N-Q 1 acctfmf113015nqdoc.htm FORM N-Q ACCTFMF 11.30.15 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:
11-30-2015


ITEM 1. SCHEDULE OF INVESTMENTS.





American Century Investments® 
Quarterly Portfolio Holdings
California High-Yield Municipal Fund
November 30, 2015








    

California High-Yield Municipal - Schedule of Investments
 
NOVEMBER 30, 2015 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 97.3%
 
 
California — 95.6%
 
 
ABAG Finance Authority for Nonprofit Corps. Rev., (Jackson Laboratory), 5.00%, 7/1/37
2,000,000
2,224,760

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012 C-1, (Episcopal Senior Communities), 3.00%, 7/1/19
200,000
200,016

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2014 A, (Sharp HealthCare), 5.00%, 8/1/43
3,500,000
3,920,245

ABC Unified School District GO, Capital Appreciation, Series 2000 B, 0.00%, 8/1/21 (NATL-RE)(1)
1,000,000
898,050

Alameda Corridor Transportation Authority Rev., Series 2013 A, 5.00%, 10/1/26
2,000,000
2,378,020

Alameda Corridor Transportation Authority Rev., Series 2013 A, 5.00%, 10/1/27 (AGM)
2,000,000
2,380,000

Alhambra Rev., Series 2010 A, (Atherton Baptist Homes), 7.50%, 1/1/30
1,480,000
1,586,353

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/46
4,400,000
4,952,156

Arcadia Unified School District GO, Series 2014 B, 5.00%, 6/1/44
5,000,000
5,664,800

Bay Area Toll Authority Toll Bridge Rev., Series 2001 A, (San Francisco Bay Area), VRDN, 1.26%, 12/3/15
1,000,000
990,060

Bay Area Toll Authority Toll Bridge Rev., Series 2007 A-1, (San Francisco Bay Area), VRDN, 0.71%, 12/3/15
1,450,000
1,451,232

Bay Area Toll Authority Toll Bridge Rev., Series 2008 G-1, (San Francisco Bay Area), VRDN, 1.11%, 12/3/15
2,500,000
2,472,400

Bay Area Toll Authority Toll Bridge Rev., Series 2013 S-4, (San Francisco Bay Area), 5.00%, 4/1/43
1,000,000
1,124,480

Bay Area Toll Authority Toll Bridge Rev., Series 2014 S-6, (San Francisco Bay Area), 5.00%, 10/1/54
5,000,000
5,569,250

Beaumont Financing Authority Local Agency Special Tax Rev., Series 2008 A, (Improvement Area No. 19C), 6.875%, 9/1/36
1,050,000
1,077,468

Beaumont Unified School District GO, Capital Appreciation, Series 2011 C, (Election of 2008), 0.00%, 8/1/40 (AGM)(1)
2,000,000
700,340

Berryessa Union School District GO, Capital Appreciation, Series 2000 A, 0.00%, 8/1/21 (AGM)(1)
1,190,000
1,041,548

Berryessa Union School District GO, Capital Appreciation, Series 2000 A, 0.00%, 8/1/22 (AGM)(1)
1,220,000
1,025,349

Berryessa Union School District GO, Capital Appreciation, Series 2000 A, 0.00%, 8/1/23 (AGM)(1)
1,000,000
808,110

California County Tobacco Securitization Agency Rev., 5.65%, 6/1/41
1,500,000
1,474,155

California County Tobacco Securitization Agency Rev., Series 2006 A, 0.00%, 6/1/50(1)
20,000,000
1,420,000

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/25
715,000
866,158

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/31
1,820,000
2,026,661

California Educational Facilities Authority Rev., (Pepperdine University), 5.00%, 9/1/33
2,000,000
2,318,260

California GO, 5.00%, 11/1/19
5,000,000
5,745,250

California GO, 5.25%, 2/1/30
5,000,000
5,862,550

California GO, 6.00%, 4/1/38
5,000,000
5,828,950

California GO, 5.00%, 2/1/43
5,650,000
6,405,009

California GO, Series 2004 A-1, (Kindergarten), VRDN, 0.01%, 12/1/15 (LOC: Citibank N.A.)
4,400,000
4,400,000

California GO, Series 2012 B, VRN, 0.91%, 12/3/15
2,000,000
2,016,600

California GO, Series 2012 B, VRN, 1.01%, 12/3/15
800,000
808,072

California GO, Series 2012 B, VRN, 1.16%, 12/3/15
960,000
976,666

California GO, Series 2013, 5.00%, 2/1/38
4,635,000
5,289,786

California GO, VRDN, 4.00%, 12/1/16
2,000,000
2,035,800

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/39
2,000,000
2,210,340

California Health Facilities Financing Authority Rev., Series 2008 A, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17
1,910,000
1,929,062

California Health Facilities Financing Authority Rev., Series 2008 A, (Scripps Health), 5.50%, 10/1/20
1,500,000
1,690,275

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
1,156,600

California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39
4,300,000
4,906,687



California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38
3,000,000
3,544,980

California Health Facilities Financing Authority Rev., Series 2009 C, (St. Joseph Health System), VRDN, 5.00%, 10/18/22
2,200,000
2,652,958

California Health Facilities Financing Authority Rev., Series 2011 B, (St. Joseph Health System), VRDN, 0.01%, 12/1/15 (LOC: U.S. Bank N.A.)
8,800,000
8,800,000

California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.25%, 8/15/31
2,030,000
2,363,915

California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/35
2,000,000
2,268,940

California Health Facilities Financing Authority Rev., Series 2012 A, (City of Hope), 5.00%, 11/15/39
1,910,000
2,117,273

California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51
2,500,000
2,722,350

California Health Facilities Financing Authority Rev., Series 2012 B, (Lucile Salter Packard Children's Hospital), 5.00%, 8/15/26
1,020,000
1,186,148

California Health Facilities Financing Authority Rev., Series 2013 A, (St. Joseph Health System), 5.00%, 7/1/37
445,000
508,542

California Health Facilities Financing Authority Rev., Series 2013 A, (Sutter Health), 5.00%, 8/15/52
5,000,000
5,502,600

California Health Facilities Financing Authority Rev., Series 2014 A, (Providence Health and Services), 5.00%, 10/1/38
2,000,000
2,273,440

California Health Facilities Financing Authority Rev., Series 2015 A, (Sutter Health), 5.00%, 8/15/43
2,880,000
3,283,747

California Infrastructure & Economic Development Bank Rev., Series 2013 A, (Los Angeles County Museum of Art Project), VRDN, 1.90%, 12/3/15
1,000,000
1,026,950

California Infrastructure & Economic Development Bank Rev., Series 2015 A, (The Colburn School), VRDN, 1.01%, 12/3/15
2,190,000
2,185,467

California Mobilehome Park Financing Authority Rev., Series 2006 B, (Union City Tropics), 5.50%, 12/15/41
2,000,000
2,025,880

California Municipal Finance Authority COP, Series 2009, (Community Hospitals of Central California Obligated Group), 5.50%, 2/1/39
1,450,000
1,606,948

California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/46
3,615,000
3,923,179

California Municipal Finance Authority Rev., (Biola University), 5.875%, 10/1/34
1,000,000
1,081,960

California Municipal Finance Authority Rev., (Northbay Healthcare Group), Series 2015, 5.00%, 11/1/35
350,000
382,480

California Municipal Finance Authority Rev., (Northbay Healthcare Group), Series 2015, 5.00%, 11/1/40
500,000
542,850

California Municipal Finance Authority Rev., (Northbay Healthcare Group), Series 2015, 5.00%, 11/1/44
300,000
324,531

California Municipal Finance Authority Rev., (Santa Rosa Academy Project), 5.125%, 7/1/35(3)
905,000
924,213

California Municipal Finance Authority Rev., (Santa Rosa Academy Project), 5.375%, 7/1/45(3)
1,400,000
1,430,436

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
4,452,292

California Municipal Finance Authority Rev., Series 2014 A, (Caritas Affordable Housing, Inc. Project), 5.00%, 8/15/20
600,000
687,720

California Municipal Finance Authority Rev., Series 2014 A, (Caritas Affordable Housing, Inc. Project), 5.00%, 8/15/22
360,000
421,092

California Municipal Finance Authority Rev., Series 2014 A, (Touro College and University System), 5.25%, 1/1/34
950,000
1,035,130

California Municipal Finance Authority Rev., Series 2014 A, (Touro College and University System), 5.25%, 1/1/40
1,750,000
1,880,497

California Municipal Finance Authority Rev., Series 2015 A, (Bowles Hall Foundation), 5.00%, 6/1/50
1,750,000
1,891,522

California Municipal Finance Authority Rev., Series 2015 B, (Azusa Pacific University), 5.00%, 4/1/41
1,860,000
1,991,948

California Pollution Control Financing Authority Rev., 5.00%, 11/21/45(3)
3,165,000
3,251,341

California Pollution Control Financing Authority Rev., Series 1996 C, (Pacific Gas & Electric Co.), VRDN, 0.01%, 12/1/15 (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, 0.01%, 12/1/15 (LOC: JPMorgan Chase Bank N.A.)
3,600,000
3,600,000

California Public Works Board Lease Rev., Series 2009 G-1, (Various Capital Projects), 5.75%, 10/1/30
2,000,000
2,329,900

California Public Works Board Lease Rev., Series 2010 A-1, (Various Capital Projects), 5.00%, 3/1/17
1,000,000
1,055,490

California Public Works Board Lease Rev., Series 2010 A-1, (Various Capital Projects), 6.00%, 3/1/35
1,250,000
1,479,100

California Public Works Board Lease Rev., Series 2011 C, (State Prisons), 5.75%, 10/1/31
1,000,000
1,221,600

California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.00%, 12/1/15
3,335,000
3,335,467

California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.00%, 12/1/31
975,000
1,125,355

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25
1,500,000
1,793,145

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37
5,465,000
6,161,787

California Public Works Board Lease Rev., Series 2012 D, (California State University Projects), 5.00%, 9/1/36
500,000
569,210

California Public Works Board Lease Rev., Series 2012 G, (Various Capital Projects), 4.00%, 11/1/17
1,235,000
1,311,731



California Public Works Board Lease Rev., Series 2013 H, (California State University Projects), 5.00%, 9/1/38
1,500,000
1,697,205

California Public Works Board Lease Rev., Series 2013 I, (Various Capital Projects), 5.00%, 11/1/38
2,350,000
2,689,739

California Public Works Board Lease Rev., Series 2014 A, (Various Correctional Facilities), 5.00%, 9/1/39
7,000,000
8,012,410

California School Finance Authority Rev., (KIPP LA Projects), 5.00%, 7/1/45(3)
1,650,000
1,748,043

California School Finance Authority Rev., Series 2014 A, (KIPP LA Projects), 4.125%, 7/1/24
475,000
500,598

California School Finance Authority Rev., Series 2014 A, (KIPP LA Projects), 5.125%, 7/1/44
700,000
744,912

California School Finance Authority Rev., Series 2014 A, (KIPP LA Projects), 5.00%, 7/1/34
500,000
533,925

California School Finance Authority Rev., Series 2014 A, (View Park Elementary and Middle Schools), 6.00%, 10/1/49
700,000
725,319

California School Finance Authority Rev., Series 2015 A, (Alliance College-Ready Public School Project), 5.00%,
7/1/45(3)
5,000,000
5,153,450

California School Finance Authority Rev., Series 2015 A, (Green Dot Public School Project), 5.00%, 8/1/45(3)
3,500,000
3,635,765

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.25%, 11/1/30
1,250,000
1,417,450

California Statewide Communities Development Authority Rev., (Episcopal Communities and Services), 5.00%, 5/15/42
1,500,000
1,613,325

California Statewide Communities Development Authority Rev., (Lancer Educational Student Housing), 5.625%, 6/1/33
2,500,000
2,557,700

California Statewide Communities Development Authority Rev., (Orinda Wilder Project), 5.00%, 9/1/37
4,515,000
4,775,380

California Statewide Communities Development Authority Rev., (Southern California Edison Co.), VRDN, 1.375%, 4/2/18
4,350,000
4,363,441

California Statewide Communities Development Authority Rev., (Southern California Presbyterian Homes), 7.25%, 11/15/41(3)
2,500,000
2,903,375

California Statewide Communities Development Authority Rev., (Trinity Health Corp.), 5.00%, 12/1/41
1,100,000
1,218,756

California Statewide Communities Development Authority Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31
4,000,000
4,113,360

California Statewide Communities Development Authority Rev., Series 2004 D, (Sutter Health), 5.05%, 8/15/38 (AGM)
1,650,000
1,753,653

California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.50%, 11/1/38
7,000,000
7,122,850

California Statewide Communities Development Authority Rev., Series 2012 A, (Kaiser Permanente), 5.00%, 4/1/42
6,000,000
6,698,520

California Statewide Communities Development Authority Rev., Series 2013 A, (American Baptist Homes of the West), 5.00%, 10/1/43
1,200,000
1,289,280

California Statewide Communities Development Authority Rev., Series 2014 A, (899 Charleston Project), 5.25%, 11/1/44
1,500,000
1,531,530

California Statewide Communities Development Authority Rev., Series 2014 A, (Henry Mayo Newhall Memorial Hospital), 5.25%, 10/1/43 (AGM)
1,000,000
1,125,090

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/34
1,500,000
1,683,900

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/44
2,760,000
3,070,058

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
1,318,265

California Statewide Communities Development Authority Rev., Series 2015 A, (Adventist Health System/West), 5.00%, 3/1/35
1,785,000
2,013,087

California Statewide Communities Development Authority Rev., Series 2015, (American Baptist Homes of the West), 5.00%, 10/1/45
2,400,000
2,592,432

California Statewide Communities Development Authority Rev., Series 2015, (Independence Support LLC Project), 7.00%, 6/1/45
7,000,000
6,821,290

Carson Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Project Area No. 1), 7.00%, 10/1/36
2,000,000
2,332,560

Chaffey Joint Union High School District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/32
2,000,000
2,319,680

Chula Vista Industrial Development Rev., Series 2004 D, (San Diego Gas), 5.875%, 1/1/34
1,000,000
1,142,040

City of Dixon Special Tax Rev., (Community Facilities District No. 2013-1), 5.00%, 9/1/45
4,780,000
4,913,410

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 5.00%, 9/2/24
700,000
808,584

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 5.00%, 9/2/26
600,000
680,436

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 13-1), 5.00%, 9/2/29
700,000
783,335

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 13-1), 5.00%, 9/2/30
350,000
390,653

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 15-2), 5.00%, 9/2/42
1,500,000
1,631,565

City of Riverside Rev., Series 2015 A, (Sewer), 5.00%, 8/1/40
2,000,000
2,272,320

Clovis Unified School District GO, Series 2013 B, (Election of 2012), 5.00%, 8/1/38
3,000,000
3,408,210

Corcoran COP, 8.75%, 6/1/16 (Acquired 4/28/92, cost $140,000)(4)
140,000
142,855



Del Mar Race Track Authority Rev., 5.00%, 10/1/29(3)
1,010,000
1,103,213

Del Mar Race Track Authority Rev., 5.00%, 10/1/35(3)
2,000,000
2,163,360

Duarte Unified School District GO, Capital Appreciation, Series 1999 B, 0.00%, 11/1/23 (AGM)(1)
1,150,000
921,254

Eastern Municipal Water District Community Facilities District No. 2000-01 Special Tax Rev., (French Valley), 5.00%, 9/1/36
3,575,000
3,861,679

Eastern Municipal Water District Water and Sewer COP, Series 2008 H, 5.00%, 7/1/33
4,000,000
4,369,280

Emeryville Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/31 (AGM)
590,000
683,663

Emeryville Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/34 (AGM)
1,000,000
1,145,450

Escondido Joint Powers Financing Authority Rev., (Water Systems Financing), 5.00%, 9/1/31
1,355,000
1,563,223

Fairfield Redevelopment Agency Tax Allocation Rev., 4.00%, 8/1/16
1,000,000
1,024,240

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/42(5)
2,200,000
1,709,928

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 A, 6.00%, 1/15/49
27,500,000
32,324,050

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/42(1)
6,000,000
1,710,780

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-3, VRDN, 5.50%, 1/15/23
3,750,000
4,327,612

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 C, 6.50%, 1/15/43
4,000,000
4,737,920

Foothill-De Anza Community College District GO, Capital Appreciation, 0.00%, 8/1/21 (NATL-RE)(1)
3,000,000
2,694,150

Fremont Community Facilities District No. 1 Special Tax Rev., (Pacific Commons), 5.00%, 9/1/40
3,000,000
3,296,910

Fremont Community Facilities District No. 1 Special Tax Rev., (Pacific Commons), 5.00%, 9/1/45
2,000,000
2,190,540

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 4.50%, 6/1/27
4,650,000
4,588,806

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.00%, 6/1/33
3,000,000
2,736,780

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.125%, 6/1/47
11,400,000
9,712,116

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.75%, 6/1/47
13,805,000
12,790,056

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-2, 5.30%, 6/1/37
3,000,000
2,727,990

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/29
1,500,000
1,730,610

Grossmont Union High School District GO, Series 2013 E, (Election of 2008), 5.00%, 8/1/43
1,225,000
1,373,850

Hayward Area Recreation and Park District COP, 5.125%, 1/1/39
1,500,000
1,674,810

Hayward Unified School District GO, 4.00%, 8/1/17 (AGM)
1,650,000
1,740,288

Hemet Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/34
350,000
385,067

Hemet Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/39
2,100,000
2,283,519

Hesperia Community Facilities District No. 2005-1 Special Tax Rev., (Belgate Development Restructuring), 5.00%, 9/1/29
1,060,000
1,144,058

Hesperia Community Facilities District No. 2005-1 Special Tax Rev., (Belgate Development Restructuring), 5.00%, 9/1/35
2,690,000
2,835,341

Hesperia Public Financing Authority Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/32 (XLCA)
3,000,000
3,074,910

Hesperia Public Financing Authority Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/37 (XLCA)
2,025,000
2,068,558

Huntington Beach Community Facilities District Special Tax Rev., (Huntington Center), 5.375%, 9/1/33
1,700,000
1,906,108

Independent Cities Finance Authority Mobile Home Park Rev., (Palomar Estates East), Series 2015, 5.00%, 9/15/36
1,000,000
1,032,770

Independent Cities Finance Authority Mobile Home Park Rev., (Palomar Estates East), Series 2015, 5.00%, 9/15/36
1,500,000
1,590,480

Independent Cities Finance Authority Mobile Home Park Rev., (Rancho Feliz and Las Casitas de Sonoma), 5.00%, 10/15/47
5,000,000
5,270,400

Independent Cities Finance Authority Mobile Home Park Rev., Series 2011 A, (Castle Mobile Estates), 6.75%, 8/15/46
2,500,000
2,912,725

Independent Cities Finance Authority Mobile Home Park Rev., Series 2012 A, (Augusta Communities), 5.00%, 5/15/39
2,500,000
2,679,200

Independent Cities Lease Finance Authority Rev., Series 2006 B, (San Juan Mobile Estates), 5.55%, 5/15/16, Prerefunded at 100% of Par(2)
500,000
512,105

Independent Cities Lease Finance Authority Rev., Series 2006 B, (San Juan Mobile Estates), 5.85%, 5/15/16, Prerefunded at 100% of Par(2)
1,150,000
1,179,417

Independent Cities Lease Finance Authority Rev., Series 2007 A, (Santa Rosa Leisure Mobilehome Park), 5.70%, 11/15/47
3,430,000
3,537,119

Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.25%, 9/1/37
1,110,000
1,250,670

Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/44
2,680,000
2,921,709

Irvine Community Facilities District No. 2013-3 Special Tax Rev., (Great Park Improvement Area No. 1), 5.00%, 9/1/49
4,500,000
4,822,425



Irvine Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.70%, 9/1/35
515,000
591,812

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
2,431,740

Jurupa Community Services District Special Tax Rev., Series 2013 A, (Community Facilities District No. 31), 5.00%, 9/1/37
250,000
270,025

Jurupa Community Services District Special Tax Rev., Series 2013 A, (Community Facilities District No. 31), 5.00%, 9/1/42
1,000,000
1,077,200

Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/31
1,100,000
1,243,781

Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/42
1,000,000
1,100,320

La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/36
1,100,000
1,172,182

Lake Elsinore Public Financing Authority Rev., 5.00%, 9/1/40
2,380,000
2,545,339

Lammersville Joint Unified School District Special Tax Rev., (Mountain House), 6.00%, 9/1/43
1,250,000
1,468,550

Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.50%, 11/15/37
1,150,000
1,398,584

Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/45
5,245,000
5,719,305

Los Alamitos Unified School District COP, Capital Appreciation, (Capital Projects), 0.00%, 8/1/42(5)
1,300,000
996,008

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
2,215,780

Los Angeles Community College District GO, Series 2015 C, 5.00%, 6/1/26
590,000
748,138

Los Angeles Community Facilities District No. 3 Special Tax Rev., (Cascades Business Park & Golf Course), 6.40%, 9/1/22
995,000
1,003,915

Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/23
1,000,000
1,207,370

Los Angeles County Regional Financing Authority Rev., Series 2014 B-1, (MonteCedro, Inc.), 3.00%, 11/15/21 (California Mortgage Insurance)
475,000
475,964

Los Angeles County Regional Financing Authority Rev., Series 2014 B-2, (MonteCedro, Inc.), 3.00%, 11/15/20 (California Mortgage Insurance)
400,000
400,824

Los Angeles County Regional Financing Authority Rev., Series 2014 B-3, (MonteCedro, Inc.), 2.50%, 11/15/20 (California Mortgage Insurance)
875,000
876,435

Los Angeles County Schools COP, Series 2015 A, (Compton Unified School District), 5.00%, 6/1/20 (AGM)
1,305,000
1,486,813

Los Angeles County Schools COP, Series 2015 A, (Compton Unified School District), 5.00%, 6/1/21 (AGM)
1,895,000
2,191,302

Los Angeles County Schools COP, Series 2015 A, (Compton Unified School District), 4.00%, 6/1/18 (AGM)
1,650,000
1,759,428

Los Angeles County Schools COP, Series 2015 A, (Compton Unified School District), 5.00%, 6/1/19 (AGM)
1,200,000
1,344,468

Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40
2,000,000
2,262,880

Los Angeles Department of Water & Power System Rev., Series 2013 B, 5.00%, 7/1/30
3,500,000
4,140,955

Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/29
350,000
400,638

Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/31
3,500,000
3,975,930

Los Angeles Unified School District GO, Series 2011 A-1, 5.00%, 7/1/24
3,430,000
4,049,801

Los Angeles Unified School District GO, Series 2014 B, 5.00%, 7/1/18
3,335,000
3,690,077

Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/30
1,155,000
1,368,028

Los Angeles Wastewater System Rev., Series 2012 B, 5.00%, 6/1/32
3,000,000
3,502,710

M-S-R Energy Authority Rev., Series 2009 A, 7.00%, 11/1/34 (GA: Citigroup, Inc.)
1,700,000
2,411,926

M-S-R Energy Authority Rev., Series 2009 B, 6.50%, 11/1/39 (GA: Citigroup, Inc.)
4,000,000
5,409,440

Modesto Irrigation District COP, Series 2009 A, (Capital Improvements), 6.00%, 10/1/39
3,000,000
3,421,080

Montebello Community Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Montebello Hills Redevelopment), 8.10%, 3/1/18, Prerefunded at 100% of Par(2)
2,000,000
2,321,480

Moorpark Mobile Home Park Rev., Series 2011 A, (Villa Delaware Arroyo), 6.50%, 5/15/41
4,000,000
4,574,400

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
1,883,497

Murrieta Public Financing Authority Special Tax Rev., 5.00%, 9/1/31
1,735,000
1,915,475

Northern California Power Agency Rev., Series 2012 A, (Hydroelectric Project No. 1), 5.00%, 7/1/31
1,090,000
1,242,437

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
3,901,800

Oakland Redevelopment Agency Rev., 5.00%, 9/1/16, Prerefunded at 100% of Par (Ambac)(2)
5,000,000
5,176,200

Oakland Unified School District Alameda County GO, Series 2009 A, (Election of 2006), 6.125%, 8/1/29
2,500,000
2,835,975

Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32
2,150,000
2,486,690



Oakland Unified School District Alameda County GO, Series 2013, (Election of 2012), 6.625%, 8/1/38
770,000
943,858

Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/35
1,200,000
1,344,432

Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/40
1,850,000
2,053,444

Ohlone Community College District GO, Series 2011 A, (Election of 2010), 5.00%, 8/1/31
3,000,000
3,508,530

Orange County Community Facilities District No. 06-1 Special Tax Rev., (Del Rio Public Improvements), 5.00%, 10/1/40 (AGM)
2,000,000
2,245,980

Orange County Community Facilities District No. 15-1 Special Tax Rev., Series 2015 A, (Village of Esencia), 5.25%, 8/15/45
4,000,000
4,392,000

Orange County Transportation Authority Rev., (Senior Lien), 5.00%, 8/15/30
2,400,000
2,767,296

Orange County Water District Rev., Series 2013 A, 5.00%, 8/15/33
1,900,000
2,212,265

Oxnard Financing Authority Wastewater Rev., 5.00%, 6/1/33 (AGM)
2,095,000
2,343,991

Oxnard Financing Authority Wastewater Rev., 5.00%, 6/1/34 (AGM)
2,750,000
3,051,097

Palm Springs Financing Authority Lease Rev., Series 2012 B, (Downtown Revitalization Project), 5.00%, 6/1/35
4,000,000
4,407,360

Palomar Pomerado Health Care District COP, 6.75%, 11/1/39
2,750,000
3,043,260

Paramount Unified School District GO, Capital Appreciation, (Election of 2006), 0.00%, 8/1/51 (BAM)(1)
12,500,000
1,321,000

Patterson Joint Unified School District GO, Capital Appreciation, Series 2009 B, (Election of 2008), 0.00%, 3/1/49
(AGM)(1)
8,160,000
1,918,334

Perris Union High School District Financing Authority Special Tax Rev., 5.00%, 9/1/41
2,000,000
2,155,420

Pleasant Valley School District / Ventura County GO, Series 2002 A, 5.85%, 8/1/31 (NATL-RE)
4,835,000
5,816,988

Poway Unified School District Public Financing Authority Rev., 7.875%, 9/15/39
3,760,000
4,443,606

Poway Unified School District Public Financing Authority Special Tax Rev., Series 2015 A, 5.00%, 9/1/34
1,000,000
1,096,120

Poway Unified School District Public Financing Authority Special Tax Rev., Series 2015 A, 5.00%, 9/1/35
1,000,000
1,089,880

Poway Unified School District Public Financing Authority Special Tax Rev., Series 2015 A, 5.00%, 9/1/36
1,250,000
1,359,175

Poway Unified School District Special Tax Rev., (Community Facilities District No. 6-4S), 5.00%, 9/1/36
600,000
653,304

Rancho Cordova Community Facilities District Special Tax Rev., (Sunridge North Douglas No. 2005-1), 5.00%, 9/1/40
1,195,000
1,261,311

Rancho Cordova Community Facilities District Special Tax Rev., (Sunridge North Douglas No. 2005-1), 5.00%, 9/1/45
1,250,000
1,327,212

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
2,116,684

Rio Elementary School District Community Facilities District No. 1 Special Tax Rev., 5.00%, 9/1/35
2,550,000
2,779,194

Rio Elementary School District Community Facilities District No. 1 Special Tax Rev., Series 2013, 5.50%, 9/1/39
1,785,000
1,953,558

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
1,584,390

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
5,281,300

Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 04-2-Lake Hills Crest), 5.00%, 9/1/30
1,035,000
1,128,243

Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 04-2-Lake Hills Crest), 5.00%, 9/1/35
2,520,000
2,701,062

Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 05-8 Scott Road), 5.00%, 9/1/42
3,000,000
3,176,430

Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 07-2-Clinton Keith Road), 5.00%, 9/1/40
2,250,000
2,352,465

Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 07-2-Clinton Keith Road), 5.00%, 9/1/44
2,735,000
2,844,154

Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.25%, 10/1/30
2,200,000
2,592,172

Riverside County Transportation Commission Rev., Series 2013 A, (Limited Tax), 5.25%, 6/1/39
800,000
931,216

Riverside County Transportation Commission Rev., Series 2013 A, (Senior Lien), 5.75%, 6/1/44
500,000
569,780

Riverside County Transportation Commission Rev., Capital Appreciation, Series 2013 B, (Senior Lien), 0.00%, 6/1/43(1)
5,000,000
1,326,950

Romoland School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area 1), 5.00%, 9/1/35
4,685,000
5,027,333

Romoland School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area 1), 5.00%, 9/1/38
2,900,000
3,092,676

Romoland School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area 3), 5.00%, 9/1/43
2,640,000
2,747,026

Roseville Community Facilities District No. 1 Special Tax Rev., (The Fountains), 6.125%, 9/1/38
2,600,000
2,738,086

Roseville Finance Authority Electric System Rev., 5.00%, 2/1/37
925,000
1,031,680

Roseville Westbrook Community Facilities District No. 1 Special Tax Rev., (Public Facilities), 5.00%, 9/1/44
1,650,000
1,608,123

Roseville Westpark Community Facilities District No. 1 Special Tax Rev., 5.00%, 9/1/37
1,250,000
1,339,612

Sacramento Airport System Rev., Series 2009 D, (Grant Revenue Bonds), 6.00%, 7/1/35
4,000,000
4,454,360



Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/31
625,000
737,538

Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/33
1,000,000
1,174,810

Sacramento Regional Transit District Rev., (Farebox Revenue), 5.00%, 3/1/42
1,300,000
1,458,951

Sacramento Transportation Authority Sales Tax Rev., (Measure A), 5.00%, 10/1/24
1,055,000
1,264,449

San Bernardino Community Facilities District No. 2002-1 Special Tax Rev., (Kaiser Commerce Center), 5.00%, 9/1/33
3,000,000
3,226,410

San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41
9,350,000
11,384,560

San Clemente Special Tax Rev., (Community Facilities District No. 2006-1), 5.00%, 9/1/46(6)
2,250,000
2,407,455

San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25
835,000
1,004,881

San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/26
525,000
623,327

San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30
725,000
837,484

San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/24
300,000
360,132

San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/25
955,000
1,133,556

San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/26
500,000
586,640

San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/43
2,500,000
2,797,325

San Diego County Regional Airport Authority Rev., Series 2014 A, (Rental Car Facility), 5.00%, 7/1/44
1,500,000
1,664,400

San Diego County Water Authority Rev., 5.00%, 5/1/33
1,500,000
1,748,295

San Diego Public Facilities Financing Authority Lease Rev., Series 2012 A, (Capital Improvement Projects), 5.00%, 4/15/37
2,000,000
2,218,220

San Diego Public Facilities Financing Authority Lease Rev., Series 2015 A, (Capital Improvement Projects), 5.00%, 10/15/44
2,660,000
2,988,244

San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/30
2,000,000
2,333,400

San Diego Redevelopment Agency Tax Allocation Rev., Series 2009 A, (North Park Redevelopment), 7.00%, 11/1/39
3,000,000
3,507,660

San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/26
750,000
876,953

San Francisco City and County Airports Commission Rev., Series 2008 34-D, (San Francisco International Airport), 5.25%, 5/1/26
3,000,000
3,296,280

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
2,280,860

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
1,207,950

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
1,502,800

San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment Project), 5.00%, 8/1/33
780,000
874,240

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
1,098,730

San Gorgonio Memorial Health Care District GO, 4.00%, 8/1/17
435,000
457,537

San Gorgonio Memorial Health Care District GO, 4.00%, 8/1/18
515,000
553,326

San Gorgonio Memorial Health Care District GO, 5.00%, 8/1/20
1,000,000
1,153,620

San Gorgonio Memorial Health Care District GO, 5.00%, 8/1/21
275,000
320,799

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/36 (NATL-RE)(1)
1,335,000
525,683

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/25 (NATL-RE)(1)
3,090,000
2,146,067

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/29 (NATL-RE)(1)
165,000
94,583

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/31 (NATL-RE)(1)
16,000,000
8,302,240

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/32 (NATL-RE)(1)
290,000
142,958

San Joaquin Hills Transportation Corridor Agency Rev., Series 2014 B, (Junior Lien), 5.25%, 1/15/44
6,000,000
6,482,640

San Jose Airport Rev., Series 2011 A-2, 5.25%, 3/1/34
2,605,000
2,986,320

San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 6.00%, 9/1/42
500,000
566,635

San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.50%, 9/1/44
2,250,000
2,472,975

Santa Barbara Secondary High School District GO, Series 2011 A, (Election of 2010), 0.00%, 8/1/36(1)
10,000,000
4,355,300

Santa Barbara Secondary High School District GO, Series 2011 A, (Election of 2010), 0.00%, 8/1/40(1)
3,795,000
1,364,037

Santa Cruz County Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Live Oak/Soquel Community Improvement), 7.00%, 9/1/36
3,000,000
3,528,870



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
1,383,587

Santaluz Community Facilities District No. 2 Special Tax Rev., Series 2011 A, (Improvement Area No. 1), 5.10%, 9/1/21, Prerefunded at 103% of Par(2)
465,000
512,193

Saugus-Castaic School Facilities Financing Authority Special Tax Rev., (Community Facilities District No. 2006-1C), 6.00%, 9/1/43
1,480,000
1,669,573

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
253,300

South Placer Wastewater Authority Rev., VRN, 0.34%, 12/3/15
2,985,000
2,965,359

Southern California Public Power Authority Rev., Series 2007 A, 5.00%, 11/1/33
3,755,000
4,352,646

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
1,123,614

Southwestern Community College District GO, Capital Appreciation, Series 2011 C, (Election of 2008), 0.00%, 8/1/46(1)
5,425,000
1,485,148

Stockton Public Financing Authority Rev., Series 2010 A, (Delta Water Supply Project), 6.25%, 10/1/40
1,750,000
2,134,895

Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/28 (BAM)
2,215,000
2,567,849

Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/29 (BAM)
1,750,000
2,008,877

Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/42 (AGM)
705,000
791,863

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
1,169,135

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
1,433,387

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
1,499,324

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
1,571,185

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/19 (BAM)
215,000
241,987

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/20 (BAM)
140,000
160,726

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/21 (BAM)
200,000
233,074

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/22 (BAM)
300,000
354,357

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/23 (BAM)
200,000
237,044

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/24 (BAM)
135,000
159,940

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 4.50%, 9/1/25 (BAM)
45,000
51,125

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/25 (BAM)
45,000
52,903

Sunnyvale Community Facilities District No. 1 Special Tax Rev., 7.75%, 8/1/32
6,500,000
6,512,805

Susanville Public Financing Authority Rev., Series 2010 B, (Utility Enterprises), 6.00%, 6/1/45
3,000,000
3,331,050

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
2,303,528

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
1,824,107

Tobacco Securitization Authority of Northern California Settlement Rev., Series 2005 A-1, 5.50%, 6/1/45
2,000,000
1,820,240

Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A-1, 5.00%, 6/1/37
2,250,000
2,088,000

Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A-1, 5.125%, 6/1/46
2,000,000
1,798,220

Tracy Community Facilities District No. 2006-1 Special Tax Rev., (NEI Phase II), 5.75%, 9/1/36
3,105,000
3,107,577

Tracy Public Financing Authority Special Tax Rev., Series 2014 A, 4.00%, 9/2/18
1,900,000
2,029,428

Tracy Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/2/19
2,285,000
2,564,844

Tracy Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/2/20
2,100,000
2,402,736

Tri-Dam Power Authority Rev., 4.00%, 5/1/16
2,165,000
2,187,213



Tri-Dam Power Authority Rev., 4.00%, 11/1/16
2,165,000
2,211,937

Tulare CA Sewer Rev., 5.00%, 11/15/22 (AGM)
500,000
603,575

Tulare CA Sewer Rev., 5.00%, 11/15/24 (AGM)
500,000
614,695

Tulare CA Sewer Rev., 5.00%, 11/15/25 (AGM)
400,000
493,332

Tuolumne Wind Project Authority Rev., Series 2009 A, 5.875%, 1/1/29
2,000,000
2,285,040

Turlock Public Financing Authority Tax Allocation Rev., 7.50%, 9/1/39
2,770,000
3,456,184

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
5,146,212

Tustin Community Facilities District No. 07-1 Special Tax Rev., (Tustin Legacy/Retail Center), 6.00%, 9/1/37
1,300,000
1,343,498

Tustin Community Facilities District No. 14-1 Special Tax Rev., Series 2015 A, (Tustin Legacy/Standard Pacific), 5.00%, 9/1/40
1,100,000
1,192,741

Tustin Community Facilities District No. 14-1 Special Tax Rev., Series 2015 A, (Tustin Legacy/Standard Pacific), 5.00%, 9/1/45
2,200,000
2,381,764

Tustin Public Financing Authority Rev., 5.00%, 4/1/43
1,000,000
1,127,500

Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 5.75%, 9/1/30
1,000,000
1,112,010

Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.00%, 9/1/40
1,500,000
1,729,200

Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM)
1,750,000
1,752,380

Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM)
1,000,000
1,001,360

University of California System Rev., Series 2012 G, 5.00%, 5/15/37
5,000,000
5,753,400

Val Verde Unified School District Special Tax Rev., 5.00%, 9/1/37
1,750,000
1,877,120

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
1,792,848

Washington Township Health Care District Rev., Series 2015 A, 5.00%, 7/1/26
400,000
457,432

Washington Township Health Care District Rev., Series 2015 A, 3.25%, 7/1/27
1,000,000
974,020

Washington Township Health Care District Rev., Series 2015 A, 3.50%, 7/1/28
750,000
739,455

Washington Township Health Care District Rev., Series 2015 A, 3.75%, 7/1/29
1,000,000
992,090

Whittier Health Facilities Rev., (Presbyterian Intercommunity Hospital), 5.00%, 6/1/44
3,500,000
3,865,610

Yosemite Community College District GO, Capital Appreciation, (Election of 2004), 0.00%, 8/1/16 (AGM)(1)
3,545,000
3,534,968

Yuba City Unified School District GO, Capital Appreciation, 0.00%, 3/1/25 (NATL-RE)(1)
1,500,000
1,111,140

 
 
851,375,076

Guam — 1.2%
 
 
Guam Government Business Privilege Tax Rev., Series 2011 A, 5.125%, 1/1/42
1,000,000
1,086,070

Guam Government GO, Series 2009 A, 7.00%, 11/15/19, Prerefunded at 100% of Par(2)
7,230,000
8,876,994

Guam Power Authority Rev., Series 2012 A, 5.00%, 10/1/34
850,000
918,833

 
 
10,881,897

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
2,254,360

Virgin Islands Public Finance Authority Rev., Series 2010 B, (Subordinated Lien), 5.25%, 10/1/29
1,500,000
1,645,155

 
 
3,899,515

TOTAL MUNICIPAL SECURITIES
(Cost $803,076,505)
 
866,156,488

TEMPORARY CASH INVESTMENTS — 1.9%
 
 
Federated California Municipal Cash Trust, Institutional Shares
(Cost $17,200,000)
17,200,000
17,200,000

TOTAL INVESTMENT SECURITIES — 99.2%
(Cost $820,276,505)
 
883,356,488

OTHER ASSETS AND LIABILITIES — 0.8%
 
7,036,467

TOTAL NET ASSETS — 100.0%
 
$
890,392,955




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 $22,313,196, which represented 2.5% 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 $142,855, 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.





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.
 
Open-end management investment companies are valued at the reported net asset value per share. 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.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

 
Level 1 ($)
Level 2 ($)
Level 3 ($)
Assets
 
 
 
Investment Securities
 
 
 
Municipal Securities
—

866,156,488

—

Temporary Cash Investments
17,200,000

—

—

 
17,200,000

866,156,488

—






3. Federal Tax Information

As of November 30, 2015, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments
$
820,276,505
 
Gross tax appreciation of investments
$
63,770,098
 
Gross tax depreciation of investments
 
(690,115)
 
Net tax appreciation (depreciation) of investments
$
63,079,983
 


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
November 30, 2015








    

California Intermediate-Term Tax-Free Bond - Schedule of Investments
 
NOVEMBER 30, 2015 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 97.6%
 
 
California — 97.4%
 
 
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2011 A, (Sharp HealthCare), 6.00%, 8/1/30
2,500,000
3,024,425

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012, (Jackson Laboratory), 4.00%, 7/1/16
270,000
275,443

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012, (Jackson Laboratory), 5.00%, 7/1/17
1,000,000
1,062,940

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012, (Jackson Laboratory), 5.00%, 7/1/18
500,000
547,295

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2014 A, (Sharp HealthCare), 5.00%, 8/1/33
1,450,000
1,656,741

Alameda Corridor Transportation Authority Rev., Capital Appreciation, Series 1999 A, (Senior Lien), 0.00%, 10/1/35 (NATL-RE)(1)
9,000,000
4,050,990

Alameda Corridor Transportation Authority Rev., Series 2013 A, (Senior Lien), 5.00%, 10/1/20
3,010,000
3,522,603

Alameda Corridor Transportation Authority Rev., Series 2013 A, (Senior Lien), 5.00%, 10/1/24
2,000,000
2,420,200

Alum Rock Union Elementary School District GO, Series 2013 A, (Election of 2012), 6.00%, 8/1/39
1,500,000
1,840,770

Anaheim Public Financing Authority Rev., Series 2011 A, (Electric System Distribution Facilities), 5.375%, 10/1/36
700,000
821,800

Anaheim Public Financing Authority Rev., Series 2012 A, (Electric System Distribution Facilities), 5.00%, 10/1/23
1,200,000
1,458,408

Anaheim Public Financing Authority Rev., Series 2012 A, (Electric System Distribution Facilities), 5.00%, 10/1/24
2,275,000
2,747,335

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/25
1,000,000
1,201,650

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/28
1,100,000
1,291,796

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/29
1,250,000
1,457,012

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/34
3,360,000
3,840,514

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/39
1,550,000
1,754,460

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/46
2,000,000
2,250,980

Bay Area Toll Authority Toll Bridge Rev., Series 2001 A, (San Francisco Bay Area), VRDN, 1.26%, 12/3/15
3,500,000
3,465,210

Bay Area Toll Authority Toll Bridge Rev., Series 2007 A-1, (San Francisco Bay Area), VRDN, 0.71%, 12/3/15
1,000,000
1,000,850

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
2,117,620

Bay Area Toll Authority Toll Bridge Rev., Series 2008 G-1, (San Francisco Bay Area), VRDN, 1.11%, 12/3/15
2,500,000
2,472,400

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
5,695,500

Bay Area Toll Authority Toll Bridge Rev., Series 2012 F-1, (San Francisco Bay Area), 5.00%, 4/1/24
1,500,000
1,809,390

Bay Area Toll Authority Toll Bridge Rev., Series 2012 F-1, (San Francisco Bay Area), 5.00%, 4/1/25
3,500,000
4,195,030

Bay Area Toll Authority Toll Bridge Rev., Series 2012 F-1, (San Francisco Bay Area), 5.00%, 4/1/28
7,185,000
8,420,892

Bay Area Toll Authority Toll Bridge Rev., Series 2013 S-4, (San Francisco Bay Area), 5.00%, 4/1/43
5,610,000
6,308,333

Bay Area Toll Authority Toll Bridge Rev., Series 2014 B, (San Francisco Bay Area), VRDN, 1.50%, 4/2/18
3,000,000
3,023,370

Bay Area Toll Authority Toll Bridge Rev., Series 2014 E, (San Francisco Bay Area), 2.00%, 4/1/34
2,000,000
2,030,560

Bay Area Toll Authority Toll Bridge Rev., Series 2014 S-6, (San Francisco Bay Area), 5.00%, 10/1/54
8,500,000
9,467,725

California Department of Water Resources Power Supply Rev., Series 2005 F-5, 5.00%, 5/1/22
1,800,000
1,977,660

California Department of Water Resources Power Supply Rev., Series 2005 G-4, 5.00%, 5/1/16
3,230,000
3,295,343

California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/21
1,430,000
1,571,141

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
1,044,886

California Department of Water Resources Power Supply Rev., Series 2009 AG, (Center Valley Project), 5.00%, 12/1/25
95,000
109,068



California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/16
5,000,000
5,101,150

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/17
5,000,000
5,316,400

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/18
3,000,000
3,303,870

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/19
7,000,000
7,956,690

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
2,171,941

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/20, Prerefunded at 100% of Par(2)
8,000,000
9,341,680

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/21
1,140,000
1,319,698

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/22
6,835,000
7,892,238

California Department of Water Resources Power Supply Rev., Series 2010 M, 5.00%, 5/1/16
2,000,000
2,040,460

California Department of Water Resources Power Supply Rev., Series 2011 N, 5.00%, 5/1/20
14,215,000
16,622,452

California Department of Water Resources Power Supply Rev., Series 2011 N, 5.00%, 5/1/21
10,000,000
11,924,400

California Department of Water Resources Rev., Series 2014 AT, (Center Valley Project), VRDN, 0.31%, 12/3/15
4,500,000
4,485,330

California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/16, Prerefunded at 100% of Par(2)
2,000,000
2,055,660

California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/18(2)
5,435,000
6,005,512

California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/18(2)
1,565,000
1,729,278

California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/19(2)
4,505,000
5,133,898

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/21
750,000
876,060

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/24
930,000
1,117,125

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/31
1,455,000
1,620,215

California Educational Facilities Authority Rev., (San Francisco University), 5.00%, 10/1/16
1,200,000
1,247,052

California Educational Facilities Authority Rev., (San Francisco University), 5.00%, 10/1/21
750,000
889,342

California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/18, Prerefunded at 100% of Par(2)
655,000
717,657

California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/18
500,000
546,735

California Educational Facilities Authority Rev., (Santa Clara University), 5.25%, 4/1/18, Prerefunded at 100% of Par(2)
1,875,000
2,065,181

California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/19
45,000
49,350

California Educational Facilities Authority Rev., (Santa Clara University), 5.25%, 4/1/23
125,000
136,858

California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/33
1,000,000
1,141,880

California Educational Facilities Authority Rev., Series 2009 A, (Pomona College), 5.00%, 1/1/24
2,100,000
2,349,186

California Educational Facilities Authority Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39
2,950,000
3,264,440

California Educational Facilities Authority Rev., Series 2010 A, (Loyola Marymount University), 5.00%, 10/1/30
1,365,000
1,527,517

California Educational Facilities Authority Rev., Series 2012 A, (University of the Pacific), 4.50%, 11/1/17
1,000,000
1,067,610

California Educational Facilities Authority Rev., Series 2015 A, (University of Southern California), 5.00%, 10/1/25
1,875,000
2,385,506

California GO, 5.00%, 11/1/16 (Ambac)
1,575,000
1,642,599

California GO, 5.00%, 9/1/17
2,500,000
2,688,400

California GO, 5.00%, 10/1/17
2,170,000
2,340,323

California GO, 5.50%, 4/1/18
2,535,000
2,805,206

California GO, 5.00%, 8/1/18
2,260,000
2,376,932

California GO, 5.00%, 9/1/18
1,000,000
1,110,050

California GO, 5.00%, 9/1/19
7,645,000
8,742,057

California GO, 5.00%, 3/1/20
1,690,000
1,833,650

California GO, 5.00%, 8/1/20
5,000,000
5,257,450

California GO, 5.25%, 10/1/20
5,000,000
5,795,650

California GO, 5.00%, 3/1/22
5,000,000
5,058,100

California GO, 5.00%, 9/1/22
2,000,000
2,423,560

California GO, 5.00%, 3/1/23
10,000,000
12,151,600

California GO, 5.50%, 4/1/24
4,600,000
5,274,176

California GO, 5.00%, 8/1/24
1,260,000
1,323,088

California GO, 5.00%, 8/1/26
4,800,000
5,900,592



California GO, 5.00%, 12/1/26
1,045,000
1,272,967

California GO, 5.00%, 2/1/27
14,000,000
16,684,360

California GO, 5.00%, 2/1/28
5,795,000
6,863,830

California GO, 5.00%, 3/1/28
8,000,000
9,644,000

California GO, 5.75%, 4/1/28
5,000,000
5,761,250

California GO, 5.00%, 11/1/29
2,625,000
3,131,231

California GO, 5.75%, 4/1/31
5,000,000
5,771,900

California GO, 5.00%, 11/1/32
1,890,000
2,037,874

California GO, 6.50%, 4/1/33
5,000,000
5,927,200

California GO, 6.00%, 4/1/38
3,000,000
3,497,370

California GO, Series 2012 B, VRN, 0.91%, 12/3/15
2,000,000
2,016,600

California GO, Series 2012 B, VRN, 1.01%, 12/3/15
800,000
808,072

California GO, Series 2012 B, VRN, 1.16%, 12/3/15
960,000
976,666

California GO, VRDN, 4.00%, 12/1/16
3,000,000
3,053,700

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/18
1,000,000
1,109,670

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/22
3,000,000
3,644,370

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/23
2,150,000
2,642,135

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/24
1,450,000
1,792,925

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/25
1,850,000
2,296,497

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/26
5,000,000
6,155,400

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/27
6,000,000
7,319,520

California Health Facilities Financing Authority Rev., (NCROC Paradise Valley Estates), 5.70%, 12/1/24 (Ambac/California Mortgage Insurance)
1,455,000
1,631,943

California Health Facilities Financing Authority Rev., Series 2008 A, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17
2,000,000
2,019,960

California Health Facilities Financing Authority Rev., Series 2008 A, (Scripps Health), 5.00%, 10/1/17
1,400,000
1,509,886

California Health Facilities Financing Authority Rev., Series 2008 A, (Sutter Health), 5.50%, 8/15/17
1,000,000
1,083,780

California Health Facilities Financing Authority Rev., Series 2008 A, (Sutter Health), 5.25%, 8/15/22
3,335,000
3,709,387

California Health Facilities Financing Authority Rev., Series 2008 B, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17
2,200,000
2,221,956

California Health Facilities Financing Authority Rev., Series 2008 C, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17
1,355,000
1,368,523

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
3,736,265

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
46,246

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
2,410,552

California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 5.00%, 7/1/18
3,000,000
3,305,970

California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.25%, 11/1/29
5,000,000
5,896,500

California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.50%, 7/1/29
1,500,000
1,704,195

California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.75%, 7/1/39
1,000,000
1,138,060

California Health Facilities Financing Authority Rev., Series 2009 C, (St. Joseph Health System), VRDN, 5.00%, 10/18/22
8,000,000
9,647,120

California Health Facilities Financing Authority Rev., Series 2010 A, (Stanford Hospital), 5.00%, 11/15/25
2,000,000
2,296,400

California Health Facilities Financing Authority Rev., Series 2011 B, (St. Joseph Health System), VRDN, 0.01%, 12/1/15 (LOC: U.S. Bank N.A.)
2,900,000
2,900,000

California Health Facilities Financing Authority Rev., Series 2011 B, (Sutter Health), 6.00%, 8/15/42
1,000,000
1,197,250

California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/18
1,305,000
1,451,565

California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/22
1,650,000
1,984,108

California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51
1,000,000
1,088,940



California Health Facilities Financing Authority Rev., Series 2012 B, (Lucile Salter Packard Children's Hospital), 5.00%, 8/15/25
5,855,000
6,879,215

California Health Facilities Financing Authority Rev., Series 2013 A, (St. Joseph Health System), 5.00%, 7/1/37
890,000
1,017,083

California Health Facilities Financing Authority Rev., Series 2013 A, (Sutter Health), 5.00%, 8/15/52
4,000,000
4,402,080

California Infrastructure & Economic Development Bank Rev., (Academy Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/27
1,010,000
1,191,164

California Infrastructure & Economic Development Bank Rev., (Academy Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/28
1,205,000
1,409,657

California Infrastructure & Economic Development Bank Rev., (Academy Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/29
1,000,000
1,162,980

California Infrastructure & Economic Development Bank Rev., (Academy Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/30
1,370,000
1,585,885

California Infrastructure & Economic Development Bank Rev., (Academy Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/41
1,000,000
1,133,240

California Infrastructure & Economic Development Bank Rev., (Columbia College), VRDN, 0.06%, 12/3/15 (LOC: Rabobank Nederland N.V.)
1,480,000
1,480,000

California Infrastructure & Economic Development Bank Rev., Series 2000 A, (Scripps Research Institute), 5.625%, 7/1/20
675,000
677,970

California Infrastructure & Economic Development Bank Rev., Series 2010 A, (University of California, San Francisco Neuroscience Building), 5.00%, 5/15/22
3,735,000
4,333,347

California Infrastructure & Economic Development Bank Rev., Series 2011 A-1, (J. Paul Getty Trust), VRDN, 0.29%, 12/3/15
5,000,000
5,008,250

California Infrastructure & Economic Development Bank Rev., Series 2013 A, (Los Angeles County Museum of Art Project), VRDN, 1.90%, 12/3/15
3,000,000
3,080,850

California Infrastructure & Economic Development Bank Rev., Series 2015 A, (The Colburn School), VRDN, 1.01%, 12/3/15
4,375,000
4,365,944

California Infrastructure & Economic Development Bank Rev., Series 2015 B-2, (J. Paul Getty Trust), VRDN, 0.29%, 12/3/15
2,750,000
2,727,367

California Municipal Finance Authority Rev., (Community Hospitals Central), 5.00%, 2/1/17
2,000,000
2,094,460

California Municipal Finance Authority Rev., Series 2007, (Loma Linda University), 5.00%, 4/1/23
1,145,000
1,186,953

California Municipal Finance Authority Rev., Series 2007, (Loma Linda University), 5.00%, 4/1/28
2,000,000
2,055,640

California Municipal Finance Authority Rev., Series 2008 A, (Biola University), 5.00%, 10/1/18
1,000,000
1,087,770

California Municipal Finance Authority Rev., Series 2010 A, (Eisenhower Medical Center), 5.00%, 7/1/19
605,000
670,044

California Municipal Finance Authority Rev., Series 2010 A, (Eisenhower Medical Center), 5.25%, 7/1/21
1,760,000
2,005,731

California Municipal Finance Authority Rev., Series 2010 A, (University of Louisiana Verne), 5.00%, 6/1/17
2,290,000
2,402,279

California Municipal Finance Authority Rev., Series 2011, (Emerson College), 5.75%, 1/1/33
2,250,000
2,599,920

California Municipal Finance Authority Rev., Series 2011, (Emerson College), 6.00%, 1/1/42
1,000,000
1,195,190

California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/22
1,000,000
1,156,040

California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/23
520,000
602,878

California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/25
1,925,000
2,254,964

California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/27
295,000
337,902

California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/28
735,000
830,910

California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/29
1,000,000
1,120,490

California Municipal Finance Authority Rev., Series 2015 B, (Azusa Pacific University), 5.00%, 4/1/27
1,165,000
1,315,180

California Pollution Control Financing Authority Rev., Series 1996 C, (Pacific Gas & Electric Co.), VRDN, 0.01%, 12/1/15 (LOC: JPMorgan Chase Bank N.A.)
3,300,000
3,300,000

California Public Works Board Lease Rev., Series 2006 A, (California State University), 5.00%, 10/1/16 (NATL-RE/FGIC)
1,500,000
1,557,975

California Public Works Board Lease Rev., Series 2009 A, (Department of General Services - Building 8 & 9), 6.25%, 4/1/34
2,435,000
2,847,489

California Public Works Board Lease Rev., Series 2009 B, (Department of Education - Riverside Campus), 6.00%, 4/1/27
2,130,000
2,470,033

California Public Works Board Lease Rev., Series 2009 I-1, (Various Capital Projects), 6.375%, 11/1/34
2,500,000
2,998,625

California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.00%, 12/1/15
4,000,000
4,000,560

California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.25%, 12/1/26
2,000,000
2,421,640



California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/21
3,000,000
3,531,870

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/22
2,100,000
2,511,831

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/23
2,000,000
2,361,920

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25
1,800,000
2,151,774

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37
4,545,000
5,124,487

California Public Works Board Lease Rev., Series 2012 D, (California State University Projects), 5.00%, 9/1/36
1,000,000
1,138,420

California Public Works Board Lease Rev., Series 2012 G, (Various Capital Projects), 4.00%, 11/1/17
1,250,000
1,327,662

California Public Works Board Lease Rev., Series 2013 H, (California State University Projects), 5.00%, 9/1/38
4,500,000
5,091,615

California Public Works Board Lease Rev., Series 2013 I, (Various Capital Projects), 5.00%, 11/1/38
2,400,000
2,746,968

California Public Works Board Lease Rev., Series 2014 A, (Various Correctional Facilities), 5.00%, 9/1/25
5,000,000
6,052,800

California School Finance Authority Rev., Series 2015 A, (Alliance for College-Ready Public School Project), 3.00%, 7/1/19(3)
1,025,000
1,031,673

California School Finance Authority Rev., Series 2015 A, (Alliance for College-Ready Public School Project), 3.00%, 7/1/20(3)
1,115,000
1,115,658

California State University Rev., Series 2011 A, 5.00%, 11/1/20
1,250,000
1,476,762

California State University Rev., Series 2011 A, 5.00%, 11/1/24
5,000,000
5,880,100

California State University Rev., Series 2014 A, 5.00%, 11/1/32
1,750,000
2,061,045

California State University Rev., Series 2015 A, 5.00%, 11/1/18
1,800,000
2,015,082

California State University Rev., Series 2015 A, 5.00%, 11/1/19
1,000,000
1,152,230

California State University Rev., Series 2015 A, 5.00%, 11/1/21
1,000,000
1,205,690

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/16
750,000
780,713

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/17
815,000
877,918

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 4.00%, 11/1/18
200,000
216,844

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/18
515,000
570,888

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 4.00%, 11/1/19
200,000
220,848

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/20
100,000
116,552

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 4.00%, 11/1/21
150,000
168,911

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/22
125,000
149,950

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/23
150,000
181,581

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/24
200,000
242,566

California Statewide Communities Development Authority Rev., (John Muir Health), 5.00%, 7/1/20
2,225,000
2,540,282

California Statewide Communities Development Authority Rev., (Southern California Edison Co.), VRDN, 1.375%, 4/2/18
1,775,000
1,780,485

California Statewide Communities Development Authority Rev., (St. Joseph Remarketing), 5.125%, 7/1/24 (NATL-RE)
2,000,000
2,197,220

California Statewide Communities Development Authority Rev., (Trinity Health Corp.), 5.00%, 12/1/41
1,570,000
1,739,497

California Statewide Communities Development Authority Rev., Series 2002 B, (Pooled Financing Program), 5.20%, 10/1/18 (AGM)
440,000
441,778

California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.30%, 11/1/18
1,300,000
1,367,392

California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.40%, 11/1/27
1,000,000
1,039,320

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
1,078,870

California Statewide Communities Development Authority Rev., Series 2007 A, (Valleycare Health System), 4.80%, 7/15/17(2)
1,325,000
1,387,540



California Statewide Communities Development Authority Rev., Series 2007 A, (Valleycare Health System), 5.00%, 7/15/17, Prerefunded at 100% of Par(2)
2,460,000
2,633,086

California Statewide Communities Development Authority Rev., Series 2009 A, (Kaiser Permanente), 5.00%, 4/1/19
1,450,000
1,637,021

California Statewide Communities Development Authority Rev., Series 2009 E-2, (Kaiser Permanente), VRDN, 5.00%, 5/1/17
5,000,000
5,298,500

California Statewide Communities Development Authority Rev., Series 2012 A, (Kaiser Permanente), 5.00%, 4/1/42
8,400,000
9,377,928

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/22
475,000
559,640

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/23
600,000
710,802

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/24
750,000
896,310

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/25
800,000
941,504

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/26
885,000
1,033,043

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/27
1,880,000
2,178,920

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
3,954,795

California Statewide Communities Development Authority Rev., Series 2015 A, (Adventist Health System/West), 5.00%, 3/1/23
1,190,000
1,399,154

California Statewide Communities Development Authority Rev., Series 2015 A, (Adventist Health System/West), 5.00%, 3/1/24
800,000
948,400

California Statewide Communities Development Authority Rev., Series 2015 A, (Adventist Health System/West), 5.00%, 3/1/25
750,000
896,722

California Statewide Communities Development Authority Rev., Series 2015 A, (Adventist Health System/West), 5.00%, 3/1/26
1,000,000
1,198,010

California Statewide Communities Development Authority Rev., Series 2015 A, (Adventist Health System/West), 5.00%, 3/1/27
1,590,000
1,880,413

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
1,027,710

Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 87-1), 5.00%, 9/1/18 (Ambac)
3,115,000
3,215,210

Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Merged and Amended Project Area), 4.00%, 10/1/16
525,000
540,624

Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Merged and Amended Project Area), 4.00%, 10/1/17
675,000
713,644

Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Project Area No. 1), 5.00%, 10/1/19 (AGM)
315,000
355,188

Chaffey Joint Union High School District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/30
3,125,000
3,645,687

Chaffey Joint Union High School District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/32
1,220,000
1,415,005

Chula Vista Rev., Series 2006 A, (San Diego Gas and Electric), 1.65%, 7/1/18
8,165,000
8,171,124

City of Fontana Special Tax Rev., (Community Facilities District No. 22), 4.00%, 9/1/18
740,000
790,313

City of Fontana Special Tax Rev., (Community Facilities District No. 22), 4.00%, 9/1/19
390,000
421,777

City of Fontana Special Tax Rev., (Community Facilities District No. 22), 5.00%, 9/1/20
545,000
616,542

City of Fontana Special Tax Rev., (Community Facilities District No. 22), 5.00%, 9/1/22
520,000
600,990

City of Fontana Special Tax Rev., (Community Facilities District No. 22), 5.00%, 9/1/24
575,000
672,882

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 15-1), 2.00%, 9/2/16
850,000
859,138

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 15-1), 4.00%, 9/2/17
360,000
378,752

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/17
850,000
894,276

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/18
875,000
939,610

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/19
1,400,000
1,531,026

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 15-1), 4.00%, 9/2/19
1,375,000
1,501,926

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 15-1), 5.00%, 9/2/26
500,000
601,170

City of La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/20
640,000
716,627



City of La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/21
315,000
356,769

City of La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/22
225,000
256,689

City of Riverside Sewer Rev., Series 2015 A, 5.00%, 8/1/25
1,630,000
1,990,849

City of Riverside Sewer Rev., Series 2015 A, 5.00%, 8/1/26
3,400,000
4,090,098

City of Roseville Water Utility COP, 5.00%, 12/1/26
1,690,000
2,077,973

City of Roseville Water Utility COP, 5.00%, 12/1/27
2,250,000
2,735,280

Clovis Unified School District GO, Capital Appreciation, Series 2004 A, (Election of 2004), 0.00%, 8/1/24 (NATL-RE)(1)
5,935,000
4,883,674

Corcoran Joint Unified School District COP, VRDN, 2.70%, 12/1/21 (AGM)
4,500,000
4,514,760

Del Mar Race Track Authority Rev., 4.00%, 10/1/20(3)
1,330,000
1,436,240

East Side Union High School District GO, Series 2012, 5.00%, 8/1/25
1,405,000
1,644,595

Eastern Municipal Water District Water & Sewer COP, Series 2008 H, 5.00%, 7/1/24
1,000,000
1,097,050

Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 4.00%, 7/1/16
600,000
613,206

Fairfield Redevelopment Agency Tax Allocation Rev., 4.00%, 8/1/16
1,525,000
1,561,966

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/24(4)
1,600,000
1,243,584

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/42(1)
4,820,000
1,374,327

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 A, 6.00%, 1/15/49
3,000,000
3,526,260

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-1, VRDN, 5.00%, 1/15/18
3,750,000
3,957,150

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-2, VRDN, 5.00%, 1/15/20
5,000,000
5,484,750

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-3, VRDN, 5.50%, 1/15/23
2,750,000
3,173,582

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 C, (Junior Lien), 6.25%, 1/15/33
3,000,000
3,535,920

Golden State Tobacco Securitization Corp. Settlement Rev., Capital Appreciation, Series 2005 A, 0.00%, 6/1/25
(AGM)(1)
2,000,000
1,549,720

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 4.50%, 6/1/27
1,270,000
1,253,287

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.00%, 6/1/33
1,250,000
1,140,325

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/21
1,000,000
1,178,960

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/29
6,650,000
7,672,371

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/30
1,000,000
1,150,140

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2015 A, 3.00%, 6/1/17
1,000,000
1,034,550

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2015 A, 4.00%, 6/1/18
2,885,000
3,102,240

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2015 A, 5.00%, 6/1/19
1,000,000
1,132,660

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2015 A, 5.00%, 6/1/20
1,000,000
1,157,280

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2015 A, 5.00%, 6/1/21
1,000,000
1,178,960

Grossmont-Cuyamaca Community College District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/25
680,000
819,624

Grossmont-Cuyamaca Community College District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/26
685,000
817,397

Grossmont-Cuyamaca Community College District GO, Series 2013 A, (Election of 2012), 5.25%, 8/1/27
750,000
912,427

Hayward Area Recreation and Park District COP, 5.125%, 1/1/39
1,750,000
1,953,945

Huntington Beach Union High School District GO, 5.00%, 8/1/26
3,030,000
3,634,546

Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.25%, 9/1/37
1,110,000
1,250,670

Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/44
1,175,000
1,280,973

Irvine Community Facilities District No. 2013-3 Special Tax Rev., (Great Park Improvement Area No.1), 5.00%, 9/1/39
1,000,000
1,075,730

Irvine Ranch Water District Rev., Series 2009 B, VRDN, 0.01%, 12/1/15 (LOC: Bank of America N.A.)
3,740,000
3,740,000

Irvine Unified School District Financing Authority Special Tax Rev., Series 2006 A, (Group II), 4.75%, 9/1/16
600,000
612,072

Irvine Unified School District Financing Authority Special Tax Rev., Series 2006 A, (Group II), 5.00%, 9/1/20
745,000
760,429

Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/23
625,000
742,544

Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/24
680,000
813,457

Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/25
1,000,000
1,179,890

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
1,297,936

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
1,199,702



Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.00%, 11/15/35
1,215,000
1,397,299

Long Beach Harbor Rev., Series 2014 C, 5.00%, 11/15/18
22,000,000
24,630,760

Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/23
650,000
758,368

Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/24
250,000
293,000

Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/25
500,000
585,265

Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/27
800,000
923,104

Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/28
600,000
687,030

Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/40
2,500,000
2,738,525

Los Alamitos Unified School District COP, Capital Appreciation, (Capital Projects), 0.00%, 8/1/42(4)
2,100,000
1,608,936

Los Altos Elementary School District GO, 5.00%, 8/1/16, Prerefunded at 100% of Par (Ambac)(2)
1,045,000
1,077,907

Los Altos Elementary School District GO, 5.00%, 8/1/19 (Ambac)
1,455,000
1,501,254

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
2,145,000

Los Angeles Community College District GO, Series 2015 C, 5.00%, 6/1/26
2,115,000
2,681,883

Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/21
1,195,000
1,404,531

Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/22
1,000,000
1,195,650

Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/23
1,955,000
2,360,408

Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., Series 2008 B, (Proposition A), 5.00%, 7/1/31
1,000,000
1,091,250

Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., Series 2010 A, (General Union Station), 5.00%, 7/1/20
3,000,000
3,514,530

Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., Series 2013 A, (Proposition A), 5.00%, 7/1/21
2,470,000
2,959,455

Los Angeles County Redevelopment Authority Tax Allocation Rev., Series 2013 D, (Redevelopment Project Areas), 5.00%, 9/1/16
2,000,000
2,067,100

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
1,399,320

Los Angeles County Regional Financing Authority Rev., Series 2014 B-1, (MonteCedro, Inc.), 3.00%, 11/15/21 (California Mortgage Insurance)
1,170,000
1,172,375

Los Angeles County Regional Financing Authority Rev., Series 2014 B-2, (MonteCedro, Inc.), 3.00%, 11/15/20 (California Mortgage Insurance)
950,000
951,957

Los Angeles County Regional Financing Authority Rev., Series 2014 B-3, (MonteCedro, Inc.), 2.50%, 11/15/20 (California Mortgage Insurance)
2,000,000
2,003,280

Los Angeles County Sanitation Districts Financing Authority Rev., Series 2015 A, (Capital Projects), 5.00%, 10/1/23
2,855,000
3,502,885

Los Angeles County Sanitation Districts Financing Authority Rev., Series 2015 A, (Capital Projects), 5.00%, 10/1/26
2,700,000
3,326,346

Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.00%, 5/15/18
750,000
826,590

Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40
3,000,000
3,394,320

Los Angeles Department of Airports Rev., Series 2010 D, (Los Angeles International Airport), 5.00%, 5/15/24
3,040,000
3,534,000

Los Angeles Department of Airports Rev., Series 2015 C, (Los Angeles International Airport), 5.00%, 5/15/26
1,500,000
1,850,790

Los Angeles Department of Airports Rev., Series 2015 C, (Los Angeles International Airport), 5.00%, 5/15/27
1,280,000
1,563,482

Los Angeles Department of Water & Power System Rev., Series 2001 B-2, VRDN, 0.01%, 12/1/15 (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
5,482,550

Los Angeles Department of Water & Power System Rev., Series 2008 A-2, 5.25%, 7/1/32
3,535,000
3,896,100

Los Angeles Department of Water & Power System Rev., Series 2011 A, 4.00%, 7/1/16
1,000,000
1,022,490

Los Angeles Department of Water & Power System Rev., Series 2011 A, 5.00%, 7/1/18
780,000
863,257

Los Angeles Department of Water & Power System Rev., Series 2012 A, 5.00%, 7/1/26
1,000,000
1,194,470

Los Angeles Department of Water & Power System Rev., Series 2012 C, 5.00%, 7/1/24
1,500,000
1,812,900

Los Angeles Department of Water & Power System Rev., Series 2013 B, 5.00%, 7/1/27
6,470,000
7,734,303

Los Angeles Department of Water & Power System Rev., Series 2014 B, 5.00%, 7/1/25
700,000
851,403

Los Angeles Department of Water & Power System Rev., Series 2014 B, 5.00%, 7/1/26
1,300,000
1,564,017

Los Angeles Harbor Department Rev., Series 2011 B, 5.00%, 8/1/24
1,225,000
1,461,033



Los Angeles Municipal Improvement Corp. Rev., Series 2012 C, 5.00%, 3/1/25
3,000,000
3,462,900

Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/29
1,700,000
1,945,956

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
4,110,600

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
179,849

Los Angeles Unified School District GO, Series 2006 F, (Election of 2004), 5.00%, 7/1/18 (FGIC)
1,055,000
1,084,403

Los Angeles Unified School District GO, Series 2007 H, (Election of 2004), 5.00%, 7/1/32 (AGM)
2,000,000
2,120,020

Los Angeles Unified School District GO, Series 2009 I, (Election of 2004), 5.00%, 7/1/29
4,000,000
4,518,400

Los Angeles Unified School District GO, Series 2010 KRY, 5.25%, 7/1/26
3,000,000
3,487,380

Los Angeles Unified School District GO, Series 2011 A-1, 4.00%, 7/1/17
1,000,000
1,053,750

Los Angeles Unified School District GO, Series 2011 A-1, 5.00%, 7/1/18
2,565,000
2,838,096

Los Angeles Unified School District GO, Series 2011 A-1, 5.00%, 7/1/24
5,140,000
6,068,798

Los Angeles Unified School District GO, Series 2011 A-2, 5.00%, 7/1/21
3,000,000
3,590,010

Los Angeles Unified School District GO, Series 2014 B, 5.00%, 7/1/18
6,665,000
7,374,623

Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/24
5,000,000
6,224,800

Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/26
3,555,000
4,362,696

Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/27
1,050,000
1,278,417

Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/30
1,155,000
1,368,028

Los Angeles Wastewater System Rev., Series 2009 A, 5.75%, 6/1/34
1,325,000
1,521,246

M-S-R Energy Authority Rev., Series 2009 B, 7.00%, 11/1/34 (GA: Citigroup, Inc.)
5,000,000
7,093,900

M-S-R Energy Authority Rev., Series 2009 B, 6.50%, 11/1/39 (GA: Citigroup, Inc.)
1,000,000
1,352,360

Menlo Park Community Development Agency Successor Agency Tax Allocation Rev., (Las Pulgas Community Development Project), 3.00%, 10/1/17
650,000
676,553

Menlo Park Community Development Agency Successor Agency Tax Allocation Rev., (Las Pulgas Community Development Project), 4.00%, 10/1/18
885,000
958,393

Menlo Park Community Development Agency Successor Agency Tax Allocation Rev., (Las Pulgas Community Development Project), 5.00%, 10/1/19
420,000
479,056

Menlo Park Community Development Agency Successor Agency Tax Allocation Rev., (Las Pulgas Community Development Project), 5.00%, 10/1/20
325,000
378,856

Metropolitan Water District of Southern California Rev., Series 2011 A-2, VRDN, 0.39%, 12/3/15
10,000,000
9,949,100

Metropolitan Water District of Southern California Rev., Series 2011 A-4, VRDN, 0.39%, 12/3/15
5,000,000
4,974,550

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
4,987,950

Mount San Antonio Community College District GO, Series 2013 A, (Election of 2008), 5.00%, 8/1/34
2,000,000
2,324,180

Murrieta Public Financing Authority Special Tax Rev., 5.00%, 9/1/17
1,000,000
1,066,160

Murrieta Public Financing Authority Special Tax Rev., 5.00%, 9/1/21
1,200,000
1,392,780

Natomas Unified School District GO, 5.00%, 9/1/26 (BAM)
1,785,000
2,132,361

Newark Unified School District GO, Series 2014 B, 5.00%, 8/1/44
6,030,000
6,758,545

Newport Beach Rev., Series 2011 A, (Hoag Memorial Hospital Presbyterian), 6.00%, 12/1/21, Prerefunded at 100% of Par(2)
1,000,000
1,260,720

North Lake Tahoe Public Financing Authority Rev., 4.00%, 12/1/19
1,000,000
1,108,690

Northern California Power Agency Rev., Series 2010 A, 5.00%, 7/1/16
1,000,000
1,028,340

Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/19
2,000,000
2,256,220

Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/20
1,515,000
1,721,494

Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/21
2,050,000
2,305,881

Northern California Power Agency Rev., Series 2010 A, 5.25%, 8/1/22
4,250,000
4,839,092

Northern California Power Agency Rev., Series 2012 A, 5.00%, 7/1/26
1,750,000
2,048,305

Northern California Power Agency Rev., Series 2012 A, 5.00%, 7/1/27
2,000,000
2,322,960

Oakland Sewer Rev., Series 2014 A, 5.00%, 6/15/26
1,200,000
1,454,484

Oakland State Building Authority Lease Rev., Series 2015 A, (Elihu M. Harris State Office), 5.00%, 12/1/19
2,445,000
2,804,439

Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.00%, 8/1/22
750,000
866,415



Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32
2,150,000
2,486,690

Oakland Unified School District Alameda County GO, Series 2013, (Election of 2012), 6.625%, 8/1/38
1,410,000
1,728,364

Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/20
1,670,000
1,892,845

Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/21
610,000
700,091

Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/22
500,000
580,755

Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/23
1,400,000
1,639,750

Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/25
650,000
769,626

Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/40
950,000
1,054,471

Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/18
3,345,000
3,630,997

Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/25
4,065,000
4,686,010

Ontario Public Financing Authority Rev., 5.00%, 7/1/43
2,000,000
2,260,860

Orange County Community Facilities District Special Tax Rev., Series 2014 A, (Ladera Ranch), 5.00%, 8/15/28
1,960,000
2,231,284

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
211,972

Orange County Sanitation District COP, Series 2007 B, 5.00%, 2/1/17, Prerefunded at 100% of Par (AGM)(2)
2,750,000
2,893,247

Orange County Sanitation District Rev., Series 2014 B, 4.00%, 11/15/16
6,500,000
6,713,590

Orange County Transportation Authority Rev., (Senior Lien 91 Express Lanes), 5.00%, 8/15/24
1,000,000
1,210,930

Orange County Water District Rev., Series 2013 A, 5.00%, 8/15/33
4,000,000
4,657,400

Oxnard Financing Authority Rev., 5.00%, 6/1/25 (AGM)
2,000,000
2,376,260

Oxnard Financing Authority Rev., 5.00%, 6/1/26 (AGM)
3,690,000
4,333,794

Oxnard Financing Authority Rev., 5.00%, 6/1/28 (AGM)
1,515,000
1,755,597

Oxnard Financing Authority Rev., 5.00%, 6/1/32 (AGM)
1,000,000
1,129,100

Oxnard School District GO, Series 2015 D, (Election of 2012), 3.00%, 8/1/20 (AGM)(4)
2,800,000
2,882,292

Palm Springs Financing Authority Lease Rev., Series 2012 B, (Downtown Revitalization Project), 4.00%, 6/1/16
1,335,000
1,357,602

Palm Springs Financing Authority Lease Rev., Series 2012 B, (Downtown Revitalization Project), 5.00%, 6/1/23
1,230,000
1,441,978

Palomar Pomerado Health Care District COP, 5.25%, 11/1/21
880,000
950,673

Palomar Pomerado Health Care District COP, 6.00%, 11/1/41
1,120,000
1,190,302

Palomar Pomerado Health GO, Capital Appreciation, 0.00%, 8/1/18 (NATL-RE)(1)
3,615,000
3,481,932

Palomar Pomerado Health GO, Capital Appreciation, Series 2009 A, (Election of 2004), 0.00%, 8/1/19 (AGC)(4)
1,660,000
1,796,502

Peralta Community College District GO, 5.00%, 8/1/17
2,085,000
2,234,891

Peralta Community College District GO, 5.00%, 8/1/22
2,145,000
2,601,928

Pittsburg Redevelopment Agency Tax Allocation Rev., Series 2004 A, (Los Medanos Community), VRDN, 0.01%, 12/1/15 (LOC: State Street Bank & Trust Co. and California State Teacher's Retirement System)
5,180,000
5,180,000

Port of Oakland Rev., Series 2007 C, (Intermediate Lien), 5.00%, 11/1/16 (NATL-RE)
1,270,000
1,325,194

Port of Oakland Rev., Series 2007 C, (Intermediate Lien), 5.00%, 11/1/17 (NATL-RE)
2,375,000
2,568,515

Porterville Public Financing Authority Sewer Rev., 5.625%, 10/1/36
2,500,000
2,972,125

Poway Unified School District GO, Capital Appreciation, (School Facilities Improvement), 0.00%, 8/1/41(1)
2,780,000
952,873

Poway Unified School District Public Financing Authority Special Tax Rev., 5.00%, 9/15/19 (Ambac)
1,150,000
1,223,657

Poway Unified School District Public Financing Authority Special Tax Rev., 5.00%, 9/15/20 (Ambac)
1,205,000
1,282,180

Poway Unified School District Public Financing Authority Special Tax Rev., Series 2015 A, 2.00%, 9/1/16
1,285,000
1,297,773

Poway Unified School District Public Financing Authority Special Tax Rev., Series 2015 A, 3.00%, 9/1/17
670,000
691,587

Rancho Mirage Joint Powers Financing Authority Rev., Series 2007 A, (Eisenhower Medical Center), 5.00%, 7/1/21
1,000,000
1,047,320

Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.125%, 9/1/22
790,000
914,804

Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.25%, 9/1/23
1,300,000
1,502,956

Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.375%, 9/1/24
1,410,000
1,626,703

Regents of the University of California Rev., Series 2009 Q, 5.25%, 5/15/17, Prerefunded at 101% of Par(2)
1,910,000
2,057,280

Regents of the University of California Rev., Series 2009 Q, 5.25%, 5/15/23
90,000
96,899

Rio Elementary School District Community Facilities District No. 1 Special Tax Rev., 5.00%, 9/1/24
700,000
807,408

Riverside County Asset Leasing Corp. Rev., Series 2013 A, (Public Defender and Probation Building), 5.00%, 11/1/43
1,000,000
1,114,650

Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.50%, 10/1/40
935,000
1,095,605



Riverside County Transportation Commission Rev., Series 2013 A, (Limited Tax), 5.25%, 6/1/39
1,335,000
1,553,967

Sacramento City Financing Authority Lease Rev., Series 1993 A, 5.40%, 11/1/20 (Ambac)
2,305,000
2,534,832

Sacramento City Financing Authority Rev., 5.00%, 12/1/16 (NATL-RE/FGIC)
2,500,000
2,500,325

Sacramento County Airport System Rev., Series 2009 B, 4.25%, 7/1/16
1,000,000
1,022,040

Sacramento County Airport System Rev., Series 2010, 5.00%, 7/1/20
1,000,000
1,148,570

Sacramento County Airport System Rev., Series 2010, 5.00%, 7/1/23
1,000,000
1,130,130

Sacramento County Airport System Rev., Series 2010, 5.00%, 7/1/24
1,000,000
1,141,910

Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 A, 5.25%, 12/1/21 (NATL-RE/FGIC)
1,000,000
1,217,960

Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 B, VRN, 0.75%, 12/1/15 (NATL-RE/FGIC)
2,500,000
2,285,900

Sacramento County Sanitation Districts Financing Authority Rev., Series 2015, (Cosumnes Project), 3.00%, 7/1/17
18,730,000
19,441,553

Sacramento County Sanitation Districts Financing Authority Rev., Series 2015, (Cosumnes Project), 4.00%, 7/1/18
6,000,000
6,485,580

Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.70%, 7/1/17 (Ambac)
3,105,000
3,355,108

Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.25%, 7/1/24 (Ambac)
3,000,000
3,674,190

Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/24
1,500,000
1,817,715

Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/25
5,000,000
6,041,400

Sacramento Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2015 A, 4.00%, 12/1/18
2,000,000
2,158,200

Sacramento Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2015 A, 5.00%, 12/1/34 (BAM)
970,000
1,094,529

Sacramento Regional Transit District Rev., (Farebox Revenue), 4.00%, 3/1/16
440,000
443,819

Sacramento Regional Transit District Rev., (Farebox Revenue), 4.00%, 3/1/17
1,000,000
1,038,200

Sacramento Regional Transit District Rev., (Farebox Revenue), 5.00%, 3/1/18
250,000
270,683

Salinas Union High School District GO, Capital Appreciation, 0.00%, 8/1/20(1)
5,000,000
4,573,950

San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 5.25%, 8/1/18
350,000
389,064

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
336,414

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
9,128,960

San Bernardino Community College District GO, Capital Appreciation, Series 2009 B, (Election of 2008), 0.00%,
8/1/19(4)
9,840,000
10,209,787

San Buenaventura Rev., (Community Memorial Health System), 8.00%, 12/1/26
2,000,000
2,602,040

San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41
1,200,000
1,461,120

San Diego Community College District GO, (Election of 2002), 5.00%, 8/1/30
3,000,000
3,524,940

San Diego Convention Center Expansion Financing Authority Rev., Series 2012 A, 4.00%, 4/15/17
1,250,000
1,306,825

San Diego Convention Center Expansion Financing Authority Rev., Series 2012 A, 4.00%, 4/15/18
1,160,000
1,237,221

San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 4.00%, 11/1/17
300,000
317,466

San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/18
300,000
332,556

San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/19
300,000
340,407

San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/22
1,525,000
1,810,907

San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30
450,000
519,818

San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/19
1,290,000
1,456,204

San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/21
2,000,000
2,324,540

San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/34
750,000
844,793

San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/40
740,000
833,529

San Diego County Regional Airport Authority Rev., Series 2013 A, 4.00%, 7/1/18
300,000
324,603

San Diego County Regional Airport Authority Rev., Series 2013 A, 4.00%, 7/1/19
400,000
441,124

San Diego County Regional Transportation Commission Rev., Series 2012 A, 5.00%, 4/1/21
5,940,000
7,094,914

San Diego County Water Authority Financing Corp. Rev., 5.00%, 5/1/25
5,250,000
6,565,440

San Diego County Water Authority Financing Corp. Rev., 5.00%, 5/1/26
2,390,000
2,950,431

San Diego County Water Authority Financing Corp. Rev., 5.00%, 5/1/27
3,485,000
4,261,284

San Diego County Water Authority Rev., Series 2011 S-1, (Subordinate Lien), 5.00%, 7/1/16
2,780,000
2,847,026



San Diego Public Facilities Financing Authority Lease Rev., Series 2015 A, (Capital Improvement Projects), 5.00%, 10/15/44
4,970,000
5,583,298

San Diego Public Facilities Financing Authority Sewer Rev., Series 2009 B, 5.00%, 5/15/19, Prerefunded at 100% of Par(2)
3,680,000
4,176,874

San Diego Public Facilities Financing Authority Sewer Rev., Series 2010 A, 5.25%, 5/15/20, Prerefunded at 100% of Par(2)
3,400,000
4,004,656

San Diego Public Facilities Financing Authority Tax Allocation Rev., Series 2007 B, (Southcrest and Central Imperial Redevelopment), 5.125%, 10/1/22 (AGC)
1,230,000
1,291,857

San Diego Public Facilities Financing Authority Water Rev., Series 2009 A, 5.00%, 8/1/21
1,000,000
1,105,460

San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/21
2,000,000
2,391,180

San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/24
2,000,000
2,407,320

San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/23
250,000
300,488

San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/26
750,000
876,952

San Diego Unified School District GO, Capital Appreciation, Series 2010 C, (Election of 2008), 0.00%, 7/1/36(1)
7,895,000
3,489,985

San Francisco Bay Area Rapid Transit District Rev., Series 2012 A, 5.00%, 7/1/24
500,000
604,300

San Francisco Bay Area Rapid Transit District Rev., Series 2012 A, 5.00%, 7/1/25
500,000
602,565

San Francisco Bay Area Rapid Transit District Rev., Series 2015 A, 5.00%, 7/1/28
1,500,000
1,847,340

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
3,591,405

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
2,202,920

San Francisco City and County Airports Commission Rev., Series 2009 D, (San Francisco International Airport), 4.00%, 5/1/24
1,625,000
1,841,271

San Francisco City and County Airports Commission Rev., Series 2009 E, (San Francisco International Airport), 5.25%, 5/1/23
3,500,000
3,962,280

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
1,703,550

San Francisco City and County Airports Commission Rev., Series 2011 D, (San Francisco International Airport), 5.00%, 5/1/24
4,025,000
4,756,383

San Francisco City and County Airports Commission Rev., Series 2011 D, (San Francisco International Airport), 5.00%, 5/1/29
6,270,000
7,309,879

San Francisco City and County Airports Commission Rev., Series 2012 B, (San Francisco International Airport), 5.00%, 5/1/26
1,250,000
1,480,100

San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/17
2,440,000
2,584,863

San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29
1,170,000
1,303,977

San Francisco City and County COP, Series 2010 A, 5.00%, 10/1/19
2,930,000
3,354,440

San Francisco City and County GO, Series 2015 R-1, 5.00%, 6/15/25
1,880,000
2,283,674

San Francisco City and County Public Utilities Water Commission Rev., Series 2010 A, 5.00%, 10/1/21
5,000,000
6,000,600

San Francisco City and County Public Utilities Water Commission Rev., Series 2010 A, 5.00%, 11/1/28
2,780,000
3,204,450

San Francisco City and County Public Utilities Water Commission Rev., Series 2015 A, 5.00%, 11/1/28
1,055,000
1,254,469

San Francisco City and County Public Utilities Water Commission Rev., Series 2015 A, 5.00%, 11/1/34
1,435,000
1,654,942

San Francisco City and County Public Utilities Water Commission Rev., Series 2015 A, 5.00%, 11/1/35
1,415,000
1,629,387

San Francisco City and County Public Utilities Water Commission Rev., Series 2015 A, 5.00%, 11/1/36
1,585,000
1,822,354

San Francisco City and County Redevelopment Agency Tax Allocation Rev., Series 2014 C, 3.00%, 8/1/16
3,000,000
3,053,490

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
450,921

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
490,798

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
529,048

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
588,989

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
610,553

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
529,262



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
491,088

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
631,296

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
421,659

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
1,098,730

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, (Senior Lien), 0.00%, 1/1/16(1)(2)
15,000,000
14,996,700

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, (Senior Lien), 0.00%, 1/1/17(1)(2)
1,000,000
994,210

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, (Senior Lien), 0.00%, 1/1/26(1)(2)
1,400,000
1,127,812

San Joaquin Hills Transportation Corridor Agency Rev., (Senior Lien), 5.00%, 1/15/34
9,000,000
9,840,330

San Jose Airport Rev., Series 2014 C, 5.00%, 3/1/27
1,295,000
1,525,199

San Jose Airport Rev., Series 2014 C, 5.00%, 3/1/28
1,500,000
1,754,670

San Jose Airport Rev., Series 2014 C, 5.00%, 3/1/30
1,750,000
2,019,325

San Jose Airport Rev., Series 2014 C, 5.00%, 3/1/31
1,000,000
1,150,730

San Jose Unified School District GO, Series 2015 C, 5.00%, 8/1/16
1,100,000
1,135,684

San Jose Unified School District GO, Series 2015 C, 5.00%, 8/1/17
900,000
966,897

San Jose Unified School District GO, Series 2015, 5.00%, 8/1/17
1,160,000
1,246,223

San Jose Unified School District GO, Series 2015, 5.00%, 8/1/18
2,100,000
2,335,200

San Jose Unified School District GO, Series 2015, 5.00%, 8/1/19
1,000,000
1,146,080

San Mateo County Transportation District Sales Tax Rev., Series 1993 A, 5.25%, 6/1/18 (NATL-RE)(2)
2,680,000
2,970,110

San Mateo Joint Powers Financing Authority Rev., (Maple Street Correctional Center), 5.00%, 6/15/17
860,000
918,858

San Mateo Joint Powers Financing Authority Rev., (Maple Street Correctional Center), 5.00%, 6/15/18
1,000,000
1,105,670

San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.875%, 9/1/32
690,000
786,786

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
1,031,490

Santa Clara County Financing Authority Lease Rev., Series 2012 A, (Capital Projects), 4.00%, 2/1/17
2,055,000
2,136,974

Santa Clara Electric Rev., Series 2011 A, 5.00%, 7/1/30
1,000,000
1,108,100

Santa Clara Valley Transportation Authority Sales Tax Rev., Series 2010 B, 5.00%, 4/1/20
4,000,000
4,660,120

Santa Fe Springs Community Development Commission Tax Allocation Rev., 5.375%, 9/1/16 (NATL-RE)
430,000
431,776

Santa Maria Joint Union High School District GO, 5.00%, 8/1/25
1,585,000
1,883,265

Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.00%, 7/1/42
600,000
675,006

Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.875%, 7/1/42
600,000
716,868

Santa Monica-Malibu Unified School District GO, Series 2015 B, (Election of 2012), 5.00%, 7/1/17
3,375,000
3,608,482

Santa Rosa Wastewater Rev., Capital Appreciation, Series 2002 B, 0.00%, 9/1/24 (Ambac)(1)
7,000,000
5,642,420

Silicon Valley Clean Water Rev., 5.00%, 8/1/40
2,340,000
2,732,324

Sonoma Community Development Agency Successor Agency Tax Allocation Rev., (Sonoma Redevelopment Project), 5.00%, 6/1/25 (NATL-RE)
1,390,000
1,698,677

Sonoma Community Development Agency Successor Agency Tax Allocation Rev., (Sonoma Redevelopment Project), 5.00%, 6/1/29 (NATL-RE)
1,100,000
1,304,578

South Orange County Public Financing Authority Rev., (Juvenile Justice Center), 4.25%, 6/1/17
2,000,000
2,104,240

South Orange County Public Financing Authority Rev., (Juvenile Justice Center), 4.50%, 6/1/18
2,700,000
2,931,255

South Placer Wastewater Authority Rev., VRN, 0.34%, 12/3/15
3,350,000
3,327,957

South San Francisco Unified School District GO, Capital Appreciation, Series 2012 C, 0.00%, 6/1/16(1)(2)
2,000,000
1,996,340

Southern California Public Power Authority Rev., Series 2008 A, (Southern Transmission), 5.00%, 7/1/22
2,875,000
3,175,409

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
2,260,960

Southern California Public Power Authority Rev., Series 2011 A, (Southern Transmission), 5.00%, 7/1/21
2,780,000
3,305,309

Southern California Public Power Authority Rev., Series 2012 A, (Southern Transmission), 4.00%, 7/1/16
2,055,000
2,100,600

Southern California Public Power Authority Rev., Series 2012 A, (Southern Transmission), 5.00%, 7/1/18
1,880,000
2,080,164

Southern California Public Power Authority Rev., Series 2013 A, (Southern Transmission), 5.00%, 7/1/18
2,000,000
2,212,940

Southern California Public Power Authority Rev., Series 2013 A, (Southern Transmission), 5.00%, 7/1/20
4,000,000
4,686,040

Stockton Public Financing Authority Rev., Series 2010 A, (Delta Water Supply Project), 6.25%, 10/1/38
1,500,000
1,829,910



Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/22 (BAM)
1,410,000
1,684,414

Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/23 (BAM)
1,435,000
1,728,960

Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/24 (BAM)
1,090,000
1,322,704

Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/25 (BAM)
2,255,000
2,706,090

Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/26 (BAM)
1,495,000
1,767,778

Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/27 (AGM)
530,000
627,017

Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/28 (AGM)
255,000
298,567

Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/42 (AGM)
865,000
971,577

Successor Agency to the Former Milpitas Redevelopment Agency Tax Allocation Rev., (Redevelopment Project Area No. 1), 5.00%, 9/1/25
2,325,000
2,868,236

Successor Agency to the Former Milpitas Redevelopment Agency Tax Allocation Rev., (Redevelopment Project Area No. 1), 5.00%, 9/1/26
4,185,000
5,108,337

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/19 (BAM)
400,000
450,208

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/20 (BAM)
260,000
298,490

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/21 (BAM)
170,000
198,113

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/22 (BAM)
250,000
295,298

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/23 (BAM)
300,000
355,566

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/24 (BAM)
250,000
296,185

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 4.50%, 9/1/25 (BAM)
90,000
102,249

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/25 (BAM)
80,000
94,050

Temecula Valley Unified School District Financing Authority Special Tax Rev., 4.00%, 9/1/17 (BAM)
415,000
437,688

Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/18 (BAM)
325,000
359,265

Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/19 (BAM)
265,000
300,998

Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/20 (BAM)
400,000
463,376

Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/21 (BAM)
515,000
608,261

Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/22 (BAM)
275,000
328,009

Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A-1, 5.00%, 6/1/37
1,750,000
1,624,000

Town of Hillsborough COP, Series 2006 A, (Water & Sewer System), VRDN, 0.01%, 12/3/15 (SBBPA: JPMorgan Chase Bank N.A.)
5,000,000
5,000,000

Tuolumne Wind Project Authority Rev., Series 2009 A, 5.625%, 1/1/29
1,000,000
1,129,430

Tustin Community Facilities District No. 06-1 Special Tax Rev., Series 2015 A, (Tustin Legacy / Columbus Villages), 5.00%, 9/1/22(5)
480,000
559,934

Tustin Community Facilities District No. 06-1 Special Tax Rev., Series 2015 A, (Tustin Legacy / Columbus Villages), 5.00%, 9/1/23(5)
725,000
852,107

Tustin Community Facilities District No. 06-1 Special Tax Rev., Series 2015 A, (Tustin Legacy / Columbus Villages), 5.00%, 9/1/28(5)
1,000,000
1,157,920

Tustin Community Facilities District No. 06-1 Special Tax Rev., Series 2015 A, (Tustin Legacy / Columbus Villages), 5.00%, 9/1/30(5)
1,000,000
1,142,900

Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.45%, 7/1/18 (AGM)
3,000,000
3,005,040

Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM)
3,750,000
3,755,100

Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM)
2,500,000
2,503,400

University of California Regents Medical Center Pooled Rev., Series 2008 D, 5.00%, 5/15/27
1,000,000
1,029,990

University of California Rev., Series 2009 O, 5.25%, 5/15/19, Prerefunded at 100% of Par(2)
1,255,000
1,435,080

University of California Rev., Series 2009 O, 5.25%, 5/15/39
6,495,000
7,299,925

University of California Rev., Series 2010 S, 5.00%, 5/15/20
1,405,000
1,557,021

University of California Rev., Series 2010 S, 5.00%, 5/15/40
1,250,000
1,371,787

University of California Rev., Series 2012 G, (Limited Project), 5.00%, 5/15/26
6,150,000
7,326,310



University of California Rev., Series 2012 G, (Limited Project), 5.00%, 5/15/42
1,640,000
1,876,160

University of California Rev., Series 2013 AF, 5.00%, 5/15/25
7,250,000
8,804,835

University of California Rev., Series 2013 AK, VRDN, 5.00%, 5/15/23
7,935,000
9,681,176

University of California Rev., Series 2015 I, 5.00%, 5/15/26
11,300,000
14,032,566

Upper Santa Clara Valley Joint Powers Authority Rev., Series 2015 A, 4.00%, 8/1/18
600,000
647,592

Upper Santa Clara Valley Joint Powers Authority Rev., Series 2015 A, 4.00%, 8/1/19
600,000
659,892

West Contra Costa Unified School District GO, Series 2014 A, 5.00%, 8/1/30
2,000,000
2,311,540

West Contra Costa Unified School District GO, Series 2014 A, 5.00%, 8/1/33
3,000,000
3,420,510

West Contra Costa Unified School District GO, Series 2014 A, 5.00%, 8/1/34
1,200,000
1,367,220

West Contra Costa Unified School District GO, Series 2014 A, 5.00%, 8/1/35
1,500,000
1,706,595

West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/18 (XLCA)
1,500,000
1,645,830

West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/19 (XLCA)
1,000,000
1,122,410

West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/20 (XLCA)
1,200,000
1,372,932

Yosemite Community College District GO, Capital Appreciation, Series 2010 D, (Election of 2004), 0.00%, 8/1/38(1)
6,000,000
2,377,740

 
 
1,491,827,994

Guam — 0.1%
 
 
Guam Government GO, Series 2009 A, 6.00%, 11/15/19
825,000
914,117

Guam Power Authority Rev., Series 2012 A, 5.00%, 10/1/19 (AGM)
1,000,000
1,136,580

 
 
2,050,697

U.S. Virgin Islands — 0.1%
 
 
Virgin Islands Public Finance Authority Rev., Series 2014 C, 5.00%, 10/1/24
1,665,000
1,888,859

TOTAL MUNICIPAL SECURITIES
(Cost $1,414,970,474)
 
1,495,767,550

TEMPORARY CASH INVESTMENTS — 1.8%
 
 
Federated California Municipal Cash Trust, Institutional Shares
(Cost $27,000,000)
27,000,000
27,000,000

TOTAL INVESTMENT SECURITIES — 99.4%
(Cost $1,441,970,474)
 
1,522,767,550

OTHER ASSETS AND LIABILITIES — 0.6%
 
9,405,849

TOTAL NET ASSETS — 100.0%
 
$
1,532,173,399


NOTES TO SCHEDULE OF INVESTMENTS
AGC
-
Assured Guaranty Corporation
AGM
-
Assured Guaranty Municipal Corporation
BAM
-
Build America Mutual Assurance Company
COP
-
Certificates of Participation
FGIC
-
Financial Guaranty Insurance Company
GA
-
Guaranty Agreement
GO
-
General Obligation
LOC
-
Letter of Credit
NATL-RE
-
National Public Finance Guarantee Corporation - Reinsured
SBBPA
-
Standby Bond Purchase Agreement
VRDN
-
Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
VRN
-
Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.
XLCA
-
XL Capital Ltd.
(1)
Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(2)
Escrowed to maturity in U.S. government securities or state and local government securities.
(3)
Restricted security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold without restriction to qualified institutional investors and have been deemed liquid under policies approved by the Board of Trustees. The aggregate value of these securities at the period end was $3,583,571, which represented 0.2% of total net assets.
(4)
Coupon rate adjusts periodically based upon a predetermined schedule. Interest reset date is indicated. Rate shown is effective at the period end.
(5)
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.
 
Open-end management investment companies are valued at the reported net asset value per share. 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.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

 
Level 1 ($)
Level 2 ($)
Level 3 ($)
Assets
 
 
 
Investment Securities
 
 
 
Municipal Securities
—

1,495,767,550

—

Temporary Cash Investments
27,000,000

—

—

 
27,000,000

1,495,767,550

—






3. Federal Tax Information

As of November 30, 2015, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments
$
1,441,970,474
 
Gross tax appreciation of investments
$
81,263,732
 
Gross tax depreciation of investments
 
(466,656)
 
Net tax appreciation (depreciation) of investments
$
80,797,076
 


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
November 30, 2015








    

California Long-Term Tax-Free - Schedule of Investments
 
NOVEMBER 30, 2015 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 98.2%
 
 
California — 97.2%
 
 
ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp HealthCare), 6.25%, 8/1/39
1,200,000
1,392,936

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2011 A, (Sharp HealthCare), 6.00%, 8/1/30
1,000,000
1,209,770

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2014 A, (Sharp HealthCare), 5.00%, 8/1/43
500,000
560,035

Alameda Corridor Transportation Authority Rev., Capital Appreciation, Series 1999 A, 0.00%, 10/1/32 (NATL-RE)(1)
1,000,000
516,320

Alameda Corridor Transportation Authority Rev., Capital Appreciation, Series 1999 A, (Senior Lien), 0.00%, 10/1/35 (NATL-RE)(1)
3,750,000
1,687,912

Alum Rock Union Elementary School District GO, Series 2013 A, (Election of 2012), 6.00%, 8/1/39
1,000,000
1,227,180

Anaheim Public Financing Authority Rev., (Electric System Distribution), 5.25%, 10/1/39
2,500,000
2,779,100

Anaheim Public Financing Authority Rev., Series 2011 A, (Electric System Distribution Facilities), 5.375%, 10/1/36
300,000
352,200

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/34
550,000
628,655

Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/46
2,200,000
2,476,078

Bay Area Toll Authority Toll Bridge Rev., Series 2001 A, (San Francisco Bay Area), VRDN, 1.26%, 12/3/15
500,000
495,030

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
3,048,390

Bay Area Toll Authority Toll Bridge Rev., Series 2007 A-1, (San Francisco Bay Area), VRDN, 0.71%, 12/3/15
550,000
550,467

Bay Area Toll Authority Toll Bridge Rev., Series 2008 G-1, (San Francisco Bay Area), VRDN, 1.11%, 12/3/15
1,250,000
1,236,200

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
1,708,650

Bay Area Toll Authority Toll Bridge Rev., Series 2013 S-4, (San Francisco Bay Area), 5.00%, 4/1/43
2,655,000
2,985,494

Bay Area Toll Authority Toll Bridge Rev., Series 2014 S-6, (San Francisco Bay Area), 5.00%, 10/1/54
3,000,000
3,341,550

Brea Redevelopment Agency Tax Allocation Rev., 4.00%, 8/1/16
1,245,000
1,275,602

California Department of Water Resources Power Supply Rev., Series 2005 G-4, 5.00%, 5/1/16
1,450,000
1,479,333

California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/21
715,000
785,570

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/18
2,000,000
2,202,580

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/22
485,000
560,020

California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/16(2)
1,700,000
1,747,107

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/25
285,000
345,252

California Educational Facilities Authority Rev., (Harvey Mudd College), 5.25%, 12/1/41
2,000,000
2,304,980

California Educational Facilities Authority Rev., (Santa Clara University), 5.625%, 4/1/18, Prerefunded at 100% of
Par(2)
4,675,000
5,189,671

California Educational Facilities Authority Rev., (Santa Clara University), 5.625%, 4/1/37
325,000
356,583

California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/33
500,000
570,940

California Educational Facilities Authority Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39
2,000,000
2,213,180

California Educational Facilities Authority Rev., Series 2015 A, (Claremont McKenna College), 5.00%, 1/1/32(3)
750,000
896,175

California GO, 5.00%, 2/1/27
3,000,000
3,575,220

California GO, 5.00%, 2/1/28
1,000,000
1,184,440

California GO, 5.00%, 3/1/28
2,000,000
2,411,000

California GO, 5.25%, 9/1/32
2,000,000
2,326,680

California GO, 6.50%, 4/1/33
5,000,000
5,927,200

California GO, 5.00%, 4/1/38
2,500,000
2,720,575

California GO, 6.00%, 4/1/38
2,500,000
2,914,475

California GO, 6.00%, 11/1/39
5,000,000
5,956,400



California GO, 5.50%, 3/1/40
3,000,000
3,471,060

California GO, 5.00%, 10/1/41
2,000,000
2,257,140

California GO, 5.00%, 8/1/45
1,000,000
1,149,540

California GO, Series 2012 B, VRN, 0.91%, 12/3/15
2,000,000
2,016,600

California GO, Series 2012 B, VRN, 1.01%, 12/3/15
800,000
808,072

California GO, Series 2012 B, VRN, 1.16%, 12/3/15
960,000
976,666

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/21
1,000,000
1,190,060

California Health Facilities Financing Authority Rev., Series 2007 A, (Sutter Health), 5.25%, 11/15/46
1,500,000
1,549,335

California Health Facilities Financing Authority Rev., Series 2008 A, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17
150,000
151,497

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
1,156,600

California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39
3,400,000
3,879,706

California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38
4,500,000
5,317,470

California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.75%, 7/1/39
1,000,000
1,138,060

California Health Facilities Financing Authority Rev., Series 2009 B, (Providence Health & Services), 5.50%, 10/1/39
1,000,000
1,136,530

California Health Facilities Financing Authority Rev., Series 2009 C, (St. Joseph Health System), VRDN, 5.00%, 10/18/22
800,000
964,712

California Health Facilities Financing Authority Rev., Series 2010 A, (Scripps Memorial Hospital), 5.00%, 11/15/19
1,000,000
1,144,800

California Health Facilities Financing Authority Rev., Series 2011 B, (Sutter Health), 6.00%, 8/15/42
1,500,000
1,795,875

California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.25%, 8/15/31
1,000,000
1,164,490

California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51
500,000
544,470

California Health Facilities Financing Authority Rev., Series 2013 A, (St. Joseph Health System), 5.00%, 7/1/37
180,000
205,702

California Health Facilities Financing Authority Rev., Series 2013 A, (Sutter Health), 5.00%, 8/15/52
1,500,000
1,650,780

California Health Facilities Financing Authority Rev., Series 2014 A, (Lucile Salter Packard Children's Hospital), 5.00%, 8/15/43
1,000,000
1,125,290

California Health Facilities Financing Authority Rev., Series 2015, (Cedars-Sinai Medical Center), 5.00%, 11/15/32
400,000
472,200

California Health Facilities Financing Authority Rev., Series 2015 A, (Sutter Health), 5.00%, 8/15/43
720,000
820,937

California Infrastructure & Economic Development Bank Rev., (Academy Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/41
740,000
838,598

California Infrastructure & Economic Development Bank Rev., Series 2013 A, (Los Angeles County Museum of Art Project), VRDN, 1.90%, 12/3/15
1,000,000
1,026,950

California Infrastructure & Economic Development Bank Rev., Series 2015 A, (The Colburn School), VRDN, 1.01%, 12/3/15
935,000
933,065

California Municipal Finance Authority Rev., Series 2010 A, (University of La Verne), 6.25%, 6/1/40
1,000,000
1,143,140

California Municipal Finance Authority Rev., Series 2011 B, (Azusa Pacific University), 8.00%, 4/1/21, Prerefunded at 100% of Par(2)
665,000
887,788

California Municipal Finance Authority Rev., Series 2011, (Emerson College), 6.00%, 1/1/42
2,000,000
2,390,380

California Municipal Finance Authority Rev., Series 2014 A, (Touro College and University System), 5.25%, 1/1/34
300,000
326,883

California Municipal Finance Authority Rev., Series 2014 A, (Touro College and University System), 5.25%, 1/1/40
1,000,000
1,074,570

California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/40
1,420,000
1,544,506

California Municipal Finance Authority Rev., Series 2015 B, (Azusa Pacific University), 5.00%, 4/1/41
500,000
535,470

California Pollution Control Financing Authority Rev., 5.00%, 11/21/45(4)
1,000,000
1,027,280

California Pollution Control Financing Authority Rev., Series 1996 E, (Pacific Gas & Electric Co.), VRDN, 0.01%, 12/1/15 (LOC: Sumitomo Mitsui Banking)
7,200,000
7,200,000

California Pollution Control Financing Authority Rev., Series 1996 F, (Pacific Gas & Electric Co.), VRDN, 0.01%, 12/1/15 (LOC: JPMorgan Chase Bank N.A.)
1,000,000
1,000,000

California Public Works Board Lease Rev., Series 2009 G-1, (Various Capital Projects), 5.75%, 10/1/30
2,000,000
2,329,900

California Public Works Board Lease Rev., Series 2009 H, (Department of Correction and Rehabilitation), 5.75%, 11/1/29
1,685,000
1,968,484

California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.25%, 12/1/26
1,000,000
1,210,820

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25
1,700,000
2,032,231



California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37
2,170,000
2,446,675

California Public Works Board Lease Rev., Series 2012 D, (California State University Projects), 5.00%, 9/1/36
500,000
569,210

California Public Works Board Lease Rev., Series 2013 H, (California State University Projects), 5.00%, 9/1/38
1,865,000
2,110,192

California Public Works Board Lease Rev., Series 2013 I, (Various Capital Projects), 5.00%, 11/1/38
1,500,000
1,716,855

California State University Rev., Series 2015 A, 5.00%, 11/1/19
1,000,000
1,152,230

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.25%, 11/1/30
1,000,000
1,133,960

California Statewide Communities Development Authority Rev., (Trinity Health Corp.), 5.00%, 12/1/41
500,000
553,980

California Statewide Communities Development Authority Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31
3,000,000
3,085,020

California Statewide Communities Development Authority Rev., Series 2008 C, (John Muir Health), VRDN, 0.01%, 12/1/15 (LOC: Wells Fargo Bank N.A.)
600,000
600,000

California Statewide Communities Development Authority Rev., Series 2012 A, (Kaiser Permanente), 5.00%, 4/1/42
2,780,000
3,103,648

California Statewide Communities Development Authority Rev., Series 2014 A, (Henry Mayo Newhall Memorial Hospital), 5.25%, 10/1/43 (AGM)
750,000
843,817

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/34
500,000
561,300

California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/44
1,300,000
1,446,042

California Statewide Communities Development Authority Rev., Series 2015 A, (Adventist Health System/West), 5.00%, 3/1/35
715,000
806,363

California Statewide Communities Development Authority Rev., Series 2015, (American Baptist Homes of the West), 5.00%, 10/1/45
600,000
648,108

California University Systemwide Rev., Series 2009 A, 5.25%, 11/1/34
2,230,000
2,512,519

Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Project Area No. 1), 5.00%, 10/1/19 (AGM)
485,000
546,876

Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Project Area No. 1), 5.00%, 10/1/20 (AGM)
785,000
902,491

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/17
365,000
384,013

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/18
375,000
402,690

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/19
600,000
656,154

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 15-1), 5.00%, 9/2/26
1,000,000
1,202,340

City of Riverside Rev., Series 2015 A, (Sewer), 5.00%, 8/1/40
500,000
568,080

City of Tulare Sewer Rev., 5.00%, 11/15/23 (AGM)
675,000
822,062

Del Mar Race Track Authority Rev., 5.00%, 10/1/35(4)
660,000
713,909

East Side Union High School District GO, 5.00%, 8/1/23
265,000
323,687

East Side Union High School District GO, 5.00%, 8/1/24
150,000
185,102

Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 4.00%, 7/1/16
400,000
408,804

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%,
1/15/24(5)
700,000
544,068

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 A, 6.00%, 1/15/49
3,250,000
3,820,115

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%,
1/15/42(1)
1,250,000
356,413

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 A, 5.75%, 1/15/46
1,000,000
1,161,720

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-3, VRDN, 5.50%, 1/15/23
1,000,000
1,154,030

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 C, 6.50%, 1/15/43
500,000
592,240

Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2015 A, 0.00%,
1/15/33(1)
600,000
267,870

Golden State Tobacco Securitization Corp. Settlement Rev., Capital Appreciation, Series 2005 A, 0.00%, 6/1/25 (AGM)(1)
1,000,000
774,860

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 4.50%, 6/1/27
445,000
439,144

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.00%, 6/1/33
750,000
684,195

Grossmont Healthcare District GO, Series 2011 B, (Election of 2006), 6.00%, 7/15/21, Prerefunded at 100% of Par(2)
1,000,000
1,252,470

Grossmont Union High School District GO, Series 2013 E, (Election of 2008), 5.00%, 8/1/43
1,000,000
1,121,510

Hayward Area Recreation and Park District COP, 5.125%, 1/1/39
1,000,000
1,116,540



Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.25%, 9/1/37
555,000
625,335

Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/44
590,000
643,212

Irvine Community Facilities District No. 2013-3 Special Tax Rev., (Great Park Improvement Area No. 1), 5.00%, 9/1/49
1,000,000
1,071,650

La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/29
635,000
692,969

Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.00%, 11/15/35
330,000
379,513

Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.50%, 11/15/37
695,000
845,231

Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/40
1,250,000
1,369,262

Los Alamitos Unified School District COP, Capital Appreciation, (Capital Projects), 0.00%, 8/1/42(5)
1,100,000
842,776

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
1,528,312

Los Angeles Community College District GO, Series 2015 C, 5.00%, 6/1/26
295,000
374,069

Los Angeles County Regional Financing Authority Rev., Series 2014 B-1, (MonteCedro, Inc.), 3.00%, 11/15/21 (California Mortgage Insurance)
355,000
355,721

Los Angeles County Regional Financing Authority Rev., Series 2014 B-2, (MonteCedro, Inc.), 3.00%, 11/15/20 (California Mortgage Insurance)
275,000
275,567

Los Angeles County Regional Financing Authority Rev., Series 2014 B-3, (MonteCedro, Inc.), 2.50%, 11/15/20 (California Mortgage Insurance)
625,000
626,025

Los Angeles County Sanitation Districts Financing Authority Rev., Series 2015 A, (Capital Projects), 5.00%, 10/1/35
1,500,000
1,739,970

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
2,345,950

Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40
1,000,000
1,131,440

Los Angeles Department of Airports Rev., Series 2010 B, (Los Angeles International Airport), 5.00%, 5/15/40
2,000,000
2,259,220

Los Angeles Department of Water & Power System Rev., Series 2008 A-1, 5.25%, 7/1/38
4,000,000
4,386,040

Los Angeles Department of Water & Power System Rev., Series 2011 A, 5.00%, 7/1/19
1,000,000
1,139,790

Los Angeles Harbor Department Rev., Series 2009 A, 5.00%, 8/1/27
500,000
565,045

Los Angeles Harbor Department Rev., Series 2011 B, 5.00%, 8/1/24
525,000
626,157

Los Angeles Unified School District COP, Series 2010 A, (Multiple Properties), 5.00%, 12/1/15
1,000,000
1,000,140

Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/30
3,000,000
3,419,940

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
2,055,300

Los Angeles Unified School District GO, Series 2007 H, (Election of 2004), 5.00%, 7/1/32 (AGM)
1,020,000
1,081,210

Los Angeles Unified School District GO, Series 2009 I, (Election of 2004), 5.00%, 7/1/29
2,000,000
2,259,200

Los Angeles Unified School District GO, Series 2010 KRY, 5.25%, 7/1/26
1,000,000
1,162,460

Los Angeles Unified School District GO, Series 2011 A-1, 4.00%, 7/1/17
1,000,000
1,053,750

Los Angeles Unified School District GO, Series 2011 A-1, 5.00%, 7/1/18
1,280,000
1,416,282

Los Angeles Unified School District GO, Series 2014 B, 5.00%, 7/1/18
2,000,000
2,212,940

Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/30
690,000
817,264

M-S-R Energy Authority Rev., Series 2009 A, 7.00%, 11/1/34 (GA: Citigroup, Inc.)
1,000,000
1,418,780

M-S-R Energy Authority Rev., Series 2009 B, 7.00%, 11/1/34 (GA: Citigroup, Inc.)
880,000
1,248,526

M-S-R Energy Authority Rev., Series 2009 B, 6.50%, 11/1/39 (GA: Citigroup, Inc.)
425,000
574,753

Manhattan Beach Unified School District GO, Capital Appreciation, Series 2009 A, (Election of 2008), 0.00%, 9/1/29(1)
5,905,000
3,817,701

Modesto Irrigation District COP, Series 2009 A, 5.75%, 10/1/34
2,500,000
2,817,675

Mount San Antonio Community College District GO, Series 2013 A, (Election of 2008), 5.00%, 8/1/34
1,000,000
1,162,090

New Haven Unified School District GO, 12.00%, 8/1/18 (AGM)
880,000
1,134,822

New Haven Unified School District GO, Series 2015 A, (Election 2014), 5.00%, 8/1/45
1,500,000
1,716,255

Newport Beach Rev., Series 2011 A, (Hoag Memorial Hospital Presbyterian), 6.00%, 12/1/21, Prerefunded at 100% of Par(2)
1,000,000
1,260,720

North Lake Tahoe Public Financing Authority Rev., 5.00%, 12/1/21
500,000
597,055

Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32
1,000,000
1,156,600

Oakland Unified School District Alameda County GO, Series 2013, (Election of 2012), 6.625%, 8/1/38
460,000
563,863

Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/40
450,000
499,486



Ontario Public Financing Authority Rev., 5.00%, 7/1/43
1,000,000
1,130,430

Orange County District Special Tax Rev., Series 2015 A, (Communities Facilities District No. 2015-1, Village of Esencia), 5.00%, 8/15/35
1,000,000
1,081,330

Orange County Sanitation District Rev., Series 2014 B, 4.00%, 11/15/16
2,000,000
2,065,720

Orange County Transportation Authority Rev., (Senior Lien), 5.00%, 8/15/25
1,000,000
1,199,390

Oxnard Financing Authority Rev., 5.00%, 6/1/32 (AGM)
1,500,000
1,693,650

Oxnard Financing Authority Wastewater Rev., 5.00%, 6/1/33 (AGM)
1,000,000
1,118,850

Oxnard School District GO, Series 2015 D, (Election of 2012), 3.00%, 8/1/20 (AGM)(5)
700,000
720,573

Palomar Pomerado Health Care District COP, 6.75%, 11/1/39
500,000
553,320

Palomar Pomerado Health Care District COP, 6.00%, 11/1/41
750,000
797,077

Palomar Pomerado Health GO, Capital Appreciation, Series 2009 A, (Election of 2004), 0.00%, 8/1/19 (AGC)(5)
1,670,000
1,807,324

Palos Verdes Peninsula Unified School District GO, Series 2009 R, (Election of 2005), 0.00%, 8/1/33(1)
2,600,000
1,418,196

Paramount Unified School District GO, Capital Appreciation, (Election of 2006), 0.00%, 8/1/51 (BAM)(1)
7,500,000
792,600

Pomona Unified School District GO, Series 2000 A, 6.55%, 8/1/29 (NATL-RE)
1,000,000
1,316,950

Pomona Unified School District GO, Series 2001 A, 6.15%, 8/1/30 (NATL-RE)
855,000
1,031,600

Porterville Public Financing Authority Sewer Rev., 5.625%, 10/1/36
1,500,000
1,783,275

Poway Unified School District GO, Capital Appreciation, (School Facilities Improvement), 0.00%, 8/1/41(1)
2,110,000
723,224

Poway Unified School District Public Financing Authority Rev., 7.875%, 9/15/39
1,010,000
1,193,628

Riverside County Asset Leasing Corp. Rev., Series 2013 A, (Public Defender and Probation Building), 5.00%, 11/1/43
1,000,000
1,114,650

Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.50%, 10/1/40
625,000
732,356

Sacramento County Airport System Rev., Series 2009 D, (Grant Revenue Bonds), 5.625%, 7/1/29
1,000,000
1,105,580

Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 B, VRN, 0.75%, 12/1/15 (NATL-RE/FGIC)
1,500,000
1,371,540

Sacramento Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2015 A, 5.00%, 12/1/34 (BAM)
385,000
434,426

Saddleback Valley Unified School District Public Financing Authority Special Tax Rev., Series 1997 A, 6.00%, 9/1/16 (AGM)
1,000,000
1,039,810

San Bernardino Community College District GO, Capital Appreciation, Series 2009 B, (Election of 2008), 0.00%, 8/1/19(5)
7,400,000
7,678,092

San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41
1,350,000
1,643,760

San Diego Community College District GO, (Election of 2002), 5.00%, 8/1/25
500,000
608,600

San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25
275,000
330,949

San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/26
175,000
207,776

San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30
225,000
259,909

San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/40
1,500,000
1,689,585

San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/43
1,000,000
1,118,930

San Diego County Water Authority Rev., Series 2011 S-1, (Subordinate Lien), 5.00%, 7/1/16
1,665,000
1,705,143

San Diego Public Facilities Financing Authority Lease Rev., Series 2015 A, (Capital Improvement Projects), 5.00%, 10/15/44
1,300,000
1,460,420

San Diego Public Facilities Financing Authority Sewer Rev., Series 2009 A, 5.25%, 5/15/34
2,000,000
2,261,560

San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/30
2,000,000
2,333,400

San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/24
500,000
596,510

San Diego Unified School District GO, Capital Appreciation, Series 2010 C, (Election of 2008), 0.00%, 7/1/44(1)
2,880,000
856,541

San Diego Unified School District GO, Capital Appreciation, Series 2012 E, (Election of 2008), 0.00%, 7/1/49(1)
1,000,000
237,610

San Francisco City and County Airports Commission Rev., Series 2009 E, (San Francisco International Airport), 5.25%, 5/1/23
3,000,000
3,396,240

San Francisco City and County Airports Commission Rev., Series 2010 F, (San Francisco International Airport), 5.00%, 5/1/40
2,150,000
2,395,379

San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29
1,170,000
1,303,977

San Francisco City and County Public Utilities Commission Rev., Series 2011 A, 5.00%, 11/1/41
1,000,000
1,145,740



San Francisco City and County Public Utilities Commission Rev., Series 2015 A, 5.00%, 11/1/45
1,000,000
1,140,990

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
606,505

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
451,856

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
549,365

San Joaquin Hills Transportation Corridor Agency Rev., (Senior Lien), 5.00%, 1/15/34
1,000,000
1,093,370

San Joaquin Hills Transportation Corridor Agency Rev., (Senior Lien), 5.00%, 1/15/44
1,000,000
1,081,340

San Joaquin Hills Transportation Corridor Agency Rev., Series 2014 B, (Junior Lien), 5.25%, 1/15/44
1,000,000
1,080,440

San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.875%, 9/1/32
685,000
781,085

San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.50%, 9/1/44
750,000
824,325

Santa Clara Electric Rev., Series 2011 A, 5.00%, 7/1/30
500,000
554,050

Santa Cruz County Redevelopment Successor Agency Tax Allocation Rev., Series 2015 A, 5.00%, 9/1/35 (AGM)
1,500,000
1,715,130

Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.00%, 7/1/42
400,000
450,004

Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.875%, 7/1/42
400,000
477,912

Santa Rosa Wastewater Rev., Capital Appreciation, Series 2002 B, 0.00%, 9/1/24 (Ambac)(1)
2,000,000
1,612,120

Silicon Valley Clean Water Rev., 5.00%, 8/1/45
1,205,000
1,399,342

Sonoma Community Development Agency Successor Agency Tax Allocation Rev., (Sonoma Redevelopment Project), 5.00%, 6/1/33 (NATL-RE)
1,325,000
1,538,895

South Placer Wastewater Authority Rev., VRN, 0.34%, 12/3/15
1,650,000
1,639,143

Southern California Public Power Authority Rev., Series 2013 A, (Southern Transmission), 5.00%, 7/1/17
1,050,000
1,122,985

Stockton Public Financing Authority Rev., Series 2010 A, (Delta Water Supply Project), 6.25%, 10/1/40
750,000
914,955

Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/27 (BAM)
1,000,000
1,173,080

Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/42 (AGM)
430,000
482,980

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
1,371,511

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/19 (BAM)
110,000
123,807

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/20 (BAM)
70,000
80,363

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/21 (BAM)
250,000
291,343

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/22 (BAM)
200,000
236,238

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/23 (BAM)
200,000
237,044

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/24 (BAM)
65,000
77,008

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 4.50%, 9/1/25 (BAM)
25,000
28,403

Successor Agency to the Richmond County Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/25 (BAM)
25,000
29,391

Susanville Public Financing Authority Rev., Series 2010 B, (Utility Enterprises), 6.00%, 6/1/45
1,000,000
1,110,350

Taft Public Financing Authority Lease Rev., Series 1997 A, (Community Correctional Facility Acquisition), 6.05%, 1/1/17
745,000
747,928

Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A-1, 5.00%, 6/1/37
500,000
464,000

Tuolumne Wind Project Authority Rev., Series 2009 A, 5.625%, 1/1/29
1,200,000
1,355,316

Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.00%, 9/1/40
2,000,000
2,305,600

University of California Rev., Series 2013 AF, 5.00%, 5/15/25
1,000,000
1,214,460

University of California Rev., Series 2013 AK, VRDN, 5.00%, 5/15/23
2,000,000
2,440,120

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
3,361,590



Yosemite Community College District GO, Capital Appreciation, Series 2010 D, (Election of 2004), 0.00%, 8/1/38(1)
3,000,000
1,188,870

 
 
333,466,809

Guam — 1.0%
 
 
Guam Government GO, Series 2009 A, 6.75%, 11/15/19, Prerefunded at 100% of Par(2)
900,000
1,096,335

Guam Power Authority Rev., Series 2010 A, 5.50%, 10/1/40
2,150,000
2,366,806

 
 
3,463,141

TOTAL MUNICIPAL SECURITIES
(Cost $303,056,000)
 
336,929,950

TEMPORARY CASH INVESTMENTS — 1.2%
 
 
Federated California Municipal Cash Trust, Institutional Shares
(Cost $4,000,000)
4,000,000
4,000,000

TOTAL INVESTMENT SECURITIES — 99.4%
(Cost $307,056,000)
 
340,929,950

OTHER ASSETS AND LIABILITIES — 0.6%
 
2,191,996

TOTAL NET ASSETS — 100.0%
 
$
343,121,946


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)
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 $1,741,189, which represented 0.5% 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.





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.
 
Open-end management investment companies are valued at the reported net asset value per share. 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.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

 
Level 1 ($)
Level 2 ($)
Level 3 ($)
Assets
 
 
 
Investment Securities
 
 
 
Municipal Securities
—

336,929,950

—

Temporary Cash Investments
4,000,000

—

—

 
4,000,000

336,929,950

—






3. Federal Tax Information

As of November 30, 2015, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments
$
307,056,000
 
Gross tax appreciation of investments
$
33,950,578
 
Gross tax depreciation of investments
 
(76,628)
 
Net tax appreciation (depreciation) of investments
$
33,873,950
 


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
November 30, 2015








    

California Tax-Free Money Market - Schedule of Investments
 
NOVEMBER 30, 2015 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 97.1%
 
 
California — 97.1%
 
 
California GO, Series 2004 B-2, (Kindergarten), VRDN, 0.01%, 12/1/15 (LOC: Citibank N.A.)
2,500,000
2,500,000

California Health Facilities Financing Authority Rev., Series 1988 B, (Catholic Healthcare), VRDN, 0.10%, 12/2/15 (NATL-RE)(LOC: JPMorgan Chase Bank N.A.)
1,700,000
1,700,000

California Health Facilities Financing Authority Rev., Series 2011 B, (Sutter Health), 5.00%, 8/15/16
1,000,000
1,033,059

California Infrastructure & Economic Development Bank Rev., (Bay Area Toll Bridges), VRDN, 0.04%, 12/3/15 (LOC: MUFG Union Bank N.A.)
2,030,000
2,030,000

California Infrastructure & Economic Development Bank Rev., (Catalina Museum Project), VRDN, 0.04%, 12/3/15 (LOC: Bank of the West)
1,000,000
1,000,000

California Infrastructure & Economic Development Bank Rev., (Columbia College), VRDN, 0.06%, 12/3/15 (LOC: Rabobank Nederland N.V.)
3,205,000
3,205,000

California Infrastructure & Economic Development Bank Rev., (Goodwill Industries of Orange County), VRDN, 0.07%, 12/3/15 (LOC: Wells Fargo Bank N.A.)
2,425,000
2,425,000

California Infrastructure & Economic Development Bank Rev., (Kennfoods USA), VRDN, 0.03%, 12/3/15 (LOC: Bank of the West)
1,000,000
1,000,000

California Infrastructure & Economic Development Bank Rev., (SRI International), VRDN, 0.02%, 12/3/15 (LOC: Wells Fargo Bank N.A.)
6,200,000
6,200,000

California Infrastructure & Economic Development Bank Rev., Series 2008 A, (iWorks, Inc.), VRDN, 0.02%, 12/3/15 (LOC: City National Bank and FHLB)
1,335,000
1,335,000

California Municipal Finance Authority Rev., Series 2008 A, (Central Coast YMCA), VRDN, 0.05%, 12/3/15 (LOC: Pacific Capital Bank N.A. and FHLB)
5,080,000
5,080,000

California Municipal Finance Authority Rev., Series 2010 A, (Southwest Community Health Center), VRDN, 0.05%, 12/3/15 (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, 0.04%, 12/3/15 (LOC: MUFG Union Bank N.A.)
2,000,000
2,000,000

California Pollution Control Financing Authority Rev., (Musco Family Olive), VRDN, 0.05%, 12/3/15 (LOC: Bank of the West)
3,200,000
3,200,000

California Pollution Control Financing Authority Rev., Series 1996 E, (Pacific Gas & Electric Co.), VRDN, 0.01%, 12/1/15 (LOC: Sumitomo Mitsui Banking)
1,500,000
1,500,000

California Pollution Control Financing Authority Rev., Series 2010 A, (Alameda Country Industries), VRDN, 0.03%, 12/2/15 (LOC: Bank of the West)
2,460,000
2,460,000

California State Enterprise Development Authority Rev., (Community Hospice, Inc.), VRDN, 0.01%, 12/3/15 (LOC: Bank of Stockton and FHLB)
3,545,000
3,545,000

California State Enterprise Development Authority Rev., (Humane Society Silicon Valley), VRDN, 0.01%, 12/3/15 (LOC: First Republic Bank and FHLB)
6,395,000
6,395,000

California State Enterprise Development Authority Rev., (LBM Partnership LP), VRDN, 0.02%, 12/3/15 (LOC: Wells Fargo Bank N.A.)
2,750,000
2,750,000

California State University PUTTERs Rev., Series 2008-2646Z, VRDN, 0.09%, 12/3/15 (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, 0.11%, 12/3/15 (LOC: Wells Fargo Bank N.A.)
2,200,000
2,200,000

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 87-8), VRDN, 0.01%, 12/1/15 (LOC: State Street Bank & Trust Co.)
1,000,000
1,000,000

City of Los Angeles GO, 2.00%, 6/30/16
5,000,000
5,048,605

City of Oakland GO, Series 2015 A, 2.00%, 1/15/16
1,865,000
1,869,093

City of Oroville Rev., Series 2012 A, (Oroville Hospital), VRDN, 0.04%, 12/3/15 (LOC: Comerica Bank)
6,135,000
6,135,000

City of Reedley COP, (Mennonite Brethren Homes), VRDN, 0.02%, 12/3/15 (LOC: Bank of the Sierra and FHLB)
7,000,000
7,000,000

City of Riverside Water Rev., Series 2011 A, VRN, 0.05%, 12/3/15
10,560,000
10,560,000

Contra Costa County Public Financing Authority Rev., Series 2015 B, (Capital Projects), 3.00%, 6/1/16
1,000,000
1,013,194

County of Los Angeles Rev., 5.00%, 6/30/16
3,500,000
3,595,200



County of Riverside Rev., Series 2015 D, 2.00%, 10/12/16
5,000,000
5,073,140

County of San Bernardino Rev., Series 2004 A, (WLP Parkview Place Apartments), VRDN, 0.03%, 12/3/15 (LOC: FNMA)
3,420,000
3,420,000

County of Yolo Rev., (Beckett Hall, Inc.), VRDN, 0.08%, 12/3/15 (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, 0.05%, 12/3/15
4,000,000
4,000,000

Eastern Municipal Water District Water & Sewer Rev., Series 2015 A, VRDN, 0.06%, 12/3/15
5,175,000
5,175,000

Hesperia Public Financing Authority Rev., Series 1998 B, (Water & Administration Facilities), VRDN, 0.08%, 12/2/15 (LOC: Bank of the West)
710,000
710,000

Irvine Ranch Water District Rev., Series 2011 A-1, VRN, 0.04%, 12/3/15
1,945,000
1,945,000

Irvine Ranch Water District Rev., Series 2011 A-2, VRN, 0.04%, 12/3/15
4,850,000
4,850,000

JP Morgan Chase PUTTERs/DRIVERs Trust, Series 2011-4005Z, VRDN, 0.09%, 12/3/15 (AGM)(LIQ FAC: JPMorgan Chase Bank N.A.)(1)
6,590,000
6,590,000

Metropolitan Water District of Southern California Rev., Series 2009 A-2, VRN, 0.06%, 12/3/15
3,250,000
3,250,000

Metropolitan Water District of Southern California Rev., Series 2011 A-1, VRN, 0.21%, 12/3/15
3,500,000
3,500,000

Metropolitan Water District of Southern California Rev., Series 2011 A-3, VRN, 0.21%, 12/3/15
2,500,000
2,500,000

Metropolitan Water District of Southern California Rev., Series 2015 E, VRN, 0.08%, 12/3/15
7,000,000
7,000,000

Monterey Peninsula Water Management District COP, (Wastewater Reclamation), VRDN, 0.03%, 12/3/15 (LOC: Wells Fargo Bank N.A.)
2,700,000
2,700,000

Pittsburg Public Financing Authority Rev., VRDN, 0.02%, 12/3/15 (LOC: Bank of the West)
3,395,000
3,395,000

Santa Clara County Housing Authority Rev., Series 2003 A, VRDN, 0.04%, 12/3/15 (LOC: Citibank N.A.)
1,230,000
1,230,000

State of California Puttable Floating Options Rev., VRDN, 0.08%, 12/3/15 (AGM)(LIQ FAC: Bank of America N.A.)(1)
3,480,000
3,480,000

State of California Puttable Floating Options Rev., VRDN, 0.14%, 12/3/15 (LIQ FAC: Bank of America N.A.)(1)
5,000,000
5,000,000

Town of Apple Valley COP, (Public Facilities Financing), VRDN, 0.04%, 12/3/15 (LOC: MUFG Union Bank N.A.)
1,480,000
1,480,000

Town of Hillsborough COP, Series 2003 A, (Water & Sewer System), VRDN, 0.01%, 12/3/15 (SBBPA: JPMorgan Chase Bank N.A.)
2,790,000
2,790,000

Town of Hillsborough COP, Series 2006 A, (Water & Sewer System), VRDN, 0.01%, 12/3/15 (SBBPA: JPMorgan Chase Bank N.A.)
2,075,000
2,075,000

Victorville Joint Powers Finance Authority Lease Rev., Series 2007 A, (Cogeneration Facility), VRDN, 0.86%, 12/3/15 (LOC: BNP Paribas)
12,475,000
12,475,000

TOTAL MUNICIPAL SECURITIES
 
184,287,291

TEMPORARY CASH INVESTMENTS — 2.2%
 
 
Federated California Municipal Cash Trust, Institutional Shares
4,100,000
4,100,000

TOTAL INVESTMENT SECURITIES — 99.3%
 
188,387,291

OTHER ASSETS AND LIABILITIES — 0.7%
 
1,298,504

TOTAL NET ASSETS — 100.0%
 
$
189,685,795

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 $18,660,000, which represented 9.8% of total net assets.




SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

The fund determines the fair value of its investments and computes its net asset value (NAV) 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. Open-end management investment companies are valued at the reported NAV per share. If the fund determines that the valuation methods 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.

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.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

 
Level 1 ($)
Level 2 ($)
Level 3 ($)
Assets
 
 
 
Investment Securities
 
 
 
Municipal Securities
—

184,287,291

—

Temporary Cash Investments
4,100,000

—

—

 
4,100,000

184,287,291

—



3. Federal Tax Information

As of November 30, 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
$
188,387,291
 




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:
January 28, 2016
 

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:
January 28, 2016
 

By:
/s/ C. Jean Wade
 
 
Name:
C. Jean Wade
 
 
Title:
Vice President, Treasurer, and
 
 
 
Chief Financial Officer
 
 
 
(principal financial officer)
 
 
 
 
Date:
January 28, 2016