 (ACA)(1)
  
 1,430,000
 1,430,100
PUERTO RICO — 2.8%
 
Puerto Rico Electric Power Auth. Rev., Series 2002 II, 5.375%, 7/1/12, Prerefunded at 101% of Par (NATL)(2)
  
 3,700,000
 4,100,340
 
Puerto Rico Electric Power Auth. Rev., Series 2002 KK, 5.25%, 7/1/13 (AGM)
  
 1,255,000
 1,385,256
 
Puerto Rico Electric Power Auth. Rev., Series 2002 KK, 5.50%, 7/1/14 (AGM)
  
 3,140,000
 3,540,633
 
Puerto Rico GO, Series 2001 A, (Public Improvement), 5.50%, 7/1/17 (XLCA)(1)
  
 5,000,000
 5,449,600
 
Puerto Rico GO, Series 2004 A, VRDN, 5.00%, 7/1/12(1)
  
 1,750,000
 1,821,838
 
Puerto Rico Government Development Bank Rev., 4.75%, 12/1/15 (NATL)(1)
  
 1,500,000
 1,557,735
 
Puerto Rico Government Development Bank Rev., Series 2006 B, (Senior Notes), 5.00%, 12/1/15(1)
  
 2,500,000
 2,684,050
       
 20,539,452
 

 
 
 
 
California Tax-Free Bond – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value

U.S. VIRGIN ISLANDS — 0.3%
 
Virgin Islands Public Finance Auth. Rev., (Virgin Islands Gross Receipts Taxes Loan Note), 5.00%, 10/1/18 (NATL/FGIC)(1)
  
$    100,000
$    106,007
 
Virgin Islands Public Finance Auth. Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.00%, 10/1/14(1)
  
 500,000
 541,890
 
Virgin Islands Public Finance Auth. Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.25%, 10/1/15(1)
  
 170,000
 183,357
 
Virgin Islands Public Finance Auth. Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.25%, 10/1/16(1)
  
 500,000
 533,420
 
Virgin Islands Public Finance Auth. Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.25%, 10/1/20(1)
  
 1,000,000
 1,037,800
       
 2,402,474
 
TOTAL INVESTMENT SECURITIES —  99.3%
    
 
(Cost $706,077,665)
  
 738,155,279
 
OTHER ASSETS AND LIABILITIES — 0.7%
  
 5,322,649
 
TOTAL NET ASSETS —  100.0%
  
$743,477,928

FUTURES CONTRACTS
 
Contracts Sold
Expiration
Date
Underlying Face
Amount at Value
Unrealized
Gain (Loss)
592
U.S. Treasury 2-Year Notes
September 2010
$129,139,250
$(158,576)

Notes to Schedule of Investments
 
ABAG
-
Association of  Bay Area Governments
 
ACA
-
American Capital Access
 
AGC
-
Assured Guaranty Corporation
 
AGM
-
Assured Guaranty Municipal Corporation
 
AGM-CR
-
Assured Guaranty Municipal Corporation - Custodian Receipts
 
Ambac
-
Ambac Assurance Corporation
 
COP
-
Certificates of Participation
 
FGIC
-
Financial Guaranty Insurance Company
 
FGIC-TCRS
-
Financial Guaranty Insurance Company - Transferable Custodial 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.
 
VRDN
-
Variable Rate Demand 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
 
 
 
 
 
 

California Tax-Free Bond – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
(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 $133,404,000.
(2)
Escrowed to maturity in U.S. government securities or state and local government securities.
(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 $1,433,840, which represented 0.2% of total net assets.
(4)
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.
(5)
Convertible capital appreciation bond. These securities are issued with a zero-coupon and become interest bearing at a predetermined rate and date and are issued at a substantial discount from their value at maturity.  Interest reset or final maturity date is indicated, as applicable.  Rate shown is effective at the period end.  
(6)
When-issued security.


 

 

California Tax-Free Bond – Schedule of Investments

MAY 31, 2010 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities are generally valued at current market value as provided by a commercial pricing service or at the mean of the most recent bid and ask prices. Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. 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 decla red 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 unadjusted quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (including a fund’s own assumptions).
 
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
 
As of May 31, 2010, the valuation inputs used to determine the fair value of the fund’s municipal securities and unrealized gain
(loss) on futures contracts were classified as Level 2 and Level 1, respectively.
 
 
   

3. Federal Tax Information
 
As of May 31, 2010, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$706,077,665
  
Gross tax appreciation of investments
$34,232,965
  
Gross tax depreciation of investments
(2,155,351)
  
Net tax appreciation (depreciation) of investments
$32,077,614
  
 
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 Tax-Free Money Market Fund
 
May 31, 2010
 

 

 

 

 
 
 

 
 

 
 
 
 

California Tax-Free Money Market – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value

 
MUNICIPAL SECURITIES — 99.1%
CALIFORNIA — 99.1%
 
ABAG Finance Auth. for Nonprofit Corps. Multifamily Housing Rev., Series 2002 A, (The Arbors Apartments), VRDN, 0.30%, 6/2/10 (FNMA) (LIQ FAC: FNMA)
  
$  2,000,000
$  2,000,000
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (Ecole Bilingue De Berkeley), VRDN, 0.30%, 6/3/10 (LOC: Bank of the West)
  
 1,800,000
 1,800,000
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (St. Pauls-Day-Episcopal School), VRDN, 0.32%, 6/3/10 (LOC: Wells Fargo Bank N.A. and First Bank)
  
 1,160,000
 1,160,000
 
ABAG Finance Auth. for Nonprofit Corps. Rev., Series 2005 A, (San Francisco University), VRDN, 0.28%, 6/3/10 (LOC: Northern Trust Co.)
  
 2,870,000
 2,870,000
 
Anaheim Union High School District COP, (School Facility Bridge Funding), VRDN, 0.25%, 6/3/10 (AGM) (SBBPA: Wachovia Bank N.A.)
  
 3,060,000
 3,060,000
 
Apple Valley COP, (Public Facilities Financing), VRDN, 0.31%, 6/3/10 (LOC: Union Bank of California N.A. and California State Teacher's Retirement)
  
 3,445,000
 3,445,000
 
Austin Trust Various States GO, Series 2008-3016X, VRDN, 0.29%, 6/7/10 (AGM) (LIQ FAC: Bank of America N.A.)(1)
  
 7,180,000
 7,180,000
 
Austin Trust Various States GO, Series 2008-3019X, VRDN, 0.29%, 6/7/10 (AGM) (LIQ FAC: Bank of America N.A.)(1)
  
 6,500,000
 6,500,000
 
Austin Trust Various States GO, Series 2008-3020X, VRDN, 0.29%, 6/7/10 (AGM) (LIQ FAC: Bank of America N.A.)(1)
  
 5,750,000
 5,750,000
 
Austin Trust Various States GO, Series 2008-3044X, VRDN, 0.29%, 6/7/10 (AGM) (LIQ FAC: Bank of America N.A.)(1)
  
 6,665,000
 6,665,000
 
Barstow Multifamily Housing Rev., (Desert Vista Apartments), VRDN, 0.27%, 6/2/10 (LOC: Redlands Federal Bank and FHLB)
  
 2,300,000
 2,300,000
 
Butte County Housing Auth. Multi-Family Rev., (Pine Tree Apartments), VRDN, 0.33%, 6/2/10 (LOC: Wells Fargo Bank N.A.)
  
 72,000
 72,000
 
California Enterprise Development Auth. Rev., (Community Hospice, Inc.), VRDN, 0.31%, 6/3/10 (LOC: Bank of Stockton and FHLB)
  
 4,645,000
 4,645,000
 
California Enterprise Development Auth. Rev., (Humane Society Silicon Valley), VRDN, 0.36%, 6/3/10 (LOC: First Republic Bank and Bank of America N.A.)
  
 7,825,000
 7,825,000
 
California GO, Series 2006-1255, (PUTTERs), VRDN, 0.29%, 6/3/10 (BHAC-CR/Ambac) (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
  
 2,750,000
 2,750,000
 
California GO, Series 2007-1932, (PUTTERs), VRDN, 0.44%, 6/3/10 (AGM) (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
  
 4,995,000
 4,995,000
 
California Infrastructure & Economic Development Bank Rev., (Bay Area Toll Bridges), VRDN, 0.31%, 6/3/10 (LOC: Bank of the West)
  
 2,830,000
 2,830,000
 
California Infrastructure & Economic Development Bank Rev., (Country Schools), VRDN, 0.31%, 6/3/10 (LOC: First Republic Bank and Bank of New York)
  
 3,000,000
 3,000,000
 
California Infrastructure & Economic Development Bank Rev., Series 2008 A, (iWorks, Inc.), VRDN, 0.43%, 6/1/10 (LOC: City National Bank and FHLB)
  
 1,335,000
 1,335,000
 
California Municipal Finance Auth. Rev., Series 2008 A, (Central Coast YMCA), VRDN, 0.28%, 6/3/10 (LOC: Pacific Capital Bank N.A. and FHLB)
  
 2,750,000
 2,750,000
 
California Pollution Control Financing Authority Solid Waste Disposal Rev., (BLT Enterprises), VRDN, 0.33%, 6/2/10 (LOC: Union Bank of California N.A.)
  
 3,000,000
 3,000,000
 
California School Cash Reserve Program Auth. Rev., Series 2009-10A, 2.50%, 7/1/10
  
 10,000,000
 10,015,517
 
California State Department of Water Resources Power Supply Rev., Series 2005 G3, VRDN, 0.32%, 6/3/10 (AGM) (SBBPA: JPMorgan Chase Bank N.A.)
  
 6,950,000
 6,950,000
 
California Statewide Communities Development Auth. Multifamily Housing Rev., Series 2008-2680, (PUTTERs), VRDN, 0.39%, 6/3/10 (LOC: JPMorgan Chase Bank N.A.) (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
  
 7,500,000
 7,500,000

 
 
 
 

California Tax-Free Money Market – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value
 
 
California Statewide Communities Development Auth. Rev., (Metropolitan Area Advisory), VRDN, 0.42%, 6/3/10 (LOC: Bank of America N.A.)
  
$  1,970,000
$  1,970,000
 
California Statewide Communities Development Auth. Rev., (Trinity Children & Family), VRDN, 0.37%, 6/2/10 (LOC: Citizens Business Bank and California State Teacher's Retirement)
  
 6,800,000
 6,800,000
 
California Statewide Communities Development Auth. Rev., Series 2008 B, (Rady Children's Hospital), VRDN, 0.31%, 6/1/10 (LOC: Bank of the West)
  
 4,000,000
 4,000,000
 
Chula Vista Industrial Development Rev., Series 2006 A, (San Diego Gas & Electric Co.), VRDN, 0.27%, 6/2/10
  
 7,700,000
 7,700,000
 
Diamond Bar Public Financing Auth. Lease Rev., Series 2002 A, (Community/Senior Center), VRDN, 0.30%, 6/2/10 (LOC: Union Bank of California N.A.)
  
 7,200,000
 7,200,000
 
East Bay Municipal Utility District Water System Rev., Series 2010 A1, VRN, 0.29%, 6/3/10
  
 4,900,000
 4,900,000
 
East Bay Municipal Utility District Water System Rev., Series 2010 A2, VRN, 0.29%, 6/3/10
  
 22,650,000
 22,650,000
 
Eastern Municipal Water District Water & Sewer COP, Series 2008 E, VRDN, 0.24%, 6/1/10 (LIQ FAC: Lloyds TSB Bank plc)
  
 4,700,000
 4,700,000
 
El Monte COP, Series 2003 A, (Community Improvement), VRDN, 0.31%, 6/3/10 (LOC: Union Bank of California N.A. and California State Teacher's Retirement)
  
 4,475,000
 4,475,000
 
Hanford Sewer System Rev., Series 1996 A, VRDN, 0.42%, 6/3/10 (LOC: Union Bank of California N.A.)
  
 1,100,000
 1,100,000
 
JP Morgan Chase Trust Rev., Series 2009-3361, (PUTTERs/DRIVERs), VRDN, 0.29%, 6/3/10 (NATL) (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
  
 2,570,000
 2,570,000
 
JP Morgan Chase Trust Rev., Series 2009-3416, (PUTTERs/DRIVERs), VRDN, 0.29%, 6/3/10 (NATL/FGIC) (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
  
 2,200,000
 2,200,000
 
Long Beach Health Facilities Rev., (Memorial Health Services), VRDN, 0.22%, 6/2/10
  
 15,200,000
 15,200,000
 
Los Angeles County Tax & Rev. Anticipation Notes GO, Series 2009 A, 2.50%, 6/30/10
  
 15,500,000
 15,520,982
 
Los Angeles Multifamily Housing Rev., Series 1985 K, VRDN, 0.42%, 6/1/10 (LOC: FHLB)
  
 1,048,000
 1,048,000
 
Los Angeles Unified School District Tax & Rev. Anticipation Notes GO, 2.00%, 8/12/10
  
 10,000,000
 10,027,040
 
Manhattan Beach COP, VRDN, 0.33%, 6/3/10 (LOC: Bank of America N.A.)
  
 3,540,000
 3,540,000
 
Metropolitan Water District Southern California Rev., Series 2009 A1, VRN, 0.34%, 6/3/10
  
 15,000,000
 15,000,000
 
Metropolitan Water District Southern California Rev., Series 2009 A2, VRDN, 0.29%, 6/3/10
  
 14,000,000
 14,000,000
 
Moreno Valley COP, (City Hall Refinancing), VRDN, 0.31%, 6/3/10 (LOC: Union Bank of California N.A. and California State Teacher's Retirement)
  
 4,875,000
 4,875,000
 
Novato Multifamily Housing Rev., (Nova-Ro III Senior Housing), VRDN, 0.30%, 6/3/10 (LOC: Bank of the West)
  
 2,750,000
 2,750,000
 
Orange County Housing Multifamily Apartments Development Auth. Rev., Series 1985 CC, (Lantern Pines), VRDN, 0.31%, 6/2/10 (FNMA) (LIQ FAC: FNMA)
  
 1,450,000
 1,450,000
 
Paramount Unified School District COP, (School Facility Bridge Funding Program), VRDN, 0.25%, 6/3/10 (AGM) (SBBPA: Wachovia Bank N.A.)
  
 3,200,000
 3,200,000
 
Reedley COP, (Mennonite Brethren Homes), VRDN, 0.27%, 6/3/10 (LOC: U.S. Bank N.A.)
  
 10,650,000
 10,650,000
 
Riverside County COP, Series 1985 B, (Aces-Riverside County Public Facility), VRDN, 0.27%, 6/2/10 (LOC: State Street Bank & Trust Co.)
  
 10,000,000
 10,000,000
 
San Bernardino County Multifamily Housing Auth. Rev., Series 1993 A, (Rialto Heritage), VRDN, 0.28%, 6/3/10 (LOC: California Federal Bank and FHLB)
  
 4,330,000
 4,330,000
 
San Diego Unified School District Tax & Rev. Anticipation Notes GO, 2.00%, 7/8/10
  
 6,500,000
 6,509,699
 
 
 
 
 
 
California Tax-Free Money Market – Schedule of Investments

MAY 31, 2010 (UNAUDITED)
 
Principal Amount
Value

 
San Francisco City & County Redevelopment Agency Community Facilities District No. 4 Rev., VRDN, 0.28%, 6/3/10 (LOC: Bank of America N.A.)
  
$  1,400,000
$  1,400,000
 
San Pablo Redevelopment Agency Tax Allocation Rev., (Tenth Township), VRDN, 0.30%, 6/1/10 (LOC: Union Bank of California)
  
 7,100,000
 7,100,000
 
Santa Rosa Wastewater Rev., Series 2004 A, VRDN, 0.44%, 6/3/10 (LOC: Landesbank Baden-Wurttemberg)
  
 33,900,000
 33,900,000
 
Southern California Public Power Auth. Rev., (Transmission), VRDN, 0.32%, 6/2/10 (Ambac) (LOC: Lloyds TSB Bank plc)
  
 3,300,000
 3,300,000
 
Sweetwater Union High School District GO, Series 2008-2684, (PUTTERs), VRDN, 0.44%, 6/3/10 (AGM) (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
  
 3,500,000
 3,500,000
 
Tahoe Forest Hospital District Health Facilities Rev., VRDN, 0.30%, 6/1/10 (LOC: U.S. Bank N.A.)
  
 2,585,000
 2,585,000
 
Vallejo Water Rev., Series 2005 A, VRDN, 0.26%, 6/2/10 (LOC: JPMorgan Chase Bank N.A.)
  
 3,190,000
 3,190,000
 
West Hills Community College District COP, VRDN, 0.30%, 6/2/10 (LOC: Union Bank of California N.A.)
  
 9,000,000
 9,000,000
 
Yolo County Multifamily Housing Rev., Series 1998 A, (Primero Grove), VRDN, 0.38%, 6/3/10 (LOC: Bank of the West and California State Teacher's Retirement)
  
 7,580,000
 7,580,000
 
TOTAL INVESTMENT SECURITIES —  99.1%
    
 360,318,238
 
OTHER ASSETS AND LIABILITIES — 0.9%
  
 3,244,139
 
TOTAL NET ASSETS —  100.0%
  
$363,562,377

Notes to Schedule of Investments
 
ABAG
-
Association of  Bay Area Governments
 
AGM
-
Assured Guaranty Municipal Corporation
 
Ambac
-
Ambac Assurance Corporation
 
BHAC-CR
-
Berkshire Hathaway Assurance Corporation - Custodial Receipts
 
COP
-
Certificates of Participation
 
DRIVERs
-
Derivative Inverse Tax-Exempt Receipts
 
FGIC
-
Financial Guaranty Insurance Company
 
FHLB
-
Federal Home Loan Bank
 
FNMA
-
Federal National Mortgage Association
 
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 $49,610,000, which represented 13.6% of total net assets. None of these securities were considered illiquid.


 

 

California Tax-Free Money Market – Schedule of Investments

MAY 31, 2010 (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 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 unadjusted quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (including a fund’s own assumptions).
 
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
 
As of May 31, 2010 the valuation inputs used to determine the fair value of the fund's municipal securities were classified as Level 2.
 

3. Federal Tax Information
 
As of May 31, 2010, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$360,318,238
  
 
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 28, 2010  

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 28, 2010  



By:
/s/ Robert J. Leach
  
 
Name:
Robert J. Leach
  
 
Title:
Vice President, Treasurer, and
  
   
Chief Financial Officer
  
   
(principal financial officer)
  
     
Date:
 July 28, 2010   
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EX-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 28, 2010  
     
     
     
/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 28, 2010  
     
     
     
/s/ Robert J. Leach
  
Robert J. Leach
  
Vice President, Treasurer, and
  
Chief Financial Officer
  
(principal financial officer)
  

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