Investment Company Act file number | 811-03706 | |||||
AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS | ||||||
(Exact name of registrant as specified in charter) | ||||||
4500 MAIN STREET, KANSAS CITY, MISSOURI | 64111 | |||||
(Address of principal executive offices) | (Zip Code) | |||||
CHARLES A. ETHERINGTON 4500 MAIN STREET, KANSAS CITY, MISSOURI 64111 | ||||||
(Name and address of agent for service) | ||||||
Registrant’s telephone number, including area code: | 816-531-5575 | |||||
Date of fiscal year end: | 08-31 | |||||
Date of reporting period: | 02-29-2016 |
SEMIANNUAL REPORT | FEBRUARY 29, 2016 |
Table of Contents |
President’s Letter |
![]() | Dear Investor: Thank you for reviewing this semiannual report for the six months ended February 29, 2016. It provides a macroeconomic and financial market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, key factors that affected asset returns, and other insights regarding the investment markets, we encourage you to visit our website, americancentury.com. |
Jonathan Thomas |
Fund Characteristics |
FEBRUARY 29, 2016 | |
Portfolio at a Glance | |
Weighted Average Maturity | 17.2 years |
Average Duration (Modified) | 5.1 years |
Top Five Sectors | % of fund investments |
General Obligation (GO) - Local | 14% |
Hospital | 14% |
General Obligation (GO) - State | 12% |
Lease Revenue | 8% |
Prerefunded | 7% |
Types of Investments in Portfolio | % of net assets |
Municipal Securities | 95.6% |
Temporary Cash Investments | 3.3% |
Other Assets and Liabilities | 1.1% |
Shareholder Fee Example |
Beginning Account Value 9/1/15 | Ending Account Value 2/29/16 | Expenses Paid During Period(1)9/1/15 - 2/29/16 | Annualized Expense Ratio(1) | |
Actual | ||||
Investor Class | $1,000 | $1,035.20 | $2.38 | 0.47% |
Institutional Class | $1,000 | $1,036.20 | $1.37 | 0.27% |
A Class | $1,000 | $1,033.90 | $3.64 | 0.72% |
C Class | $1,000 | $1,030.10 | $7.42 | 1.47% |
Hypothetical | ||||
Investor Class | $1,000 | $1,022.53 | $2.36 | 0.47% |
Institutional Class | $1,000 | $1,023.52 | $1.36 | 0.27% |
A Class | $1,000 | $1,021.28 | $3.62 | 0.72% |
C Class | $1,000 | $1,017.55 | $7.37 | 1.47% |
(1) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. |
Schedule of Investments |
Principal Amount | Value | |||||
MUNICIPAL SECURITIES — 95.6% | ||||||
California — 94.9% | ||||||
ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp HealthCare), 6.25%, 8/1/39 | $ | 1,200,000 | $ | 1,392,492 | ||
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2011 A, (Sharp HealthCare), 6.00%, 8/1/30 | 1,000,000 | 1,221,240 | ||||
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2014 A, (Sharp HealthCare), 5.00%, 8/1/43 | 500,000 | 570,010 | ||||
Alameda Corridor Transportation Authority Rev., Capital Appreciation, Series 1999 A, 0.00%, 10/1/32 (NATL-RE)(1) | 1,000,000 | 548,350 | ||||
Alameda Corridor Transportation Authority Rev., Capital Appreciation, Series 1999 A, (Senior Lien), 0.00%, 10/1/35 (NATL-RE)(1) | 3,750,000 | 1,788,675 | ||||
Alum Rock Union Elementary School District GO, Series 2013 A, (Election of 2012), 6.00%, 8/1/39 | 1,000,000 | 1,270,530 | ||||
Anaheim Public Financing Authority Rev., (Electric System Distribution), 5.25%, 10/1/39 | 2,500,000 | 2,788,775 | ||||
Anaheim Public Financing Authority Rev., Series 2011 A, (Electric System Distribution Facilities), 5.375%, 10/1/36 | 300,000 | 352,764 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/46 | 2,200,000 | 2,506,438 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2001 A, (San Francisco Bay Area), VRDN, 1.26%, 3/3/16 | 500,000 | 493,655 | ||||
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 | 3,013,080 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2007 A-1, (San Francisco Bay Area), VRDN, 0.71%, 3/3/16 | 550,000 | 549,335 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2008 G-1, (San Francisco Bay Area), VRDN, 1.11%, 3/3/16 | 1,250,000 | 1,240,262 | ||||
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 | 1,707,195 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2013 S-4, (San Francisco Bay Area), 5.00%, 4/1/43 | 2,655,000 | 3,066,897 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2014 S-6, (San Francisco Bay Area), 5.00%, 10/1/54 | 2,500,000 | 2,877,750 | ||||
Brea Redevelopment Agency Tax Allocation Rev., 4.00%, 8/1/16 | 1,245,000 | 1,264,584 | ||||
California Department of Water Resources Power Supply Rev., Series 2005 G-4, 5.00%, 5/1/16 | 1,450,000 | 1,462,397 | ||||
California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/21 | 715,000 | 782,839 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/18 | 2,000,000 | 2,192,980 | ||||
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/16(2) | 1,700,000 | 1,728,067 | ||||
California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/25 | 285,000 | 352,465 | ||||
California Educational Facilities Authority Rev., (Harvey Mudd College), 5.25%, 12/1/41 | 2,000,000 | 2,355,360 | ||||
California Educational Facilities Authority Rev., (Santa Clara University), 5.625%, 4/1/18, Prerefunded at 100% of Par(2) | 4,675,000 | 5,157,787 | ||||
California Educational Facilities Authority Rev., (Santa Clara University), 5.625%, 4/1/37 | 325,000 | 355,339 |
Principal Amount | Value | |||||
California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/33 | $ | 500,000 | $ | 588,450 | ||
California Educational Facilities Authority Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39 | 2,000,000 | 2,206,780 | ||||
California Educational Facilities Authority Rev., Series 2015 A, (Claremont McKenna College), 5.00%, 1/1/32 | 750,000 | 917,018 | ||||
California GO, 5.00%, 2/1/27 | 3,000,000 | 3,621,750 | ||||
California GO, 5.00%, 2/1/28 | 1,000,000 | 1,202,680 | ||||
California GO, 5.00%, 3/1/28 | 2,000,000 | 2,465,980 | ||||
California GO, 5.25%, 9/1/32 | 2,000,000 | 2,368,180 | ||||
California GO, 6.50%, 4/1/33 | 5,000,000 | 5,837,700 | ||||
California GO, 5.00%, 4/1/38 | 2,500,000 | 2,694,300 | ||||
California GO, 6.00%, 4/1/38 | 2,500,000 | 2,872,650 | ||||
California GO, 6.00%, 11/1/39 | 5,000,000 | 5,877,350 | ||||
California GO, 5.50%, 3/1/40 | 3,000,000 | 3,474,960 | ||||
California GO, 5.00%, 10/1/41 | 2,000,000 | 2,308,880 | ||||
California GO, 5.00%, 8/1/45 | 2,795,000 | 3,278,339 | ||||
California GO, Series 2012 B, VRN, 0.91%, 3/3/16 | 2,000,000 | 2,014,220 | ||||
California GO, Series 2012 B, VRN, 1.01%, 3/3/16 | 800,000 | 807,376 | ||||
California GO, Series 2012 B, VRN, 1.16%, 3/3/16 | 960,000 | 975,744 | ||||
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/21 | 1,000,000 | 1,205,000 | ||||
California Health Facilities Financing Authority Rev., Series 2007 A, (Sutter Health), 5.25%, 11/15/46 | 1,500,000 | 1,545,375 | ||||
California Health Facilities Financing Authority Rev., Series 2008 A, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17 | 150,000 | 151,572 | ||||
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 | 1,149,370 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39 | 3,400,000 | 3,892,796 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38 | 4,500,000 | 5,310,585 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.75%, 7/1/39 | 1,000,000 | 1,143,860 | ||||
California Health Facilities Financing Authority Rev., Series 2009 B, (Providence Health & Services), 5.50%, 10/1/39 | 1,000,000 | 1,138,490 | ||||
California Health Facilities Financing Authority Rev., Series 2010 A, (Scripps Memorial Hospital), 5.00%, 11/15/19 | 1,000,000 | 1,149,600 | ||||
California Health Facilities Financing Authority Rev., Series 2011 B, (Sutter Health), 6.00%, 8/15/42 | 1,500,000 | 1,800,990 | ||||
California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51 | 500,000 | 553,280 | ||||
California Health Facilities Financing Authority Rev., Series 2013 A, (St. Joseph Health System), 5.00%, 7/1/37 | 180,000 | 208,427 | ||||
California Health Facilities Financing Authority Rev., Series 2013 A, (Sutter Health), 5.00%, 8/15/52 | 1,500,000 | 1,681,260 | ||||
California Health Facilities Financing Authority Rev., Series 2014 A, (Lucile Salter Packard Children's Hospital), 5.00%, 8/15/43 | 1,000,000 | 1,146,850 | ||||
California Health Facilities Financing Authority Rev., Series 2015, (Cedars-Sinai Medical Center), 5.00%, 11/15/32 | 400,000 | 490,376 | ||||
California Health Facilities Financing Authority Rev., Series 2015 A, (Sutter Health), 5.00%, 8/15/43 | 720,000 | 833,983 | ||||
California Health Facilities Financing Authority Rev., Series 2016 A, (Sutter Health), 5.00%, 11/15/46 | 2,000,000 | 2,318,920 |
Principal Amount | Value | |||||
California Infrastructure & Economic Development Bank Rev., (Academy Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/41 | $ | 740,000 | $ | 851,673 | ||
California Infrastructure & Economic Development Bank Rev., Series 2013 A, (Los Angeles County Museum of Art Project), VRDN, 2.05%, 3/3/16 | 1,000,000 | 1,023,750 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2015 A, (The Colburn School), VRDN, 1.01%, 3/3/16 | 935,000 | 936,402 | ||||
California Municipal Finance Authority Rev., Series 2010 A, (University of La Verne), 6.25%, 6/1/40 | 1,000,000 | 1,145,050 | ||||
California Municipal Finance Authority Rev., Series 2011 B, (Azusa Pacific University), 8.00%, 4/1/21, Prerefunded at 100% of Par(2) | 665,000 | 889,132 | ||||
California Municipal Finance Authority Rev., Series 2011, (Emerson College), 6.00%, 1/1/42 | 2,000,000 | 2,392,420 | ||||
California Municipal Finance Authority Rev., Series 2014 A, (Touro College and University System), 5.25%, 1/1/34 | 300,000 | 330,261 | ||||
California Municipal Finance Authority Rev., Series 2014 A, (Touro College and University System), 5.25%, 1/1/40 | 1,000,000 | 1,083,780 | ||||
California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/40 | 1,420,000 | 1,595,299 | ||||
California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/46 | 1,000,000 | 1,114,480 | ||||
California Municipal Finance Authority Rev., Series 2015 B, (Azusa Pacific University), 5.00%, 4/1/41 | 500,000 | 545,440 | ||||
California Pollution Control Financing Authority Rev., 5.00%, 11/21/45(3) | 1,000,000 | 1,023,640 | ||||
California Pollution Control Financing Authority Rev., Series 1996 F, (Pacific Gas & Electric Co.), VRDN, 0.01%, 3/1/16 (LOC: TD 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 | 2,335,400 | ||||
California Public Works Board Lease Rev., Series 2009 H, (Department of Correction and Rehabilitation), 5.75%, 11/1/29 | 1,685,000 | 1,974,618 | ||||
California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.25%, 12/1/26 | 1,000,000 | 1,214,940 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37 | 2,170,000 | 2,491,768 | ||||
California Public Works Board Lease Rev., Series 2012 D, (California State University Projects), 5.00%, 9/1/36 | 500,000 | 580,480 | ||||
California Public Works Board Lease Rev., Series 2013 H, (California State University Projects), 5.00%, 9/1/38 | 1,865,000 | 2,135,574 | ||||
California Public Works Board Lease Rev., Series 2013 I, (Various Capital Projects), 5.00%, 11/1/38 | 1,500,000 | 1,731,960 | ||||
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/46(3) | 250,000 | 277,365 | ||||
California State University Rev., Series 2015 A, 5.00%, 11/1/19 | 1,000,000 | 1,157,320 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.25%, 11/1/30 | 1,000,000 | 1,144,250 | ||||
California Statewide Communities Development Authority Rev., (Trinity Health Corp.), 5.00%, 12/1/41 | 500,000 | 559,770 | ||||
California Statewide Communities Development Authority Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31 | 3,000,000 | 3,050,100 | ||||
California Statewide Communities Development Authority Rev., Series 2008 C, (John Muir Health), VRDN, 0.01%, 3/1/16 (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 | 3,164,335 |
Principal Amount | Value | |||||
California Statewide Communities Development Authority Rev., Series 2014 A, (Henry Mayo Newhall Memorial Hospital), 5.25%, 10/1/43 (AGM) | $ | 750,000 | $ | 865,560 | ||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/34 | 500,000 | 573,075 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/44 | 1,300,000 | 1,472,562 | ||||
California Statewide Communities Development Authority Rev., Series 2015 A, (Adventist Health System/West), 5.00%, 3/1/35 | 715,000 | 842,892 | ||||
California Statewide Communities Development Authority Rev., Series 2015, (American Baptist Homes of the West), 5.00%, 10/1/45 | 600,000 | 671,460 | ||||
California University Systemwide Rev., Series 2009 A, 5.25%, 11/1/34 | 2,230,000 | 2,519,989 | ||||
Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Project Area No. 1), 5.00%, 10/1/19 (AGM) | 485,000 | 549,267 | ||||
Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Project Area No. 1), 5.00%, 10/1/20 (AGM) | 785,000 | 910,349 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/17 | 365,000 | 382,659 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/18 | 375,000 | 403,339 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/19 | 600,000 | 659,994 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 15-1), 5.00%, 9/2/26 | 1,000,000 | 1,231,480 | ||||
City of Riverside Rev., Series 2015 A, (Sewer), 5.00%, 8/1/40 | 500,000 | 577,355 | ||||
Del Mar Race Track Authority Rev., 5.00%, 10/1/35(3) | 660,000 | 721,162 | ||||
Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 4.00%, 7/1/16 | 400,000 | 405,144 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/24(4) | 700,000 | 560,714 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/42(1) | 1,250,000 | 389,825 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2015 A, 0.00%, 1/15/33(1) | 600,000 | 284,286 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 A, 5.75%, 1/15/46 | 1,000,000 | 1,170,970 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 A, 6.00%, 1/15/49 | 3,250,000 | 3,849,267 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-3, VRDN, 5.50%, 1/15/23 | 1,000,000 | 1,194,360 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 C, 6.50%, 1/15/43 | 500,000 | 596,585 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Capital Appreciation, Series 2005 A, 0.00%, 6/1/25 (AGM)(1) | 1,000,000 | 803,340 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 4.50%, 6/1/27 | 445,000 | 446,647 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.00%, 6/1/33 | 750,000 | 711,855 | ||||
Grossmont Union High School District GO, Series 2013 E, (Election of 2008), 5.00%, 8/1/43 | 1,000,000 | 1,168,380 | ||||
Hayward Area Recreation and Park District COP, 5.125%, 1/1/39 | 1,000,000 | 1,128,050 | ||||
Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.25%, 9/1/37 | 555,000 | 642,857 | ||||
Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/44 | 590,000 | 658,741 |
Principal Amount | Value | |||||
Irvine Community Facilities District No. 2013-3 Special Tax Rev., (Great Park Improvement Area No. 1), 5.00%, 9/1/49 | $ | 1,000,000 | $ | 1,118,890 | ||
Kaweah Delta Health Care District Rev., Series 2015 B, 4.00%, 6/1/45 | 750,000 | 760,118 | ||||
La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/29 | 635,000 | 706,571 | ||||
Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.00%, 11/15/35 | 330,000 | 387,602 | ||||
Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.50%, 11/15/37 | 695,000 | 874,519 | ||||
Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/40 | 1,250,000 | 1,385,062 | ||||
Los Alamitos Unified School District COP, Capital Appreciation, (Capital Projects), 0.00%, 8/1/24(4) | 1,100,000 | 867,636 | ||||
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 | 1,517,226 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-1, (MonteCedro, Inc.), 3.00%, 11/15/21 (California Mortgage Insurance) | 355,000 | 355,859 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-2, (MonteCedro, Inc.), 3.00%, 11/15/20 (California Mortgage Insurance) | 275,000 | 275,663 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-3, (MonteCedro, Inc.), 2.50%, 11/15/20 (California Mortgage Insurance) | 390,000 | 390,772 | ||||
Los Angeles County Sanitation Districts Financing Authority Rev., Series 2015 A, (Capital Projects), 5.00%, 10/1/35 | 1,500,000 | 1,784,130 | ||||
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 | 2,335,858 | ||||
Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40 | 1,000,000 | 1,133,730 | ||||
Los Angeles Department of Airports Rev., Series 2010 B, (Los Angeles International Airport), 5.00%, 5/15/40 | 2,000,000 | 2,263,980 | ||||
Los Angeles Department of Water & Power System Rev., Series 2008 A-1, 5.25%, 7/1/38 | 4,000,000 | 4,383,680 | ||||
Los Angeles Department of Water & Power System Rev., Series 2011 A, 5.00%, 7/1/19 | 1,000,000 | 1,141,650 | ||||
Los Angeles Harbor Department Rev., Series 2009 A, 5.00%, 8/1/27 | 500,000 | 569,325 | ||||
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 | 2,032,820 | ||||
Los Angeles Unified School District GO, Series 2007 H, (Election of 2004), 5.00%, 7/1/32 (AGM) | 1,020,000 | 1,074,611 | ||||
Los Angeles Unified School District GO, Series 2009 I, (Election of 2004), 5.00%, 7/1/29 | 2,000,000 | 2,265,220 | ||||
Los Angeles Unified School District GO, Series 2010 KRY, 5.25%, 7/1/26 | 1,000,000 | 1,174,660 | ||||
Los Angeles Unified School District GO, Series 2011 A-1, 4.00%, 7/1/17 | 1,000,000 | 1,047,880 | ||||
Los Angeles Unified School District GO, Series 2011 A-1, 5.00%, 7/1/18 | 1,280,000 | 1,411,866 | ||||
Los Angeles Unified School District GO, Series 2014 B, 5.00%, 7/1/18 | 2,000,000 | 2,206,040 | ||||
Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/30 | 690,000 | 835,852 | ||||
M-S-R Energy Authority Rev., Series 2009 A, 7.00%, 11/1/34 (GA: Citigroup, Inc.) | 1,000,000 | 1,459,260 |
Principal Amount | Value | |||||
M-S-R Energy Authority Rev., Series 2009 B, 7.00%, 11/1/34 (GA: Citigroup, Inc.) | $ | 880,000 | $ | 1,284,149 | ||
M-S-R Energy Authority Rev., Series 2009 B, 6.50%, 11/1/39 (GA: Citigroup, Inc.) | 425,000 | 594,749 | ||||
Manhattan Beach Unified School District GO, Capital Appreciation, Series 2009 A, (Election of 2008), 0.00%, 9/1/29(1) | 5,905,000 | 3,930,486 | ||||
Modesto Irrigation District COP, Series 2009 A, 5.75%, 10/1/34 | 2,500,000 | 2,820,750 | ||||
Mount San Antonio Community College District GO, Series 2013 A, (Election of 2008), 5.00%, 8/1/34 | 1,000,000 | 1,193,780 | ||||
New Haven Unified School District GO, 12.00%, 8/1/18 (AGM) | 880,000 | 1,118,691 | ||||
New Haven Unified School District GO, Series 2015 A, (Election 2014), 5.00%, 8/1/45 | 1,500,000 | 1,745,940 | ||||
Newport Beach Rev., Series 2011 A, (Hoag Memorial Hospital Presbyterian), 6.00%, 12/1/21, Prerefunded at 100% of Par(2) | 1,000,000 | 1,274,560 | ||||
North Lake Tahoe Public Financing Authority Rev., 5.00%, 12/1/21 | 500,000 | 605,445 | ||||
Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32 | 1,000,000 | 1,166,620 | ||||
Oakland Unified School District Alameda County GO, Series 2013, (Election of 2012), 6.625%, 8/1/38 | 460,000 | 564,618 | ||||
Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/40 | 450,000 | 505,305 | ||||
Ontario Public Financing Authority Rev., 5.00%, 7/1/43 | 1,000,000 | 1,144,280 | ||||
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 | 1,151,120 | ||||
Orange County Sanitation District Rev., Series 2014 B, 4.00%, 11/15/16 | 2,000,000 | 2,051,140 | ||||
Orange County Transportation Authority Rev., (Senior Lien), 5.00%, 8/15/25 | 1,000,000 | 1,218,410 | ||||
Oxnard Financing Authority Rev., 5.00%, 6/1/32 (AGM) | 1,500,000 | 1,722,600 | ||||
Oxnard Financing Authority Wastewater Rev., 5.00%, 6/1/33 (AGM) | 1,000,000 | 1,138,190 | ||||
Oxnard School District GO, Series 2015 D, (Election of 2012), 3.00%, 8/1/20 (AGM)(4) | 700,000 | 738,668 | ||||
Palomar Pomerado Health Care District COP, 6.75%, 11/1/39 | 500,000 | 560,550 | ||||
Palomar Pomerado Health Care District COP, 6.00%, 11/1/41 | 750,000 | 800,783 | ||||
Palomar Pomerado Health GO, Capital Appreciation, Series 2009 A, (Election of 2004), 0.00%, 8/1/19 (AGC)(4) | 1,670,000 | 1,899,441 | ||||
Palos Verdes Peninsula Unified School District GO, Series 2009 R, (Election of 2005), 0.00%, 8/1/33(1) | 2,600,000 | 1,452,490 | ||||
Paramount Unified School District GO, Capital Appreciation, (Election of 2006), 0.00%, 8/1/51 (BAM)(1) | 7,500,000 | 820,575 | ||||
Pomona Unified School District GO, Series 2000 A, 6.55%, 8/1/29 (NATL-RE) | 1,000,000 | 1,345,310 | ||||
Pomona Unified School District GO, Series 2001 A, 6.15%, 8/1/30 (NATL-RE) | 855,000 | 1,061,115 | ||||
Porterville Public Financing Authority Sewer Rev., 5.625%, 10/1/36 | 1,500,000 | 1,788,555 | ||||
Poway Unified School District GO, Capital Appreciation, (School Facilities Improvement), 0.00%, 8/1/41(1) | 2,110,000 | 792,157 | ||||
Poway Unified School District Public Financing Authority Rev., 7.875%, 9/15/39 | 1,010,000 | 1,188,992 | ||||
Riverside County Asset Leasing Corp. Rev., Series 2013 A, (Public Defender and Probation Building), 5.00%, 11/1/43 | 1,000,000 | 1,123,720 | ||||
Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.50%, 10/1/40 | 625,000 | 733,988 | ||||
Sacramento County Airport System Rev., Series 2009 D, (Grant Revenue Bonds), 5.625%, 7/1/29 | 1,000,000 | 1,101,860 |
Principal Amount | Value | |||||
Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 B, VRN, 0.81%, 3/1/16 (NATL-RE/FGIC) | $ | 1,500,000 | $ | 1,390,125 | ||
Sacramento Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2015 A, 5.00%, 12/1/34 (BAM) | 385,000 | 443,358 | ||||
Saddleback Valley Unified School District Public Financing Authority Special Tax Rev., Series 1997 A, 6.00%, 9/1/16 (AGM) | 1,000,000 | 1,027,510 | ||||
San Bernardino Community College District GO, Capital Appreciation, Series 2009 B, (Election of 2008), 0.00%, 8/1/19(4) | 7,400,000 | 7,854,434 | ||||
San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41 | 1,350,000 | 1,654,830 | ||||
San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25 | 275,000 | 340,574 | ||||
San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/26 | 175,000 | 213,691 | ||||
San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30 | 225,000 | 267,624 | ||||
San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/40 | 1,500,000 | 1,694,430 | ||||
San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/43 | 1,000,000 | 1,128,020 | ||||
San Diego County Water Authority Rev., Series 2011 S-1, (Subordinate Lien), 5.00%, 7/1/16 | 1,665,000 | 1,685,579 | ||||
San Diego Public Facilities Financing Authority Lease Rev., Series 2015 A, (Capital Improvement Projects), 5.00%, 10/15/44 | 1,300,000 | 1,519,531 | ||||
San Diego Public Facilities Financing Authority Sewer Rev., Series 2009 A, 5.25%, 5/15/34 | 2,000,000 | 2,268,180 | ||||
San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/30 | 2,000,000 | 2,391,300 | ||||
San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/24 | 500,000 | 606,765 | ||||
San Diego Unified School District GO, Capital Appreciation, Series 2010 C, (Election of 2008), 0.00%, 7/1/44(1) | 2,880,000 | 933,552 | ||||
San Diego Unified School District GO, Capital Appreciation, Series 2012 E, (Election of 2008), 0.00%, 7/1/49(1) | 1,000,000 | 261,420 | ||||
San Francisco City and County Airports Commission Rev., Series 2009 E, (San Francisco International Airport), 5.25%, 5/1/23 | 3,000,000 | 3,415,980 | ||||
San Francisco City and County Airports Commission Rev., Series 2010 F, (San Francisco International Airport), 5.00%, 5/1/40 | 2,150,000 | 2,413,332 | ||||
San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29 | 1,170,000 | 1,313,711 | ||||
San Francisco City and County Public Utilities Commission Rev., Series 2011 A, 5.00%, 11/1/41 | 1,000,000 | 1,158,900 | ||||
San Francisco City and County Public Utilities Commission Rev., Series 2015 A, 5.00%, 11/1/45 | 1,000,000 | 1,161,030 | ||||
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 | 614,045 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment), 5.00%, 8/1/31 | 400,000 | 459,460 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment), 5.00%, 8/1/43 | 500,000 | 554,670 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., (Senior Lien), 5.00%, 1/15/34 | 1,000,000 | 1,117,540 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., (Senior Lien), 5.00%, 1/15/44 | 1,000,000 | 1,101,550 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., Series 2014 B, (Junior Lien), 5.25%, 1/15/44 | 1,000,000 | 1,092,590 |
Principal Amount/Shares | Value | |||||
San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.875%, 9/1/32 | $ | 685,000 | $ | 799,210 | ||
San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.50%, 9/1/44 | 750,000 | 842,783 | ||||
Santa Clara Electric Rev., Series 2011 A, 5.00%, 7/1/30 | 500,000 | 560,900 | ||||
Santa Cruz County Redevelopment Successor Agency Tax Allocation Rev., Series 2015 A, 5.00%, 9/1/35 (AGM) | 1,500,000 | 1,746,510 | ||||
Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.00%, 7/1/42 | 400,000 | 458,068 | ||||
Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.875%, 7/1/42 | 400,000 | 478,892 | ||||
Santa Rosa Wastewater Rev., Capital Appreciation, Series 2002 B, 0.00%, 9/1/24 (Ambac)(1) | 2,000,000 | 1,663,860 | ||||
Silicon Valley Clean Water Rev., 5.00%, 8/1/45 | 1,205,000 | 1,417,731 | ||||
Sonoma Community Development Agency Successor Agency Tax Allocation Rev., (Sonoma Redevelopment Project), 5.00%, 6/1/33 (NATL-RE) | 1,325,000 | 1,570,257 | ||||
South Placer Wastewater Authority Rev., VRN, 0.34%, 3/3/16 | 1,650,000 | 1,638,994 | ||||
Southern California Public Power Authority Rev., Series 2013 A, (Southern Transmission), 5.00%, 7/1/17 | 1,050,000 | 1,114,281 | ||||
Stockton Public Financing Authority Rev., Series 2010 A, (Delta Water Supply Project), 6.25%, 10/1/40 | 750,000 | 933,615 | ||||
Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/27 (BAM) | 1,000,000 | 1,195,270 | ||||
Stockton Unified School District GO, 5.00%, 8/1/29 | 3,485,000 | 4,204,374 | ||||
Stockton Unified School District GO, 5.00%, 8/1/31 | 1,000,000 | 1,187,510 | ||||
Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/42 (AGM) | 430,000 | 488,097 | ||||
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 | 1,398,928 | ||||
Susanville Public Financing Authority Rev., Series 2010 B, (Utility Enterprises), 6.00%, 6/1/45 | 1,000,000 | 1,108,590 | ||||
Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A-1, 5.00%, 6/1/37 | 500,000 | 475,460 | ||||
Tuolumne Wind Project Authority Rev., Series 2009 A, 5.625%, 1/1/29 | 1,200,000 | 1,356,024 | ||||
Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.00%, 9/1/40 | 2,000,000 | 2,313,420 | ||||
University of California Rev., Series 2013 AF, 5.00%, 5/15/25 | 1,000,000 | 1,234,830 | ||||
University of California Rev., Series 2013 AK, VRDN, 5.00%, 5/15/23 | 2,000,000 | 2,481,260 | ||||
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 | 3,350,100 | ||||
Yosemite Community College District GO, Capital Appreciation, Series 2010 D, (Election of 2004), 0.00%, 8/1/38(1) | 3,000,000 | 1,252,140 | ||||
324,768,080 | ||||||
Guam — 0.7% | ||||||
Guam Power Authority Rev., Series 2010 A, 5.50%, 10/1/40 | 2,150,000 | 2,372,955 | ||||
TOTAL MUNICIPAL SECURITIES (Cost $291,316,652) | 327,141,035 | |||||
TEMPORARY CASH INVESTMENTS — 3.3% | ||||||
Federated California Municipal Cash Trust, Wealth Shares (Cost $11,306,818) | 11,306,818 | 11,306,818 | ||||
TOTAL INVESTMENT SECURITIES — 98.9% (Cost $302,623,470) | 338,447,853 | |||||
OTHER ASSETS AND LIABILITIES — 1.1% | 3,785,105 | |||||
TOTAL NET ASSETS — 100.0% | $ | 342,232,958 |
NOTES TO SCHEDULE OF INVESTMENTS | ||
AGC | - | Assured Guaranty Corporation |
AGM | - | Assured Guaranty Municipal Corporation |
BAM | - | Build America Mutual Assurance Company |
COP | - | Certificates of Participation |
FGIC | - | Financial Guaranty Insurance Company |
GA | - | Guaranty Agreement |
GO | - | General Obligation |
LOC | - | Letter of Credit |
NATL-RE | - | National Public Finance Guarantee Corporation - Reinsured |
VRDN | - | Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end. |
VRN | - | Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end. |
(1) | Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity. |
(2) | Escrowed to maturity in U.S. government securities or state and local government securities. |
(3) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $2,022,167, which represented 0.6% 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. |
Statement of Assets and Liabilities |
FEBRUARY 29, 2016 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $302,623,470) | $ | 338,447,853 | |
Cash | 664,835 | ||
Receivable for capital shares sold | 13,433 | ||
Interest receivable | 3,705,427 | ||
342,831,548 | |||
Liabilities | |||
Payable for capital shares redeemed | 249,477 | ||
Accrued management fees | 126,620 | ||
Distribution and service fees payable | 6,808 | ||
Dividends payable | 215,685 | ||
598,590 | |||
Net Assets | $ | 342,232,958 | |
Net Assets Consist of: | |||
Capital paid in | $ | 305,497,948 | |
Undistributed net investment income | 6,536 | ||
Undistributed net realized gain | 904,091 | ||
Net unrealized appreciation | 35,824,383 | ||
$ | 342,232,958 |
Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||
Investor Class | $328,582,193 | 27,583,760 | $11.91 | |||
Institutional Class | $312,024 | 26,194 | $11.91 | |||
A Class | $6,384,253 | 536,041 | $11.91* | |||
C Class | $6,954,488 | 583,748 | $11.91 |
Statement of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2016 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Interest | $ | 6,605,572 | |
Expenses: | |||
Management fees | 795,301 | ||
Distribution and service fees: | |||
A Class | 7,842 | ||
C Class | 34,559 | ||
Trustees' fees and expenses | 10,249 | ||
Other expenses | 14 | ||
847,965 | |||
Net investment income (loss) | 5,757,607 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | 2,500,259 | ||
Futures contract transactions | 20,910 | ||
2,521,169 | |||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | 3,683,289 | ||
Futures contracts | (16,875 | ) | |
3,666,414 | |||
Net realized and unrealized gain (loss) | 6,187,583 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 11,945,190 |
Statement of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 29, 2016 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2015 | ||||||
Increase (Decrease) in Net Assets | February 29, 2016 | August 31, 2015 | ||||
Operations | ||||||
Net investment income (loss) | $ | 5,757,607 | $ | 11,665,482 | ||
Net realized gain (loss) | 2,521,169 | (319,618 | ) | |||
Change in net unrealized appreciation (depreciation) | 3,666,414 | (1,586,988 | ) | |||
Net increase (decrease) in net assets resulting from operations | 11,945,190 | 9,758,876 | ||||
Distributions to Shareholders | ||||||
From net investment income: | ||||||
Investor Class | (5,564,638 | ) | (11,274,436 | ) | ||
Institutional Class | (5,472 | ) | (9,947 | ) | ||
A Class | (98,459 | ) | (213,905 | ) | ||
C Class | (82,502 | ) | (167,194 | ) | ||
Decrease in net assets from distributions | (5,751,071 | ) | (11,665,482 | ) | ||
Capital Share Transactions | ||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | (7,134,664 | ) | (14,190,101 | ) | ||
Net increase (decrease) in net assets | (940,545 | ) | (16,096,707 | ) | ||
Net Assets | ||||||
Beginning of period | 343,173,503 | 359,270,210 | ||||
End of period | $ | 342,232,958 | $ | 343,173,503 | ||
Undistributed net investment income | $ | 6,536 | $ | — |
Notes to Financial Statements |
Six months ended February 29, 2016 | Year ended August 31, 2015 | |||||||||
Shares | Amount | Shares | Amount | |||||||
Investor Class | ||||||||||
Sold | 588,392 | $ | 6,955,309 | 1,043,154 | $ | 12,296,446 | ||||
Issued in reinvestment of distributions | 360,884 | 4,269,019 | 721,400 | 8,508,080 | ||||||
Redeemed | (1,499,056 | ) | (17,745,779 | ) | (2,905,163 | ) | (34,174,882 | ) | ||
(549,780 | ) | (6,521,451 | ) | (1,140,609 | ) | (13,370,356 | ) | |||
Institutional Class | ||||||||||
Sold | — | — | 22,124 | 259,950 | ||||||
Issued in reinvestment of distributions | 463 | 5,472 | 843 | 9,947 | ||||||
463 | 5,472 | 22,967 | 269,897 | |||||||
A Class | ||||||||||
Sold | 13,327 | 158,618 | 51,183 | 601,935 | ||||||
Issued in reinvestment of distributions | 8,250 | 97,556 | 17,971 | 211,962 | ||||||
Redeemed | (54,439 | ) | (639,186 | ) | (161,544 | ) | (1,910,307 | ) | ||
(32,862 | ) | (383,012 | ) | (92,390 | ) | (1,096,410 | ) | |||
C Class | ||||||||||
Sold | 47,482 | 562,983 | 44,530 | 529,113 | ||||||
Issued in reinvestment of distributions | 4,138 | 48,952 | 8,302 | 97,919 | ||||||
Redeemed | (71,750 | ) | (847,608 | ) | (52,774 | ) | (620,264 | ) | ||
(20,130 | ) | (235,673 | ) | 58 | 6,768 | |||||
Net increase (decrease) | (602,309 | ) | $ | (7,134,664 | ) | (1,209,974 | ) | $ | (14,190,101 | ) |
• | 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). |
Level 1 | Level 2 | Level 3 | ||||||
Assets | ||||||||
Investment Securities | ||||||||
Municipal Securities | — | $ | 327,141,035 | — | ||||
Temporary Cash Investments | $ | 11,306,818 | — | — | ||||
$ | 11,306,818 | $ | 327,141,035 | — |
Federal tax cost of investments | $ | 302,623,470 | |
Gross tax appreciation of investments | $ | 35,860,537 | |
Gross tax depreciation of investments | (36,154 | ) | |
Net tax appreciation (depreciation) of investments | $ | 35,824,383 |
2019 | Unlimited (Short-Term) | Unlimited (Long-Term) |
$(457,823) | $(984,563) | $(117,576) |
Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
Investor Class | |||||||||||||
2016(3) | $11.70 | 0.20 | 0.21 | 0.41 | (0.20) | $11.91 | 3.52% | 0.47%(4) | 3.40%(4) | 7% | $328,582 | ||
2015 | $11.76 | 0.39 | (0.06) | 0.33 | (0.39) | $11.70 | 2.86% | 0.47% | 3.33% | 31% | $329,152 | ||
2014 | $10.94 | 0.38 | 0.82 | 1.20 | (0.38) | $11.76 | 11.10% | 0.47% | 3.32% | 46% | $344,356 | ||
2013 | $11.70 | 0.37 | (0.76) | (0.39) | (0.37) | $10.94 | (3.45)% | 0.47% | 3.19% | 44% | $346,396 | ||
2012 | $10.94 | 0.41 | 0.77 | 1.18 | (0.42) | $11.70 | 10.92% | 0.47% | 3.65% | 76% | $412,713 | ||
2011 | $11.20 | 0.47 | (0.27) | 0.20 | (0.46) | $10.94 | 2.02% | 0.48% | 4.38% | 63% | $379,586 | ||
Institutional Class | |||||||||||||
2016(3) | $11.70 | 0.21 | 0.21 | 0.42 | (0.21) | $11.91 | 3.62% | 0.27%(4) | 3.60%(4) | 7% | $312 | ||
2015 | $11.77 | 0.42 | (0.07) | 0.35 | (0.42) | $11.70 | 2.97% | 0.27% | 3.53% | 31% | $301 | ||
2014 | $10.94 | 0.40 | 0.83 | 1.23 | (0.40) | $11.77 | 11.42% | 0.27% | 3.52% | 46% | $33 | ||
2013 | $11.70 | 0.40 | (0.76) | (0.36) | (0.40) | $10.94 | (3.26)% | 0.27% | 3.39% | 44% | $29 | ||
2012 | $10.94 | 0.44 | 0.76 | 1.20 | (0.44) | $11.70 | 11.14% | 0.27% | 3.85% | 76% | $30 | ||
2011 | $11.20 | 0.49 | (0.26) | 0.23 | (0.49) | $10.94 | 2.22% | 0.28% | 4.58% | 63% | $27 |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
A Class | |||||||||||||
2016(3) | $11.70 | 0.18 | 0.21 | 0.39 | (0.18) | $11.91 | 3.39% | 0.72%(4) | 3.15%(4) | 7% | $6,384 | ||
2015 | $11.76 | 0.36 | (0.06) | 0.30 | (0.36) | $11.70 | 2.60% | 0.72% | 3.08% | 31% | $6,655 | ||
2014 | $10.94 | 0.35 | 0.82 | 1.17 | (0.35) | $11.76 | 10.83% | 0.72% | 3.07% | 46% | $7,778 | ||
2013 | $11.70 | 0.34 | (0.76) | (0.42) | (0.34) | $10.94 | (3.70)% | 0.72% | 2.94% | 44% | $8,572 | ||
2012 | $10.94 | 0.38 | 0.77 | 1.15 | (0.39) | $11.70 | 10.64% | 0.72% | 3.40% | 76% | $16,214 | ||
2011 | $11.20 | 0.44 | (0.26) | 0.18 | (0.44) | $10.94 | 1.77% | 0.73% | 4.13% | 63% | $11,044 | ||
C Class | |||||||||||||
2016(3) | $11.70 | 0.14 | 0.21 | 0.35 | (0.14) | $11.91 | 3.01% | 1.47%(4) | 2.40%(4) | 7% | $6,954 | ||
2015 | $11.76 | 0.28 | (0.06) | 0.22 | (0.28) | $11.70 | 1.83% | 1.47% | 2.33% | 31% | $7,066 | ||
2014 | $10.94 | 0.26 | 0.82 | 1.08 | (0.26) | $11.76 | 10.00% | 1.47% | 2.32% | 46% | $7,104 | ||
2013 | $11.70 | 0.26 | (0.76) | (0.50) | (0.26) | $10.94 | (4.41)% | 1.47% | 2.19% | 44% | $7,471 | ||
2012 | $10.94 | 0.30 | 0.76 | 1.06 | (0.30) | $11.70 | 9.82% | 1.47% | 2.65% | 76% | $11,321 | ||
2011 | $11.20 | 0.36 | (0.26) | 0.10 | (0.36) | $10.94 | 1.01% | 1.48% | 3.38% | 63% | $7,120 |
Notes to Financial Highlights |
Additional Information |
Notes |
Notes |
Notes |
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©2016 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-88535 1604 |
SEMIANNUAL REPORT | FEBRUARY 29, 2016 |
Table of Contents |
President’s Letter |
![]() | Dear Investor: Thank you for reviewing this semiannual report for the six months ended February 29, 2016. It provides a macroeconomic and financial market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, key factors that affected asset returns, and other insights regarding the investment markets, we encourage you to visit our website, americancentury.com. |
Jonathan Thomas |
Fund Characteristics |
FEBRUARY 29, 2016 | |
7-Day Current Yield | |
After waiver(1) | 0.01% |
Before waiver | (0.32)% |
7-Day Effective Yield | |
After waiver(1) | 0.01% |
(1) Yields would have been lower if a portion of the management fee had not been waived. | |
Portfolio at a Glance | |
Weighted Average Maturity | 25 days |
Weighted Average Life | 76 days |
Portfolio Composition by Maturity | % of fund investments |
1-30 days | 86% |
31-90 days | 1% |
91-180 days | 10% |
More than 180 days | 3% |
Shareholder Fee Example |
Beginning Account Value 9/1/15 | Ending Account Value 2/29/16 | Expenses Paid During Period(1)9/1/15 - 2/29/16 | Annualized Expense Ratio(1) | |
Actual | ||||
Investor Class (after waiver) | $1,000 | $1,000.10 | $0.65 | 0.13% |
Investor Class (before waiver) | $1,000 | $1,000.10(2) | $2.49 | 0.50% |
Hypothetical | ||||
Investor Class (after waiver) | $1,000 | $1,024.22 | $0.65 | 0.13% |
Investor Class (before waiver) | $1,000 | $1,022.38 | $2.51 | 0.50% |
(1) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. |
(2) | Ending account value assumes the return earned after waiver and would have been lower if a portion of the management fee had not been waived. |
Schedule of Investments |
Principal Amount | Value | |||||
MUNICIPAL SECURITIES — 98.4% | ||||||
California — 98.4% | ||||||
Anaheim Public Financing Authority Rev., Series 2014 A, 5.00%, 5/1/16 | $ | 1,000,000 | $ | 1,007,807 | ||
California GO, Series 2004 B-2, (Kindergarten), VRDN, 0.01%, 3/1/16 (LOC: Citibank N.A.) | 2,500,000 | 2,500,000 | ||||
California Health Facilities Financing Authority Rev., Series 1988 B, (Catholic Healthcare), VRDN, 0.10%, 3/2/16 (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 | 1,021,398 | ||||
California Infrastructure & Economic Development Bank Rev., (Bay Area Toll Bridges), VRDN, 0.05%, 3/3/16 (LOC: MUFG Union Bank N.A.) | 2,030,000 | 2,030,000 | ||||
California Infrastructure & Economic Development Bank Rev., (Catalina Museum Project), VRDN, 0.05%, 3/3/16 (LOC: Bank of the West) | 1,000,000 | 1,000,000 | ||||
California Infrastructure & Economic Development Bank Rev., (Columbia College), VRDN, 0.06%, 3/3/16 (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%, 3/3/16 (LOC: Wells Fargo Bank N.A.) | 2,315,000 | 2,315,000 | ||||
California Infrastructure & Economic Development Bank Rev., (Kennfoods USA), VRDN, 0.03%, 3/3/16 (LOC: Bank of the West) | 1,000,000 | 1,000,000 | ||||
California Infrastructure & Economic Development Bank Rev., (SRI International), VRDN, 0.02%, 3/3/16 (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%, 3/3/16 (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%, 3/3/16 (LOC: Pacific Capital Bank N.A. and FHLB) | 4,710,000 | 4,710,000 | ||||
California Municipal Finance Authority Rev., Series 2010 A, (Southwest Community Health Center), VRDN, 0.07%, 3/3/16 (LOC: Comerica Bank) | 3,805,000 | 3,805,000 | ||||
California Municipal Finance Authority Rev., Series 2012 A, (High Desert Partnership in Academic Excellence Foundation), VRDN, 0.05%, 3/3/16 (LOC: MUFG Union Bank N.A.) | 2,000,000 | 2,000,000 | ||||
California Pollution Control Financing Authority Rev., (Musco Family Olive), VRDN, 0.05%, 3/3/16 (LOC: Bank of the West) | 3,200,000 | 3,200,000 | ||||
California Pollution Control Financing Authority Rev., Series 2010 A, (Alameda Country Industries), VRDN, 0.03%, 3/2/16 (LOC: Bank of the West) | 2,460,000 | 2,460,000 | ||||
California State Enterprise Development Authority Rev., (Community Hospice, Inc.), VRDN, 0.02%, 3/3/16 (LOC: Bank of Stockton and FHLB) | 3,495,000 | 3,495,000 | ||||
California State Enterprise Development Authority Rev., (Humane Society Silicon Valley), VRDN, 0.02%, 3/3/16 (LOC: First Republic Bank and FHLB) | 6,395,000 | 6,395,000 | ||||
California State Enterprise Development Authority Rev., (LBM Partnership LP), VRDN, 0.03%, 3/3/16 (LOC: Wells Fargo Bank N.A.) | 2,750,000 | 2,750,000 | ||||
California State University PUTTERs Rev., Series 2008-2646Z, VRDN, 0.06%, 3/3/16 (AGM)(LIQ FAC: JPMorgan Chase Bank N.A.)(1) | 3,590,000 | 3,590,000 |
Principal Amount | Value | |||||
California State University Rev., Series 2011 A, 5.00%, 11/1/16 | $ | 750,000 | $ | 773,228 | ||
California Statewide Communities Development Authority Rev., (Goodwill of Santa Cruz), VRDN, 0.11%, 3/3/16 (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%, 3/1/16 (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 | 5,027,742 | ||||
City of Oroville Rev., Series 2012 A, (Oroville Hospital), VRDN, 0.12%, 3/3/16 (LOC: Comerica Bank) | 6,135,000 | 6,135,000 | ||||
City of Reedley COP, (Mennonite Brethren Homes), VRDN, 0.02%, 3/3/16 (LOC: Bank of the Sierra and FHLB) | 7,000,000 | 7,000,000 | ||||
City of Riverside Water Rev., Series 2011 A, VRN, 0.16%, 3/3/16 | 9,000,000 | 9,000,000 | ||||
Contra Costa County Public Financing Authority Rev., Series 2015 B, (Capital Projects), 3.00%, 6/1/16 | 1,000,000 | 1,006,633 | ||||
County of Los Angeles Rev., 5.00%, 6/30/16 | 3,500,000 | 3,554,336 | ||||
County of Riverside Rev., Series 2015 D, 2.00%, 10/12/16 | 5,000,000 | 5,052,078 | ||||
County of San Bernardino Rev., Series 2004 A, (WLP Parkview Place Apartments), VRDN, 0.03%, 3/3/16 (LOC: FNMA) | 3,420,000 | 3,420,000 | ||||
County of Yolo Rev., (Beckett Hall, Inc.), VRDN, 0.08%, 3/3/16 (LOC: Bank of the West and California State Teacher's Retirement System) | 5,800,000 | 5,800,000 | ||||
Eastern Municipal Water District Water & Sewer Rev., Series 2012 A, VRN, 0.05%, 3/3/16 | 4,000,000 | 4,000,000 | ||||
Eastern Municipal Water District Water & Sewer Rev., Series 2015 A, VRN, 0.06%, 3/3/16 | 5,175,000 | 5,175,000 | ||||
Hesperia Public Financing Authority Rev., Series 1998 B, (Water & Administration Facilities), VRDN, 0.07%, 3/2/16 (LOC: Bank of the West) | 710,000 | 710,000 | ||||
Irvine Ranch Water District Rev., Series 2009 B, VRDN, 0.01%, 3/1/16 (LOC: Bank of America N.A.) | 3,740,000 | 3,740,000 | ||||
Irvine Ranch Water District Rev., Series 2011 A-1, VRN, 0.09%, 3/3/16 | 6,000,000 | 6,000,000 | ||||
Irvine Ranch Water District Rev., Series 2011 A-2, VRN, 0.09%, 3/3/16 | 3,000,000 | 3,000,000 | ||||
JP Morgan Chase PUTTERs/DRIVERs Trust, Series 2011-4005Z, VRDN, 0.06%, 3/3/16 (AGM)(LIQ FAC: JPMorgan Chase Bank N.A.)(1) | 6,590,000 | 6,590,000 | ||||
Long Beach Unified School District GO, Series 2015 D, 3.00%, 8/1/16 | 1,150,000 | 1,163,005 | ||||
Metropolitan Water District of Southern California Rev., Series 2011 A-1, VRN, 0.21%, 3/3/16 | 3,500,000 | 3,500,000 | ||||
Metropolitan Water District of Southern California Rev., Series 2011 A-3, VRN, 0.21%, 3/3/16 | 2,500,000 | 2,500,000 | ||||
Metropolitan Water District of Southern California Rev., Series 2013 E, VRN, 0.09%, 3/3/16 | 5,000,000 | 5,000,000 | ||||
Monterey Peninsula Water Management District COP, (Wastewater Reclamation), VRDN, 0.03%, 3/3/16 (LOC: Wells Fargo Bank N.A.) | 2,700,000 | 2,700,000 | ||||
Pittsburg Public Financing Authority Rev., VRDN, 0.02%, 3/3/16 (LOC: Bank of the West) | 3,395,000 | 3,395,000 | ||||
Sacramento Municipal Utility District Rev., Series 2008 U, 5.00%, 8/15/16 (AGM) | 1,200,000 | 1,225,690 | ||||
San Diego Unified School District GO, Series 2014 R-3, 5.00%, 7/1/16 | 1,290,000 | 1,309,886 | ||||
San Mateo Joint Powers Financing Authority Rev., Series 2016 A, 2.00%, 7/15/16 | 3,375,000 | 3,395,994 | ||||
Santa Clara County Housing Authority Rev., Series 2003 A, VRDN, 0.04%, 3/3/16 (LOC: Citibank N.A.) | 1,130,000 | 1,130,000 |
Principal Amount/Shares | Value | |||||
State of California Puttable Floating Options Rev., VRDN, 0.14%, 3/3/16 (LIQ FAC: Bank of America N.A.)(1) | $ | 5,000,000 | $ | 5,000,000 | ||
Town of Apple Valley COP, (Public Facilities Financing), VRDN, 0.05%, 3/3/16 (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%, 3/3/16 (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%, 3/3/16 (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, 0.87%, 3/3/16 (LOC: BNP Paribas) | 12,475,000 | 12,475,000 | ||||
TOTAL MUNICIPAL SECURITIES | 184,042,797 | |||||
TEMPORARY CASH INVESTMENTS — 1.0% | ||||||
Federated California Municipal Cash Trust, Wealth Shares | 1,904,974 | 1,904,974 | ||||
TOTAL INVESTMENT SECURITIES — 99.4% | 185,947,771 | |||||
OTHER ASSETS AND LIABILITIES — 0.6% | 1,201,722 | |||||
TOTAL NET ASSETS — 100.0% | $ | 187,149,493 |
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) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $15,180,000, which represented 8.1% of total net assets. |
Statement of Assets and Liabilities |
FEBRUARY 29, 2016 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (amortized cost and cost for federal income tax purposes) | $ | 185,947,771 | |
Cash | 627,794 | ||
Receivable for investments sold | 260,000 | ||
Receivable for capital shares sold | 336,180 | ||
Interest receivable | 299,628 | ||
187,471,373 | |||
Liabilities | |||
Payable for capital shares redeemed | 295,920 | ||
Accrued management fees | 25,947 | ||
Dividends payable | 13 | ||
321,880 | |||
Net Assets | $ | 187,149,493 | |
Investor Class Capital Shares | |||
Shares outstanding (unlimited number of shares authorized) | 187,135,336 | ||
Net Asset Value Per Share | $ | 1.00 | |
Net Assets Consist of: | |||
Capital paid in | $ | 187,135,342 | |
Undistributed net investment income | 4,784 | ||
Undistributed net realized gain | 9,367 | ||
$ | 187,149,493 |
Statement of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2016 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Interest | $ | 132,521 | |
Expenses: | |||
Management fees | 467,688 | ||
Trustees' fees and expenses | 4,973 | ||
Other expenses | 293 | ||
472,954 | |||
Fees waived | (354,714 | ) | |
118,240 | |||
Net investment income (loss) | 14,281 | ||
Net realized gain (loss) on investment transactions | 9,383 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 23,664 |
Statement of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 29, 2016 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2015 | ||||||
Increase (Decrease) in Net Assets | February 29, 2016 | August 31, 2015 | ||||
Operations | ||||||
Net investment income (loss) | $ | 14,281 | $ | 20,678 | ||
Net realized gain (loss) | 9,383 | 2,697 | ||||
Net increase (decrease) in net assets resulting from operations | 23,664 | 23,375 | ||||
Distributions to Shareholders | ||||||
From net investment income | (9,497 | ) | (20,678 | ) | ||
From net realized gains | (720 | ) | — | |||
Decrease in net assets from distributions | (10,217 | ) | (20,678 | ) | ||
Capital Share Transactions | ||||||
Proceeds from shares sold | 28,021,304 | 56,838,279 | ||||
Proceeds from reinvestment of distributions | 10,004 | 20,265 | ||||
Payments for shares redeemed | (40,538,769 | ) | (78,259,625 | ) | ||
Net increase (decrease) in net assets from capital share transactions | (12,507,461 | ) | (21,401,081 | ) | ||
Net increase (decrease) in net assets | (12,494,014 | ) | (21,398,384 | ) | ||
Net Assets | ||||||
Beginning of period | 199,643,507 | 221,041,891 | ||||
End of period | $ | 187,149,493 | $ | 199,643,507 | ||
Undistributed net investment income | $ | 4,784 | $ | — | ||
Transactions in Shares of the Fund | ||||||
Sold | 28,021,304 | 56,838,279 | ||||
Issued in reinvestment of distributions | 10,004 | 20,265 | ||||
Redeemed | (40,538,769 | ) | (78,259,625 | ) | ||
Net increase (decrease) in shares of the fund | (12,507,461 | ) | (21,401,081 | ) |
Notes to Financial Statements |
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments. |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars. |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
Level 1 | Level 2 | Level 3 | ||||||
Assets | ||||||||
Investment Securities | ||||||||
Municipal Securities | — | $ | 184,042,797 | — | ||||
Temporary Cash Investments | $ | 1,904,974 | — | — | ||||
$ | 1,904,974 | $ | 184,042,797 | — |
Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | ||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||
Distributions From: | Ratio to Average Net Assets of: | |||||||||||||
Net Asset Value, Beginning of Period | Income From Investment Operations: Net Investment Income (Loss) | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(1) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Net Assets, End of Period (in thousands) | |||
Investor Class | ||||||||||||||
2016(2) | $1.00 | —(3) | —(3) | —(3) | —(3) | $1.00 | 0.01% | 0.13%(4) | 0.50%(4) | 0.01%(4) | (0.36)%(4) | $187,149 | ||
2015 | $1.00 | —(3) | —(3) | — | —(3) | $1.00 | 0.01% | 0.13% | 0.50% | 0.01% | (0.36)% | $199,644 | ||
2014 | $1.00 | —(3) | —(3) | — | —(3) | $1.00 | 0.01% | 0.16% | 0.50% | 0.01% | (0.33)% | $221,042 | ||
2013 | $1.00 | —(3) | —(3) | — | —(3) | $1.00 | 0.01% | 0.28% | 0.50% | 0.01% | (0.21)% | $241,081 | ||
2012 | $1.00 | —(3) | —(3) | —(3) | —(3) | $1.00 | 0.01% | 0.40% | 0.50% | 0.01% | (0.09)% | $263,397 | ||
2011 | $1.00 | —(3) | —(3) | —(3) | —(3) | $1.00 | 0.01% | 0.38% | 0.50% | 0.01% | (0.11)% | $299,366 |
Notes to Financial Highlights |
(1) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(2) | Six months ended February 29, 2016 (unaudited). |
(3) | Per-share amount was less than $0.005. |
(4) | Annualized. |
Additional Information |
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American Century California Tax-Free and Municipal Funds | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2016 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-88537 1604 |
SEMIANNUAL REPORT | FEBRUARY 29, 2016 |
Table of Contents |
President’s Letter |
![]() | Dear Investor: Thank you for reviewing this semiannual report for the six months ended February 29, 2016. It provides a macroeconomic and financial market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, key factors that affected asset returns, and other insights regarding the investment markets, we encourage you to visit our website, americancentury.com. |
Jonathan Thomas |
Fund Characteristics |
FEBRUARY 29, 2016 | |
Portfolio at a Glance | |
Weighted Average Maturity | 9.1 years |
Average Duration (Modified) | 4.5 years |
Top Five Sectors | % of fund investments |
Public Power | 12% |
General Obligation (GO) - Local | 11% |
Lease Revenue | 10% |
Hospital | 10% |
General Obligation (GO) - State | 9% |
Types of Investments in Portfolio | % of net assets |
Municipal Securities | 97.7% |
Temporary Cash Investments | 1.8% |
Other Assets and Liabilities | 0.5% |
Shareholder Fee Example |
Beginning Account Value 9/1/15 | Ending Account Value 2/29/16 | Expenses Paid During Period(1)9/1/15 - 2/29/16 | Annualized Expense Ratio(1) | |
Actual | ||||
Investor Class | $1,000 | $1,031.50 | $2.37 | 0.47% |
Institutional Class | $1,000 | $1,032.60 | $1.36 | 0.27% |
A Class | $1,000 | $1,030.30 | $3.63 | 0.72% |
C Class | $1,000 | $1,025.60 | $7.40 | 1.47% |
Hypothetical | ||||
Investor Class | $1,000 | $1,022.53 | $2.36 | 0.47% |
Institutional Class | $1,000 | $1,023.52 | $1.36 | 0.27% |
A Class | $1,000 | $1,021.28 | $3.62 | 0.72% |
C Class | $1,000 | $1,017.55 | $7.37 | 1.47% |
(1) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. |
Schedule of Investments |
Principal Amount | Value | |||||
MUNICIPAL SECURITIES — 97.7% | ||||||
California — 97.6% | ||||||
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2011 A, (Sharp HealthCare), 6.00%, 8/1/30 | $ | 2,500,000 | $ | 3,053,100 | ||
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012, (Jackson Laboratory), 4.00%, 7/1/16 | 270,000 | 273,270 | ||||
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012, (Jackson Laboratory), 5.00%, 7/1/17 | 1,000,000 | 1,055,950 | ||||
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012, (Jackson Laboratory), 5.00%, 7/1/18 | 500,000 | 546,480 | ||||
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2014 A, (Sharp HealthCare), 5.00%, 8/1/33 | 1,450,000 | 1,690,947 | ||||
Alameda Corridor Transportation Authority Rev., Capital Appreciation, Series 1999 A, (Senior Lien), 0.00%, 10/1/35 (NATL-RE)(1) | 9,000,000 | 4,292,820 | ||||
Alameda Corridor Transportation Authority Rev., Series 2013 A, (Senior Lien), 5.00%, 10/1/20 | 3,010,000 | 3,550,867 | ||||
Alameda Corridor Transportation Authority Rev., Series 2013 A, (Senior Lien), 5.00%, 10/1/24 | 2,000,000 | 2,456,420 | ||||
Alum Rock Union Elementary School District GO, Series 2013 A, (Election of 2012), 6.00%, 8/1/39 | 1,500,000 | 1,905,795 | ||||
Anaheim Public Financing Authority Rev., Series 2011 A, (Electric System Distribution Facilities), 5.375%, 10/1/36 | 700,000 | 823,116 | ||||
Anaheim Public Financing Authority Rev., Series 2012 A, (Electric System Distribution Facilities), 5.00%, 10/1/23 | 1,200,000 | 1,494,492 | ||||
Anaheim Public Financing Authority Rev., Series 2012 A, (Electric System Distribution Facilities), 5.00%, 10/1/24 | 2,275,000 | 2,811,718 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/25 | 1,000,000 | 1,227,400 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/28 | 1,100,000 | 1,324,334 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/29 | 1,250,000 | 1,497,713 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/34 | 1,360,000 | 1,587,963 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/39 | 1,550,000 | 1,780,407 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/46 | 2,000,000 | 2,278,580 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2001 A, (San Francisco Bay Area), VRDN, 1.26%, 3/3/16 | 3,500,000 | 3,455,585 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2007 A-1, (San Francisco Bay Area), VRDN, 0.71%, 3/3/16 | 1,000,000 | 998,790 | ||||
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 | 2,099,960 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2008 G-1, (San Francisco Bay Area), VRDN, 1.11%, 3/3/16 | 2,500,000 | 2,480,525 | ||||
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 | 5,690,650 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2012 F-1, (San Francisco Bay Area), 5.00%, 4/1/24 | 1,500,000 | 1,839,675 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2012 F-1, (San Francisco Bay Area), 5.00%, 4/1/25 | 3,500,000 | 4,270,665 |
Principal Amount | Value | |||||
Bay Area Toll Authority Toll Bridge Rev., Series 2012 F-1, (San Francisco Bay Area), 5.00%, 4/1/28 | $ | 7,185,000 | $ | 8,679,193 | ||
Bay Area Toll Authority Toll Bridge Rev., Series 2013 S-4, (San Francisco Bay Area), 5.00%, 4/1/43 | 5,610,000 | 6,480,335 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2014 B, (San Francisco Bay Area), VRDN, 1.50%, 4/2/18 | 3,000,000 | 3,035,940 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2014 E, (San Francisco Bay Area), 2.00%, 4/1/34 | 2,000,000 | 2,068,520 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2014 S-6, (San Francisco Bay Area), 5.00%, 10/1/54 | 7,000,000 | 8,057,700 | ||||
California Department of Water Resources Power Supply Rev., Series 2005 F-5, 5.00%, 5/1/22 | 1,800,000 | 1,968,318 | ||||
California Department of Water Resources Power Supply Rev., Series 2005 G-4, 5.00%, 5/1/16 | 3,230,000 | 3,257,616 | ||||
California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/21 | 1,430,000 | 1,565,678 | ||||
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 | 1,047,094 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/16 | 5,000,000 | 5,042,750 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/17 | 5,000,000 | 5,270,500 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/18 | 3,000,000 | 3,289,470 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/19 | 7,000,000 | 7,955,220 | ||||
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 | 2,177,818 | ||||
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 | 9,366,960 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/21 | 1,140,000 | 1,331,132 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/22 | 6,835,000 | 7,962,638 | ||||
California Department of Water Resources Power Supply Rev., Series 2010 M, 5.00%, 5/1/16 | 2,000,000 | 2,017,100 | ||||
California Department of Water Resources Power Supply Rev., Series 2011 N, 5.00%, 5/1/20 | 14,215,000 | 16,664,102 | ||||
California Department of Water Resources Power Supply Rev., Series 2011 N, 5.00%, 5/1/21 | 10,000,000 | 12,056,200 | ||||
California Department of Water Resources Rev., Series 2014 AT, (Center Valley Project), VRDN, 0.31%, 3/3/16 | 4,500,000 | 4,480,245 | ||||
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/16, Prerefunded at 100% of Par(2) | 2,000,000 | 2,033,020 | ||||
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/18(2) | 5,435,000 | 5,986,218 | ||||
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/18(2) | 1,565,000 | 1,723,722 | ||||
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/19(2) | 4,505,000 | 5,137,547 | ||||
California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/21 | 750,000 | 886,215 | ||||
California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/24 | 930,000 | 1,139,938 | ||||
California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/31 | 1,455,000 | 1,635,915 | ||||
California Educational Facilities Authority Rev., (San Francisco University), 5.00%, 10/1/16 | 1,200,000 | 1,233,552 |
Principal Amount | Value | |||||
California Educational Facilities Authority Rev., (San Francisco University), 5.00%, 10/1/21 | $ | 750,000 | $ | 902,693 | ||
California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/18, Prerefunded at 100% of Par(2) | 655,000 | 714,160 | ||||
California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/18 | 500,000 | 544,780 | ||||
California Educational Facilities Authority Rev., (Santa Clara University), 5.25%, 4/1/18, Prerefunded at 100% of Par(2) | 1,875,000 | 2,054,062 | ||||
California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/19 | 45,000 | 49,259 | ||||
California Educational Facilities Authority Rev., (Santa Clara University), 5.25%, 4/1/23 | 125,000 | 136,739 | ||||
California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/33 | 1,000,000 | 1,176,900 | ||||
California Educational Facilities Authority Rev., Series 2009 A, (Pomona College), 5.00%, 1/1/24 | 2,100,000 | 2,357,796 | ||||
California Educational Facilities Authority Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39 | 2,950,000 | 3,255,000 | ||||
California Educational Facilities Authority Rev., Series 2010 A, (Loyola Marymount University), 5.00%, 10/1/30 | 1,365,000 | 1,534,738 | ||||
California Educational Facilities Authority Rev., Series 2012 A, (University of the Pacific), 4.50%, 11/1/17 | 1,000,000 | 1,062,420 | ||||
California Educational Facilities Authority Rev., Series 2015 A, (University of Southern California), 5.00%, 10/1/25 | 1,875,000 | 2,439,112 | ||||
California GO, 5.00%, 11/1/16 (Ambac) | 1,575,000 | 1,625,274 | ||||
California GO, 5.00%, 9/1/17 | 2,500,000 | 2,671,000 | ||||
California GO, 5.00%, 10/1/17 | 2,170,000 | 2,326,131 | ||||
California GO, 5.50%, 4/1/18 | 2,535,000 | 2,794,990 | ||||
California GO, 5.00%, 8/1/18 | 2,260,000 | 2,358,220 | ||||
California GO, 5.00%, 9/1/18 | 1,000,000 | 1,109,250 | ||||
California GO, 5.00%, 9/1/19 | 7,645,000 | 8,771,797 | ||||
California GO, 5.00%, 3/1/20 | 1,690,000 | 1,833,126 | ||||
California GO, 5.00%, 8/1/20 | 5,000,000 | 5,216,350 | ||||
California GO, 5.25%, 10/1/20 | 5,000,000 | 5,777,900 | ||||
California GO, 5.00%, 3/1/22 | 5,000,000 | 5,020,700 | ||||
California GO, 5.00%, 9/1/22 | 2,000,000 | 2,473,300 | ||||
California GO, 5.00%, 3/1/23 | 10,000,000 | 12,408,600 | ||||
California GO, 5.50%, 4/1/24 | 4,600,000 | 5,249,198 | ||||
California GO, 5.00%, 8/1/24 | 1,260,000 | 1,313,323 | ||||
California GO, 5.00%, 8/1/26 | 4,800,000 | 6,047,424 | ||||
California GO, 5.00%, 12/1/26 | 1,045,000 | 1,291,411 | ||||
California GO, 5.00%, 2/1/27 | 14,000,000 | 16,901,500 | ||||
California GO, 5.00%, 2/1/28 | 5,795,000 | 6,969,531 | ||||
California GO, 5.00%, 3/1/28 | 8,000,000 | 9,863,920 | ||||
California GO, 5.75%, 4/1/28 | 5,000,000 | 5,705,800 | ||||
California GO, 5.00%, 11/1/29 | 2,625,000 | 3,185,910 | ||||
California GO, 5.75%, 4/1/31 | 5,000,000 | 5,686,150 | ||||
California GO, 5.00%, 11/1/32 | 1,890,000 | 2,016,989 | ||||
California GO, 6.50%, 4/1/33 | 5,000,000 | 5,837,700 | ||||
California GO, 6.00%, 4/1/38 | 3,000,000 | 3,447,180 | ||||
California GO, 5.00%, 8/1/45 | 5,000,000 | 5,864,650 | ||||
California GO, Series 2012 B, VRN, 0.91%, 3/3/16 | 2,000,000 | 2,014,220 |
Principal Amount | Value | |||||
California GO, Series 2012 B, VRN, 1.01%, 3/3/16 | $ | 800,000 | $ | 807,376 | ||
California GO, Series 2012 B, VRN, 1.16%, 3/3/16 | 960,000 | 975,744 | ||||
California GO, VRDN, 4.00%, 12/1/16 | 3,000,000 | 3,028,320 | ||||
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/18 | 1,000,000 | 1,105,650 | ||||
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/22 | 3,000,000 | 3,720,090 | ||||
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/23 | 2,150,000 | 2,712,977 | ||||
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/24 | 1,450,000 | 1,850,040 | ||||
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/26 | 3,000,000 | 3,791,100 | ||||
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/27 | 6,000,000 | 7,524,960 | ||||
California Health Facilities Financing Authority Rev., (NCROC Paradise Valley Estates), 5.70%, 12/1/24 (Ambac/California Mortgage Insurance) | 1,455,000 | 1,640,513 | ||||
California Health Facilities Financing Authority Rev., Series 2008 A, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17 | 2,000,000 | 2,020,960 | ||||
California Health Facilities Financing Authority Rev., Series 2008 A, (Scripps Health), 5.00%, 10/1/17 | 1,400,000 | 1,500,030 | ||||
California Health Facilities Financing Authority Rev., Series 2008 A, (Sutter Health), 5.50%, 8/15/17 | 1,000,000 | 1,074,760 | ||||
California Health Facilities Financing Authority Rev., Series 2008 A, (Sutter Health), 5.25%, 8/15/22 | 3,335,000 | 3,714,890 | ||||
California Health Facilities Financing Authority Rev., Series 2008 B, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17 | 2,200,000 | 2,223,056 | ||||
California Health Facilities Financing Authority Rev., Series 2008 C, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17 | 1,355,000 | 1,369,200 | ||||
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 | 3,714,620 | ||||
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 | 45,930 | ||||
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 | 2,394,101 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 5.00%, 7/1/18 | 3,000,000 | 3,296,880 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.25%, 11/1/29 | 5,000,000 | 5,919,200 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.50%, 7/1/29 | 1,500,000 | 1,714,170 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.75%, 7/1/39 | 1,000,000 | 1,143,860 | ||||
California Health Facilities Financing Authority Rev., Series 2009 C, (St. Joseph Health System), VRDN, 5.00%, 10/18/22 | 7,000,000 | 8,568,980 | ||||
California Health Facilities Financing Authority Rev., Series 2010 A, (Stanford Hospital), 5.00%, 11/15/25 | 2,000,000 | 2,327,360 | ||||
California Health Facilities Financing Authority Rev., Series 2011 B, (St. Joseph Health System), VRDN, 0.01%, 3/1/16 (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 | 1,200,660 | ||||
California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/18 | 1,305,000 | 1,445,679 |
Principal Amount | Value | |||||
California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/22 | $ | 1,650,000 | $ | 2,022,949 | ||
California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51 | 1,000,000 | 1,106,560 | ||||
California Health Facilities Financing Authority Rev., Series 2012 B, (Lucile Salter Packard Children's Hospital), 5.00%, 8/15/25 | 5,855,000 | 6,960,658 | ||||
California Health Facilities Financing Authority Rev., Series 2013 A, (St. Joseph Health System), 5.00%, 7/1/37 | 890,000 | 1,030,558 | ||||
California Health Facilities Financing Authority Rev., Series 2013 A, (Sutter Health), 5.00%, 8/15/52 | 3,650,000 | 4,091,066 | ||||
California Health Facilities Financing Authority Rev., Series 2016 A, (Sutter Health), 5.00%, 11/15/21 | 300,000 | 364,962 | ||||
California Health Facilities Financing Authority Rev., Series 2016 A, (Sutter Health), 5.00%, 11/15/22 | 200,000 | 248,444 | ||||
California Health Facilities Financing Authority Rev., Series 2016 A, (Sutter Health), 5.00%, 11/15/23 | 600,000 | 751,632 | ||||
California Health Facilities Financing Authority Rev., Series 2016 A, (Sutter Health), 5.00%, 11/15/28 | 465,000 | 573,750 | ||||
California Health Facilities Financing Authority Rev., Series 2016 A, (Sutter Health), 5.00%, 11/15/29 | 1,000,000 | 1,229,840 | ||||
California Health Facilities Financing Authority Rev., Series 2016 A, (Sutter Health), 5.00%, 11/15/30 | 750,000 | 914,363 | ||||
California Infrastructure & Economic Development Bank Rev., (Academy Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/27 | 1,010,000 | 1,226,221 | ||||
California Infrastructure & Economic Development Bank Rev., (Academy Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/28 | 1,205,000 | 1,455,025 | ||||
California Infrastructure & Economic Development Bank Rev., (Academy Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/29 | 1,000,000 | 1,202,640 | ||||
California Infrastructure & Economic Development Bank Rev., (Academy Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/30 | 1,370,000 | 1,639,589 | ||||
California Infrastructure & Economic Development Bank Rev., (Academy Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/41 | 1,000,000 | 1,150,910 | ||||
California Infrastructure & Economic Development Bank Rev., (Columbia College), VRDN, 0.06%, 3/3/16 (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 | 678,058 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2010 A, (University of California, San Francisco Neuroscience Building), 5.00%, 5/15/22 | 3,735,000 | 4,371,668 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2011 A-1, (J. Paul Getty Trust), VRDN, 0.29%, 3/3/16 | 5,000,000 | 5,000,000 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2013 A, (Los Angeles County Museum of Art Project), VRDN, 2.05%, 3/3/16 | 3,000,000 | 3,071,250 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2015 A, (The Colburn School), VRDN, 1.01%, 3/3/16 | 4,375,000 | 4,381,562 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2015 B-2, (J. Paul Getty Trust), VRDN, 0.29%, 3/3/16 | 2,750,000 | 2,726,597 | ||||
California Municipal Finance Authority Rev., (Community Hospitals Central), 5.00%, 2/1/17 | 2,000,000 | 2,076,660 | ||||
California Municipal Finance Authority Rev., Series 2007, (Loma Linda University), 5.00%, 4/1/23 | 1,145,000 | 1,197,372 |
Principal Amount | Value | |||||
California Municipal Finance Authority Rev., Series 2007, (Loma Linda University), 5.00%, 4/1/28 | $ | 2,000,000 | $ | 2,085,900 | ||
California Municipal Finance Authority Rev., Series 2008 A, (Biola University), 5.00%, 10/1/18 | 1,000,000 | 1,091,330 | ||||
California Municipal Finance Authority Rev., Series 2010 A, (Eisenhower Medical Center), 5.00%, 7/1/19 | 605,000 | 672,337 | ||||
California Municipal Finance Authority Rev., Series 2010 A, (Eisenhower Medical Center), 5.25%, 7/1/21 | 1,760,000 | 2,024,616 | ||||
California Municipal Finance Authority Rev., Series 2010 A, (University of Louisiana Verne), 5.00%, 6/1/17 | 2,290,000 | 2,397,584 | ||||
California Municipal Finance Authority Rev., Series 2011, (Emerson College), 5.75%, 1/1/33 | 2,250,000 | 2,618,325 | ||||
California Municipal Finance Authority Rev., Series 2011, (Emerson College), 6.00%, 1/1/42 | 1,000,000 | 1,196,210 | ||||
California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/22 | 1,000,000 | 1,184,370 | ||||
California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/23 | 520,000 | 622,497 | ||||
California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/25 | 1,925,000 | 2,343,610 | ||||
California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/27 | 295,000 | 352,625 | ||||
California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/28 | 735,000 | 871,056 | ||||
California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/29 | 1,000,000 | 1,178,220 | ||||
California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/46 | 4,000,000 | 4,457,920 | ||||
California Municipal Finance Authority Rev., Series 2015 B, (Azusa Pacific University), 5.00%, 4/1/27 | 1,165,000 | 1,327,518 | ||||
California Public Works Board Lease Rev., Series 2006 A, (California State University), 5.00%, 10/1/16 (NATL-RE/FGIC) | 1,500,000 | 1,541,760 | ||||
California Public Works Board Lease Rev., Series 2009 A, (Department of General Services - Building 8 & 9), 6.25%, 4/1/34 | 2,435,000 | 2,843,593 | ||||
California Public Works Board Lease Rev., Series 2009 B, (Department of Education - Riverside Campus), 6.00%, 4/1/27 | 2,130,000 | 2,475,976 | ||||
California Public Works Board Lease Rev., Series 2009 I-1, (Various Capital Projects), 6.375%, 11/1/34 | 2,500,000 | 2,998,275 | ||||
California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.25%, 12/1/26 | 2,000,000 | 2,429,880 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/21 | 3,000,000 | 3,583,230 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/22 | 2,100,000 | 2,556,897 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/23 | 2,000,000 | 2,410,440 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25 | 1,800,000 | 2,169,954 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37 | 4,545,000 | 5,218,933 | ||||
California Public Works Board Lease Rev., Series 2012 D, (California State University Projects), 5.00%, 9/1/36 | 1,000,000 | 1,160,960 | ||||
California Public Works Board Lease Rev., Series 2012 G, (Various Capital Projects), 4.00%, 11/1/17 | 1,250,000 | 1,321,813 | ||||
California Public Works Board Lease Rev., Series 2013 H, (California State University Projects), 5.00%, 9/1/38 | 4,500,000 | 5,152,860 | ||||
California Public Works Board Lease Rev., Series 2013 I, (Various Capital Projects), 5.00%, 11/1/38 | 2,400,000 | 2,771,136 |
Principal Amount | Value | |||||
California Public Works Board Lease Rev., Series 2014 A, (Various Correctional Facilities), 5.00%, 9/1/25 | $ | 5,000,000 | $ | 6,243,150 | ||
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/46(3) | 1,000,000 | 1,109,460 | ||||
California School Finance Authority Rev., Series 2015 A, (Alliance for College-Ready Public School Project), 3.00%, 7/1/19(3) | 1,025,000 | 1,055,996 | ||||
California School Finance Authority Rev., Series 2015 A, (Alliance for College-Ready Public School Project), 3.00%, 7/1/20(3) | 1,115,000 | 1,150,011 | ||||
California Public Works Board Lease Rev., Series 2015 F, 5.00%, 5/1/27 | 5,000,000 | 6,210,250 | ||||
California State University Rev., Series 2011 A, 5.00%, 11/1/20 | 1,250,000 | 1,491,963 | ||||
California State University Rev., Series 2011 A, 5.00%, 11/1/24 | 5,000,000 | 6,004,750 | ||||
California State University Rev., Series 2014 A, 5.00%, 11/1/32 | 1,750,000 | 2,092,160 | ||||
California State University Rev., Series 2015 A, 5.00%, 11/1/18 | 1,800,000 | 2,012,328 | ||||
California State University Rev., Series 2015 A, 5.00%, 11/1/19 | 1,000,000 | 1,157,320 | ||||
California State University Rev., Series 2015 A, 5.00%, 11/1/21 | 1,000,000 | 1,223,100 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/16 | 750,000 | 773,138 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/17 | 815,000 | 874,308 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 4.00%, 11/1/18 | 200,000 | 217,040 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/18 | 515,000 | 572,474 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 4.00%, 11/1/19 | 200,000 | 222,152 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/20 | 100,000 | 117,553 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 4.00%, 11/1/21 | 150,000 | 171,879 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/22 | 125,000 | 153,476 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/23 | 150,000 | 186,924 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/24 | 200,000 | 249,498 | ||||
California Statewide Communities Development Authority Rev., (John Muir Health), 5.00%, 7/1/20 | 2,225,000 | 2,531,071 | ||||
California Statewide Communities Development Authority Rev., (Southern California Edison Co.), VRDN, 1.375%, 4/2/18 | 1,775,000 | 1,789,093 | ||||
California Statewide Communities Development Authority Rev., (St. Joseph Remarketing), 5.125%, 7/1/24 (NATL-RE) | 2,000,000 | 2,202,200 | ||||
California Statewide Communities Development Authority Rev., (Trinity Health Corp.), 5.00%, 12/1/41 | 1,570,000 | 1,757,678 | ||||
California Statewide Communities Development Authority Rev., Series 2002 B, (Pooled Financing Program), 5.20%, 3/31/16, Prerefunded at 100% of Par (AGM)(2) | 440,000 | 441,835 | ||||
California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.30%, 11/1/18 | 1,300,000 | 1,366,326 | ||||
California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.40%, 11/1/27 | 1,000,000 | 1,039,860 | ||||
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 | 1,071,280 | ||||
California Statewide Communities Development Authority Rev., Series 2007 A, (Valleycare Health System), 4.80%, 7/15/17(2) | 1,325,000 | 1,376,039 |
Principal Amount | Value | |||||
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 | $ | 2,614,390 | ||
California Statewide Communities Development Authority Rev., Series 2009 A, (Kaiser Permanente), 5.00%, 4/1/19 | 1,450,000 | 1,638,283 | ||||
California Statewide Communities Development Authority Rev., Series 2009 E-2, (Kaiser Permanente), VRDN, 5.00%, 5/1/17 | 5,000,000 | 5,263,650 | ||||
California Statewide Communities Development Authority Rev., Series 2012 A, (Kaiser Permanente), 5.00%, 4/1/42 | 8,400,000 | 9,561,300 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/22 | 475,000 | 571,031 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/23 | 600,000 | 729,138 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/24 | 750,000 | 920,393 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/25 | 800,000 | 965,064 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/26 | 885,000 | 1,058,318 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/27 | 1,880,000 | 2,230,206 | ||||
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 | 3,949,608 | ||||
California Statewide Communities Development Authority Rev., Series 2015 A, (Adventist Health System/West), 5.00%, 3/1/23 | 1,190,000 | 1,446,612 | ||||
California Statewide Communities Development Authority Rev., Series 2015 A, (Adventist Health System/West), 5.00%, 3/1/24 | 800,000 | 983,496 | ||||
California Statewide Communities Development Authority Rev., Series 2015 A, (Adventist Health System/West), 5.00%, 3/1/25 | 750,000 | 932,048 | ||||
California Statewide Communities Development Authority Rev., Series 2015 A, (Adventist Health System/West), 5.00%, 3/1/26 | 1,000,000 | 1,254,530 | ||||
California Statewide Communities Development Authority Rev., Series 2015 A, (Adventist Health System/West), 5.00%, 3/1/27 | 1,590,000 | 1,982,523 | ||||
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 | 1,016,410 | ||||
Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 87-1), 5.00%, 9/1/18 (Ambac) | 3,115,000 | 3,186,302 | ||||
Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Merged and Amended Project Area), 4.00%, 10/1/16 | 525,000 | 536,387 | ||||
Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Merged and Amended Project Area), 4.00%, 10/1/17 | 675,000 | 711,288 | ||||
Carson Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2014 A, (Project Area No. 1), 5.00%, 10/1/19 (AGM) | 315,000 | 356,741 | ||||
Chaffey Joint Union High School District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/30 | 3,125,000 | 3,799,875 | ||||
Chaffey Joint Union High School District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/32 | 1,220,000 | 1,466,611 | ||||
Chula Vista Rev., Series 2006 A, (San Diego Gas and Electric), 1.65%, 7/1/18 | 8,165,000 | 8,173,328 | ||||
City of Fontana Special Tax Rev., (Community Facilities District No. 22), 4.00%, 9/1/18 | 740,000 | 791,874 | ||||
City of Fontana Special Tax Rev., (Community Facilities District No. 22), 4.00%, 9/1/19 | 390,000 | 425,315 | ||||
City of Fontana Special Tax Rev., (Community Facilities District No. 22), 5.00%, 9/1/20 | 545,000 | 625,742 |
Principal Amount | Value | |||||
City of Fontana Special Tax Rev., (Community Facilities District No. 22), 5.00%, 9/1/22 | $ | 520,000 | $ | 617,739 | ||
City of Fontana Special Tax Rev., (Community Facilities District No. 22), 5.00%, 9/1/24 | 575,000 | 695,451 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 15-1), 2.00%, 9/2/16 | 850,000 | 856,732 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/17 | 850,000 | 891,123 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 15-1), 4.00%, 9/2/17 | 360,000 | 377,417 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/18 | 875,000 | 941,124 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/19 | 1,400,000 | 1,539,986 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 15-1), 4.00%, 9/2/19 | 1,375,000 | 1,510,809 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 15-1), 5.00%, 9/2/26 | 500,000 | 615,740 | ||||
City of La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/20 | 640,000 | 721,440 | ||||
City of La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/21 | 315,000 | 361,670 | ||||
City of La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/22 | 225,000 | 261,974 | ||||
City of Riverside Sewer Rev., Series 2015 A, 5.00%, 8/1/25 | 1,630,000 | 2,034,680 | ||||
City of Riverside Sewer Rev., Series 2015 A, 5.00%, 8/1/26 | 3,400,000 | 4,192,268 | ||||
City of Roseville Water Utility COP, 5.00%, 12/1/26 | 1,690,000 | 2,119,801 | ||||
City of Roseville Water Utility COP, 5.00%, 12/1/27 | 2,250,000 | 2,790,292 | ||||
Clovis Unified School District GO, Capital Appreciation, Series 2004 A, (Election of 2004), 0.00%, 8/1/24 (NATL-RE)(1) | 5,935,000 | 4,981,602 | ||||
Corcoran Joint Unified School District COP, VRDN, 2.70%, 12/1/21 (AGM) | 4,500,000 | 4,551,390 | ||||
Del Mar Race Track Authority Rev., 4.00%, 10/1/19(3) | 1,275,000 | 1,369,337 | ||||
Del Mar Race Track Authority Rev., 4.00%, 10/1/20(3) | 1,330,000 | 1,441,986 | ||||
East Side Union High School District GO, Series 2012, 5.00%, 8/1/25 | 1,405,000 | 1,680,984 | ||||
Eastern Municipal Water District Water & Sewer COP, Series 2008 H, 5.00%, 7/1/24 | 1,000,000 | 1,098,950 | ||||
Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 4.00%, 7/1/16 | 600,000 | 607,716 | ||||
Fairfield Redevelopment Agency Tax Allocation Rev., 4.00%, 8/1/16 | 1,525,000 | 1,548,470 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/24(4) | 1,600,000 | 1,281,632 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/42(1) | 4,820,000 | 1,503,165 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 A, 6.00%, 1/15/49 | 3,000,000 | 3,553,170 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-1, VRDN, 5.00%, 1/15/18 | 3,750,000 | 3,940,725 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-2, VRDN, 5.00%, 1/15/20 | 5,000,000 | 5,523,350 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-3, VRDN, 5.50%, 1/15/23 | 2,750,000 | 3,284,490 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 C, (Junior Lien), 6.25%, 1/15/33 | 3,000,000 | 3,562,470 | ||||
Garden Grove Agency Community Development Successor Agency Tax Allocation Rev., (Garden Grove Community Project), 5.00%, 10/1/22 (BAM)(5) | 500,000 | 610,610 |
Principal Amount | Value | |||||
Garden Grove Agency Community Development Successor Agency Tax Allocation Rev., (Garden Grove Community Project), 5.00%, 10/1/23 (BAM)(5) | $ | 500,000 | $ | 617,480 | ||
Golden State Tobacco Securitization Corp. Settlement Rev., Capital Appreciation, Series 2005 A, 0.00%, 6/1/25 (AGM)(1) | 2,000,000 | 1,606,680 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 4.50%, 6/1/27 | 1,270,000 | 1,274,699 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.00%, 6/1/33 | 1,250,000 | 1,186,425 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/21 | 1,000,000 | 1,194,650 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/29 | 6,650,000 | 7,850,325 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/30 | 1,000,000 | 1,168,230 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2015 A, 3.00%, 6/1/17 | 1,000,000 | 1,031,160 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2015 A, 4.00%, 6/1/18 | 2,885,000 | 3,098,894 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2015 A, 5.00%, 6/1/19 | 1,000,000 | 1,134,230 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2015 A, 5.00%, 6/1/20 | 1,000,000 | 1,164,710 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2015 A, 5.00%, 6/1/21 | 3,000,000 | 3,583,950 | ||||
Grossmont-Cuyamaca Community College District GO, Series 2013 A, (Election of 2012), 5.25%, 8/1/27 | 750,000 | 938,873 | ||||
Hayward Area Recreation and Park District COP, 5.125%, 1/1/39 | 1,750,000 | 1,974,087 | ||||
Huntington Beach Union High School District GO, 5.00%, 8/1/26 | 3,030,000 | 3,729,597 | ||||
Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.25%, 9/1/37 | 1,110,000 | 1,285,713 | ||||
Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/44 | 1,175,000 | 1,311,899 | ||||
Irvine Community Facilities District No. 2013-3 Special Tax Rev., (Great Park Improvement Area No.1), 5.00%, 9/1/39 | 1,000,000 | 1,124,650 | ||||
Irvine Unified School District Financing Authority Special Tax Rev., Series 2006 A, (Group II), 4.75%, 9/1/16 | 600,000 | 612,738 | ||||
Irvine Unified School District Financing Authority Special Tax Rev., Series 2006 A, (Group II), 5.00%, 9/1/20 | 745,000 | 762,917 | ||||
Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/23 | 625,000 | 763,838 | ||||
Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/24 | 680,000 | 838,617 | ||||
Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/25 | 1,000,000 | 1,221,610 | ||||
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 | 1,302,950 | ||||
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 | 1,209,514 | ||||
La Quinta Redevelopment Successor Agency Tax Allocation Rev., Series 2014 A, (La Quinta Redevelopment Project Areas 1&2), 5.00%, 9/1/31 | 4,265,000 | 5,037,989 | ||||
Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.00%, 11/15/35 | 1,215,000 | 1,427,078 | ||||
Long Beach Harbor Rev., Series 2014 C, 5.00%, 11/15/18 | 22,000,000 | 24,603,920 |
Principal Amount | Value | |||||
Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/23 | $ | 650,000 | $ | 770,783 | ||
Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/24 | 250,000 | 298,700 | ||||
Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/25 | 500,000 | 597,405 | ||||
Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/27 | 800,000 | 940,872 | ||||
Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/28 | 600,000 | 700,680 | ||||
Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/40 | 2,500,000 | 2,770,125 | ||||
Los Alamitos Unified School District COP, Capital Appreciation, (Capital Projects), 0.00%, 8/1/42(4) | 2,100,000 | 1,656,396 | ||||
Los Altos Elementary School District GO, 5.00%, 8/1/16, Prerefunded at 100% of Par (Ambac)(2) | 1,045,000 | 1,066,234 | ||||
Los Altos Elementary School District GO, 5.00%, 8/1/19 (Ambac) | 1,455,000 | 1,484,769 | ||||
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 | 2,129,440 | ||||
Los Angeles Community College District GO, Series 2015 C, 5.00%, 6/1/26 | 2,115,000 | 2,755,020 | ||||
Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/21 | 1,195,000 | 1,419,576 | ||||
Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/22 | 1,000,000 | 1,211,750 | ||||
Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/23 | 1,955,000 | 2,393,702 | ||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., Series 2008 B, (Proposition A), 5.00%, 7/1/31 | 1,000,000 | 1,087,860 | ||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., Series 2010 A, (General Union Station), 5.00%, 7/1/20 | 3,000,000 | 3,532,020 | ||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., Series 2013 A, (Proposition A), 5.00%, 7/1/21 | 2,470,000 | 2,995,270 | ||||
Los Angeles County Redevelopment Authority Tax Allocation Rev., Series 2013 D, (Redevelopment Project Areas), 5.00%, 9/1/16 | 2,000,000 | 2,046,580 | ||||
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 | 1,419,975 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-1, (MonteCedro, Inc.), 3.00%, 11/15/21 (California Mortgage Insurance) | 1,170,000 | 1,172,831 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-2, (MonteCedro, Inc.), 3.00%, 11/15/20 (California Mortgage Insurance) | 950,000 | 952,290 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-3, (MonteCedro, Inc.), 2.50%, 11/15/20 (California Mortgage Insurance) | 1,250,000 | 1,252,475 | ||||
Los Angeles County Sanitation Districts Financing Authority Rev., Series 2015 A, (Capital Projects), 5.00%, 10/1/23 | 2,855,000 | 3,558,757 | ||||
Los Angeles County Sanitation Districts Financing Authority Rev., Series 2015 A, (Capital Projects), 5.00%, 10/1/26 | 2,700,000 | 3,392,793 | ||||
Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.00%, 5/15/18 | 750,000 | 822,945 | ||||
Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40 | 3,000,000 | 3,401,190 | ||||
Los Angeles Department of Airports Rev., Series 2010 D, (Los Angeles International Airport), 5.00%, 5/15/24 | 3,040,000 | 3,561,482 | ||||
Los Angeles Department of Airports Rev., Series 2015 C, (Los Angeles International Airport), 5.00%, 5/15/26 | 1,500,000 | 1,886,940 |
Principal Amount | Value | |||||
Los Angeles Department of Airports Rev., Series 2015 C, (Los Angeles International Airport), 5.00%, 5/15/27 | $ | 1,280,000 | $ | 1,589,568 | ||
Los Angeles Department of Water & Power System Rev., Series 2001 B-2, VRDN, 0.01%, 3/1/16 (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 | 5,479,600 | ||||
Los Angeles Department of Water & Power System Rev., Series 2008 A-2, 5.25%, 7/1/32 | 3,535,000 | 3,892,247 | ||||
Los Angeles Department of Water & Power System Rev., Series 2011 A, 4.00%, 7/1/16 | 1,000,000 | 1,013,110 | ||||
Los Angeles Department of Water & Power System Rev., Series 2011 A, 5.00%, 7/1/18 | 780,000 | 860,738 | ||||
Los Angeles Department of Water & Power System Rev., Series 2012 A, 5.00%, 7/1/26 | 1,000,000 | 1,218,650 | ||||
Los Angeles Department of Water & Power System Rev., Series 2012 C, 5.00%, 7/1/24 | 1,500,000 | 1,845,375 | ||||
Los Angeles Department of Water & Power System Rev., Series 2013 B, 5.00%, 7/1/27 | 6,470,000 | 7,949,754 | ||||
Los Angeles Department of Water & Power System Rev., Series 2014 B, 5.00%, 7/1/26 | 1,300,000 | 1,602,328 | ||||
Los Angeles Municipal Improvement Corp. Rev., Series 2012 C, 5.00%, 3/1/25 | 3,000,000 | 3,603,810 | ||||
Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/29 | 1,700,000 | 2,031,007 | ||||
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 | 4,065,640 | ||||
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 | 177,872 | ||||
Los Angeles Unified School District GO, Series 2006 F, (Election of 2004), 5.00%, 7/1/18 (FGIC) | 1,055,000 | 1,072,355 | ||||
Los Angeles Unified School District GO, Series 2007 H, (Election of 2004), 5.00%, 7/1/32 (AGM) | 2,000,000 | 2,107,080 | ||||
Los Angeles Unified School District GO, Series 2009 I, (Election of 2004), 5.00%, 7/1/29 | 4,000,000 | 4,530,440 | ||||
Los Angeles Unified School District GO, Series 2010 KRY, 5.25%, 7/1/26 | 3,000,000 | 3,523,980 | ||||
Los Angeles Unified School District GO, Series 2011 A-1, 4.00%, 7/1/17 | 1,000,000 | 1,047,880 | ||||
Los Angeles Unified School District GO, Series 2011 A-1, 5.00%, 7/1/18 | 2,565,000 | 2,829,246 | ||||
Los Angeles Unified School District GO, Series 2011 A-1, 5.00%, 7/1/24 | 5,140,000 | 6,173,654 | ||||
Los Angeles Unified School District GO, Series 2011 A-2, 5.00%, 7/1/21 | 3,000,000 | 3,629,250 | ||||
Los Angeles Unified School District GO, Series 2014 B, 5.00%, 7/1/18 | 6,665,000 | 7,351,628 | ||||
Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/24 | 5,000,000 | 6,362,400 | ||||
Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/26 | 3,555,000 | 4,454,095 | ||||
Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/27 | 1,050,000 | 1,300,824 | ||||
Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/30 | 1,155,000 | 1,399,144 | ||||
Los Angeles Wastewater System Rev., Series 2009 A, 5.75%, 6/1/34 | 1,325,000 | 1,522,187 | ||||
M-S-R Energy Authority Rev., Series 2009 B, 7.00%, 11/1/34 (GA: Citigroup, Inc.) | 5,000,000 | 7,296,300 |
Principal Amount | Value | |||||
M-S-R Energy Authority Rev., Series 2009 B, 6.50%, 11/1/39 (GA: Citigroup, Inc.) | $ | 1,000,000 | $ | 1,399,410 | ||
Menlo Park Community Development Agency Successor Agency Tax Allocation Rev., (Las Pulgas Community Development Project), 3.00%, 10/1/17 | 650,000 | 674,999 | ||||
Menlo Park Community Development Agency Successor Agency Tax Allocation Rev., (Las Pulgas Community Development Project), 4.00%, 10/1/18 | 885,000 | 958,128 | ||||
Menlo Park Community Development Agency Successor Agency Tax Allocation Rev., (Las Pulgas Community Development Project), 5.00%, 10/1/19 | 420,000 | 480,115 | ||||
Menlo Park Community Development Agency Successor Agency Tax Allocation Rev., (Las Pulgas Community Development Project), 5.00%, 10/1/20 | 325,000 | 381,963 | ||||
Metropolitan Water District of Southern California Rev., Series 2011 A-2, VRDN, 0.39%, 3/3/16 | 10,000,000 | 9,975,400 | ||||
Metropolitan Water District of Southern California Rev., Series 2011 A-4, VRDN, 0.39%, 3/3/16 | 5,000,000 | 4,987,700 | ||||
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 | 4,992,950 | ||||
Mount San Antonio Community College District GO, Series 2013 A, (Election of 2008), 5.00%, 8/1/34 | 2,000,000 | 2,387,560 | ||||
Murrieta Public Financing Authority Special Tax Rev., 5.00%, 9/1/17 | 1,000,000 | 1,060,500 | ||||
Murrieta Public Financing Authority Special Tax Rev., 5.00%, 9/1/21 | 1,200,000 | 1,411,632 | ||||
Natomas Unified School District GO, 5.00%, 9/1/26 (BAM) | 1,785,000 | 2,164,330 | ||||
Newark Unified School District GO, Series 2014 B, 5.00%, 8/1/44 | 6,030,000 | 6,907,063 | ||||
Newport Beach Rev., Series 2011 A, (Hoag Memorial Hospital Presbyterian), 6.00%, 12/1/21, Prerefunded at 100% of Par(2) | 1,000,000 | 1,274,560 | ||||
North Lake Tahoe Public Financing Authority Rev., 4.00%, 12/1/19 | 1,000,000 | 1,115,320 | ||||
Northern California Power Agency Rev., Series 2010 A, 5.00%, 7/1/16 | 1,000,000 | 1,016,460 | ||||
Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/19 | 2,000,000 | 2,259,920 | ||||
Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/20 | 1,515,000 | 1,731,251 | ||||
Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/21 | 2,050,000 | 2,324,495 | ||||
Northern California Power Agency Rev., Series 2010 A, 5.25%, 8/1/22 | 4,250,000 | 4,868,672 | ||||
Northern California Power Agency Rev., Series 2012 A, 5.00%, 7/1/26 | 1,750,000 | 2,112,582 | ||||
Northern California Power Agency Rev., Series 2012 A, 5.00%, 7/1/27 | 2,000,000 | 2,407,680 | ||||
Northern California Transmission Agency Rev., Series 2016 A, (California-Oregon Project), 5.00%, 5/1/21(5) | 800,000 | 962,448 | ||||
Northern California Transmission Agency Rev., Series 2016 A, (California-Oregon Project), 5.00%, 5/1/28(5) | 1,000,000 | 1,250,230 | ||||
Northern California Transmission Agency Rev., Series 2016 A, (California-Oregon Project), 5.00%, 5/1/29(5) | 1,000,000 | 1,239,630 | ||||
Northern California Transmission Agency Rev., Series 2016 A, (California-Oregon Project), 5.00%, 5/1/30(5) | 1,855,000 | 2,286,306 | ||||
Oakland Sewer Rev., Series 2014 A, 5.00%, 6/15/26 | 1,200,000 | 1,480,992 | ||||
Oakland State Building Authority Lease Rev., Series 2015 A, (Elihu M. Harris State Office), 5.00%, 12/1/19 | 2,445,000 | 2,813,168 | ||||
Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.00%, 8/1/22 | 750,000 | 880,028 |
Principal Amount | Value | |||||
Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32 | $ | 2,150,000 | $ | 2,508,233 | ||
Oakland Unified School District Alameda County GO, Series 2013, (Election of 2012), 6.625%, 8/1/38 | 1,410,000 | 1,730,676 | ||||
Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/20 | 1,670,000 | 1,914,404 | ||||
Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/21 | 610,000 | 712,340 | ||||
Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/22 | 500,000 | 592,240 | ||||
Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/23 | 1,400,000 | 1,677,494 | ||||
Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/25 | 650,000 | 791,239 | ||||
Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/40 | 950,000 | 1,066,755 | ||||
Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/18 | 3,345,000 | 3,617,651 | ||||
Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/25 | 4,065,000 | 4,740,928 | ||||
Ontario Public Financing Authority Rev., 5.00%, 7/1/43 | 2,000,000 | 2,288,560 | ||||
Orange County Community Facilities District Special Tax Rev., Series 2014 A, (Ladera Ranch), 5.00%, 8/15/28 | 1,960,000 | 2,254,470 | ||||
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 | 214,181 | ||||
Orange County Sanitation District COP, Series 2007 B, 5.00%, 2/1/17, Prerefunded at 100% of Par (AGM)(2) | 2,750,000 | 2,867,535 | ||||
Orange County Sanitation District Rev., Series 2014 B, 4.00%, 11/15/16 | 6,500,000 | 6,666,205 | ||||
Orange County Transportation Authority Rev., (Senior Lien 91 Express Lanes), 5.00%, 8/15/24 | 1,000,000 | 1,230,440 | ||||
Orange County Water District Rev., Series 2013 A, 5.00%, 8/15/33 | 4,000,000 | 4,806,360 | ||||
Oxnard Financing Authority Rev., 5.00%, 6/1/25 (AGM) | 2,000,000 | 2,417,680 | ||||
Oxnard Financing Authority Rev., 5.00%, 6/1/26 (AGM) | 3,690,000 | 4,417,004 | ||||
Oxnard Financing Authority Rev., 5.00%, 6/1/28 (AGM) | 1,515,000 | 1,789,594 | ||||
Oxnard Financing Authority Rev., 5.00%, 6/1/32 (AGM) | 1,000,000 | 1,148,400 | ||||
Oxnard School District GO, Series 2015 D, (Election of 2012), 3.00%, 8/1/20 (AGM)(4) | 2,800,000 | 2,954,672 | ||||
Palm Springs Financing Authority Lease Rev., Series 2012 B, (Downtown Revitalization Project), 4.00%, 6/1/16 | 1,335,000 | 1,347,362 | ||||
Palm Springs Financing Authority Lease Rev., Series 2012 B, (Downtown Revitalization Project), 5.00%, 6/1/23 | 1,230,000 | 1,482,248 | ||||
Palomar Pomerado Health Care District COP, 5.25%, 11/1/21 | 880,000 | 954,492 | ||||
Palomar Pomerado Health Care District COP, 6.00%, 11/1/41 | 1,120,000 | 1,195,835 | ||||
Palomar Pomerado Health GO, Capital Appreciation, 0.00%, 8/1/18 (NATL-RE)(1) | 3,615,000 | 3,519,058 | ||||
Palomar Pomerado Health GO, Capital Appreciation, Series 2009 A, (Election of 2004), 0.00%, 8/1/19 (AGC)(4) | 1,660,000 | 1,888,067 | ||||
Peralta Community College District GO, 5.00%, 8/1/17 | 2,085,000 | 2,220,191 | ||||
Peralta Community College District GO, 5.00%, 8/1/22 | 2,145,000 | 2,643,498 | ||||
Pittsburg Successor Agency Redevelopment Agency Tax Allocation Rev., Series 2016 A, 5.00%, 9/1/29 (AGM) | 3,000,000 | 3,616,290 | ||||
Port of Oakland Rev., Series 2007 C, (Intermediate Lien), 5.00%, 11/1/17 (NATL-RE) | 2,375,000 | 2,553,671 |
Principal Amount | Value | |||||
Port of Oakland Rev., Series 2007 C, (Intermediate Lien), 5.00%, 11/1/16 (NATL-RE) | $ | 1,270,000 | $ | 1,310,869 | ||
Porterville Public Financing Authority Sewer Rev., 5.625%, 10/1/36 | 2,500,000 | 2,980,925 | ||||
Poway Unified School District GO, Capital Appreciation, (School Facilities Improvement), 0.00%, 8/1/41(1) | 2,780,000 | 1,043,695 | ||||
Poway Unified School District Public Financing Authority Special Tax Rev., 5.00%, 9/15/19 (Ambac) | 1,150,000 | 1,220,978 | ||||
Poway Unified School District Public Financing Authority Special Tax Rev., 5.00%, 9/15/20 (Ambac) | 1,205,000 | 1,279,373 | ||||
Poway Unified School District Public Financing Authority Special Tax Rev., Series 2015 A, 2.00%, 9/1/16 | 1,285,000 | 1,294,483 | ||||
Poway Unified School District Public Financing Authority Special Tax Rev., Series 2015 A, 3.00%, 9/1/17 | 670,000 | 689,758 | ||||
Rancho Mirage Joint Powers Financing Authority Rev., Series 2007 A, (Eisenhower Medical Center), 5.00%, 7/1/21 | 1,000,000 | 1,045,590 | ||||
Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.125%, 9/1/22 | 790,000 | 926,038 | ||||
Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.25%, 9/1/23 | 1,300,000 | 1,519,466 | ||||
Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.375%, 9/1/24 | 1,410,000 | 1,644,370 | ||||
Regents of the University of California Rev., Series 2009 Q, 5.25%, 5/15/17, Prerefunded at 101% of Par(2) | 1,910,000 | 2,040,453 | ||||
Regents of the University of California Rev., Series 2009 Q, 5.25%, 5/15/23 | 90,000 | 96,242 | ||||
Rio Elementary School District Community Facilities District No. 1 Special Tax Rev., 5.00%, 9/1/24 | 700,000 | 834,701 | ||||
Riverside County Asset Leasing Corp. Rev., Series 2013 A, (Public Defender and Probation Building), 5.00%, 11/1/43 | 1,000,000 | 1,123,720 | ||||
Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.50%, 10/1/40 | 935,000 | 1,098,045 | ||||
Riverside County Transportation Commission Rev., Series 2013 A, (Limited Tax), 5.25%, 6/1/39 | 1,335,000 | 1,605,645 | ||||
Sacramento City Financing Authority Lease Rev., Series 1993 A, 5.40%, 11/1/20 (Ambac) | 2,145,000 | 2,363,104 | ||||
Sacramento County Airport System Rev., Series 2009 B, 4.25%, 7/1/16 | 1,000,000 | 1,013,190 | ||||
Sacramento County Airport System Rev., Series 2010, 5.00%, 7/1/20 | 1,000,000 | 1,156,500 | ||||
Sacramento County Airport System Rev., Series 2010, 5.00%, 7/1/23 | 1,000,000 | 1,143,080 | ||||
Sacramento County Airport System Rev., Series 2010, 5.00%, 7/1/24 | 1,000,000 | 1,156,510 | ||||
Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 A, 5.25%, 12/1/21 (NATL-RE/FGIC) | 1,000,000 | 1,232,900 | ||||
Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 B, VRN, 0.81%, 3/1/16 (NATL-RE/FGIC) | 2,500,000 | 2,316,875 | ||||
Sacramento County Sanitation Districts Financing Authority Rev., Series 2015, (Cosumnes Project), 3.00%, 7/1/17 | 18,730,000 | 19,376,934 | ||||
Sacramento County Sanitation Districts Financing Authority Rev., Series 2015, (Cosumnes Project), 4.00%, 7/1/18 | 6,000,000 | 6,478,920 | ||||
Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.70%, 7/1/17 (Ambac) | 3,105,000 | 3,324,058 | ||||
Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.25%, 7/1/24 (Ambac) | 3,000,000 | 3,729,390 | ||||
Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/24 | 1,500,000 | 1,850,370 |
Principal Amount | Value | |||||
Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/25 | $ | 5,000,000 | $ | 6,152,600 | ||
Sacramento Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2015 A, 4.00%, 12/1/18 | 2,000,000 | 2,160,360 | ||||
Sacramento Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2015 A, 5.00%, 12/1/34 (BAM) | 970,000 | 1,117,033 | ||||
Sacramento Regional Transit District Rev., (Farebox Revenue), 4.00%, 3/1/16 | 440,000 | 440,088 | ||||
Sacramento Regional Transit District Rev., (Farebox Revenue), 4.00%, 3/1/17 | 1,000,000 | 1,031,780 | ||||
Sacramento Regional Transit District Rev., (Farebox Revenue), 5.00%, 3/1/18 | 250,000 | 269,930 | ||||
Salinas Union High School District GO, Capital Appreciation, 0.00%, 8/1/20(1) | 5,000,000 | 4,624,350 | ||||
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 5.25%, 8/1/18 | 350,000 | 388,910 | ||||
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 | 334,626 | ||||
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 | 9,067,200 | ||||
San Bernardino Community College District GO, Capital Appreciation, Series 2009 B, (Election of 2008), 0.00%, 8/1/19(4) | 9,840,000 | 10,444,274 | ||||
San Buenaventura Rev., (Community Memorial Health System), 8.00%, 12/1/26 | 2,000,000 | 2,626,520 | ||||
San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41 | 1,200,000 | 1,470,960 | ||||
San Diego Community College District GO, (Election of 2002), 5.00%, 8/1/30 | 3,000,000 | 3,647,880 | ||||
San Diego Convention Center Expansion Financing Authority Rev., Series 2012 A, 4.00%, 4/15/17 | 1,250,000 | 1,298,763 | ||||
San Diego Convention Center Expansion Financing Authority Rev., Series 2012 A, 4.00%, 4/15/18 | 1,160,000 | 1,236,908 | ||||
San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 4.00%, 11/1/17 | 300,000 | 316,227 | ||||
San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/18 | 300,000 | 332,271 | ||||
San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/19 | 300,000 | 341,853 | ||||
San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/22 | 1,525,000 | 1,851,838 | ||||
San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30 | 450,000 | 535,248 | ||||
San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/19 | 1,290,000 | 1,460,370 | ||||
San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/21 | 2,000,000 | 2,347,680 | ||||
San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/34 | 750,000 | 847,215 | ||||
San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/40 | 740,000 | 835,919 | ||||
San Diego County Regional Airport Authority Rev., Series 2013 A, 4.00%, 7/1/18 | 300,000 | 324,018 | ||||
San Diego County Regional Airport Authority Rev., Series 2013 A, 4.00%, 7/1/19 | 400,000 | 442,224 | ||||
San Diego County Regional Transportation Commission Rev., Series 2012 A, 5.00%, 4/1/21 | 5,940,000 | 7,171,778 | ||||
San Diego County Water Authority Financing Corp. Rev., 5.00%, 5/1/25 | 5,250,000 | 6,724,200 |
Principal Amount | Value | |||||
San Diego County Water Authority Financing Corp. Rev., 5.00%, 5/1/26 | $ | 2,390,000 | $ | 3,027,054 | ||
San Diego County Water Authority Financing Corp. Rev., 5.00%, 5/1/27 | 3,485,000 | 4,364,858 | ||||
San Diego County Water Authority Rev., Series 2011 S-1, (Subordinate Lien), 5.00%, 7/1/16 | 2,780,000 | 2,814,361 | ||||
San Diego Public Facilities Financing Authority Lease Rev., Series 2015 A, (Capital Improvement Projects), 5.00%, 10/15/44 | 3,970,000 | 4,640,414 | ||||
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 | 4,178,125 | ||||
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 | 4,021,044 | ||||
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 | 1,294,944 | ||||
San Diego Public Facilities Financing Authority Water Rev., Series 2009 A, 5.00%, 8/1/21 | 1,000,000 | 1,107,190 | ||||
San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/21 | 2,000,000 | 2,418,420 | ||||
San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/24 | 2,000,000 | 2,458,900 | ||||
San Diego Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2016 A, 5.00%, 9/1/22 | 1,000,000 | 1,228,920 | ||||
San Diego Redevelopment Agency Successor Agency Tax Allocation Rev., Series 2016 A, 5.00%, 9/1/23 | 1,000,000 | 1,246,490 | ||||
San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/23 | 250,000 | 305,535 | ||||
San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/26 | 750,000 | 891,510 | ||||
San Diego Unified School District GO, Capital Appreciation, Series 2010 C, (Election of 2008), 0.00%, 7/1/36(1) | 7,895,000 | 3,704,650 | ||||
San Diego Unified School District GO, Series 2015 R-4, 5.00%, 7/1/28 | 5,000,000 | 6,209,350 | ||||
San Francisco Bay Area Rapid Transit District Rev., Series 2015 A, 5.00%, 7/1/28 | 1,500,000 | 1,887,390 | ||||
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 | 3,558,566 | ||||
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 | 2,192,680 | ||||
San Francisco City and County Airports Commission Rev., Series 2009 D, (San Francisco International Airport), 4.00%, 5/1/24 | 1,625,000 | 1,872,000 | ||||
San Francisco City and County Airports Commission Rev., Series 2009 E, (San Francisco International Airport), 5.25%, 5/1/23 | 3,500,000 | 3,985,310 | ||||
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 | 1,702,500 | ||||
San Francisco City and County Airports Commission Rev., Series 2011 D, (San Francisco International Airport), 5.00%, 5/1/24 | 4,025,000 | 4,831,570 | ||||
San Francisco City and County Airports Commission Rev., Series 2011 D, (San Francisco International Airport), 5.00%, 5/1/29 | 6,270,000 | 7,441,800 | ||||
San Francisco City and County Airports Commission Rev., Series 2012 B, (San Francisco International Airport), 5.00%, 5/1/26 | 1,250,000 | 1,512,738 | ||||
San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/17 | 2,440,000 | 2,561,414 | ||||
San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29 | 1,170,000 | 1,313,711 | ||||
San Francisco City and County COP, Series 2010 A, 5.00%, 10/1/19 | 2,930,000 | 3,362,790 |
Principal Amount | Value | |||||
San Francisco City and County GO, Series 2015 R-1, 5.00%, 6/15/25 | $ | 1,880,000 | $ | 2,334,076 | ||
San Francisco City and County Public Utilities Water Commission Rev., Series 2010 A, 5.00%, 10/1/21 | 5,000,000 | 6,084,400 | ||||
San Francisco City and County Public Utilities Water Commission Rev., Series 2010 A, 5.00%, 11/1/28 | 2,780,000 | 3,232,445 | ||||
San Francisco City and County Public Utilities Water Commission Rev., Series 2015 A, 5.00%, 11/1/28 | 1,055,000 | 1,305,858 | ||||
San Francisco City and County Public Utilities Water Commission Rev., Series 2015 A, 5.00%, 11/1/35 | 1,415,000 | 1,695,609 | ||||
San Francisco City and County Redevelopment Agency Tax Allocation Rev., Series 2014 C, 3.00%, 8/1/16 | 3,000,000 | 3,034,050 | ||||
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 | 447,229 | ||||
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 | 488,492 | ||||
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 | 528,505 | ||||
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 | 590,034 | ||||
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 | 614,395 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment), 5.00%, 8/1/21 | 460,000 | 536,397 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment), 5.00%, 8/1/26 | 425,000 | 500,671 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment), 5.00%, 8/1/27 | 550,000 | 642,428 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment), 5.00%, 8/1/28 | 370,000 | 429,281 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment), 5.00%, 8/1/43 | 1,000,000 | 1,109,340 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, (Senior Lien), 0.00%, 1/1/17(1)(2) | 1,000,000 | 996,360 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., (Senior Lien), 5.00%, 1/15/34 | 9,000,000 | 10,057,860 | ||||
San Jose Airport Rev., Series 2014 C, 5.00%, 3/1/27 | 1,295,000 | 1,570,252 | ||||
San Jose Airport Rev., Series 2014 C, 5.00%, 3/1/28 | 1,500,000 | 1,818,825 | ||||
San Jose Airport Rev., Series 2014 C, 5.00%, 3/1/30 | 1,750,000 | 2,095,100 | ||||
San Jose Airport Rev., Series 2014 C, 5.00%, 3/1/31 | 1,000,000 | 1,195,580 | ||||
San Jose Unified School District GO, Series 2015 C, 5.00%, 8/1/16 | 1,100,000 | 1,122,803 | ||||
San Jose Unified School District GO, Series 2015 C, 5.00%, 8/1/17 | 900,000 | 959,562 | ||||
San Jose Unified School District GO, Series 2015, 5.00%, 8/1/17 | 1,160,000 | 1,236,769 | ||||
San Jose Unified School District GO, Series 2015, 5.00%, 8/1/18 | 2,100,000 | 2,328,291 | ||||
San Jose Unified School District GO, Series 2015, 5.00%, 8/1/19 | 1,000,000 | 1,147,770 | ||||
San Mateo County Transportation District Sales Tax Rev., Series 1993 A, 5.25%, 6/1/18 (NATL-RE)(2) | 2,680,000 | 2,957,889 |
Principal Amount | Value | |||||
San Mateo Joint Powers Financing Authority Rev., (Maple Street Correctional Center), 5.00%, 6/15/17 | $ | 860,000 | $ | 910,929 | ||
San Mateo Joint Powers Financing Authority Rev., (Maple Street Correctional Center), 5.00%, 6/15/18 | 1,000,000 | 1,100,700 | ||||
San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.875%, 9/1/32 | 690,000 | 805,044 | ||||
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 | 1,020,320 | ||||
Santa Clara County Financing Authority Lease Rev., Series 2012 A, (Capital Projects), 4.00%, 2/1/17 | 2,055,000 | 2,121,253 | ||||
Santa Clara Electric Rev., Series 2011 A, 5.00%, 7/1/30 | 1,000,000 | 1,121,800 | ||||
Santa Clara Valley Transportation Authority Sales Tax Rev., Series 2010 B, 5.00%, 4/1/20 | 4,000,000 | 4,686,800 | ||||
Santa Fe Springs Community Development Commission Tax Allocation Rev., 5.375%, 9/1/16 (NATL-RE) | 430,000 | 431,879 | ||||
Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.00%, 7/1/42 | 600,000 | 687,102 | ||||
Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.875%, 7/1/42 | 600,000 | 718,338 | ||||
Santa Monica-Malibu Unified School District GO, Series 2015 B, (Election of 2012), 5.00%, 7/1/17 | 3,375,000 | 3,583,946 | ||||
Santa Rosa Wastewater Rev., Capital Appreciation, Series 2002 B, 0.00%, 9/1/24 (Ambac)(1) | 7,000,000 | 5,823,510 | ||||
Silicon Valley Clean Water Rev., 5.00%, 8/1/40 | 2,340,000 | 2,767,963 | ||||
Sonoma Community Development Agency Successor Agency Tax Allocation Rev., (Sonoma Redevelopment Project), 5.00%, 6/1/23 (NATL-RE) | 1,000,000 | 1,224,800 | ||||
Sonoma Community Development Agency Successor Agency Tax Allocation Rev., (Sonoma Redevelopment Project), 5.00%, 6/1/25 (NATL-RE) | 1,390,000 | 1,731,982 | ||||
Sonoma Community Development Agency Successor Agency Tax Allocation Rev., (Sonoma Redevelopment Project), 5.00%, 6/1/29 (NATL-RE) | 1,100,000 | 1,338,865 | ||||
South Orange County Public Financing Authority Rev., (Juvenile Justice Center), 4.25%, 6/1/17 | 2,000,000 | 2,090,680 | ||||
South Orange County Public Financing Authority Rev., (Juvenile Justice Center), 4.50%, 6/1/18 | 2,700,000 | 2,923,371 | ||||
South Placer Wastewater Authority Rev., VRN, 0.34%, 3/3/16 | 4,400,000 | 4,370,652 | ||||
South San Francisco Unified School District GO, Capital Appreciation, Series 2012 C, 0.00%, 6/1/16(1)(2) | 2,000,000 | 1,998,300 | ||||
Southern California Public Power Authority Rev., Series 2008 A, (Southern Transmission), 5.00%, 7/1/22 | 2,875,000 | 3,177,191 | ||||
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 | 2,249,200 | ||||
Southern California Public Power Authority Rev., Series 2011 A, (Southern Transmission), 5.00%, 7/1/21 | 2,780,000 | 3,342,227 | ||||
Southern California Public Power Authority Rev., Series 2012 A, (Southern Transmission), 4.00%, 7/1/16 | 2,055,000 | 2,081,797 | ||||
Southern California Public Power Authority Rev., Series 2012 A, (Southern Transmission), 5.00%, 7/1/18 | 1,880,000 | 2,073,678 | ||||
Southern California Public Power Authority Rev., Series 2013 A, (Southern Transmission), 5.00%, 7/1/18 | 2,000,000 | 2,206,040 | ||||
Southern California Public Power Authority Rev., Series 2013 A, (Southern Transmission), 5.00%, 7/1/20 | 4,000,000 | 4,709,360 | ||||
Southern California Water Replenishment District Authority Rev., 5.00%, 8/1/21 | 1,000,000 | 1,215,300 |
Principal Amount | Value | |||||
Stockton Public Financing Authority Rev., Series 2010 A, (Delta Water Supply Project), 6.25%, 10/1/38 | $ | 1,500,000 | $ | 1,867,230 | ||
Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/22 (BAM) | 1,410,000 | 1,708,934 | ||||
Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/23 (BAM) | 1,435,000 | 1,755,651 | ||||
Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/24 (BAM) | 1,090,000 | 1,346,172 | ||||
Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/25 (BAM) | 2,255,000 | 2,754,731 | ||||
Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/26 (BAM) | 1,495,000 | 1,802,222 | ||||
Stockton Unified School District GO, 5.00%, 8/1/30 | 11,165,000 | 13,359,146 | ||||
Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/27 (AGM) | 530,000 | 638,131 | ||||
Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/28 (AGM) | 255,000 | 304,100 | ||||
Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/42 (AGM) | 865,000 | 981,870 | ||||
Successor Agency to the Former Milpitas Redevelopment Agency Tax Allocation Rev., (Redevelopment Project Area No. 1), 5.00%, 9/1/25 | 2,325,000 | 2,924,524 | ||||
Successor Agency to the Former Milpitas Redevelopment Agency Tax Allocation Rev., (Redevelopment Project Area No. 1), 5.00%, 9/1/26 | 6,285,000 | 7,825,642 | ||||
Temecula Valley Unified School District Financing Authority Special Tax Rev., 4.00%, 9/1/17 (BAM) | 415,000 | 435,663 | ||||
Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/18 (BAM) | 325,000 | 358,365 | ||||
Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/19 (BAM) | 265,000 | 301,554 | ||||
Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/20 (BAM) | 400,000 | 466,976 | ||||
Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/21 (BAM) | 515,000 | 616,414 | ||||
Temecula Valley Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/22 (BAM) | 275,000 | 332,987 | ||||
Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A-1, 5.00%, 6/1/37 | 1,750,000 | 1,664,110 | ||||
Town of Hillsborough COP, Series 2006 A, (Water & Sewer System), VRDN, 0.01%, 3/3/16 (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 | 1,130,020 | ||||
Tustin Community Facilities District No. 06-1 Special Tax Rev., Series 2015 A, (Tustin Legacy / Columbus Villages), 5.00%, 9/1/22 | 480,000 | 569,251 | ||||
Tustin Community Facilities District No. 06-1 Special Tax Rev., Series 2015 A, (Tustin Legacy / Columbus Villages), 5.00%, 9/1/23 | 725,000 | 867,506 | ||||
Tustin Community Facilities District No. 06-1 Special Tax Rev., Series 2015 A, (Tustin Legacy / Columbus Villages), 5.00%, 9/1/28 | 1,000,000 | 1,182,170 | ||||
Tustin Community Facilities District No. 06-1 Special Tax Rev., Series 2015 A, (Tustin Legacy / Columbus Villages), 5.00%, 9/1/30 | 1,000,000 | 1,168,550 | ||||
Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.45%, 7/1/18 (AGM) | 3,000,000 | 3,005,970 | ||||
Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM) | 3,750,000 | 3,756,487 | ||||
Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM) | 2,500,000 | 2,504,325 |
Principal Amount/Shares | Value | |||||
University of California Regents Medical Center Pooled Rev., Series 2008 D, 5.00%, 5/15/27 | $ | 1,000,000 | $ | 1,019,720 | ||
University of California Rev., Series 2009 O, 5.25%, 5/15/19, Prerefunded at 100% of Par(2) | 1,255,000 | 1,433,524 | ||||
University of California Rev., Series 2009 O, 5.25%, 5/15/39 | 6,495,000 | 7,324,087 | ||||
University of California Rev., Series 2010 S, 5.00%, 5/15/20 | 1,405,000 | 1,556,782 | ||||
University of California Rev., Series 2010 S, 5.00%, 5/15/40 | 1,250,000 | 1,369,450 | ||||
University of California Rev., Series 2012 G, (Limited Project), 5.00%, 5/15/26 | 6,150,000 | 7,473,480 | ||||
University of California Rev., Series 2012 G, (Limited Project), 5.00%, 5/15/42 | 1,640,000 | 1,900,908 | ||||
University of California Rev., Series 2013 AF, 5.00%, 5/15/25 | 7,250,000 | 8,952,517 | ||||
University of California Rev., Series 2013 AK, VRDN, 5.00%, 5/15/23 | 7,935,000 | 9,844,399 | ||||
University of California Rev., Series 2015 I, 5.00%, 5/15/26 | 11,300,000 | 14,243,537 | ||||
Upper Santa Clara Valley Joint Powers Authority Rev., Series 2015 A, 4.00%, 8/1/18 | 600,000 | 647,340 | ||||
Upper Santa Clara Valley Joint Powers Authority Rev., Series 2015 A, 4.00%, 8/1/19 | 600,000 | 663,858 | ||||
West Contra Costa Unified School District GO, Series 2014 A, 5.00%, 8/1/30 | 2,000,000 | 2,389,320 | ||||
West Contra Costa Unified School District GO, Series 2014 A, 5.00%, 8/1/33 | 3,000,000 | 3,533,940 | ||||
West Contra Costa Unified School District GO, Series 2014 A, 5.00%, 8/1/34 | 1,200,000 | 1,407,636 | ||||
West Contra Costa Unified School District GO, Series 2014 A, 5.00%, 8/1/35 | 1,500,000 | 1,753,395 | ||||
West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/18 (XLCA) | 1,500,000 | 1,645,080 | ||||
West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/19 (XLCA) | 1,000,000 | 1,126,380 | ||||
West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/20 (XLCA) | 1,200,000 | 1,384,368 | ||||
Yosemite Community College District GO, Capital Appreciation, Series 2010 D, (Election of 2004), 0.00%, 8/1/38(1) | 6,000,000 | 2,504,280 | ||||
1,515,562,563 | ||||||
Guam — 0.1% | ||||||
Guam Government GO, Series 2009 A, 6.00%, 11/15/19 | 825,000 | 914,942 | ||||
Guam Power Authority Rev., Series 2012 A, 5.00%, 10/1/19 (AGM) | 1,000,000 | 1,139,320 | ||||
2,054,262 | ||||||
TOTAL MUNICIPAL SECURITIES (Cost $1,419,268,611) | 1,517,616,825 | |||||
TEMPORARY CASH INVESTMENTS — 1.8% | ||||||
Federated California Municipal Cash Trust, Wealth Shares (Cost $28,321,808) | 28,321,808 | 28,321,808 | ||||
TOTAL INVESTMENT SECURITIES — 99.5% (Cost $1,447,590,419) | 1,545,938,633 | |||||
OTHER ASSETS AND LIABILITIES — 0.5% | 7,459,380 | |||||
TOTAL NET ASSETS — 100.0% | $ | 1,553,398,013 |
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) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $6,126,790, which represented 0.4% 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. |
Statement of Assets and Liabilities |
FEBRUARY 29, 2016 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $1,447,590,419) | $ | 1,545,938,633 | |
Cash | 15,027 | ||
Receivable for investments sold | 1,768,077 | ||
Receivable for capital shares sold | 1,587,526 | ||
Interest receivable | 16,260,740 | ||
1,565,570,003 | |||
Liabilities | |||
Payable for investments purchased | 9,395,361 | ||
Payable for capital shares redeemed | 1,577,579 | ||
Accrued management fees | 536,156 | ||
Distribution and service fees payable | 21,521 | ||
Dividends payable | 641,373 | ||
12,171,990 | |||
Net Assets | $ | 1,553,398,013 | |
Net Assets Consist of: | |||
Capital paid in | $ | 1,459,762,321 | |
Undistributed net investment income | 18,902 | ||
Accumulated net realized loss | (4,731,424 | ) | |
Net unrealized appreciation | 98,348,214 | ||
$ | 1,553,398,013 |
Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||
Investor Class | $1,251,383,127 | 103,626,612 | $12.08 | |||
Institutional Class | $245,476,328 | 20,325,280 | $12.08 | |||
A Class | $38,369,871 | 3,177,005 | $12.08* | |||
C Class | $18,168,687 | 1,503,583 | $12.08 |
Statement of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2016 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Interest | $ | 21,769,513 | |
Expenses: | |||
Management fees | 3,311,103 | ||
Distribution and service fees: | |||
A Class | 47,016 | ||
C Class | 85,137 | ||
Trustees' fees and expenses | 45,550 | ||
3,488,806 | |||
Net investment income (loss) | 18,280,707 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on investment transactions | 6,388,647 | ||
Change in net unrealized appreciation (depreciation) on investments | 22,233,662 | ||
Net realized and unrealized gain (loss) | 28,622,309 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 46,903,016 |
Statement of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 29, 2016 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2015 | ||||||
Increase (Decrease) in Net Assets | February 29, 2016 | August 31, 2015 | ||||
Operations | ||||||
Net investment income (loss) | $ | 18,280,707 | $ | 34,665,041 | ||
Net realized gain (loss) | 6,388,647 | (4,011,300 | ) | |||
Change in net unrealized appreciation (depreciation) | 22,233,662 | (6,569,308 | ) | |||
Net increase (decrease) in net assets resulting from operations | 46,903,016 | 24,084,433 | ||||
Distributions to Shareholders | ||||||
From net investment income: | ||||||
Investor Class | (14,685,076 | ) | (27,681,317 | ) | ||
Institutional Class | (3,056,449 | ) | (5,936,358 | ) | ||
A Class | (400,851 | ) | (805,038 | ) | ||
C Class | (117,511 | ) | (242,328 | ) | ||
Decrease in net assets from distributions | (18,259,887 | ) | (34,665,041 | ) | ||
Capital Share Transactions | ||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 19,081,562 | 193,414,589 | ||||
Net increase (decrease) in net assets | 47,724,691 | 182,833,981 | ||||
Net Assets | ||||||
Beginning of period | 1,505,673,322 | 1,322,839,341 | ||||
End of period | $ | 1,553,398,013 | $ | 1,505,673,322 | ||
Undistributed (distributions in excess of) net investment income | $ | 18,902 | $ | (1,918 | ) |
Notes to Financial Statements |
Six months ended February 29, 2016 | Year ended August 31, 2015 | |||||||||
Shares | Amount | Shares | Amount | |||||||
Investor Class | ||||||||||
Sold | 9,739,253 | $ | 116,460,375 | 26,776,444 | $ | 319,070,899 | ||||
Issued in reinvestment of distributions | 922,340 | 11,049,664 | 1,802,765 | 21,478,133 | ||||||
Redeemed | (9,701,477 | ) | (116,234,750 | ) | (15,057,358 | ) | (179,336,810 | ) | ||
960,116 | 11,275,289 | 13,521,851 | 161,212,222 | |||||||
Institutional Class | ||||||||||
Sold | 2,702,347 | 32,297,122 | 5,629,481 | 67,112,507 | ||||||
Issued in reinvestment of distributions | 249,741 | 2,992,172 | 488,458 | 5,819,299 | ||||||
Redeemed | (2,272,145 | ) | (27,173,676 | ) | (3,891,831 | ) | (46,318,259 | ) | ||
679,943 | 8,115,618 | 2,226,108 | 26,613,547 | |||||||
A Class | ||||||||||
Sold | 400,853 | 4,819,166 | 1,248,227 | 14,886,390 | ||||||
Issued in reinvestment of distributions | 29,687 | 355,606 | 60,961 | 726,450 | ||||||
Redeemed | (569,322 | ) | (6,803,643 | ) | (748,912 | ) | (8,926,577 | ) | ||
(138,782 | ) | (1,628,871 | ) | 560,276 | 6,686,263 | |||||
C Class | ||||||||||
Sold | 230,480 | 2,762,341 | 312,075 | 3,713,825 | ||||||
Issued in reinvestment of distributions | 7,869 | 94,302 | 16,567 | 197,590 | ||||||
Redeemed | (128,502 | ) | (1,537,117 | ) | (419,832 | ) | (5,008,858 | ) | ||
109,847 | 1,319,526 | (91,190 | ) | (1,097,443 | ) | |||||
Net increase (decrease) | 1,611,124 | $ | 19,081,562 | 16,217,045 | $ | 193,414,589 |
• | 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). |
Level 1 | Level 2 | Level 3 | ||||||
Assets | ||||||||
Investment Securities | ||||||||
Municipal Securities | — | $ | 1,517,616,825 | — | ||||
Temporary Cash Investments | $ | 28,321,808 | — | — | ||||
$ | 28,321,808 | $ | 1,517,616,825 | — |
Federal tax cost of investments | $ | 1,447,590,419 | |
Gross tax appreciation of investments | $ | 98,662,521 | |
Gross tax depreciation of investments | (314,307 | ) | |
Net tax appreciation (depreciation) of investments | $ | 98,348,214 |
Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
Investor Class | |||||||||||||||
2016(3) | $11.85 | 0.14 | 0.23 | 0.37 | (0.14) | — | (0.14) | $12.08 | 3.15% | 0.47%(4) | 2.39%(4) | 9% | $1,251,383 | ||
2015 | $11.94 | 0.29 | (0.09) | 0.20 | (0.29) | — | (0.29) | $11.85 | 1.68% | 0.47% | 2.42% | 30% | $1,216,943 | ||
2014 | $11.36 | 0.29 | 0.58 | 0.87 | (0.29) | — | (0.29) | $11.94 | 7.68% | 0.47% | 2.52% | 52% | $1,064,224 | ||
2013 | $11.96 | 0.30 | (0.60) | (0.30) | (0.30) | —(5) | (0.30) | $11.36 | (2.51)% | 0.47% | 2.48% | 46% | $1,000,450 | ||
2012 | $11.41 | 0.36 | 0.55 | 0.91 | (0.36) | — | (0.36) | $11.96 | 8.06% | 0.47% | 3.04% | 55% | $1,026,796 | ||
2011 | $11.56 | 0.40 | (0.15) | 0.25 | (0.40) | — | (0.40) | $11.41 | 2.27% | 0.48% | 3.57% | 49% | $814,078 | ||
Institutional Class | |||||||||||||||
2016(3) | $11.85 | 0.15 | 0.23 | 0.38 | (0.15) | — | (0.15) | $12.08 | 3.26% | 0.27%(4) | 2.59%(4) | 9% | $245,476 | ||
2015 | $11.94 | 0.31 | (0.09) | 0.22 | (0.31) | — | (0.31) | $11.85 | 1.88% | 0.27% | 2.62% | 30% | $232,892 | ||
2014 | $11.37 | 0.32 | 0.57 | 0.89 | (0.32) | — | (0.32) | $11.94 | 7.90% | 0.27% | 2.72% | 52% | $207,978 | ||
2013 | $11.96 | 0.32 | (0.59) | (0.27) | (0.32) | —(5) | (0.32) | $11.37 | (2.32)% | 0.27% | 2.68% | 46% | $160,329 | ||
2012 | $11.41 | 0.38 | 0.55 | 0.93 | (0.38) | — | (0.38) | $11.96 | 8.28% | 0.27% | 3.24% | 55% | $87,170 | ||
2011 | $11.57 | 0.42 | (0.16) | 0.26 | (0.42) | — | (0.42) | $11.41 | 2.39% | 0.28% | 3.77% | 49% | $37,381 |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
A Class | |||||||||||||||
2016(3) | $11.85 | 0.13 | 0.23 | 0.36 | (0.13) | — | (0.13) | $12.08 | 3.03% | 0.72%(4) | 2.14%(4) | 9% | $38,370 | ||
2015 | $11.94 | 0.26 | (0.09) | 0.17 | (0.26) | — | (0.26) | $11.85 | 1.42% | 0.72% | 2.17% | 30% | $39,308 | ||
2014 | $11.37 | 0.27 | 0.57 | 0.84 | (0.27) | — | (0.27) | $11.94 | 7.41% | 0.72% | 2.27% | 52% | $32,899 | ||
2013 | $11.96 | 0.27 | (0.59) | (0.32) | (0.27) | —(5) | (0.27) | $11.37 | (2.76)% | 0.72% | 2.23% | 46% | $36,644 | ||
2012 | $11.41 | 0.32 | 0.56 | 0.88 | (0.33) | — | (0.33) | $11.96 | 7.79% | 0.72% | 2.79% | 55% | $36,341 | ||
2011 | $11.57 | 0.37 | (0.16) | 0.21 | (0.37) | — | (0.37) | $11.41 | 1.93% | 0.73% | 3.32% | 49% | $15,077 | ||
C Class | |||||||||||||||
2016(3) | $11.86 | 0.08 | 0.22 | 0.30 | (0.08) | — | (0.08) | $12.08 | 2.56% | 1.47%(4) | 1.39%(4) | 9% | $18,169 | ||
2015 | $11.95 | 0.17 | (0.09) | 0.08 | (0.17) | — | (0.17) | $11.86 | 0.67% | 1.47% | 1.42% | 30% | $16,531 | ||
2014 | $11.37 | 0.18 | 0.58 | 0.76 | (0.18) | — | (0.18) | $11.95 | 6.71% | 1.47% | 1.52% | 52% | $17,738 | ||
2013 | $11.97 | 0.18 | (0.60) | (0.42) | (0.18) | —(5) | (0.18) | $11.37 | (3.56)% | 1.47% | 1.48% | 46% | $19,555 | ||
2012 | $11.42 | 0.23 | 0.56 | 0.79 | (0.24) | — | (0.24) | $11.97 | 6.99% | 1.47% | 2.04% | 55% | $14,361 | ||
2011 | $11.57 | 0.29 | (0.15) | 0.14 | (0.29) | — | (0.29) | $11.42 | 1.27% | 1.48% | 2.57% | 49% | $4,157 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Six months ended February 29, 2016 (unaudited). |
(4) | Annualized. |
(5) | Per-share amount was less than $0.005. |
Additional Information |
Notes |
Notes |
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American Century California Tax-Free and Municipal Funds | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2016 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-88536 1604 |
SEMIANNUAL REPORT | FEBRUARY 29, 2016 |
Table of Contents |
President’s Letter |
![]() | Dear Investor: Thank you for reviewing this semiannual report for the six months ended February 29, 2016. It provides a macroeconomic and financial market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, key factors that affected asset returns, and other insights regarding the investment markets, we encourage you to visit our website, americancentury.com. |
Jonathan Thomas |
Fund Characteristics |
FEBRUARY 29, 2016 | |
Portfolio at a Glance | |
Weighted Average Maturity | 19.3 years |
Average Duration (Modified) | 6.0 years |
Top Five Sectors | % of fund investments |
Special Tax | 23% |
Hospital | 10% |
General Obligation (GO) - Local | 9% |
Tollroads | 9% |
Lease Revenue | 7% |
Types of Investments in Portfolio | % of net assets |
Municipal Securities | 95.8% |
Temporary Cash Investments | 3.1% |
Other Assets and Liabilities | 1.1% |
Shareholder Fee Example |
Beginning Account Value 9/1/15 | Ending Account Value 2/29/16 | Expenses Paid During Period(1)9/1/15 - 2/29/16 | Annualized Expense Ratio(1) | |
Actual | ||||
Investor Class | $1,000 | $1,048.80 | $2.55 | 0.50% |
Institutional Class | $1,000 | $1,049.90 | $1.53 | 0.30% |
A Class | $1,000 | $1,047.50 | $3.82 | 0.75% |
C Class | $1,000 | $1,043.60 | $7.62 | 1.50% |
Hypothetical | ||||
Investor Class | $1,000 | $1,022.38 | $2.51 | 0.50% |
Institutional Class | $1,000 | $1,023.37 | $1.51 | 0.30% |
A Class | $1,000 | $1,021.13 | $3.77 | 0.75% |
C Class | $1,000 | $1,017.40 | $7.52 | 1.50% |
(1) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. |
Schedule of Investments |
Principal Amount | Value | |||||
MUNICIPAL SECURITIES — 95.8% | ||||||
California — 93.8% | ||||||
ABAG Finance Authority for Nonprofit Corps. Rev., (Jackson Laboratory), 5.00%, 7/1/37 | $ | 2,000,000 | $ | 2,245,220 | ||
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2014 A, (Sharp HealthCare), 5.00%, 8/1/43 | 3,500,000 | 3,990,070 | ||||
ABC Unified School District GO, Capital Appreciation, Series 2000 B, 0.00%, 8/1/21 (NATL-RE)(1) | 1,000,000 | 921,780 | ||||
Alameda Corridor Transportation Authority Rev., Series 2013 A, 5.00%, 10/1/26 | 2,000,000 | 2,414,220 | ||||
Alameda Corridor Transportation Authority Rev., Series 2013 A, 5.00%, 10/1/27 (AGM) | 2,000,000 | 2,415,000 | ||||
Alhambra Rev., Series 2010 A, (Atherton Baptist Homes), 7.50%, 1/1/30 | 1,480,000 | 1,622,243 | ||||
Anaheim Public Financing Authority Rev., Series 2014 A, (Anaheim Convention Center Expansion Project), 5.00%, 5/1/46 | 4,400,000 | 5,012,876 | ||||
Arcadia Unified School District GO, Series 2014 B, 5.00%, 6/1/44 | 5,000,000 | 5,750,100 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2001 A, (San Francisco Bay Area), VRDN, 1.26%, 3/3/16 | 1,000,000 | 987,310 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2007 A-1, (San Francisco Bay Area), VRDN, 0.71%, 3/3/16 | 1,450,000 | 1,448,246 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2008 G-1, (San Francisco Bay Area), VRDN, 1.11%, 3/3/16 | 2,500,000 | 2,480,525 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2013 S-4, (San Francisco Bay Area), 5.00%, 4/1/43 | 1,000,000 | 1,155,140 | ||||
Bay Area Toll Authority Toll Bridge Rev., Series 2014 S-6, (San Francisco Bay Area), 5.00%, 10/1/54 | 5,000,000 | 5,755,500 | ||||
Beaumont Financing Authority Local Agency Special Tax Rev., Series 2008 A, (Improvement Area No. 19C), 6.875%, 9/1/36 | 1,050,000 | 1,070,895 | ||||
Beaumont Unified School District GO, Capital Appreciation, Series 2011 C, (Election of 2008), 0.00%, 8/1/40 (AGM)(1) | 2,000,000 | 742,440 | ||||
Berryessa Union School District GO, Capital Appreciation, Series 2000 A, 0.00%, 8/1/21 (AGM)(1) | 1,190,000 | 1,087,862 | ||||
Berryessa Union School District GO, Capital Appreciation, Series 2000 A, 0.00%, 8/1/22 (AGM)(1) | 1,220,000 | 1,071,367 | ||||
Berryessa Union School District GO, Capital Appreciation, Series 2000 A, 0.00%, 8/1/23 (AGM)(1) | 1,000,000 | 839,620 | ||||
California County Tobacco Securitization Agency Rev., 5.65%, 6/1/41 | 1,500,000 | 1,501,740 | ||||
California County Tobacco Securitization Agency Rev., Series 2006 A, 0.00%, 6/1/50(1) | 20,000,000 | 1,440,000 | ||||
California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/25 | 715,000 | 884,255 | ||||
California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/31 | 1,820,000 | 2,046,299 | ||||
California Educational Facilities Authority Rev., (Pepperdine University), 5.00%, 9/1/33 | 2,000,000 | 2,358,960 | ||||
California GO, 5.00%, 11/1/19 | 5,000,000 | 5,768,850 | ||||
California GO, 5.25%, 2/1/30 | 5,000,000 | 5,952,450 | ||||
California GO, 6.00%, 4/1/38 | 5,000,000 | 5,745,300 | ||||
California GO, 5.00%, 2/1/43 | 5,650,000 | 6,499,986 |
Principal Amount | Value | |||||
California GO, Series 2004 A-1, (Kindergarten), VRDN, 0.01%, 3/1/16 (LOC: Citibank N.A.) | $ | 4,400,000 | $ | 4,400,000 | ||
California GO, Series 2012 B, VRN, 0.91%, 3/3/16 | 2,000,000 | 2,014,220 | ||||
California GO, Series 2012 B, VRN, 1.01%, 3/3/16 | 800,000 | 807,376 | ||||
California GO, Series 2012 B, VRN, 1.16%, 3/3/16 | 960,000 | 975,744 | ||||
California GO, Series 2013, 5.00%, 2/1/38 | 4,635,000 | 5,376,832 | ||||
California GO, VRDN, 4.00%, 12/1/16 | 2,000,000 | 2,018,880 | ||||
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/39 | 2,000,000 | 2,216,640 | ||||
California Health Facilities Financing Authority Rev., Series 2008 A, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17 | 1,910,000 | 1,930,017 | ||||
California Health Facilities Financing Authority Rev., Series 2008 A, (Scripps Health), 5.50%, 10/1/20 | 1,500,000 | 1,693,155 | ||||
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 | 1,149,370 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39 | 4,300,000 | 4,923,242 | ||||
California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38 | 3,000,000 | 3,540,390 | ||||
California Health Facilities Financing Authority Rev., Series 2009 C, (St. Joseph Health System), VRDN, 5.00%, 10/18/22 | 2,200,000 | 2,693,108 | ||||
California Health Facilities Financing Authority Rev., Series 2011 B, (St. Joseph Health System), VRDN, 0.01%, 3/1/16 (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 | 2,418,319 | ||||
California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/35 | 2,000,000 | 2,323,540 | ||||
California Health Facilities Financing Authority Rev., Series 2012 A, (City of Hope), 5.00%, 11/15/39 | 1,910,000 | 2,148,597 | ||||
California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51 | 2,500,000 | 2,766,400 | ||||
California Health Facilities Financing Authority Rev., Series 2012 B, (Lucile Salter Packard Children's Hospital), 5.00%, 8/15/26 | 1,020,000 | 1,202,845 | ||||
California Health Facilities Financing Authority Rev., Series 2013 A, (St. Joseph Health System), 5.00%, 7/1/37 | 445,000 | 515,279 | ||||
California Health Facilities Financing Authority Rev., Series 2013 A, (Sutter Health), 5.00%, 8/15/52 | 5,000,000 | 5,604,200 | ||||
California Health Facilities Financing Authority Rev., Series 2014 A, (Providence Health and Services), 5.00%, 10/1/38 | 2,000,000 | 2,322,200 | ||||
California Health Facilities Financing Authority Rev., Series 2015 A, (Sutter Health), 5.00%, 8/15/43 | 2,880,000 | 3,335,933 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2013 A, (Los Angeles County Museum of Art Project), VRDN, 2.05%, 3/3/16 | 1,000,000 | 1,023,750 | ||||
California Infrastructure & Economic Development Bank Rev., Series 2015 A, (The Colburn School), VRDN, 1.01%, 3/3/16 | 2,190,000 | 2,193,285 | ||||
California Mobile Home Park Financing Authority Rev., Series 2006 B, (Union City Tropics), 5.50%, 12/15/41 | 2,000,000 | 2,021,920 | ||||
California Municipal Finance Authority COP, Series 2009, (Community Hospitals of Central California Obligated Group), 5.50%, 2/1/39 | 1,450,000 | 1,607,281 | ||||
California Municipal Finance Authority Rev., (Biola University), 5.875%, 10/1/34 | 1,000,000 | 1,079,680 | ||||
California Municipal Finance Authority Rev., (Northbay Healthcare Group), Series 2015, 5.00%, 11/1/35 | 350,000 | 391,041 |
Principal Amount | Value | |||||
California Municipal Finance Authority Rev., (Northbay Healthcare Group), Series 2015, 5.00%, 11/1/40 | $ | 500,000 | $ | 553,490 | ||
California Municipal Finance Authority Rev., (Northbay Healthcare Group), Series 2015, 5.00%, 11/1/44 | 300,000 | 330,915 | ||||
California Municipal Finance Authority Rev., (Santa Rosa Academy Project), 5.125%, 7/1/35(3) | 905,000 | 947,336 | ||||
California Municipal Finance Authority Rev., (Santa Rosa Academy Project), 5.375%, 7/1/45(3) | 1,400,000 | 1,465,828 | ||||
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 | 4,459,028 | ||||
California Municipal Finance Authority Rev., Series 2014 A, (Caritas Affordable Housing, Inc. Project), 5.00%, 8/15/20 | 600,000 | 687,468 | ||||
California Municipal Finance Authority Rev., Series 2014 A, (Caritas Affordable Housing, Inc. Project), 5.00%, 8/15/22 | 360,000 | 423,266 | ||||
California Municipal Finance Authority Rev., Series 2014 A, (Touro College and University System), 5.25%, 1/1/34 | 950,000 | 1,045,827 | ||||
California Municipal Finance Authority Rev., Series 2014 A, (Touro College and University System), 5.25%, 1/1/40 | 1,750,000 | 1,896,615 | ||||
California Municipal Finance Authority Rev., Series 2015 A, (Bowles Hall Foundation), 5.00%, 6/1/50 | 1,750,000 | 1,919,960 | ||||
California Municipal Finance Authority Rev., Series 2015 A, (Community Medical Centers), 5.00%, 2/1/46 | 3,615,000 | 4,028,845 | ||||
California Municipal Finance Authority Rev., Series 2015 B, (Azusa Pacific University), 5.00%, 4/1/41 | 1,860,000 | 2,029,037 | ||||
California Pollution Control Financing Authority Rev., 5.00%, 11/21/45(3) | 3,165,000 | 3,239,821 | ||||
California Pollution Control Financing Authority Rev., Series 1996 F, (Pacific Gas & Electric Co.), VRDN, 0.01%, 3/1/16 (LOC: TD 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 | 2,335,400 | ||||
California Public Works Board Lease Rev., Series 2010 A-1, (Various Capital Projects), 5.00%, 3/1/17 | 1,000,000 | 1,045,570 | ||||
California Public Works Board Lease Rev., Series 2010 A-1, (Various Capital Projects), 6.00%, 3/1/35 | 1,250,000 | 1,477,263 | ||||
California Public Works Board Lease Rev., Series 2011 C, (State Prisons), 5.75%, 10/1/31 | 1,000,000 | 1,230,630 | ||||
California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.00%, 12/1/31 | 975,000 | 1,157,150 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25 | 1,500,000 | 1,808,295 | ||||
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37 | 5,465,000 | 6,275,350 | ||||
California Public Works Board Lease Rev., Series 2012 D, (California State University Projects), 5.00%, 9/1/36 | 500,000 | 580,480 | ||||
California Public Works Board Lease Rev., Series 2012 G, (Various Capital Projects), 4.00%, 11/1/17 | 1,235,000 | 1,305,951 | ||||
California Public Works Board Lease Rev., Series 2013 H, (California State University Projects), 5.00%, 9/1/38 | 1,500,000 | 1,717,620 | ||||
California Public Works Board Lease Rev., Series 2013 I, (Various Capital Projects), 5.00%, 11/1/38 | 2,350,000 | 2,713,404 | ||||
California Public Works Board Lease Rev., Series 2014 A, (Various Correctional Facilities), 5.00%, 9/1/39 | 7,000,000 | 8,169,910 | ||||
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/27(3) | 500,000 | 584,745 | ||||
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/28(3) | 685,000 | 794,984 |
Principal Amount | Value | |||||
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/29(3) | $ | 795,000 | $ | 918,408 | ||
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/30(3) | 400,000 | 460,328 | ||||
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/31(3) | 500,000 | 571,900 | ||||
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/46(3) | 1,000,000 | 1,109,460 | ||||
California School Finance Authority Rev., (KIPP LA Projects), 5.00%, 7/1/45(3) | 1,650,000 | 1,788,418 | ||||
California School Finance Authority Rev., Series 2014 A, (KIPP LA Projects), 4.125%, 7/1/24 | 475,000 | 512,150 | ||||
California School Finance Authority Rev., Series 2014 A, (KIPP LA Projects), 5.125%, 7/1/44 | 700,000 | 760,249 | ||||
California School Finance Authority Rev., Series 2014 A, (KIPP LA Projects), 5.00%, 7/1/34 | 500,000 | 549,450 | ||||
California School Finance Authority Rev., Series 2014 A, (View Park Elementary and Middle Schools), 6.00%, 10/1/49 | 700,000 | 757,148 | ||||
California School Finance Authority Rev., Series 2015 A, (Alliance College-Ready Public School Project), 5.00%, 7/1/45(3) | 5,000,000 | 5,374,100 | ||||
California School Finance Authority Rev., Series 2015 A, (Aspire Public Schools Obligated Group), 5.00%, 8/1/40(3) | 1,000,000 | 1,116,910 | ||||
California School Finance Authority Rev., Series 2015 A, (Green Dot Public School Project), 5.00%, 8/1/45(3) | 3,500,000 | 3,753,015 | ||||
California School Finance Authority Rev., Series 2016 A, (Launchpad Development Obligated Group), 5.00%, 6/1/21(3) | 400,000 | 441,360 | ||||
California School Finance Authority Rev., Series 2016 A, (Launchpad Development Obligated Group), 5.00%, 6/1/26(3) | 500,000 | 553,095 | ||||
California School Finance Authority Rev., Series 2016 A, (Launchpad Development Obligated Group), 5.00%, 6/1/31(3) | 870,000 | 928,525 | ||||
California School Finance Authority Rev., Series 2016 A, (Launchpad Development Obligated Group), 5.00%, 6/1/36(3) | 1,000,000 | 1,046,100 | ||||
California School Finance Authority Rev., Series 2016 A, (Launchpad Development Obligated Group), 5.00%, 6/1/46(3) | 2,100,000 | 2,156,574 | ||||
California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.25%, 11/1/30 | 1,250,000 | 1,430,313 | ||||
California Statewide Communities Development Authority Rev., (Episcopal Communities and Services), 5.00%, 5/15/42 | 1,500,000 | 1,635,480 | ||||
California Statewide Communities Development Authority Rev., (Lancer Educational Student Housing), 5.625%, 6/1/33 | 2,500,000 | 2,568,100 | ||||
California Statewide Communities Development Authority Rev., (Orinda Wilder Project), 5.00%, 9/1/37 | 4,515,000 | 5,005,961 | ||||
California Statewide Communities Development Authority Rev., (Southern California Edison Co.), VRDN, 1.375%, 4/2/18 | 4,350,000 | 4,384,539 | ||||
California Statewide Communities Development Authority Rev., (Southern California Presbyterian Homes), 7.25%, 11/15/41(3) | 2,500,000 | 2,906,175 | ||||
California Statewide Communities Development Authority Rev., (Trinity Health Corp.), 5.00%, 12/1/41 | 1,100,000 | 1,231,494 | ||||
California Statewide Communities Development Authority Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31 | 4,000,000 | 4,066,800 | ||||
California Statewide Communities Development Authority Rev., Series 2004 D, (Sutter Health), 5.05%, 8/15/38 (AGM) | 1,650,000 | 1,757,134 | ||||
California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.50%, 11/1/38 | 7,000,000 | 7,153,230 | ||||
California Statewide Communities Development Authority Rev., Series 2012 A, (Kaiser Permanente), 5.00%, 4/1/42 | 6,000,000 | 6,829,500 |
Principal Amount | Value | |||||
California Statewide Communities Development Authority Rev., Series 2013 A, (American Baptist Homes of the West), 5.00%, 10/1/43 | $ | 1,200,000 | $ | 1,314,300 | ||
California Statewide Communities Development Authority Rev., Series 2014 A, (899 Charleston Project), 5.25%, 11/1/44 | 1,500,000 | 1,550,010 | ||||
California Statewide Communities Development Authority Rev., Series 2014 A, (Henry Mayo Newhall Memorial Hospital), 5.25%, 10/1/43 (AGM) | 1,000,000 | 1,154,080 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/34 | 1,500,000 | 1,719,225 | ||||
California Statewide Communities Development Authority Rev., Series 2014 B, (Huntington Memorial Hospital), 5.00%, 7/1/44 | 2,760,000 | 3,126,362 | ||||
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 | 1,316,536 | ||||
California Statewide Communities Development Authority Rev., Series 2015 A, (Adventist Health System/West), 5.00%, 3/1/35 | 1,785,000 | 2,104,283 | ||||
California Statewide Communities Development Authority Rev., Series 2015, (American Baptist Homes of the West), 5.00%, 10/1/45 | 2,400,000 | 2,685,840 | ||||
California Statewide Communities Development Authority Rev., Series 2015, (Independence Support LLC Project), 7.00%, 6/1/45 | 7,000,000 | 6,947,290 | ||||
California Statewide Communities Development Authority Special Assessment Rev., (Emerson Ranch Project), 2.70%, 9/2/22 | 345,000 | 346,297 | ||||
California Statewide Communities Development Authority Special Assessment Rev., (Emerson Ranch Project), 3.00%, 9/2/23 | 355,000 | 356,697 | ||||
California Statewide Communities Development Authority Special Assessment Rev., (Emerson Ranch Project), 3.00%, 9/2/24 | 365,000 | 366,759 | ||||
California Statewide Communities Development Authority Special Assessment Rev., (Emerson Ranch Project), 5.00%, 9/2/35 | 1,920,000 | 2,135,866 | ||||
California Statewide Communities Development Authority Special Assessment Rev., (Emerson Ranch Project), 5.00%, 9/2/45 | 3,810,000 | 4,179,418 | ||||
Carson Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Project Area No. 1), 7.00%, 10/1/36 | 2,000,000 | 2,335,140 | ||||
Chaffey Joint Union High School District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/32 | 2,000,000 | 2,404,280 | ||||
Chula Vista Industrial Development Rev., Series 2004 D, (San Diego Gas), 5.875%, 1/1/34 | 1,000,000 | 1,154,200 | ||||
City of Dixon Special Tax Rev., (Community Facilities District No. 2013-1), 5.00%, 9/1/45 | 4,780,000 | 5,156,186 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 5.00%, 9/2/24 | 700,000 | 827,379 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 5.00%, 9/2/26 | 600,000 | 699,234 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 13-1), 5.00%, 9/2/29 | 700,000 | 809,088 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 13-1), 5.00%, 9/2/30 | 350,000 | 403,942 | ||||
City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 15-2), 5.00%, 9/2/42 | 1,500,000 | 1,651,500 | ||||
City of Riverside Rev., Series 2015 A, (Sewer), 5.00%, 8/1/40 | 2,000,000 | 2,309,420 | ||||
City of Tulare Sewer Rev., 5.00%, 11/15/22 (AGM) | 500,000 | 612,895 | ||||
City of Tulare Sewer Rev., 5.00%, 11/15/24 (AGM) | 500,000 | 625,485 | ||||
City of Tulare Sewer Rev., 5.00%, 11/15/25 (AGM) | 400,000 | 503,520 | ||||
Clovis Unified School District GO, Series 2013 B, (Election of 2012), 5.00%, 8/1/38 | 3,000,000 | 3,534,060 | ||||
Corcoran COP, 8.75%, 6/1/16 (Acquired 4/28/92, cost $110,000)(4) | 110,000 | 111,177 |
Principal Amount | Value | |||||
Corona-Norca Unified School District Special Tax Rev., (Community Facilities District No. 05-1), 4.00%, 9/1/45 | $ | 2,000,000 | $ | 2,047,160 | ||
Del Mar Race Track Authority Rev., 5.00%, 10/1/29(3) | 1,010,000 | 1,114,222 | ||||
Del Mar Race Track Authority Rev., 5.00%, 10/1/35(3) | 2,000,000 | 2,185,340 | ||||
Duarte Unified School District GO, Capital Appreciation, Series 1999 B, 0.00%, 11/1/23 (AGM)(1) | 1,150,000 | 952,085 | ||||
Eastern Municipal Water District Community Facilities District No. 2000-01 Special Tax Rev., (French Valley), 5.00%, 9/1/36 | 3,575,000 | 3,909,370 | ||||
Eastern Municipal Water District Water and Sewer COP, Series 2008 H, 5.00%, 7/1/33 | 4,000,000 | 4,363,600 | ||||
Emeryville Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/31 (AGM) | 590,000 | 696,442 | ||||
Emeryville Redevelopment Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/34 (AGM) | 1,000,000 | 1,163,840 | ||||
Escondido Joint Powers Financing Authority Rev., (Water Systems Financing), 5.00%, 9/1/31 | 1,355,000 | 1,596,732 | ||||
Fairfield Redevelopment Agency Tax Allocation Rev., 4.00%, 8/1/16 | 1,000,000 | 1,015,390 | ||||
Foothill-De Anza Community College District GO, Capital Appreciation, 0.00%, 8/1/21 (NATL-RE)(1) | 3,000,000 | 2,773,650 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/24(5) | 2,200,000 | 1,762,244 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 2013 A, 0.00%, 1/15/42(1) | 6,000,000 | 1,871,160 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 A, 6.00%, 1/15/49 | 27,500,000 | 32,570,725 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 B-3, VRDN, 5.50%, 1/15/23 | 3,750,000 | 4,478,850 | ||||
Foothill / Eastern Transportation Corridor Agency Toll Road Rev., Series 2013 C, 6.50%, 1/15/43 | 4,000,000 | 4,772,680 | ||||
Fremont Community Facilities District No. 1 Special Tax Rev., (Pacific Commons), 5.00%, 9/1/40 | 3,000,000 | 3,356,910 | ||||
Fremont Community Facilities District No. 1 Special Tax Rev., (Pacific Commons), 5.00%, 9/1/45 | 2,000,000 | 2,227,680 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 4.50%, 6/1/27 | 4,650,000 | 4,667,205 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.00%, 6/1/33 | 3,000,000 | 2,847,420 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.125%, 6/1/47 | 15,400,000 | 13,825,042 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-1, 5.75%, 6/1/47 | 18,805,000 | 18,181,614 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A-2, 5.30%, 6/1/37 | 3,000,000 | 2,831,790 | ||||
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/29 | 1,500,000 | 1,770,750 | ||||
Grossmont Union High School District GO, Series 2013 E, (Election of 2008), 5.00%, 8/1/43 | 1,225,000 | 1,431,266 | ||||
Hayward Area Recreation and Park District COP, 5.125%, 1/1/39 | 1,500,000 | 1,692,075 | ||||
Hayward Unified School District GO, 4.00%, 8/1/17 (AGM) | 1,650,000 | 1,732,087 | ||||
Hemet Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/34 | 350,000 | 397,586 | ||||
Hemet Unified School District Financing Authority Special Tax Rev., 5.00%, 9/1/39 | 2,100,000 | 2,357,607 | ||||
Hesperia Community Facilities District No. 2005-1 Special Tax Rev., (Belgate Development Restructuring), 5.00%, 9/1/29 | 1,060,000 | 1,179,112 | ||||
Hesperia Community Facilities District No. 2005-1 Special Tax Rev., (Belgate Development Restructuring), 5.00%, 9/1/35 | 2,690,000 | 2,920,022 |
Principal Amount | Value | |||||
Hesperia Public Financing Authority Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/32 (XLCA) | $ | 3,000,000 | $ | 3,086,490 | ||
Hesperia Public Financing Authority Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/37 (XLCA) | 2,025,000 | 2,076,496 | ||||
Huntington Beach Community Facilities District Special Tax Rev., (Huntington Center), 5.375%, 9/1/33 | 1,700,000 | 1,957,210 | ||||
Independent Cities Finance Authority Mobile Home Park Rev., (Palomar Estates East), Series 2015, 5.00%, 9/15/36 | 1,000,000 | 1,047,130 | ||||
Independent Cities Finance Authority Mobile Home Park Rev., (Palomar Estates East), Series 2015, 5.00%, 9/15/36 | 1,500,000 | 1,606,935 | ||||
Independent Cities Finance Authority Mobile Home Park Rev., (Rancho Feliz and Las Casitas de Sonoma), 5.00%, 10/15/47 | 5,000,000 | 5,309,300 | ||||
Independent Cities Finance Authority Mobile Home Park Rev., Series 2011 A, (Castle Mobile Estates), 6.75%, 8/15/46 | 2,500,000 | 2,914,175 | ||||
Independent Cities Finance Authority Mobile Home Park Rev., Series 2012 A, (Augusta Communities), 5.00%, 5/15/39 | 2,500,000 | 2,698,900 | ||||
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 | 505,690 | ||||
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 | 1,163,823 | ||||
Independent Cities Lease Finance Authority Rev., Series 2007 A, (Santa Rosa Leisure Mobile Home Park), 5.70%, 11/15/47 | 3,430,000 | 3,531,905 | ||||
Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.25%, 9/1/37 | 1,110,000 | 1,285,713 | ||||
Inland Valley Development Agency Tax Allocation Rev., Series 2014 A, 5.00%, 9/1/44 | 2,680,000 | 2,992,247 | ||||
Irvine Community Facilities District No. 2013-3 Special Tax Rev., (Great Park Improvement Area No. 1), 5.00%, 9/1/49 | 4,500,000 | 5,035,005 | ||||
Irvine Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.70%, 9/1/35 | 515,000 | 598,435 | ||||
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 | 2,407,120 | ||||
Jurupa Community Services District Special Tax Rev., Series 2013 A, (Community Facilities District No. 31), 5.00%, 9/1/37 | 250,000 | 276,445 | ||||
Jurupa Community Services District Special Tax Rev., Series 2013 A, (Community Facilities District No. 31), 5.00%, 9/1/42 | 1,000,000 | 1,102,690 | ||||
Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/31 | 1,100,000 | 1,292,951 | ||||
Jurupa Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/1/42 | 1,000,000 | 1,117,320 | ||||
Kaweah Delta Health Care District Rev., Series 2015 B, 4.00%, 6/1/45 | 4,250,000 | 4,307,332 | ||||
La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/36 | 1,100,000 | 1,189,628 | ||||
Lake Elsinore Public Financing Authority Rev., 5.00%, 9/1/40 | 2,380,000 | 2,632,756 | ||||
Lammersville Joint Unified School District Special Tax Rev., (Mountain House), 6.00%, 9/1/43 | 1,250,000 | 1,478,912 | ||||
Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.50%, 11/15/37 | 1,150,000 | 1,447,045 | ||||
Long Beach Marina Rev., Series 2015, (Alamitos Bay Marina Project), 5.00%, 5/15/45 | 5,245,000 | 5,777,158 | ||||
Los Alamitos Unified School District COP, Capital Appreciation, (Capital Projects), 0.00%, 8/1/42(5) | 1,300,000 | 1,025,388 | ||||
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 | 2,209,400 |
Principal Amount | Value | |||||
Los Angeles Community Facilities District No. 3 Special Tax Rev., (Cascades Business Park & Golf Course), 6.40%, 9/1/22 | $ | 995,000 | $ | 1,015,786 | ||
Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/23 | 1,000,000 | 1,224,400 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-1, (MonteCedro, Inc.), 3.00%, 11/15/21 (California Mortgage Insurance) | 475,000 | 476,150 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-2, (MonteCedro, Inc.), 3.00%, 11/15/20 (California Mortgage Insurance) | 400,000 | 400,964 | ||||
Los Angeles County Regional Financing Authority Rev., Series 2014 B-3, (MonteCedro, Inc.), 2.50%, 11/15/20 (California Mortgage Insurance) | 550,000 | 551,089 | ||||
Los Angeles County Schools COP, Series 2015 A, (Compton Unified School District), 5.00%, 6/1/20 (AGM) | 1,305,000 | 1,513,539 | ||||
Los Angeles County Schools COP, Series 2015 A, (Compton Unified School District), 5.00%, 6/1/21 (AGM) | 1,895,000 | 2,247,906 | ||||
Los Angeles County Schools COP, Series 2015 A, (Compton Unified School District), 4.00%, 6/1/18 (AGM) | 1,650,000 | 1,760,038 | ||||
Los Angeles County Schools COP, Series 2015 A, (Compton Unified School District), 5.00%, 6/1/19 (AGM) | 1,200,000 | 1,354,728 | ||||
Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40 | 2,000,000 | 2,267,460 | ||||
Los Angeles Department of Water & Power System Rev., Series 2013 B, 5.00%, 7/1/30 | 3,500,000 | 4,229,225 | ||||
Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/29 | 350,000 | 418,149 | ||||
Los Angeles Unified School District GO, Series 2011 A-1, 5.00%, 7/1/24 | 3,430,000 | 4,119,773 | ||||
Los Angeles Unified School District GO, Series 2014 B, 5.00%, 7/1/18 | 3,335,000 | 3,678,572 | ||||
Los Angeles Unified School District GO, Series 2014 C, 5.00%, 7/1/30 | 1,155,000 | 1,399,144 | ||||
Los Angeles Wastewater System Rev., Series 2012 B, 5.00%, 6/1/32 | 3,000,000 | 3,550,740 | ||||
M-S-R Energy Authority Rev., Series 2009 A, 7.00%, 11/1/34 (GA: Citigroup, Inc.) | 1,700,000 | 2,480,742 | ||||
M-S-R Energy Authority Rev., Series 2009 B, 6.50%, 11/1/39 (GA: Citigroup, Inc.) | 4,000,000 | 5,597,640 | ||||
Menifee Union School District Public Financing Authority Special Tax Rev., Series 2016 A, 5.00%, 9/1/26 | 755,000 | 904,852 | ||||
Menifee Union School District Public Financing Authority Special Tax Rev., Series 2016 A, 4.00%, 9/1/27 | 420,000 | 455,595 | ||||
Menifee Union School District Public Financing Authority Special Tax Rev., Series 2016 A, 5.00%, 9/1/28 | 325,000 | 377,728 | ||||
Modesto Irrigation District COP, Series 2009 A, (Capital Improvements), 6.00%, 10/1/39 | 3,000,000 | 3,422,130 | ||||
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 | 2,296,940 | ||||
Moorpark Mobile Home Park Rev., Series 2011 A, (Villa Delaware Arroyo), 6.50%, 5/15/41 | 4,000,000 | 4,581,200 | ||||
Murrieta Community Facilities District No. 2002-2 Special Tax Rev., Series 2004 A, (The Oaks Improvement Area), 6.00%, 9/1/34 | 1,880,000 | 1,880,602 | ||||
Murrieta Public Financing Authority Special Tax Rev., 5.00%, 9/1/31 | 1,735,000 | 1,951,788 | ||||
Northern California Power Agency Rev., Series 2012 A, (Hydroelectric Project No. 1), 5.00%, 7/1/31 | 1,090,000 | 1,283,410 | ||||
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 | 4,074,100 |
Principal Amount | Value | |||||
Oakland Redevelopment Agency Rev., 5.00%, 9/1/16, Prerefunded at 100% of Par (Ambac)(2) | $ | 5,000,000 | $ | 5,120,950 | ||
Oakland Unified School District Alameda County GO, Series 2009 A, (Election of 2006), 6.125%, 8/1/29 | 2,500,000 | 2,844,100 | ||||
Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32 | 2,150,000 | 2,508,233 | ||||
Oakland Unified School District Alameda County GO, Series 2013, (Election of 2012), 6.625%, 8/1/38 | 770,000 | 945,121 | ||||
Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/35 | 1,200,000 | 1,371,336 | ||||
Oakland Unified School District Alameda County GO, Series 2015 A, 5.00%, 8/1/40 | 1,850,000 | 2,077,365 | ||||
Ohlone Community College District GO, Series 2011 A, (Election of 2010), 5.00%, 8/1/31 | 3,000,000 | 3,492,510 | ||||
Orange County Community Facilities District No. 06-1 Special Tax Rev., (Del Rio Public Improvements), 5.00%, 10/1/40 (AGM) | 2,000,000 | 2,272,200 | ||||
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 | 4,602,640 | ||||
Orange County Transportation Authority Rev., (Senior Lien), 5.00%, 8/15/30 | 2,400,000 | 2,860,752 | ||||
Orange County Water District Rev., Series 2013 A, 5.00%, 8/15/33 | 1,900,000 | 2,283,021 | ||||
Oxnard Financing Authority Wastewater Rev., 5.00%, 6/1/33 (AGM) | 2,095,000 | 2,384,508 | ||||
Oxnard Financing Authority Wastewater Rev., 5.00%, 6/1/34 (AGM) | 2,750,000 | 3,104,365 | ||||
Palm Springs Financing Authority Lease Rev., Series 2012 B, (Downtown Revitalization Project), 5.00%, 6/1/35 | 4,000,000 | 4,565,680 | ||||
Palomar Pomerado Health Care District COP, 6.75%, 11/1/39 | 2,750,000 | 3,083,025 | ||||
Paramount Unified School District GO, Capital Appreciation, (Election of 2006), 0.00%, 8/1/51 (BAM)(1) | 12,500,000 | 1,367,625 | ||||
Patterson Joint Unified School District GO, Capital Appreciation, Series 2009 B, (Election of 2008), 0.00%, 3/1/49 (AGM)(1) | 8,160,000 | 2,135,390 | ||||
Perris Union High School District Financing Authority Special Tax Rev., 5.00%, 9/1/41 | 2,000,000 | 2,225,660 | ||||
Pleasant Valley School District/Ventura County GO, Series 2002 A, 5.85%, 8/1/31 (NATL-RE) | 4,835,000 | 5,951,982 | ||||
Poway Unified School District Public Financing Authority Rev., 7.875%, 9/15/39 | 3,760,000 | 4,426,347 | ||||
Poway Unified School District Public Financing Authority Special Tax Rev., Series 2015 A, 5.00%, 9/1/34 | 1,000,000 | 1,151,240 | ||||
Poway Unified School District Public Financing Authority Special Tax Rev., Series 2015 A, 5.00%, 9/1/35 | 1,000,000 | 1,142,700 | ||||
Poway Unified School District Public Financing Authority Special Tax Rev., Series 2015 A, 5.00%, 9/1/36 | 1,250,000 | 1,425,088 | ||||
Poway Unified School District Special Tax Rev., (Community Facilities District No. 6-4S), 5.00%, 9/1/36 | 585,000 | 643,518 | ||||
Rancho Cordova Community Facilities District Special Tax Rev., (Sunridge North Douglas No. 2005-1), 5.00%, 9/1/40 | 1,195,000 | 1,304,856 | ||||
Rancho Cordova Community Facilities District Special Tax Rev., (Sunridge North Douglas No. 2005-1), 5.00%, 9/1/45 | 1,250,000 | 1,371,175 | ||||
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 | 2,228,096 | ||||
Rio Elementary School District Community Facilities District No. 1 Special Tax Rev., 5.00%, 9/1/35 | 2,550,000 | 2,860,488 | ||||
Rio Elementary School District Community Facilities District No. 1 Special Tax Rev., Series 2013, 5.50%, 9/1/39 | 1,785,000 | 2,005,501 |
Principal Amount | Value | |||||
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 | $ | 1,633,740 | ||
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 | 5,445,800 | ||||
Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 04-2-Lake Hills Crest), 5.00%, 9/1/30 | 1,035,000 | 1,155,433 | ||||
Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 04-2-Lake Hills Crest), 5.00%, 9/1/35 | 2,520,000 | 2,762,273 | ||||
Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 05-8 Scott Road), 5.00%, 9/1/42 | 3,000,000 | 3,253,140 | ||||
Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 07-2-Clinton Keith Road), 5.00%, 9/1/40 | 2,250,000 | 2,382,907 | ||||
Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 07-2-Clinton Keith Road), 5.00%, 9/1/44 | 2,735,000 | 2,881,240 | ||||
Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.25%, 10/1/30 | 2,200,000 | 2,604,778 | ||||
Riverside County Transportation Commission Rev., Series 2013 A, (Limited Tax), 5.25%, 6/1/39 | 800,000 | 962,184 | ||||
Riverside County Transportation Commission Rev., Series 2013 A, (Senior Lien), 5.75%, 6/1/44 | 500,000 | 576,695 | ||||
Riverside County Transportation Commission Rev., Capital Appreciation, Series 2013 B, (Senior Lien), 0.00%, 6/1/41(1) | 2,000,000 | 651,020 | ||||
Riverside County Transportation Commission Rev., Capital Appreciation, Series 2013 B, (Senior Lien), 0.00%, 6/1/42(1) | 3,320,000 | 1,017,945 | ||||
Riverside County Transportation Commission Rev., Capital Appreciation, Series 2013 B, (Senior Lien), 0.00%, 6/1/43(1) | 5,000,000 | 1,427,650 | ||||
Romoland School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area 1), 5.00%, 9/1/35 | 4,685,000 | 5,271,937 | ||||
Romoland School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area 1), 5.00%, 9/1/38 | 2,900,000 | 3,249,160 | ||||
Romoland School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area 3), 5.00%, 9/1/43 | 2,640,000 | 2,863,714 | ||||
Roseville Community Facilities District No. 1 Special Tax Rev., (The Fountains), 6.125%, 9/1/38 | 2,600,000 | 2,755,948 | ||||
Roseville Finance Authority Electric System Rev., 5.00%, 2/1/37 | 925,000 | 1,033,142 | ||||
Roseville Westbrook Community Facilities District No. 1 Special Tax Rev., (Public Facilities), 5.00%, 9/1/44 | 1,650,000 | 1,751,260 | ||||
Roseville Westpark Community Facilities District No. 1 Special Tax Rev., 5.00%, 9/1/37 | 1,250,000 | 1,385,925 | ||||
Sacramento Airport System Rev., Series 2009 D, (Grant Revenue Bonds), 6.00%, 7/1/35 | 4,000,000 | 4,440,960 | ||||
Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/31 | 625,000 | 747,806 | ||||
Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/33 | 1,000,000 | 1,196,070 | ||||
Sacramento Regional Transit District Rev., (Farebox Revenue), 5.00%, 3/1/42 | 1,300,000 | 1,458,080 | ||||
Sacramento Transportation Authority Sales Tax Rev., (Measure A), 5.00%, 10/1/24 | 1,055,000 | 1,302,018 | ||||
San Bernardino Community Facilities District No. 2002-1 Special Tax Rev., (Kaiser Commerce Center), 5.00%, 9/1/33 | 3,000,000 | 3,328,560 | ||||
San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41 | 9,350,000 | 11,461,230 | ||||
San Clemente Special Tax Rev., (Community Facilities District No. 2006-1), 5.00%, 9/1/46 | 2,000,000 | 2,261,540 |
Principal Amount | Value | |||||
San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25 | $ | 835,000 | $ | 1,034,106 | ||
San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/26 | 525,000 | 641,072 | ||||
San Diego County Limited Rev., Series 2015 A, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30 | 725,000 | 862,344 | ||||
San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/24 | 300,000 | 365,487 | ||||
San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/25 | 955,000 | 1,150,374 | ||||
San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/26 | 500,000 | 595,890 | ||||
San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/43 | 2,500,000 | 2,820,050 | ||||
San Diego County Regional Airport Authority Rev., Series 2014 A, (Rental Car Facility), 5.00%, 7/1/44 | 1,500,000 | 1,681,020 | ||||
San Diego County Water Authority Rev., 5.00%, 5/1/33 | 1,500,000 | 1,776,645 | ||||
San Diego Public Facilities Financing Authority Lease Rev., Series 2012 A, (Capital Improvement Projects), 5.00%, 4/15/37 | 2,000,000 | 2,237,760 | ||||
San Diego Public Facilities Financing Authority Lease Rev., Series 2015 A, (Capital Improvement Projects), 5.00%, 10/15/44 | 2,660,000 | 3,109,194 | ||||
San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/30 | 2,000,000 | 2,391,300 | ||||
San Diego Redevelopment Agency Tax Allocation Rev., Series 2009 A, (North Park Redevelopment), 7.00%, 11/1/39 | 3,000,000 | 3,512,130 | ||||
San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/26 | 750,000 | 891,510 | ||||
San Francisco City and County Airports Commission Rev., Series 2008 34-D, (San Francisco International Airport), 5.25%, 5/1/18, Prerefunded at 100% of Par(2) | 3,000,000 | 3,298,440 | ||||
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 | 2,284,840 | ||||
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 | 1,208,410 | ||||
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 | 1,509,962 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment), 5.00%, 8/1/33 | 780,000 | 886,618 | ||||
San Francisco City and County Successor Agency Tax Allocation Rev., Series 2014 A, (Mission Bay South Redevelopment), 5.00%, 8/1/43 | 1,000,000 | 1,109,340 | ||||
San Gorgonio Memorial Health Care District GO, 4.00%, 8/1/17 | 435,000 | 455,288 | ||||
San Gorgonio Memorial Health Care District GO, 4.00%, 8/1/18 | 515,000 | 553,357 | ||||
San Gorgonio Memorial Health Care District GO, 5.00%, 8/1/20 | 1,000,000 | 1,161,690 | ||||
San Gorgonio Memorial Health Care District GO, 5.00%, 8/1/21 | 275,000 | 325,303 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., Series 2014 B, (Junior Lien), 5.25%, 1/15/44 | 6,000,000 | 6,555,540 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/36 (NATL-RE)(1) | 1,335,000 | 550,661 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/25 (NATL-RE)(1) | 3,090,000 | 2,201,625 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/29 (NATL-RE)(1) | 165,000 | 97,774 | ||||
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/31 (NATL-RE)(1) | 16,000,000 | 8,614,720 |
Principal Amount | Value | |||||
San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/32 (NATL-RE)(1) | $ | 290,000 | $ | 148,616 | ||
San Jose Airport Rev., Series 2011 A-2, 5.25%, 3/1/34 | 2,605,000 | 3,001,663 | ||||
San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 6.00%, 9/1/42 | 500,000 | 572,580 | ||||
San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.50%, 9/1/44 | 2,250,000 | 2,528,347 | ||||
Santa Barbara Secondary High School District GO, Series 2011 A, (Election of 2010), 0.00%, 8/1/36(1) | 10,000,000 | 4,560,300 | ||||
Santa Barbara Secondary High School District GO, Series 2011 A, (Election of 2010), 0.00%, 8/1/40(1) | 3,795,000 | 1,449,121 | ||||
Santa Cruz County Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Live Oak/Soquel Community Improvement), 7.00%, 9/1/36 | 3,000,000 | 3,532,140 | ||||
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 | 1,419,875 | ||||
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 | 518,229 | ||||
Saugus-Castaic School Facilities Financing Authority Special Tax Rev., (Community Facilities District No. 2006-1C), 6.00%, 9/1/43 | 1,480,000 | 1,712,153 | ||||
Saugus/Hart School Facilities Financing Authority Special Tax Rev., (Community Facilities District No. 2006-1), 5.00%, 9/1/41 | 1,235,000 | 1,387,288 | ||||
Saugus/Hart School Facilities Financing Authority Special Tax Rev., (Community Facilities District No. 2006-1), 5.00%, 9/1/46 | 1,250,000 | 1,398,175 | ||||
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 | 281,230 | ||||
South Placer Wastewater Authority Rev., VRN, 0.34%, 3/3/16 | 2,985,000 | 2,965,090 | ||||
Southern California Public Power Authority Rev., Series 2007 A, 5.25%, 11/1/19 | 2,445,000 | 2,755,637 | ||||
Southern California Public Power Authority Rev., Series 2007 A, 5.00%, 11/1/33 | 3,755,000 | 4,465,033 | ||||
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 | 1,176,750 | ||||
Southwestern Community College District GO, Capital Appreciation, Series 2011 C, (Election of 2008), 0.00%, 8/1/46(1) | 5,425,000 | 1,616,813 | ||||
Stockton Public Financing Authority Rev., Series 2010 A, (Delta Water Supply Project), 6.25%, 10/1/40 | 1,750,000 | 2,178,435 | ||||
Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/28 (BAM) | 2,215,000 | 2,619,525 | ||||
Stockton Public Financing Authority Wastewater Rev., 5.00%, 9/1/29 (BAM) | 1,750,000 | 2,053,082 | ||||
Stockton Unified School District GO, 5.00%, 8/1/31 | 4,620,000 | 5,486,296 | ||||
Stockton Unified School District GO, Series 2014 A, (Election of 2012), 5.00%, 8/1/42 (AGM) | 705,000 | 800,253 | ||||
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 | 1,242,560 | ||||
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 | 1,464,925 | ||||
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 | 1,533,290 |
Principal Amount | Value | |||||
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 | $ | 1,604,098 | ||
Sunnyvale Community Facilities District No. 1 Special Tax Rev., 7.75%, 8/1/32 | 6,500,000 | 6,516,120 | ||||
Susanville Public Financing Authority Rev., Series 2010 B, (Utility Enterprises), 6.00%, 6/1/45 | 3,000,000 | 3,325,770 | ||||
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 | 2,370,024 | ||||
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 | 1,883,204 | ||||
Tejon Ranch Public Facilities Finance Authority Special Tax Rev., Series 2015 A, (Community Facilities District No. 2008-1), 5.00%, 9/1/45 | 4,000,000 | 4,421,400 | ||||
Tobacco Securitization Authority of Northern California Settlement Rev., Series 2005 A-1, 5.50%, 6/1/45 | 2,000,000 | 1,920,940 | ||||
Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A-1, 5.00%, 6/1/37 | 2,250,000 | 2,139,570 | ||||
Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A-1, 5.125%, 6/1/46 | 2,000,000 | 1,909,120 | ||||
Tracy Community Facilities District No. 2006-1 Special Tax Rev., (NEI Phase II), 5.75%, 9/1/36 | 3,105,000 | 3,108,850 | ||||
Tracy Public Financing Authority Special Tax Rev., Series 2014 A, 4.00%, 9/2/18 | 1,900,000 | 2,033,133 | ||||
Tracy Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/2/19 | 2,285,000 | 2,573,984 | ||||
Tracy Public Financing Authority Special Tax Rev., Series 2014 A, 5.00%, 9/2/20 | 2,100,000 | 2,422,812 | ||||
Tri-Dam Power Authority Rev., 4.00%, 5/1/16 | 2,165,000 | 2,174,678 | ||||
Tri-Dam Power Authority Rev., 4.00%, 11/1/16 | 2,165,000 | 2,201,372 | ||||
Tuolumne Wind Project Authority Rev., Series 2009 A, 5.875%, 1/1/29 | 2,000,000 | 2,281,880 | ||||
Turlock Public Financing Authority Tax Allocation Rev., 7.50%, 9/1/39 | 2,770,000 | 3,454,079 | ||||
Tustin Community Facilities District No. 06-1 Special Tax Rev., Series 2007 A, (Tustin Legacy/Columbus Villages), 6.00%, 9/1/17, Prerefunded at 100% of Par(2) | 4,945,000 | 5,341,045 | ||||
Tustin Community Facilities District No. 07-1 Special Tax Rev., (Tustin Legacy/Retail Center), 6.00%, 9/1/17, Prerefunded at 100% of Par(2) | 1,300,000 | 1,404,117 | ||||
Tustin Community Facilities District No. 07-1 Special Tax Rev., (Tustin Legacy/Retail Center), 5.00%, 9/1/37 | 3,330,000 | 3,821,841 | ||||
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 | 1,207,382 | ||||
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 | 2,411,090 | ||||
Tustin Public Financing Authority Rev., 5.00%, 4/1/43 | 1,000,000 | 1,143,410 | ||||
Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 5.75%, 9/1/30 | 1,000,000 | 1,120,760 | ||||
Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.00%, 9/1/40 | 1,500,000 | 1,735,065 | ||||
Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM) | 1,750,000 | 1,753,027 | ||||
Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM) | 1,000,000 | 1,001,730 |
Principal Amount/Shares | Value | |||||
University of California System Rev., Series 2012 G, 5.00%, 5/15/37 | $ | 5,000,000 | $ | 5,810,500 | ||
Val Verde Unified School District Special Tax Rev., 5.00%, 9/1/37 | 1,750,000 | 1,938,912 | ||||
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 | 1,786,720 | ||||
Washington Township Health Care District Rev., Series 2015 A, 5.00%, 7/1/26 | 400,000 | 470,252 | ||||
Washington Township Health Care District Rev., Series 2015 A, 3.25%, 7/1/27 | 1,000,000 | 1,007,210 | ||||
Washington Township Health Care District Rev., Series 2015 A, 3.50%, 7/1/28 | 750,000 | 764,370 | ||||
Washington Township Health Care District Rev., Series 2015 A, 3.75%, 7/1/29 | 1,000,000 | 1,024,950 | ||||
Whittier Health Facilities Rev., (Presbyterian Intercommunity Hospital), 5.00%, 6/1/44 | 3,500,000 | 3,936,170 | ||||
Yosemite Community College District GO, Capital Appreciation, (Election of 2004), 0.00%, 8/1/16 (AGM)(1) | 3,545,000 | 3,540,356 | ||||
Yuba City Unified School District GO, Capital Appreciation, 0.00%, 3/1/25 (NATL-RE)(1) | 1,500,000 | 1,176,600 | ||||
909,515,740 | ||||||
Guam — 1.5% | ||||||
Guam Government Business Privilege Tax Rev., Series 2011 A, 5.125%, 1/1/42 | 1,000,000 | 1,096,720 | ||||
Guam Government GO, Series 2009 A, 7.00%, 11/15/19, Prerefunded at 100% of Par(2) | 7,230,000 | 8,868,752 | ||||
Guam Government Waterworks Authority Rev., 5.00%, 1/1/46 | 3,000,000 | 3,365,280 | ||||
Guam Power Authority Rev., Series 2012 A, 5.00%, 10/1/34 | 850,000 | 927,036 | ||||
14,257,788 | ||||||
U.S. Virgin Islands — 0.5% | ||||||
Virgin Islands Public Finance Authority Rev., 5.00%, 9/1/33(3) | 2,500,000 | 2,859,700 | ||||
Virgin Islands Public Finance Authority Rev., Series 2009 A, (Diageo Matching Fund Bonds), 6.75%, 10/1/37 | 2,000,000 | 2,250,480 | ||||
5,110,180 | ||||||
TOTAL MUNICIPAL SECURITIES (Cost $849,748,489) | 928,883,708 | |||||
TEMPORARY CASH INVESTMENTS — 3.1% | ||||||
Federated California Municipal Cash Trust, Wealth Shares (Cost $30,311,267) | 30,311,267 | 30,311,267 | ||||
TOTAL INVESTMENT SECURITIES — 98.9% (Cost $880,059,756) | 959,194,975 | |||||
OTHER ASSETS AND LIABILITIES — 1.1% | 10,463,348 | |||||
TOTAL NET ASSETS — 100.0% | $ | 969,658,323 |
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 |
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) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $36,316,344, which represented 3.7% of total net assets. |
(4) | Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $111,177, 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. |
Statement of Assets and Liabilities |
FEBRUARY 29, 2016 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $880,059,756) | $ | 959,194,975 | |
Cash | 93,290 | ||
Receivable for investments sold | 15,450 | ||
Receivable for capital shares sold | 977,987 | ||
Interest receivable | 11,646,428 | ||
971,928,130 | |||
Liabilities | |||
Payable for capital shares redeemed | 1,479,431 | ||
Accrued management fees | 361,658 | ||
Distribution and service fees payable | 48,543 | ||
Dividends payable | 380,175 | ||
2,269,807 | |||
Net Assets | $ | 969,658,323 | |
Net Assets Consist of: | |||
Capital paid in | $ | 931,532,758 | |
Undistributed net investment income | 10,848 | ||
Accumulated net realized loss | (41,020,502 | ) | |
Net unrealized appreciation | 79,135,219 | ||
$ | 969,658,323 |
Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||
Investor Class | $710,351,824 | 66,944,650 | $10.61 | |||
Institutional Class | $104,632,932 | 9,864,169 | $10.61 | |||
A Class | $124,296,139 | 11,713,108 | $10.61* | |||
C Class | $30,377,428 | 2,862,331 | $10.61 |
Statement of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2016 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Interest | $ | 18,579,193 | |
Expenses: | |||
Management fees | 2,131,667 | ||
Distribution and service fees: | |||
A Class | 149,117 | ||
C Class | 145,106 | ||
Trustees' fees and expenses | 26,628 | ||
Other expenses | 46 | ||
2,452,564 | |||
Net investment income (loss) | 16,126,629 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | 1,920,520 | ||
Futures contract transactions | 69,766 | ||
1,990,286 | |||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | 24,681,698 | ||
Futures contracts | (78,527 | ) | |
24,603,171 | |||
Net realized and unrealized gain (loss) | 26,593,457 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 42,720,086 |
Statement of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 29, 2016 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2015 | ||||||
Increase (Decrease) in Net Assets | February 29, 2016 | August 31, 2015 | ||||
Operations | ||||||
Net investment income (loss) | $ | 16,126,629 | $ | 31,052,252 | ||
Net realized gain (loss) | 1,990,286 | (3,687,147 | ) | |||
Change in net unrealized appreciation (depreciation) | 24,603,171 | 6,737,352 | ||||
Net increase (decrease) in net assets resulting from operations | 42,720,086 | 34,102,457 | ||||
Distributions to Shareholders | ||||||
From net investment income: | ||||||
Investor Class | (11,934,534 | ) | (22,933,451 | ) | ||
Institutional Class | (1,782,113 | ) | (3,213,866 | ) | ||
A Class | (2,017,310 | ) | (4,194,466 | ) | ||
C Class | (381,824 | ) | (710,469 | ) | ||
Decrease in net assets from distributions | (16,115,781 | ) | (31,052,252 | ) | ||
Capital Share Transactions | ||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 80,533,864 | 72,245,980 | ||||
Net increase (decrease) in net assets | 107,138,169 | 75,296,185 | ||||
Net Assets | ||||||
Beginning of period | 862,520,154 | 787,223,969 | ||||
End of period | $ | 969,658,323 | $ | 862,520,154 | ||
Undistributed net investment income | $ | 10,848 | $ | — |
Notes to Financial Statements |
Six months ended February 29, 2016 | Year ended August 31, 2015 | |||||||||
Shares | Amount | Shares | Amount | |||||||
Investor Class | ||||||||||
Sold | 9,659,384 | $ | 101,500,519 | 16,300,335 | $ | 168,967,153 | ||||
Issued in reinvestment of distributions | 951,594 | 9,974,580 | 1,815,379 | 18,804,585 | ||||||
Redeemed | (4,994,684 | ) | (52,258,580 | ) | (12,572,062 | ) | (130,008,836 | ) | ||
5,616,294 | 59,216,519 | 5,543,652 | 57,762,902 | |||||||
Institutional Class | ||||||||||
Sold | 1,983,885 | 20,769,619 | 2,159,763 | 22,373,675 | ||||||
Issued in reinvestment of distributions | 165,023 | 1,729,309 | 303,391 | 3,141,909 | ||||||
Redeemed | (418,320 | ) | (4,387,854 | ) | (1,799,790 | ) | (18,737,563 | ) | ||
1,730,588 | 18,111,074 | 663,364 | 6,778,021 | |||||||
A Class | ||||||||||
Sold | 1,405,676 | 14,745,616 | 2,760,616 | 28,582,741 | ||||||
Issued in reinvestment of distributions | 178,146 | 1,867,316 | 373,436 | 3,869,303 | ||||||
Redeemed | (1,437,387 | ) | (14,997,327 | ) | (2,771,772 | ) | (28,720,194 | ) | ||
146,435 | 1,615,605 | 362,280 | 3,731,850 | |||||||
C Class | ||||||||||
Sold | 345,503 | 3,622,748 | 758,896 | 7,858,572 | ||||||
Issued in reinvestment of distributions | 27,041 | 283,478 | 49,897 | 516,947 | ||||||
Redeemed | (220,096 | ) | (2,315,560 | ) | (425,841 | ) | (4,402,312 | ) | ||
152,448 | 1,590,666 | 382,952 | 3,973,207 | |||||||
Net increase (decrease) | 7,645,765 | $ | 80,533,864 | 6,952,248 | $ | 72,245,980 |
• | 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). |
Level 1 | Level 2 | Level 3 | ||||||
Assets | ||||||||
Investment Securities | ||||||||
Municipal Securities | — | $ | 928,883,708 | — | ||||
Temporary Cash Investments | $ | 30,311,267 | — | — | ||||
$ | 30,311,267 | $ | 928,883,708 | — |
Federal tax cost of investments | $ | 880,059,756 | |
Gross tax appreciation of investments | $ | 79,212,190 | |
Gross tax depreciation of investments | (76,971 | ) | |
Net tax appreciation (depreciation) of investments | $ | 79,135,219 |
2017 | 2018 | 2019 | Unlimited (Short-Term) | Unlimited (Long-Term) |
$(9,518,848) | $(12,885,340) | $(6,203,529) | $(7,698,370) | $(6,499,020) |
Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
Investor Class | |||||||||||||||
2016(3) | $10.30 | 0.19 | 0.31 | 0.50 | (0.19) | $10.61 | 4.88% | 0.50%(4) | 0.50%(4) | 3.64%(4) | 3.64%(4) | 6% | $710,352 | ||
2015 | $10.25 | 0.39 | 0.05 | 0.44 | (0.39) | $10.30 | 4.32% | 0.50% | 0.50% | 3.75% | 3.75% | 41% | $631,702 | ||
2014 | $9.33 | 0.41 | 0.92 | 1.33 | (0.41) | $10.25 | 14.50% | 0.50% | 0.50% | 4.14% | 4.14% | 57% | $571,924 | ||
2013 | $10.13 | 0.40 | (0.80) | (0.40) | (0.40) | $9.33 | (4.14)% | 0.50% | 0.50% | 3.99% | 3.99% | 81% | $472,141 | ||
2012 | $9.40 | 0.45 | 0.73 | 1.18 | (0.45) | $10.13 | 12.79% | 0.50% | 0.50% | 4.55% | 4.55% | 48% | $506,399 | ||
2011 | $9.69 | 0.47 | (0.29) | 0.18 | (0.47) | $9.40 | 2.07% | 0.49% | 0.51% | 5.10% | 5.08% | 37% | $374,467 | ||
Institutional Class | |||||||||||||||
2016(3) | $10.30 | 0.20 | 0.31 | 0.51 | (0.20) | $10.61 | 4.99% | 0.30%(4) | 0.30%(4) | 3.84%(4) | 3.84%(4) | 6% | $104,633 | ||
2015 | $10.25 | 0.41 | 0.05 | 0.46 | (0.41) | $10.30 | 4.53% | 0.30% | 0.30% | 3.95% | 3.95% | 41% | $83,751 | ||
2014 | $9.33 | 0.43 | 0.92 | 1.35 | (0.43) | $10.25 | 14.73% | 0.30% | 0.30% | 4.34% | 4.34% | 57% | $76,561 | ||
2013 | $10.13 | 0.42 | (0.80) | (0.38) | (0.42) | $9.33 | (3.94)% | 0.30% | 0.30% | 4.19% | 4.19% | 81% | $25,217 | ||
2012 | $9.40 | 0.46 | 0.74 | 1.20 | (0.47) | $10.13 | 13.01% | 0.30% | 0.30% | 4.75% | 4.75% | 48% | $22,287 | ||
2011 | $9.69 | 0.49 | (0.29) | 0.20 | (0.49) | $9.40 | 2.27% | 0.29% | 0.31% | 5.30% | 5.28% | 37% | $9,784 |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
A Class | |||||||||||||||
2016(3) | $10.30 | 0.18 | 0.31 | 0.49 | (0.18) | $10.61 | 4.75% | 0.75%(4) | 0.75%(4) | 3.39%(4) | 3.39%(4) | 6% | $124,296 | ||
2015 | $10.25 | 0.36 | 0.05 | 0.41 | (0.36) | $10.30 | 4.06% | 0.75% | 0.75% | 3.50% | 3.50% | 41% | $119,150 | ||
2014 | $9.33 | 0.38 | 0.92 | 1.30 | (0.38) | $10.25 | 14.21% | 0.75% | 0.75% | 3.89% | 3.89% | 57% | $114,878 | ||
2013 | $10.13 | 0.38 | (0.80) | (0.42) | (0.38) | $9.33 | (4.38)% | 0.75% | 0.75% | 3.74% | 3.74% | 81% | $105,296 | ||
2012 | $9.40 | 0.42 | 0.73 | 1.15 | (0.42) | $10.13 | 12.51% | 0.75% | 0.75% | 4.30% | 4.30% | 48% | $117,162 | ||
2011 | $9.69 | 0.45 | (0.29) | 0.16 | (0.45) | $9.40 | 1.82% | 0.74% | 0.76% | 4.85% | 4.83% | 37% | $89,028 | ||
C Class | |||||||||||||||
2016(3) | $10.30 | 0.14 | 0.31 | 0.45 | (0.14) | $10.61 | 4.36% | 1.50%(4) | 1.50%(4) | 2.64%(4) | 2.64%(4) | 6% | $30,377 | ||
2015 | $10.25 | 0.28 | 0.05 | 0.33 | (0.28) | $10.30 | 3.29% | 1.50% | 1.50% | 2.75% | 2.75% | 41% | $27,917 | ||
2014 | $9.33 | 0.31 | 0.92 | 1.23 | (0.31) | $10.25 | 13.37% | 1.50% | 1.50% | 3.14% | 3.14% | 57% | $23,860 | ||
2013 | $10.13 | 0.30 | (0.80) | (0.50) | (0.30) | $9.33 | (5.09)% | 1.50% | 1.50% | 2.99% | 2.99% | 81% | $25,056 | ||
2012 | $9.40 | 0.35 | 0.73 | 1.08 | (0.35) | $10.13 | 11.67% | 1.50% | 1.50% | 3.55% | 3.55% | 48% | $29,388 | ||
2011 | $9.69 | 0.38 | (0.29) | 0.09 | (0.38) | $9.40 | 1.06% | 1.49% | 1.51% | 4.10% | 4.08% | 37% | $23,917 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Six months ended February 29, 2016 (unaudited). |
(4) | Annualized. |
Additional Information |
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American Century California Tax-Free and Municipal Funds | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2016 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-88534 1604 |
(a) | The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form. |
(b) | Not applicable. |
(a) | The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) |
(b) | There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |
(a)(1) | Not applicable for semiannual report filings. |
(a)(2) | Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT. |
(a)(3) | Not applicable. |
(b) | A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT. |
Registrant: | American Century California Tax-Free and Municipal Funds | |||
By: | /s/ Jonathan S. Thomas | |||
Name: | Jonathan S. Thomas | |||
Title: | President | |||
Date: | April 26, 2016 |
By: | /s/ Jonathan S. Thomas | |
Name: | Jonathan S. Thomas | |
Title: | President | |
(principal executive officer) | ||
Date: | April 26, 2016 |
By: | /s/ C. Jean Wade | |
Name: | C. Jean Wade | |
Title: | Vice President, Treasurer, and | |
Chief Financial Officer | ||
(principal financial officer) | ||
Date: | April 26, 2016 |
1. | I have reviewed this report on Form N-CSR of American Century California Tax-Free and Municipal Funds; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | April 26, 2016 | |
/s/ Jonathan S. Thomas | ||
Jonathan S. Thomas | ||
President | ||
(principal executive officer) |
1. | I have reviewed this report on Form N-CSR of American Century California Tax-Free and Municipal Funds; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | April 26, 2016 | |
/s/ C. Jean Wade | ||
C. Jean Wade | ||
Vice President, Treasurer, and | ||
Chief Financial Officer | ||
(principal financial officer) |
(1) | The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: | April 26, 2016 | ||
By: | /s/ Jonathan S. Thomas | ||
Jonathan S. Thomas | |||
President | |||
(chief executive officer) | |||
By: | /s/ C. Jean Wade | ||
C. Jean Wade | |||
Vice President, Treasurer, and | |||
Chief Financial Officer | |||
(chief financial officer) |
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