N-Q 1 acctfmf53115nqdoc.htm N-Q ACCTFMF 5.31.15 N-Q Combined Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number
811-03706
 
 
AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS
(Exact name of registrant as specified in charter)
 
 
4500 MAIN STREET, KANSAS CITY, MISSOURI
64111
(Address of principal executive offices)
(Zip Code)
 
 
CHARLES A. ETHERINGTON, 4500 MAIN STREET
KANSAS CITY, MISSOURI 64111
(Name and address of agent for service)
 
 
Registrant’s telephone number, including area code:
816-531-5575
 
 
Date of fiscal year end:
08-31
 
 
Date of reporting period:
05-31-2015



ITEM 1. SCHEDULE OF INVESTMENTS.





American Century Investments® 
Quarterly Portfolio Holdings
California High-Yield Municipal Fund
May 31, 2015









    

California High-Yield Municipal - Schedule of Investments
 
MAY 31, 2015 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 98.6%
 
 
California — 95.2%
 
 
ABAG Finance Authority for Nonprofit Corps. Rev., (Jackson Laboratory), 5.00%, 7/1/37
2,000,000
2,214,620

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012 C-1, (Episcopal Senior Communities), 3.00%, 7/1/19
1,125,000
1,125,641

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012 C-2, (Episcopal Senior Communities), 2.50%, 7/1/19
1,675,000
1,675,201

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2014 A, (Sharp HealthCare), 5.00%, 8/1/43
3,500,000
3,870,160

ABC Unified School District GO, Capital Appreciation, Series 2000 B, 0.00%, 8/1/21 (NATL-RE)(1)
1,000,000
879,300

Alameda Corridor Transportation Authority Rev., Series 2013 A, 5.00%, 10/1/26
2,000,000
2,333,220

Alameda Corridor Transportation Authority Rev., Series 2013 A, 5.00%, 10/1/27 (AGM)
2,000,000
2,350,320

Alameda Corridor Transportation Authority Rev., Series 2013 A, 5.00%, 10/1/29 (AGM)
1,000,000
1,159,340

Alhambra Rev., Series 2010 A, (Atherton Baptist Homes), 7.50%, 1/1/30
1,535,000
1,653,410

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/46
4,400,000
4,912,072

Arcadia Unified School District GO, Series 2014 B, 5.00%, 6/1/44
7,655,000
8,521,087

Bay Area Toll Authority Toll Bridge Rev., Series 2001 A, (San Francisco Bay Area), VRDN, 1.35%, 6/4/15
1,000,000
1,013,050

Bay Area Toll Authority Toll Bridge Rev., Series 2007 A-1, (San Francisco Bay Area), VRDN, 0.80%, 6/4/15
1,450,000
1,463,572

Bay Area Toll Authority Toll Bridge Rev., Series 2008 G-1, (San Francisco Bay Area), VRDN, 1.20%, 6/4/15
2,500,000
2,524,500

Bay Area Toll Authority Toll Bridge Rev., Series 2013 S-4, (San Francisco Bay Area), 5.00%, 4/1/43
1,000,000
1,107,790

Bay Area Toll Authority Toll Bridge Rev., Series 2014 S-6, (San Francisco Bay Area), 5.00%, 10/1/54
9,000,000
9,765,090

Beaumont Financing Authority Local Agency Special Tax Rev., Series 2004 D, 5.80%, 9/1/35
2,875,000
2,951,101

Beaumont Financing Authority Local Agency Special Tax Rev., Series 2005 B, 5.40%, 9/1/15, Prerefunded at 102% of Par(2)
1,390,000
1,425,389

Beaumont Financing Authority Local Agency Special Tax Rev., Series 2005 C, 5.50%, 9/1/29
855,000
873,314

Beaumont Financing Authority Local Agency Special Tax Rev., Series 2005 C, 5.50%, 9/1/35
4,000,000
4,005,120

Beaumont Financing Authority Local Agency Special Tax Rev., Series 2006 A, (Improvement Area No. 19C), 5.35%, 9/1/36
2,700,000
2,704,212

Beaumont Financing Authority Local Agency Special Tax Rev., Series 2008 A, (Improvement Area No. 19C), 6.875%, 9/1/36
1,050,000
1,095,875

Beaumont Unified School District GO, Capital Appreciation, Series 2011 C, (Election of 2008), 0.00%, 8/1/40 (AGM)(1)
2,000,000
648,720

Berryessa Union School District GO, Capital Appreciation, Series 2000 A, 0.00%, 8/1/21 (AGM)(1)
1,190,000
1,012,464

Berryessa Union School District GO, Capital Appreciation, Series 2000 A, 0.00%, 8/1/22 (AGM)(1)
1,220,000
989,286

Berryessa Union School District GO, Capital Appreciation, Series 2000 A, 0.00%, 8/1/23 (AGM)(1)
1,000,000
771,490

California County Tobacco Securitization Agency Rev., 5.65%, 6/1/41
1,500,000
1,341,000

California County Tobacco Securitization Agency Rev., Series 2006 A, 0.00%, 6/1/50(1)
20,000,000
1,111,000

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/31
1,820,000
2,020,764

California Educational Facilities Authority Rev., (Pepperdine University), 5.00%, 9/1/33
2,000,000
2,267,340

California GO, 5.00%, 11/1/19
5,000,000
5,783,850

California GO, 5.25%, 2/1/30
5,000,000
5,790,050

California GO, 6.00%, 4/1/38
5,000,000
5,875,050

California GO, 5.00%, 2/1/43
5,650,000
6,287,998

California GO, Series 2004 A-1, (Kindergarten), VRDN, 0.06%, 6/1/15 (LOC: Citibank N.A.)
900,000
900,000

California GO, Series 2004 B-1, (Kindergarten), VRDN, 0.06%, 6/1/15 (LOC: Citibank N.A.)
800,000
800,000

California GO, Series 2012 B, VRN, 1.00%, 6/4/15
2,000,000
2,026,800

California GO, Series 2012 B, VRN, 1.10%, 6/4/15
800,000
813,592

California GO, Series 2012 B, VRN, 1.25%, 6/4/15
960,000
980,208

California GO, Series 2013, 5.00%, 2/1/38
4,635,000
5,195,047




California GO, VRDN, 4.00%, 12/1/16
2,000,000
2,071,180

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/39
2,000,000
2,221,440

California Health Facilities Financing Authority Rev., Series 2008 A, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17
1,910,000
1,934,238

California Health Facilities Financing Authority Rev., Series 2008 A, (Scripps Health), 5.50%, 10/1/20
1,500,000
1,718,775

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
1,179,410

California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39
4,300,000
4,933,691

California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38
3,000,000
3,544,860

California Health Facilities Financing Authority Rev., Series 2009 C, (St. Joseph Health System), VRDN, 5.00%, 10/18/22
2,200,000
2,638,746

California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.25%, 8/15/31
2,030,000
2,340,407

California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/35
2,000,000
2,240,680

California Health Facilities Financing Authority Rev., Series 2012 A, (City of Hope), 5.00%, 11/15/39
1,910,000
2,101,286

California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51
2,500,000
2,762,200

California Health Facilities Financing Authority Rev., Series 2012 B, (Lucile Salter Packard Children's Hospital), 5.00%, 8/15/26
1,020,000
1,172,031

California Health Facilities Financing Authority Rev., Series 2013 A, (St. Joseph Health System), 5.00%, 7/1/37
445,000
495,637

California Health Facilities Financing Authority Rev., Series 2013 A, (Sutter Health), 5.00%, 8/15/52
5,000,000
5,546,050

California Health Facilities Financing Authority Rev., Series 2014 A, (Providence Health and Services), 5.00%, 10/1/38
2,000,000
2,233,760

California Health Facilities Financing Authority Rev., Series 2015, (Northern California Presbyterian Homes & Services), 5.00%, 7/1/44
1,000,000
1,109,040

California Infrastructure & Economic Development Bank Rev., Series 2013 A, (Los Angeles County Museum of Art Project), VRDN, 1.88%, 6/4/15
1,000,000
1,030,260

California Infrastructure & Economic Development Bank Rev., Series 2015 A, (The Colburn School), VRDN, 1.11%, 6/4/15
2,190,000
2,190,438

California Mobilehome Park Financing Authority Rev., Series 2006 B, (Union City Tropics), 5.50%, 12/15/41
2,000,000
2,037,400

California Municipal Finance Authority Rev., (Biola University), 5.875%, 10/1/34
1,000,000
1,092,700

California Municipal Finance Authority Rev., (Northbay Healthcare Group), Series 2015, 5.00%, 11/1/35
350,000
373,699

California Municipal Finance Authority Rev., (Northbay Healthcare Group), Series 2015, 5.00%, 11/1/40
500,000
532,245

California Municipal Finance Authority Rev., (Northbay Healthcare Group), Series 2015, 5.00%, 11/1/44
300,000
317,430

California Municipal Finance Authority Rev., Series 2011 B, (Azusa Pacific University), 8.00%, 4/1/21, Prerefunded at 100% of Par(2)
3,335,000
4,498,148

California Municipal Finance Authority Rev., Series 2014 A, (Caritas Affordable Housing, Inc. Project), 5.00%, 8/15/20
600,000
686,814

California Municipal Finance Authority Rev., Series 2014 A, (Caritas Affordable Housing, Inc. Project), 5.00%, 8/15/22
360,000
416,801

California Municipal Finance Authority Rev., Series 2014 A, (Touro College and University System), 5.25%, 1/1/34
950,000
1,055,213

California Municipal Finance Authority Rev., Series 2014 A, (Touro College and University System), 5.25%, 1/1/40
1,750,000
1,924,037

California Municipal Finance Authority Rev., Series 2015 B, (Azusa Pacific University), 5.00%, 4/1/41
1,860,000
1,988,173

California Municipal Finance Authority COP, Series 2009, (Community Hospitals of Central California Obligated Group), 5.50%, 2/1/39
1,450,000
1,624,957

California Pollution Control Financing Authority Rev., 5.00%, 11/21/45(3)
3,165,000
3,276,218

California Pollution Control Financing Authority Rev., Series 1996 F, (Pacific Gas & Electric Co.), VRDN, 0.08%, 6/1/15 (LOC: JPMorgan Chase Bank N.A.)
1,600,000
1,600,000

California Public Works Board Lease Rev., Series 1993 D, (Department of Corrections), 5.25%, 6/1/15 (AGM)
550,000
550,116

California Public Works Board Lease Rev., Series 2009 G-1, (Various Capital Projects), 5.75%, 10/1/30
2,000,000
2,349,740

California Public Works Board Lease Rev., Series 2010 A-1, (Various Capital Projects), 5.00%, 3/1/17
1,000,000
1,075,200

California Public Works Board Lease Rev., Series 2010 A-1, (Various Capital Projects), 6.00%, 3/1/35
1,250,000
1,480,087

California Public Works Board Lease Rev., Series 2011 C, (State Prisons), 5.75%, 10/1/31
1,000,000
1,196,510

California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.00%, 12/1/15
3,335,000
3,415,574

California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.00%, 12/1/31
975,000
1,099,907

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25
1,500,000
1,761,900

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37
5,465,000
6,047,022




California Public Works Board Lease Rev., Series 2012 D, (California State University Projects), 5.00%, 9/1/36
500,000
553,405

California Public Works Board Lease Rev., Series 2012 G, (Various Capital Projects), 4.00%, 11/1/17
1,235,000
1,327,106

California Public Works Board Lease Rev., Series 2013 H, (California State University Projects), 5.00%, 9/1/38
1,500,000
1,671,420

California Public Works Board Lease Rev., Series 2013 I, (Various Capital Projects), 5.00%, 11/1/38
2,350,000
2,625,138

California Public Works Board Lease Rev., Series 2014 A, (Various Correctional Facilities), 5.00%, 9/1/39
7,000,000
7,870,800

California School Finance Authority Rev., Series 2014 A, (KIPP LA Projects), 4.125%, 7/1/24
475,000
496,902

California School Finance Authority Rev., Series 2014 A, (KIPP LA Projects), 5.125%, 7/1/44
700,000
734,587

California School Finance Authority Rev., Series 2014 A, (KIPP LA Projects), 5.00%, 7/1/34
500,000
528,115

California School Finance Authority Rev., Series 2014 A, (View Park Elementary and Middle Schools), 6.00%, 10/1/49
700,000
725,396

California School Finance Authority Rev., Series 2015 A, (Alliance College-Ready Public School Project) 5.00%,
7/1/45(3)
5,000,000
5,292,250

California State University Rev., Series 2005 C, 5.00%, 11/1/15, Prerefunded at 100% of Par (NATL-RE)(2)
3,680,000
3,754,115

California State University Rev., Series 2005 C, 5.00%, 11/1/30 (NATL-RE)
1,320,000
1,343,034

California State University Systemwide Rev., Series 2011 A, 5.00%, 11/1/42
3,000,000
3,303,840

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.25%, 11/1/30
1,250,000
1,415,138

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/43
1,000,000
1,106,370

California Statewide Communities Development Authority Rev., (Episcopal Communities and Services), 5.00%, 5/15/42
1,500,000
1,600,185

California Statewide Communities Development Authority Rev., (Lancer Educational Student Housing), 5.625%, 6/1/33
2,500,000
2,572,500

California Statewide Communities Development Authority Rev., (Southern California Edison Co.), VRDN, 1.375%, 4/2/18
4,350,000
4,334,253

California Statewide Communities Development Authority Rev., (Southern California Presbyterian Homes), 7.25%, 11/15/41(3)
2,500,000
2,926,275

California Statewide Communities Development Authority Rev., (Trinity Health Corp.), 5.00%, 12/1/41
1,100,000
1,216,138

California Statewide Communities Development Authority Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31
4,000,000
4,186,480

California Statewide Communities Development Authority Rev., Series 2004 D, (Sutter Health), 5.05%, 8/15/38 (AGM)
1,650,000
1,761,606

California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.50%, 11/1/38
7,000,000
7,243,600

California Statewide Communities Development Authority Rev., Series 2012 A, (Kaiser Permanente), 5.00%, 4/1/42
6,000,000
6,575,400

California Statewide Communities Development Authority Rev., Series 2013 A, (American Baptist Homes of the West), 5.00%, 10/1/43
1,200,000
1,267,392

California Statewide Communities Development Authority Rev., Series 2014 A, (899 Charleston Project), 5.25%, 11/1/44
1,500,000
1,528,410

California Statewide Communities Development Authority Rev., Series 2014 A, (Henry Mayo Newhall Memorial Hospital), 5.25%, 10/1/43 (AGM)
1,000,000
1,109,310

California Statewide Communities Development Authority Rev., Series 2014 A, (Loma Linda University Medical Center), 5.25%, 12/1/44
1,000,000
1,074,700

California Statewide Communities Development Authority Rev., Series 2014 A, (Loma Linda University Medical Center), 5.50%, 12/1/54
1,500,000
1,632,525

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
1,770,016

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/34
1,500,000
1,662,120

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/44
2,760,000
3,035,834

California Statewide Communities Development Authority Rev., Series 2014 B, (Los Angeles Jewish Home), 3.00%, 8/1/21 (GA: Jewish Home Foundation/California Mortgage Insurance)
1,300,000
1,327,599

California Statewide Communities Development Authority Rev., Series 2015, (American Baptist Homes of the West), 5.00%, 10/1/45
2,400,000
2,541,984

California Statewide Communities Development Authority Rev., Series 2015, (Independence Support LLC Project), 7.00%, 6/1/45
7,000,000
6,795,390

Carson Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Project Area No. 1), 7.00%, 10/1/36
2,000,000
2,345,100

Chaffey Joint Union High School District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/32
2,000,000
2,275,480

Chula Vista Industrial Development Rev., Series 2004 D, (San Diego Gas), 5.875%, 1/1/34
1,000,000
1,168,660

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 5.00%, 9/2/24
700,000
802,942




City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 5.00%, 9/2/26
600,000
675,072

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 13-1), 5.00%, 9/2/29
700,000
784,287

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 13-1), 5.00%, 9/2/30
350,000
391,608

City of Riverside Rev., Series 2015 A, (Sewer), 5.00%, 8/1/40(6)
2,000,000
2,206,140

Clovis Unified School District GO, Series 2013 B, (Election of 2012), 5.00%, 8/1/38
3,000,000
3,364,860

Contra Costa Water District Rev., Series 2013 R, 5.00%, 10/1/43
1,025,000
1,142,383

Corcoran COP, 8.75%, 6/1/16 (Acquired 4/28/92, cost $170,000)(4)
170,000
176,735

Duarte Unified School District GO, Capital Appreciation, Series 1999 B, 0.00%, 11/1/23 (AGM)(1)
1,150,000
879,095

East Side Union High School District GO, Series 2013, 5.00%, 8/1/29
1,050,000
1,200,339

Eastern Municipal Water District Community Facilities District No. 2000-01 Special Tax Rev., (French Valley), 5.00%, 9/1/36
1,775,000
1,957,044

Eastern Municipal Water District Water and Sewer COP, Series 2008 H, 5.00%, 7/1/33
4,000,000
4,415,280

El Dorado County Community Facilities District No. 2001-1 Special Tax Rev., (Promontory Specific), 6.30%, 9/1/31
2,500,000
2,512,625

Emeryville Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/31 (AGM)
590,000
670,919

Emeryville Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/34 (AGM)
1,000,000
1,132,880

Escondido Joint Powers Financing Authority Rev., (Water Systems Financing), 5.00%, 9/1/31
1,355,000
1,507,275

Fairfield Redevelopment Agency Tax Allocation Rev., 4.00%, 8/1/16
1,000,000
1,041,590

Foothill-De Anza Community College District GO, Capital Appreciation, 0.00%, 8/1/21 (NATL-RE)(1)
3,000,000
2,637,900

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 A, 6.00%, 1/15/49
27,500,000
32,401,050

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-3, VRDN, 5.50%, 1/15/23
3,750,000
4,309,837

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 C, 6.50%, 1/15/43
4,000,000
4,761,960

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/24(5)
2,200,000
1,615,636

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/42(1)
6,000,000
1,682,460

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 4.50%, 6/1/27
4,650,000
4,523,799

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.00%, 6/1/33
3,000,000
2,509,710

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.125%, 6/1/47
7,000,000
5,501,020

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.75%, 6/1/47
10,000,000
8,580,100

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-2, 5.30%, 6/1/37
3,000,000
2,471,220

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/29
1,500,000
1,698,405

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/30
2,500,000
2,817,475

Grossmont Union High School District GO, Series 2013 E, (Election of 2008), 5.00%, 8/1/43
1,225,000
1,357,312

Hayward Area Recreation and Park District COP, 5.125%, 1/1/39
1,500,000
1,660,650

Hemet Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/39
1,100,000
1,170,983

Hemet Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/34
350,000
375,680

Hesperia Community Facilities District No. 2005-1 Special Tax Rev., (Belgate Development Restructuring), 5.00%, 9/1/29
1,060,000
1,165,353

Hesperia Community Facilities District No. 2005-1 Special Tax Rev., (Belgate Development Restructuring), 5.00%, 9/1/35
2,690,000
2,905,577

Hesperia Public Financing Authority Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/32 (XLCA)
3,000,000
3,094,200

Hesperia Public Financing Authority Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/37 (XLCA)
2,025,000
2,082,267

Huntington Beach Community Facilities District Special Tax Rev., (Huntington Center), 5.375%, 9/1/33
1,700,000
1,915,050

Independent Cities Finance Authority Mobile Home Park Rev., (Palomar Estates East), Series 2015, 5.00%, 9/15/36
1,000,000
1,028,310

Independent Cities Finance Authority Mobile Home Park Rev., (Palomar Estates East), Series 2015, 5.00%, 9/15/36
1,500,000
1,586,505

Independent Cities Finance Authority Mobile Home Park Rev., (Rancho Feliz and Las Casitas de Sonoma), 5.00%, 10/15/47
5,000,000
5,192,650

Independent Cities Finance Authority Mobile Home Park Rev., Series 2011 A, (Castle Mobile Estates), 6.75%, 8/15/46
2,500,000
2,879,850

Independent Cities Finance Authority Mobile Home Park Rev., Series 2012 A, (Augusta Communities), 5.00%, 5/15/39
2,500,000
2,647,450

Independent Cities Lease Finance Authority Rev., Series 2006 B, (San Juan Mobile Estates), 5.55%, 5/15/31
500,000
506,825

Independent Cities Lease Finance Authority Rev., Series 2006 B, (San Juan Mobile Estates), 5.85%, 5/15/41
1,150,000
1,167,331




Independent Cities Lease Finance Authority Rev., Series 2007 A, (Santa Rosa Leisure Mobilehome Park), 5.70%, 11/15/47
3,430,000
3,561,678

Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.25%, 9/1/37
1,110,000
1,254,444

Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/44
2,680,000
2,909,167

Irvine Community Facilities District No. 2013-3 Special Tax Rev., (Great Park Improvement Area No.1), 5.00%, 9/1/49
3,500,000
3,745,945

Irvine Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.70%, 9/1/35
515,000
599,990

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
2,492,060

Jurupa Community Services District Special Tax Rev., Series 2013 A, (Community Facilities District No. 31), 5.00%, 9/1/37
250,000
271,995

Jurupa Community Services District Special Tax Rev., Series 2013 A, (Community Facilities District No. 31), 5.00%, 9/1/42
1,000,000
1,084,880

Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/31
1,100,000
1,226,665

Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/42
1,000,000
1,080,680

La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/36
1,100,000
1,159,158

Lake Elsinore Public Financing Authority Rev., 5.00%, 9/1/40
2,380,000
2,525,632

Lammersville Joint Unified School District Special Tax Rev., (Mountain House), 6.00%, 9/1/43
1,250,000
1,451,225

Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.50%, 11/15/37
1,150,000
1,358,541

Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/45(6)
4,500,000
4,798,035

Los Alamitos Unified School District COP, Capital Appreciation, (Capital Projects), 0.00%, 8/1/24(5)
1,300,000
936,780

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
2,243,580

Los Angeles Community College District GO, Series 2015 C, 5.00%, 6/1/26(6)
590,000
730,414

Los Angeles Community Facilities District No. 3 Special Tax Rev., (Cascades Business Park & Golf Course), 6.40%, 9/1/22
1,110,000
1,119,613

Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/23
1,000,000
1,193,530

Los Angeles County Regional Financing Authority Rev., Series 2014 B-1, (MonteCedro, Inc.), 3.00%, 11/15/21 (California Mortgage Insurance)
475,000
479,251

Los Angeles County Regional Financing Authority Rev., Series 2014 B-2, (MonteCedro, Inc.), 3.00%, 11/15/20 (California Mortgage Insurance)
400,000
404,076

Los Angeles County Regional Financing Authority Rev., Series 2014 B-3, (MonteCedro, Inc.), 2.50%, 11/15/20 (California Mortgage Insurance)
875,000
881,431

Los Angeles County Schools COP, Series 2015 A, (Compton Unified School District), 4.00%, 6/1/18 (AGM)
1,650,000
1,767,760

Los Angeles County Schools COP, Series 2015 A, (Compton Unified School District), 5.00%, 6/1/19 (AGM)
1,200,000
1,345,776

Los Angeles County Schools COP, Series 2015 A, (Compton Unified School District), 5.00%, 6/1/20 (AGM)
1,305,000
1,483,981

Los Angeles County Schools COP, Series 2015 A, (Compton Unified School District), 5.00%, 6/1/21 (AGM)
1,895,000
2,170,590

Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40(7)
2,000,000
2,258,000

Los Angeles Department of Airports Rev., Series 2015 C, (Los Angeles International Airport), 5.00%, 5/15/38
2,000,000
2,273,880

Los Angeles Department of Water & Power System Rev., Series 2013 B, 5.00%, 7/1/30
3,500,000
4,045,580

Los Angeles Department of Water & Power System Rev., Series 2015 E, 5.00%, 7/1/44
5,000,000
5,633,350

Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/29
350,000
398,507

Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/31
3,500,000
3,957,905

Los Angeles Unified School District GO, Series 2011 A-1, 5.00%, 7/1/24
3,430,000
4,050,590

Los Angeles Unified School District GO, Series 2014 B, 5.00%, 7/1/18
3,335,000
3,735,400

Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/30
1,155,000
1,345,540

Los Angeles Wastewater System Rev., Series 2012 B, 5.00%, 6/1/32
3,000,000
3,423,540

M-S-R Energy Authority Rev., Series 2009 A, 7.00%, 11/1/34 (GA: Citigroup, Inc.)
1,700,000
2,300,185

M-S-R Energy Authority Rev., Series 2009 B, 6.50%, 11/1/39 (GA: Citigroup, Inc.)
4,000,000
5,263,880

Milpitas Improvement Bond Act of 1915 Special Assessment Rev., Series 1996 A, (Local Improvement District No. 18), 6.75%, 9/2/16
495,000
500,579

Modesto Irrigation District COP, Series 2009 A, (Capital Improvements), 6.00%, 10/1/39
3,000,000
3,458,340

Montebello Community Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Montebello Hills Redevelopment), 8.10%, 3/1/27
2,000,000
2,423,720




Moorpark Mobile Home Park Rev., Series 2011 A, (Villa Delaware Arroyo), 6.50%, 5/15/41
4,000,000
4,534,720

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
1,883,478

Murrieta Public Financing Authority Special Tax Rev., 5.00%, 9/1/31
1,735,000
1,896,910

Northern California Power Agency Rev., Series 2012 A, (Hydroelectric Project No. 1), 5.00%, 7/1/31
1,090,000
1,219,394

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
3,553,700

Oakland Redevelopment Agency Rev., 5.00%, 9/1/36 (Ambac)
5,000,000
5,208,800

Oakland Unified School District Alameda County GO, Series 2009 A, (Election of 2006), 6.125%, 8/1/29
2,500,000
2,815,625

Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32
2,150,000
2,435,111

Oakland Unified School District Alameda County GO, Series 2013, (Election of 2012), 6.625%, 8/1/38
770,000
937,760

Oceanside Community Development Commission Tax Allocation Rev., (Downtown Redevelopment), 5.70%, 9/1/25
3,500,000
3,503,710

Ohlone Community College District GO, Series 2011 A, (Election of 2010), 5.00%, 8/1/31
3,000,000
3,431,580

Orange County Community Facilities District No. 06-1 Special Tax Rev., (Del Rio Public Improvements), 5.00%, 10/1/40 (AGM)
2,000,000
2,219,780

Orange County Transportation Authority Rev., (Senior Lien), 5.00%, 8/15/30
2,400,000
2,743,176

Orange County Water District Rev., Series 2013 A, 5.00%, 8/15/33
1,900,000
2,186,596

Oxnard Financing Authority Wastewater Rev., 5.00%, 6/1/33 (AGM)
2,095,000
2,318,893

Oxnard Financing Authority Wastewater Rev., 5.00%, 6/1/34 (AGM)
2,750,000
3,017,272

Palm Springs Financing Authority Lease Rev., Series 2012 B, (Downtown Revitalization Project), 5.00%, 6/1/35
4,000,000
4,377,720

Palomar Pomerado Health Care District COP, 6.75%, 11/1/39
2,750,000
3,030,225

Paramount Unified School District GO, Capital Appreciation, (Election of 2006), 0.00%, 8/1/51 (BAM)(1)
12,500,000
1,246,500

Patterson Joint Unified School District GO, Capital Appreciation, Series 2009 B, (Election of 2008), 0.00%, 3/1/49 (AGM)(1)
8,160,000
1,721,270

Perris Public Financing Authority Special Tax Rev., Series 2008 A, (Community Facilities District No. 2005-4), 6.60%, 9/1/38
2,140,000
2,194,955

Perris Union High School District Financing Authority Special Tax Rev., 5.00%, 9/1/41
2,000,000
2,107,740

Pleasant Valley School District / Ventura County GO, Series 2002 A, 5.85%, 8/1/31 (NATL-RE)
4,835,000
5,742,868

Pomona Unified School District GO, Series 2015 F, 5.00%, 8/1/39 (BAM)
2,000,000
2,243,540

Poway Unified School District Public Financing Authority Rev., 7.875%, 9/15/39
3,760,000
4,325,015

Poway Unified School District Public Financing Authority Special Tax Rev., Series 2015 A, 5.00%, 9/1/34
1,000,000
1,076,410

Poway Unified School District Public Financing Authority Special Tax Rev., Series 2015 A, 5.00%, 9/1/35
1,000,000
1,073,230

Poway Unified School District Public Financing Authority Special Tax Rev., Series 2015 A, 5.00%, 9/1/36
1,250,000
1,338,650

Poway Unified School District Special Tax Rev., (Community Facilities District No. 6-4S), 5.00%, 9/1/36
600,000
648,408

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
1,861,071

Rio Elementary School District Community Facilities District No. 1 Special Tax Rev., 5.00%, 9/1/35
2,550,000
2,709,630

Rio Elementary School District Community Facilities District No. 1 Special Tax Rev., Series 2013, 5.50%, 9/1/39
2,000,000
2,205,080

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
1,539,720

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
5,132,400

Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 04-2-Lake Hills Crest), 5.00%, 9/1/30
1,035,000
1,130,882

Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 04-2-Lake Hills Crest), 5.00%, 9/1/35
2,520,000
2,717,215

Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 05-8 Scott Road), 5.00%, 9/1/42
3,000,000
3,195,570

Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.25%, 10/1/30
2,200,000
2,601,082

Riverside County Transportation Commission Rev., Capital Appreciation, Series 2013 B, (Senior Lien), 0.00%, 6/1/43(1)
5,000,000
1,295,150

Riverside County Transportation Commission Rev., Series 2013 A, (Limited Tax), 5.25%, 6/1/39
800,000
919,280

Riverside County Transportation Commission Rev., Series 2013 A, (Senior Lien), 5.75%, 6/1/44
500,000
567,865

Romoland School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area 1), 5.40%, 9/1/36
3,990,000
4,006,758

Romoland School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area 3), 5.00%, 9/1/43
2,640,000
2,760,252

Roseville Community Facilities District No. 1 Special Tax Rev., (The Fountains), 6.125%, 9/1/38
2,600,000
2,764,996




Roseville Finance Authority Electric System Rev., 5.00%, 2/1/37
925,000
1,006,863

Roseville Westbrook Community Facilities District No. 1 Special Tax Rev., (Public Facilities), 5.00%, 9/1/44
1,650,000
1,617,561

Sacramento Airport System Rev., Series 2009 D, (Grant Revenue Bonds), 6.00%, 7/1/35
4,000,000
4,522,520

Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/31
625,000
720,944

Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/33
1,000,000
1,149,470

Sacramento Regional Transit District Rev., (Farebox Revenue), 5.00%, 3/1/42
1,300,000
1,401,738

Sacramento Transportation Authority Sales Tax Rev., (Measure A), 5.00%, 10/1/24
1,055,000
1,258,889

San Bernardino Community Facilities District No. 2002-1 Special Tax Rev., (Kaiser Commerce Center), 5.00%, 9/1/33
3,000,000
3,232,380

San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41
9,350,000
11,402,699

San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/24
300,000
357,399

San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/25
955,000
1,123,128

San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/26
500,000
580,895

San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/43
2,500,000
2,778,875

San Diego County Regional Airport Authority Rev., Series 2014 A, (Rental Car Facility), 5.00%, 7/1/44
1,500,000
1,648,080

San Diego County Water Authority Rev., 5.00%, 5/1/33
1,500,000
1,736,070

San Diego Public Facilities Financing Authority Lease Rev., Series 2012 A, (Capital Improvement Projects), 5.00%, 4/15/37
2,000,000
2,197,280

San Diego Public Facilities Financing Authority Lease Rev., Series 2015 A, (Capital Improvement Projects), 5.00%, 10/15/44
2,660,000
2,912,407

San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/30
2,000,000
2,298,040

San Diego Redevelopment Agency Tax Allocation Rev., Series 2009 A, (North Park Redevelopment), 7.00%, 11/1/39
3,000,000
3,546,810

San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/26
750,000
868,838

San Francisco City and County Airports Commission Rev., Series 2008 34-D, (San Francisco International Airport), 5.25%, 5/1/26
3,000,000
3,343,680

San Francisco City and County Airports Commission Rev., Series 2011 D, 5.00%, 5/1/31
5,390,000
6,046,610

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
2,300,800

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
1,210,110

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
1,504,900

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
862,696

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
1,086,500

San Gorgonio Memorial Health Care District GO, 4.00%, 8/1/17
435,000
462,318

San Gorgonio Memorial Health Care District GO, 4.00%, 8/1/18
515,000
554,784

San Gorgonio Memorial Health Care District GO, 5.00%, 8/1/20
1,000,000
1,149,340

San Gorgonio Memorial Health Care District GO, 5.00%, 8/1/21
275,000
318,648

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/25
(NATL-RE)(1)
3,090,000
2,096,472

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/29
(NATL-RE)(1)
165,000
92,157

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/31
(NATL-RE)(1)
16,000,000
8,079,840

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/32
(NATL-RE)(1)
290,000
139,046

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/36
(NATL-RE)(1)
1,335,000
509,983

San Joaquin Hills Transportation Corridor Agency Rev., Series 2014 B, (Junior Lien), 5.25%, 1/15/44
6,000,000
6,519,180

San Jose Airport Rev., Series 2011 A-2, 5.25%, 3/1/34
2,605,000
2,889,336

San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.50%, 9/1/44
2,250,000
2,493,427

San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 6.00%, 9/1/42
500,000
572,330

Santa Barbara Secondary High School District GO, Series 2011 A, (Election of 2010), 0.00%, 8/1/36(1)
10,000,000
4,010,800

Santa Barbara Secondary High School District GO, Series 2011 A, (Election of 2010), 0.00%, 8/1/40(1)
3,795,000
1,244,950




Santa Cruz County Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Live Oak/Soquel Community Improvement), 7.00%, 9/1/36
3,000,000
3,509,010

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
1,394,638

Santaluz Community Facilities District No. 2 Special Tax Rev., Series 2011 A, (Improvement Area No. 1), 5.10%, 9/1/21
465,000
509,022

Saugus-Castaic School Facilities Financing Authority Special Tax Rev., (Community Facilities District No. 2006-1C), 6.00%, 9/1/43
1,490,000
1,695,784

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
223,130

Southern California Public Power Authority Rev., (Southern Transmission), 0.00%, 7/1/15 (NATL-RE-IBC)(1)
1,250,000
1,249,625

Southern California Public Power Authority Rev., Series 2007 A, 5.00%, 11/1/33
3,755,000
4,288,736

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
1,079,406

Southwestern Community College District GO, Capital Appreciation, Series 2011 C, (Election of 2008), 0.00%, 8/1/46(1)
5,425,000
1,314,749

Stockton Public Financing Authority Rev., Series 2010 A, (Delta Water Supply Project), 6.25%, 10/1/40
1,750,000
2,093,945

Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/28 (BAM)
2,215,000
2,531,457

Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/29 (BAM)
1,750,000
1,984,027

Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/42 (AGM)
705,000
783,234

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
1,120,570

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
1,415,887

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
1,481,742

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
1,553,825

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/19 (BAM)
215,000
243,021

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/20 (BAM)
140,000
160,646

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/21 (BAM)
200,000
231,666

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/22 (BAM)
300,000
351,207

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/23 (BAM)
200,000
234,528

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/24 (BAM)
135,000
158,059

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 4.50%, 9/1/25 (BAM)
45,000
50,444

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/25 (BAM)
45,000
52,290

Sunnyvale Community Facilities District No. 1 Special Tax Rev., 7.75%, 8/1/32
6,500,000
6,512,740

Susanville Public Financing Authority Rev., Series 2010 B, (Utility Enterprises), 6.00%, 6/1/45
3,000,000
3,363,120

Tahoe-Truckee Unified School District GO, Capital Appreciation, Series 1999 A, (Improvement District No. 2), 0.00%, 8/1/22 (NATL-RE)(1)
2,690,000
2,226,513

Tahoe-Truckee Unified School District GO, Capital Appreciation, Series 1999 A, (Improvement District No. 2), 0.00%, 8/1/23 (NATL-RE)(1)
2,220,000
1,743,299

Tobacco Securitization Authority of Northern California Settlement Rev., Series 2005 A-1, 5.50%, 6/1/45
2,000,000
1,638,580

Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A-1, 5.00%, 6/1/37
2,250,000
1,914,727

Tracy Community Facilities District No. 2006-1 Special Tax Rev., (NEI Phase II), 5.75%, 9/1/36
3,105,000
3,113,508

Tracy Public Financing Authority Special Tax Rev., Series 2014 A, 4.00%, 9/2/18
1,900,000
2,037,617

Tracy Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/2/19
2,285,000
2,574,944

Tracy Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/2/20
2,100,000
2,400,783

Tri-Dam Power Authority Rev., 4.00%, 5/1/16
2,165,000
2,212,695

Tri-Dam Power Authority Rev., 4.00%, 11/1/16
2,165,000
2,232,548




Tuolumne Wind Project Authority Rev., Series 2009 A, 5.875%, 1/1/29
2,000,000
2,319,040

Turlock Public Financing Authority Tax Allocation Rev., 7.50%, 9/1/39
2,770,000
3,468,954

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
5,194,129

Tustin Community Facilities District No. 07-1 Special Tax Rev., (Tustin Legacy/Retail Center), 6.00%, 9/1/37
1,300,000
1,356,589

Tustin Public Financing Authority Rev., 5.00%, 4/1/43
1,000,000
1,109,090

Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 5.75%, 9/1/30
1,000,000
1,110,140

Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.00%, 9/1/40
1,500,000
1,727,445

Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM)
1,750,000
1,751,575

Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM)
1,000,000
1,000,900

University of California System Rev., Series 2012 G, 5.00%, 5/15/37
5,000,000
5,623,950

Val Verde Unified School District Special Tax Rev., 5.00%, 9/1/37
1,750,000
1,856,680

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
2,582,850

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
2,686,502

Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/18, Prerefunded at 100% of Par(2)
1,600,000
1,824,048

Whittier Health Facilities Rev., (Presbyterian Intercommunity Hospital), 5.00%, 6/1/44
3,500,000
3,830,330

Yosemite Community College District GO, Capital Appreciation, (Election of 2004), 0.00%, 8/1/16 (AGM)(1)
3,545,000
3,522,915

Yuba City Unified School District GO, Capital Appreciation, 0.00%, 3/1/25 (NATL-RE)(1)
1,500,000
1,056,045

 
 
811,245,832

Guam — 1.2%
 
 
Guam Government Business Privilege Tax Rev., Series 2011 A, 5.125%, 1/1/42
1,000,000
1,085,660

Guam Government GO, Series 2009 A, 7.00%, 11/15/39
7,230,000
8,655,684

Guam Power Authority Rev., Series 2012 A, 5.00%, 10/1/34
850,000
910,809

 
 
10,652,153

Puerto Rico — 1.7%
 
 
Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 6.00%, 7/1/47
3,150,000
2,306,146

Puerto Rico Electric Power Authority Rev., Series 2010 XX, 5.25%, 7/1/40
465,000
274,499

Puerto Rico Electric Power Authority Rev., Series 2012 A, 5.00%, 7/1/42
4,000,000
2,356,600

Puerto Rico GO, Series 2008 A, (Public Improvement), 6.00%, 7/1/38
2,500,000
1,851,925

Puerto Rico GO, Series 2009 C, (Public Improvement), 6.00%, 7/1/39
1,250,000
924,388

Puerto Rico GO, Series 2011 A, (Public Improvement), 5.75%, 7/1/41
500,000
364,790

Puerto Rico GO, Series 2014 A, (Public Improvement), 8.00%, 7/1/35
4,715,000
3,975,405

Puerto Rico Public Buildings Authority Rev., Series 2009 Q, 5.625%, 7/1/39
3,700,000
2,532,132

 
 
14,585,885

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
2,271,060

Virgin Islands Public Finance Authority Rev., Series 2010 B, (Subordinated Lien), 5.25%, 10/1/29
1,500,000
1,637,430

 
 
3,908,490

TOTAL INVESTMENT SECURITIES — 98.6%
(Cost $788,835,695)
 
840,392,360

OTHER ASSETS AND LIABILITIES — 1.4%
 
11,817,425

TOTAL NET ASSETS — 100.0%
 
$
852,209,785





FUTURES CONTRACTS
Contracts Sold
Expiration
Date
Underlying Face
Amount at Value ($)
Unrealized Appreciation
(Depreciation) ($)
333
U.S. Treasury 10-Year Notes
September 2015
42,519,938
(182,859)
104
U.S. Treasury Long Bonds
September 2015
16,185,000
(129,530)
 
 
 
58,704,938
(312,389)

NOTES TO SCHEDULE OF INVESTMENTS
AGC
-
Assured Guaranty Corporation
AGM
-
Assured Guaranty Municipal Corporation
BAM
-
Build America Mutual Assurance Company
COP
-
Certificates of Participation
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 $11,494,743, which represented 1.3% 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 $176,735, 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 $1,055,583.





SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

The fund determines the fair value of its investments and computes its net asset value per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.

Fixed income securities maturing in greater than 60 days at the time of purchase are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Fixed income securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium or at the evaluated mean as provided by an independent pricing service. Evaluated mean prices are commonly derived through utilization of market models, which may consider, among other factors: trade data, quotations from dealers and active market makers, relevant yield curve and spread data, related sector levels, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
 
Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate clearing corporation.

If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
 
2. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

• 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).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. There were no significant transfers between levels during the period.

As of period end, the fund’s investment securities and unrealized appreciation (depreciation) on futures contracts were classified as Level 2 and Level 1, respectively. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

3. Federal Tax Information

As of May 31, 2015, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments
$
788,835,695

Gross tax appreciation of investments
$
56,824,400

Gross tax depreciation of investments
(5,267,735
)
Net tax appreciation (depreciation) of investments
$
51,556,665



The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.


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



American Century Investments® 
Quarterly Portfolio Holdings
California Intermediate-Term Tax-Free Bond Fund
May 31, 2015









    

California Intermediate-Term Tax-Free Bond - Schedule of Investments
 
MAY 31, 2015 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 102.4%
 
 
California — 101.1%
 
 
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2011 A, (Sharp HealthCare), 6.00%, 8/1/30
2,500,000
3,024,525

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012, (Jackson Laboratory), 4.00%, 7/1/15
280,000
280,918

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012, (Jackson Laboratory), 4.00%, 7/1/16
270,000
280,006

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012, (Jackson Laboratory), 5.00%, 7/1/17
1,000,000
1,081,180

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012, (Jackson Laboratory), 5.00%, 7/1/18
500,000
552,625

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2014 A, (Sharp HealthCare), 5.00%, 8/1/33
1,450,000
1,635,209

Alameda Corridor Transportation Authority Rev., Series 2013 A, (Senior Lien), 5.00%, 10/1/20
3,010,000
3,523,626

Alameda Corridor Transportation Authority Rev., Series 2013 A, (Senior Lien), 5.00%, 10/1/24
2,000,000
2,392,880

Alameda Corridor Transportation Authority Rev., Capital Appreciation, Series 1999 A, (Senior Lien), 0.00%, 10/1/35 (NATL-RE)(1)
9,000,000
3,732,210

Alum Rock Union Elementary School District GO, Series 2013 A, (Election of 2012), 6.00%, 8/1/39
1,500,000
1,834,890

Anaheim Public Financing Authority Rev., Series 2011 A, (Electric System Distribution Facilities), 5.375%, 10/1/36
700,000
817,040

Anaheim Public Financing Authority Rev., Series 2012 A, (Electric System Distribution Facilities), 5.00%, 10/1/23
1,200,000
1,449,336

Anaheim Public Financing Authority Rev., Series 2012 A, (Electric System Distribution Facilities), 5.00%, 10/1/24
2,275,000
2,714,644

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/25
1,000,000
1,189,720

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/28
1,100,000
1,283,568

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/29
1,250,000
1,449,700

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/34
3,360,000
3,814,944

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/39
1,550,000
1,739,441

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/46
2,000,000
2,232,760

Bay Area Toll Authority Toll Bridge Rev., Series 2001 A, (San Francisco Bay Area), VRDN, 1.35%, 6/4/15
5,000,000
5,065,250

Bay Area Toll Authority Toll Bridge Rev., Series 2007 A-1, (San Francisco Bay Area), VRDN, 0.80%, 6/4/15
1,000,000
1,009,360

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
2,158,760

Bay Area Toll Authority Toll Bridge Rev., Series 2008 G-1, (San Francisco Bay Area), VRDN, 1.20%, 6/4/15
2,500,000
2,524,500

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
5,773,750

Bay Area Toll Authority Toll Bridge Rev., Series 2012 F-1, (San Francisco Bay Area), 5.00%, 4/1/24
1,500,000
1,798,200

Bay Area Toll Authority Toll Bridge Rev., Series 2012 F-1, (San Francisco Bay Area), 5.00%, 4/1/25
3,500,000
4,176,585

Bay Area Toll Authority Toll Bridge Rev., Series 2012 F-1, (San Francisco Bay Area), 5.00%, 4/1/28
7,185,000
8,373,902

Bay Area Toll Authority Toll Bridge Rev., Series 2013 S-4, (San Francisco Bay Area), 5.00%, 4/1/43
5,610,000
6,214,702

Bay Area Toll Authority Toll Bridge Rev., Series 2014 B, (San Francisco Bay Area), VRDN, 1.50%, 4/2/18
3,000,000
3,018,930

Bay Area Toll Authority Toll Bridge Rev., Series 2014 E, (San Francisco Bay Area), 2.00%, 4/1/34
2,000,000
2,006,840

Bay Area Toll Authority Toll Bridge Rev., Series 2014 S-6, (San Francisco Bay Area), 5.00%, 10/1/54
9,000,000
9,765,090

California Department of Water Resources Rev., Series 2014 AT, (Center Valley Project), VRDN, 0.40%, 6/4/15
4,500,000
4,497,885

California Department of Water Resources Power Supply Rev., Series 2005 F-5, 5.00%, 5/1/22
1,800,000
2,008,188

California Department of Water Resources Power Supply Rev., Series 2005 G-4, 5.00%, 5/1/16
3,230,000
3,372,378

California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/18, Prerefunded at 100% of Par(2)
3,570,000
3,987,761

California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/21
1,430,000
1,596,423




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
1,057,836

California Department of Water Resources Power Supply Rev., Series 2009 AG, (Center Valley Project), 5.00%, 12/1/25
95,000
110,560

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/16
5,000,000
5,220,400

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/17
5,000,000
5,418,150

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/18
3,000,000
3,345,690

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/19
7,000,000
8,015,000

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/20, Prerefunded at 100% of Par(2)
1,860,000
2,193,442

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/20, Prerefunded at 100% of Par(2)
11,165,000
13,166,550

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/21
1,140,000
1,330,608

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/22
6,835,000
7,960,109

California Department of Water Resources Power Supply Rev., Series 2010 M, 5.00%, 5/1/16
2,000,000
2,088,160

California Department of Water Resources Power Supply Rev., Series 2011 N, 5.00%, 5/1/20
14,215,000
16,645,765

California Department of Water Resources Power Supply Rev., Series 2011 N, 5.00%, 5/1/21
10,000,000
11,891,100

California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/18(2)
5,435,000
6,095,461

California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/18
1,565,000
1,762,581

California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/19(2)
4,505,000
5,200,662

California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/22
2,000,000
2,097,620

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/31
1,455,000
1,615,501

California Educational Facilities Authority Rev., (San Francisco University), 5.00%, 10/1/16
1,200,000
1,273,200

California Educational Facilities Authority Rev., (San Francisco University), 5.00%, 10/1/21
750,000
884,903

California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/18
500,000
553,240

California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/19
700,000
780,332

California Educational Facilities Authority Rev., (Santa Clara University), 5.25%, 4/1/23
2,000,000
2,221,420

California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/15, Prerefunded at 100% of Par(2)
70,000
71,415

California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/36
975,000
980,616

California Educational Facilities Authority Rev., Series 2009 A, (Pomona College), 5.00%, 1/1/24
2,100,000
2,383,437

California Educational Facilities Authority Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39
2,950,000
3,266,889

California Educational Facilities Authority Rev., Series 2010 A, (Loyola Marymount University), 5.00%, 10/1/30
1,365,000
1,533,195

California Educational Facilities Authority Rev., Series 2010 B, (Loyola Marymount University), VRN, 0.90%, 6/4/15
3,510,000
3,510,000

California Educational Facilities Authority Rev., Series 2012 A, (University of the Pacific), 4.50%, 11/1/15
1,240,000
1,262,010

California Educational Facilities Authority Rev., Series 2012 A, (University of the Pacific), 4.50%, 11/1/17
1,000,000
1,083,100

California Educational Facilities Authority Rev., Series 2015 A, (University of Southern California), 5.00%, 10/1/25(3)
1,875,000
2,332,556

California GO, 5.00%, 9/1/15
9,115,000
9,228,664

California GO, 5.00%, 11/1/16 (Ambac)
1,575,000
1,677,926

California GO, 5.00%, 9/1/17
2,500,000
2,740,475

California GO, 5.00%, 10/1/17
2,170,000
2,384,982

California GO, 5.50%, 4/1/18
2,535,000
2,855,779

California GO, 5.00%, 8/1/18
2,260,000
2,426,065

California GO, 5.00%, 9/1/18
1,000,000
1,125,710

California GO, 5.00%, 9/1/19
7,645,000
8,807,499

California GO, 5.00%, 3/1/20
1,690,000
1,861,248

California GO, 5.00%, 8/1/20
5,000,000
5,365,650

California GO, 5.25%, 10/1/20
5,000,000
5,837,400

California GO, 5.00%, 3/1/22
5,000,000
5,172,550

California GO, 5.00%, 9/1/22
2,000,000
2,404,760

California GO, 5.00%, 3/1/23
10,000,000
12,060,300

California GO, 5.50%, 4/1/24
4,600,000
5,315,484

California GO, 5.00%, 8/1/24
1,260,000
1,349,561




California GO, 5.00%, 12/1/26
1,045,000
1,241,993

California GO, 5.00%, 2/1/27
14,000,000
16,336,040

California GO, 5.00%, 2/1/28
5,795,000
6,693,631

California GO, 5.00%, 3/1/28
8,000,000
9,464,400

California GO, 5.75%, 4/1/28
5,000,000
5,783,650

California GO, 5.00%, 11/1/29
2,625,000
3,047,021

California GO, 5.75%, 4/1/31
5,000,000
5,763,450

California GO, 5.00%, 11/1/32
1,890,000
2,057,624

California GO, 6.50%, 4/1/33
5,000,000
5,989,150

California GO, 6.00%, 4/1/38
3,000,000
3,525,030

California GO, Series 2004 A-1, (Kindergarten), VRDN, 0.06%, 6/1/15 (LOC: Citibank N.A.)
5,700,000
5,700,000

California GO, Series 2004 A-5, (Kindergarten), VRDN, 0.06%, 6/1/15 (LOC: Citibank N.A.)
600,000
600,000

California GO, Series 2012 B, VRN, 1.00%, 6/4/15
2,000,000
2,026,800

California GO, Series 2012 B, VRN, 1.10%, 6/4/15
800,000
813,592

California GO, Series 2012 B, VRN, 1.25%, 6/4/15
960,000
980,208

California GO, VRDN, 4.00%, 12/1/16
3,000,000
3,106,770

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/18
1,000,000
1,123,390

California Health Facilities Financing Authority Rev., (NCROC Paradise Valley Estates), 5.70%, 12/1/24 (Ambac/California Mortgage Insurance)
1,455,000
1,655,979

California Health Facilities Financing Authority Rev., Series 2008 A, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17
2,000,000
2,025,380

California Health Facilities Financing Authority Rev., Series 2008 A, (Scripps Health), 5.00%, 10/1/17
1,400,000
1,536,808

California Health Facilities Financing Authority Rev., Series 2008 A, (Sutter Health), 5.50%, 8/15/17
1,000,000
1,106,530

California Health Facilities Financing Authority Rev., Series 2008 A, (Sutter Health), 5.25%, 8/15/22
3,335,000
3,765,682

California Health Facilities Financing Authority Rev., Series 2008 B, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17
2,200,000
2,227,918

California Health Facilities Financing Authority Rev., Series 2008 C, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17
1,500,000
1,519,035

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
3,806,497

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
47,176

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
2,459,070

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
356,519

California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 5.00%, 7/1/18
3,000,000
3,346,080

California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.25%, 11/1/29
5,000,000
5,904,300

California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.50%, 7/1/29
1,500,000
1,713,990

California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.75%, 7/1/39
1,000,000
1,148,630

California Health Facilities Financing Authority Rev., Series 2009 C, (St. Joseph Health System), VRDN, 5.00%, 10/18/22
5,700,000
6,836,751

California Health Facilities Financing Authority Rev., Series 2010 A, (Stanford Hospital), 5.00%, 11/15/25
2,000,000
2,286,800

California Health Facilities Financing Authority Rev., Series 2011 B, (St. Joseph Health System), VRDN, 0.07%, 6/1/15 (LOC: U.S. Bank N.A.)
6,400,000
6,400,000

California Health Facilities Financing Authority Rev., Series 2011 B, (Sutter Health), 6.00%, 8/15/42
1,000,000
1,189,010

California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/18
1,305,000
1,464,484

California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/22
1,650,000
1,960,431

California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51
1,000,000
1,104,880

California Health Facilities Financing Authority Rev., Series 2013 A, (St. Joseph Health System), 5.00%, 7/1/37
890,000
991,273

California Health Facilities Financing Authority Rev., Series 2013 A, (Sutter Health), 5.00%, 8/15/52
4,000,000
4,436,840

California Infrastructure & Economic Development Bank Rev., (Columbia College), VRDN, 0.12%, 6/4/15 (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
793,429

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
6,353,100

California Infrastructure & Economic Development Bank Rev., Series 2008 B, (Los Angeles County Museum of Natural History Foundation), VRDN, 0.08%, 6/1/15 (LOC: Wells Fargo Bank N.A.)
8,150,000
8,150,000

California Infrastructure & Economic Development Bank Rev., Series 2010 A, (University of California, San Francisco Neuroscience Building), 5.00%, 5/15/22
3,735,000
4,378,653

California Infrastructure & Economic Development Bank Rev., Series 2011 A-1, (J. Paul Getty Trust), VRDN, 0.38%, 6/4/15
5,000,000
4,984,400

California Infrastructure & Economic Development Bank Rev., Series 2012 A-1, (J. Paul Getty Trust), 4.00%, 10/1/15
975,000
987,880

California Infrastructure & Economic Development Bank Rev., Series 2013 A, (Los Angeles County Museum of Art Project), VRDN, 1.88%, 6/4/15
3,000,000
3,090,780

California Infrastructure & Economic Development Bank Rev., Series 2015 A, (The Colburn School), VRDN, 1.11%, 6/4/15
4,375,000
4,375,875

California Infrastructure & Economic Development Bank Rev., Series 2015 B-2, (J. Paul Getty Trust), VRDN, 0.38%, 6/4/15
2,750,000
2,739,632

California Municipal Finance Authority Rev., (Community Hospitals Central), 5.00%, 2/1/17
2,000,000
2,132,340

California Municipal Finance Authority Rev., Series 2007, (Loma Linda University), 5.00%, 4/1/23
1,145,000
1,195,941

California Municipal Finance Authority Rev., Series 2007, (Loma Linda University), 5.00%, 4/1/28
2,000,000
2,065,980

California Municipal Finance Authority Rev., Series 2008 A, (Biola University), 5.00%, 10/1/18
1,000,000
1,094,690

California Municipal Finance Authority Rev., Series 2010 A, (Eisenhower Medical Center), 5.00%, 7/1/19
605,000
672,766

California Municipal Finance Authority Rev., Series 2010 A, (Eisenhower Medical Center), 5.25%, 7/1/21
1,760,000
2,004,358

California Municipal Finance Authority Rev., Series 2010 A, (University of Louisiana Verne), 5.00%, 6/1/17
2,290,000
2,435,804

California Municipal Finance Authority Rev., Series 2011, (Emerson College), 5.75%, 1/1/33
2,250,000
2,589,795

California Municipal Finance Authority Rev., Series 2011, (Emerson College), 6.00%, 1/1/42
1,000,000
1,156,120

California Municipal Finance Authority Rev., Series 2015 B, (Azusa Pacific University), 5.00%, 4/1/27
1,165,000
1,302,190

California Pollution Control Financing Authority Rev., Series 1996 E, (Pacific Gas & Electric Co.), VRDN, 0.08%, 6/1/15 (LOC: JPMorgan Chase Bank N.A.)
14,300,000
14,300,000

California Pollution Control Financing Authority Rev., Series 1996 F, (Pacific Gas & Electric Co.), VRDN, 0.08%, 6/1/15 (LOC: JPMorgan Chase Bank N.A.)
6,200,000
6,200,000

California Public Works Board Lease Rev., Series 2005 A, (Department of General Services - Butterfield), 5.00%, 6/1/15
1,450,000
1,450,392

California Public Works Board Lease Rev., Series 2006 A, (California State University), 5.00%, 10/1/16 (NATL-RE/FGIC)
1,500,000
1,590,975

California Public Works Board Lease Rev., Series 2009 A, (Department of General Services - Building 8 & 9), 6.25%, 4/1/34
2,435,000
2,863,122

California Public Works Board Lease Rev., Series 2009 B, (Department of Education - Riverside Campus), 6.00%, 4/1/27
2,130,000
2,499,385

California Public Works Board Lease Rev., Series 2009 I-1, (Various Capital Projects), 6.375%, 11/1/34
2,500,000
3,012,600

California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.00%, 12/1/15
4,000,000
4,096,640

California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.25%, 12/1/26
2,000,000
2,400,400

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/21
3,000,000
3,512,580

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/22
2,100,000
2,494,527

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/23
2,000,000
2,351,660

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25
1,800,000
2,114,280

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37
4,545,000
5,029,042

California Public Works Board Lease Rev., Series 2012 D, (California State University Projects), 5.00%, 9/1/36
1,000,000
1,106,810

California Public Works Board Lease Rev., Series 2012 G, (Various Capital Projects), 4.00%, 11/1/17
1,250,000
1,343,225

California Public Works Board Lease Rev., Series 2013 H, (California State University Projects), 5.00%, 9/1/38
4,500,000
5,014,260

California Public Works Board Lease Rev., Series 2013 I, (Various Capital Projects), 5.00%, 11/1/38
2,400,000
2,680,992

California Public Works Board Lease Rev., Series 2014 A, (Various Correctional Facilities), 5.00%, 9/1/25
5,000,000
5,978,250

California School Finance Authority Rev., Series 2015 A, (Alliance for College-Ready Public School Project), 3.00%, 7/1/19(4)
1,025,000
1,050,553

California School Finance Authority Rev., Series 2015 A, (Alliance for College-Ready Public School Project), 3.00%, 7/1/20(4)
1,115,000
1,130,510




California State University Systemwide Rev., Series 2011 A, 5.00%, 11/1/20
1,250,000
1,479,950

California State University Systemwide Rev., Series 2011 A, 5.00%, 11/1/24
5,000,000
5,888,700

California State University Systemwide Rev., Series 2014 A, 5.00%, 11/1/32
1,750,000
2,033,815

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/24
200,000
240,774

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/16
750,000
796,928

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/17
815,000
892,767

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 4.00%, 11/1/18
200,000
218,352

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/18
515,000
576,821

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 4.00%, 11/1/19
200,000
221,266

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/20
100,000
116,710

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 4.00%, 11/1/21
150,000
167,801

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/22
125,000
148,969

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/23
150,000
180,717

California Statewide Communities Development Authority Rev., (John Muir Health), 5.00%, 7/1/20
2,225,000
2,558,016

California Statewide Communities Development Authority Rev., (Southern California Edison Co.), VRDN, 1.375%, 4/2/18
1,775,000
1,768,574

California Statewide Communities Development Authority Rev., (St. Joseph Remarketing), 5.125%, 7/1/24 (NATL-RE)
2,000,000
2,231,900

California Statewide Communities Development Authority Rev., (Trinity Health Corp.), 5.00%, 12/1/41
1,570,000
1,735,761

California Statewide Communities Development Authority Rev., Series 2002 B, (Pooled Financing Program), 5.20%, 10/1/18 (AGM)
440,000
441,751

California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.30%, 11/1/18
1,480,000
1,586,900

California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.40%, 11/1/27
1,000,000
1,042,720

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
1,094,900

California Statewide Communities Development Authority Rev., Series 2007 A, (Valleycare Health System), 4.80%, 7/15/17
1,980,000
2,113,868

California Statewide Communities Development Authority Rev., Series 2007 A, (Valleycare Health System), 5.00%, 7/15/22
2,460,000
2,636,579

California Statewide Communities Development Authority Rev., Series 2008 C, (John Muir Health), VRDN, 0.06%, 6/1/15 (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
1,650,839

California Statewide Communities Development Authority Rev., Series 2009 E-2, (Kaiser Permanente), VRDN, 5.00%, 5/1/17
5,000,000
5,398,100

California Statewide Communities Development Authority Rev., Series 2012 A, (Kaiser Permanente), 5.00%, 4/1/42
8,400,000
9,205,560

California Statewide Communities Development Authority Rev., Series 2014 A, (Loma Linda University Medical Center), 5.25%, 12/1/29
1,500,000
1,646,430

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/22
475,000
556,078

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/23
600,000
707,310

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/24
750,000
889,860

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/25
800,000
933,376

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/26
885,000
1,022,600




California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/27
1,880,000
2,153,803

California Statewide Communities Development Authority Rev., Series 2014 B, (Los Angeles Jewish Home), 3.00%, 8/1/21 (GA: Jewish Home Foundation/California Mortgage Insurance)
3,900,000
3,982,797

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
1,051,110

Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 87-1), 5.00%, 9/1/18 (Ambac)
3,115,000
3,281,528

Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Merged and Amended Project Area), 4.00%, 10/1/15
625,000
633,081

Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Merged and Amended Project Area), 4.00%, 10/1/16
525,000
549,192

Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Merged and Amended Project Area), 4.00%, 10/1/17
675,000
722,574

Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Project Area No. 1), 5.00%, 10/1/19 (AGM)
315,000
356,599

Chaffey Joint Union High School District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/30
3,125,000
3,589,531

Chaffey Joint Union High School District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/32
1,220,000
1,388,043

Chula Vista Rev., Series 2006 A, (San Diego Gas and Electric), 1.65%, 7/1/18
8,165,000
8,182,473

City of Fontana Special Tax Rev., (Community Facilities District No. 22), 4.00%, 9/1/18
740,000
794,146

City of Fontana Special Tax Rev., (Community Facilities District No. 22), 4.00%, 9/1/19
390,000
423,372

City of Fontana Special Tax Rev., (Community Facilities District No. 22), 5.00%, 9/1/20
545,000
619,349

City of Fontana Special Tax Rev., (Community Facilities District No. 22), 5.00%, 9/1/22
520,000
600,896

City of Fontana Special Tax Rev., (Community Facilities District No. 22), 5.00%, 9/1/24
575,000
669,490

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/17
850,000
905,225

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/18
875,000
944,256

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/19
1,400,000
1,532,244

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., Series 2001 A, (Assessment District No. 00-18), VRDN, 0.06%, 6/1/15 (LOC: State Street Bank & Trust Co.)
2,300,000
2,300,000

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., Series 2011 A, (Assessment District No. 5-21), VRDN, 0.06%, 6/1/15 (LOC: U.S. Bank N.A.)(4)
1,100,000
1,100,000

City of La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/20
640,000
716,698

City of La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/21
315,000
354,822

City of La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/22
225,000
254,655

City of Riverside Sewer Rev., Series 2015 A, 5.00%, 8/1/25(3)
1,630,000
1,959,472

City of Riverside Sewer Rev., Series 2015 A, 5.00%, 8/1/26(3)
3,400,000
4,029,374

Clovis Unified School District GO, Capital Appreciation, Series 2004 A, (Election of 2004), 0.00%, 8/1/24 (NATL-RE)(1)
5,935,000
4,555,825

Corcoran Joint Unified School District COP, VRDN, 2.70%, 12/1/21 (AGM)
4,500,000
4,500,045

East Bay Municipal Utility District Rev., Series 2012 B, 4.00%, 6/1/15
1,185,000
1,185,261

East Side Union High School District GO, Series 2012, 5.00%, 8/1/25
1,405,000
1,634,619

East Side Union High School District GO, Series 2013, 5.00%, 8/1/29
2,450,000
2,800,791

Eastern Municipal Water District Water & Sewer COP, Series 2008 H, 5.00%, 7/1/24
1,000,000
1,112,180

Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 5.00%, 7/1/15
600,000
602,598

Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 4.00%, 7/1/16
600,000
624,450

Fairfield Redevelopment Agency Tax Allocation Rev., 4.00%, 8/1/16
1,525,000
1,588,425

Folsom Cordova Unified School District No. 2 Facilities Improvement GO, Series 2014, 4.00%, 10/1/15
570,000
577,439

Folsom Cordova Unified School District No. 4 Facilities Improvement GO, Series 2014 A, (Election of 2012), 4.00%, 10/1/15
605,000
612,690

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 A, 6.00%, 1/15/49
3,000,000
3,534,660

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-1, VRDN, 5.00%, 1/15/18
3,750,000
4,004,737

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-3, VRDN, 5.50%, 1/15/23
2,750,000
3,160,547

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-2, VRDN, 5.00%, 1/15/20
5,000,000
5,515,600

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 C, (Junior Lien), 6.25%, 1/15/33
3,000,000
3,553,200




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
7,563,200

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/24(5)
1,600,000
1,175,008

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/42(1)
4,820,000
1,351,576

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
1,159,488

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 4.50%, 6/1/27
1,270,000
1,235,532

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.00%, 6/1/33
1,250,000
1,045,713

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/21
1,000,000
1,174,510

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/29
6,650,000
7,529,595

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/30
2,000,000
2,253,980

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2015 A, 3.00%, 6/1/17
1,000,000
1,044,530

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2015 A, 4.00%, 6/1/18
2,885,000
3,125,263

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2015 A, 5.00%, 6/1/19
1,000,000
1,138,700

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2015 A, 5.00%, 6/1/20
1,000,000
1,158,920

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2015 A, 5.00%, 6/1/21
1,000,000
1,174,510

Golden State Tobacco Securitization Corp. Settlement Rev., Capital Appreciation, Series 2005 A, 0.00%,
6/1/25 (AGM)(1)
2,000,000
1,476,320

Grossmont-Cuyamaca Community College District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/25
680,000
809,452

Grossmont-Cuyamaca Community College District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/26
685,000
804,306

Grossmont-Cuyamaca Community College District GO, Series 2013 A, (Election of 2012), 5.25%, 8/1/27
750,000
899,880

Hayward Area Recreation and Park District COP, 5.125%, 1/1/39
1,750,000
1,937,425

Huntington Beach Union High School District GO, 5.00%, 8/1/26
3,030,000
3,577,279

Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.25%, 9/1/37
1,110,000
1,254,444

Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/44
1,175,000
1,275,474

Irvine Community Facilities District No. 2013-3 Special Tax Rev., (Great Park Improvement Area No.1), 5.00%, 9/1/39
1,000,000
1,074,520

Irvine Ranch Water District Rev., Series 2009 B, VRDN, 0.08%, 6/1/15 (LOC: Bank of America N.A.)
3,900,000
3,900,000

Irvine Unified School District Financing Authority Special Tax Rev., Series 2006 A, (Group II), 4.75%, 9/1/16
600,000
611,598

Irvine Unified School District Financing Authority Special Tax Rev., Series 2006 A, (Group II), 5.00%, 9/1/20
745,000
760,213

Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/23
625,000
734,756

Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/24
680,000
804,236

Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/25
1,000,000
1,166,400

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
1,303,916

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
1,199,106

Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.00%, 11/15/35
1,215,000
1,358,236

Long Beach Harbor Rev., Series 2014 C, 5.00%, 11/15/18
22,000,000
24,922,040

Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/23(3)
650,000
749,379

Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/24(3)
250,000
289,655

Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/25(3)
500,000
577,190

Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/27(3)
800,000
903,088

Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/28(3)
600,000
670,536

Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/40(3)
2,500,000
2,676,100

Los Alamitos Unified School District COP, Capital Appreciation, (Capital Projects), 0.00%, 8/1/24(5)
2,100,000
1,513,260

Los Altos Elementary School District GO, 5.00%, 8/1/16, Prerefunded at 100% of Par (Ambac)(2)
1,045,000
1,102,182

Los Altos Elementary School District GO, 5.00%, 8/1/19 (Ambac)
1,455,000
1,535,942

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
2,180,500

Los Angeles Community College District GO, Series 2015 C, 5.00%, 6/1/26(3)
2,115,000
2,618,349

Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/21
1,195,000
1,396,668

Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/22
1,000,000
1,184,530




Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/23
1,955,000
2,333,351

Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., Series 2008 B, (Proposition A), 5.00%, 7/1/31
1,000,000
1,103,820

Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., Series 2010 A, (General Union Station), 5.00%, 7/1/20
3,000,000
3,483,030

Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., Series 2013 A, (Proposition A), 5.00%, 7/1/21
2,470,000
2,957,800

Los Angeles County Redevelopment Authority Tax Allocation Rev., Series 2013 D, (Redevelopment Project Areas), 4.00%, 9/1/15
2,000,000
2,019,200

Los Angeles County Redevelopment Authority Tax Allocation Rev., Series 2013 D, (Redevelopment Project Areas), 5.00%, 9/1/16
2,000,000
2,110,020

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
1,360,290

Los Angeles County Regional Financing Authority Rev., Series 2014 B-1, (MonteCedro, Inc.), 3.00%, 11/15/21 (California Mortgage Insurance)
1,170,000
1,180,472

Los Angeles County Regional Financing Authority Rev., Series 2014 B-2, (MonteCedro, Inc.), 3.00%, 11/15/20 (California Mortgage Insurance)
950,000
959,681

Los Angeles County Regional Financing Authority Rev., Series 2014 B-3, (MonteCedro, Inc.), 2.50%, 11/15/20 (California Mortgage Insurance)
2,000,000
2,014,700

Los Angeles County Sanitation Districts Financing Authority Rev., Series 2015 A, (Capital Projects), 5.00%, 10/1/23(3)
2,855,000
3,384,774

Los Angeles County Sanitation Districts Financing Authority Rev., Series 2015 A, (Capital Projects), 5.00%, 10/1/26(3)
2,700,000
3,166,398

Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.00%, 5/15/18
750,000
836,123

Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40(6)
3,000,000
3,387,000

Los Angeles Department of Airports Rev., Series 2010 D, (Los Angeles International Airport), 5.00%, 5/15/24
3,040,000
3,551,328

Los Angeles Department of Airports Rev., Series 2015 C, (Los Angeles International Airport), 5.00%, 5/15/26
1,500,000
1,804,365

Los Angeles Department of Airports Rev., Series 2015 C, (Los Angeles International Airport), 5.00%, 5/15/27
1,280,000
1,521,357

Los Angeles Department of Water & Power System Rev., Series 2001 B-2, VRDN, 0.08%, 6/1/15 (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
5,543,850

Los Angeles Department of Water & Power System Rev., Series 2008 A-2, 5.25%, 7/1/32
3,535,000
3,943,328

Los Angeles Department of Water & Power System Rev., Series 2011 A, 4.00%, 7/1/16
1,000,000
1,041,530

Los Angeles Department of Water & Power System Rev., Series 2011 A, 5.00%, 7/1/18
780,000
873,647

Los Angeles Department of Water & Power System Rev., Series 2012 A, 5.00%, 7/1/26
1,000,000
1,171,750

Los Angeles Department of Water & Power System Rev., Series 2012 C, 5.00%, 1/1/16
8,750,000
8,895,512

Los Angeles Department of Water & Power System Rev., Series 2012 C, 5.00%, 7/1/24
1,500,000
1,807,575

Los Angeles Department of Water & Power System Rev., Series 2013 B, 5.00%, 7/1/27
6,470,000
7,621,919

Los Angeles Department of Water & Power System Rev., Series 2014 B, 5.00%, 7/1/25
700,000
843,514

Los Angeles Department of Water & Power System Rev., Series 2014 B, 5.00%, 7/1/26
1,300,000
1,547,039

Los Angeles Harbor Department Rev., Series 2011 B, 5.00%, 8/1/24
1,225,000
1,463,410

Los Angeles Municipal Improvement Corp. Rev., Series 2012 C, 5.00%, 3/1/25
3,000,000
3,445,050

Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/29
1,700,000
1,935,603

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
4,204,440

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
183,825

Los Angeles Unified School District GO, Series 2006 F, (Election of 2004), 5.00%, 7/1/18 (FGIC)
1,055,000
1,109,596

Los Angeles Unified School District GO, Series 2007 H, (Election of 2004), 5.00%, 7/1/32 (AGM)
2,000,000
2,150,720

Los Angeles Unified School District GO, Series 2009 I, (Election of 2004), 5.00%, 7/1/29
4,000,000
4,546,400

Los Angeles Unified School District GO, Series 2010 KRY, 5.25%, 7/1/26
3,000,000
3,514,680

Los Angeles Unified School District GO, Series 2011 A-1, 4.00%, 7/1/17
1,000,000
1,069,390

Los Angeles Unified School District GO, Series 2011 A-1, 5.00%, 7/1/18
2,565,000
2,872,954

Los Angeles Unified School District GO, Series 2011 A-1, 5.00%, 7/1/24
5,140,000
6,069,980

Los Angeles Unified School District GO, Series 2011 A-2, 5.00%, 7/1/21
3,000,000
3,570,390

Los Angeles Unified School District GO, Series 2014 B, 5.00%, 7/1/18
6,665,000
7,465,200




Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/24
5,000,000
6,133,700

Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/26
3,555,000
4,251,247

Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/27
1,050,000
1,244,870

Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/30
1,155,000
1,345,540

Los Angeles Wastewater System Rev., Series 2009 A, 5.75%, 6/1/34
2,975,000
3,453,558

M-S-R Energy Authority Rev., Series 2009 B, 7.00%, 11/1/34 (GA: Citigroup, Inc.)
5,000,000
6,765,250

M-S-R Energy Authority Rev., Series 2009 B, 6.50%, 11/1/39 (GA: Citigroup, Inc.)
1,000,000
1,315,970

Metropolitan Water District of Southern California Rev., Series 2011 A-2, VRDN, 0.48%, 6/4/15
10,000,000
10,000,500

Metropolitan Water District of Southern California Rev., Series 2011 A-4, VRDN, 0.48%, 6/4/15
5,000,000
5,000,250

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
4,971,650

Mount San Antonio Community College District GO, Series 2013 A, (Election of 2008), 5.00%, 8/1/34
2,000,000
2,294,160

Murrieta Public Financing Authority Special Tax Rev., 5.00%, 9/1/17
1,000,000
1,083,020

Murrieta Public Financing Authority Special Tax Rev., 5.00%, 9/1/21
1,200,000
1,383,432

Natomas Unified School District GO, 5.00%, 9/1/26 (BAM)
1,785,000
2,106,211

Newark Unified School District GO, Series 2014 B, 5.00%, 8/1/44
6,030,000
6,699,149

Newport Beach Rev., Series 2011 A, (Hoag Memorial Hospital Presbyterian), 6.00%, 12/1/21, Prerefunded at 100% of Par(2)
1,000,000
1,260,240

North Lake Tahoe Public Financing Authority Rev., 4.00%, 12/1/19
1,000,000
1,108,820

Northern California Power Agency Rev., Series 2010 A, 5.00%, 7/1/16
1,000,000
1,052,520

Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/19
2,000,000
2,262,520

Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/20
1,515,000
1,723,191

Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/21
2,050,000
2,300,428

Northern California Power Agency Rev., Series 2010 A, 5.25%, 8/1/22
4,250,000
4,838,667

Northern California Power Agency Rev., Series 2012 A, 5.00%, 7/1/26
1,750,000
2,019,675

Northern California Power Agency Rev., Series 2012 A, 5.00%, 7/1/27
2,000,000
2,289,400

Oakland Sewer Rev., Series 2014 A, 5.00%, 6/15/26
1,200,000
1,437,000

Oakland Unified School District Alameda County GO, (Election of 2000), 5.00%, 8/1/15 (NATL-RE)
1,000,000
1,008,210

Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.00%, 8/1/22
750,000
855,953

Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32
2,150,000
2,435,111

Oakland Unified School District Alameda County GO, Series 2013, (Election of 2012), 6.625%, 8/1/38
1,410,000
1,717,197

Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/18
3,345,000
3,677,259

Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/25
4,065,000
4,651,986

Ontario Public Financing Authority Rev., 5.00%, 7/1/43
2,000,000
2,245,640

Orange County Community Facilities District Special Tax Rev., Series 2014 A, (Ladera Ranch), 5.00%, 8/15/28
1,960,000
2,217,034

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
282,601

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
211,806

Orange County Sanitation District Rev., Series 2014 B, 4.00%, 11/15/16
6,500,000
6,826,755

Orange County Sanitation District COP, Series 2007 B, 5.00%, 2/1/17, Prerefunded at 100% of Par (AGM)(2)
2,750,000
2,951,300

Orange County Transportation Authority Rev., (Senior Lien 91 Express Lanes), 5.00%, 8/15/24
1,000,000
1,201,790

Orange County Water District Rev., Series 2013 A, 5.00%, 8/15/33
4,000,000
4,603,360

Oxnard Financing Authority Rev., 5.00%, 6/1/25 (AGM)
2,000,000
2,358,000

Oxnard Financing Authority Rev., 5.00%, 6/1/26 (AGM)
3,690,000
4,297,411

Oxnard Financing Authority Rev., 5.00%, 6/1/28 (AGM)
1,515,000
1,731,887

Oxnard Financing Authority Rev., 5.00%, 6/1/32 (AGM)
1,000,000
1,115,830

Palm Springs Financing Authority Lease Rev., Series 2012 B, (Downtown Revitalization Project), 4.00%, 6/1/16
1,335,000
1,379,816

Palm Springs Financing Authority Lease Rev., Series 2012 B, (Downtown Revitalization Project), 5.00%, 6/1/23
1,230,000
1,431,154

Palomar Pomerado Health Care District COP, 5.25%, 11/1/21
1,000,000
1,085,720

Palomar Pomerado Health Care District COP, 6.00%, 11/1/41
1,120,000
1,194,446




Palomar Pomerado Health GO, Capital Appreciation, 0.00%, 8/1/18 (NATL-RE)(1)
3,615,000
3,425,972

Palomar Pomerado Health GO, Capital Appreciation, Series 2009 A, (Election of 2004), 0.00%, 8/1/19 (AGC)(5)
1,660,000
1,704,754

Peralta Community College District GO, 5.00%, 8/1/17
2,085,000
2,276,632

Peralta Community College District GO, 5.00%, 8/1/22
2,145,000
2,581,143

Pittsburg Redevelopment Agency Tax Allocation Rev., Series 2004 A, (Los Medanos Community), VRDN, 0.07%, 6/1/15 (LOC: State Street Bank & Trust Co. and California State Teacher's Retirement System)
5,100,000
5,100,000

Port of Oakland Rev., Series 2007 C, (Intermediate Lien), 5.00%, 11/1/17 (NATL-RE)
2,375,000
2,612,120

Port of Oakland Rev., Series 2007 C, (Intermediate Lien), 5.00%, 11/1/16 (NATL-RE)
1,270,000
1,352,677

Porterville Public Financing Authority Sewer Rev., 5.625%, 10/1/36
2,500,000
2,924,100

Poway Unified School District GO, Capital Appreciation, (School Facilities Improvement), 0.00%, 8/1/41(1)
2,780,000
866,304

Poway Unified School District Public Financing Authority Special Tax Rev., 5.00%, 9/15/19 (Ambac)
1,155,000
1,248,786

Poway Unified School District Public Financing Authority Special Tax Rev., 5.00%, 9/15/20 (Ambac)
1,210,000
1,308,252

Poway Unified School District Public Financing Authority Special Tax Rev., Series 2015 A, 2.00%, 9/1/15
650,000
651,073

Poway Unified School District Public Financing Authority Special Tax Rev., Series 2015 A, 2.00%, 9/1/16
1,285,000
1,289,587

Poway Unified School District Public Financing Authority Special Tax Rev., Series 2015 A, 3.00%, 9/1/17
670,000
683,983

Rancho Mirage Joint Powers Financing Authority Rev., Series 2007 A, (Eisenhower Medical Center), 5.00%, 7/1/15
1,505,000
1,510,749

Rancho Mirage Joint Powers Financing Authority Rev., Series 2007 A, (Eisenhower Medical Center), 5.00%, 7/1/21
1,000,000
1,055,800

Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.125%, 9/1/22
790,000
909,369

Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.25%, 9/1/23
1,300,000
1,496,027

Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.375%, 9/1/24
1,410,000
1,621,303

Rancho Water District Financing Authority Rev., Series 2008 B, VRDN, 0.07%, 6/3/15 (LOC: U.S. Bank N.A.)
1,000,000
1,000,000

Regents of the University of California Rev., Series 2009 Q, 5.25%, 5/15/17, Prerefunded at 101% of Par(2)
1,910,000
2,097,543

Regents of the University of California Rev., Series 2009 Q, 5.25%, 5/15/23
90,000
98,894

Rio Elementary School District Community Facilities District No. 1 Special Tax Rev., 5.00%, 9/1/24
700,000
781,368

Riverside County Asset Leasing Corp. Rev., Series 2013 A, (Public Defender and Probation Building), 5.00%, 11/1/43
1,000,000
1,086,520

Riverside County COP, Series 2007 A, (Public Safety Communication), 5.00%, 11/1/15 (Ambac)
3,035,000
3,093,484

Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.50%, 10/1/40
935,000
1,093,903

Riverside County Transportation Commission Rev., Series 2013 A, (Limited Tax), 5.25%, 6/1/39
1,335,000
1,534,049

Sacramento City Financing Authority Lease Rev., Series 1993 A, 5.40%, 11/1/20 (Ambac)
3,000,000
3,307,860

Sacramento City Financing Authority Rev., 5.00%, 12/1/16 (NATL-RE/FGIC)
2,500,000
2,559,675

Sacramento County Airport System Rev., Series 2009 B, 4.25%, 7/1/16
1,000,000
1,040,560

Sacramento County Airport System Rev., Series 2010, 5.00%, 7/1/20
1,000,000
1,148,900

Sacramento County Airport System Rev., Series 2010, 5.00%, 7/1/23
1,000,000
1,134,860

Sacramento County Airport System Rev., Series 2010, 5.00%, 7/1/24
1,000,000
1,149,950

Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 A, 5.25%, 12/1/21 (NATL-RE/FGIC)
1,000,000
1,209,070

Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 B, VRN, 0.71%, 6/1/15 (NATL-RE/FGIC)
2,500,000
2,238,275

Sacramento County Sanitation Districts Financing Authority Rev., Series 2015, (Cosumnes Project), 3.00%, 7/1/17(3)
18,730,000
19,629,602

Sacramento County Sanitation Districts Financing Authority Rev., Series 2015, (Cosumnes Project), 4.00%, 7/1/18(3)
6,000,000
6,532,680

Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.70%, 7/1/17 (Ambac)
3,105,000
3,429,783

Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.25%, 7/1/24 (Ambac)
3,000,000
3,593,580

Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/24
1,500,000
1,819,545

Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/25
5,000,000
6,012,750

Sacramento Regional Transit District Rev., (Farebox Revenue), 4.00%, 3/1/16
440,000
451,396

Sacramento Regional Transit District Rev., (Farebox Revenue), 4.00%, 3/1/17
1,000,000
1,051,360

Sacramento Regional Transit District Rev., (Farebox Revenue), 5.00%, 3/1/18
250,000
273,818

San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 5.25%, 8/1/18
350,000
393,575

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
342,210

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
9,312,560




San Bernardino Community College District GO, Capital Appreciation, Series 2009 B, (Election of 2008), 0.00%,
8/1/19(5)
9,840,000
9,489,598

San Buenaventura Rev., (Community Memorial Health System), 8.00%, 12/1/26
2,000,000
2,613,340

San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41
1,200,000
1,463,448

San Diego Community College District GO, (Election of 2002), 5.00%, 8/1/30
3,000,000
3,493,290

San Diego Convention Center Expansion Financing Authority Rev., Series 2012 A, 4.00%, 4/15/17
1,250,000
1,322,250

San Diego Convention Center Expansion Financing Authority Rev., Series 2012 A, 4.00%, 4/15/18
1,160,000
1,243,102

San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/19
1,290,000
1,464,550

San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/21
2,000,000
2,286,860

San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/34
750,000
836,325

San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/40
740,000
817,330

San Diego County Regional Airport Authority Rev., Series 2013 A, 4.00%, 7/1/18
300,000
327,306

San Diego County Regional Airport Authority Rev., Series 2013 A, 4.00%, 7/1/19
400,000
442,364

San Diego County Regional Transportation Commission Rev., Series 2012 A, 5.00%, 4/1/21
5,940,000
7,082,618

San Diego County Water Authority Rev., Series 2011 S-1, (Subordinate Lien), 5.00%, 7/1/16
2,780,000
2,913,690

San Diego Public Facilities Financing Authority Rev., Series 2009 A, 5.00%, 8/1/21
1,000,000
1,121,460

San Diego Public Facilities Financing Authority Rev., Series 2009 B, 5.00%, 5/15/22
3,680,000
4,227,658

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
1,300,565

San Diego Public Facilities Financing Authority Lease Rev., Series 2015 A, (Capital Improvement Projects), 5.00%, 10/15/44
4,970,000
5,441,603

San Diego Public Facilities Financing Authority Sewer Rev., Series 2010 A, 5.25%, 5/15/24
3,400,000
3,973,138

San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/21
2,000,000
2,382,120

San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/24
2,000,000
2,371,560

San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/23
250,000
297,513

San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/26
750,000
868,838

San Diego Unified School District GO, Capital Appreciation, Series 2010 C, (Election of 2008), 0.00%, 7/1/36(1)
7,895,000
3,262,293

San Francisco Bay Area Rapid Transit District Rev., Series 2012 A, 5.00%, 7/1/24
500,000
596,485

San Francisco Bay Area Rapid Transit District Rev., Series 2012 A, 5.00%, 7/1/25
500,000
593,950

San Francisco Bay Area Rapid Transit District Rev., Series 2012 A, 5.00%, 7/1/26
1,000,000
1,176,740

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
3,662,010

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
2,232,500

San Francisco City and County Airports Commission Rev., Series 2009 D, (San Francisco International Airport), 4.00%, 5/1/24
1,625,000
1,821,934

San Francisco City and County Airports Commission Rev., Series 2009 E, (San Francisco International Airport), 5.25%, 5/1/23
3,500,000
4,020,835

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
1,717,335

San Francisco City and County Airports Commission Rev., Series 2011 D, (San Francisco International Airport), 5.00%, 5/1/24
4,025,000
4,724,947

San Francisco City and County Airports Commission Rev., Series 2011 D, (San Francisco International Airport), 5.00%, 5/1/29
6,270,000
7,277,652

San Francisco City and County Airports Commission Rev., Series 2012 B, (San Francisco International Airport), 5.00%, 5/1/26
1,250,000
1,480,063

San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/17
2,440,000
2,635,810

San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29
1,170,000
1,321,609

San Francisco City and County COP, Series 2010 A, 5.00%, 10/1/19
2,930,000
3,380,458

San Francisco City and County GO, Series 2015 R-1, 5.00%, 6/15/25
1,880,000
2,263,652

San Francisco City and County Public Utilities Water Commission Rev., Series 2010 A, 5.00%, 10/1/21
5,000,000
5,984,950

San Francisco City and County Public Utilities Water Commission Rev., Series 2010 A, 5.00%, 11/1/28
2,780,000
3,230,471

San Francisco City and County Public Utilities Water Commission Rev., Series 2015 A, 5.00%, 11/1/28
1,055,000
1,235,700

San Francisco City and County Public Utilities Water Commission Rev., Series 2015 A, 5.00%, 11/1/34
1,435,000
1,636,044




San Francisco City and County Public Utilities Water Commission Rev., Series 2015 A, 5.00%, 11/1/35
1,415,000
1,610,680

San Francisco City and County Public Utilities Water Commission Rev., Series 2015 A, 5.00%, 11/1/36
1,585,000
1,797,025

San Francisco City and County Redevelopment Agency Tax Allocation Rev., Series 2014 C, 2.00%, 8/1/15
5,270,000
5,286,600

San Francisco City and County Redevelopment Agency Tax Allocation Rev., Series 2014 C, 3.00%, 8/1/16
3,000,000
3,091,170

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
422,751

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
458,124

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
496,374

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
532,535

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
594,104

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
612,752

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
525,858

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
485,044

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
622,683

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
415,651

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
1,086,500

San Joaquin Hills Transportation Corridor Agency Rev., (Senior Lien), 5.00%, 1/15/34
9,000,000
9,814,320

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, (Senior Lien), 0.00%, 1/1/16(1)(2)
15,000,000
14,975,250

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, (Senior Lien), 0.00%, 1/1/17(1)(2)
1,000,000
988,570

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, (Senior Lien), 0.00%, 1/1/26(1)(2)
1,400,000
1,061,074

San Jose Airport Rev., Series 2014 C, 5.00%, 3/1/27
1,295,000
1,501,397

San Jose Airport Rev., Series 2014 C, 5.00%, 3/1/28
1,500,000
1,723,020

San Jose Airport Rev., Series 2014 C, 5.00%, 3/1/30
1,750,000
1,987,370

San Jose Airport Rev., Series 2014 C, 5.00%, 3/1/31
1,000,000
1,131,560

San Jose Unified School District GO, Series 2015 C, 5.00%, 8/1/16
1,100,000
1,160,236

San Jose Unified School District GO, Series 2015 C, 5.00%, 8/1/17
900,000
983,745

San Jose Unified School District GO, Series 2015, 5.00%, 8/1/17
1,160,000
1,267,938

San Jose Unified School District GO, Series 2015, 5.00%, 8/1/18
2,100,000
2,357,733

San Jose Unified School District GO, Series 2015, 5.00%, 8/1/19
1,000,000
1,152,100

San Mateo County Transportation District Sales Tax Rev., Series 1993 A, 5.25%, 6/1/18 (NATL-RE)(2)
2,680,000
3,018,243

San Mateo Joint Powers Financing Authority Rev., (Maple Street Correctional Center), 5.00%, 6/15/17
860,000
936,987

San Mateo Joint Powers Financing Authority Rev., (Maple Street Correctional Center), 5.00%, 6/15/18
1,000,000
1,119,690

San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.875%, 9/1/32
690,000
792,175

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
1,054,020

Santa Clara County Financing Authority Lease Rev., Series 2012 A, (Capital Projects), 4.00%, 2/1/17
2,055,000
2,166,854

Santa Clara Electric Rev., Series 2011 A, 5.00%, 7/1/30
1,000,000
1,102,910

Santa Clara Valley Transportation Authority Sales Tax Rev., Series 2010 B, 5.00%, 4/1/20
4,000,000
4,690,320

Santa Fe Springs Community Development Commission Tax Allocation Rev., 5.375%, 9/1/16 (NATL-RE)
430,000
431,742

Santa Maria Joint Union High School District GO, 5.00%, 8/1/25
1,585,000
1,865,624

Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.00%, 7/1/42
600,000
654,792

Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.875%, 7/1/42
600,000
715,392

Santa Rosa Wastewater Rev., Capital Appreciation, Series 2002 B, 0.00%, 9/1/24 (Ambac)(1)
7,000,000
5,358,360

Shasta Lake Public Finance Authority Rev., 5.00%, 4/1/19
2,400,000
2,426,568




Shasta Lake Public Finance Authority Rev., 5.00%, 4/1/22
2,130,000
2,162,333

South Orange County Public Financing Authority Rev., (Juvenile Justice Center), 4.25%, 6/1/17
2,000,000
2,136,240

South Orange County Public Financing Authority Rev., (Juvenile Justice Center), 4.50%, 6/1/18
2,700,000
2,958,471

South Placer Wastewater Authority Rev., VRN, 0.43%, 6/4/15
3,350,000
3,321,391

South San Francisco Unified School District GO, Capital Appreciation, Series 2012 C, 0.00%, 6/1/16(1)
2,000,000
1,990,040

South Tahoe Joint Powers Financing Authority Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/19 (Ambac)
50,000
50,444

Southern California Public Power Authority Rev., Series 2008 A, (Southern Transmission), 5.00%, 7/1/22
2,875,000
3,225,002

Southern California Public Power Authority Rev., Series 2008 B, (Southern Transmission), 6.00%, 7/1/18, Prerefunded at 100% of Par(2)
2,000,000
2,305,720

Southern California Public Power Authority Rev., Series 2011 A, (Southern Transmission), 5.00%, 7/1/21
2,780,000
3,289,129

Southern California Public Power Authority Rev., Series 2012 A, (Southern Transmission), 4.00%, 7/1/16
2,055,000
2,137,816

Southern California Public Power Authority Rev., Series 2012 A, (Southern Transmission), 5.00%, 7/1/18
1,880,000
2,105,713

Southern California Public Power Authority Rev., Series 2013 A, (Southern Transmission), 5.00%, 7/1/18
2,000,000
2,240,120

Southern California Public Power Authority Rev., Series 2013 A, (Southern Transmission), 5.00%, 7/1/20
4,000,000
4,699,520

Stockton Public Financing Authority Rev., Series 2010 A, (Delta Water Supply Project), 6.25%, 10/1/38
1,500,000
1,803,225

Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/22 (BAM)
1,410,000
1,668,862

Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/23 (BAM)
1,435,000
1,712,055

Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/24 (BAM)
1,090,000
1,308,545

Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/25 (BAM)
2,255,000
2,673,077

Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/26 (BAM)
1,495,000
1,744,650

Stockton Unified School District GO, Series 2014 A, (Election of 2012), 4.00%, 8/1/15 (AGM)
700,000
704,655

Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/27 (AGM)
530,000
619,289

Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/28 (AGM)
255,000
294,533

Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/42 (AGM)
865,000
960,989

Successor Agency to the Former Milpitas Redevelopment Agency Tax Allocation Rev., (Redevelopment Project Area No. 1), 5.00%, 9/1/25
2,325,000
2,825,944

Successor Agency to the Former Milpitas Redevelopment Agency Tax Allocation Rev., (Redevelopment Project Area No. 1), 5.00%, 9/1/26
4,185,000
5,042,046

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/19 (BAM)
400,000
452,132

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/20 (BAM)
260,000
298,342

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/21 (BAM)
170,000
196,916

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/22 (BAM)
250,000
292,673

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/23 (BAM)
300,000
351,792

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/24 (BAM)
250,000
292,703

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 4.50%, 9/1/25 (BAM)
90,000
100,887

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/25 (BAM)
80,000
92,960

Sulphur Springs Union School District GO, Series 1991 A, 0.00%, 9/1/15 (NATL-RE)(1)
3,040,000
3,037,781

Temecula Valley Unified School District Financing Authority Special Tax Rev., 4.00%, 9/1/17 (BAM)
415,000
443,552

Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/18 (BAM)
325,000
362,791

Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/19 (BAM)
265,000
301,909

Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/20 (BAM)
400,000
463,168

Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/21 (BAM)
515,000
603,971

Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/22 (BAM)
275,000
324,948

Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A-1, 5.00%, 6/1/37
1,750,000
1,489,233

Tri-Dam Power Authority Rev., 4.00%, 11/1/15
1,310,000
1,324,515




Tuolumne Wind Project Authority Rev., Series 2009 A, 5.625%, 1/1/29
1,000,000
1,144,340

Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.45%, 7/1/18 (AGM)
3,000,000
3,004,440

Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM)
3,750,000
3,753,375

Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM)
2,500,000
2,502,250

University of California Regents Medical Center Pooled Rev., Series 2008 D, 5.00%, 5/15/27
1,000,000
1,051,680

University of California Rev., Series 2009 O, 5.25%, 5/15/19, Prerefunded at 100% of Par(2)
1,255,000
1,454,081

University of California Rev., Series 2009 O, 5.25%, 5/15/39
6,495,000
7,341,104

University of California Rev., Series 2010 S, 5.00%, 5/15/20
1,405,000
1,580,260

University of California Rev., Series 2010 S, 5.00%, 5/15/40
1,250,000
1,383,275

University of California Rev., Series 2012 G, (Limited Project), 5.00%, 5/15/26
6,150,000
7,305,646

University of California Rev., Series 2012 G, (Limited Project), 5.00%, 5/15/42
1,640,000
1,818,563

University of California Rev., Series 2013 AF, 5.00%, 5/15/25
7,250,000
8,666,867

University of California Rev., Series 2013 AK, VRDN, 5.00%, 5/15/23
7,935,000
9,615,236

Upland Community Redevelopment Agency Rev., Series 2007, (Sunset Ridge Apartments and Village Apartments), VRDN, 0.10%, 6/3/15 (LOC: East West Bank and FHLB)
14,000,000
14,000,000

Upper Santa Clara Valley Joint Powers Authority Rev., Series 2015 A, 4.00%, 8/1/18
600,000
651,834

Upper Santa Clara Valley Joint Powers Authority Rev., Series 2015 A, 4.00%, 8/1/19
600,000
661,284

West Contra Costa Unified School District GO, Series 2014 A, 5.00%, 8/1/30
2,000,000
2,285,820

West Contra Costa Unified School District GO, Series 2014 A, 5.00%, 8/1/33
3,000,000
3,385,470

West Contra Costa Unified School District GO, Series 2014 A, 5.00%, 8/1/34
1,200,000
1,353,180

West Contra Costa Unified School District GO, Series 2014 A, 5.00%, 8/1/35
1,500,000
1,690,200

West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/18 (XLCA)
1,500,000
1,659,900

West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/19 (XLCA)
1,000,000
1,126,830

West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/20 (XLCA)
1,200,000
1,371,816

Yosemite Community College District GO, Capital Appreciation, Series 2010 D, (Election of 2004), 0.00%, 8/1/38(1)
6,000,000
2,186,040

 
 
1,484,708,053

Guam — 0.2%
 
 
Guam Government GO, Series 2009 A, 6.00%, 11/15/19
1,000,000
1,099,810

Guam Power Authority Rev., Series 2012 A, 5.00%, 10/1/19 (AGM)
1,000,000
1,141,030

 
 
2,240,840

Puerto Rico — 0.8%
 
 
Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.00%, 7/1/17
2,860,000
2,313,940

Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.00%, 7/1/19
1,000,000
787,490

Puerto Rico Electric Power Authority Rev., Series 2010 XX, 5.25%, 7/1/40
310,000
182,999

Puerto Rico Electric Power Authority Rev., Series 2010 ZZ, 5.25%, 7/1/22
4,250,000
2,630,368

Puerto Rico GO, Series 2009 B, (Public Improvement), 6.00%, 7/1/39
3,500,000
2,588,285

Puerto Rico GO, Series 2012 A, (Public Improvement), 5.00%, 7/1/41
1,000,000
699,660

Puerto Rico GO, Series 2014 A, (Public Improvement), 8.00%, 7/1/35
2,810,000
2,369,224

Puerto Rico Sales Tax Financing Corp. Rev., Capital Appreciation, Series 2011 A-1, 0.00%, 8/1/41(1)
2,280,000
220,658

 
 
11,792,624

U.S. Virgin Islands — 0.3%
 
 
Virgin Islands Public Finance Authority Rev., Series 2014 C, 5.00%, 10/1/24
3,330,000
3,828,534

Virgin Islands Public Finance Authority Rev., Series 2014 C, 5.00%, 10/1/30
1,000,000
1,098,500

 
 
4,927,034

TOTAL INVESTMENT SECURITIES — 102.4%
(Cost $1,433,140,092)
 
1,503,668,551

OTHER ASSETS AND LIABILITIES — (2.4)%
 
(35,743,543)

TOTAL NET ASSETS — 100.0%
 
$
1,467,925,008





FUTURES CONTRACTS
Contracts Sold
Expiration
Date
Underlying Face
Amount at Value ($)
Unrealized Appreciation
(Depreciation) ($)
113
U.S. Treasury Long Bonds
September 2015
17,585,625
(134,467)

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
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)
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.
(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 $3,281,063, which represented 0.2% 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)
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 $480,913.





SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

The fund determines the fair value of its investments and computes its net asset value per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.

Fixed income securities maturing in greater than 60 days at the time of purchase are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Fixed income securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium or at the evaluated mean as provided by an independent pricing service. Evaluated mean prices are commonly derived through utilization of market models, which may consider, among other factors: trade data, quotations from dealers and active market makers, relevant yield curve and spread data, related sector levels, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
 
Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate clearing corporation.

If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.

2. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

• 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).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. There were no significant transfers between levels during the period.

As of period end, the fund’s investment securities and unrealized appreciation (depreciation) on futures contracts were classified as Level 2 and Level 1, respectively. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

3. Federal Tax Information

As of May 31, 2015, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments
$
1,433,140,092

Gross tax appreciation of investments
$
75,620,622

Gross tax depreciation of investments
(5,092,163
)
Net tax appreciation (depreciation) of investments
$
70,528,459



The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.


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



American Century Investments® 
Quarterly Portfolio Holdings
California Long-Term Tax-Free Fund
May 31, 2015









    

California Long-Term Tax-Free - Schedule of Investments
 
MAY 31, 2015 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 100.1%
 
 
California — 97.7%
 
 
ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp HealthCare), 6.25%, 8/1/39
1,200,000
1,408,392

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2011 A, (Sharp HealthCare), 6.00%, 8/1/30
1,000,000
1,209,810

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2014 A, (Sharp HealthCare), 5.00%, 8/1/43
500,000
552,880

Alameda Corridor Transportation Authority Rev., Capital Appreciation, Series 1999 A, 0.00%, 10/1/32 (NATL-RE)(1)
1,000,000
480,260

Alameda Corridor Transportation Authority Rev., Capital Appreciation, Series 1999 A, (Senior Lien), 0.00%, 10/1/35 (NATL-RE)(1)
3,750,000
1,555,087

Alum Rock Union Elementary School District GO, Series 2013 A, (Election of 2012), 6.00%, 8/1/39
1,000,000
1,223,260

Anaheim Public Financing Authority Rev., (Electric System Distribution), 5.25%, 10/1/39
2,500,000
2,797,025

Anaheim Public Financing Authority Rev., Series 2011 A, (Electric System Distribution Facilities), 5.375%, 10/1/36
300,000
350,160

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/34
550,000
624,470

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/46
2,200,000
2,456,036

Bay Area Toll Authority Toll Bridge Rev., Series 2001 A, (San Francisco Bay Area), VRDN, 1.35%, 6/4/15
1,000,000
1,013,050

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
3,116,730

Bay Area Toll Authority Toll Bridge Rev., Series 2007 A-1, (San Francisco Bay Area), VRDN, 0.80%, 6/4/15
550,000
555,148

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
2,376,938

Bay Area Toll Authority Toll Bridge Rev., Series 2008 G-1, (San Francisco Bay Area), VRDN, 1.20%, 6/4/15
1,250,000
1,262,250

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
1,732,125

Bay Area Toll Authority Toll Bridge Rev., Series 2013 S-4, (San Francisco Bay Area), 5.00%, 4/1/43
2,655,000
2,941,182

Bay Area Toll Authority Toll Bridge Rev., Series 2014 S-6, (San Francisco Bay Area), 5.00%, 10/1/54
5,500,000
5,967,555

Brea Redevelopment Agency Tax Allocation Rev., 4.00%, 8/1/16
1,245,000
1,297,402

California Department of Water Resources Power Supply Rev., Series 2005 G-4, 5.00%, 5/1/16
1,450,000
1,513,916

California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/18, Prerefunded at 100% of Par(2)
1,785,000
1,993,881

California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/21
715,000
798,212

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/18
2,000,000
2,230,460

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/20, Prerefunded at 100% of Par(2)
790,000
931,623

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/22
485,000
564,836

California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/16
1,700,000
1,789,471

California Educational Facilities Authority Rev., (Harvey Mudd College), 5.25%, 12/1/41
2,000,000
2,234,100

California Educational Facilities Authority Rev., (Pepperdine University), 5.00%, 12/1/44
1,000,000
1,131,630

California Educational Facilities Authority Rev., (Santa Clara University), 5.625%, 4/1/37
5,000,000
5,538,250

California Educational Facilities Authority Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39
2,000,000
2,214,840

California Educational Facilities Authority Rev., Series 2010 B, (Loyola Marymount University), VRN, 0.90%, 6/4/15
2,345,000
2,345,000

California GO, 5.00%, 2/1/27
3,000,000
3,500,580

California GO, 5.00%, 2/1/28
1,000,000
1,155,070

California GO, 5.00%, 3/1/28
2,000,000
2,366,100

California GO, 5.25%, 9/1/32
2,000,000
2,296,620

California GO, 5.00%, 11/1/32
1,500,000
1,633,035

California GO, 6.50%, 4/1/33
5,000,000
5,989,150

California GO, 5.00%, 4/1/38
2,500,000
2,725,475




California GO, 6.00%, 4/1/38
2,500,000
2,937,525

California GO, 6.00%, 11/1/39
5,000,000
5,997,150

California GO, 5.50%, 3/1/40
3,000,000
3,497,670

California GO, 5.00%, 10/1/41(3)
2,000,000
2,230,480

California GO, Series 2005 B-7,VRDN, 0.07%, 6/1/15 (LOC: JPMorgan Chase Bank N.A.)
1,400,000
1,400,000

California GO, Series 2012 B, VRN, 1.00%, 6/4/15
2,000,000
2,026,800

California GO, Series 2012 B, VRN, 1.10%, 6/4/15
800,000
813,592

California GO, Series 2012 B, VRN, 1.25%, 6/4/15
960,000
980,208

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/21
1,000,000
1,182,190

California Health Facilities Financing Authority Rev., Series 2007 A, (Sutter Health), 5.25%, 11/15/46
1,500,000
1,576,200

California Health Facilities Financing Authority Rev., Series 2008 A, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17
150,000
151,904

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
1,179,410

California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39
3,400,000
3,901,058

California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38
4,500,000
5,317,290

California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.75%, 7/1/39
1,000,000
1,148,630

California Health Facilities Financing Authority Rev., Series 2009 B, (Providence Health & Services), 5.50%, 10/1/39
1,000,000
1,145,190

California Health Facilities Financing Authority Rev., Series 2009 C, (St. Joseph Health System), VRDN, 5.00%, 10/18/22
800,000
959,544

California Health Facilities Financing Authority Rev., Series 2010 A, (Scripps Memorial Hospital), 5.00%, 11/15/19
1,000,000
1,145,820

California Health Facilities Financing Authority Rev., Series 2011 B, (Sutter Health), 6.00%, 8/15/42
1,500,000
1,783,515

California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.25%, 8/15/31
1,000,000
1,152,910

California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51
500,000
552,440

California Health Facilities Financing Authority Rev., Series 2013 A, (St. Joseph Health System), 5.00%, 7/1/37
180,000
200,482

California Health Facilities Financing Authority Rev., Series 2013 A, (Sutter Health), 5.00%, 8/15/52
1,500,000
1,663,815

California Health Facilities Financing Authority Rev., Series 2014 A, (Lucile Salter Packard Children's Hospital), 5.00%, 8/15/43
1,000,000
1,117,190

California Infrastructure & Economic Development Bank Rev., Series 2012 A-1, (J. Paul Getty Trust), 4.00%, 10/1/15
325,000
329,293

California Infrastructure & Economic Development Bank Rev., Series 2013 A, (Los Angeles County Museum of Art Project), VRDN, 1.88%, 6/4/15
1,000,000
1,030,260

California Infrastructure & Economic Development Bank Rev., Series 2015 A, (The Colburn School), VRDN, 1.11%, 6/4/15
935,000
935,187

California Municipal Finance Authority Rev., Series 2010 A, (University of La Verne), 6.25%, 6/1/40
1,000,000
1,158,700

California Municipal Finance Authority Rev., Series 2011 B, (Azusa Pacific University), 8.00%, 4/1/21, Prerefunded at 100% of Par(2)
665,000
896,932

California Municipal Finance Authority Rev., Series 2011, (Emerson College), 6.00%, 1/1/42
2,000,000
2,312,240

California Municipal Finance Authority Rev., Series 2014 A, (Touro College and University System), 5.25%, 1/1/34
300,000
333,225

California Municipal Finance Authority Rev., Series 2014 A, (Touro College and University System), 5.25%, 1/1/40
1,000,000
1,099,450

California Municipal Finance Authority Rev., Series 2015 B, (Azusa Pacific University), 5.00%, 4/1/41
500,000
534,455

California Pollution Control Financing Authority Rev., 5.00%, 11/21/45(4)
1,000,000
1,035,140

California Pollution Control Financing Authority Rev., Series 1996 E, (Pacific Gas & Electric Co.), VRDN, 0.08%, 6/1/15 (LOC: JPMorgan Chase Bank N.A.)
1,900,000
1,900,000

California Pollution Control Financing Authority Rev., Series 1996 F, (Pacific Gas & Electric Co.), VRDN, 0.08%, 6/1/15 (LOC: JPMorgan Chase Bank N.A.)
3,000,000
3,000,000

California Public Works Board Lease Rev., Series 2009 G-1, (Various Capital Projects), 5.75%, 10/1/30
2,000,000
2,349,740

California Public Works Board Lease Rev., Series 2009 H, (Department of Correction and Rehabilitation), 5.75%, 11/1/29
1,685,000
1,986,042

California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.25%, 12/1/26
1,000,000
1,200,200

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25
1,700,000
1,996,820

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37
2,170,000
2,401,105

California Public Works Board Lease Rev., Series 2012 D, (California State University Projects), 5.00%, 9/1/36
500,000
553,405




California Public Works Board Lease Rev., Series 2013 H, (California State University Projects), 5.00%, 9/1/38
1,865,000
2,078,132

California Public Works Board Lease Rev., Series 2013 I, (Various Capital Projects), 5.00%, 11/1/38
1,500,000
1,675,620

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.25%, 11/1/30
1,000,000
1,132,110

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/43
500,000
553,185

California Statewide Communities Development Authority Rev., (Trinity Health Corp.), 5.00%, 12/1/41
500,000
552,790

California Statewide Communities Development Authority Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31
3,000,000
3,139,860

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
912,393

California Statewide Communities Development Authority Rev., Series 2012 A, (Kaiser Permanente), 5.00%, 4/1/42
2,780,000
3,046,602

California Statewide Communities Development Authority Rev., Series 2014 A, (Henry Mayo Newhall Memorial Hospital), 5.25%, 10/1/43 (AGM)
750,000
831,983

California Statewide Communities Development Authority Rev., Series 2014 A, (Loma Linda University Medical Center), 5.25%, 12/1/44
500,000
537,350

California Statewide Communities Development Authority Rev., Series 2014 A, (Loma Linda University Medical Center), 5.50%, 12/1/54
500,000
544,175

California Statewide Communities Development Authority Rev., Series 2014 A, (Los Angeles Jewish Home), 5.00%, 8/1/44 (GA: Jewish Home Foundation)
800,000
885,008

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/34
500,000
554,040

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/44
1,300,000
1,429,922

California Statewide Communities Development Authority Rev., Series 2015, (American Baptist Homes of the West), 5.00%, 10/1/45
600,000
635,496

California University Systemwide Rev., Series 2009 A, 5.25%, 11/1/34
2,230,000
2,532,477

Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Project Area No. 1), 5.00%, 10/1/19 (AGM)
485,000
549,049

Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Project Area No. 1), 5.00%, 10/1/20 (AGM)
785,000
901,839

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/17
365,000
388,714

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/18
375,000
404,681

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/19
600,000
656,676

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 87-8), VRDN, 0.06%, 6/1/15 (LOC: State Street Bank & Trust Co.)
1,100,000
1,100,000

City of Riverside Rev., Series 2015 A, (Sewer), 5.00%, 8/1/40
500,000
551,535

Coalinga Public Financing Authority Local Obligation Rev., Series 1998 A, (Senior Lien), 6.375%, 9/15/21 (Ambac)
1,320,000
1,521,366

East Bay Municipal Utility District Rev., Series 2012 B, 4.00%, 6/1/15
4,000,000
4,000,880

Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 5.00%, 7/1/15
400,000
401,732

Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 4.00%, 7/1/16
400,000
416,300

Fairfield Redevelopment Agency Tax Allocation Rev., 3.00%, 8/1/15
1,460,000
1,466,950

Folsom Cordova Unified School District No. 2 Facilities Improvement GO, Series 2014, 4.00%, 10/1/15
245,000
248,197

Folsom Cordova Unified School District No. 4 Facilities Improvement GO, Series 2014 A, (Election of 2012), 4.00%, 10/1/15
250,000
253,178

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 A, 6.00%, 1/15/49
3,250,000
3,829,215

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-3, VRDN, 5.50%, 1/15/23
1,000,000
1,149,290

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 A, 5.75%, 1/15/46
1,000,000
1,159,800

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 C, 6.50%, 1/15/43
500,000
595,245

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/24(5)
700,000
514,066

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/42(1)
1,250,000
350,513

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2015 A, 0.00%, 1/15/33(1)
600,000
266,970

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2005 A, 5.00%, 6/1/38 (FGIC)
1,000,000
1,000,260

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2005 A, 5.00%, 6/1/45
1,000,000
1,000,260

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 4.50%, 6/1/27
445,000
432,923




Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.00%, 6/1/33
750,000
627,428

Golden State Tobacco Securitization Corp. Settlement Rev., Capital Appreciation, Series 2005 A, 0.00%, 6/1/25
(AGM)(1)
1,000,000
738,160

Grossmont Healthcare District GO, Series 2011 B, (Election of 2006), 6.00%, 7/15/21, Prerefunded at 100% of Par(2)
1,000,000
1,259,730

Grossmont Union High School District GO, Series 2013 E, (Election of 2008), 5.00%, 8/1/43
1,000,000
1,108,010

Hayward Area Recreation and Park District COP, 5.125%, 1/1/39
1,000,000
1,107,100

Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.25%, 9/1/37
555,000
627,222

Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/44
590,000
640,451

Irvine Community Facilities District No. 2013-3 Special Tax Rev., (Great Park Improvement Area No.1), 5.00%, 9/1/49
1,000,000
1,070,270

La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/29
635,000
685,902

Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.00%, 11/15/35
330,000
368,904

Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.50%, 11/15/37
695,000
821,031

Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/40(6)
1,250,000
1,338,050

Los Alamitos Unified School District COP, Capital Appreciation, (Capital Projects), 0.00%, 8/1/24(5)
1,100,000
792,660

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
1,553,606

Los Angeles Community College District GO, Series 2015 C, 5.00%, 6/1/26(6)
295,000
365,207

Los Angeles County Regional Financing Authority Rev., Series 2014 B-1, (MonteCedro, Inc.), 3.00%, 11/15/21 (California Mortgage Insurance)
355,000
358,177

Los Angeles County Regional Financing Authority Rev., Series 2014 B-2, (MonteCedro, Inc.), 3.00%, 11/15/20 (California Mortgage Insurance)
275,000
277,802

Los Angeles County Regional Financing Authority Rev., Series 2014 B-3, (MonteCedro, Inc.), 2.50%, 11/15/20 (California Mortgage Insurance)
625,000
629,594

Los Angeles County Sanitation Districts Financing Authority Rev., Series 2015 A, (Capital Projects), 5.00%, 10/1/35(6)
1,500,000
1,667,100

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
2,379,636

Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40
1,000,000
1,129,000

Los Angeles Department of Airports Rev., Series 2010 B, (Los Angeles International Airport), 5.00%, 5/15/40
2,000,000
2,234,680

Los Angeles Department of Water & Power System Rev., Series 2011 A, 5.00%, 7/1/19
1,000,000
1,148,150

Los Angeles Department of Water & Power System Rev., Series 2008 A-1, 5.25%, 7/1/38
4,000,000
4,435,080

Los Angeles Harbor Department Rev., Series 2009 A, 5.00%, 8/1/27
500,000
572,375

Los Angeles Harbor Department Rev., Series 2011 B, 5.00%, 8/1/24
525,000
627,176

Los Angeles Unified School District COP, Series 2010 A, (Multiple Properties), 5.00%, 12/1/15
1,000,000
1,024,650

Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/30
3,000,000
3,403,050

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
2,102,220

Los Angeles Unified School District GO, Series 2007 H, (Election of 2004), 5.00%, 7/1/32 (AGM)
1,020,000
1,096,867

Los Angeles Unified School District GO, Series 2009 I, (Election of 2004), 5.00%, 7/1/29
2,000,000
2,273,200

Los Angeles Unified School District GO, Series 2010 KRY, 5.25%, 7/1/26
1,000,000
1,171,560

Los Angeles Unified School District GO, Series 2011 A-1, 4.00%, 7/1/17
1,000,000
1,069,390

Los Angeles Unified School District GO, Series 2011 A-1, 5.00%, 7/1/18
1,280,000
1,433,677

Los Angeles Unified School District GO, Series 2014 B, 5.00%, 7/1/18
2,000,000
2,240,120

Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/30
690,000
803,829

M-S-R Energy Authority Rev., Series 2009 A, 7.00%, 11/1/34 (GA: Citigroup, Inc.)
1,000,000
1,353,050

M-S-R Energy Authority Rev., Series 2009 B, 7.00%, 11/1/34 (GA: Citigroup, Inc.)
880,000
1,190,684

M-S-R Energy Authority Rev., Series 2009 B, 6.50%, 11/1/39 (GA: Citigroup, Inc.)
425,000
559,287

Manhattan Beach Unified School District GO, Capital Appreciation, Series 2009 A, (Election of 2008), 0.00%, 9/1/29(1)
5,905,000
3,687,672

Modesto Irrigation District COP, Series 2009 A, 5.75%, 10/1/34
2,500,000
2,843,975

Mount San Antonio Community College District GO, Series 2013 A, (Election of 2008), 5.00%, 8/1/34
1,000,000
1,147,080

New Haven Unified School District GO, 12.00%, 8/1/18 (AGM)
880,000
1,175,073

Newport Beach Rev., Series 2011 A, (Hoag Memorial Hospital Presbyterian), 6.00%, 12/1/21, Prerefunded at 100% of Par(2)
1,000,000
1,260,240

North Lake Tahoe Public Financing Authority Rev., 5.00%, 12/1/21
500,000
593,195




Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32
1,000,000
1,132,610

Oakland Unified School District Alameda County GO, Series 2013, (Election of 2012), 6.625%, 8/1/38
460,000
560,220

Ontario Public Financing Authority Rev., 5.00%, 7/1/43
1,000,000
1,122,820

Orange County Sanitation District Rev., Series 2014 B, 4.00%, 11/15/16
2,000,000
2,100,540

Orange County Transportation Authority Rev., (Senior Lien), 5.00%, 8/15/25
1,000,000
1,188,620

Oxnard Financing Authority Rev., 5.00%, 6/1/32 (AGM)
1,500,000
1,673,745

Oxnard Financing Authority Wastewater Rev., 5.00%, 6/1/33 (AGM)
1,000,000
1,106,870

Palomar Pomerado Health Care District COP, 6.75%, 11/1/39
500,000
550,950

Palomar Pomerado Health Care District COP, 6.00%, 11/1/41
750,000
799,853

Palomar Pomerado Health GO, Capital Appreciation, Series 2009 A, (Election of 2004), 0.00%, 8/1/38 (AGC)(5)
1,670,000
1,715,023

Palos Verdes Peninsula Unified School District GO, Series 2009 R, (Election of 2005), 0.00%, 8/1/33(1)
2,600,000
1,321,242

Paramount Unified School District GO, Capital Appreciation, (Election of 2006), 0.00%, 8/1/51 (BAM)(1)
7,500,000
747,900

Pomona Unified School District GO, Series 2000 A, 6.55%, 8/1/29 (NATL-RE)
1,000,000
1,283,450

Pomona Unified School District GO, Series 2001 A, 6.15%, 8/1/30 (NATL-RE)
855,000
1,030,814

Porterville Public Financing Authority Sewer Rev., 5.625%, 10/1/36
1,500,000
1,754,460

Poway Unified School District GO, Capital Appreciation, (School Facilities Improvement), 0.00%, 8/1/41(1)
2,110,000
657,518

Poway Unified School District Public Financing Authority Rev., 7.875%, 9/15/39
1,010,000
1,161,773

Rio Elementary School District Community Facilities District No. 1 Special Tax Rev., 5.00%, 9/1/30
645,000
696,516

Riverside County Asset Leasing Corp. Rev., Series 2013 A, (Public Defender and Probation Building), 5.00%, 11/1/43
1,000,000
1,086,520

Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.50%, 10/1/40
625,000
731,219

Sacramento County Airport System Rev., Series 2009 D, (Grant Revenue Bonds), 5.625%, 7/1/29
1,000,000
1,120,500

Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 B, VRN, 0.71%, 6/1/15 (NATL-RE/FGIC)
1,500,000
1,342,965

Saddleback Valley Unified School District Public Financing Authority Special Tax Rev., Series 1997 A, 6.00%, 9/1/16 (AGM)
1,000,000
1,065,410

San Bernardino Community College District GO, Capital Appreciation, Series 2009 B, (Election of 2008), 0.00%,
8/1/34(5)
7,400,000
7,136,486

San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41
1,350,000
1,646,379

San Diego Community College District GO, (Election of 2002), 5.00%, 8/1/25
500,000
601,350

San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/40
1,500,000
1,656,750

San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/43
1,000,000
1,111,550

San Diego County Water Authority Rev., Series 2011 S-1, (Subordinate Lien), 5.00%, 7/1/16
1,665,000
1,745,070

San Diego Public Facilities Financing Authority Sewer Rev., Series 2009 A, 5.25%, 5/15/34
2,000,000
2,273,660

San Diego Public Facilities Financing Authority Lease Rev., Series 2015 A, (Capital Improvement Projects), 5.00%, 10/15/44
1,300,000
1,423,357

San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/30
2,000,000
2,298,040

San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/24
500,000
591,465

San Diego Unified School District GO, Capital Appreciation, Series 2010 C, (Election of 2008), 0.00%, 7/1/36(1)
5,000,000
2,066,050

San Diego Unified School District GO, Capital Appreciation, Series 2010 C, (Election of 2008), 0.00%, 7/1/44(1)
2,880,000
794,851

San Diego Unified School District GO, Capital Appreciation, Series 2012 E, (Election of 2008), 0.00%, 7/1/49(1)
1,000,000
218,280

San Francisco City and County Airports Commission Rev., Series 2009 E, (San Francisco International Airport), 5.25%, 5/1/23
3,000,000
3,446,430

San Francisco City and County Airports Commission Rev., Series 2010 F, (San Francisco International Airport), 5.00%, 5/1/40
2,150,000
2,325,504

San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29
1,170,000
1,321,609

San Francisco City and County Public Utilities Commission Rev., Series 2011 A, 5.00%, 11/1/41
1,000,000
1,111,080

San Francisco City and County Public Utilities Commission Rev., Series 2015 A, 5.00%, 11/1/45
1,000,000
1,123,910

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
611,350

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
445,712

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
543,250

San Joaquin Hills Transportation Corridor Agency Rev., (Senior Lien), 5.00%, 1/15/34
1,000,000
1,090,480




San Joaquin Hills Transportation Corridor Agency Rev., (Senior Lien), 5.00%, 1/15/44
1,000,000
1,083,370

San Joaquin Hills Transportation Corridor Agency Rev., Series 2014 B, (Junior Lien), 5.25%, 1/15/44
1,000,000
1,086,530

San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.50%, 9/1/44
750,000
831,143

San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.875%, 9/1/32
685,000
786,435

Santa Clara Electric Rev., Series 2011 A, 5.00%, 7/1/30
500,000
551,455

Santa Cruz County Redevelopment Successor Agency Tax Allocation Rev., Series 2015 A, 5.00%, 9/1/35 (AGM)
1,500,000
1,695,165

Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.00%, 7/1/42
400,000
436,528

Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.875%, 7/1/42
400,000
476,928

Santa Rosa Wastewater Rev., Capital Appreciation, Series 2002 B, 0.00%, 9/1/24 (Ambac)(1)
2,000,000
1,530,960

South Placer Wastewater Authority Rev., VRN, 0.43%, 6/4/15
1,650,000
1,635,909

Southern California Public Power Authority Rev., Series 2013 A, (Southern Transmission), 5.00%, 7/1/17
1,050,000
1,144,605

Stockton Public Financing Authority Rev., Series 2010 A, (Delta Water Supply Project), 6.25%, 10/1/40
750,000
897,405

Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/27 (BAM)
1,000,000
1,157,910

Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/42 (AGM)
430,000
477,717

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
1,352,042

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/19 (BAM)
110,000
124,336

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/20 (BAM)
70,000
80,323

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/21 (BAM)
250,000
289,583

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/22 (BAM)
200,000
234,138

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/23 (BAM)
200,000
234,528

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/24 (BAM)
65,000
76,103

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 4.50%, 9/1/25 (BAM)
25,000
28,024

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/25 (BAM)
25,000
29,050

Susanville Public Financing Authority Rev., Series 2010 B, (Utility Enterprises), 6.00%, 6/1/45
1,000,000
1,121,040

Taft Public Financing Authority Lease Rev., Series 1997 A, (Community Correctional Facility Acquisition), 6.05%, 1/1/17
745,000
747,838

Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/40 (BAM)
1,000,000
1,091,030

Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A-1, 5.00%, 6/1/37
500,000
425,495

Tuolumne Wind Project Authority Rev., Series 2009 A, 5.625%, 1/1/29
1,200,000
1,373,208

Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.00%, 9/1/40
2,000,000
2,303,260

University of California Rev., Series 2013 AF, 5.00%, 5/15/25
1,000,000
1,195,430

University of California Rev., Series 2013 AK, VRDN, 5.00%, 5/15/23
2,000,000
2,423,500

Val Verde Unified School District COP, Series 2015 A, 5.00%, 8/1/35 (BAM)
675,000
761,616

Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/18, Prerefunded at 100% of Par(2)
3,000,000
3,420,090

Yosemite Community College District GO, Capital Appreciation, Series 2010 D, (Election of 2004), 0.00%, 8/1/38(1)
3,000,000
1,093,020

 
 
341,907,183

Guam — 1.0%
 
 
Guam Government GO, Series 2009 A, 6.75%, 11/15/29
900,000
1,073,808

Guam Power Authority Rev., Series 2010 A, 5.50%, 10/1/40
2,150,000
2,380,803

 
 
3,454,611

Puerto Rico — 1.4%
 
 
Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.00%, 7/1/17
1,910,000
1,545,323

Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.00%, 7/1/19
665,000
523,681

Puerto Rico Electric Power Authority Rev., Series 2010 XX, 5.25%, 7/1/40
75,000
44,274




Puerto Rico GO, Series 2009 B, (Public Improvement), 6.00%, 7/1/39
1,000,000
739,510

Puerto Rico GO, Series 2011 A, (Public Improvement), 5.75%, 7/1/41
500,000
364,790

Puerto Rico GO, Series 2012 A, (Public Improvement), 5.00%, 7/1/41
300,000
209,898

Puerto Rico GO, Series 2014 A, (Public Improvement), 8.00%, 7/1/35
1,520,000
1,281,573

Puerto Rico Sales Tax Financing Corp. Rev., Capital Appreciation, Series 2011 A-1, 0.00%, 8/1/41(1)
1,145,000
110,813

 
 
4,819,862

TOTAL INVESTMENT SECURITIES — 100.1%
(Cost $318,870,561)
 
350,181,656

OTHER ASSETS AND LIABILITIES — (0.1)%
 
(307,746)

TOTAL NET ASSETS — 100.0%
 
$
349,873,910


FUTURES CONTRACTS
Contracts Sold
Expiration
Date
Underlying Face
Amount at Value ($)
Unrealized Appreciation
(Depreciation) ($)
45
U.S. Treasury 10-Year Notes
September 2015
5,745,938
(24,711)
33
U.S. Treasury Long Bonds
September 2015
5,135,625
(39,269)
 
 
 
10,881,563
(63,980)

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 $257,760.
(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 $1,035,140, 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.
(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.





SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

The fund determines the fair value of its investments and computes its net asset value per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.

Fixed income securities maturing in greater than 60 days at the time of purchase are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Fixed income securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium or at the evaluated mean as provided by an independent pricing service. Evaluated mean prices are commonly derived through utilization of market models, which may consider, among other factors: trade data, quotations from dealers and active market makers, relevant yield curve and spread data, related sector levels, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
 
Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate clearing corporation.

If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.

2. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

• 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).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. There were no significant transfers between levels during the period.

As of period end, the fund’s investment securities and unrealized appreciation (depreciation) on futures contracts were classified as Level 2 and Level 1, respectively. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

3. Federal Tax Information

As of May 31, 2015, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments
$
318,870,561

Gross tax appreciation of investments
$
32,649,934

Gross tax depreciation of investments
(1,338,839
)
Net tax appreciation (depreciation) of investments
$
31,311,095



The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.


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



American Century Investments® 
Quarterly Portfolio Holdings
California Tax-Free Money Market Fund
May 31, 2015









    

California Tax-Free Money Market - Schedule of Investments
 
MAY 31, 2015 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 97.8%
 
 
California — 97.8%
 
 
California GO, Series 2004 A-5, (Kindergarten), VRDN, 0.06%, 6/1/15 (LOC: Citibank N.A.)
3,000,000
3,000,000

California Health Facilities Financing Authority Rev., Series 1988 B, (Catholic Healthcare), VRDN, 0.16%, 6/3/15 (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, 0.13%, 6/4/15 (LOC: Union Bank N.A.)
2,030,000
2,030,000

California Infrastructure & Economic Development Bank Rev., (Catalina Museum Project), VRDN, 0.13%, 6/4/15 (LOC: Bank of the West)
1,000,000
1,000,000

California Infrastructure & Economic Development Bank Rev., (Goodwill Industries of Orange County), VRDN, 0.15%, 6/4/15 (LOC: Wells Fargo Bank N.A.)
2,425,000
2,425,000

California Infrastructure & Economic Development Bank Rev., (Kennfoods USA), VRDN, 0.12%, 6/4/15 (LOC: Bank of the West)
1,190,000
1,190,000

California Infrastructure & Economic Development Bank Rev., (SRI International), VRDN, 0.11%, 6/4/15 (LOC: Wells Fargo Bank N.A.)
6,400,000
6,400,000

California Infrastructure & Economic Development Bank Rev., Series 2008 A, (iWorks, Inc.), VRDN, 0.11%, 6/4/15 (LOC: City National Bank and FHLB)
1,335,000
1,335,000

California Infrastructure & Economic Development Bank Rev., Series 2009 A, (Pacific Gas & Electric Co.), VRDN, 0.07%, 6/1/15 (LOC: Union Bank N.A.)
3,600,000
3,600,000

California Municipal Finance Authority Rev., Series 2008 A, (Central Coast YMCA), VRDN, 0.11%, 6/4/15 (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, 0.13%, 6/4/15 (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, 0.13%, 6/4/15 (LOC: Union Bank N.A.)
2,000,000
2,000,000

California Pollution Control Financing Authority Rev., (Musco Family Olive), VRDN, 0.21%, 6/4/15 (LOC: Bank of the West)
3,200,000
3,200,000

California Pollution Control Financing Authority Rev., Series 2010 A, (Alameda Country Industries), VRDN, 0.12%, 6/3/15 (LOC: Bank of the West)
2,460,000
2,460,000

California State Enterprise Development Authority Rev., (Community Hospice, Inc.), VRDN, 0.10%, 6/4/15 (LOC: Bank of Stockton and FHLB)
3,645,000
3,645,000

California State Enterprise Development Authority Rev., (Humane Society Silicon Valley), VRDN, 0.10%, 6/4/15 (LOC: First Republic Bank and FHLB)
6,395,000
6,395,000

California State Enterprise Development Authority Rev., (LBM Partnership LP), VRDN, 0.11%, 6/4/15 (LOC: Wells Fargo Bank N.A.)
2,825,000
2,825,000

California State University PUTTERs Rev., Series 2008-2646Z, VRDN, 0.18%, 6/4/15 (AGM)(LIQ FAC: JPMorgan Chase Bank N.A.)(1)
3,590,000
3,590,000

California Statewide Communities Development Authority Rev., (Goodwill of Santa Cruz), VRDN, 0.10%, 6/4/15 (LOC: Wells Fargo Bank N.A.)
2,200,000
2,200,000

California Statewide Communities Development Authority COP, VRDN, 0.09%, 6/3/15 (LOC: Union Bank N.A.)
1,145,000
1,145,000

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., Series 2011 A, (Assessment District No. 5-21), VRDN, 0.06%, 6/1/15 (LOC: U.S. Bank N.A.)(1)
800,000
800,000

City of Oroville Rev., Series 2012 A, (Oroville Hospital), VRDN, 0.13%, 6/4/15 (LOC: Comerica Bank)
6,135,000
6,135,000

City of Reedley COP, (Mennonite Brethren Homes), VRDN, 0.11%, 6/4/15 (LOC: Bank of the Sierra and FHLB)
7,500,000
7,500,000

City of Riverside Water Rev., Series 2011 A, VRN, 0.14%, 6/4/15
10,750,000
10,750,000

County of Riverside Rev., Series 2014 D, 1.50%, 10/14/15
5,000,000
5,025,109

County of San Bernardino Rev., Series 2004 A, (WLP Parkview Place Apartments), VRDN, 0.12%, 6/4/15 (LOC: FNMA)
3,420,000
3,420,000

County of Yolo Rev., (Beckett Hall, Inc.), VRDN, 0.16%, 6/4/15 (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., Series 2012 A, VRN, 0.14%, 6/4/15
4,000,000
4,000,000

Eastern Municipal Water District Water & Sewer Rev., Series 2013 A, (Flexible Index Mode), VRN, 0.14%, 6/4/15
6,000,000
6,000,000

 
 
 



Hesperia Public Financing Authority Rev., (1993 Street Improvement Project), VRDN, 0.14%, 6/3/15 (LOC: Bank of the West)
1,000,000
1,000,000

Hesperia Public Financing Authority Rev., Series 1998 B, (Water & Administration Facilities), VRDN, 0.14%, 6/3/15 (LOC: Bank of the West)
710,000
710,000

Huntington Beach Union High School District GO, 2.00%, 8/1/15
1,375,000
1,379,209

Irvine Ranch Water District Rev., Series 2011 A-1, VRN, 0.13%, 6/4/15
2,000,000
2,000,000

Irvine Ranch Water District Rev., Series 2011 A-2, VRN, 0.13%, 6/4/15
5,000,000
5,000,000

JP Morgan Chase PUTTERs/DRIVERs Trust, Series 2011-4005Z, VRDN, 0.18%, 6/4/15 (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, 0.12%, 6/3/15 (LOC: Wells Fargo Bank N.A.)
2,300,000
2,300,000

Metropolitan Water District of Southern California Rev., Series 2009 A-2, VRN, 0.15%, 6/4/15
3,250,000
3,250,000

Metropolitan Water District of Southern California Rev., Series 2010 B, 2.25%, 7/1/15
200,000
200,336

Metropolitan Water District of Southern California Rev., Series 2010 B, 4.00%, 7/1/15
200,000
200,624

Metropolitan Water District of Southern California Rev., Series 2011 A-1, VRN, 0.12%, 6/4/15
7,500,000
7,500,000

Metropolitan Water District of Southern California Rev., Series 2015 E, VRN, 0.17%, 6/4/15
7,000,000
7,000,000

Monterey Peninsula Water Management District COP, (Wastewater Reclamation), VRDN, 0.11%, 6/4/15 (LOC: Wells Fargo Bank N.A.)
3,000,000
3,000,000

Oakland GO, Series 2015 A, 2.00%, 1/15/16(2)
1,865,000
1,885,646

Oakland Joint Powers Financing Authority Rev., Series 2001 A, (Fruitvale Transit Village), VRDN, 0.11%, 6/3/15 (LOC: Citibank N.A.)
3,075,000
3,075,000

Pittsburg Public Financing Authority Rev., VRDN, 0.11%, 6/4/15 (LOC: Bank of the West)
3,395,000
3,395,000

Pittsburg Redevelopment Agency Tax Allocation Rev., Series 2004 A, (Los Medanos Community), VRDN, 0.07%, 6/1/15 (LOC: State Street Bank & Trust Co. and California State Teacher's Retirement System)
730,000
730,000

San Bernardino County Housing Authority Rev., Series 2005 A, (Raintree Apartments), VRDN, 0.10%, 6/4/15 (LOC: East West Bank and FHLB)
3,800,000
3,800,000

San Rafael Redevelopment Agency Rev., Series 2001 A, (Fairfax Street Apartments), VRDN, 0.09%, 6/3/15 (LOC: Citibank N.A.)
1,500,000
1,500,000

Santa Clara County Housing Authority Rev., Series 2003 A, VRDN, 0.13%, 6/4/15 (LOC: Citibank N.A.)
1,415,000
1,415,000

State of California Puttable Floating Options Rev., VRDN, 0.17%, 6/4/15 (AGM)(LIQ FAC: Bank of America N.A.)(1)
3,480,000
3,480,000

State of California Puttable Floating Options Rev., VRDN, 0.23%, 6/4/15 (LIQ FAC: Bank of America N.A.)(1)
5,000,000
5,000,000

Town of Apple Valley COP, (Public Facilities Financing), VRDN, 0.13%, 6/4/15 (LOC: Union Bank N.A.)
1,830,000
1,830,000

Town of Hillsborough COP, Series 2003 A, (Water & Sewer System), VRDN, 0.09%, 6/4/15 (SBBPA: JPMorgan Chase Bank N.A.)
2,790,000
2,790,000

Town of Hillsborough COP, Series 2006 A, (Water & Sewer System), VRDN, 0.09%, 6/4/15 (SBBPA: JPMorgan Chase Bank N.A.)
7,075,000
7,075,000

Upland Community Redevelopment Agency Rev., Series 2007, (Sunset Ridge Apartments and Village Apartments), VRDN, 0.10%, 6/3/15 (LOC: East West Bank and FHLB)
1,500,000
1,500,000

Victorville Joint Powers Finance Authority Lease Rev., Series 2007 A, (Cogeneration Facility), VRDN, 1.10%, 6/4/15 (LOC: BNP Paribas)
12,475,000
12,475,000

TOTAL MUNICIPAL SECURITIES
 
198,695,924

COMMERCIAL PAPER(3) — 2.5%
 
 
San Diego County Water Authority, 0.05%, 6/3/15
5,000,000
5,000,000

TOTAL INVESTMENT SECURITIES — 100.3%
 
203,695,924

OTHER ASSETS AND LIABILITIES — (0.3)%
 
(597,693)

TOTAL NET ASSETS — 100.0%
 
$
203,098,231






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 $19,460,000, which represented 9.6% of total net assets.
(2)
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.
(3)
The rate indicated is the yield to maturity at purchase.






SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

The fund determines the fair value of its investments and computes its net asset value per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. Investments are generally valued at amortized cost, which approximates fair value. If the fund determines that amortized cost does not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees.

2. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

• 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).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. There were no significant transfers between levels during the period.

As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

3. Federal Tax Information

As of May 31, 2015, the cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.
Federal tax cost of investments
$
203,695,924





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


ITEM 2. CONTROLS AND PROCEDURES.

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

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


ITEM 3. EXHIBITS.

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



SIGNATURES

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


Registrant:
American Century California Tax-Free and Municipal Funds
 
 
 
 
 
By:
/s/ Jonathan S. Thomas
 
 
Name:
Jonathan S. Thomas
 
 
Title:
President
 
 
 
 
 
Date:
July 29, 2015
 


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

By:
/s/ Jonathan S. Thomas
 
 
Name:
Jonathan S. Thomas
 
 
Title:
President
 
 
 
(principal executive officer)
 
 
 
 
Date:
July 29, 2015
 


By:
/s/ C. Jean Wade
 
 
Name:
C. Jean Wade
 
 
Title:
Vice President, Treasurer, and
 
 
 
Chief Financial Officer
 
 
 
(principal financial officer)
 
 
 
 
Date:
July 29, 2015