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: | 02-28-2015 |
SEMIANNUAL REPORT | FEBRUARY 28, 2015 |
Table of Contents |
President’s Letter |
![]() | Dear Investor: Thank you for reviewing this semiannual report for the six months ended February 28, 2015. It provides a macroeconomic and financial market overview (below), followed by fund performance, a schedule of fund investments, and other financial information. For additional commentary and updated information on fund performance, key factors that affected asset returns, and other insights regarding the investment markets, we encourage you to visit our website, americancentury.com. |
Jonathan Thomas |
Performance |
Total Returns as of February 28, 2015 | |||||||
Average Annual Returns | |||||||
Ticker Symbol | 6 months(1) | 1 year | 5 years | 10 years | Since Inception | Inception Date | |
Investor Class | BCLTX | 2.59% | 7.08% | 5.74% | 4.58% | 6.51% | 11/9/83 |
Barclays Municipal Bond Index | — | 2.20% | 6.49% | 5.00% | 4.75% | 7.15%(2) | — |
Institutional Class | BCLIX | 2.60% | 7.29% | — | — | 5.95% | 3/1/10 |
A Class | ALTAX | 9/28/07 | |||||
No sales charge* | 2.46% | 6.91% | 5.48% | — | 4.79% | ||
With sales charge* | -2.12% | 2.09% | 4.51% | — | 4.14% | ||
C Class | ALTCX | 9/28/07 | |||||
No sales charge* | 2.08% | 6.02% | 4.70% | — | 4.01% | ||
With sales charge* | 1.08% | 6.02% | 4.70% | — | 4.01% |
(1) | Total returns for periods less than one year are not annualized. |
(2) | Since October 31, 1983, the date nearest the Investor Class’s inception for which data are available. |
Total Annual Fund Operating Expenses | |||
Investor Class | Institutional Class | A Class | C Class |
0.47% | 0.27% | 0.72% | 1.47% |
Fund Characteristics |
FEBRUARY 28, 2015 | |
Portfolio at a Glance | |
Weighted Average Maturity | 17.1 years |
Average Duration (Modified) | 4.9 years |
Top Five Sectors | % of fund investments |
General Obligation (GO) - Local | 13% |
Hospital | 12% |
General Obligation (GO) - State | 12% |
Lease Revenue | 11% |
Public Power | 8% |
Types of Investments in Portfolio | % of net assets |
Municipal Securities | 99.0% |
Other Assets and Liabilities | 1.0% |
Shareholder Fee Example |
Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid During Period(1)9/1/14 - 2/28/15 | Annualized Expense Ratio(1) | |
Actual | ||||
Investor Class | $1,000 | $1,025.90 | $2.36 | 0.47% |
Institutional Class | $1,000 | $1,026.00 | $1.36 | 0.27% |
A Class | $1,000 | $1,024.60 | $3.61 | 0.72% |
C Class | $1,000 | $1,020.80 | $7.37 | 1.47% |
Hypothetical | ||||
Investor Class | $1,000 | $1,022.46 | $2.36 | 0.47% |
Institutional Class | $1,000 | $1,023.46 | $1.35 | 0.27% |
A Class | $1,000 | $1,021.22 | $3.61 | 0.72% |
C Class | $1,000 | $1,017.51 | $7.35 | 1.47% |
(1) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. |
Schedule of Investments |
Principal Amount | Value | |||||
MUNICIPAL SECURITIES — 99.0% | ||||||
California — 96.6% | ||||||
ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp HealthCare), 6.25%, 8/1/39 | $ | 1,200,000 | $ | 1,428,528 | ||
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2011 A, (Sharp HealthCare), 6.00%, 8/1/30 | 1,000,000 | 1,220,560 | ||||
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2014 A, (Sharp HealthCare), 5.00%, 8/1/43 | 500,000 | 564,435 | ||||
Alameda Corridor Transportation Authority Rev., Capital Appreciation, Series 1999 A, 0.00%, 10/1/32 (NATL-RE)(1) | 1,000,000 | 497,730 | ||||
Alameda Corridor Transportation Authority Rev., Capital Appreciation, Series 1999 A, 0.00%, 10/1/35 (NATL-RE)(1) | 3,750,000 | 1,624,050 | ||||
Alum Rock Union Elementary School District GO, Series 2013 A, (Election of 2012), 6.00%, 8/1/39 | 1,000,000 | 1,252,370 | ||||
Anaheim Public Financing Authority Rev., (Electric System Distribution), 5.25%, 10/1/39 | 2,500,000 | 2,831,825 | ||||
Anaheim Public Financing Authority Rev., Series 2011 A, (Electric System Distribution Facilities), 5.375%, 10/1/36 | 300,000 | 355,974 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Convention Center Expansion), 5.00%, 5/1/34 | 550,000 | 627,704 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Convention Center Expansion), 5.00%, 5/1/46 | 2,200,000 | 2,469,720 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2001 A, (San Francisco Bay Area), VRDN, 1.27%, 3/5/15 | 1,000,000 | 1,023,460 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2006 F, (San Francisco Bay Area), 5.00%, 4/1/16, Prerefunded at 100% of Par(2) | 3,000,000 | 3,157,170 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2007 A-1, (San Francisco Bay Area), VRDN, 0.72%, 3/5/15 | 550,000 | 561,611 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2008 F-1, (San Francisco Bay Area), 5.00%, 4/1/18, Prerefunded at 100% of Par(2) | 2,135,000 | 2,408,536 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2008 G-1, (San Francisco Bay Area), VRDN, 1.12%, 3/5/15 | 1,250,000 | 1,273,388 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2009 F-1, (San Francisco Bay Area), 5.25%, 4/1/19, Prerefunded at 100% of Par(2) | 1,500,000 | 1,760,070 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2013 S-4, (San Francisco Bay Area), 5.00%, 4/1/43 | 2,655,000 | 2,999,407 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2014 S-6, (San Francisco Bay Area), 5.00%, 10/1/54 | 6,000,000 | 6,741,300 | ||||
Brea Redevelopment Agency Tax Allocation Rev., 4.00%, 8/1/16 | 1,245,000 | 1,309,752 | ||||
California Department of Water Resources Power Supply Rev., Series 2005 G-4, 5.00%, 5/1/16 | 1,450,000 | 1,532,070 | ||||
California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/21 | 2,500,000 | 2,829,475 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/15 | 2,000,000 | 2,017,520 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/18 | 2,000,000 | 2,262,360 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/22 | 1,275,000 | 1,524,122 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 M, 5.00%, 5/1/15 | 1,525,000 | 1,538,359 | ||||
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/16 | 1,700,000 | 1,809,259 |
Principal Amount | Value | |||||
California Educational Facilities Authority Rev., (Harvey Mudd College), 5.25%, 12/1/41 | $ | 2,000,000 | $ | 2,273,440 | ||
California Educational Facilities Authority Rev., (Pepperdine University), 5.00%, 12/1/44 | 1,000,000 | 1,158,930 | ||||
California Educational Facilities Authority Rev., (Santa Clara University), 5.625%, 4/1/37 | 5,000,000 | 5,609,650 | ||||
California Educational Facilities Authority Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39 | 2,000,000 | 2,241,980 | ||||
California Educational Facilities Authority Rev., Series 2010 B, (Loyola Marymount University), VRN, 0.82%, 3/5/15 | 2,345,000 | 2,346,266 | ||||
California GO, 5.00%, 2/1/27 | 3,000,000 | 3,544,350 | ||||
California GO, 5.00%, 2/1/28 | 1,000,000 | 1,173,520 | ||||
California GO, 5.25%, 9/1/32 | 2,000,000 | 2,350,920 | ||||
California GO, 5.00%, 11/1/32 | 1,500,000 | 1,658,550 | ||||
California GO, 6.50%, 4/1/33 | 5,000,000 | 6,107,250 | ||||
California GO, 5.00%, 4/1/38 | 2,500,000 | 2,795,800 | ||||
California GO, 6.00%, 4/1/38 | 2,500,000 | 3,002,450 | ||||
California GO, 6.00%, 11/1/39 | 5,000,000 | 6,144,800 | ||||
California GO, 5.50%, 3/1/40 | 3,000,000 | 3,523,320 | ||||
California GO, 5.00%, 10/1/41(3) | 2,000,000 | 2,259,360 | ||||
California GO, Series 2004 A-3, (Kindergarten), VRDN, 0.01%, 3/2/15 (LOC: State Street Bank & Trust Co.) | 2,310,000 | 2,310,000 | ||||
California GO, Series 2004 B-3, (Kindergarten), VRDN, 0.01%, 3/2/15 (LOC: Citibank N.A.) | 1,800,000 | 1,800,000 | ||||
California GO, Series 2005 B-7,VRDN, 0.01%, 3/2/15 (LOC: JPMorgan Chase Bank N.A.) | 1,800,000 | 1,800,000 | ||||
California GO, Series 2012 B, VRN, 0.92%, 3/5/15 | 2,000,000 | 2,029,540 | ||||
California GO, Series 2012 B, VRN, 1.02%, 3/5/15 | 800,000 | 814,608 | ||||
California GO, Series 2012 B, VRN, 1.17%, 3/5/15 | 960,000 | 981,590 | ||||
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/21 | 1,000,000 | 1,206,680 | ||||
California Health Facilities Financing Authority Rev., Series 2007 A, (Sutter Health), 5.25%, 11/15/46 | 1,500,000 | 1,617,735 | ||||
California Health Facilities Financing Authority Rev., Series 2008 A, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17 | 150,000 | 152,543 | ||||
California Health Facilities Financing Authority Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/18, Prerefunded at 100% of Par(2) | 1,000,000 | 1,200,570 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39 | 3,400,000 | 3,960,014 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38 | 4,500,000 | 5,422,185 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.75%, 7/1/39 | 1,000,000 | 1,162,750 | ||||
California Health Facilities Financing Authority Rev., Series 2009 B, (Providence Health & Services), 5.50%, 10/1/39 | 1,000,000 | 1,162,800 | ||||
California Health Facilities Financing Authority Rev., Series 2009 C, (St. Joseph Health System), VRDN, 5.00%, 10/18/22 | 800,000 | 976,648 | ||||
California Health Facilities Financing Authority Rev., Series 2010 A, (Scripps Memorial Hospital), 5.00%, 11/15/19 | 1,000,000 | 1,167,350 | ||||
California Health Facilities Financing Authority Rev., Series 2011 B, (Sutter Health), 6.00%, 8/15/42 | 1,500,000 | 1,806,435 | ||||
California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.25%, 8/15/31 | 1,000,000 | 1,164,550 |
Principal Amount | Value | |||||
California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51 | $ | 500,000 | $ | 557,945 | ||
California Health Facilities Financing Authority Rev., Series 2013 A, (St. Joseph Health System), 5.00%, 7/1/37 | 180,000 | 204,827 | ||||
California Health Facilities Financing Authority Rev., Series 2013 A, (Sutter Health), 5.00%, 8/15/52 | 1,500,000 | 1,701,225 | ||||
California Health Facilities Financing Authority Rev., Series 2014 A, (Lucile Salter Packard Children's Hospital), 5.00%, 8/15/43 | 1,000,000 | 1,142,490 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2012 A-1, (J. Paul Getty Trust), 4.00%, 10/1/15 | 325,000 | 332,540 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2013 A, (Los Angeles County Museum of Art Project), VRDN, 1.87%, 3/5/15 | 1,000,000 | 1,030,740 | ||||
California Municipal Finance Authority Rev., Series 2010 A, (University of La Verne), 6.25%, 6/1/40 | 1,000,000 | 1,172,570 | ||||
California Municipal Finance Authority Rev., Series 2011 B, (Azusa Pacific University), 8.00%, 4/1/41 | 665,000 | 818,150 | ||||
California Municipal Finance Authority Rev., Series 2011, (Emerson College), 6.00%, 1/1/42 | 2,000,000 | 2,334,980 | ||||
California Municipal Finance Authority Rev., Series 2014 A, (Touro College and University System), 5.25%, 1/1/34 | 300,000 | 340,293 | ||||
California Municipal Finance Authority Rev., Series 2014 A, (Touro College and University System), 5.25%, 1/1/40 | 1,000,000 | 1,122,470 | ||||
California Pollution Control Financing Authority Rev., 5.00%, 11/21/45(4) | 1,000,000 | 1,039,610 | ||||
California Pollution Control Financing Authority Rev., Series 1996 E, (Pacific Gas & Electric Company), VRDN, 0.02%, 3/2/15 (LOC: JPMorgan Chase Bank N.A.) | 2,100,000 | 2,100,000 | ||||
California Pollution Control Financing Authority Rev., Series 1996 F, (Pacific Gas & Electric Company), VRDN, 0.02%, 3/2/15 (LOC: JPMorgan Chase Bank N.A.) | 1,600,000 | 1,600,000 | ||||
California Public Works Board Lease Rev., Series 2009 G-1, (Various Capital Projects), 5.75%, 10/1/30 | 2,000,000 | 2,386,280 | ||||
California Public Works Board Lease Rev., Series 2009 H, (Department of Correction and Rehabilitation), 5.75%, 11/1/29 | 1,685,000 | 2,018,815 | ||||
California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.25%, 12/1/26 | 1,000,000 | 1,216,710 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25 | 1,700,000 | 2,014,126 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37 | 2,170,000 | 2,446,914 | ||||
California Public Works Board Lease Rev., Series 2012 D, (California State University Projects), 5.00%, 9/1/36 | 500,000 | 563,580 | ||||
California Public Works Board Lease Rev., Series 2013 H, (California State University Projects), 5.00%, 9/1/38 | 1,865,000 | 2,117,838 | ||||
California Public Works Board Lease Rev., Series 2013 I, (Various Capital Projects), 5.00%, 11/1/38 | 1,500,000 | 1,707,990 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.25%, 11/1/30 | 1,000,000 | 1,153,840 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/43 | 500,000 | 571,910 | ||||
California Statewide Communities Development Authority Rev., (Trinity Health Corp.), 5.00%, 12/1/41 | 500,000 | 563,045 | ||||
California Statewide Communities Development Authority Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31 | 3,000,000 | 3,172,770 | ||||
California Statewide Communities Development Authority Rev., Series 2005 A, (Thomas Jefferson School of Law), 4.875%, 10/1/15, Prerefunded at 100% of Par(2) | 900,000 | 921,780 |
Principal Amount | Value | |||||
California Statewide Communities Development Authority Rev., Series 2012 A, (Kaiser Permanente), 5.00%, 4/1/42 | $ | 2,780,000 | $ | 3,109,291 | ||
California Statewide Communities Development Authority Rev., Series 2014 A, (Henry Mayo Newhall Memorial Hospital), 5.25%, 10/1/43 (AGM) | 750,000 | 852,555 | ||||
California Statewide Communities Development Authority Rev., Series 2014 A, (Loma Linda University Medical Center) 5.25%, 12/1/44 | 500,000 | 546,470 | ||||
California Statewide Communities Development Authority Rev., Series 2014 A, (Loma Linda University Medical Center), 5.50%, 12/1/54 | 500,000 | 553,480 | ||||
California Statewide Communities Development Authority Rev., Series 2014 A, (Los Angeles Jewish Home), 5.00%, 8/1/44 (GA: Jewish Home Foundation) | 800,000 | 903,456 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/34 | 500,000 | 565,490 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/44 | 1,300,000 | 1,454,765 | ||||
California University Systemwide Rev., Series 2009 A, 5.25%, 11/1/34 | 2,230,000 | 2,566,083 | ||||
Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Project Area No. 1), 5.00%, 10/1/19 (AGM) | 485,000 | 558,099 | ||||
Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Project Area No. 1), 5.00%, 10/1/20 (AGM) | 785,000 | 917,759 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/17 | 365,000 | 393,357 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/18 | 375,000 | 410,194 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/19 | 600,000 | 666,408 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 87-8), VRDN, 0.01%, 3/2/15 (LOC: State Street Bank & Trust Co.) | 1,400,000 | 1,400,000 | ||||
Coalinga Public Financing Authority Local Obligation Rev., Series 1998 A, (Senior Lien), 6.375%, 9/15/21 (Ambac) | 1,320,000 | 1,546,710 | ||||
East Bay Municipal Utility District Rev., Series 2012 B, 4.00%, 6/1/15 | 4,000,000 | 4,040,920 | ||||
Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 5.00%, 7/1/15 | 400,000 | 406,748 | ||||
Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 4.00%, 7/1/16 | 400,000 | 420,064 | ||||
Fairfield Redevelopment Agency Tax Allocation Rev., 3.00%, 8/1/15 | 1,460,000 | 1,477,272 | ||||
Folsom Cordova Unified School District No. 2 Facilities Improvement GO, 4.00%, 10/1/15 | 245,000 | 250,677 | ||||
Folsom Cordova Unified School District No. 4 Facilities Improvement GO, Series 2014 A, (Election of 2012), 4.00%, 10/1/15 | 250,000 | 255,640 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/24(5) | 700,000 | 521,703 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/42(1) | 1,250,000 | 367,825 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 A, 5.75%, 1/15/46 | 1,000,000 | 1,172,980 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 A, 6.00%, 1/15/49 | 3,250,000 | 3,873,837 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-3, VRDN, 5.50%, 1/15/23 | 1,000,000 | 1,173,470 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 C, 6.50%, 1/15/43 | 500,000 | 602,205 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2015 A, 0.00%, 1/15/33(1) | 600,000 | 269,148 |
Principal Amount | Value | |||||
Golden State Tobacco Securitization Corp. Settlement Rev., Capital Appreciation, Series 2005 A, 0.00%, 6/1/25 (AGM)(1) | $ | 1,000,000 | $ | 747,420 | ||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2005 A, 5.00%, 6/1/38 (FGIC) | 1,000,000 | 1,012,150 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2005 A, 5.00%, 6/1/45 | 1,000,000 | 1,011,560 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 4.50%, 6/1/27 | 445,000 | 433,470 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.00%, 6/1/33 | 750,000 | 634,928 | ||||
Grossmont Healthcare District GO, Series 2011 B, (Election of 2006), 6.00%, 7/15/34 | 1,000,000 | 1,226,630 | ||||
Grossmont Union High School District GO, Series 2013 E, (Election of 2008), 5.00%, 8/1/43 | 1,000,000 | 1,132,020 | ||||
Hayward Area Recreation and Park District COP, 5.125%, 1/1/39 | 1,000,000 | 1,129,140 | ||||
Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.25%, 9/1/37 | 555,000 | 635,969 | ||||
Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/44 | 590,000 | 654,039 | ||||
Irvine Community Facilities District No. 2013-3 Special Tax Rev., (Great Park Improvement Area No.1), 5.00%, 9/1/49 | 1,000,000 | 1,133,440 | ||||
La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/29 | 635,000 | 698,271 | ||||
Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.00%, 11/15/35 | 330,000 | 385,371 | ||||
Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.50%, 11/15/37 | 695,000 | 859,110 | ||||
Los Alamitos Unified School District COP, Capital Appreciation, (Capital Projects), 0.00%, 8/1/24(5) | 1,100,000 | 827,486 | ||||
Los Angeles Community College District GO, Series 2007 A, (Election of 2001), 5.00%, 8/1/17, Prerefunded at 100% of Par (NATL-RE/FGIC)(2) | 1,425,000 | 1,576,606 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-1, (MonteCedro Inc.), 3.00%, 11/15/21 (California Mortgage Insurance) | 355,000 | 360,258 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-2, (MonteCedro Inc.), 3.00%, 11/15/20 (California Mortgage Insurance) | 275,000 | 279,670 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-3, (MonteCedro Inc.), 2.50%, 11/15/20 (California Mortgage Insurance) | 625,000 | 633,000 | ||||
Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.25%, 5/15/18, Prerefunded at 100% of Par(2) | 2,120,000 | 2,415,570 | ||||
Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40 | 1,000,000 | 1,142,320 | ||||
Los Angeles Department of Airports Rev., Series 2010 B, (Los Angeles International Airport), 5.00%, 5/15/40 | 2,000,000 | 2,252,740 | ||||
Los Angeles Department of Water & Power System Rev., Series 2008 A-1, 5.25%, 7/1/38 | 4,000,000 | 4,490,960 | ||||
Los Angeles Department of Water & Power System Rev., Series 2011 A, 5.00%, 7/1/19 | 1,000,000 | 1,170,560 | ||||
Los Angeles Harbor Department Rev., Series 2009 A, 5.00%, 8/1/27 | 500,000 | 580,965 | ||||
Los Angeles Harbor Department Rev., Series 2011 B, 5.00%, 8/1/24 | 525,000 | 637,250 | ||||
Los Angeles Unified School District COP, Series 2010 A, (Multiple Properties), 5.00%, 12/1/15 | 1,000,000 | 1,037,190 | ||||
Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/30 | 3,000,000 | 3,459,720 |
Principal Amount | Value | |||||
Los Angeles Unified School District GO, Series 2006 F, (Election of 2004), 5.00%, 7/1/16, Prerefunded at 100% of Par (FGIC)(2) | $ | 2,000,000 | $ | 2,127,840 | ||
Los Angeles Unified School District GO, Series 2007 H, (Election of 2004), 5.00%, 7/1/32 (AGM) | 1,020,000 | 1,110,576 | ||||
Los Angeles Unified School District GO, Series 2009 I, (Election of 2004), 5.00%, 7/1/29 | 2,000,000 | 2,301,520 | ||||
Los Angeles Unified School District GO, Series 2010 KRY, 5.25%, 7/1/26 | 1,000,000 | 1,190,480 | ||||
Los Angeles Unified School District GO, Series 2011 A-1, 4.00%, 7/1/17 | 1,000,000 | 1,081,710 | ||||
Los Angeles Unified School District GO, Series 2011 A-1, 5.00%, 7/1/18 | 1,280,000 | 1,455,232 | ||||
Los Angeles Unified School District GO, Series 2014 B, 5.00%, 7/1/18 | 2,000,000 | 2,273,800 | ||||
Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/30 | 690,000 | 821,528 | ||||
M-S-R Energy Authority Rev., Series 2009 A, 7.00%, 11/1/34 (GA: Citigroup, Inc.) | 1,000,000 | 1,431,780 | ||||
M-S-R Energy Authority Rev., Series 2009 B, 7.00%, 11/1/34 (GA: Citigroup, Inc.) | 880,000 | 1,259,966 | ||||
M-S-R Energy Authority Rev., Series 2009 B, 6.50%, 11/1/39 (GA: Citigroup, Inc.) | 425,000 | 587,312 | ||||
Manhattan Beach Unified School District GO, Capital Appreciation, Series 2009 A, (Election of 2008), 0.00%, 9/1/29(1) | 5,905,000 | 3,604,884 | ||||
Modesto Irrigation District COP, Series 2009 A, 5.75%, 10/1/34 | 2,500,000 | 2,881,925 | ||||
Mount San Antonio Community College District GO, Series 2013 A, (Election of 2008), 5.00%, 8/1/34 | 1,000,000 | 1,160,050 | ||||
New Haven Unified School District GO, 12.00%, 8/1/18 (AGM) | 880,000 | 1,205,838 | ||||
Newport Beach Rev., Series 2011 A, (Hoag Memorial Hospital Presbyterian), 6.00%, 12/1/21, Prerefunded at 100% of Par(2) | 1,000,000 | 1,283,690 | ||||
North Lake Tahoe Public Financing Authority Rev., 5.00%, 12/1/21 | 500,000 | 605,480 | ||||
Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32 | 1,000,000 | 1,148,110 | ||||
Oakland Unified School District Alameda County GO, Series 2013, (Election of 2012), 6.625%, 8/1/38 | 460,000 | 567,686 | ||||
Ontario Public Financing Authority Rev., 5.00%, 7/1/43 | 1,000,000 | 1,147,430 | ||||
Orange County Sanitation District Rev., Series 2014 B, 4.00%, 11/15/16 | 4,000,000 | 4,242,800 | ||||
Orange County Transportation Authority Rev., (Senior Lien), 5.00%, 8/15/25 | 1,000,000 | 1,206,660 | ||||
Oxnard Financing Authority Rev., 5.00%, 6/1/32 (AGM) | 1,500,000 | 1,701,990 | ||||
Oxnard Financing Authority Wastewater Rev., 5.00%, 6/1/33 (AGM) | 1,000,000 | 1,131,250 | ||||
Palomar Pomerado Health Care District COP, 6.75%, 11/1/39 | 500,000 | 554,945 | ||||
Palomar Pomerado Health Care District COP, 6.00%, 11/1/41 | 750,000 | 804,210 | ||||
Palomar Pomerado Health GO, Capital Appreciation, Series 2009 A, (Election of 2004), 0.00%, 8/1/19 (AGC)(5) | 1,670,000 | 1,753,834 | ||||
Palos Verdes Peninsula Unified School District GO, Series 2009 R, (Election of 2005), 0.00%, 8/1/33(1) | 2,600,000 | 1,304,004 | ||||
Paramount Unified School District GO, Capital Appreciation, (Election of 2006), 0.00%, 8/1/51 (BAM)(1) | 7,500,000 | 753,375 | ||||
Pomona Unified School District GO, Series 2000 A, 6.55%, 8/1/29 (NATL-RE) | 1,000,000 | 1,332,900 | ||||
Pomona Unified School District GO, Series 2001 A, 6.15%, 8/1/30 (NATL-RE) | 855,000 | 1,047,845 | ||||
Porterville Public Financing Authority Sewer Rev., 5.625%, 10/1/36 | 1,500,000 | 1,791,570 | ||||
Poway Unified School District GO, Capital Appreciation, (School Facilities Improvement), 0.00%, 8/1/41(1) | 2,110,000 | 711,682 |
Principal Amount | Value | |||||
Poway Unified School District Public Financing Authority Rev., 7.875%, 9/15/39 | $ | 1,010,000 | $ | 1,185,205 | ||
Rio Elementary School District Community Facilities District No. 1 Special Tax Rev., 5.00%, 9/1/30 | 645,000 | 732,191 | ||||
Riverside County Asset Leasing Corp. Rev., Series 2013 A, (Public Defender and Probation Building), 5.00%, 11/1/43 | 1,000,000 | 1,109,010 | ||||
Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.50%, 10/1/40 | 625,000 | 741,200 | ||||
Sacramento County Airport System Rev., Series 2009 D, (Grant Revenue Bonds), 5.625%, 7/1/29 | 1,000,000 | 1,134,750 | ||||
Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 B, VRN, 0.69%, 3/2/15 (NATL-RE/FGIC) | 1,500,000 | 1,371,435 | ||||
Saddleback Valley Unified School District Public Financing Authority Special Tax Rev., Series 1997 A, 6.00%, 9/1/16 (AGM) | 1,000,000 | 1,079,940 | ||||
San Bernardino Community College District GO, Capital Appreciation, Series 2009 B, (Election of 2008), 0.00%, 8/1/19(5) | 7,400,000 | 7,231,280 | ||||
San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41 | 1,350,000 | 1,660,176 | ||||
San Diego Community College District GO, (Election of 2002), 5.00%, 8/1/25 | 500,000 | 615,695 | ||||
San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/40 | 1,500,000 | 1,677,540 | ||||
San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/43 | 1,000,000 | 1,134,000 | ||||
San Diego County Water Authority Rev., Series 2011 S-1, (Subordinate Lien), 5.00%, 7/1/16 | 1,665,000 | 1,765,166 | ||||
San Diego Public Facilities Financing Authority Sewer Rev., Series 2009 A, 5.25%, 5/15/34 | 2,000,000 | 2,297,720 | ||||
San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/30 | 2,000,000 | 2,317,900 | ||||
San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/24 | 500,000 | 601,235 | ||||
San Diego Unified School District GO, Capital Appreciation, Series 2010 C, (Election of 2008), 0.00%, 7/1/36(1) | 5,000,000 | 2,158,300 | ||||
San Diego Unified School District GO, Capital Appreciation, Series 2010 C, (Election of 2008), 0.00%, 7/1/44(1) | 2,880,000 | 869,040 | ||||
San Diego Unified School District GO, Capital Appreciation, Series 2012 E, (Election of 2008), 0.00%, 7/1/49(1) | 1,000,000 | 242,740 | ||||
San Francisco City and County Airports Commission Rev., Series 2009 E, (San Francisco International Airport), 5.25%, 5/1/23 | 3,000,000 | 3,499,470 | ||||
San Francisco City and County Airports Commission Rev., Series 2010 F, (San Francisco International Airport), 5.00%, 5/1/40 | 2,150,000 | 2,371,622 | ||||
San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29 | 1,170,000 | 1,335,789 | ||||
San Francisco City and County Public Utilities Commission Rev., Series 2011 A, 5.00%, 11/1/41 | 1,000,000 | 1,134,090 | ||||
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 6.625%, 8/1/27 | 500,000 | 621,345 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment Project), 5.00%, 8/1/31 | 400,000 | 452,624 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment Project), 5.00%, 8/1/43 | 500,000 | 554,685 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., Series 2014 B, (Junior Lien), 5.25%, 1/15/44 | 1,000,000 | 1,099,460 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., (Senior Lien), 5.00%, 1/15/34 | 1,445,000 | 1,601,782 |
Principal Amount | Value | |||||
San Joaquin Hills Transportation Corridor Agency Rev., (Senior Lien), 5.00%, 1/15/44 | $ | 1,000,000 | $ | 1,101,440 | ||
San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.50%, 9/1/44 | 750,000 | 850,973 | ||||
San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.875%, 9/1/32 | 685,000 | 805,896 | ||||
Santa Clara Electric Rev., Series 2011 A, 5.00%, 7/1/30 | 500,000 | 559,510 | ||||
Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.00%, 7/1/42 | 400,000 | 443,940 | ||||
Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.875%, 7/1/42 | 400,000 | 483,040 | ||||
Santa Rosa Wastewater Rev., Capital Appreciation, Series 2002 B, 0.00%, 9/1/24 (Ambac)(1) | 2,000,000 | 1,552,840 | ||||
South Placer Wastewater Authority Rev., VRN, 0.35%, 3/5/15 | 1,650,000 | 1,650,082 | ||||
Southern California Public Power Authority Rev., Series 2013 A, (Southern Transmission), 5.00%, 7/1/17 | 1,050,000 | 1,160,250 | ||||
Stockton Public Financing Authority Rev., Series 2010 A, (Delta Water Supply Project), 6.25%, 10/1/40 | 750,000 | 887,505 | ||||
Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/27 (BAM) | 1,000,000 | 1,174,970 | ||||
Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/42 (AGM) | 430,000 | 482,507 | ||||
Successor Agency to the Redevelopment Agency of the City of Cathedral City Tax Allocation Rev., Series 2014 A, (Merged Redevelopment Project Area), 5.00%, 8/1/28 (AGM) | 1,190,000 | 1,372,189 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/19 (BAM) | 110,000 | 126,367 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/20 (BAM) | 70,000 | 81,740 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/21 (BAM) | 50,000 | 59,159 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/22 (BAM) | 70,000 | 83,501 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/23 (BAM) | 60,000 | 71,621 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/24 (BAM) | 65,000 | 77,385 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 4.50%, 9/1/25 (BAM) | 25,000 | 28,475 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/25 (BAM) | 25,000 | 29,534 | ||||
Susanville Public Financing Authority Rev., Series 2010 B, (Utility Enterprises), 6.00%, 6/1/45 | 1,000,000 | 1,134,330 | ||||
Taft Public Financing Authority Lease Rev., Series 1997 A, (Community Correctional Facility Acquisition), 6.05%, 1/1/17 | 745,000 | 747,928 | ||||
Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/40 (BAM) | 1,000,000 | 1,133,890 | ||||
Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A-1, 5.00%, 6/1/37 | 500,000 | 428,250 | ||||
Tuolumne Wind Project Authority Rev., Series 2009 A, 5.625%, 1/1/29 | 1,200,000 | 1,392,516 | ||||
Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.00%, 9/1/40 | 2,000,000 | 2,332,500 | ||||
University of California Rev., Series 2013 AF, 5.00%, 5/15/25 | 1,000,000 | 1,224,280 | ||||
University of California Rev., Series 2013 AK, VRDN, 5.00%, 5/15/23 | 2,000,000 | 2,466,480 | ||||
Val Verde Unified School District COP, Series 2015 A, 5.00%, 8/1/35 (BAM) | 675,000 | 769,136 |
Principal Amount | Value | |||||
Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/33 | $ | 3,000,000 | $ | 3,446,580 | ||
Yosemite Community College District GO, Capital Appreciation, Series 2010 D, (Election of 2004), 0.00%, 8/1/38(1) | 3,000,000 | 1,168,620 | ||||
344,241,922 | ||||||
Guam — 1.0% | ||||||
Guam Government GO, Series 2009 A, 6.75%, 11/15/29 | 900,000 | 1,034,541 | ||||
Guam Power Authority Rev., Series 2010 A, 5.50%, 10/1/40 | 2,150,000 | 2,417,804 | ||||
3,452,345 | ||||||
Puerto Rico — 1.4% | ||||||
Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.00%, 7/1/17 | 1,910,000 | 1,611,563 | ||||
Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.00%, 7/1/19 | 665,000 | 533,456 | ||||
Puerto Rico Electric Power Authority Rev., Series 2010 XX, 5.25%, 7/1/40 | 75,000 | 43,058 | ||||
Puerto Rico GO, Series 2009 B, (Public Improvement), 6.00%, 7/1/39 | 1,000,000 | 706,890 | ||||
Puerto Rico GO, Series 2011 A, (Public Improvement), 5.75%, 7/1/41 | 500,000 | 349,115 | ||||
Puerto Rico GO, Series 2012 A, (Public Improvement), 5.00%, 7/1/41 | 300,000 | 199,707 | ||||
Puerto Rico GO, Series 2014 A, (Public Improvement), 8.00%, 7/1/35 | 1,520,000 | 1,270,203 | ||||
Puerto Rico Sales Tax Financing Corp. Rev., Capital Appreciation, Series 2011 A-1, 0.00%, 8/1/41(1) | 1,145,000 | 108,363 | ||||
4,822,355 | ||||||
TOTAL INVESTMENT SECURITIES — 99.0% (Cost $316,134,013) | 352,516,622 | |||||
OTHER ASSETS AND LIABILITIES — 1.0% | 3,717,398 | |||||
TOTAL NET ASSETS — 100.0% | $ | 356,234,020 |
FUTURES CONTRACTS | |||||||||
Contracts Sold | Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation (Depreciation) | ||||||
66 | U.S. Treasury 10-Year Notes | June 2015 | $ | 8,434,594 | $ | (13,266 | ) | ||
40 | U.S. Treasury Long Bonds | June 2015 | 6,473,750 | (29,406 | ) | ||||
$ | 14,908,344 | $ | (42,672 | ) |
NOTES TO SCHEDULE OF INVESTMENTS | ||
AGC | - | Assured Guaranty Corporation |
AGM | - | Assured Guaranty Municipal Corporation |
BAM | - | Build America Mutual Assurance Company |
COP | - | Certificates of Participation |
FGIC | - | Financial Guaranty Insurance Company |
GA | - | Guaranty Agreement |
GO | - | General Obligation |
LOC | - | Letter of Credit |
NATL-RE | - | National Public Finance Guarantee Corporation - Reinsured |
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 is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity. |
(2) | Escrowed to maturity in U.S. government securities or state and local government securities. |
(3) | Security, or a portion thereof, has been pledged at the custodian bank or with a broker for margin requirements on futures contracts. At the period end, the aggregate value of securities pledged was $259,826. |
(4) | Restricted security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold without restriction to qualified institutional investors and have been deemed liquid under policies approved by the Board of Trustees. The aggregate value of these securities at the period end was $1,039,610, which represented 0.3% of total net assets. |
(5) | Coupon rate adjusts periodically based upon a predetermined schedule. Interest reset date is indicated. Rate shown is effective at the period end. |
Statement of Assets and Liabilities |
FEBRUARY 28, 2015 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $316,134,013) | $ | 352,516,622 | |
Cash | 300,832 | ||
Receivable for capital shares sold | 10,329 | ||
Interest receivable | 3,912,578 | ||
356,740,361 | |||
Liabilities | |||
Payable for capital shares redeemed | 159,357 | ||
Payable for variation margin on futures contracts | 13,409 | ||
Accrued management fees | 127,125 | ||
Distribution and service fees payable | 6,974 | ||
Dividends payable | 199,476 | ||
506,341 | |||
Net Assets | $ | 356,234,020 | |
Net Assets Consist of: | |||
Capital paid in | $ | 320,546,939 | |
Undistributed net investment income | 2,833 | ||
Accumulated net realized loss | (655,689 | ) | |
Net unrealized appreciation | 36,339,937 | ||
$ | 356,234,020 |
Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||
Investor Class | $341,780,957 | 28,791,739 | $11.87 | |||
Institutional Class | $300,021 | 25,274 | $11.87 | |||
A Class | $6,802,210 | 573,107 | $11.87* | |||
C Class | $7,350,832 | 619,165 | $11.87 |
Statement of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2015 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Interest | $ | 6,646,805 | |
Expenses: | |||
Management fees | 822,846 | ||
Distribution and service fees: | |||
A Class | 9,044 | ||
C Class | 35,337 | ||
Trustees' fees and expenses | 10,180 | ||
Other expenses | 194 | ||
877,601 | |||
Net investment income (loss) | 5,769,204 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | 1,288,403 | ||
Futures contract transactions | (646,632 | ) | |
641,771 | |||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | 2,582,162 | ||
Futures contracts | 12,818 | ||
2,594,980 | |||
Net realized and unrealized gain (loss) | 3,236,751 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 9,005,955 |
Statement of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2015 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2014 | ||||||
Increase (Decrease) in Net Assets | February 28, 2015 | August 31, 2014 | ||||
Operations | ||||||
Net investment income (loss) | $ | 5,769,204 | $ | 11,823,725 | ||
Net realized gain (loss) | 641,771 | (408,332 | ) | |||
Change in net unrealized appreciation (depreciation) | 2,594,980 | 26,529,584 | ||||
Net increase (decrease) in net assets resulting from operations | 9,005,955 | 37,944,977 | ||||
Distributions to Shareholders | ||||||
From net investment income: | ||||||
Investor Class | (5,571,344 | ) | (11,420,347 | ) | ||
Institutional Class | (4,555 | ) | (1,087 | ) | ||
A Class | (109,656 | ) | (235,820 | ) | ||
C Class | (80,816 | ) | (166,471 | ) | ||
Decrease in net assets from distributions | (5,766,371 | ) | (11,823,725 | ) | ||
Capital Share Transactions | ||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | (6,275,774 | ) | (29,319,234 | ) | ||
Net increase (decrease) in net assets | (3,036,190 | ) | (3,197,982 | ) | ||
Net Assets | ||||||
Beginning of period | 359,270,210 | 362,468,192 | ||||
End of period | $ | 356,234,020 | $ | 359,270,210 | ||
Undistributed net investment income | $ | 2,833 | $ | — |
Notes to Financial Statements |
Six months ended February 28, 2015 | Year ended August 31, 2014 | |||||||||
Shares | Amount | Shares | Amount | |||||||
Investor Class | ||||||||||
Sold | 451,350 | $ | 5,350,276 | 810,047 | $ | 9,260,925 | ||||
Issued in reinvestment of distributions | 354,918 | 4,209,796 | 748,186 | 8,549,754 | ||||||
Redeemed | (1,288,678 | ) | (15,241,580 | ) | (3,957,261 | ) | (44,883,445 | ) | ||
(482,410 | ) | (5,681,508 | ) | (2,399,028 | ) | (27,072,766 | ) | |||
Institutional Class | ||||||||||
Sold | 22,124 | 259,976 | — | — | ||||||
Issued in reinvestment of distributions | 386 | 4,555 | 94 | 1,087 | ||||||
22,510 | 264,531 | 94 | 1,087 | |||||||
A Class | ||||||||||
Sold | 34,868 | 411,525 | 65,096 | 758,402 | ||||||
Issued in reinvestment of distributions | 9,208 | 109,193 | 19,845 | 226,631 | ||||||
Redeemed | (132,262 | ) | (1,564,959 | ) | (207,496 | ) | (2,337,854 | ) | ||
(88,186 | ) | (1,044,241 | ) | (122,555 | ) | (1,352,821 | ) | |||
C Class | ||||||||||
Sold | 33,123 | 395,472 | 66,577 | 752,167 | ||||||
Issued in reinvestment of distributions | 3,962 | 47,014 | 8,434 | 96,390 | ||||||
Redeemed | (21,740 | ) | (257,042 | ) | (154,263 | ) | (1,743,291 | ) | ||
15,345 | 185,444 | (79,252 | ) | (894,734 | ) | |||||
Net increase (decrease) | (532,741 | ) | $ | (6,275,774 | ) | (2,600,741 | ) | $ | (29,319,234 | ) |
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments. |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars. |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
Federal tax cost of investments | $ | 316,134,013 | |
Gross tax appreciation of investments | $ | 37,396,448 | |
Gross tax depreciation of investments | (1,013,839 | ) | |
Net tax appreciation (depreciation) of investments | $ | 36,382,609 |
Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
Investor Class | |||||||||||||||
2015(3) | $11.76 | 0.19 | 0.11 | 0.30 | (0.19) | — | (0.19) | $11.87 | 2.59% | 0.47%(4) | 3.29%(4) | 20% | $341,781 | ||
2014 | $10.94 | 0.38 | 0.82 | 1.20 | (0.38) | — | (0.38) | $11.76 | 11.10% | 0.47% | 3.32% | 46% | $344,356 | ||
2013 | $11.70 | 0.37 | (0.76) | (0.39) | (0.37) | — | (0.37) | $10.94 | (3.45)% | 0.47% | 3.19% | 44% | $346,396 | ||
2012 | $10.94 | 0.41 | 0.77 | 1.18 | (0.42) | — | (0.42) | $11.70 | 10.92% | 0.47% | 3.65% | 76% | $412,713 | ||
2011 | $11.20 | 0.47 | (0.27) | 0.20 | (0.46) | — | (0.46) | $10.94 | 2.02% | 0.48% | 4.38% | 63% | $379,586 | ||
2010 | $10.67 | 0.49 | 0.54 | 1.03 | (0.49) | (0.01) | (0.50) | $11.20 | 9.90% | 0.48% | 4.51% | 25% | $426,044 | ||
Institutional Class | |||||||||||||||
2015(3) | $11.77 | 0.21 | 0.09 | 0.30 | (0.20) | — | (0.20) | $11.87 | 2.60% | 0.27%(4) | 3.49%(4) | 20% | $300 | ||
2014 | $10.94 | 0.40 | 0.83 | 1.23 | (0.40) | — | (0.40) | $11.77 | 11.42% | 0.27% | 3.52% | 46% | $33 | ||
2013 | $11.70 | 0.40 | (0.76) | (0.36) | (0.40) | — | (0.40) | $10.94 | (3.26)% | 0.27% | 3.39% | 44% | $29 | ||
2012 | $10.94 | 0.44 | 0.76 | 1.20 | (0.44) | — | (0.44) | $11.70 | 11.14% | 0.27% | 3.85% | 76% | $30 | ||
2011 | $11.20 | 0.49 | (0.26) | 0.23 | (0.49) | — | (0.49) | $10.94 | 2.22% | 0.28% | 4.58% | 63% | $27 | ||
2010(5) | $10.79 | 0.26 | 0.41 | 0.67 | (0.26) | — | (0.26) | $11.20 | 6.28% | 0.28%(4) | 4.69%(4) | 25%(6) | $27 |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
A Class | |||||||||||||||
2015(3) | $11.76 | 0.18 | 0.11 | 0.29 | (0.18) | — | (0.18) | $11.87 | 2.46% | 0.72%(4) | 3.04%(4) | 20% | $6,802 | ||
2014 | $10.94 | 0.35 | 0.82 | 1.17 | (0.35) | — | (0.35) | $11.76 | 10.83% | 0.72% | 3.07% | 46% | $7,778 | ||
2013 | $11.70 | 0.34 | (0.76) | (0.42) | (0.34) | — | (0.34) | $10.94 | (3.70)% | 0.72% | 2.94% | 44% | $8,572 | ||
2012 | $10.94 | 0.38 | 0.77 | 1.15 | (0.39) | — | (0.39) | $11.70 | 10.64% | 0.72% | 3.40% | 76% | $16,214 | ||
2011 | $11.20 | 0.44 | (0.26) | 0.18 | (0.44) | — | (0.44) | $10.94 | 1.77% | 0.73% | 4.13% | 63% | $11,044 | ||
2010 | $10.67 | 0.47 | 0.54 | 1.01 | (0.47) | (0.01) | (0.48) | $11.20 | 9.63% | 0.73% | 4.26% | 25% | $15,173 | ||
C Class | |||||||||||||||
2015(3) | $11.76 | 0.13 | 0.11 | 0.24 | (0.13) | — | (0.13) | $11.87 | 2.08% | 1.47%(4) | 2.29%(4) | 20% | $7,351 | ||
2014 | $10.94 | 0.26 | 0.82 | 1.08 | (0.26) | — | (0.26) | $11.76 | 10.00% | 1.47% | 2.32% | 46% | $7,104 | ||
2013 | $11.70 | 0.26 | (0.76) | (0.50) | (0.26) | — | (0.26) | $10.94 | (4.41)% | 1.47% | 2.19% | 44% | $7,471 | ||
2012 | $10.94 | 0.30 | 0.76 | 1.06 | (0.30) | — | (0.30) | $11.70 | 9.82% | 1.47% | 2.65% | 76% | $11,321 | ||
2011 | $11.20 | 0.36 | (0.26) | 0.10 | (0.36) | — | (0.36) | $10.94 | 1.01% | 1.48% | 3.38% | 63% | $7,120 | ||
2010 | $10.67 | 0.38 | 0.54 | 0.92 | (0.38) | (0.01) | (0.39) | $11.20 | 8.81% | 1.48% | 3.51% | 25% | $10,641 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Six months ended February 28, 2015 (unaudited). |
(4) | Annualized. |
(5) | March 1, 2010 (commencement of sale) through August 31, 2010. |
(6) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2010. |
Additional Information |
![]() | ||
Contact Us | americancentury.com | |
Automated Information Line | 1-800-345-8765 | |
Investor Services Representative | 1-800-345-2021 or 816-531-5575 | |
Investors Using Advisors | 1-800-378-9878 | |
Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 | |
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century California Tax-Free and Municipal Funds | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2015 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-85079 1504 |
SEMIANNUAL REPORT | FEBRUARY 28, 2015 |
Table of Contents |
President’s Letter |
![]() | Dear Investor: Thank you for reviewing this semiannual report for the six months ended February 28, 2015. It provides a macroeconomic and financial market overview (below), followed by fund performance, a schedule of fund investments, and other financial information. For additional commentary and updated information on fund performance, key factors that affected asset returns, and other insights regarding the investment markets, we encourage you to visit our website, americancentury.com. |
Jonathan Thomas |
Performance |
Total Returns as of February 28, 2015 | |||||||
Average Annual Returns | |||||||
Ticker Symbol | 6 months(1) | 1 year | 5 years | 10 years | Since Inception | Inception Date | |
Investor Class | BCTXX | 0.00%(2) | 0.01%(2) | 0.01%(2) | 1.00%(2) | 2.49%(2) | 11/9/83 |
(1) | Total returns for periods less than one year are not annualized. |
(2) | Returns would have been lower if a portion of the management fee had not been waived. |
Total Annual Fund Operating Expenses |
Investor Class 0.50% |
Fund Characteristics |
FEBRUARY 28, 2015 | |
7-Day Current Yield | |
After waiver(1) | 0.01% |
Before waiver | (0.38)% |
7-Day Effective Yield | |
After waiver(1) | 0.01% |
(1) Yields would have been lower if a portion of the management fee had not been waived. | |
Portfolio at a Glance | |
Weighted Average Maturity | 13 days |
Weighted Average Life | 73 days |
Portfolio Composition by Maturity | % of fund investments |
1-30 days | 97% |
31-90 days | — |
91-180 days | 1% |
More than 180 days | 2% |
Shareholder Fee Example |
Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid During Period(1) 9/1/14 - 2/28/15 | Annualized Expense Ratio(1) | |
Actual | ||||
Investor Class (after waiver) | $1,000 | $1,000.00 | $0.60 | 0.12% |
Investor Class (before waiver) | $1,000 | $1,000.00(2) | $2.48 | 0.50% |
Hypothetical | ||||
Investor Class (after waiver) | $1,000 | $1,024.20 | $0.60 | 0.12% |
Investor Class (before waiver) | $1,000 | $1,022.32 | $2.51 | 0.50% |
(1) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. |
(2) | Ending account value assumes the return earned after waiver and would have been lower if a portion of the management fee had not been waived. |
Schedule of Investments |
Principal Amount | Value | ||||||
MUNICIPAL SECURITIES — 96.8% | |||||||
California — 96.8% | |||||||
California GO, Series 2004 A-4, (Kindergarten), VRDN, 0.01%, 3/2/15 (LOC: Citibank N.A.) | $ | 1,000,000 | $ | 1,000,000 | |||
California GO, Series 2004 B-4, (Kindergarten), VRDN, 0.01%, 3/5/15 (LOC: Citibank N.A.) | 2,200,000 | 2,200,000 | |||||
California Health Facilities Financing Authority Rev., Series 1988 B, (Catholic Healthcare), VRDN, 0.06%, 3/4/15 (NATL-RE)(LOC: JPMorgan Chase Bank N.A.) | 3,200,000 | 3,200,000 | |||||
California Infrastructure & Economic Development Bank Rev., (Bay Area Toll Bridges), VRDN, 0.05%, 3/5/15 (LOC: Union Bank N.A.) | 2,030,000 | 2,030,000 | |||||
California Infrastructure & Economic Development Bank Rev., (Catalina Museum Project), VRDN, 0.05%, 3/5/15 (LOC: Bank of the West) | 1,000,000 | 1,000,000 | |||||
California Infrastructure & Economic Development Bank Rev., (Columbia College), VRDN, 0.04%, 3/5/15 (LOC: Rabobank Nederland N.V.) | 3,290,000 | 3,290,000 | |||||
California Infrastructure & Economic Development Bank Rev., (Goodwill Industries of Orange County), VRDN, 0.06%, 3/5/15 (LOC: Wells Fargo Bank N.A.) | 2,425,000 | 2,425,000 | |||||
California Infrastructure & Economic Development Bank Rev., (Kennfoods USA), VRDN, 0.04%, 3/5/15 (LOC: Bank of the West) | 1,190,000 | 1,190,000 | |||||
California Infrastructure & Economic Development Bank Rev., (SRI International), VRDN, 0.03%, 3/5/15 (LOC: Wells Fargo Bank N.A.) | 6,400,000 | 6,400,000 | |||||
California Infrastructure & Economic Development Bank Rev., Series 2008 A, (iWorks, Inc.), VRDN, 0.03%, 3/5/15 (LOC: City National Bank and FHLB) | 1,335,000 | 1,335,000 | |||||
California Municipal Finance Authority Rev., Series 2008 A, (Central Coast YMCA), VRDN, 0.04%, 3/5/15 (LOC: Pacific Capital Bank N.A. and FHLB) | 3,065,000 | 3,065,000 | |||||
California Municipal Finance Authority Rev., Series 2010 A, (Southwest Community Health Center), VRDN, 0.04%, 3/5/15 (LOC: Comerica Bank) | 3,905,000 | 3,905,000 | |||||
California Municipal Finance Authority Rev., Series 2012 A, (High Desert Partnership in Academic Excellence Foundation), VRDN, 0.05%, 3/5/15 (LOC: Union Bank N.A.) | 2,000,000 | 2,000,000 | |||||
California Pollution Control Financing Authority Rev., (Musco Family Olive), VRDN, 0.12%, 3/5/15 (LOC: Bank of the West) | 3,200,000 | 3,200,000 | |||||
California Pollution Control Financing Authority Rev., Series 1996 F, (Pacific Gas & Electric Company), VRDN, 0.02%, 3/2/15 (LOC: JPMorgan Chase Bank N.A.) | 1,100,000 | 1,100,000 | |||||
California Pollution Control Financing Authority Rev., Series 2010 A, (Alameda Country Industries), VRDN, 0.04%, 3/4/15 (LOC: Bank of the West) | 2,460,000 | 2,460,000 | |||||
California State Enterprise Development Authority Rev., (Community Hospice, Inc.), VRDN, 0.02%, 3/5/15 (LOC: Bank of Stockton and FHLB) | 3,695,000 | 3,695,000 | |||||
California State Enterprise Development Authority Rev., (Humane Society Silicon Valley), VRDN, 0.02%, 3/5/15 (LOC: First Republic Bank and FHLB) | 6,695,000 | 6,695,000 | |||||
California State Enterprise Development Authority Rev., (LBM Partnership LP), VRDN, 0.03%, 3/5/15 (LOC: Wells Fargo Bank N.A.) | 2,825,000 | 2,825,000 | |||||
California State University PUTTERs Rev., Series 2008-2646Z, VRDN, 0.10%, 3/5/15 (AGM)(LIQ FAC: JPMorgan Chase Bank N.A.)(1) | 4,670,000 | 4,670,000 |
Principal Amount | Value | ||||||
California Statewide Communities Development Authority Rev., (Goodwill of Santa Cruz), VRDN, 0.06%, 3/5/15 (LOC: Wells Fargo Bank N.A.) | $ | 2,200,000 | $ | 2,200,000 | |||
California Statewide Communities Development Authority COP, VRDN, 0.03%, 3/4/15 (LOC: Union Bank N.A.) | 1,520,000 | 1,520,000 | |||||
City of Hanford Sewer System Rev., Series 1996 A, VRDN, 0.05%, 3/5/15 (LOC: Union Bank N.A.) | 760,000 | 760,000 | |||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., Series 2011 A, (Assessment District No. 5-21), VRDN, 0.01%, 3/2/15 (LOC: U.S. Bank N.A.)(1) | 4,500,000 | 4,500,000 | |||||
City of Oroville Rev., Series 2012 A, (Oroville Hospital), VRDN, 0.05%, 3/5/15 (LOC: Comerica Bank) | 6,600,000 | 6,600,000 | |||||
City of Reedley COP, (Mennonite Brethren Homes), VRDN, 0.03%, 3/5/15 (LOC: Bank of the Sierra and FHLB) | 7,500,000 | 7,500,000 | |||||
City of Riverside Water Rev., Series 2011 A, VRN, 0.06%, 3/5/15 | 10,750,000 | 10,750,000 | |||||
County of Riverside Rev., Series 2014 D, 1.50%, 10/14/15 | 5,000,000 | 5,042,219 | |||||
County of San Bernardino Rev., Series 2004 A, (WLP Parkview Place Apartments), VRDN, 0.06%, 3/5/15 (LOC: FNMA) | 3,420,000 | 3,420,000 | |||||
County of Yolo Rev., (Beckett Hall, Inc.), VRDN, 0.08%, 3/5/15 (LOC: Bank of the West and California State Teacher's Retirement System) | 6,375,000 | 6,375,000 | |||||
Eastern Municipal Water District Water & Sewer Rev., (Flexible Index Mode), Series 2013 A, VRN, 0.06%, 3/5/15 | 6,000,000 | 6,000,000 | |||||
Eastern Municipal Water District Water & Sewer Rev., Series 2012 A, VRN, 0.03%, 3/5/15 | 4,000,000 | 4,000,000 | |||||
Hesperia Public Financing Authority Rev., (1993 Street Improvement Project), VRDN, 0.07%, 3/4/15 (LOC: Bank of the West) | 500,000 | 500,000 | |||||
Hesperia Public Financing Authority Rev., Series 1998 B, (Water & Administration Facilities), VRDN, 0.07%, 3/4/15 (LOC: Bank of the West) | 810,000 | 810,000 | |||||
Huntington Beach Union High School District GO, 2.00%, 8/1/15 | 1,375,000 | 1,385,558 | |||||
Irvine Ranch Water District Rev., Series 2011 A-1, VRN, 0.05%, 3/5/15 | 2,000,000 | 2,000,000 | |||||
Irvine Ranch Water District Rev., Series 2011 A-2, VRN, 0.03%, 3/5/15 | 5,000,000 | 5,000,000 | |||||
JP Morgan Chase PUTTERs/DRIVERs Trust, Series 2011-4005Z, VRDN, 0.10%, 3/5/15 (AGM)(LIQ FAC: JPMorgan Chase Bank N.A.)(1) | 6,590,000 | 6,590,000 | |||||
Los Angeles County Community Development Commission COP, (Willowbrook Partnership), VRDN, 0.05%, 3/4/15 (LOC: Wells Fargo Bank N.A.) | 2,300,000 | 2,300,000 | |||||
Los Angeles Department of Water & Power System Rev., Series 2001 B-2, VRDN, 0.01%, 3/2/15 (SBBPA: Royal Bank of Canada) | 2,300,000 | 2,300,000 | |||||
Metropolitan Water District of Southern California Rev., Series 2009 A-2, VRN, 0.07%, 3/5/15 | 3,250,000 | 3,250,000 | |||||
Metropolitan Water District of Southern California Rev., Series 2010 B, 2.25%, 7/1/15 | 200,000 | 201,368 | |||||
Metropolitan Water District of Southern California Rev., Series 2010 B, 4.00%, 7/1/15 | 200,000 | 202,537 | |||||
Metropolitan Water District of Southern California Rev., Series 2011 A-1, VRN, 0.04%, 3/5/15 | 7,500,000 | 7,500,000 | |||||
Metropolitan Water District of Southern California Rev., Series 2014 A-2, VRN, 0.04%, 3/5/15 | 7,000,000 | 7,000,000 | |||||
Monterey Peninsula Water Management District COP, (Wastewater Reclamation), VRDN, 0.03%, 3/5/15 (LOC: Wells Fargo Bank N.A.) | 3,000,000 | 3,000,000 | |||||
Pittsburg Public Financing Authority Rev., VRDN, 0.03%, 3/5/15 (LOC: Bank of the West) | 3,080,000 | 3,080,000 | |||||
Pittsburg Redevelopment Agency Tax Allocation Rev., Series 2004 A, (Los Medanos Community), VRDN, 0.02%, 3/2/15 (LOC: State Street Bank & Trust Co. and California State Teacher's Retirement System) | 700,000 | 700,000 |
Principal Amount | Value | ||||||
San Bernardino County Housing Authority Rev., Series 2005 A, (Raintree Apartments), VRDN, 0.03%, 3/5/15 (LOC: East West Bank and FHLB) | $ | 3,800,000 | $ | 3,800,000 | |||
Santa Clara County Housing Authority Rev., Series 2003 A, VRDN, 0.05%, 3/5/15 (LOC: Citibank N.A.) | 1,415,000 | 1,415,000 | |||||
State of California Puttable Floating Options Rev., VRDN, 0.09%, 3/5/15 (AGM)(LIQ FAC: Bank of America N.A.)(1) | 3,480,000 | 3,480,000 | |||||
State of California Puttable Floating Options Rev., VRDN, 0.15%, 3/5/15 (LIQ FAC: Bank of America N.A.)(1) | 5,000,000 | 5,000,000 | |||||
Town of Apple Valley COP, (Public Facilities Financing), VRDN, 0.05%, 3/5/15 (LOC: Union Bank N.A.) | 1,830,000 | 1,830,000 | |||||
Town of Hillsborough COP, Series 2003 A, (Water & Sewer System), VRDN, 0.08%, 3/5/15 (SBBPA: JPMorgan Chase Bank N.A.) | 2,895,000 | 2,895,000 | |||||
Town of Hillsborough COP, Series 2006 A, (Water & Sewer System), VRDN, 0.08%, 3/5/15 (SBBPA: JPMorgan Chase Bank N.A.) | 7,245,000 | 7,245,000 | |||||
Victorville Joint Powers Finance Authority Lease Rev., Series 2007 A, (Cogeneration Facility), VRDN, 1.02%, 3/5/15 (LOC: BNP Paribas) | 12,475,000 | 12,475,000 | |||||
TOTAL MUNICIPAL SECURITIES | 200,311,682 | ||||||
COMMERCIAL PAPER(2) — 2.4% | |||||||
San Diego County Water Authority, 0.03%, 3/3/15 | 5,000,000 | 5,000,000 | |||||
TOTAL INVESTMENT SECURITIES — 99.2% | 205,311,682 | ||||||
OTHER ASSETS AND LIABILITIES — 0.8% | 1,657,699 | ||||||
TOTAL NET ASSETS — 100.0% | $ | 206,969,381 |
NOTES TO SCHEDULE OF INVESTMENTS | ||
AGM | - | Assured Guaranty Municipal Corporation |
COP | - | Certificates of Participation |
DRIVERs | - | Derivative Inverse Tax-Exempt Receipts |
FHLB | - | Federal Home Loan Bank |
FNMA | - | Federal National Mortgage Association |
GO | - | General Obligation |
LIQ FAC | - | Liquidity Facilities |
LOC | - | Letter of Credit |
NATL-RE | - | National Public Finance Guarantee Corporation - Reinsured |
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) | Restricted security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold without restriction to qualified institutional investors and have been deemed liquid under policies approved by the Board of Trustees. The aggregate value of these securities at the period end was $24,240,000, which represented 11.7% of total net assets. |
(2) | The rate indicated is the yield to maturity at purchase. |
Statement of Assets and Liabilities |
FEBRUARY 28, 2015 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (amortized cost and cost for federal income tax purposes) | $ | 205,311,682 | |
Cash | 716,739 | ||
Receivable for investments sold | 250,000 | ||
Receivable for capital shares sold | 688,178 | ||
Interest receivable | 54,355 | ||
207,020,954 | |||
Liabilities | |||
Payable for capital shares redeemed | 35,151 | ||
Accrued management fees | 16,422 | ||
51,573 | |||
Net Assets | $ | 206,969,381 | |
Investor Class Capital Shares | |||
Shares outstanding (unlimited number of shares authorized) | 206,971,467 | ||
Net Asset Value Per Share | $ | 1.00 | |
Net Assets Consist of: | |||
Capital paid in | $ | 206,971,473 | |
Accumulated net realized loss | (2,092 | ) | |
$ | 206,969,381 |
Statement of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2015 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Interest | $ | 135,954 | |
Expenses: | |||
Management fees | 521,719 | ||
Trustees' fees and expenses | 6,126 | ||
527,845 | |||
Fees waived | (402,377 | ) | |
125,468 | |||
Net investment income (loss) | 10,486 | ||
Net realized gain (loss) on investment transactions | (99 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 10,387 |
Statement of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2015 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2014 | ||||||
Increase (Decrease) in Net Assets | February 28, 2015 | August 31, 2014 | ||||
Operations | ||||||
Net investment income (loss) | $ | 10,486 | $ | 22,836 | ||
Net realized gain (loss) | (99 | ) | 5,114 | |||
Net increase (decrease) in net assets resulting from operations | 10,387 | 27,950 | ||||
Distributions to Shareholders | ||||||
From net investment income | (10,486 | ) | (22,836 | ) | ||
Capital Share Transactions | ||||||
Proceeds from shares sold | 26,985,095 | 67,371,636 | ||||
Proceeds from reinvestment of distributions | 10,282 | 22,032 | ||||
Payments for shares redeemed | (41,067,788 | ) | (87,438,069 | ) | ||
Net increase (decrease) in net assets from capital share transactions | (14,072,411 | ) | (20,044,401 | ) | ||
Net increase (decrease) in net assets | (14,072,510 | ) | (20,039,287 | ) | ||
Net Assets | ||||||
Beginning of period | 221,041,891 | 241,081,178 | ||||
End of period | $ | 206,969,381 | $ | 221,041,891 | ||
Transactions in Shares of the Fund | ||||||
Sold | 26,985,095 | 67,371,636 | ||||
Issued in reinvestment of distributions | 10,282 | 22,032 | ||||
Redeemed | (41,067,788 | ) | (87,438,069 | ) | ||
Net increase (decrease) in shares of the fund | (14,072,411 | ) | (20,044,401 | ) |
Notes to Financial Statements |
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments. |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars. |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | ||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||
Distributions From: | Ratio to Average Net Assets of: | |||||||||||||
Net Asset Value, Beginning of Period | Income From Investment Operations: Net Investment Income (Loss) | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(1) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Net Assets, End of Period (in thousands) | |||
Investor Class | ||||||||||||||
2015(2) | $1.00 | —(3) | —(3) | — | —(3) | $1.00 | 0.00% | 0.12%(4) | 0.50%(4) | 0.01%(4) | (0.37)%(4) | $206,969 | ||
2014 | $1.00 | —(3) | —(3) | — | —(3) | $1.00 | 0.01% | 0.16% | 0.50% | 0.01% | (0.33)% | $221,042 | ||
2013 | $1.00 | —(3) | —(3) | — | —(3) | $1.00 | 0.01% | 0.28% | 0.50% | 0.01% | (0.21)% | $241,081 | ||
2012 | $1.00 | —(3) | —(3) | —(3) | —(3) | $1.00 | 0.01% | 0.40% | 0.50% | 0.01% | (0.09)% | $263,397 | ||
2011 | $1.00 | —(3) | —(3) | —(3) | —(3) | $1.00 | 0.01% | 0.38% | 0.50% | 0.01% | (0.11)% | $299,366 | ||
2010 | $1.00 | —(3) | —(3) | —(3) | —(3) | $1.00 | 0.03% | 0.34% | 0.50% | 0.01% | (0.15)% | $345,565 |
Notes to Financial Highlights |
(1) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(2) | Six months ended February 28, 2015 (unaudited). |
(3) | Per-share amount was less than $0.005. |
(4) | Annualized. |
Additional Information |
Notes |
Notes |
Notes |
![]() | ||
Contact Us | americancentury.com | |
Automated Information Line | 1-800-345-8765 | |
Investor Services Representative | 1-800-345-2021 or 816-531-5575 | |
Investors Using Advisors | 1-800-378-9878 | |
Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 | |
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century California Tax-Free and Municipal Funds | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2015 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-85081 1504 |
SEMIANNUAL REPORT | FEBRUARY 28, 2015 |
Table of Contents |
President’s Letter |
![]() | Dear Investor: Thank you for reviewing this semiannual report for the six months ended February 28, 2015. It provides a macroeconomic and financial market overview (below), followed by fund performance, a schedule of fund investments, and other financial information. For additional commentary and updated information on fund performance, key factors that affected asset returns, and other insights regarding the investment markets, we encourage you to visit our website, americancentury.com. |
Jonathan Thomas |
Performance |
Total Returns as of February 28, 2015 | |||||||
Average Annual Returns | |||||||
Ticker Symbol | 6 months(1) | 1 year | 5 years | 10 years | Since Inception | Inception Date | |
Investor Class | BCITX | 1.39% | 4.10% | 4.38% | 4.10% | 5.54% | 11/9/83 |
Barclays 7 Year Municipal Bond Index | — | 1.66% | 4.25% | 4.53% | 4.78% | N/A(2) | — |
Institutional Class | BCTIX | 1.58% | 4.40% | — | — | 4.60% | 3/1/10 |
A Class | BCIAX | 3/1/10 | |||||
No sales charge* | 1.35% | 3.93% | — | — | 4.13% | ||
With sales charge* | -3.19% | -0.71% | — | — | 3.17% | ||
C Class | BCIYX | 3/1/10 | |||||
No sales charge* | 0.89% | 3.07% | — | — | 3.36% | ||
With sales charge* | -0.11% | 3.07% | — | — | 3.36% |
* | Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied. |
(1) | Total returns for periods less than one year are not annualized. |
(2) | Benchmark data first available January 1990. |
Total Annual Fund Operating Expenses | |||
Investor Class | Institutional Class | A Class | C Class |
0.47% | 0.27% | 0.72% | 1.47% |
Fund Characteristics |
FEBRUARY 28, 2015 | |
Portfolio at a Glance | |
Weighted Average Maturity | 9.3 years |
Average Duration (Modified) | 4.3 years |
Top Five Sectors | % of fund investments |
Public Power | 14% |
Lease Revenue | 11% |
General Obligation (GO) - Local | 11% |
General Obligation (GO) - State | 9% |
Hospital | 7% |
Types of Investments in Portfolio | % of net assets |
Municipal Securities | 99.6% |
Other Assets and Liabilities | 0.4% |
Shareholder Fee Example |
Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid During Period(1)9/1/14 - 2/28/15 | Annualized Expense Ratio(1) | |
Actual | ||||
Investor Class | $1,000 | $1,013.90 | $2.35 | 0.47% |
Institutional Class | $1,000 | $1,015.80 | $1.35 | 0.27% |
A Class | $1,000 | $1,013.50 | $3.59 | 0.72% |
C Class | $1,000 | $1,008.90 | $7.32 | 1.47% |
Hypothetical | ||||
Investor Class | $1,000 | $1,022.46 | $2.36 | 0.47% |
Institutional Class | $1,000 | $1,023.46 | $1.35 | 0.27% |
A Class | $1,000 | $1,021.22 | $3.61 | 0.72% |
C Class | $1,000 | $1,017.51 | $7.35 | 1.47% |
(1) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. |
Schedule of Investments |
Principal Amount | Value | |||||
MUNICIPAL SECURITIES — 99.6% | ||||||
California — 98.1% | ||||||
ABAG Finance Authority for Nonprofit Corps. Rev., (Jackson Laboratory), 4.00%, 7/1/15 | $ | 280,000 | $ | 283,562 | ||
ABAG Finance Authority for Nonprofit Corps. Rev., (Jackson Laboratory), 4.00%, 7/1/16 | 270,000 | 282,496 | ||||
ABAG Finance Authority for Nonprofit Corps. Rev., (Jackson Laboratory), 5.00%, 7/1/17 | 1,000,000 | 1,095,870 | ||||
ABAG Finance Authority for Nonprofit Corps. Rev., (Jackson Laboratory), 5.00%, 7/1/18 | 500,000 | 560,870 | ||||
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2011 A, (Sharp HealthCare), 6.00%, 8/1/30 | 2,500,000 | 3,051,400 | ||||
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2014 A, (Sharp HealthCare), 5.00%, 8/1/33 | 1,450,000 | 1,669,168 | ||||
Alameda Corridor Transportation Authority Rev., Capital Appreciation, Series 1999 A, 0.00%, 10/1/35 (NATL-RE)(1) | 9,000,000 | 3,897,720 | ||||
Alameda Corridor Transportation Authority Rev., Series 2013 A, 5.00%, 10/1/24 | 2,000,000 | 2,426,260 | ||||
Alameda Corridor Transportation Authority Rev., Series 2013 A, (Senior Lien), 5.00%, 10/1/20 | 3,010,000 | 3,581,238 | ||||
Alum Rock Union Elementary School District GO, Series 2013 A, (Election of 2012), 6.00%, 8/1/39 | 1,500,000 | 1,878,555 | ||||
Anaheim Public Financing Authority Rev., Series 2011 A, (Electric System Distribution Facilities), 5.375%, 10/1/36 | 700,000 | 830,606 | ||||
Anaheim Public Financing Authority Rev., Series 2012 A, (Electric System Distribution Facilities), 5.00%, 10/1/23 | 1,200,000 | 1,480,032 | ||||
Anaheim Public Financing Authority Rev., Series 2012 A, (Electric System Distribution Facilities), 5.00%, 10/1/24 | 2,275,000 | 2,776,000 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Convention Center Expansion), 5.00%, 5/1/25 | 1,000,000 | 1,209,960 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Convention Center Expansion), 5.00%, 5/1/28 | 1,100,000 | 1,293,666 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Convention Center Expansion), 5.00%, 5/1/29 | 1,250,000 | 1,461,238 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Convention Center Expansion), 5.00%, 5/1/34 | 3,360,000 | 3,834,701 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Convention Center Expansion), 5.00%, 5/1/39 | 1,550,000 | 1,758,428 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Convention Center Expansion), 5.00%, 5/1/46 | 2,000,000 | 2,245,200 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2001 A, (San Francisco Bay Area), VRDN, 1.27%, 3/5/15 | 5,000,000 | 5,117,300 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2007 A-1, (San Francisco Bay Area), VRDN, 0.72%, 3/5/15 | 1,000,000 | 1,021,110 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2007 F, (San Francisco Bay Area), 5.00%, 4/1/17, Prerefunded at 100% of Par(2) | 2,000,000 | 2,186,620 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2008 G-1, (San Francisco Bay Area), VRDN, 1.12%, 3/5/15 | 2,500,000 | 2,546,775 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2009 F-1, (San Francisco Bay Area), 5.25%, 4/1/19, Prerefunded at 100% of Par(2) | 5,000,000 | 5,866,900 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2012 F-1, (San Francisco Bay Area), 5.00%, 4/1/24 | 1,500,000 | 1,824,180 |
Principal Amount | Value | |||||
Bay Area Toll Authority Toll Bridge Rev., Series 2012 F-1, (San Francisco Bay Area), 5.00%, 4/1/25 | $ | 3,500,000 | $ | 4,236,295 | ||
Bay Area Toll Authority Toll Bridge Rev., Series 2012 F-1, (San Francisco Bay Area), 5.00%, 4/1/28 | 7,185,000 | 8,486,778 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2013 S-4, (San Francisco Bay Area), 5.00%, 4/1/43 | 5,610,000 | 6,337,729 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2014 B, (San Francisco Bay Area), VRDN, 1.50%, 4/2/18 | 3,000,000 | 3,032,490 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2014 E, (San Francisco Bay Area), 2.00%, 4/1/34 | 2,000,000 | 2,032,740 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2014 S-6, (San Francisco Bay Area), 5.00%, 10/1/54 | 11,500,000 | 12,920,825 | ||||
California Department of Water Resources and Supply Rev., Series 2014 AT, (Center Valley Project), VRDN, 0.32%, 3/5/15 | 4,500,000 | 4,500,225 | ||||
California Department of Water Resources Power Supply Rev., Series 2005 F-5, 5.00%, 5/1/22 | 1,800,000 | 2,035,782 | ||||
California Department of Water Resources Power Supply Rev., Series 2005 G-4, 5.00%, 5/1/16 | 3,230,000 | 3,412,818 | ||||
California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/21 | 5,000,000 | 5,658,950 | ||||
California Department of Water Resources Power Supply Rev., Series 2009 AG, (Center Valley Project), 5.00%, 12/1/19, Prerefunded at 100% of Par(2) | 905,000 | 1,073,810 | ||||
California Department of Water Resources Power Supply Rev., Series 2009 AG, (Center Valley Project), 5.00%, 12/1/25 | 95,000 | 112,283 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 4.00%, 5/1/15 | 2,290,000 | 2,305,984 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/15 | 1,000,000 | 1,008,760 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/16 | 5,000,000 | 5,283,000 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/17 | 5,000,000 | 5,496,650 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/18 | 3,000,000 | 3,393,540 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/19 | 7,000,000 | 8,154,300 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/21 | 3,000,000 | 3,578,400 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/22 | 18,000,000 | 21,517,020 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 M, 4.00%, 5/1/15 | 7,275,000 | 7,325,779 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 M, 5.00%, 5/1/15 | 4,000,000 | 4,035,040 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 M, 5.00%, 5/1/16 | 2,000,000 | 2,113,200 | ||||
California Department of Water Resources Power Supply Rev., Series 2011 N, 5.00%, 5/1/20 | 14,215,000 | 16,926,653 | ||||
California Department of Water Resources Power Supply Rev., Series 2011 N, 5.00%, 5/1/21 | 10,000,000 | 12,169,700 | ||||
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/18(2) | 5,435,000 | 6,183,889 | ||||
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/18 | 1,565,000 | 1,783,145 | ||||
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/19(2) | 4,505,000 | 5,301,754 | ||||
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/22 | 2,000,000 | 2,122,620 | ||||
California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/31 | 1,455,000 | 1,616,796 |
Principal Amount | Value | |||||
California Educational Facilities Authority Rev., (San Francisco University), 5.00%, 10/1/16 | $ | 1,200,000 | $ | 1,289,136 | ||
California Educational Facilities Authority Rev., (San Francisco University), 5.00%, 10/1/21 | 750,000 | 904,545 | ||||
California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/18 | 500,000 | 561,035 | ||||
California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/19 | 700,000 | 791,133 | ||||
California Educational Facilities Authority Rev., (Santa Clara University), 5.25%, 4/1/23 | 2,000,000 | 2,251,380 | ||||
California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/15, Prerefunded at 100% of Par(2) | 70,000 | 72,319 | ||||
California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/36 | 975,000 | 985,189 | ||||
California Educational Facilities Authority Rev., Series 2009 A, (Pomona College), 5.00%, 1/1/24 | 2,100,000 | 2,419,431 | ||||
California Educational Facilities Authority Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39 | 2,950,000 | 3,306,920 | ||||
California Educational Facilities Authority Rev., Series 2010 A, (Loyola Marymount University), 5.00%, 10/1/30 | 1,365,000 | 1,550,749 | ||||
California Educational Facilities Authority Rev., Series 2010 B, (Loyola Marymount University), VRN, 0.82%, 3/5/15 | 3,510,000 | 3,511,895 | ||||
California Educational Facilities Authority Rev., Series 2012 A, (University of the Pacific), 4.50%, 11/1/15 | 1,240,000 | 1,275,266 | ||||
California Educational Facilities Authority Rev., Series 2012 A, (University of the Pacific), 4.50%, 11/1/17 | 1,000,000 | 1,096,590 | ||||
California GO, 5.00%, 9/1/17 | 2,500,000 | 2,774,375 | ||||
California GO, 5.00%, 9/1/15 | 9,115,000 | 9,343,969 | ||||
California GO, 5.00%, 11/1/16 (Ambac) | 1,575,000 | 1,697,472 | ||||
California GO, 5.00%, 10/1/17 | 2,170,000 | 2,415,101 | ||||
California GO, 5.50%, 4/1/18 | 2,535,000 | 2,893,829 | ||||
California GO, 5.00%, 8/1/18 | 2,260,000 | 2,458,134 | ||||
California GO, 5.00%, 9/1/18 | 1,000,000 | 1,140,750 | ||||
California GO, 5.00%, 9/1/19 | 7,645,000 | 8,935,094 | ||||
California GO, 5.00%, 3/1/20 | 1,690,000 | 1,885,364 | ||||
California GO, 5.00%, 8/1/20 | 5,000,000 | 5,434,300 | ||||
California GO, 5.25%, 10/1/20 | 5,000,000 | 5,904,950 | ||||
California GO, 5.00%, 3/1/22 | 5,000,000 | 5,233,600 | ||||
California GO, 5.00%, 9/1/22 | 2,000,000 | 2,448,260 | ||||
California GO, 5.50%, 4/1/24 | 4,600,000 | 5,373,904 | ||||
California GO, 5.00%, 8/1/24 | 1,260,000 | 1,366,432 | ||||
California GO, 5.00%, 12/1/26 | 1,045,000 | 1,261,848 | ||||
California GO, 5.00%, 2/1/27 | 14,000,000 | 16,540,300 | ||||
California GO, 5.00%, 2/1/28 | 5,795,000 | 6,800,548 | ||||
California GO, 5.75%, 4/1/28 | 5,000,000 | 5,869,050 | ||||
California GO, 5.00%, 11/1/29 | 2,625,000 | 3,086,974 | ||||
California GO, 5.75%, 4/1/31 | 5,000,000 | 5,884,350 | ||||
California GO, 5.00%, 11/1/32 | 1,890,000 | 2,089,773 | ||||
California GO, 6.50%, 4/1/33 | 5,000,000 | 6,107,250 | ||||
California GO, 6.00%, 4/1/38 | 3,000,000 | 3,602,940 | ||||
California GO, Series 2004 A-1, (Kindergarten), VRDN, 0.01%, 3/2/15 (LOC: Citibank N.A.) | 5,400,000 | 5,400,000 |
Principal Amount | Value | |||||
California GO, Series 2012 B, VRN, 0.92%, 3/5/15 | $ | 2,000,000 | $ | 2,029,540 | ||
California GO, Series 2012 B, VRN, 1.02%, 3/5/15 | 800,000 | 814,608 | ||||
California GO, Series 2012 B, VRN, 1.17%, 3/5/15 | 960,000 | 981,590 | ||||
California GO, VRDN, 4.00%, 12/1/16 | 3,000,000 | 3,130,830 | ||||
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/18 | 1,000,000 | 1,140,460 | ||||
California Health Facilities Financing Authority Rev., (NCROC Paradise Valley Estates), 5.70%, 12/1/24 (Ambac/California Mortgage Insurance) | 1,455,000 | 1,679,361 | ||||
California Health Facilities Financing Authority Rev., Series 2008 A, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17 | 2,000,000 | 2,033,900 | ||||
California Health Facilities Financing Authority Rev., Series 2008 A, (Scripps Health), 5.00%, 10/1/17 | 1,400,000 | 1,556,212 | ||||
California Health Facilities Financing Authority Rev., Series 2008 A, (Sutter Health), 5.50%, 8/15/17 | 1,000,000 | 1,121,910 | ||||
California Health Facilities Financing Authority Rev., Series 2008 A, (Sutter Health), 5.25%, 8/15/22 | 3,335,000 | 3,818,942 | ||||
California Health Facilities Financing Authority Rev., Series 2008 B, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17 | 2,200,000 | 2,237,290 | ||||
California Health Facilities Financing Authority Rev., Series 2008 C, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17 | 1,500,000 | 1,525,425 | ||||
California Health Facilities Financing Authority Rev., Series 2008 C, (Providence Health & Services), 6.25%, 10/1/18, Prerefunded at 100% of Par(2) | 3,250,000 | 3,873,122 | ||||
California Health Facilities Financing Authority Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/18, Prerefunded at 100% of Par(2) | 40,000 | 47,960 | ||||
California Health Facilities Financing Authority Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/18, Prerefunded at 100% of Par(2) | 2,085,000 | 2,499,894 | ||||
California Health Facilities Financing Authority Rev., Series 2008 H, (Catholic Healthcare West), 5.125%, 7/1/15, Prerefunded at 100% of Par(2) | 355,000 | 361,134 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 5.00%, 7/1/18 | 3,000,000 | 3,401,640 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.25%, 11/1/29 | 5,000,000 | 6,018,650 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.50%, 7/1/29 | 1,500,000 | 1,735,680 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.75%, 7/1/39 | 1,000,000 | 1,162,750 | ||||
California Health Facilities Financing Authority Rev., Series 2009 C, (St. Joseph Health System), VRDN, 5.00%, 10/18/22 | 5,700,000 | 6,958,617 | ||||
California Health Facilities Financing Authority Rev., Series 2010 A, (Stanford Hospital), 5.00%, 11/15/25 | 2,000,000 | 2,323,860 | ||||
California Health Facilities Financing Authority Rev., Series 2011 B, (St. Joseph Health System), VRDN, 0.01%, 3/2/15 (LOC: U.S. Bank N.A.) | 9,100,000 | 9,100,000 | ||||
California Health Facilities Financing Authority Rev., Series 2011 B, (Sutter Health), 6.00%, 8/15/42 | 1,000,000 | 1,204,290 | ||||
California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/18 | 1,305,000 | 1,489,031 | ||||
California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/22 | 1,650,000 | 1,969,869 | ||||
California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51 | 1,000,000 | 1,115,890 | ||||
California Health Facilities Financing Authority Rev., Series 2013 A, (St. Joseph Health System), 5.00%, 7/1/37 | 890,000 | 1,012,758 |
Principal Amount | Value | |||||
California Health Facilities Financing Authority Rev., Series 2013 A, (Sutter Health), 5.00%, 8/15/52 | $ | 4,000,000 | $ | 4,536,600 | ||
California Infrastructure & Economic Development Bank Rev., (Columbia College), VRDN, 0.04%, 3/5/15 (LOC: Rabobank Nederland N.V.) | 1,520,000 | 1,520,000 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2000 A, (Scripps Research Institute), 5.625%, 7/1/20 | 790,000 | 793,452 | ||||
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)(2) | 5,000,000 | 6,496,200 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2008 B, (Los Angeles County Museum of Natural History Foundation), VRDN, 0.02%, 3/2/15 (LOC: Wells Fargo Bank N.A.) | 950,000 | 950,000 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2010 A, (University of California, San Francisco Neuroscience Building), 5.00%, 5/15/22 | 3,735,000 | 4,449,954 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2011 A-1, (J. Paul Getty Trust), VRDN, 0.30%, 3/5/15 | 5,000,000 | 4,983,200 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2012 A-1, (J. Paul Getty Trust), 4.00%, 10/1/15 | 975,000 | 997,620 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2013 A, (Los Angeles County Museum of Art Project), VRDN, 1.87%, 3/5/15 | 3,000,000 | 3,092,220 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2015 B-2, (J. Paul Getty Trust), VRDN, 0.30%, 3/5/15 | 2,750,000 | 2,750,247 | ||||
California Municipal Finance Authority Rev., (Biola University), 5.00%, 10/1/18 | 1,000,000 | 1,110,690 | ||||
California Municipal Finance Authority Rev., (Community Hospitals Central), 5.00%, 2/1/17 | 2,000,000 | 2,140,920 | ||||
California Municipal Finance Authority Rev., Series 2007, (Loma Linda University), 5.00%, 4/1/23 | 1,145,000 | 1,207,609 | ||||
California Municipal Finance Authority Rev., Series 2007, (Loma Linda University), 5.00%, 4/1/28 | 2,000,000 | 2,082,000 | ||||
California Municipal Finance Authority Rev., Series 2010 A, (Eisenhower Medical Center), 5.00%, 7/1/19 | 605,000 | 683,783 | ||||
California Municipal Finance Authority Rev., Series 2010 A, (Eisenhower Medical Center), 5.25%, 7/1/21 | 1,760,000 | 2,040,826 | ||||
California Municipal Finance Authority Rev., Series 2010 A, (University of Louisiana Verne), 5.00%, 6/1/17 | 2,290,000 | 2,464,109 | ||||
California Municipal Finance Authority Rev., Series 2011, (Emerson College), 5.75%, 1/1/33 | 2,250,000 | 2,606,062 | ||||
California Municipal Finance Authority Rev., Series 2011, (Emerson College), 6.00%, 1/1/42 | 1,000,000 | 1,167,490 | ||||
California Pollution Control Financing Authority Rev., Series 1996 C, (Pacific Gas & Electric Company), VRDN, 0.01%, 3/2/15 (LOC: JPMorgan Chase Bank N.A.) | 5,800,000 | 5,800,000 | ||||
California Pollution Control Financing Authority Rev., Series 1996 E, (Pacific Gas & Electric Company), VRDN, 0.02%, 3/2/15 (LOC: JPMorgan Chase Bank N.A.) | 7,700,000 | 7,700,000 | ||||
California Pollution Control Financing Authority Rev., Series 1996 F, (Pacific Gas & Electric Company), VRDN, 0.02%, 3/2/15 (LOC: JPMorgan Chase Bank N.A.) | 6,500,000 | 6,500,000 | ||||
California Public Works Board Lease Rev., Series 2005 A, (Department of General Services - Butterfield), 5.00%, 6/1/15 | 1,450,000 | 1,468,531 | ||||
California Public Works Board Lease Rev., Series 2006 A, (California State University), 5.00%, 10/1/16 (NATL-RE/FGIC) | 1,500,000 | 1,610,790 | ||||
California Public Works Board Lease Rev., Series 2009 A, (Department of General Services - Building 8 & 9), 6.25%, 4/1/34 | 2,435,000 | 2,918,664 |
Principal Amount | Value | |||||
California Public Works Board Lease Rev., Series 2009 B, (Department of Education - Riverside Campus), 6.00%, 4/1/27 | $ | 2,130,000 | $ | 2,540,898 | ||
California Public Works Board Lease Rev., Series 2009 I-1, (Various Capital Projects), 6.375%, 11/1/34 | 2,500,000 | 3,074,150 | ||||
California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.00%, 12/1/15 | 4,000,000 | 4,149,280 | ||||
California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.25%, 12/1/26 | 2,000,000 | 2,433,420 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/15 | 4,000,000 | 4,018,560 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/21 | 3,000,000 | 3,580,440 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/22 | 2,100,000 | 2,547,216 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/23 | 2,000,000 | 2,399,780 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25 | 1,800,000 | 2,132,604 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37 | 4,545,000 | 5,124,987 | ||||
California Public Works Board Lease Rev., Series 2012 D, (California State University Projects), 5.00%, 9/1/36 | 1,000,000 | 1,127,160 | ||||
California Public Works Board Lease Rev., Series 2012 G, (Various Capital Projects), 4.00%, 11/1/17 | 1,250,000 | 1,358,863 | ||||
California Public Works Board Lease Rev., Series 2013 H, (California State University Projects), 5.00%, 9/1/38 | 4,500,000 | 5,110,065 | ||||
California Public Works Board Lease Rev., Series 2013 I, (Various Capital Projects), 5.00%, 11/1/38 | 2,400,000 | 2,732,784 | ||||
California Public Works Board Lease Rev., Series 2014 A, (Various Correctional Facilities), 5.00%, 9/1/25 | 5,000,000 | 6,121,800 | ||||
California State University Systemwide Rev., Series 2011 A, 5.00%, 11/1/20 | 1,250,000 | 1,502,925 | ||||
California State University Systemwide Rev., Series 2011 A, 5.00%, 11/1/24 | 5,000,000 | 5,980,300 | ||||
California State University Systemwide Rev., Series 2014 A, 5.00%, 11/1/32 | 1,750,000 | 2,064,580 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/16 | 750,000 | 806,108 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/17 | 815,000 | 903,533 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 4.00%, 11/1/18 | 200,000 | 221,392 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/18 | 515,000 | 585,756 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 4.00%, 11/1/19 | 200,000 | 224,826 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/20 | 100,000 | 118,947 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 4.00%, 11/1/21 | 150,000 | 171,008 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/22 | 125,000 | 151,545 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/23 | 150,000 | 183,405 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/24 | 200,000 | 244,240 |
Principal Amount | Value | |||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/25 | $ | 175,000 | $ | 211,834 | ||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/26 | 250,000 | 298,593 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/27 | 350,000 | 412,969 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/28 | 500,000 | 586,880 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/29 | 400,000 | 468,400 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/30 | 500,000 | 584,580 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/31 | 700,000 | 814,576 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/32 | 500,000 | 579,565 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/33 | 735,000 | 851,292 | ||||
California Statewide Communities Development Authority Rev., (John Muir Health), 5.00%, 7/1/20 | 2,225,000 | 2,604,518 | ||||
California Statewide Communities Development Authority Rev., (Southern California Edison Co.), VRDN, 1.375%, 4/2/18 | 1,775,000 | 1,792,785 | ||||
California Statewide Communities Development Authority Rev., (St. Joseph Remarketing), 5.125%, 7/1/24 (NATL-RE) | 2,000,000 | 2,247,180 | ||||
California Statewide Communities Development Authority Rev., (Trinity Health Corp.), 5.00%, 12/1/41 | 1,570,000 | 1,767,961 | ||||
California Statewide Communities Development Authority Rev., Series 2002 B, (Pooled Financing Program), 5.20%, 10/1/18 (AGM) | 440,000 | 441,769 | ||||
California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.30%, 11/1/18 | 1,480,000 | 1,596,298 | ||||
California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.40%, 11/1/27 | 1,000,000 | 1,047,040 | ||||
California Statewide Communities Development Authority Rev., Series 2007 A, (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/1/17, Prerefunded at 100% of Par (California Mortgage Insurance)(2) | 1,000,000 | 1,113,370 | ||||
California Statewide Communities Development Authority Rev., Series 2007 A, (Valleycare Health System), 4.80%, 7/15/17 | 1,980,000 | 2,118,402 | ||||
California Statewide Communities Development Authority Rev., Series 2007 A, (Valleycare Health System), 5.00%, 7/15/22 | 2,460,000 | 2,568,806 | ||||
California Statewide Communities Development Authority Rev., Series 2008 C, (John Muir Health), VRDN, 0.01%, 3/2/15 (LOC: Wells Fargo Bank N.A.) | 1,000,000 | 1,000,000 | ||||
California Statewide Communities Development Authority Rev., Series 2009 A, (Kaiser Permanente), 5.00%, 4/1/19 | 1,450,000 | 1,674,228 | ||||
California Statewide Communities Development Authority Rev., Series 2012 A, (Kaiser Permanente), 5.00%, 4/1/42 | 8,400,000 | 9,394,980 | ||||
California Statewide Communities Development Authority Rev., Series 2014 A, (Loma Linda University Medical Center), 5.25%, 12/1/29 | 1,500,000 | 1,685,670 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/22 | 475,000 | 565,630 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/23 | 600,000 | 717,324 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/24 | 750,000 | 902,250 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/25 | 800,000 | 945,976 |
Principal Amount | Value | |||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/26 | $ | 885,000 | $ | 1,038,530 | ||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/27 | 1,880,000 | 2,190,200 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Los Angeles Jewish Home), 3.00%, 8/1/21 (GA: Jewish Home Foundation) | 3,900,000 | 4,011,228 | ||||
Calleguas-Las Virgenes Public Financing Authority Rev., Series 2007 A, (Municipal Water District), 5.00%, 7/1/16, Prerefunded at 100% of Par (NATL-RE/FGIC)(2) | 1,000,000 | 1,064,200 | ||||
Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 87-1), 5.00%, 9/1/18 (Ambac) | 3,115,000 | 3,317,226 | ||||
Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Merged and Amended Project Area), 4.00%, 10/1/15 | 625,000 | 639,213 | ||||
Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Merged and Amended Project Area), 4.00%, 10/1/16 | 525,000 | 554,657 | ||||
Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Merged and Amended Project Area), 4.00%, 10/1/17 | 675,000 | 731,707 | ||||
Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Project Area No. 1), 5.00%, 10/1/19 (AGM) | 315,000 | 362,477 | ||||
Chaffey Joint Union High School District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/30 | 3,125,000 | 3,658,344 | ||||
Chaffey Joint Union High School District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/32 | 1,220,000 | 1,415,261 | ||||
Chula Vista Rev., Series 2006 A, (San Diego Gas and Electric), 1.65%, 7/1/18 | 8,165,000 | 8,206,805 | ||||
City of Fontana Special Tax Rev., (Community Facilities District No. 22), 4.00%, 9/1/18 | 740,000 | 808,176 | ||||
City of Fontana Special Tax Rev., (Community Facilities District No. 22), 4.00%, 9/1/19 | 390,000 | 431,652 | ||||
City of Fontana Special Tax Rev., (Community Facilities District No. 22), 5.00%, 9/1/20 | 545,000 | 632,881 | ||||
City of Fontana Special Tax Rev., (Community Facilities District No. 22), 5.00%, 9/1/22 | 520,000 | 615,550 | ||||
City of Fontana Special Tax Rev., (Community Facilities District No. 22), 5.00%, 9/1/24 | 575,000 | 685,975 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/17 | 850,000 | 916,037 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/18 | 875,000 | 957,119 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/19 | 1,400,000 | 1,554,952 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 94-15), VRDN, 0.01%, 3/2/15 (LOC: State Street Bank & Trust Co.) | 1,300,000 | 1,300,000 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., Series 2006 B, (Assessment District No. 3-19), VRDN, 0.01%, 3/2/15 (LOC: U.S. Bank N.A.) | 5,400,000 | 5,400,000 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., Series 2011 A, (Assessment District No. 5-21), VRDN, 0.01%, 3/2/15 (LOC: U.S. Bank N.A.)(3) | 1,100,000 | 1,100,000 | ||||
City of La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/20 | 640,000 | 728,806 | ||||
City of La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/21 | 315,000 | 361,485 | ||||
City of La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/22 | 225,000 | 258,773 | ||||
Clovis Unified School District GO, Capital Appreciation, Series 2004 A, (Election of 2004), 0.00%, 8/1/24 (NATL-RE)(1) | 5,935,000 | 4,620,101 |
Principal Amount | Value | |||||
Corcoran Joint Unified School District COP, VRDN, 2.70%, 12/1/21 (AGM) | $ | 4,500,000 | $ | 4,521,600 | ||
East Bay Municipal Utility District Rev., Series 2012 B, 4.00%, 6/1/15 | 1,185,000 | 1,197,123 | ||||
East Side Union High School District GO, Series 2012, 5.00%, 8/1/25 | 1,405,000 | 1,657,745 | ||||
East Side Union High School District GO, Series 2013, 5.00%, 8/1/29 | 2,450,000 | 2,844,107 | ||||
Eastern Municipal Water District Water & Sewer COP, Series 2008 H, 5.00%, 7/1/24 | 1,000,000 | 1,126,870 | ||||
Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 5.00%, 7/1/15 | 600,000 | 610,122 | ||||
Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 4.00%, 7/1/16 | 600,000 | 630,096 | ||||
Fairfield Redevelopment Agency Tax Allocation Rev., 4.00%, 8/1/16 | 1,525,000 | 1,602,806 | ||||
Folsom Cordova Unified School District No. 2 Facilities Improvement GO, 4.00%, 10/1/15 | 570,000 | 583,207 | ||||
Folsom Cordova Unified School District No. 4 Facilities Improvement GO, Series 2014 A, (Election of 2012), 4.00%, 10/1/15 | 605,000 | 618,649 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 1995 A, (Senior Lien), 0.00%, 1/1/26(1)(2) | 10,000,000 | 7,807,800 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/24(4) | 1,600,000 | 1,192,464 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/42(1) | 4,820,000 | 1,418,333 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 A, 6.00%, 1/15/49 | 3,000,000 | 3,575,850 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-1, VRDN, 5.00%, 1/15/18 | 3,750,000 | 4,061,287 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-2, VRDN, 5.00%, 1/15/20 | 5,000,000 | 5,605,700 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-3, VRDN, 5.50%, 1/15/23 | 2,750,000 | 3,227,042 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 C, (Junior Lien), 6.25%, 1/15/33 | 3,000,000 | 3,594,660 | ||||
Franklin-McKinley School District GO, Series 2005 A, (Election of 2004), 5.00%, 8/1/15, Prerefunded at 100% of Par (FGIC)(2) | 1,150,000 | 1,174,104 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Capital Appreciation, Series 2005 A, 0.00%, 6/1/25 (AGM)(1) | 2,000,000 | 1,494,840 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 4.50%, 6/1/27 | 1,270,000 | 1,237,094 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.00%, 6/1/33 | 1,250,000 | 1,058,213 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/21 | 1,000,000 | 1,200,140 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/29 | 6,650,000 | 7,616,511 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/30 | 2,000,000 | 2,278,120 | ||||
Grossmont-Cuyamaca Community College District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/25 | 680,000 | 828,505 | ||||
Grossmont-Cuyamaca Community College District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/26 | 685,000 | 824,158 | ||||
Grossmont-Cuyamaca Community College District GO, Series 2013 A, (Election of 2012), 5.25%, 8/1/27 | 750,000 | 909,870 | ||||
Hayward Area Recreation and Park District COP, 5.125%, 1/1/39 | 1,750,000 | 1,975,995 | ||||
Huntington Beach Union High School District GO, 5.00%, 8/1/26 | 3,030,000 | 3,666,179 |
Principal Amount | Value | |||||
Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.25%, 9/1/37 | $ | 1,110,000 | $ | 1,271,938 | ||
Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/44 | 1,175,000 | 1,302,535 | ||||
Irvine Community Facilities District No. 2013-3 Special Tax Rev., (Great Park Improvement Area No.1), 5.00%, 9/1/39 | 1,000,000 | 1,138,090 | ||||
Irvine Unified School District Financing Authority Special Tax Rev., Series 2006 A, (Group II), 4.75%, 9/1/16 | 600,000 | 618,000 | ||||
Irvine Unified School District Financing Authority Special Tax Rev., Series 2006 A, (Group II), 5.00%, 9/1/20 | 745,000 | 769,272 | ||||
Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/23 | 625,000 | 748,000 | ||||
Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/24 | 680,000 | 815,238 | ||||
Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/25 | 1,000,000 | 1,188,700 | ||||
La Quinta Redevelopment Successor Agency Tax Allocation Rev., Series 2013 A, (La Quinta Redevelopment Project Areas 1&2), 5.00%, 9/1/19 | 1,150,000 | 1,325,444 | ||||
La Quinta Redevelopment Successor Agency Tax Allocation Rev., Series 2013 A, (La Quinta Redevelopment Project Areas 1&2), 5.00%, 9/1/20 | 1,045,000 | 1,220,267 | ||||
Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.00%, 11/15/35 | 1,215,000 | 1,418,865 | ||||
Long Beach Harbor Rev., Series 2014 C, 5.00%, 11/15/18 | 22,000,000 | 25,285,260 | ||||
Los Alamitos Unified School District COP, Capital Appreciation, (Capital Projects), 0.00%, 8/1/24(4) | 2,100,000 | 1,579,746 | ||||
Los Altos Elementary School District GO, 5.00%, 8/1/16, Prerefunded at 100% of Par (Ambac)(2) | 1,045,000 | 1,115,851 | ||||
Los Altos Elementary School District GO, 5.00%, 8/1/19 (Ambac) | 1,455,000 | 1,554,420 | ||||
Los Angeles Community College District GO, Series 2007 A, (Election of 2001), 5.00%, 8/1/17, Prerefunded at 100% of Par (NATL-RE/FGIC)(2) | 2,000,000 | 2,212,780 | ||||
Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/21 | 1,195,000 | 1,421,488 | ||||
Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/22 | 1,000,000 | 1,203,120 | ||||
Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/23 | 1,955,000 | 2,366,821 | ||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., Series 2008 B, (Proposition A), 5.00%, 7/1/31 | 1,000,000 | 1,117,390 | ||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., Series 2010 A, (General Union Station), 5.00%, 7/1/20 | 3,000,000 | 3,542,370 | ||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., Series 2013 A, (Proposition A), 5.00%, 7/1/21 | 2,470,000 | 3,013,919 | ||||
Los Angeles County Redevelopment Authority Tax Allocation Rev., Series 2013 D, (Redevelopment Project Areas), 4.00%, 9/1/15 | 2,000,000 | 2,037,960 | ||||
Los Angeles County Redevelopment Authority Tax Allocation Rev., Series 2013 D, (Redevelopment Project Areas), 5.00%, 9/1/16 | 2,000,000 | 2,133,520 | ||||
Los Angeles County Redevelopment Authority Tax Allocation Rev., Capital Appreciation, Series 2013 E, (Covina Revitalization Redevelopment Project No. 1), 0.00%, 12/1/19 (AGM)(1) | 1,500,000 | 1,364,190 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-1, (MonteCedro Inc.), 3.00%, 11/15/21 (California Mortgage Insurance) | 1,170,000 | 1,187,328 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-2, (MonteCedro Inc.), 3.00%, 11/15/20 (California Mortgage Insurance) | 950,000 | 966,131 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-3, (MonteCedro Inc.), 2.50%, 11/15/20 (California Mortgage Insurance) | 2,000,000 | 2,025,600 |
Principal Amount | Value | |||||
Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.00%, 5/15/18 | $ | 750,000 | $ | 848,130 | ||
Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40(5) | 3,000,000 | 3,426,960 | ||||
Los Angeles Department of Airports Rev., Series 2010 D, (Los Angeles International Airport), 5.00%, 5/15/24 | 3,040,000 | 3,608,571 | ||||
Los Angeles Department of Airports Rev., Series 2015 C, (Los Angeles International Airport), 5.00%, 5/15/26 | 1,500,000 | 1,837,260 | ||||
Los Angeles Department of Airports Rev., Series 2015 C, (Los Angeles International Airport), 5.00%, 5/15/27 | 1,280,000 | 1,547,366 | ||||
Los Angeles Department of Water & Power System Rev., Series 2001 B-2, VRDN, 0.01%, 3/2/15 (SBBPA: Royal Bank of Canada) | 3,500,000 | 3,500,000 | ||||
Los Angeles Department of Water & Power System Rev., Series 2008 A-1, 5.25%, 7/1/38 | 5,000,000 | 5,613,700 | ||||
Los Angeles Department of Water & Power System Rev., Series 2008 A-2, 5.25%, 7/1/32 | 3,535,000 | 3,994,868 | ||||
Los Angeles Department of Water & Power System Rev., Series 2011 A, 4.00%, 7/1/16 | 1,000,000 | 1,051,410 | ||||
Los Angeles Department of Water & Power System Rev., Series 2011 A, 5.00%, 7/1/18 | 780,000 | 887,609 | ||||
Los Angeles Department of Water & Power System Rev., Series 2012 A, 5.00%, 7/1/26 | 1,000,000 | 1,187,800 | ||||
Los Angeles Department of Water & Power System Rev., Series 2012 C, 5.00%, 1/1/16 | 8,750,000 | 9,007,950 | ||||
Los Angeles Department of Water & Power System Rev., Series 2012 C, 5.00%, 7/1/24 | 1,500,000 | 1,819,620 | ||||
Los Angeles Department of Water & Power System Rev., Series 2013 B, 5.00%, 7/1/27 | 6,470,000 | 7,737,861 | ||||
Los Angeles Department of Water & Power System Rev., Series 2014 B, 5.00%, 7/1/25 | 700,000 | 857,689 | ||||
Los Angeles Department of Water & Power System Rev., Series 2014 B, 5.00%, 7/1/26 | 1,300,000 | 1,583,504 | ||||
Los Angeles Harbor Department Rev., Series 2011 B, 5.00%, 8/1/24 | 1,225,000 | 1,486,917 | ||||
Los Angeles Municipal Improvement Corp. Rev., Series 2012 C, 5.00%, 3/1/25 | 3,000,000 | 3,496,080 | ||||
Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/29 | 1,700,000 | 1,964,282 | ||||
Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/24 | 5,000,000 | 6,258,100 | ||||
Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/26 | 3,555,000 | 4,362,945 | ||||
Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/27 | 1,050,000 | 1,274,354 | ||||
Los Angeles Unified School District GO, Series 2006 F, (Election of 2004), 5.00%, 7/1/16, Prerefunded at 100% of Par (FGIC)(2) | 4,000,000 | 4,255,680 | ||||
Los Angeles Unified School District GO, Series 2006 F, (Election of 2004), 5.00%, 7/1/16, Prerefunded at 100% of Par (FGIC)(2) | 175,000 | 186,235 | ||||
Los Angeles Unified School District GO, Series 2006 F, (Election of 2004), 5.00%, 7/1/18 (FGIC) | 1,055,000 | 1,122,984 | ||||
Los Angeles Unified School District GO, Series 2007 H, (Election of 2004), 5.00%, 7/1/32 (AGM) | 2,000,000 | 2,177,600 | ||||
Los Angeles Unified School District GO, Series 2009 I, (Election of 2004), 5.00%, 7/1/29 | 4,000,000 | 4,603,040 | ||||
Los Angeles Unified School District GO, Series 2010 KRY, 5.25%, 7/1/26 | 3,000,000 | 3,571,440 | ||||
Los Angeles Unified School District GO, Series 2011 A-1, 4.00%, 7/1/17 | 1,000,000 | 1,081,710 |
Principal Amount | Value | |||||
Los Angeles Unified School District GO, Series 2011 A-1, 5.00%, 7/1/18 | $ | 2,565,000 | $ | 2,916,148 | ||
Los Angeles Unified School District GO, Series 2011 A-1, 5.00%, 7/1/24 | 5,140,000 | 6,081,288 | ||||
Los Angeles Unified School District GO, Series 2011 A-2, 5.00%, 7/1/21 | 3,000,000 | 3,649,440 | ||||
Los Angeles Unified School District GO, Series 2014 B, 5.00%, 7/1/18 | 6,665,000 | 7,577,438 | ||||
Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/30 | 1,155,000 | 1,375,166 | ||||
Los Angeles Wastewater System Rev., Series 2009 A, 5.75%, 6/1/34 | 2,975,000 | 3,503,152 | ||||
M-S-R Energy Authority Rev., Series 2009 B, 7.00%, 11/1/34 (GA: Citigroup, Inc.) | 5,000,000 | 7,158,900 | ||||
M-S-R Energy Authority Rev., Series 2009 B, 6.50%, 11/1/39 (GA: Citigroup, Inc.) | 1,000,000 | 1,381,910 | ||||
Metropolitan Water District of Southern California Rev., Series 2011 A-2, VRDN, 0.17%, 3/5/15 | 2,000,000 | 1,999,900 | ||||
Metropolitan Water District of Southern California Rev., Series 2011 A-4, VRDN, 0.17%, 3/5/15 | 2,000,000 | 1,999,900 | ||||
Metropolitan Water District of Southern California Rev., Series 2012 B-2, VRDN, 0.37%, 3/5/15 | 10,000,000 | 10,001,000 | ||||
Moreland School District GO, Capital Appreciation, 0.00%, 8/1/25(1) | 1,500,000 | 1,055,040 | ||||
Mount San Antonio Community College District GO, Capital Appreciation, Series 2005 A, (Election of 2001), 0.00%, 8/1/16 (NATL-RE)(1)(2) | 5,000,000 | 4,979,900 | ||||
Mount San Antonio Community College District GO, Series 2013 A, (Election of 2008), 5.00%, 8/1/34 | 2,000,000 | 2,320,100 | ||||
Murrieta Public Financing Authority Special Tax Rev., 5.00%, 9/1/17 | 1,000,000 | 1,091,620 | ||||
Murrieta Public Financing Authority Special Tax Rev., 5.00%, 9/1/21 | 1,200,000 | 1,401,720 | ||||
Natomas Unified School District GO, 5.00%, 9/1/26 (BAM) | 1,785,000 | 2,122,186 | ||||
Newark Unified School District GO, Series 2014 B, 5.00%, 8/1/44 | 6,030,000 | 6,844,171 | ||||
Newport Beach Rev., Series 2011 A, (Hoag Memorial Hospital Presbyterian), 6.00%, 12/1/21, Prerefunded at 100% of Par(2) | 1,000,000 | 1,283,690 | ||||
North Lake Tahoe Public Financing Authority Rev., 4.00%, 12/1/19 | 1,000,000 | 1,124,970 | ||||
Northern California Power Agency Rev., Series 2010 A, 5.00%, 7/1/16 | 1,000,000 | 1,064,970 | ||||
Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/19 | 2,000,000 | 2,295,500 | ||||
Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/20 | 1,515,000 | 1,749,052 | ||||
Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/21 | 2,050,000 | 2,335,421 | ||||
Northern California Power Agency Rev., Series 2010 A, 5.25%, 8/1/22 | 4,250,000 | 4,903,352 | ||||
Northern California Power Agency Rev., Series 2012 A, 5.00%, 7/1/26 | 1,750,000 | 2,050,825 | ||||
Northern California Power Agency Rev., Series 2012 A, 5.00%, 7/1/27 | 2,000,000 | 2,322,620 | ||||
Oakland Sewer Rev., Series 2014 A, 5.00%, 6/15/26 | 1,200,000 | 1,467,288 | ||||
Oakland Unified School District Alameda County GO, (Election of 2000), 5.00%, 8/1/15 (NATL-RE) | 1,000,000 | 1,019,050 | ||||
Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.00%, 8/1/22 | 750,000 | 871,733 | ||||
Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32 | 2,150,000 | 2,468,436 |
Principal Amount | Value | |||||
Oakland Unified School District Alameda County GO, Series 2013, (Election of 2012), 6.625%, 8/1/38 | $ | 1,410,000 | $ | 1,740,081 | ||
Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/18 | 3,145,000 | 3,507,335 | ||||
Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/25 | 4,065,000 | 4,720,034 | ||||
Ontario Public Financing Authority Rev., 5.00%, 7/1/43 | 2,000,000 | 2,294,860 | ||||
Orange County Community Facilities District Special Tax Rev., Series 2014 A, (Ladera Ranch), 5.00%, 8/15/28 | 1,960,000 | 2,247,297 | ||||
Orange County Improvement Bond Act of 1915 Special Assessment Rev., (Newport Coast Phase IV Assessment District No. 01-1), 4.45%, 9/2/15 | 280,000 | 285,477 | ||||
Orange County Improvement Bond Act of 1915 Special Assessment Rev., (Newport Coast Phase IV Assessment District No. 01-1), 4.55%, 9/2/16 | 210,000 | 213,870 | ||||
Orange County Sanitation District Rev., Series 2014 B, 4.00%, 11/15/16 | 13,000,000 | 13,789,100 | ||||
Orange County Sanitation District COP, Series 2007 B, 5.00%, 2/1/17, Prerefunded at 100% of Par (AGM)(2) | 2,750,000 | 2,990,322 | ||||
Orange County Transportation Authority Rev., (Senior Lien 91 Express Lanes), 5.00%, 8/15/24 | 1,000,000 | 1,218,690 | ||||
Orange County Water District Rev., Series 2013 A, 5.00%, 8/15/33 | 4,000,000 | 4,702,040 | ||||
Oxnard Financing Authority Rev., 5.00%, 6/1/25 (AGM) | 2,000,000 | 2,359,680 | ||||
Oxnard Financing Authority Rev., 5.00%, 6/1/26 (AGM) | 3,690,000 | 4,315,012 | ||||
Oxnard Financing Authority Rev., 5.00%, 6/1/28 (AGM) | 1,515,000 | 1,740,296 | ||||
Oxnard Financing Authority Rev., 5.00%, 6/1/32 (AGM) | 1,000,000 | 1,134,660 | ||||
Palm Springs Financing Authority Lease Rev., Series 2012 B, (Downtown Revitalization Project), 4.00%, 6/1/16 | 1,335,000 | 1,391,844 | ||||
Palm Springs Financing Authority Lease Rev., Series 2012 B, (Downtown Revitalization Project), 5.00%, 6/1/23 | 1,230,000 | 1,455,410 | ||||
Palomar Pomerado Health Care District COP, 5.25%, 11/1/21 | 1,000,000 | 1,092,580 | ||||
Palomar Pomerado Health Care District COP, 6.00%, 11/1/41 | 1,120,000 | 1,200,954 | ||||
Palomar Pomerado Health GO, Capital Appreciation, 0.00%, 8/1/18 (NATL-RE)(1) | 3,615,000 | 3,423,369 | ||||
Palomar Pomerado Health GO, Capital Appreciation, Series 2009 A, (Election of 2004), 0.00%, 8/1/19 (AGC)(4) | 1,660,000 | 1,743,332 | ||||
Peralta Community College District GO, 5.00%, 8/1/17 | 2,085,000 | 2,307,803 | ||||
Peralta Community College District GO, 5.00%, 8/1/22 | 2,145,000 | 2,635,990 | ||||
Pittsburg Redevelopment Agency Tax Allocation Rev., Series 2004 A, (Los Medanos Community), VRDN, 0.02%, 3/2/15 (LOC: State Street Bank & Trust Co. and California State Teacher's Retirement System) | 4,900,000 | 4,900,000 | ||||
Port of Oakland Rev., Series 2007 C, 5.00%, 11/1/16 (NATL-RE) | 1,270,000 | 1,370,165 | ||||
Port of Oakland Rev., Series 2007 C, (Intermediate Lien), 5.00%, 11/1/17 (NATL-RE) | 2,375,000 | 2,652,542 | ||||
Porterville Public Financing Authority Sewer Rev., 5.625%, 10/1/36 | 2,500,000 | 2,985,950 | ||||
Poway Unified School District GO, Capital Appreciation, (School Facilities Improvement), 0.00%, 8/1/41(1) | 2,780,000 | 937,666 | ||||
Poway Unified School District Public Financing Authority Special Tax Rev., 5.00%, 9/15/19 (Ambac) | 1,155,000 | 1,250,992 | ||||
Poway Unified School District Public Financing Authority Special Tax Rev., 5.00%, 9/15/20 (Ambac) | 1,210,000 | 1,303,606 | ||||
Rancho Mirage Joint Powers Financing Authority Rev., Series 2007 A, (Eisenhower Medical Center), 5.00%, 7/1/15 | 1,505,000 | 1,527,334 | ||||
Rancho Mirage Joint Powers Financing Authority Rev., Series 2007 A, (Eisenhower Medical Center), 5.00%, 7/1/21 | 1,000,000 | 1,068,600 |
Principal Amount | Value | |||||
Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.125%, 9/1/22 | $ | 790,000 | $ | 925,272 | ||
Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.25%, 9/1/23 | 1,300,000 | 1,519,817 | ||||
Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.375%, 9/1/24 | 1,410,000 | 1,640,817 | ||||
Rancho Water District Financing Authority Rev., Series 2008 B, VRDN, 0.01%, 3/4/15 (LOC: U.S. Bank N.A.) | 1,000,000 | 1,000,000 | ||||
Rio Elementary School District Community Facilities District No. 1 Special Tax Rev., 5.00%, 9/1/24 | 700,000 | 828,646 | ||||
Riverside County Asset Leasing Corp. Rev., Series 2013 A, (Public Defender and Probation Building), 5.00%, 11/1/43 | 1,000,000 | 1,109,010 | ||||
Riverside County COP, Series 2007 A, (Public Safety Communication), 5.00%, 11/1/15 (Ambac) | 3,035,000 | 3,128,660 | ||||
Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.50%, 10/1/40 | 935,000 | 1,108,835 | ||||
Riverside County Transportation Commission Rev., Series 2013 A, (Limited Tax), 5.25%, 6/1/39 | 1,335,000 | 1,557,531 | ||||
Sacramento City Financing Authority Lease Rev., Series 1993 A, 5.40%, 11/1/20 (Ambac) | 3,000,000 | 3,331,650 | ||||
Sacramento City Financing Authority Rev., 5.00%, 12/1/16 (NATL-RE/FGIC) | 2,500,000 | 2,590,550 | ||||
Sacramento County Airport System Rev., 5.00%, 7/1/20 | 1,000,000 | 1,169,300 | ||||
Sacramento County Airport System Rev., 5.00%, 7/1/23 | 1,000,000 | 1,153,800 | ||||
Sacramento County Airport System Rev., 5.00%, 7/1/24 | 1,000,000 | 1,167,620 | ||||
Sacramento County Airport System Rev., Series 2009 B, 4.25%, 7/1/16 | 1,000,000 | 1,050,600 | ||||
Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 A, 5.25%, 12/1/21 (NATL-RE/FGIC) | 1,000,000 | 1,237,680 | ||||
Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 B, VRN, 0.69%, 3/2/15 (NATL-RE/FGIC) | 2,500,000 | 2,285,725 | ||||
Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.70%, 7/1/17 (Ambac) | 3,105,000 | 3,481,605 | ||||
Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.25%, 7/1/24 (Ambac) | 3,000,000 | 3,653,160 | ||||
Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/24 | 1,500,000 | 1,831,920 | ||||
Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/25 | 5,000,000 | 6,052,550 | ||||
Sacramento Regional Transit District Rev., (Farebox Revenue), 3.00%, 3/1/15 | 840,000 | 840,260 | ||||
Sacramento Regional Transit District Rev., (Farebox Revenue), 4.00%, 3/1/16 | 440,000 | 455,422 | ||||
Sacramento Regional Transit District Rev., (Farebox Revenue), 4.00%, 3/1/17 | 1,000,000 | 1,062,210 | ||||
Sacramento Regional Transit District Rev., (Farebox Revenue), 5.00%, 3/1/18 | 250,000 | 277,678 | ||||
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 5.25%, 8/1/18 | 350,000 | 399,529 | ||||
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 5.50%, 8/1/18, Prerefunded at 100% of Par(2) | 300,000 | 347,079 | ||||
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 6.25%, 8/1/18, Prerefunded at 100% of Par(2) | 8,000,000 | 9,457,760 | ||||
San Bernardino Community College District GO, Capital Appreciation, Series 2009 B, (Election of 2008), 0.00%, 8/1/19(4) | 9,840,000 | 9,615,648 | ||||
San Buenaventura Rev., (Community Memorial Health System), 8.00%, 12/1/26 | 2,000,000 | 2,658,340 |
Principal Amount | Value | |||||
San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41 | $ | 1,200,000 | $ | 1,475,712 | ||
San Diego Community College District GO, (Election of 2002), 5.00%, 8/1/30 | 3,000,000 | 3,561,690 | ||||
San Diego Convention Center Expansion Financing Authority Rev., Series 2012 A, 4.00%, 4/15/17 | 1,250,000 | 1,336,750 | ||||
San Diego Convention Center Expansion Financing Authority Rev., Series 2012 A, 4.00%, 4/15/18 | 1,160,000 | 1,258,554 | ||||
San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/19 | 1,290,000 | 1,488,596 | ||||
San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/21 | 2,000,000 | 2,331,940 | ||||
San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/34 | 750,000 | 848,933 | ||||
San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/40 | 740,000 | 827,586 | ||||
San Diego County Regional Airport Authority Rev., Series 2013 A, 4.00%, 7/1/18 | 300,000 | 331,512 | ||||
San Diego County Regional Airport Authority Rev., Series 2013 A, 4.00%, 7/1/19 | 400,000 | 448,352 | ||||
San Diego County Regional Transportation Commission Rev., Series 2012 A, 5.00%, 4/1/21 | 5,940,000 | 7,215,140 | ||||
San Diego County Water Authority Rev., Series 2011 S-1, (Subordinate Lien), 5.00%, 7/1/16 | 2,780,000 | 2,947,245 | ||||
San Diego Public Facilities Financing Authority Rev., Series 2009 A, 5.00%, 8/1/21 | 1,000,000 | 1,136,870 | ||||
San Diego Public Facilities Financing Authority Rev., Series 2009 B, 5.00%, 5/15/22 | 3,680,000 | 4,292,867 | ||||
San Diego Public Facilities Financing Authority Tax Allocation Rev., Series 2007 B, (Southcrest and Central Imperial Redevelopment), 5.125%, 10/1/22 (Radian) | 1,230,000 | 1,294,895 | ||||
San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/21 | 2,000,000 | 2,434,940 | ||||
San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/24 | 2,000,000 | 2,419,100 | ||||
San Diego Public Facilities Financing Sewer Authority Rev., Series 2010 A, 5.25%, 5/15/24 | 3,400,000 | 4,036,854 | ||||
San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/23 | 250,000 | 302,980 | ||||
San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/26 | 750,000 | 884,333 | ||||
San Diego Unified School District GO, Capital Appreciation, Series 2010 C, (Election of 2008), 0.00%, 7/1/36(1) | 7,895,000 | 3,407,956 | ||||
San Francisco Bay Area Rapid Transit District Rev., Series 2012 A, 5.00%, 7/1/24 | 500,000 | 606,540 | ||||
San Francisco Bay Area Rapid Transit District Rev., Series 2012 A, 5.00%, 7/1/25 | 500,000 | 606,160 | ||||
San Francisco Bay Area Rapid Transit District Rev., Series 2012 A, 5.00%, 7/1/26 | 1,000,000 | 1,202,060 | ||||
San Francisco City and County Airports Commission Rev., Series 2008 34-D, (San Francisco International Airport), 5.00%, 5/1/17 (AGC) | 3,375,000 | 3,711,555 | ||||
San Francisco City and County Airports Commission Rev., Series 2008 34-D, (San Francisco International Airport), 5.00%, 5/1/18 (AGC) | 2,000,000 | 2,264,860 | ||||
San Francisco City and County Airports Commission Rev., Series 2009 D, (San Francisco International Airport), 4.00%, 5/1/24 | 1,625,000 | 1,844,537 | ||||
San Francisco City and County Airports Commission Rev., Series 2009 E, (San Francisco International Airport), 5.25%, 5/1/23 | 3,500,000 | 4,082,715 |
Principal Amount | Value | |||||
San Francisco City and County Airports Commission Rev., Series 2010 C, (San Francisco International Airport), (Governmental Purpose), 5.00%, 5/1/19 | $ | 1,500,000 | $ | 1,744,230 | ||
San Francisco City and County Airports Commission Rev., Series 2011 D, (San Francisco International Airport), 5.00%, 5/1/24 | 4,025,000 | 4,758,516 | ||||
San Francisco City and County Airports Commission Rev., Series 2011 D, (San Francisco International Airport), 5.00%, 5/1/29 | 6,270,000 | 7,142,659 | ||||
San Francisco City and County Airports Commission Rev., Series 2012 B, (San Francisco International Airport), 5.00%, 5/1/26 | 1,250,000 | 1,479,388 | ||||
San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/17 | 2,440,000 | 2,667,408 | ||||
San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29 | 1,170,000 | 1,335,789 | ||||
San Francisco City and County COP, Series 2010 A, 5.00%, 10/1/19 | 2,930,000 | 3,428,334 | ||||
San Francisco City and County GO, Series 2015 R-1, 5.00%, 6/15/25 | 1,880,000 | 2,304,335 | ||||
San Francisco City and County Public Utilities Water Commission Rev., Series 2010 A, 5.00%, 10/1/21 | 5,000,000 | 6,099,200 | ||||
San Francisco City and County Public Utilities Water Commission Rev., Series 2010 A, 5.00%, 11/1/28 | 2,780,000 | 3,281,734 | ||||
San Francisco City and County Redevelopment Agency Tax Allocation Rev., Series 2014 C, 2.00%, 8/1/15 | 5,270,000 | 5,311,159 | ||||
San Francisco City and County Redevelopment Agency Tax Allocation Rev., Series 2014 C, 3.00%, 8/1/16 | 3,000,000 | 3,112,170 | ||||
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 5.00%, 8/1/15 | 420,000 | 426,947 | ||||
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 5.00%, 8/1/16 | 440,000 | 461,837 | ||||
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 5.00%, 8/1/17 | 465,000 | 501,414 | ||||
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 5.50%, 8/1/18 | 485,000 | 541,153 | ||||
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 6.00%, 8/1/19 | 510,000 | 605,380 | ||||
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 6.00%, 8/1/20 | 515,000 | 625,272 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment Project), 5.00%, 8/1/21 | 460,000 | 536,834 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment Project), 5.00%, 8/1/26 | 425,000 | 493,837 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment Project), 5.00%, 8/1/27 | 550,000 | 633,358 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment Project), 5.00%, 8/1/28 | 370,000 | 422,370 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment Project), 5.00%, 8/1/43 | 1,000,000 | 1,109,370 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/1/17(1)(2) | 1,000,000 | 990,010 |
Principal Amount | Value | |||||
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/1/26(1)(2) | $ | 1,400,000 | $ | 1,093,092 | ||
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, (Senior Lien), 0.00%, 1/1/16(1)(2) | 15,000,000 | 14,976,000 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., (Senior Lien), 5.00%, 1/15/34 | 10,000,000 | 11,085,000 | ||||
San Jose Airport Rev., Series 2014 C, 5.00%, 3/1/27 | 1,295,000 | 1,528,268 | ||||
San Jose Airport Rev., Series 2014 C, 5.00%, 3/1/28 | 1,500,000 | 1,757,310 | ||||
San Jose Airport Rev., Series 2014 C, 5.00%, 3/1/30 | 1,750,000 | 2,024,557 | ||||
San Jose Airport Rev., Series 2014 C, 5.00%, 3/1/31 | 1,000,000 | 1,152,630 | ||||
San Jose Unified School District GO, 5.00%, 8/1/17 | 1,160,000 | 1,285,442 | ||||
San Jose Unified School District GO, 5.00%, 8/1/18 | 2,100,000 | 2,394,021 | ||||
San Jose Unified School District GO, 5.00%, 8/1/19 | 1,000,000 | 1,171,620 | ||||
San Jose Unified School District GO, Series 2015 C, 5.00%, 8/1/16 | 1,100,000 | 1,174,283 | ||||
San Jose Unified School District GO, Series 2015 C, 5.00%, 8/1/17 | 900,000 | 997,326 | ||||
San Mateo County Transportation District Sales Tax Rev., Series 1993 A, 5.25%, 6/1/18 (NATL-RE) | 2,680,000 | 3,049,277 | ||||
San Mateo Joint Powers Financing Authority Rev., (Maple Street Correctional Center), 5.00%, 6/15/17 | 860,000 | 949,827 | ||||
San Mateo Joint Powers Financing Authority Rev., (Maple Street Correctional Center), 5.00%, 6/15/18 | 1,000,000 | 1,136,140 | ||||
San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.875%, 9/1/32 | 690,000 | 811,778 | ||||
San Ramon Valley Unified School District GO, (Election of 2002), 5.00%, 8/1/16, Prerefunded at 100% of Par (NATL-RE)(2) | 1,000,000 | 1,067,050 | ||||
Santa Clara County Financing Authority Lease Rev., Series 2012 A, (Capital Projects), 4.00%, 2/1/17 | 2,055,000 | 2,193,630 | ||||
Santa Clara Electric Rev., Series 2011 A, 5.00%, 7/1/30 | 1,000,000 | 1,119,020 | ||||
Santa Clara Valley Transportation Authority Sales Tax Rev., Series 2010 B, 5.00%, 4/1/20 | 4,000,000 | 4,769,160 | ||||
Santa Fe Springs Community Development Commission Tax Allocation Rev., 5.375%, 9/1/16 (NATL-RE) | 430,000 | 431,772 | ||||
Santa Maria Joint Union High School District GO, 5.00%, 8/1/25 | 1,585,000 | 1,893,393 | ||||
Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.00%, 7/1/42 | 600,000 | 665,910 | ||||
Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.875%, 7/1/42 | 600,000 | 724,560 | ||||
Santa Rosa Wastewater Rev., Capital Appreciation, Series 2002 B, 0.00%, 9/1/24 (Ambac)(1) | 7,000,000 | 5,434,940 | ||||
Shasta Lake Public Finance Authority Rev., 4.50%, 4/1/15 | 495,000 | 497,015 | ||||
Shasta Lake Public Finance Authority Rev., 5.00%, 4/1/19 | 2,400,000 | 2,407,944 | ||||
Shasta Lake Public Finance Authority Rev., 5.00%, 4/1/22 | 2,130,000 | 2,139,095 | ||||
South Orange County Public Financing Authority Rev., (Juvenile Justice Center), 4.25%, 6/1/17 | 2,000,000 | 2,159,760 | ||||
South Orange County Public Financing Authority Rev., (Juvenile Justice Center), 4.50%, 6/1/18 | 2,700,000 | 2,997,054 | ||||
South Placer Wastewater Authority Rev., VRN, 0.35%, 3/5/15 | 3,350,000 | 3,350,167 | ||||
South San Francisco Unified School District GO, Capital Appreciation, Series 2012 C, 0.00%, 6/1/16(1) | 2,000,000 | 1,986,180 | ||||
South Tahoe Joint Powers Financing Authority Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/19 (Ambac) | 50,000 | 50,856 | ||||
Southern California Public Power Authority Rev., Series 2008 A, (Southern Transmission), 5.00%, 7/1/22 | 2,875,000 | 3,269,766 |
Principal Amount | Value | |||||
Southern California Public Power Authority Rev., Series 2008 B, (Southern Transmission), 6.00%, 7/1/27 | $ | 2,000,000 | $ | 2,335,720 | ||
Southern California Public Power Authority Rev., Series 2011 A, (Southern Transmission), 5.00%, 7/1/21 | 2,780,000 | 3,361,187 | ||||
Southern California Public Power Authority Rev., Series 2012 A, 4.00%, 7/1/16 | 2,055,000 | 2,158,654 | ||||
Southern California Public Power Authority Rev., Series 2012 A, 5.00%, 7/1/18 | 1,880,000 | 2,138,030 | ||||
Southern California Public Power Authority Rev., Series 2013 A, (Southern Transmission), 5.00%, 7/1/18 | 2,000,000 | 2,274,500 | ||||
Southern California Public Power Authority Rev., Series 2013 A, (Southern Transmission), 5.00%, 7/1/20 | 4,000,000 | 4,786,840 | ||||
Stockton Public Financing Authority Rev., Series 2010 A, (Delta Water Supply Project), 6.25%, 10/1/38 | 1,500,000 | 1,777,425 | ||||
Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/22 (BAM) | 1,410,000 | 1,684,809 | ||||
Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/23 (BAM) | 1,435,000 | 1,724,741 | ||||
Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/24 (BAM) | 1,090,000 | 1,316,993 | ||||
Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/25 (BAM) | 1,250,000 | 1,499,788 | ||||
Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/26 (BAM) | 1,495,000 | 1,774,819 | ||||
Stockton Unified School District GO, Series 2014 A, (Election of 2012), 4.00%, 8/1/15 (AGM) | 700,000 | 711,578 | ||||
Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/27 (AGM) | 530,000 | 624,536 | ||||
Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/28 (AGM) | 255,000 | 296,948 | ||||
Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/42 (AGM) | 865,000 | 970,625 | ||||
Successor Agency to the Former Milpitas Redevelopment Agency Tax Allocation Rev., (Redevelopment Project Area No. 1), 5.00%, 9/1/25(6) | 2,325,000 | 2,869,840 | ||||
Successor Agency to the Former Milpitas Redevelopment Agency Tax Allocation Rev., (Redevelopment Project Area No. 1), 5.00%, 9/1/26(6) | 4,185,000 | 5,087,788 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/19 (BAM) | 400,000 | 459,516 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/20 (BAM) | 260,000 | 303,607 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/21 (BAM) | 170,000 | 201,141 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/22 (BAM) | 250,000 | 298,218 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/23 (BAM) | 220,000 | 262,612 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/24 (BAM) | 250,000 | 297,635 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 4.50%, 9/1/25 (BAM) | 90,000 | 102,509 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/25 (BAM) | 80,000 | 94,509 | ||||
Sulphur Springs Union School District GO, Series 1991 A, 0.00%, 9/1/15 (NATL-RE)(1) | 3,040,000 | 3,036,018 | ||||
Temecula Valley Unified School District Financing Authority Special Tax Rev., 4.00%, 9/1/17 (BAM) | 415,000 | 448,445 |
Principal Amount | Value | |||||
Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/18 (BAM) | $ | 325,000 | $ | 368,092 | ||
Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/19 (BAM) | 375,000 | 433,628 | ||||
Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/20 (BAM) | 400,000 | 470,536 | ||||
Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/21 (BAM) | 515,000 | 614,771 | ||||
Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/22 (BAM) | 275,000 | 329,863 | ||||
Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A-1, 5.00%, 6/1/37 | 1,750,000 | 1,498,875 | ||||
Tri-Dam Power Authority Rev., 4.00%, 11/1/15 | 1,310,000 | 1,333,200 | ||||
Tuolumne Wind Project Authority Rev., Series 2009 A, 5.625%, 1/1/29 | 1,000,000 | 1,160,430 | ||||
Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.45%, 7/1/18 (AGM) | 3,000,000 | 3,005,550 | ||||
Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM) | 3,750,000 | 3,754,575 | ||||
Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM) | 2,500,000 | 2,503,050 | ||||
University of California Regents Medical Center Pooled Rev., Series 2008 D, 5.00%, 5/15/27 | 1,000,000 | 1,063,220 | ||||
University of California Rev., Series 2009 O, 5.25%, 5/15/39 | 7,750,000 | 8,872,975 | ||||
University of California Rev., Series 2009 Q, 5.25%, 5/15/23 | 2,000,000 | 2,226,540 | ||||
University of California Rev., Series 2010 S, 5.00%, 5/15/20 | 1,405,000 | 1,601,630 | ||||
University of California Rev., Series 2010 S, 5.00%, 5/15/40 | 1,250,000 | 1,399,700 | ||||
University of California Rev., Series 2012 G, (Limited Project), 5.00%, 5/15/26 | 6,150,000 | 7,408,782 | ||||
University of California Rev., Series 2012 G, (Limited Project), 5.00%, 5/15/42 | 1,640,000 | 1,854,758 | ||||
University of California Rev., Series 2013 AF, 5.00%, 5/15/25 | 7,250,000 | 8,876,030 | ||||
University of California Rev., Series 2013 AK, VRDN, 5.00%, 5/15/23 | 7,935,000 | 9,785,759 | ||||
West Contra Costa Unified School District GO, Series 2014 A, 5.00%, 8/1/30 | 2,000,000 | 2,344,240 | ||||
West Contra Costa Unified School District GO, Series 2014 A, 5.00%, 8/1/33 | 3,000,000 | 3,481,440 | ||||
West Contra Costa Unified School District GO, Series 2014 A, 5.00%, 8/1/34 | 1,200,000 | 1,386,192 | ||||
West Contra Costa Unified School District GO, Series 2014 A, 5.00%, 8/1/35 | 1,500,000 | 1,730,085 | ||||
West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/18 (XLCA) | 1,500,000 | 1,678,695 | ||||
West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/19 (XLCA) | 1,000,000 | 1,143,160 | ||||
West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/20 (XLCA) | 1,200,000 | 1,393,068 | ||||
Yosemite Community College District GO, Capital Appreciation, Series 2010 D, (Election of 2004), 0.00%, 8/1/38(1) | 6,000,000 | 2,337,240 | ||||
1,410,491,391 | ||||||
Guam — 0.2% | ||||||
Guam Government GO, Series 2009 A, 6.00%, 11/15/19 | 1,000,000 | 1,110,060 | ||||
Guam Power Authority Rev., Series 2012 A, 5.00%, 10/1/19 (AGM) | 1,000,000 | 1,157,690 | ||||
2,267,750 |
Principal Amount | Value | |||||
Puerto Rico — 1.0% | ||||||
Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.00%, 7/1/17 | $ | 2,860,000 | $ | 2,413,125 | ||
Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.00%, 7/1/19 | 1,000,000 | 802,190 | ||||
Puerto Rico Electric Power Authority Rev., Series 2010 XX, 5.25%, 7/1/40 | 310,000 | 177,974 | ||||
Puerto Rico Electric Power Authority Rev., Series 2010 ZZ, 5.25%, 7/1/22 | 4,250,000 | 2,466,955 | ||||
Puerto Rico GO, Series 2009 B, (Public Improvement), 6.00%, 7/1/39 | 3,500,000 | 2,474,115 | ||||
Puerto Rico GO, Series 2011 A, (Public Improvement), 5.75%, 7/1/41 | 1,500,000 | 1,047,345 | ||||
Puerto Rico GO, Series 2012 A, (Public Improvement), 5.00%, 7/1/41 | 1,000,000 | 665,690 | ||||
Puerto Rico GO, Series 2014 A, (Public Improvement), 8.00%, 7/1/35 | 5,310,000 | 4,437,355 | ||||
Puerto Rico Sales Tax Financing Corp. Rev., Capital Appreciation, Series 2011 A-1, 0.00%, 8/1/41(1) | 2,280,000 | 215,779 | ||||
14,700,528 | ||||||
U.S. Virgin Islands — 0.3% | ||||||
Virgin Islands Public Finance Authority Rev., Series 2014 C, 5.00%, 10/1/24 | 3,330,000 | 3,882,347 | ||||
Virgin Islands Public Finance Authority Rev., Series 2014 C, 5.00%, 10/1/30 | 1,000,000 | 1,118,730 | ||||
5,001,077 | ||||||
TOTAL INVESTMENT SECURITIES — 99.6% (Cost $1,346,533,914) | 1,432,460,746 | |||||
OTHER ASSETS AND LIABILITIES — 0.4% | 5,799,824 | |||||
TOTAL NET ASSETS — 100.0% | $ | 1,438,260,570 |
FUTURES CONTRACTS | |||||||||
Contracts Sold | Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation (Depreciation) | ||||||
88 | U.S. Treasury 10-Year Notes | June 2015 | $ | 11,246,125 | $ | (17,687 | ) | ||
173 | U.S. Treasury Long Bonds | June 2015 | 27,998,969 | (127,183 | ) | ||||
$ | 39,245,094 | $ | (144,870 | ) |
NOTES TO SCHEDULE OF INVESTMENTS | ||
AGC | - | Assured Guaranty Corporation |
AGM | - | Assured Guaranty Municipal Corporation |
BAM | - | Build America Mutual Assurance Company |
COP | - | Certificates of Participation |
FGIC | - | Financial Guaranty Insurance Company |
GA | - | Guaranty Agreement |
GO | - | General Obligation |
LOC | - | Letter of Credit |
NATL-RE | - | National Public Finance Guarantee Corporation - Reinsured |
SBBPA | - | Standby Bond Purchase Agreement |
VRDN | - | Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end. |
VRN | - | Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end. |
XLCA | - | XL Capital Ltd. |
(1) | Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity. |
(2) | Escrowed to maturity in U.S. government securities or state and local government securities. |
(3) | Restricted security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold without restriction to qualified institutional investors and have been deemed liquid under policies approved by the Board of Trustees. The aggregate value of these securities at the period end was $1,100,000, which represented 0.1% of total net assets. |
(4) | Coupon rate adjusts periodically based upon a predetermined schedule. Interest reset date is indicated. Rate shown is effective at the period end. |
(5) | Security, or a portion thereof, has been pledged at the custodian bank or with a broker for margin requirements on futures contracts. At the period end, the aggregate value of securities pledged was $795,055. |
(6) | When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date. |
Statement of Assets and Liabilities |
FEBRUARY 28, 2015 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $1,346,533,914) | $ | 1,432,460,746 | |
Cash | 99,329 | ||
Receivable for capital shares sold | 1,455,496 | ||
Interest receivable | 14,537,007 | ||
1,448,552,578 | |||
Liabilities | |||
Payable for investments purchased | 7,898,095 | ||
Payable for capital shares redeemed | 1,423,453 | ||
Payable for variation margin on futures contracts | 26,709 | ||
Accrued management fees | 477,631 | ||
Distribution and service fees payable | 21,077 | ||
Dividends payable | 445,043 | ||
10,292,008 | |||
Net Assets | $ | 1,438,260,570 | |
Net Assets Consist of: | |||
Capital paid in | $ | 1,359,849,030 | |
Undistributed net investment income | 8,746 | ||
Accumulated net realized loss | (7,379,168 | ) | |
Net unrealized appreciation | 85,781,962 | ||
$ | 1,438,260,570 |
Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||
Investor Class | $1,156,199,173 | 96,636,720 | $11.96 | |||
Institutional Class | $226,056,805 | 18,891,613 | $11.97 | |||
A Class | $38,242,311 | 3,195,992 | $11.97* | |||
C Class | $17,762,281 | 1,483,644 | $11.97 |
Statement of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2015 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Interest | $ | 20,032,617 | |
Expenses: | |||
Management fees | 2,962,879 | ||
Distribution and service fees: | |||
A Class | 45,400 | ||
C Class | 88,552 | ||
Trustees' fees and expenses | 39,065 | ||
Other expenses | 763 | ||
3,136,659 | |||
Net investment income (loss) | 16,895,958 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | 2,273,737 | ||
Futures contract transactions | (2,544,134 | ) | |
(270,397 | ) | ||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | 2,902,676 | ||
Futures contracts | 195,426 | ||
3,098,102 | |||
Net realized and unrealized gain (loss) | 2,827,705 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 19,723,663 |
Statement of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2015 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2014 | ||||||
Increase (Decrease) in Net Assets | February 28, 2015 | August 31, 2014 | ||||
Operations | ||||||
Net investment income (loss) | $ | 16,895,958 | $ | 32,010,281 | ||
Net realized gain (loss) | (270,397 | ) | (6,859,484 | ) | ||
Change in net unrealized appreciation (depreciation) | 3,098,102 | 68,861,398 | ||||
Net increase (decrease) in net assets resulting from operations | 19,723,663 | 94,012,195 | ||||
Distributions to Shareholders | ||||||
From net investment income: | ||||||
Investor Class | (13,477,737 | ) | (25,864,125 | ) | ||
Institutional Class | (2,877,216 | ) | (5,083,283 | ) | ||
A Class | (401,262 | ) | (785,120 | ) | ||
C Class | (129,079 | ) | (277,753 | ) | ||
Decrease in net assets from distributions | (16,885,294 | ) | (32,010,281 | ) | ||
Capital Share Transactions | ||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 112,582,860 | 43,859,066 | ||||
Net increase (decrease) in net assets | 115,421,229 | 105,860,980 | ||||
Net Assets | ||||||
Beginning of period | 1,322,839,341 | 1,216,978,361 | ||||
End of period | $ | 1,438,260,570 | $ | 1,322,839,341 | ||
Undistributed (distributions in excess of) net investment income | $ | 8,746 | $ | (1,918 | ) |
Notes to Financial Statements |
Six months ended February 28, 2015 | Year ended August 31, 2014 | |||||||||
Shares | Amount | Shares | Amount | |||||||
Investor Class | ||||||||||
Sold | 13,389,744 | $ | 160,291,660 | 24,531,130 | $ | 286,984,446 | ||||
Issued in reinvestment of distributions | 886,527 | 10,607,741 | 1,661,821 | 19,494,941 | ||||||
Redeemed | (6,784,196 | ) | (81,166,975 | ) | (25,078,750 | ) | (293,064,366 | ) | ||
7,492,075 | 89,732,426 | 1,114,201 | 13,415,021 | |||||||
Institutional Class | ||||||||||
Sold | 2,986,801 | 35,724,831 | 7,699,496 | 89,816,972 | ||||||
Issued in reinvestment of distributions | 235,981 | 2,823,980 | 426,353 | 5,003,950 | ||||||
Redeemed | (1,750,398 | ) | (20,950,212 | ) | (4,812,425 | ) | (56,223,255 | ) | ||
1,472,384 | 17,598,599 | 3,313,424 | 38,597,667 | |||||||
A Class | ||||||||||
Sold | 740,855 | 8,864,013 | 985,147 | 11,535,307 | ||||||
Issued in reinvestment of distributions | 30,783 | 368,405 | 61,146 | 716,986 | ||||||
Redeemed | (331,157 | ) | (3,958,227 | ) | (1,514,835 | ) | (17,686,371 | ) | ||
440,481 | 5,274,191 | (468,542 | ) | (5,434,078 | ) | |||||
C Class | ||||||||||
Sold | 147,702 | 1,764,310 | 373,398 | 4,376,131 | ||||||
Issued in reinvestment of distributions | 8,915 | 106,737 | 18,937 | 222,074 | ||||||
Redeemed | (157,899 | ) | (1,893,403 | ) | (626,960 | ) | (7,317,749 | ) | ||
(1,282 | ) | (22,356 | ) | (234,625 | ) | (2,719,544 | ) | |||
Net increase (decrease) | 9,403,658 | $ | 112,582,860 | 3,724,458 | $ | 43,859,066 |
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments. |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars. |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
Federal tax cost of investments | $ | 1,346,533,914 | |
Gross tax appreciation of investments | $ | 90,245,292 | |
Gross tax depreciation of investments | (4,318,460 | ) | |
Net tax appreciation (depreciation) of investments | $ | 85,926,832 |
Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
Investor Class | |||||||||||||||
2015(3) | $11.94 | 0.15 | 0.02 | 0.17 | (0.15) | — | (0.15) | $11.96 | 1.39% | 0.47%(4) | 2.46%(4) | 17% | $1,156,199 | ||
2014 | $11.36 | 0.29 | 0.58 | 0.87 | (0.29) | — | (0.29) | $11.94 | 7.68% | 0.47% | 2.52% | 52% | $1,064,224 | ||
2013 | $11.96 | 0.30 | (0.60) | (0.30) | (0.30) | —(5) | (0.30) | $11.36 | (2.51)% | 0.47% | 2.48% | 46% | $1,000,450 | ||
2012 | $11.41 | 0.36 | 0.55 | 0.91 | (0.36) | — | (0.36) | $11.96 | 8.06% | 0.47% | 3.04% | 55% | $1,026,796 | ||
2011 | $11.56 | 0.40 | (0.15) | 0.25 | (0.40) | — | (0.40) | $11.41 | 2.27% | 0.48% | 3.57% | 49% | $814,078 | ||
2010 | $10.98 | 0.41 | 0.59 | 1.00 | (0.42) | — | (0.42) | $11.56 | 9.26% | 0.48% | 3.70% | 11% | $814,105 | ||
Institutional Class | |||||||||||||||
2015(3) | $11.94 | 0.16 | 0.03 | 0.19 | (0.16) | — | (0.16) | $11.97 | 1.58% | 0.27%(4) | 2.66%(4) | 17% | $226,057 | ||
2014 | $11.37 | 0.32 | 0.57 | 0.89 | (0.32) | — | (0.32) | $11.94 | 7.90% | 0.27% | 2.72% | 52% | $207,978 | ||
2013 | $11.96 | 0.32 | (0.59) | (0.27) | (0.32) | —(5) | (0.32) | $11.37 | (2.32)% | 0.27% | 2.68% | 46% | $160,329 | ||
2012 | $11.41 | 0.38 | 0.55 | 0.93 | (0.38) | — | (0.38) | $11.96 | 8.28% | 0.27% | 3.24% | 55% | $87,170 | ||
2011 | $11.57 | 0.42 | (0.16) | 0.26 | (0.42) | — | (0.42) | $11.41 | 2.39% | 0.28% | 3.77% | 49% | $37,381 | ||
2010(6) | $11.18 | 0.22 | 0.39 | 0.61 | (0.22) | — | (0.22) | $11.57 | 5.50% | 0.28%(4) | 3.76%(4) | 11%(7) | $1,683 |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
A Class | |||||||||||||||
2015(3) | $11.94 | 0.13 | 0.03 | 0.16 | (0.13) | — | (0.13) | $11.97 | 1.35% | 0.72%(4) | 2.21%(4) | 17% | $38,242 | ||
2014 | $11.37 | 0.27 | 0.57 | 0.84 | (0.27) | — | (0.27) | $11.94 | 7.41% | 0.72% | 2.27% | 52% | $32,899 | ||
2013 | $11.96 | 0.27 | (0.59) | (0.32) | (0.27) | —(5) | (0.27) | $11.37 | (2.76)% | 0.72% | 2.23% | 46% | $36,644 | ||
2012 | $11.41 | 0.32 | 0.56 | 0.88 | (0.33) | — | (0.33) | $11.96 | 7.79% | 0.72% | 2.79% | 55% | $36,341 | ||
2011 | $11.57 | 0.37 | (0.16) | 0.21 | (0.37) | — | (0.37) | $11.41 | 1.93% | 0.73% | 3.32% | 49% | $15,077 | ||
2010(6) | $11.18 | 0.19 | 0.39 | 0.58 | (0.19) | — | (0.19) | $11.57 | 5.27% | 0.73%(4) | 3.37%(4) | 11%(7) | $2,556 | ||
C Class | |||||||||||||||
2015(3) | $11.95 | 0.09 | 0.02 | 0.11 | (0.09) | — | (0.09) | $11.97 | 0.89% | 1.47%(4) | 1.46%(4) | 17% | $17,762 | ||
2014 | $11.37 | 0.18 | 0.58 | 0.76 | (0.18) | — | (0.18) | $11.95 | 6.71% | 1.47% | 1.52% | 52% | $17,738 | ||
2013 | $11.97 | 0.18 | (0.60) | (0.42) | (0.18) | —(5) | (0.18) | $11.37 | (3.56)% | 1.47% | 1.48% | 46% | $19,555 | ||
2012 | $11.42 | 0.23 | 0.56 | 0.79 | (0.24) | — | (0.24) | $11.97 | 6.99% | 1.47% | 2.04% | 55% | $14,361 | ||
2011 | $11.57 | 0.29 | (0.15) | 0.14 | (0.29) | — | (0.29) | $11.42 | 1.27% | 1.48% | 2.57% | 49% | $4,157 | ||
2010(6) | $11.18 | 0.15 | 0.39 | 0.54 | (0.15) | — | (0.15) | $11.57 | 4.87% | 1.48%(4) | 2.65%(4) | 11%(7) | $2,076 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Six months ended February 28, 2015 (unaudited). |
(4) | Annualized. |
(5) | Per-share amount was less than $0.005. |
(6) | March 1, 2010 (commencement of sale) through August 31, 2010. |
(7) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2010. |
Additional Information |
Notes |
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American Century California Tax-Free and Municipal Funds | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2015 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-85080 1504 |
SEMIANNUAL REPORT | FEBRUARY 28, 2015 |
Table of Contents |
President’s Letter |
![]() | Dear Investor: Thank you for reviewing this semiannual report for the six months ended February 28, 2015. It provides a macroeconomic and financial market overview (below), followed by fund performance, a schedule of fund investments, and other financial information. For additional commentary and updated information on fund performance, key factors that affected asset returns, and other insights regarding the investment markets, we encourage you to visit our website, americancentury.com. |
Jonathan Thomas |
Performance |
Total Returns as of February 28, 2015 | |||||||
Average Annual Returns | |||||||
Ticker Symbol | 6 months(1) | 1 year | 5 years | 10 years | Since Inception | Inception Date | |
Investor Class | BCHYX | 3.76% | 9.79% | 7.02% | 5.20% | 6.06% | 12/30/86 |
Barclays Municipal Bond Index | — | 2.20% | 6.49% | 5.00% | 4.75% | 6.22%(2) | — |
Institutional Class | BCHIX | 3.87% | 10.01% | — | — | 7.23% | 3/1/10 |
A Class | CAYAX | 1/31/03 | |||||
No sales charge* | 3.64% | 9.52% | 6.75% | 4.94% | 5.21% | ||
With sales charge* | -1.00% | 4.55% | 5.77% | 4.47% | 4.81% | ||
C Class | CAYCX | 1/31/03 | |||||
No sales charge* | 3.25% | 8.59% | 5.96% | 4.16% | 4.45% | ||
With sales charge* | 2.25% | 8.59% | 5.96% | 4.16% | 4.45% |
(1) | Total returns for periods less than one year are not annualized. |
(2) | Since December 31, 1986, the date nearest the Investor Class's inception for which data are available. |
Total Annual Fund Operating Expenses | |||
Investor Class | Institutional Class | A Class | C Class |
0.50% | 0.30% | 0.75% | 1.50% |
Fund Characteristics |
FEBRUARY 28, 2015 | |
Portfolio at a Glance | |
Weighted Average Maturity | 20.4 years |
Average Duration (Modified) | 5.3 years |
Top Five Sectors | % of fund investments |
Special Tax | 22% |
Hospital | 10% |
Tollroads | 10% |
General Obligation (GO) - Local | 10% |
Lease Revenue | 9% |
Types of Investments in Portfolio | % of net assets |
Municipal Securities | 99.3% |
Other Assets and Liabilities | 0.7% |
Shareholder Fee Example |
Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid During Period(1)9/1/14 - 2/28/15 | Annualized Expense Ratio(1) | |
Actual | ||||
Investor Class | $1,000 | $1,037.60 | $2.53 | 0.50% |
Institutional Class | $1,000 | $1,038.70 | $1.52 | 0.30% |
A Class | $1,000 | $1,036.40 | $3.79 | 0.75% |
C Class | $1,000 | $1,032.50 | $7.56 | 1.50% |
Hypothetical | ||||
Investor Class | $1,000 | $1,022.32 | $2.51 | 0.50% |
Institutional Class | $1,000 | $1,023.31 | $1.51 | 0.30% |
A Class | $1,000 | $1,021.08 | $3.76 | 0.75% |
C Class | $1,000 | $1,017.36 | $7.50 | 1.50% |
(1) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. |
Schedule of Investments |
Principal Amount | Value | |||||
MUNICIPAL SECURITIES — 99.3% | ||||||
California — 95.7% | ||||||
ABAG Finance Authority for Nonprofit Corps. Rev., (Jackson Laboratory), 5.00%, 7/1/37 | $ | 2,000,000 | $ | 2,246,420 | ||
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012 C-1, (Episcopal Senior Communities), 3.00%, 7/1/19 | 1,835,000 | 1,836,450 | ||||
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012 C-2, (Episcopal Senior Communities), 2.50%, 7/1/19 | 1,675,000 | 1,675,519 | ||||
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2014 A, (Sharp HealthCare), 5.00%, 8/1/43 | 3,500,000 | 3,951,045 | ||||
ABC Unified School District GO, Capital Appreciation, Series 2000 B, 0.00%, 8/1/21 (NATL-RE/FGIC)(1) | 1,000,000 | 882,970 | ||||
Alameda Corridor Transportation Authority Rev., Series 2013 A, 5.00%, 10/1/26 | 2,000,000 | 2,372,160 | ||||
Alameda Corridor Transportation Authority Rev., Series 2013 A, 5.00%, 10/1/27 (AGM) | 2,000,000 | 2,364,980 | ||||
Alameda Corridor Transportation Authority Rev., Series 2013 A, 5.00%, 10/1/29 (AGM) | 1,000,000 | 1,166,990 | ||||
Alhambra Rev., Series 2010 A, (Atherton Baptist Homes), 7.50%, 1/1/30 | 1,535,000 | 1,663,848 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Convention Center Expansion), 5.00%, 5/1/46 | 4,400,000 | 4,939,440 | ||||
Arcadia Unified School District GO, Series 2014 B, 5.00%, 6/1/44 | 7,655,000 | 8,580,872 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2001 A, (San Francisco Bay Area), VRDN, 1.27%, 3/5/15 | 1,000,000 | 1,023,460 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2007 A-1, (San Francisco Bay Area), VRDN, 0.72%, 3/5/15 | 1,450,000 | 1,480,610 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2008 G-1, (San Francisco Bay Area), VRDN, 1.12%, 3/5/15 | 2,500,000 | 2,546,775 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2013 S-4, (San Francisco Bay Area), 5.00%, 4/1/43 | 1,000,000 | 1,129,720 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2014 S-6, (San Franciso Bay Area), 5.00%, 10/1/54 | 10,000,000 | 11,235,500 | ||||
Beaumont Financing Authority Local Agency Special Tax Rev., Series 2004 D, 5.80%, 9/1/35 | 2,875,000 | 2,937,560 | ||||
Beaumont Financing Authority Local Agency Special Tax Rev., Series 2005 B, 5.40%, 9/1/35 | 1,390,000 | 1,430,310 | ||||
Beaumont Financing Authority Local Agency Special Tax Rev., Series 2005 C, 5.50%, 9/1/29 | 855,000 | 873,554 | ||||
Beaumont Financing Authority Local Agency Special Tax Rev., Series 2005 C, 5.50%, 9/1/35 | 4,000,000 | 4,006,240 | ||||
Beaumont Financing Authority Local Agency Special Tax Rev., Series 2006 A, (Improvement Area No. 19C), 5.35%, 9/1/36 | 2,700,000 | 2,704,968 | ||||
Beaumont Financing Authority Local Agency Special Tax Rev., Series 2008 A, (Improvement Area No. 19C), 6.875%, 9/1/36 | 1,050,000 | 1,110,333 | ||||
Beaumont Unified School District GO, Capital Appreciation, Series 2011 C, (Election of 2008), 0.00%, 8/1/40 (AGM)(1) | 2,000,000 | 687,620 | ||||
Berryessa Union School District GO, Capital Appreciation, Series 2000 A, 0.00%, 8/1/21 (AGM)(1) | 1,190,000 | 1,014,356 | ||||
Berryessa Union School District GO, Capital Appreciation, Series 2000 A, 0.00%, 8/1/22 (AGM)(1) | 1,220,000 | 999,522 |
Principal Amount | Value | |||||
Berryessa Union School District GO, Capital Appreciation, Series 2000 A, 0.00%, 8/1/23 (AGM)(1) | $ | 1,000,000 | $ | 780,760 | ||
California County Tobacco Securitization Agency Rev., 5.65%, 6/1/41 | 1,500,000 | 1,350,660 | ||||
California County Tobacco Securitization Agency Rev., Series 2006 A, 0.00%, 6/1/50(1) | 20,000,000 | 1,220,600 | ||||
California Department of Water Resources and Supply Rev., Series 2014 AT, (Center Valley Project), VRDN, 0.32%, 3/5/15 | 4,500,000 | 4,500,225 | ||||
California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/31 | 1,820,000 | 2,022,384 | ||||
California Educational Facilities Authority Rev., (Pepperdine University), 5.00%, 9/1/33 | 2,000,000 | 2,313,780 | ||||
California GO, 5.00%, 11/1/19 | 10,000,000 | 11,733,100 | ||||
California GO, 5.25%, 2/1/30 | 5,000,000 | 5,890,450 | ||||
California GO, 6.00%, 4/1/38 | 5,000,000 | 6,004,900 | ||||
California GO, 5.00%, 2/1/43 | 5,650,000 | 6,416,309 | ||||
California GO, Series 2012 B, VRN, 0.92%, 3/5/15 | 2,000,000 | 2,029,540 | ||||
California GO, Series 2012 B, VRN, 1.02%, 3/5/15 | 800,000 | 814,608 | ||||
California GO, Series 2012 B, VRN, 1.17%, 3/5/15 | 960,000 | 981,590 | ||||
California GO, Series 2013, 5.00%, 2/1/38 | 4,635,000 | 5,267,121 | ||||
California GO, VRDN, 4.00%, 12/1/16 | 2,000,000 | 2,087,220 | ||||
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/39 | 2,000,000 | 2,210,940 | ||||
California Health Facilities Financing Authority Rev., Series 2008 A, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17 | 1,910,000 | 1,942,374 | ||||
California Health Facilities Financing Authority Rev., Series 2008 A, (Scripps Health), 5.50%, 10/1/20 | 1,500,000 | 1,744,455 | ||||
California Health Facilities Financing Authority Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/18, Prerefunded at 100% of Par(2) | 1,000,000 | 1,200,570 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39 | 4,300,000 | 5,008,253 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38 | 3,000,000 | 3,614,790 | ||||
California Health Facilities Financing Authority Rev., Series 2009 C, (St. Joseph Health System), VRDN, 5.00%, 10/18/22 | 2,200,000 | 2,685,782 | ||||
California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.25%, 8/15/31 | 2,030,000 | 2,364,036 | ||||
California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/35 | 2,000,000 | 2,262,380 | ||||
California Health Facilities Financing Authority Rev., Series 2012 A, (City of Hope), 5.00%, 11/15/39 | 1,910,000 | 2,148,215 | ||||
California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51 | 2,500,000 | 2,789,725 | ||||
California Health Facilities Financing Authority Rev., Series 2012 B, (Lucile Salter Packard Children's Hospital), 5.00%, 8/15/26 | 1,020,000 | 1,191,941 | ||||
California Health Facilities Financing Authority Rev., Series 2013 A, (St. Joseph Health System), 5.00%, 7/1/37 | 445,000 | 506,379 | ||||
California Health Facilities Financing Authority Rev., Series 2013 A, (Sutter Health), 5.00%, 8/15/52 | 5,000,000 | 5,670,750 | ||||
California Health Facilities Financing Authority Rev., Series 2014 A, (Providence Health and Services), 5.00%, 10/1/38 | 2,000,000 | 2,307,840 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2008 B, (Los Angeles County Museum of Natural History Foundation), VRDN, 0.02%, 3/2/15 (LOC: Wells Fargo Bank N.A.) | 2,300,000 | 2,300,000 |
Principal Amount | Value | |||||
California Infrastructure & Economic Development Bank Rev., Series 2013 A, (Los Angeles County Museum of Art Project), VRDN, 1.87%, 3/5/15 | $ | 1,000,000 | $ | 1,030,740 | ||
California Mobilehome Park Financing Authority Rev., Series 2003 B, (Palomar Estates E&W), 7.00%, 9/15/36 | 6,345,000 | 6,355,660 | ||||
California Mobilehome Park Financing Authority Rev., Series 2006 B, (Union City Tropics), 5.50%, 12/15/41 | 2,000,000 | 2,039,440 | ||||
California Municipal Finance Authority Rev., (Biola University), 5.875%, 10/1/34 | 1,000,000 | 1,107,050 | ||||
California Municipal Finance Authority Rev., Series 2008 A, (Central Coast YMCA), VRDN, 0.04%, 3/5/15 (LOC: Pacific Capital Bank N.A. and FHLB) | 2,015,000 | 2,015,000 | ||||
California Municipal Finance Authority Rev., Series 2011 B, (Azusa Pacific University), 8.00%, 4/1/41 | 3,335,000 | 4,103,050 | ||||
California Municipal Finance Authority Rev., Series 2014 A, (Caritas Affordable Housing, Inc. Project), 5.00%, 8/15/20 | 600,000 | 693,588 | ||||
California Municipal Finance Authority Rev., Series 2014 A, (Caritas Affordable Housing, Inc. Project), 5.00%, 8/15/22 | 360,000 | 419,699 | ||||
California Municipal Finance Authority Rev., Series 2014 A, (Touro College and University System), 5.25%, 1/1/34 | 950,000 | 1,077,595 | ||||
California Municipal Finance Authority Rev., Series 2014 A, (Touro College and University System), 5.25%, 1/1/40 | 1,750,000 | 1,964,322 | ||||
California Municipal Finance Authority COP, (Community Hospitals of Central California Obligated Group), 5.50%, 2/1/39 | 1,450,000 | 1,620,970 | ||||
California Pollution Control Financing Authority Rev., 5.00%, 11/21/45(3) | 3,165,000 | 3,290,366 | ||||
California Pollution Control Financing Authority Rev., Series 1996 E, (Pacific Gas & Electric Company), VRDN, 0.02%, 3/2/15 (LOC: JPMorgan Chase Bank N.A.) | 1,000,000 | 1,000,000 | ||||
California Pollution Control Financing Authority Rev., Series 1996 F, (Pacific Gas & Electric Company), VRDN, 0.02%, 3/2/15 (LOC: JPMorgan Chase Bank N.A.) | 2,300,000 | 2,300,000 | ||||
California Public Works Board Lease Rev., Series 1993 D, (Department of Corrections), 5.25%, 6/1/15 (AGM) | 550,000 | 555,434 | ||||
California Public Works Board Lease Rev., Series 2009 G-1, (Various Capital Projects), 5.75%, 10/1/30 | 2,000,000 | 2,386,280 | ||||
California Public Works Board Lease Rev., Series 2010 A-1, (Various Capital Projects), 5.00%, 3/1/17 | 1,000,000 | 1,088,120 | ||||
California Public Works Board Lease Rev., Series 2010 A-1, (Various Capital Projects), 6.00%, 3/1/35 | 1,250,000 | 1,501,175 | ||||
California Public Works Board Lease Rev., Series 2011 C, (State Prisons), 5.75%, 10/1/31 | 1,000,000 | 1,218,840 | ||||
California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.00%, 12/1/15 | 3,335,000 | 3,459,462 | ||||
California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.00%, 12/1/31 | 975,000 | 1,117,886 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25 | 1,500,000 | 1,777,170 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37 | 5,465,000 | 6,162,389 | ||||
California Public Works Board Lease Rev., Series 2012 D, (California State University Projects), 5.00%, 9/1/36 | 500,000 | 563,580 | ||||
California Public Works Board Lease Rev., Series 2012 G, (Various Capital Projects), 4.00%, 11/1/17 | 1,235,000 | 1,342,556 | ||||
California Public Works Board Lease Rev., Series 2013 H, (California State University Projects), 5.00%, 9/1/38 | 1,500,000 | 1,703,355 | ||||
California Public Works Board Lease Rev., Series 2013 I, (Various Capital Projects), 5.00%, 11/1/38 | 2,350,000 | 2,675,851 |
Principal Amount | Value | |||||
California Public Works Board Lease Rev., Series 2014 A, (Various Correctional Facilities), 5.00%, 9/1/39 | $ | 7,000,000 | $ | 8,038,520 | ||
California School Finance Authority Rev., Series 2014 A, (KIPP LA Projects), 4.125%, 7/1/24 | 475,000 | 500,873 | ||||
California School Finance Authority Rev., Series 2014 A, (KIPP LA Projects), 5.125%, 7/1/44 | 700,000 | 740,257 | ||||
California School Finance Authority Rev., Series 2014 A, (KIPP LA Projects), 5.00%, 7/1/34 | 500,000 | 532,695 | ||||
California School Finance Authority Rev., Series 2014 A, (View Park Elementary and Middle Schools), 6.00%, 10/1/49 | 700,000 | 715,407 | ||||
California State University Rev., Series 2005 C, 5.00%, 11/1/15, Prerefunded at 100% of Par (NATL-RE)(2) | 3,680,000 | 3,801,477 | ||||
California State University Rev., Series 2005 C, 5.00%, 11/1/30 (NATL-RE) | 1,320,000 | 1,358,108 | ||||
California State University Systemwide Rev., Series 2011 A, 5.00%, 11/1/42 | 3,000,000 | 3,362,460 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/34 | 1,500,000 | 1,696,470 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.25%, 11/1/30 | 1,250,000 | 1,442,300 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/43 | 1,000,000 | 1,143,820 | ||||
California Statewide Communities Development Authority Rev., (Episcopal Communities and Services), 5.00%, 5/15/42 | 1,500,000 | 1,631,850 | ||||
California Statewide Communities Development Authority Rev., (Lancer Educational Student Housing), 5.625%, 6/1/33 | 2,500,000 | 2,582,325 | ||||
California Statewide Communities Development Authority Rev., (Southern California Edison Co.), VRDN, 1.375%, 4/2/18 | 4,350,000 | 4,393,587 | ||||
California Statewide Communities Development Authority Rev., (Southern California Presbyterian Homes), 7.25%, 11/15/41(3) | 2,500,000 | 2,988,825 | ||||
California Statewide Communities Development Authority Rev., (Trinity Health Corp.), 5.00%, 12/1/41 | 1,100,000 | 1,238,699 | ||||
California Statewide Communities Development Authority Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31 | 4,000,000 | 4,230,360 | ||||
California Statewide Communities Development Authority Rev., Series 2004 D, (Sutter Health), 5.05%, 8/15/38 (AGM) | 1,650,000 | 1,785,449 | ||||
California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.50%, 11/1/38 | 7,000,000 | 7,267,890 | ||||
California Statewide Communities Development Authority Rev., Series 2012 A, (Kaiser Permanente), 5.00%, 4/1/42 | 6,000,000 | 6,710,700 | ||||
California Statewide Communities Development Authority Rev., Series 2013 A, (American Baptist Homes of the West), 5.00%, 10/1/43 | 1,200,000 | 1,301,184 | ||||
California Statewide Communities Development Authority Rev., Series 2014 A, (899 Charleston Project), 5.25%, 11/1/44 | 1,500,000 | 1,537,065 | ||||
California Statewide Communities Development Authority Rev., Series 2014 A, (Henry Mayo Newhall Memorial Hospital), 5.25%, 10/1/43 (AGM) | 1,000,000 | 1,136,740 | ||||
California Statewide Communities Development Authority Rev., Series 2014 A, (Loma Linda University Medical Center) 5.25%, 12/1/44 | 1,000,000 | 1,092,940 | ||||
California Statewide Communities Development Authority Rev., Series 2014 A, (Loma Linda University Medical Center), 5.50%, 12/1/54 | 1,500,000 | 1,660,440 | ||||
California Statewide Communities Development Authority Rev., Series 2014 A, (Los Angeles Jewish Home), 5.00%, 8/1/44 (GA: Jewish Home Foundation) | 1,600,000 | 1,806,912 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/44 | 2,760,000 | 3,088,578 |
Principal Amount | Value | |||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Los Angeles Jewish Home), 3.00%, 8/1/21 (GA: Jewish Home Foundation) | $ | 1,300,000 | $ | 1,337,076 | ||
Carson Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Project Area No. 1), 7.00%, 10/1/36 | 2,000,000 | 2,376,560 | ||||
Chaffey Joint Union High School District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/32 | 2,000,000 | 2,320,100 | ||||
Chula Vista Industrial Development Rev., Series 2004 D, (San Diego Gas), 5.875%, 1/1/34 | 1,000,000 | 1,185,870 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 5.00%, 9/2/24 | 700,000 | 815,010 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 5.00%, 9/2/26 | 600,000 | 685,962 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 13-1), 5.00%, 9/2/29 | 700,000 | 798,462 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 13-1), 5.00%, 9/2/30 | 350,000 | 398,577 | ||||
Clovis Unified School District GO, Series 2013 B, (Election of 2012), 5.00%, 8/1/38 | 3,000,000 | 3,441,420 | ||||
Contra Costa Water District Rev., Series 2013 R, 5.00%, 10/1/43 | 1,025,000 | 1,167,598 | ||||
Corcoran COP, 8.75%, 6/1/16 (Acquired 4/28/92, Cost $170,000)(4) | 170,000 | 178,634 | ||||
Duarte Unified School District GO, Capital Appreciation, Series 1999 B, 0.00%, 11/1/23 (AGM)(1) | 1,150,000 | 890,537 | ||||
East Side Union High School District GO, Series 2013, 5.00%, 8/1/29 | 1,050,000 | 1,218,903 | ||||
Eastern Municipal Water District Community Facilities District No. 2000-01 Special Tax Rev., (French Valley), 5.00%, 9/1/36 | 1,775,000 | 2,015,264 | ||||
Eastern Municipal Water District Water and Sewer COP, Series 2008 H, 5.00%, 7/1/33 | 4,000,000 | 4,469,560 | ||||
El Dorado County Community Facilities District No. 2001-1 Special Tax Rev., (Promontory Specific), 6.30%, 9/1/31 | 2,500,000 | 2,529,875 | ||||
Emeryville Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/31 (AGM) | 590,000 | 683,309 | ||||
Emeryville Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/34 (AGM) | 1,000,000 | 1,150,140 | ||||
Escondido Joint Powers Financing Authority Rev., (Water Systems Financing), 5.00%, 9/1/31 | 1,355,000 | 1,526,109 | ||||
Fairfield Redevelopment Agency Tax Allocation Rev., 4.00%, 8/1/16 | 1,000,000 | 1,051,020 | ||||
Foothill-De Anza Community College District GO, Capital Appreciation, 0.00%, 8/1/21 (NATL-RE)(1) | 3,000,000 | 2,648,910 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/24(5) | 2,200,000 | 1,639,638 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 A, 6.00%, 1/15/49 | 27,500,000 | 32,778,625 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/42(1) | 6,000,000 | 1,765,560 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-3, VRDN, 5.50%, 1/15/23 | 3,750,000 | 4,400,512 | ||||
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 C, 6.50%, 1/15/43 | 4,000,000 | 4,817,640 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 4.50%, 6/1/27 | 4,650,000 | 4,529,518 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.00%, 6/1/33 | 3,000,000 | 2,539,710 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.125%, 6/1/47 | 7,000,000 | 5,496,890 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.75%, 6/1/47 | 10,000,000 | 8,598,700 |
Principal Amount | Value | |||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-2, 5.30%, 6/1/37 | $ | 3,000,000 | $ | 2,535,390 | ||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/29 | 1,500,000 | 1,718,010 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/30 | 2,500,000 | 2,847,650 | ||||
Grossmont Union High School District GO, Series 2013 E, (Election of 2008), 5.00%, 8/1/43 | 1,225,000 | 1,386,725 | ||||
Hayward Area Recreation and Park District COP, 5.125%, 1/1/39 | 1,500,000 | 1,693,710 | ||||
Hemet Unified School District Special Tax Rev., (Community Facilities District No. 2005-2), 5.25%, 9/1/30 | 2,670,000 | 2,698,168 | ||||
Hemet Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/39 | 1,100,000 | 1,238,666 | ||||
Hemet Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/34 | 350,000 | 397,499 | ||||
Hesperia Community Facilities District No. 2005-1 Special Tax Rev., (Belgate Development Restructuring), 5.00%, 9/1/29 | 1,060,000 | 1,196,221 | ||||
Hesperia Community Facilities District No. 2005-1 Special Tax Rev., (Belgate Development Restructuring), 5.00%, 9/1/35 | 2,690,000 | 2,984,905 | ||||
Hesperia Public Financing Authority Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/32 (XLCA) | 3,000,000 | 3,128,580 | ||||
Hesperia Public Financing Authority Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/37 (XLCA) | 2,025,000 | 2,104,724 | ||||
Huntington Beach Community Facilities District Special Tax Rev., (Huntington Center), 5.375%, 9/1/33 | 1,700,000 | 1,965,353 | ||||
Independent Cities Finance Authority Mobile Home Park Rev., (Rancho Feliz and Las Casitas de Sonoma), 5.00%, 10/15/47 | 5,000,000 | 5,261,250 | ||||
Independent Cities Finance Authority Mobile Home Park Rev., Series 2011 A, (Castle Mobile Estates), 6.75%, 8/15/46 | 2,500,000 | 2,872,225 | ||||
Independent Cities Finance Authority Mobile Home Park Rev., Series 2012 A, (Augusta Communities), 5.00%, 5/15/39 | 2,500,000 | 2,637,575 | ||||
Independent Cities Lease Finance Authority Rev., Series 2006 B, (San Juan Mobile Estates), 5.55%, 5/15/31 | 500,000 | 507,445 | ||||
Independent Cities Lease Finance Authority Rev., Series 2006 B, (San Juan Mobile Estates), 5.85%, 5/15/41 | 1,150,000 | 1,168,895 | ||||
Independent Cities Lease Finance Authority Rev., Series 2007 A, (Santa Rosa Leisure Mobilehome Park), 5.70%, 11/15/47 | 3,430,000 | 3,560,100 | ||||
Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.25%, 9/1/37 | 1,110,000 | 1,271,938 | ||||
Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/44 | 2,680,000 | 2,970,887 | ||||
Irvine Community Facilities District No. 2013-3 Special Tax Rev., (Great Park Improvement Area No.1), 5.00%, 9/1/49 | 3,500,000 | 3,967,040 | ||||
Irvine Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.70%, 9/1/35 | 515,000 | 613,241 | ||||
Jurupa Community Services District Special Tax Rev., Series 2008 A, (Community Facilities District No. 25), 8.875%, 9/1/18, Prerefunded at 100% of Par(2) | 2,000,000 | 2,532,120 | ||||
Jurupa Community Services District Special Tax Rev., Series 2013 A, (Community Facilities District No. 31), 5.00%, 9/1/37 | 250,000 | 278,420 | ||||
Jurupa Community Services District Special Tax Rev., Series 2013 A, (Community Facilities District No. 31), 5.00%, 9/1/42 | 1,000,000 | 1,110,400 | ||||
Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/31 | 1,100,000 | 1,256,409 | ||||
Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/42 | 1,000,000 | 1,105,120 | ||||
La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/36 | 1,100,000 | 1,183,369 |
Principal Amount | Value | |||||
Lake Elsinore Public Financing Authority Rev., 5.00%, 9/1/40(6) | $ | 2,380,000 | $ | 2,598,246 | ||
Lammersville Joint Unified School District Special Tax Rev., (Mountain House), 6.00%, 9/1/43 | 1,250,000 | 1,489,788 | ||||
Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.50%, 11/15/37 | 1,150,000 | 1,421,550 | ||||
Los Alamitos Unified School District COP, Capital Appreciation, (Capital Projects), 0.00%, 8/1/24(5) | 1,300,000 | 977,938 | ||||
Los Angeles Community College District GO, Series 2008 F-1, (Election of 2003), 5.00%, 8/1/18, Prerefunded at 100% of Par(2) | 2,000,000 | 2,280,160 | ||||
Los Angeles Community Facilities District No. 3 Special Tax Rev., (Cascades Business Park & Golf Course), 6.40%, 9/1/22 | 1,110,000 | 1,131,101 | ||||
Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/23 | 1,000,000 | 1,210,650 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-1, (MonteCedro Inc.), 3.00%, 11/15/21 (California Mortgage Insurance) | 475,000 | 482,035 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-2, (MonteCedro Inc.), 3.00%, 11/15/20 (California Mortgage Insurance) | 400,000 | 406,792 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-3, (MonteCedro Inc.), 2.50%, 11/15/20 (California Mortgage Insurance) | 875,000 | 886,200 | ||||
Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40(7) | 2,000,000 | 2,284,640 | ||||
Los Angeles Department of Airports Rev., Series 2015 C, (Los Angeles International Airport), 5.00%, 5/15/38 | 2,000,000 | 2,322,880 | ||||
Los Angeles Department of Water & Power System Rev., Series 2013 B, 5.00%, 7/1/30 | 3,500,000 | 4,103,435 | ||||
Los Angeles Department of Water & Power System Rev., Series 2015 E, 5.00%, 7/1/44 | 5,000,000 | 5,756,650 | ||||
Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/29 | 350,000 | 404,411 | ||||
Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/31 | 3,500,000 | 4,023,390 | ||||
Los Angeles Unified School District GO, Series 2011 A-1, 5.00%, 7/1/24 | 3,430,000 | 4,058,136 | ||||
Los Angeles Unified School District GO, Series 2014 B, 5.00%, 7/1/18 | 3,335,000 | 3,791,561 | ||||
Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/30 | 1,155,000 | 1,375,166 | ||||
Los Angeles Wastewater System Rev., Series 2012 B, 5.00%, 6/1/32 | 3,000,000 | 3,471,360 | ||||
M-S-R Energy Authority Rev., Series 2009 A, 7.00%, 11/1/34 (GA: Citigroup, Inc.) | 1,700,000 | 2,434,026 | ||||
M-S-R Energy Authority Rev., Series 2009 B, 6.50%, 11/1/39 (GA: Citigroup, Inc.) | 4,000,000 | 5,527,640 | ||||
Milpitas Improvement Bond Act of 1915 Special Assessment Rev., Series 1996 A, (Local Improvement District No. 18), 6.75%, 9/2/16 | 495,000 | 506,776 | ||||
Modesto Irrigation District COP, Series 2009 A, (Capital Improvements), 6.00%, 10/1/39 | 3,000,000 | 3,500,670 | ||||
Montebello Community Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Montebello Hills Redevelopment), 8.10%, 3/1/27 | 2,000,000 | 2,467,740 | ||||
Moorpark Mobile Home Park Rev., Series 2011 A, (Villa Delaware Arroyo), 6.50%, 5/15/41 | 4,000,000 | 4,531,200 | ||||
Murrieta Community Facilities District No. 2002-2 Special Tax Rev., Series 2004 A, (The Oaks Improvement Area), 6.00%, 9/1/34 | 1,880,000 | 1,884,004 | ||||
Murrieta Public Financing Authority Special Tax Rev., 5.00%, 9/1/31 | 1,735,000 | 1,904,388 | ||||
Northern California Power Agency Rev., Series 2012 A, (Hydroelectric Project No. 1), 5.00%, 7/1/31 | 1,090,000 | 1,238,850 | ||||
Norwalk-La Mirada Unified School District GO, Capital Appreciation, Series 2009 E, (Election of 2002), 0.00%, 8/1/38 (AGC)(1) | 10,000,000 | 3,695,100 |
Principal Amount | Value | |||||
Oakland Redevelopment Agency Rev., 5.00%, 9/1/36 (Ambac) | $ | 5,000,000 | $ | 5,261,450 | ||
Oakland Unified School District Alameda County GO, Series 2009 A, (Election of 2006), 6.125%, 8/1/29 | 2,500,000 | 2,853,900 | ||||
Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32 | 2,150,000 | 2,468,436 | ||||
Oakland Unified School District Alameda County GO, Series 2013, (Election of 2012), 6.625%, 8/1/38 | 770,000 | 950,257 | ||||
Oceanside Community Development Commission Tax Allocation Rev., (Downtown Redevelopment), 5.70%, 9/1/25 | 3,500,000 | 3,504,480 | ||||
Ohlone Community College District GO, Series 2011 A, (Election of 2010), 5.00%, 8/1/31 | 3,000,000 | 3,431,250 | ||||
Orange County Community Facilities District No. 06-1 Special Tax Rev., (Del Rio Public Improvements), 5.00%, 10/1/40 (AGM)(6) | 2,000,000 | 2,273,080 | ||||
Orange County Community Facilities District No. 06-1 Special Tax Rev., (Del Rio Public Improvements), 6.00%, 10/1/40 | 1,375,000 | 1,419,014 | ||||
Orange County Sanitation District Rev., Series 2014 B, 4.00%, 11/15/16 | 8,000,000 | 8,485,600 | ||||
Orange County Transportation Authority Rev., (Senior Lien), 5.00%, 8/15/30 | 2,400,000 | 2,791,608 | ||||
Orange County Water District Rev., Series 2013 A, 5.00%, 8/15/33 | 1,900,000 | 2,233,469 | ||||
Oxnard Financing Authority Wastewater Rev., 5.00%, 6/1/33 (AGM) | 2,095,000 | 2,369,969 | ||||
Oxnard Financing Authority Wastewater Rev., 5.00%, 6/1/34 (AGM) | 1,750,000 | 1,975,225 | ||||
Palm Springs Financing Authority Lease Rev., Series 2012 B, (Downtown Revitalization Project), 5.00%, 6/1/35 | 4,000,000 | 4,427,520 | ||||
Palomar Pomerado Health Care District COP, 6.75%, 11/1/39 | 2,750,000 | 3,052,197 | ||||
Paramount Unified School District GO, Capital Appreciation, (Election of 2006), 0.00%, 8/1/51 (BAM)(1) | 12,500,000 | 1,255,625 | ||||
Patterson Joint Unified School District GO, Capital Appreciation, Series 2009 B, (Election of 2008), 0.00%, 3/1/49 (AGM)(1) | 8,160,000 | 1,602,379 | ||||
Perris Public Financing Authority Special Tax Rev., Series 2008 A, (Community Facilities District No. 2005-4), 6.60%, 9/1/38 | 2,140,000 | 2,211,198 | ||||
Perris Union High School District Financing Authority Special Tax Rev., 5.00%, 9/1/41 | 2,000,000 | 2,248,520 | ||||
Pittsburg Redevelopment Agency Tax Allocation Rev., Series 2004 A, (Los Medanos Community), VRDN, 0.02%, 3/2/15 (LOC: State Street Bank & Trust Co. and California State Teacher's Retirement System) | 730,000 | 730,000 | ||||
Pleasant Valley School District/Ventura County GO, Series 2002 A, 5.85%, 8/1/31 (NATL-RE) | 4,835,000 | 5,910,256 | ||||
Pomona Unified School District GO, Series 2015 F, 5.00%, 8/1/39 (BAM) | 2,000,000 | 2,287,440 | ||||
Poway Unified School District Public Financing Authority Rev., 7.875%, 9/15/39 | 3,760,000 | 4,412,247 | ||||
Poway Unified School District Special Tax Rev., (Community Facilities District No. 6-4S), 5.00%, 9/1/36 | 600,000 | 657,744 | ||||
Redwood City Redevelopment Agency Tax Allocation Rev., Capital Appreciation, Series 2003 A, (Redevelopment Project Area 2), 0.00%, 7/15/28 (Ambac)(1) | 3,405,000 | 1,890,558 | ||||
Rio Elementary School District Community Facilities District No. 1 Special Tax Rev., 5.00%, 9/1/35 | 2,550,000 | 2,851,333 | ||||
Rio Elementary School District Community Facilities District No. 1 Special Tax Rev., Series 2013, 5.50%, 9/1/39 | 2,000,000 | 2,324,720 | ||||
River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Rev., Series 2015 A-1, (Public Improvements), 5.50%, 9/1/45 | 1,500,000 | 1,531,665 | ||||
River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Rev., Series 2015 B, (Public Improvements), 5.50%, 9/1/45 | 5,000,000 | 4,999,950 |
Principal Amount | Value | |||||
Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 04-2-Lake Hills Crest), 5.00%, 9/1/30 | $ | 1,035,000 | $ | 1,171,051 | ||
Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 04-2-Lake Hills Crest), 5.00%, 9/1/35 | 2,520,000 | 2,780,593 | ||||
Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 05-8 Scott Road), 5.00%, 9/1/42 | 3,000,000 | 3,310,230 | ||||
Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.25%, 10/1/30 | 2,200,000 | 2,630,364 | ||||
Riverside County Transportation Commission Rev., Capital Appreciation, Series 2013 B, (Senior Lien), 0.00%, 6/1/43(1) | 5,000,000 | 1,211,150 | ||||
Riverside County Transportation Commission Rev., Series 2013 A, (Limited Tax), 5.25%, 6/1/39 | 800,000 | 933,352 | ||||
Riverside County Transportation Commission Rev., Series 2013 A, (Senior Lien), 5.75%, 6/1/44 | 500,000 | 579,685 | ||||
Riverside Unified School District Special Tax Rev., (Community Facilities District No. 13, Improvement Area 1), 5.375%, 9/1/34 | 2,000,000 | 2,021,140 | ||||
Riverside Unified School District Special Tax Rev., Series 2005 A, (Community Facilities School District No. 15, Improvement Area 2), 5.25%, 9/1/30 | 1,000,000 | 1,010,550 | ||||
Romoland School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area 1), 5.40%, 9/1/36 | 3,990,000 | 4,030,818 | ||||
Romoland School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area 3), 5.00%, 9/1/43 | 2,640,000 | 2,827,546 | ||||
Roseville Community Facilities District No. 1 Special Tax Rev., (The Fountains), 6.125%, 9/1/38 | 2,600,000 | 2,806,388 | ||||
Roseville Finance Authority Electric System Rev., 5.00%, 2/1/37 | 925,000 | 1,024,197 | ||||
Roseville Westbrook Community Facilities District No. 1 Special Tax Rev., (Public Facilities), 5.00%, 9/1/44 | 1,650,000 | 1,674,948 | ||||
Sacramento Airport System Rev., Series 2009 D, (Grant Revenue Bonds), 6.00%, 7/1/35 | 4,000,000 | 4,581,440 | ||||
Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/31 | 625,000 | 728,969 | ||||
Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/33 | 1,000,000 | 1,158,980 | ||||
Sacramento Regional Transit District Rev., (Farebox Revenue), 5.00%, 3/1/42 | 1,300,000 | 1,430,468 | ||||
Sacramento Transportation Authority Sales Tax Rev., (Measure A), 5.00%, 10/1/24 | 1,055,000 | 1,280,264 | ||||
San Bernardino Community Facilities District No. 2002-1 Special Tax Rev., (Kaiser Commerce Center), 5.00%, 9/1/33 | 3,000,000 | 3,320,430 | ||||
San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41 | 9,350,000 | 11,498,256 | ||||
San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/24 | 300,000 | 362,313 | ||||
San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/25 | 955,000 | 1,139,754 | ||||
San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/26 | 500,000 | 590,310 | ||||
San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/43 | 2,500,000 | 2,835,000 | ||||
San Diego County Regional Airport Authority Rev., Series 2014 A, (Rental Car Facility), 5.00%, 7/1/44 | 1,500,000 | 1,684,305 | ||||
San Diego County Water Authority Rev., 5.00%, 5/1/33 | 1,500,000 | 1,765,035 | ||||
San Diego Public Facilities Financing Authority Lease Rev., Series 2012 A, (Capital Improvement Projects), 5.00%, 4/15/37 | 2,000,000 | 2,233,300 | ||||
San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/30 | 2,000,000 | 2,317,900 |
Principal Amount | Value | |||||
San Diego Redevelopment Agency Tax Allocation Rev., Series 2009 A, (North Park Redevelopment), 7.00%, 11/1/39 | $ | 3,000,000 | $ | 3,591,090 | ||
San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/26 | 750,000 | 884,333 | ||||
San Francisco City and County Airports Commission Rev., Series 2008 34-D, (San Francisco International Airport), 5.25%, 5/1/26 | 3,000,000 | 3,389,160 | ||||
San Francisco City and County Airports Commission Rev., Series 2011 D, 5.00%, 5/1/31 | 5,390,000 | 6,090,862 | ||||
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2009 D, (Mission Bay South Redevelopment), 6.625%, 8/1/39 | 2,000,000 | 2,324,520 | ||||
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 C, (Mission Bay South Redevelopment), 6.75%, 8/1/41 | 1,000,000 | 1,226,230 | ||||
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 7.00%, 8/1/41 | 1,250,000 | 1,524,500 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment Project), 5.00%, 8/1/33 | 780,000 | 874,575 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment Project), 5.00%, 8/1/43 | 1,000,000 | 1,109,370 | ||||
San Gorgonio Memorial Health Care District GO, 4.00%, 8/1/17 | 435,000 | 466,546 | ||||
San Gorgonio Memorial Health Care District GO, 4.00%, 8/1/18 | 515,000 | 561,494 | ||||
San Gorgonio Memorial Health Care District GO, 5.00%, 8/1/20 | 1,000,000 | 1,170,400 | ||||
San Gorgonio Memorial Health Care District GO, 5.00%, 8/1/21 | 275,000 | 324,998 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., Series 2014 B, (Junior Lien), 5.25%, 1/15/44 | 6,000,000 | 6,596,760 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/25 (NATL-RE)(1) | 3,090,000 | 2,097,214 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/29 (NATL-RE)(1) | 165,000 | 92,529 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/31 (NATL-RE)(1) | 16,000,000 | 8,127,840 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/32 (NATL-RE)(1) | 290,000 | 140,006 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/36 (NATL-RE)(1) | 1,335,000 | 526,003 | ||||
San Jose Airport Rev., Series 2011 A-2, 5.25%, 3/1/34 | 2,605,000 | 2,925,181 | ||||
San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.50%, 9/1/44 | 2,250,000 | 2,552,917 | ||||
San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 6.00%, 9/1/42 | 500,000 | 586,380 | ||||
Santa Barbara Secondary High School District GO, Series 2011 A, (Election of 2010), 0.00%, 8/1/36(1) | 10,000,000 | 4,145,500 | ||||
Santa Barbara Secondary High School District GO, Series 2011 A, (Election of 2010), 0.00%, 8/1/40(1) | 3,795,000 | 1,319,787 | ||||
Santa Cruz County Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Live Oak/Soquel Community Improvement), 7.00%, 9/1/36 | 3,000,000 | 3,556,080 | ||||
Santa Margarita Water District Special Tax Rev., Series 2013, (Communities Facilities District No. 2013-1, Village of Sendero), 5.625%, 9/1/43 | 1,250,000 | 1,430,525 | ||||
Santaluz Community Facilities District No. 2 Special Tax Rev., Series 2011 A, (Improvement Area No. 1), 5.10%, 9/1/30 | 465,000 | 515,518 | ||||
Saugus-Castaic School Facilities Financing Authority Special Tax Rev., (Community Facilities District No. 2006-1C), 6.00%, 9/1/43 | 1,490,000 | 1,739,828 |
Principal Amount | Value | |||||
Silicon Valley Tobacco Securitization Authority Rev., Capital Appreciation, Series 2007 A, (Santa Clara County Tobacco Securitization Corp.), 0.00%, 6/1/36(1) | $ | 1,000,000 | $ | 233,970 | ||
Southern California Public Power Authority Rev., (Southern Transmission), 0.00%, 7/1/15 (NATL-RE-IBC)(1) | 1,250,000 | 1,248,663 | ||||
Southern California Public Power Authority Rev., Series 2007 A, 5.00%, 11/1/33 | 3,755,000 | 4,448,211 | ||||
Southern Mono Health Care District GO, Capital Appreciation, Series 2002 A, (Election of 2001), 0.00%, 8/1/26 (NATL-RE)(1) | 1,800,000 | 1,093,410 | ||||
Southwestern Community College District GO, Capital Appreciation, Series 2011 C, (Election of 2008), 0.00%, 8/1/46(1) | 5,425,000 | 1,386,196 | ||||
Stockton Public Financing Authority Rev., Series 2010 A, (Delta Water Supply Project), 6.25%, 10/1/40 | 1,750,000 | 2,070,845 | ||||
Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/28 (BAM) | 2,215,000 | 2,573,874 | ||||
Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/29 (BAM) | 1,750,000 | 2,026,762 | ||||
Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/42 (AGM) | 705,000 | 791,088 | ||||
Successor Agency to the Redevelopment Agency of the City & County of San Francisco Communities Facilities District No. 6 Special Tax Rev., Capital Appreciation, Series 2013 C, (Mission Bay South Public Improvements), 0.00%, 8/1/43 (BAM)(1) | 5,500,000 | 1,132,945 | ||||
Successor Agency to the Redevelopment Agency of the City of Cathedral City Tax Allocation Rev., Series 2014 A, (Merged Redevelopment Project Area), 5.00%, 8/1/29 (AGM) | 1,250,000 | 1,438,425 | ||||
Successor Agency to the Redevelopment Agency of the City of Cathedral City Tax Allocation Rev., Series 2014 A, (Merged Redevelopment Project Area), 5.00%, 8/1/30 (AGM) | 1,315,000 | 1,508,607 | ||||
Successor Agency to the Redevelopment Agency of the City of Cathedral City Tax Allocation Rev., Series 2014 A, (Merged Redevelopment Project Area), 5.00%, 8/1/31 (AGM) | 1,380,000 | 1,581,963 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/19 (BAM) | 215,000 | 246,990 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/20 (BAM) | 140,000 | 163,481 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/21 (BAM) | 90,000 | 106,486 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/22 (BAM) | 130,000 | 155,073 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/23 (BAM) | 120,000 | 143,243 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/24 (BAM) | 135,000 | 160,723 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 4.50%, 9/1/25 (BAM) | 45,000 | 51,255 | ||||
Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/25 (BAM) | 45,000 | 53,161 | ||||
Sunnyvale Community Facilities District No. 1 Special Tax Rev., 7.75%, 8/1/32 | 6,500,000 | 6,514,560 | ||||
Susanville Public Financing Authority Rev., Series 2010 B, (Utility Enterprises), 6.00%, 6/1/45 | 3,000,000 | 3,402,990 | ||||
Tahoe-Truckee Unified School District GO, Capital Appreciation, Series 1999 A, (Improvement District No. 2), 0.00%, 8/1/22 (NATL-RE/FGIC)(1) | 2,690,000 | 2,249,593 | ||||
Tahoe-Truckee Unified School District GO, Capital Appreciation, Series 1999 A, (Improvement District No. 2), 0.00%, 8/1/23 (NATL-RE/FGIC)(1) | 2,220,000 | 1,765,255 |
Principal Amount | Value | |||||
Tobacco Securitization Authority of Northern California Settlement Rev., Series 2005 A-1, 5.50%, 6/1/45 | $ | 2,000,000 | $ | 1,630,360 | ||
Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A-1, 5.00%, 6/1/37 | 2,250,000 | 1,927,125 | ||||
Tracy Community Facilities District No. 2006-1 Special Tax Rev., (NEI Phase II), 5.75%, 9/1/36 | 3,105,000 | 3,127,884 | ||||
Tracy Public Financing Authority Special Tax Rev., Series 2014 A, 4.00%, 9/2/18 | 1,900,000 | 2,064,407 | ||||
Tracy Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/2/19 | 2,285,000 | 2,616,553 | ||||
Tracy Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/2/20 | 2,100,000 | 2,442,720 | ||||
Tri-Dam Power Authority Rev., 4.00%, 5/1/16 | 2,165,000 | 2,226,811 | ||||
Tri-Dam Power Authority Rev., 4.00%, 11/1/16 | 2,165,000 | 2,248,915 | ||||
Tuolumne Wind Project Authority Rev., Series 2009 A, 5.875%, 1/1/29 | 2,000,000 | 2,353,520 | ||||
Turlock Public Financing Authority Tax Allocation Rev., 7.50%, 9/1/39 | 2,770,000 | 3,518,814 | ||||
Tustin Community Facilities District No. 06-1 Special Tax Rev., Series 2007 A, (Tustin Legacy/Columbus Villages), 6.00%, 9/1/36 | 4,945,000 | 5,236,112 | ||||
Tustin Community Facilities District No. 07-1 Special Tax Rev., (Tustin Legacy/Retail Center), 6.00%, 9/1/37 | 1,300,000 | 1,373,307 | ||||
Tustin Public Financing Authority Rev., 5.00%, 4/1/43 | 1,000,000 | 1,126,240 | ||||
Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 5.75%, 9/1/30 | 1,000,000 | 1,118,790 | ||||
Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.00%, 9/1/40 | 1,500,000 | 1,749,375 | ||||
Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM) | 1,750,000 | 1,752,135 | ||||
Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM) | 1,000,000 | 1,001,220 | ||||
Union Elementary School District, GO, Series 2015 A, 5.00%, 9/1/49 | 1,000,000 | 1,152,210 | ||||
University of California Rev., Series 2013 AL-3, VRDN, 0.02%, 3/5/15 | 3,000,000 | 3,000,000 | ||||
University of California System Rev., Series 2012 G, 5.00%, 5/15/37 | 5,000,000 | 5,679,050 | ||||
Val Verde Unified School District Special Tax Rev., 5.00%, 9/1/37 | 1,750,000 | 1,926,575 | ||||
Val Verde Unified School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area A), 5.40%, 9/1/15, Prerefunded at 102% of Par(2) | 2,500,000 | 2,617,325 | ||||
Val Verde Unified School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area A), 5.45%, 9/1/15, Prerefunded at 102% of Par(2) | 2,600,000 | 2,722,694 | ||||
Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/33 | 1,600,000 | 1,838,176 | ||||
Whittier Health Facilities Rev., (Presbyterian Intercommunity Hospital), 5.00%, 6/1/44 | 3,500,000 | 3,931,200 | ||||
Yosemite Community College District GO, Capital Appreciation, (Election of 2004), 0.00%, 8/1/16 (AGM)(1) | 3,545,000 | 3,500,227 | ||||
Yuba City Unified School District GO, Capital Appreciation, 0.00%, 3/1/25 (NATL-RE/FGIC)(1) | 1,500,000 | 1,055,685 | ||||
819,117,786 | ||||||
Guam — 1.2% | ||||||
Guam Government Business Privilege Tax Rev., Series 2011 A, 5.125%, 1/1/42 | 1,000,000 | 1,105,140 | ||||
Guam Government GO, Series 2009 A, 7.00%, 11/15/39 | 7,230,000 | 8,548,535 | ||||
Guam Power Authority Rev., Series 2012 A, 5.00%, 10/1/34 | 850,000 | 946,951 | ||||
10,600,626 |
Principal Amount | Value | |||||
Puerto Rico — 1.9% | ||||||
Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.25%, 7/1/42 | $ | 1,045,000 | $ | 743,162 | ||
Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 6.00%, 7/1/47 | 5,000,000 | 3,723,250 | ||||
Puerto Rico Electric Power Authority Rev., Series 2010 XX, 5.25%, 7/1/40 | 465,000 | 266,961 | ||||
Puerto Rico Electric Power Authority Rev., Series 2012 A, 5.00%, 7/1/42 | 4,000,000 | 2,296,760 | ||||
Puerto Rico GO, Series 2008 A, 6.00%, 7/1/38 | 2,500,000 | 1,773,600 | ||||
Puerto Rico GO, Series 2009 C, (Public Improvement), 6.00%, 7/1/39 | 1,250,000 | 883,613 | ||||
Puerto Rico GO, Series 2011 A, (Public Improvement), 5.75%, 7/1/41 | 500,000 | 349,115 | ||||
Puerto Rico GO, Series 2014 A, (Public Improvement), 8.00%, 7/1/35 | 2,275,000 | 1,901,126 | ||||
Puerto Rico Public Buildings Authority Rev., Series 2009 Q, 5.625%, 7/1/39 | 3,700,000 | 2,533,020 | ||||
Puerto Rico Public Buildings Authority Rev., Series 2012 U, 5.25%, 7/1/42 | 2,500,000 | 1,623,450 | ||||
16,094,057 | ||||||
U.S. Virgin Islands — 0.5% | ||||||
Virgin Islands Public Finance Authority Rev., Series 2009 A, (Diageo Matching Fund Bonds), 6.75%, 10/1/37 | 2,000,000 | 2,295,520 | ||||
Virgin Islands Public Finance Authority Rev., Series 2010 B, (Subordinated Lien), 5.25%, 10/1/29 | 1,500,000 | 1,658,745 | ||||
3,954,265 | ||||||
TOTAL INVESTMENT SECURITIES — 99.3% (Cost $788,218,434) | 849,766,734 | |||||
OTHER ASSETS AND LIABILITIES — 0.7% | 5,907,865 | |||||
TOTAL NET ASSETS — 100.0% | $ | 855,674,599 |
FUTURES CONTRACTS | |||||||||
Contracts Sold | Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation (Depreciation) | ||||||
333 | U.S. Treasury 10-Year Notes | June 2015 | $ | 42,556,359 | $ | (66,931 | ) | ||
121 | U.S. Treasury Long Bonds | June 2015 | 19,583,094 | (88,954 | ) | ||||
$ | 62,139,453 | $ | (155,885 | ) |
NOTES TO SCHEDULE OF INVESTMENTS | ||
AGC | - | Assured Guaranty Corporation |
AGM | - | Assured Guaranty Municipal Corporation |
BAM | - | Build America Mutual Assurance Company |
COP | - | Certificates of Participation |
FGIC | - | Financial Guaranty Insurance Company |
FHLB | - | Federal Home Loan Bank |
GA | - | Guaranty Agreement |
GO | - | General Obligation |
LOC | - | Letter of Credit |
NATL-RE | - | National Public Finance Guarantee Corporation - Reinsured |
NATL-RE-IBC | - | National Public Finance Guarantee Corporation - Reinsured - 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 is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity. |
(2) | Escrowed to maturity in U.S. government securities or state and local government securities. |
(3) | Restricted security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold without restriction to qualified institutional investors and have been deemed liquid under policies approved by the Board of Trustees. The aggregate value of these securities at the period end was $6,279,191, which represented 0.7% of total net assets. |
(4) | Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $178,634, which represented less than 0.05% of total net assets. |
(5) | Coupon rate adjusts periodically based upon a predetermined schedule. Interest reset date is indicated. Rate shown is effective at the period end. |
(6) | When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date. |
(7) | Security, or a portion thereof, has been pledged at the custodian bank or with a broker for margin requirements on futures contracts. At the period end, the aggregate value of securities pledged was $1,039,511. |
Statement of Assets and Liabilities |
FEBRUARY 28, 2015 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $788,218,434) | $ | 849,766,734 | |
Cash | 37,220 | ||
Receivable for investments sold | 974,358 | ||
Receivable for capital shares sold | 951,968 | ||
Interest receivable | 10,709,043 | ||
862,439,323 | |||
Liabilities | |||
Payable for investments purchased | 4,854,212 | ||
Payable for capital shares redeemed | 1,194,466 | ||
Payable for variation margin on futures contracts | 59,869 | ||
Accrued management fees | 310,434 | ||
Distribution and service fees payable | 43,250 | ||
Dividends payable | 302,493 | ||
6,764,724 | |||
Net Assets | $ | 855,674,599 | |
Net Assets Consist of: | |||
Capital paid in | $ | 832,428,254 | |
Undistributed net investment income | 7,367 | ||
Accumulated net realized loss | (38,153,437 | ) | |
Net unrealized appreciation | 61,392,415 | ||
$ | 855,674,599 |
Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||
Investor Class | $627,936,110 | 60,142,305 | $10.44 | |||
Institutional Class | $78,528,184 | 7,523,791 | $10.44 | |||
A Class | $123,360,737 | 11,814,486 | $10.44* | |||
C Class | $25,849,568 | 2,475,411 | $10.44 |
Statement of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2015 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Interest | $ | 17,367,855 | |
Expenses: | |||
Management fees | 1,937,271 | ||
Distribution and service fees: | |||
A Class | 149,562 | ||
C Class | 123,057 | ||
Trustees' fees and expenses | 23,233 | ||
Other expenses | 558 | ||
2,233,681 | |||
Net investment income (loss) | 15,134,174 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | 2,244,636 | ||
Futures contract transactions | (1,074,432 | ) | |
1,170,204 | |||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | 13,644,087 | ||
Futures contracts | (46,368 | ) | |
13,597,719 | |||
Net realized and unrealized gain (loss) | 14,767,923 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 29,902,097 |
Statement of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2015 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2014 | ||||||
Increase (Decrease) in Net Assets | February 28, 2015 | August 31, 2014 | ||||
Operations | ||||||
Net investment income (loss) | $ | 15,134,174 | $ | 28,107,044 | ||
Net realized gain (loss) | 1,170,204 | (8,891,827 | ) | |||
Change in net unrealized appreciation (depreciation) | 13,597,719 | 72,787,362 | ||||
Net increase (decrease) in net assets resulting from operations | 29,902,097 | 92,002,579 | ||||
Distributions to Shareholders | ||||||
From net investment income: | ||||||
Investor Class | (11,115,024 | ) | (21,039,865 | ) | ||
Institutional Class | (1,570,632 | ) | (2,298,420 | ) | ||
A Class | (2,101,150 | ) | (4,046,008 | ) | ||
C Class | (340,001 | ) | (722,751 | ) | ||
Decrease in net assets from distributions | (15,126,807 | ) | (28,107,044 | ) | ||
Capital Share Transactions | ||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 53,675,340 | 95,617,869 | ||||
Net increase (decrease) in net assets | 68,450,630 | 159,513,404 | ||||
Net Assets | ||||||
Beginning of period | 787,223,969 | 627,710,565 | ||||
End of period | $ | 855,674,599 | $ | 787,223,969 | ||
Undistributed net investment income | $ | 7,367 | $ | — |
Notes to Financial Statements |
Six months ended February 28, 2015 | Year ended August 31, 2014 | |||||||||
Shares | Amount | Shares | Amount | |||||||
Investor Class | ||||||||||
Sold | 8,638,132 | $ | 89,733,439 | 15,882,335 | $ | 156,596,677 | ||||
Issued in reinvestment of distributions | 879,607 | 9,145,489 | 1,714,004 | 16,912,464 | ||||||
Redeemed | (5,160,138 | ) | (53,510,355 | ) | (12,405,479 | ) | (120,628,325 | ) | ||
4,357,601 | 45,368,573 | 5,190,860 | 52,880,816 | |||||||
Institutional Class | ||||||||||
Sold | 1,084,767 | 11,252,179 | 5,728,096 | 55,538,884 | ||||||
Issued in reinvestment of distributions | 148,746 | 1,545,845 | 228,973 | 2,272,854 | ||||||
Redeemed | (1,179,939 | ) | (12,363,240 | ) | (1,189,921 | ) | (11,672,509 | ) | ||
53,574 | 434,784 | 4,767,148 | 46,139,229 | |||||||
A Class | ||||||||||
Sold | 1,561,647 | 16,207,113 | 3,825,431 | 37,763,518 | ||||||
Issued in reinvestment of distributions | 186,223 | 1,936,066 | 371,960 | 3,668,495 | ||||||
Redeemed | (1,137,777 | ) | (11,818,856 | ) | (4,275,743 | ) | (41,490,768 | ) | ||
610,093 | 6,324,323 | (78,352 | ) | (58,755 | ) | |||||
C Class | ||||||||||
Sold | 356,005 | 3,697,112 | 551,061 | 5,440,645 | ||||||
Issued in reinvestment of distributions | 23,826 | 247,768 | 50,962 | 502,244 | ||||||
Redeemed | (231,351 | ) | (2,397,220 | ) | (959,654 | ) | (9,286,310 | ) | ||
148,480 | 1,547,660 | (357,631 | ) | (3,343,421 | ) | |||||
Net increase (decrease) | 5,169,748 | $ | 53,675,340 | 9,522,025 | $ | 95,617,869 |
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments. |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars. |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
Federal tax cost of investments | $ | 788,218,434 | |
Gross tax appreciation of investments | $ | 66,084,239 | |
Gross tax depreciation of investments | (4,535,939 | ) | |
Net tax appreciation (depreciation) of investments | $ | 61,548,300 |
2017 | 2018 | 2019 | Unlimited (Short-Term) | Unlimited (Long-Term) |
$(9,518,848) | $(12,885,340) | $(6,203,529) | $(3,822,098) | $(1,891,140) |
Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
Investor Class | |||||||||||||||
2015(3) | $10.25 | 0.19 | 0.19 | 0.38 | (0.19) | $10.44 | 3.76% | 0.50%(4) | 0.50%(4) | 3.77%(4) | 3.77%(4) | 21% | $627,936 | ||
2014 | $9.33 | 0.41 | 0.92 | 1.33 | (0.41) | $10.25 | 14.50% | 0.50% | 0.50% | 4.14% | 4.14% | 57% | $571,924 | ||
2013 | $10.13 | 0.40 | (0.80) | (0.40) | (0.40) | $9.33 | (4.14)% | 0.50% | 0.50% | 3.99% | 3.99% | 81% | $472,141 | ||
2012 | $9.40 | 0.45 | 0.73 | 1.18 | (0.45) | $10.13 | 12.79% | 0.50% | 0.50% | 4.55% | 4.55% | 48% | $506,399 | ||
2011 | $9.69 | 0.47 | (0.29) | 0.18 | (0.47) | $9.40 | 2.07% | 0.49% | 0.51% | 5.10% | 5.08% | 37% | $374,467 | ||
2010 | $8.88 | 0.47 | 0.81 | 1.28 | (0.47) | $9.69 | 14.78% | 0.49% | 0.51% | 5.08% | 5.06% | 17% | $417,503 | ||
Institutional Class | |||||||||||||||
2015(3) | $10.25 | 0.20 | 0.19 | 0.39 | (0.20) | $10.44 | 3.87% | 0.30%(4) | 0.30%(4) | 3.97%(4) | 3.97%(4) | 21% | $78,528 | ||
2014 | $9.33 | 0.43 | 0.92 | 1.35 | (0.43) | $10.25 | 14.73% | 0.30% | 0.30% | 4.34% | 4.34% | 57% | $76,561 | ||
2013 | $10.13 | 0.42 | (0.80) | (0.38) | (0.42) | $9.33 | (3.94)% | 0.30% | 0.30% | 4.19% | 4.19% | 81% | $25,217 | ||
2012 | $9.40 | 0.46 | 0.74 | 1.20 | (0.47) | $10.13 | 13.01% | 0.30% | 0.30% | 4.75% | 4.75% | 48% | $22,287 | ||
2011 | $9.69 | 0.49 | (0.29) | 0.20 | (0.49) | $9.40 | 2.27% | 0.29% | 0.31% | 5.30% | 5.28% | 37% | $9,784 | ||
2010(5) | $9.28 | 0.25 | 0.41 | 0.66 | (0.25) | $9.69 | 7.16% | 0.29%(4) | 0.31%(4) | 5.24%(4) | 5.22%(4) | 17%(6) | $27 |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
A Class | |||||||||||||||
2015(3) | $10.25 | 0.18 | 0.19 | 0.37 | (0.18) | $10.44 | 3.64% | 0.75%(4) | 0.75%(4) | 3.52%(4) | 3.52%(4) | 21% | $123,361 | ||
2014 | $9.33 | 0.38 | 0.92 | 1.30 | (0.38) | $10.25 | 14.21% | 0.75% | 0.75% | 3.89% | 3.89% | 57% | $114,878 | ||
2013 | $10.13 | 0.38 | (0.80) | (0.42) | (0.38) | $9.33 | (4.38)% | 0.75% | 0.75% | 3.74% | 3.74% | 81% | $105,296 | ||
2012 | $9.40 | 0.42 | 0.73 | 1.15 | (0.42) | $10.13 | 12.51% | 0.75% | 0.75% | 4.30% | 4.30% | 48% | $117,162 | ||
2011 | $9.69 | 0.45 | (0.29) | 0.16 | (0.45) | $9.40 | 1.82% | 0.74% | 0.76% | 4.85% | 4.83% | 37% | $89,028 | ||
2010 | $8.88 | 0.45 | 0.81 | 1.26 | (0.45) | $9.69 | 14.50% | 0.74% | 0.76% | 4.83% | 4.81% | 17% | $106,577 | ||
C Class | |||||||||||||||
2015(3) | $10.25 | 0.14 | 0.19 | 0.33 | (0.14) | $10.44 | 3.25% | 1.50%(4) | 1.50%(4) | 2.77%(4) | 2.77%(4) | 21% | $25,850 | ||
2014 | $9.33 | 0.31 | 0.92 | 1.23 | (0.31) | $10.25 | 13.37% | 1.50% | 1.50% | 3.14% | 3.14% | 57% | $23,860 | ||
2013 | $10.13 | 0.30 | (0.80) | (0.50) | (0.30) | $9.33 | (5.09)% | 1.50% | 1.50% | 2.99% | 2.99% | 81% | $25,056 | ||
2012 | $9.40 | 0.35 | 0.73 | 1.08 | (0.35) | $10.13 | 11.67% | 1.50% | 1.50% | 3.55% | 3.55% | 48% | $29,388 | ||
2011 | $9.69 | 0.38 | (0.29) | 0.09 | (0.38) | $9.40 | 1.06% | 1.49% | 1.51% | 4.10% | 4.08% | 37% | $23,917 | ||
2010 | $8.88 | 0.38 | 0.81 | 1.19 | (0.38) | $9.69 | 13.64% | 1.49% | 1.51% | 4.08% | 4.06% | 17% | $30,286 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Six months ended February 28, 2015 (unaudited). |
(4) | Annualized. |
(5) | March 1, 2010 (commencement of sale) through August 31, 2010. |
(6) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2010. |
Additional Information |
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American Century California Tax-Free and Municipal Funds | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2015 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-85078 1504 |
(a) | The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form. |
(b) | Not applicable. |
(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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |
(a)(1) | Not applicable for semiannual report filings. |
(a)(2) | 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 EX-99.CERT. |
(a)(3) | Not applicable. |
(b) | A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT. |
Registrant: | American Century California Tax-Free and Municipal Funds | |||
By: | /s/ Jonathan S. Thomas | |||
Name: | Jonathan S. Thomas | |||
Title: | President | |||
Date: | April 28, 2015 |
By: | /s/ Jonathan S. Thomas | |
Name: | Jonathan S. Thomas | |
Title: | President | |
(principal executive officer) | ||
Date: | April 28, 2015 |
By: | /s/ C. Jean Wade | |
Name: | C. Jean Wade | |
Title: | Vice President, Treasurer, and | |
Chief Financial Officer | ||
(principal financial officer) | ||
Date: | April 28, 2015 |
1. | I have reviewed this report on Form N-CSR of American Century California Tax-Free and Municipal Funds; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(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: | April 28, 2015 | |
/s/ Jonathan S. Thomas | ||
Jonathan S. Thomas | ||
President | ||
(principal executive officer) |
1. | I have reviewed this report on Form N-CSR of American Century California Tax-Free and Municipal Funds; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(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: | April 28, 2015 | |
/s/ C. Jean Wade | ||
C. Jean Wade | ||
Vice President, Treasurer, and | ||
Chief Financial Officer | ||
(principal financial officer) |
(1) | The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: | April 28, 2015 | ||
By: | /s/ Jonathan S. Thomas | ||
Jonathan S. Thomas | |||
President | |||
(chief executive officer) | |||
By: | /s/ C. Jean Wade | ||
C. Jean Wade | |||
Vice President, Treasurer, and | |||
Chief Financial Officer | |||
(chief financial officer) |
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