N-Q 1 acctfmf11302016nqdoc.htm N-Q ACCTFMF 11.30.2016 N-Q Combined Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number
811-03706
 
 
AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS
(Exact name of registrant as specified in charter)
 
 
4500 MAIN STREET, KANSAS CITY, MISSOURI
64111
(Address of principal executive offices)
(Zip Code)
 
 
CHARLES A. ETHERINGTON, 4500 MAIN STREET
KANSAS CITY, MISSOURI 64111
(Name and address of agent for service)
 
 
Registrant’s telephone number, including area code:
816-531-5575
 
 
Date of fiscal year end:
08-31
 
 
Date of reporting period:
11-30-2016



ITEM 1. SCHEDULE OF INVESTMENTS.





American Century Investments® 
Quarterly Portfolio Holdings
California High-Yield Municipal Fund
November 30, 2016





amcentlogoa36.jpg




    

California High-Yield Municipal - Schedule of Investments
 
NOVEMBER 30, 2016 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 98.5%
 
 
California — 97.6%
 
 
91 Express Lanes Toll Road Rev., 5.00%, 8/15/30
2,400,000

2,702,016

ABAG Finance Authority for Nonprofit Corps. Rev., (Jackson Laboratory), 5.00%, 7/1/37
2,000,000

2,148,860

ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp Healthcare Obligated Group), 5.00%, 8/1/43
3,500,000

3,824,940

ABC Unified School District GO, Capital Appreciation, 0.00%, 8/1/21 (NATL)(1)
1,000,000

899,750

Alameda Community Facilities District Special Tax, 5.00%, 9/1/42
1,250,000

1,328,238

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/26
2,000,000

2,278,620

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

2,286,320

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/37
1,500,000

1,607,040

Alhambra Rev., (Atherton Baptist Homes), 7.50%, 1/1/20, Prerefunded at 100% of Par(2)
1,480,000

1,696,258

Antelope Valley Healthcare District Rev., 5.00%, 3/1/26
5,000,000

5,483,300

Antelope Valley Healthcare District Rev., 5.00%, 3/1/46
5,000,000

4,961,600

Antelope Valley-East Kern Water Agency Rev., 5.00%, 6/1/35
2,320,000

2,603,249

Bay Area Toll Authority Rev., 5.00%, 4/1/43
1,000,000

1,093,450

Bay Area Toll Authority Rev., VRDN, 1.25%, 12/1/16
1,450,000

1,449,492

Bay Area Toll Authority Rev., VRDN, 1.65%, 12/1/16
2,500,000

2,502,675

Bay Area Toll Authority Rev., VRDN, 1.80%, 12/1/16
1,000,000

1,005,060

Beaumont Financing Authority Special Tax, 6.875%, 9/1/36
1,050,000

1,054,494

Beaumont Unified School District GO, Capital Appreciation, 0.00%, 8/1/40 (AGM)(1)
2,000,000

668,740

Berryessa Union School District GO, Capital Appreciation, 0.00%, 8/1/21 (AGM)(1)
1,190,000

1,062,218

Berryessa Union School District GO, Capital Appreciation, 0.00%, 8/1/22 (AGM)(1)
1,220,000

1,043,429

Berryessa Union School District GO, Capital Appreciation, 0.00%, 8/1/23 (AGM)(1)
1,000,000

818,000

California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(1)
22,520,000

2,018,918

California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 5.65%, 6/1/41
1,500,000

1,524,780

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

824,610

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/31 (GA: Brandman University)
1,820,000

1,993,264

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

2,222,100

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/34
1,000,000

1,100,130

California Educational Facilities Authority Rev., (University of Redlands), 3.50%, 10/1/35
800,000

746,792

California Health Facilities Financing Authority Rev., (Adventist Health System/West Obligated Group), 4.00%, 3/1/24
2,250,000

2,450,745

California Health Facilities Financing Authority Rev., (Adventist Health System/West Obligated Group), 4.00%, 3/1/25
250,000

272,195

California Health Facilities Financing Authority Rev., (Adventist Health System/West Obligated Group), 4.00%, 3/1/39
4,615,000

4,341,977

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/19, Prerefunded at 100% of Par(2)
2,000,000

2,190,100

California Health Facilities Financing Authority Rev., (Children's Hospital of Orange County), 6.50%, 11/1/38 (GA: Children's Healthcare of California)
3,000,000

3,364,590

California Health Facilities Financing Authority Rev., (Dignity Health Obligated Group), 6.00%, 7/1/39
4,300,000

4,694,869

California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), 5.00%, 8/15/26
1,020,000

1,147,337

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 6.50%, 10/1/18, Prerefunded at 100% of Par(2)
1,000,000

1,097,390

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.00%, 7/1/37
445,000

486,683

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.00%, 10/1/38
2,000,000

2,224,240

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), VRDN, 5.00%, 10/18/22
2,200,000

2,513,390

California Health Facilities Financing Authority Rev., (Scripps Health Obligated Group), 5.50%, 10/1/20
1,500,000

1,613,415




California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.25%, 8/15/31
2,030,000

2,284,115

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 4.00%, 11/15/41
5,000,000

4,853,750

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/43
2,880,000

3,118,493

California Infrastructure & Economic Development Bank Rev., (Colburn School), VRDN, 1.55%, 12/1/16
2,190,000

2,203,425

California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRDN, 2.16%, 12/1/16
1,000,000

1,008,120

California Infrastructure & Economic Development Bank Rev., (Pacific Gas & Electric Co.), VRDN, 0.58%, 12/1/16 (LOC: Union Bank N.A.)
2,950,000

2,950,000

California Infrastructure & Economic Development Bank Rev., (Pacific Gas & Electric Co.), VRDN, 0.58%, 12/1/16 (LOC: Union Bank N.A.)
14,030,000

14,030,000

California Mobilehome Park Financing Authority Rev., (Millennium Housing of California), 5.50%, 12/15/41
2,000,000

2,001,440

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

1,542,191

California Municipal Finance Authority Rev., (American Heritage Education Foundation), 5.00%, 6/1/36
1,000,000

1,052,660

California Municipal Finance Authority Rev., (American Heritage Education Foundation), 5.00%, 6/1/46
1,000,000

1,040,790

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

4,180,189

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

1,941,691

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

1,047,690

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

1,809,325

California Municipal Finance Authority Rev., (Caritas Affordable Housing, Inc.), 5.00%, 8/15/20
600,000

663,444

California Municipal Finance Authority Rev., (Caritas Affordable Housing, Inc.), 5.00%, 8/15/22
360,000

406,588

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/46
3,615,000

3,805,366

California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.00%, 11/1/26(3)
625,000

605,550

California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.00%, 11/1/36(3)
1,400,000

1,239,210

California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.50%, 11/1/46(3)
1,600,000

1,402,416

California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/24
1,000,000

1,125,000

California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/25
1,000,000

1,124,490

California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/26
500,000

560,670

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

368,687

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

523,950

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

313,959

California Municipal Finance Authority Rev., (Nova Academy), 5.00%, 6/15/36(3)
1,825,000

1,712,361

California Municipal Finance Authority Rev., (Nova Academy), 5.00%, 6/15/46(3)
2,425,000

2,206,944

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

917,507

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

1,426,922

California Municipal Finance Authority Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/34
950,000

998,897

California Municipal Finance Authority Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/40
1,750,000

1,820,630

California Pollution Control Financing Authority Rev., (Poseidon Resources Channelside LP), 5.00%, 11/21/45(3)
3,165,000

3,165,633

California School Finance Authority Rev., (52nd & Crenshaw LLC), 6.00%, 10/1/49
700,000

736,687

California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/45(3)
5,000,000

5,188,600

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/27(3)
500,000

542,555

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/28(3)
685,000

738,581

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/29(3)
795,000

852,351

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/30(3)
400,000

426,144

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/31(3)
500,000

530,055

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/40(3)
1,000,000

1,038,710

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/46(3)
1,000,000

1,033,620

California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.00%, 6/1/26(3)
1,265,000

1,212,743

California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.50%, 6/1/31(3)
1,000,000

946,880

California School Finance Authority Rev., (Downtown College Prep Obligated Group), 5.00%, 6/1/46(3)
2,325,000

2,166,551

California School Finance Authority Rev., (Downtown College Prep Obligated Group), 5.00%, 6/1/51(3)
2,000,000

1,846,140




California School Finance Authority Rev., (Encore Education Obligated Group), 5.00%, 6/1/42(3)
2,010,000

1,775,393

California School Finance Authority Rev., (Encore Education Obligated Group), 5.00%, 6/1/52(3)
2,190,000

1,866,931

California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/45(3)
3,500,000

3,684,345

California School Finance Authority Rev., (Kipp Schools), 4.125%, 7/1/24
475,000

487,830

California School Finance Authority Rev., (Kipp Schools), 5.00%, 7/1/34
500,000

525,980

California School Finance Authority Rev., (Kipp Schools), 5.125%, 7/1/44
700,000

734,118

California School Finance Authority Rev., (Kipp Schools), 5.00%, 7/1/45(3)
1,650,000

1,712,238

California School Finance Authority Rev., (Launchpad Development Obligated Group), 5.00%, 6/1/21(3)
400,000

419,764

California School Finance Authority Rev., (Launchpad Development Obligated Group), 5.00%, 6/1/26(3)
500,000

514,810

California School Finance Authority Rev., (Launchpad Development Obligated Group), 5.00%, 6/1/31(3)
870,000

868,225

California School Finance Authority Rev., (Launchpad Development Obligated Group), 5.00%, 6/1/36(3)
1,000,000

963,800

California School Finance Authority Rev., (Launchpad Development Obligated Group), 5.00%, 6/1/46(3)
2,100,000

1,962,093

California State Public Works Board Rev., 5.00%, 3/1/17
1,000,000

1,010,280

California State Public Works Board Rev., 4.00%, 11/1/17
1,235,000

1,267,728

California State Public Works Board Rev., 5.00%, 4/1/25
1,500,000

1,702,455

California State Public Works Board Rev., 5.75%, 10/1/30
2,000,000

2,206,300

California State Public Works Board Rev., 5.75%, 10/1/31
1,000,000

1,157,510

California State Public Works Board Rev., 5.00%, 12/1/31
975,000

1,091,883

California State Public Works Board Rev., 6.00%, 3/1/35
1,250,000

1,408,425

California State Public Works Board Rev., 5.00%, 4/1/37
5,465,000

6,017,020

California State Public Works Board Rev., 5.00%, 11/1/38
2,350,000

2,607,560

California State Public Works Board Rev., 5.00%, 9/1/39
7,000,000

7,762,370

California Statewide Communities Development Authority Rev., (899 Charleston LLC), 5.25%, 11/1/44
1,500,000

1,566,075

California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/35
1,785,000

1,983,046

California Statewide Communities Development Authority Rev., (American Baptist Homes of the West Obligated Group), 5.00%, 10/1/43 (GA: American Baptist Homes Foundation)
1,200,000

1,263,120

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

2,533,128

California Statewide Communities Development Authority Rev., (be.group), 7.25%, 11/15/41(3)
2,500,000

2,775,375

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

7,044,590

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 3.50%, 5/15/36
5,735,000

4,913,633

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/40
1,000,000

1,051,530

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/34
1,500,000

1,611,480

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/44
2,760,000

2,918,617

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

1,361,937

California Statewide Communities Development Authority Rev., (Episcopal Communities & Services for Seniors), 5.00%, 5/15/42
1,500,000

1,580,400

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

1,094,580

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

5,672,800

California Statewide Communities Development Authority Rev., (John Muir Health), 5.00%, 8/15/46
1,125,000

1,210,961

California Statewide Communities Development Authority Rev., (Kaiser Credit Group), 5.00%, 4/1/42
6,000,000

6,562,620

California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.625%, 6/1/17, Prerefunded at 102% of Par(2)
2,500,000

2,608,825

California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.00%, 6/1/46(3)
3,500,000

3,237,395

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/26(3)
1,000,000

1,080,870

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36(3)
1,000,000

1,004,510




California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/41(3)
1,000,000

1,000,750

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/44
5,000,000

5,068,450

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/46(3)
3,000,000

2,981,520

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/56(3)
8,250,000

8,360,880

California Statewide Communities Development Authority Rev., (Los Angeles Jewish Home for the Aging Obligated Group), 3.00%, 8/1/21 (GA: Jewish Home Foundation/California Mortgage Insurance)
1,300,000

1,301,092

California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 4.00%, 10/1/41
6,500,000

5,715,515

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

4,356,873

California Statewide Communities Development Authority Rev., (Sutter Health Obligated Group), 5.05%, 8/15/38 (AGM)
1,650,000

1,717,336

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

1,210,077

California Statewide Communities Development Authority Special Assessment, 2.70%, 9/2/22
345,000

338,611

California Statewide Communities Development Authority Special Assessment, 3.00%, 9/2/23
355,000

349,267

California Statewide Communities Development Authority Special Assessment, 3.00%, 9/2/24
365,000

358,408

California Statewide Communities Development Authority Special Assessment, 5.00%, 9/2/35
1,920,000

2,045,933

California Statewide Communities Development Authority Special Assessment, 5.00%, 9/2/45
3,810,000

4,028,275

California Statewide Communities Development Authority Special Tax, 5.00%, 9/1/36
1,000,000

1,070,890

California Statewide Communities Development Authority Special Tax, 5.00%, 9/1/37
4,515,000

4,824,729

California Statewide Communities Development Authority Special Tax, 5.00%, 9/1/45
1,500,000

1,585,920

Capistrano Unified School District Special Tax, 3.20%, 9/1/44
1,630,000

1,299,534

Capistrano Unified School District Special Tax, 4.00%, 9/1/46
3,000,000

2,769,060

Carson Redevelopment Agency Successor Agency Tax Allocation, 7.00%, 10/1/36
2,000,000

2,261,000

Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/29 (AGM)
1,250,000

1,395,662

Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/30 (AGM)
1,315,000

1,454,995

Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/31 (AGM)
1,380,000

1,521,050

Chaffey Joint Union High School District GO, 5.00%, 8/1/32
2,000,000

2,240,080

Chula Vista Rev., (San Diego Gas & Electric Co.), 5.875%, 1/1/34
1,000,000

1,090,000

Clovis Unified School District GO, 5.00%, 8/1/38
3,000,000

3,331,380

Corona-Norco Unified School District Special Tax, 4.00%, 9/1/45
2,000,000

1,848,600

Del Mar Race Track Authority Rev., 5.00%, 10/1/29
1,010,000

1,075,781

Del Mar Race Track Authority Rev., 5.00%, 10/1/35
2,000,000

2,121,560

Dixon Special Tax, 5.00%, 9/1/45
4,780,000

5,053,798

Duarte Unified School District GO, Capital Appreciation, 0.00%, 11/1/23 (AGM)(1)
1,150,000

937,135

Eastern Municipal Water District Special Tax, 5.00%, 9/1/36
3,575,000

3,877,481

El Dorado County Special Tax, 5.00%, 9/1/27
1,055,000

1,186,907

El Dorado County Special Tax, 5.00%, 9/1/29
1,225,000

1,358,905

El Dorado County Special Tax, 5.00%, 9/1/30
1,325,000

1,459,169

El Dorado County Special Tax, 5.00%, 9/1/31
1,280,000

1,401,946

El Dorado County Special Tax, 5.00%, 9/1/32
1,355,000

1,474,877

El Dorado County Special Tax, 4.00%, 9/1/46
2,350,000

2,154,621

Elk Grove Finance Authority Special Tax, 4.00%, 9/1/22
1,310,000

1,386,032

Elk Grove Finance Authority Special Tax, 4.00%, 9/1/24
1,705,000

1,791,904

Elk Grove Finance Authority Special Tax, 4.00%, 9/1/26
2,140,000

2,224,081

Elk Grove Finance Authority Special Tax, 5.00%, 9/1/46
3,500,000

3,684,695

Elsinore Valley Municipal Water District COP, VRDN, 0.52%, 12/7/16 (LOC: Bank of America N.A.)
1,200,000

1,200,000

Emeryville Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/31 (AGM)
590,000

657,236

Emeryville Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/34 (AGM)
1,000,000

1,101,030

Escondido Joint Powers Financing Authority Rev., 5.00%, 9/1/31
1,355,000

1,503,603




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

2,698,020

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/24(4)
2,200,000

1,718,266

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/42(1)
6,000,000

1,724,820

Foothill-Eastern Transportation Corridor Agency Rev., 6.50%, 1/15/43
4,000,000

4,557,240

Foothill-Eastern Transportation Corridor Agency Rev., 6.00%, 1/15/49
27,500,000

30,851,975

Foothill-Eastern Transportation Corridor Agency Rev., VRDN, 5.50%, 1/15/23
3,750,000

4,255,125

Fremont Community Facilities District No. 1 Special Tax, 5.00%, 9/1/40
3,000,000

3,183,120

Fremont Community Facilities District No. 1 Special Tax, 5.00%, 9/1/45
2,000,000

2,114,560

Golden State Tobacco Securitization Corp. Rev., 4.50%, 6/1/27
4,650,000

4,567,183

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/29
1,500,000

1,682,565

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/33
3,000,000

2,721,480

Golden State Tobacco Securitization Corp. Rev., 5.30%, 6/1/37
7,000,000

6,467,440

Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/47(1)
20,000,000

1,542,200

Golden State Tobacco Securitization Corp. Rev., 5.125%, 6/1/47
15,400,000

13,220,900

Golden State Tobacco Securitization Corp. Rev., 5.75%, 6/1/47
5,000,000

4,575,200

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

1,637,985

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

1,682,736

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

371,172

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

2,203,068

Hesperia Special Tax, 5.00%, 9/1/29
1,060,000

1,154,319

Hesperia Special Tax, 5.00%, 9/1/35
2,690,000

2,862,106

Hesperia Public Financing Authority Tax Allocation, 5.50%, 9/1/32 (XLCA)
3,000,000

3,035,070

Hesperia Public Financing Authority Tax Allocation, 5.50%, 9/1/37 (XLCA)
2,025,000

2,046,262

Huntington Beach Community Facilities District Special Tax, 5.375%, 9/1/33
1,700,000

1,841,202

Independent Cities Finance Authority Rev., (Augusta Communities LLC), 5.00%, 5/15/39
2,500,000

2,679,675

Independent Cities Finance Authority Rev., (Millennium Housing Corp.), 5.00%, 9/15/36
1,000,000

1,033,710

Independent Cities Finance Authority Rev., (Millennium Housing Corp.), 5.00%, 9/15/36
1,500,000

1,558,395

Independent Cities Finance Authority Rev., (Millennium Housing LLC), 6.75%, 8/15/46
2,500,000

2,855,525

Independent Cities Finance Authority Rev., (Millennium Housing LLC), 5.00%, 10/15/47
4,000,000

4,258,880

Independent Cities Finance Authority Rev., (Millennium Housing of California), 5.70%, 11/15/17, Prerefunded at 100% of Par(2)
3,430,000

3,586,751

Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37
1,110,000

1,224,441

Inland Valley Development Agency Tax Allocation, 5.00%, 9/1/44
2,680,000

2,882,045

Irvine Special Assessment, 5.00%, 9/2/24
700,000

786,695

Irvine Special Assessment, 5.00%, 9/2/26
600,000

669,120

Irvine Special Assessment, 5.00%, 9/2/29
700,000

763,966

Irvine Special Assessment, 5.00%, 9/2/30
350,000

379,785

Irvine Special Assessment, 5.00%, 9/2/42
1,500,000

1,589,325

Irvine Special Assessment, VRDN, 0.55%, 12/1/16 (LOC: State Street Bank & Trust Co.)
1,500,000

1,500,000

Irvine Special Assessment, VRDN, 0.55%, 12/1/16 (LOC: State Street Bank & Trust Co.)
3,700,000

3,700,000

Irvine Special Assessment, VRDN, 0.55%, 12/1/16 (LOC: U.S. Bank N.A.)
3,500,000

3,500,000

Irvine Special Tax, 5.00%, 9/1/39
1,000,000

1,045,220

Irvine Special Tax, 5.00%, 9/1/44
500,000

520,940

Irvine Special Tax, 4.00%, 9/1/45
7,500,000

6,978,150

Irvine Special Tax, 5.00%, 9/1/49
4,500,000

4,684,770

Irvine Unified School District Special Tax, 6.70%, 9/1/35
515,000

571,238

Jurupa Community Services District Special Tax, 8.875%, 9/1/18, Prerefunded at 100% of Par(2)
2,000,000

2,267,760

Jurupa Community Services District Special Tax, 5.00%, 9/1/37
250,000

263,595

Jurupa Community Services District Special Tax, 5.00%, 9/1/40
1,605,000

1,712,086

Jurupa Community Services District Special Tax, 5.00%, 9/1/42
1,000,000

1,049,480




Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/31
1,100,000

1,219,801

Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/42
1,000,000

1,072,240

Kaweah Delta Health Care District Rev., 4.00%, 6/1/45
5,010,000

4,655,492

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

1,140,909

Lake Elsinore Special Tax, 4.00%, 9/1/46
4,480,000

4,142,074

Lake Elsinore Public Financing Authority Special Tax, 5.00%, 9/1/40
2,380,000

2,502,665

Lammersville Joint Unified School District Special Tax, 6.00%, 9/1/43
1,250,000

1,439,312

Long Beach Bond Finance Authority Rev., 5.50%, 11/15/37 (GA: Merrill Lynch & Co.)
1,150,000

1,337,588

Long Beach Marina System Rev., 5.00%, 5/15/45
5,245,000

5,529,594

Los Alamitos Unified School District COP, Capital Appreciation, 0.00%, 8/1/24(4)
1,300,000

1,056,731

Los Angeles Community Facilities District Special Tax, 6.40%, 9/1/22
880,000

888,131

Los Angeles County COP, 5.00%, 3/1/23
1,000,000

1,148,870

Los Angeles County Regional Financing Authority Rev., (MonteCedro, Inc.), 3.00%, 11/15/21 (California Mortgage Insurance)
180,000

180,261

Los Angeles County Schools COP, 4.00%, 6/1/18 (AGM)
1,650,000

1,714,284

Los Angeles County Schools COP, 5.00%, 6/1/19 (AGM)
1,200,000

1,297,548

Los Angeles County Schools COP, 5.00%, 6/1/20 (AGM)
1,305,000

1,438,971

Los Angeles County Schools COP, 5.00%, 6/1/21 (AGM)
1,895,000

2,117,966

Los Angeles Department of Water & Power Rev., 5.00%, 7/1/30
3,500,000

3,966,865

Los Angeles Department of Water & Power Rev., VRDN, 0.50%, 12/1/16 (SBBPA: Bank of America N.A.)
3,400,000

3,400,000

Los Angeles Department of Water & Power Rev., VRDN, 0.50%, 12/1/16 (SBBPA: Citibank N.A.)
5,600,000

5,600,000

Los Angeles Unified School District COP, 5.00%, 10/1/29
350,000

394,342

Los Angeles Unified School District GO, 5.00%, 7/1/18
3,335,000

3,538,368

Los Angeles Unified School District GO, 5.00%, 7/1/24
3,430,000

3,892,467

Los Angeles Unified School District GO, 5.00%, 7/1/30
1,155,000

1,314,020

M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup, Inc.)
1,700,000

2,241,399

M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup, Inc.)
4,000,000

5,163,680

Menifee Union School District Public Financing Authority Special Tax, 5.00%, 9/1/26
755,000

846,967

Menifee Union School District Public Financing Authority Special Tax, 4.00%, 9/1/27
420,000

430,483

Menifee Union School District Public Financing Authority Special Tax, 5.00%, 9/1/28
325,000

360,084

Modesto Irrigation District COP, 6.00%, 4/1/19, Prerefunded at 100% of Par(2)
880,000

973,025

Modesto Irrigation District COP, 6.00%, 10/1/39
2,120,000

2,310,779

Montebello Community Redevelopment Agency Successor Agency Tax Allocation, 8.10%, 3/1/18, Prerefunded at 100% of Par(2)
2,000,000

2,174,120

Moorpark Rev., (Villa del Arroyo Moorpark LLC), 6.50%, 5/15/41
4,000,000

4,508,880

Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/34
1,600,000

1,619,600

Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/35
2,000,000

2,016,260

Murrieta Financing Authority Special Tax, 5.00%, 9/1/31
1,735,000

1,874,147

Murrieta Valley Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/23
2,530,000

2,864,618

Murrieta Valley Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/30
1,735,000

1,913,670

Murrieta Valley Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/31
1,915,000

2,105,619

Murrieta Valley Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/32
1,155,000

1,292,988

Northern California Power Agency Rev., 5.00%, 7/1/31
1,090,000

1,214,990

Norwalk-La Mirada Unified School District GO, Capital Appreciation, 0.00%, 8/1/38 (AGC)(1)
10,000,000

3,669,800

Oakland Unified School District/Alameda County GO, 6.125%, 8/1/19, Prerefunded at 100% of Par(2)
2,500,000

2,810,025

Oakland Unified School District/Alameda County GO, 5.50%, 8/1/32
2,150,000

2,495,483

Oakland Unified School District/Alameda County GO, 6.625%, 8/1/38
770,000

916,870

Ontario Community Facilities District No. 24 Special Tax, 5.00%, 9/1/41
1,000,000

1,063,420

Ontario Community Facilities District No. 24 Special Tax, 5.00%, 9/1/46
1,000,000

1,060,130

Orange Community Facilities District Special Tax, 5.00%, 10/1/40 (AGM)
2,000,000

2,170,780




Orange County Community Facilities District Special Tax, 5.25%, 8/15/45
4,000,000

4,285,320

Orange County Community Facilities District Special Tax, 5.00%, 8/15/46
10,000,000

10,517,700

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

2,309,507

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

3,020,132

Palm Springs Financing Authority Rev., 5.00%, 6/1/35
4,000,000

4,405,160

Palomar Health COP, 5.50%, 11/1/19(2)
5,000,000

5,348,500

Palomar Health COP, 6.75%, 11/1/19, Prerefunded at 100% of Par(2)
2,750,000

3,148,365

Palomar Health Rev., 5.00%, 11/1/36
6,250,000

6,654,125

Palomar Health Rev., 4.00%, 11/1/39
8,875,000

8,246,650

Palomar Health Rev., 5.00%, 11/1/39
3,170,000

3,354,367

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

1,342,250

Perris Union High School District Special Tax, 5.00%, 9/1/41
2,000,000

2,114,780

Pleasant Valley School District/Ventura County GO, 5.85%, 8/1/31 (NATL)
4,835,000

5,855,620

Poway Unified School District Rev., 7.875%, 9/15/39
3,760,000

4,225,300

Poway Unified School District Special Tax, 3.375%, 9/1/42
2,500,000

2,087,100

Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/34
1,000,000

1,070,130

Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/35
1,000,000

1,068,600

Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/36
1,250,000

1,332,912

Rancho Cordova Community Facilities District Special Tax, 4.00%, 9/1/22
400,000

425,180

Rancho Cordova Community Facilities District Special Tax, 4.00%, 9/1/23
650,000

690,937

Rancho Cordova Community Facilities District Special Tax, 4.00%, 9/1/24
500,000

527,940

Rancho Cordova Community Facilities District Special Tax, 4.00%, 9/1/26
1,000,000

1,040,120

Rancho Cordova Community Facilities District Special Tax, 4.00%, 9/1/27
425,000

437,678

Rancho Cordova Community Facilities District Special Tax, 4.00%, 9/1/29
1,280,000

1,298,547

Rancho Cordova Community Facilities District Special Tax, 4.00%, 9/1/31
1,350,000

1,351,012

Rancho Cordova Community Facilities District Special Tax, 4.00%, 9/1/37
3,000,000

2,885,070

Rancho Cordova Community Facilities District Special Tax, 5.00%, 9/1/40
1,195,000

1,256,590

Rancho Cordova Community Facilities District Special Tax, 5.00%, 9/1/45
1,250,000

1,310,388

Redwood City Redevelopment Agency Successor Agency Tax Allocation, Capital Appreciation, 0.00%, 7/15/28
(Ambac)(1)
3,405,000

2,114,199

Rio Elementary School District Community Facilities District Special Tax, 5.00%, 9/1/35
2,550,000

2,713,149

Rio Elementary School District Community Facilities District Special Tax, 5.50%, 9/1/39
1,785,000

1,926,622

River Islands Public Financing Authority Special Tax, 5.50%, 9/1/45
1,500,000

1,582,155

River Islands Public Financing Authority Special Tax, 5.50%, 9/1/45
5,000,000

5,273,850

Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/30
1,035,000

1,099,677

Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/35
2,520,000

2,644,236

Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/40
2,250,000

2,371,005

Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/42
3,000,000

3,124,440

Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/44
2,735,000

2,873,911

Riverside County Public Financing Authority Tax Allocation, 4.00%, 10/1/36 (BAM)
2,500,000

2,520,300

Riverside County Redevelopment Successor Agency Tax Allocation, 6.25%, 10/1/30
2,200,000

2,509,628

Riverside County Transportation Commission Rev., 5.25%, 6/1/39
800,000

901,600

Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/41(1)
2,000,000

587,340

Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/42(1)
3,320,000

911,440

Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/43(1)
5,000,000

1,272,050

Riverside County Transportation Commission Rev., 5.75%, 6/1/44
500,000

554,190

Riverside Sewer Rev., 5.00%, 8/1/40
2,000,000

2,175,760

Romoland School District Special Tax, 5.00%, 9/1/35
4,685,000

5,017,120

Romoland School District Special Tax, 5.00%, 9/1/38
2,900,000

3,087,949

Romoland School District Special Tax, 5.00%, 9/1/43
2,640,000

2,764,476




Roseville Special Tax, 6.125%, 9/1/18, Prerefunded at 100% of Par(2)
2,600,000

2,823,418

Roseville Special Tax, 5.00%, 9/1/37
1,250,000

1,319,713

Roseville Special Tax, 5.00%, 9/1/38
1,650,000

1,749,214

Roseville Special Tax, 5.00%, 9/1/44
1,650,000

1,722,402

Roseville Electric System Rev., 5.00%, 2/1/37
925,000

1,003,866

Sacramento Special Tax, 5.00%, 9/1/41
1,900,000

2,010,086

Sacramento Special Tax, 5.00%, 9/1/46
2,250,000

2,368,732

Sacramento County Special Tax, 5.00%, 9/1/40
1,000,000

1,055,490

Sacramento County Special Tax, 5.00%, 9/1/45
3,050,000

3,208,478

Sacramento County Special Tax, 5.00%, 9/1/46
2,385,000

2,508,925

Sacramento County Airport System Rev., 6.00%, 7/1/35
4,000,000

4,258,880

Sacramento Transportation Authority Rev., 5.00%, 10/1/24
1,055,000

1,217,016

San Bernardino County Special Tax, 5.00%, 9/1/33
3,000,000

3,206,370

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 2.00%, 12/1/17 (AGM)
2,675,000

2,698,272

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/21 (AGM)
3,900,000

4,429,464

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/23 (AGM)
2,425,000

2,810,551

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

10,875,733

San Clemente Special Tax, 5.00%, 9/1/46
7,695,000

8,066,745

San Diego Special Tax, 5.00%, 9/1/37
1,000,000

1,077,530

San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25
835,000

978,236

San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/26
525,000

610,339

San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30
725,000

820,142

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/24
300,000

343,029

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/25
955,000

1,081,480

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/26
500,000

561,420

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/43
2,500,000

2,700,475

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/44
1,500,000

1,623,780

San Diego Public Facilities Financing Authority Rev., 5.00%, 4/15/37
2,000,000

2,197,500

San Diego Public Facilities Financing Authority Rev., 5.00%, 10/15/44
2,660,000

2,908,923

San Diego Public Facilities Financing Authority Water Rev., 5.00%, 8/1/30
2,000,000

2,231,700

San Diego Redevelopment Agency Successor Agency Tax Allocation, 7.00%, 11/1/39
3,000,000

3,411,930

San Diego Unified Port District Rev., 5.00%, 9/1/26
750,000

841,853

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.25%, 5/1/18, Prerefunded at 100% of Par(2)
3,000,000

3,176,310

San Francisco City & County Redevelopment Agency Special Tax, Capital Appreciation, 0.00%, 8/1/43(1)
5,500,000

1,244,320

San Francisco City & County Redevelopment Agency Tax Allocation, 6.625%, 8/1/19, Prerefunded at 100% of Par(2)
2,000,000

2,270,180

San Francisco City & County Redevelopment Agency Tax Allocation, 6.75%, 2/1/21, Prerefunded at 100% of Par(2)
1,000,000

1,200,680

San Francisco City & County Redevelopment Agency Tax Allocation, 7.00%, 2/1/21, Prerefunded at 100% of Par(2)
1,250,000

1,513,362

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/33
780,000

851,487

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/43
1,000,000

1,077,070

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

443,396

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

537,155

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

1,106,470

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

308,270

San Jacinto Community Facilities District Special Tax, 5.00%, 9/1/32
450,000

489,812

San Jacinto Community Facilities District Special Tax, 5.00%, 9/1/33
280,000

303,352

San Jacinto Community Facilities District Special Tax, 5.00%, 9/1/34
335,000

361,532

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/25 (NATL)(1)
3,090,000

2,292,162

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/29 (NATL)(1)
165,000

99,444

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/31 (NATL)(1)
16,000,000

8,628,480




San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/32 (NATL)(1)
290,000

148,596

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/36 (NATL)(1)
1,335,000

567,856

San Joaquin Hills Transportation Corridor Agency Rev., 5.25%, 1/15/44
6,000,000

6,535,140

San Jose Airport Rev., 5.25%, 3/1/34
2,605,000

2,867,167

San Mateo Special Tax, 6.00%, 9/1/42
500,000

547,405

San Mateo Special Tax, 5.50%, 9/1/44
2,250,000

2,399,130

Santa Barbara Secondary High School District GO, 0.00%, 8/1/36(1)
10,000,000

4,226,300

Santa Barbara Secondary High School District GO, 0.00%, 8/1/40(1)
3,795,000

1,327,187

Santa Cruz County Redevelopment Agency Tax Allocation, 4.00%, 9/1/34 (BAM)
1,000,000

1,014,490

Santa Cruz County Redevelopment Agency Tax Allocation, 4.00%, 9/1/35 (BAM)
900,000

910,845

Santa Cruz County Redevelopment Agency Tax Allocation, 4.00%, 9/1/36 (BAM)
1,350,000

1,361,893

Santa Margarita Water District Special Tax, 5.625%, 9/1/43
1,250,000

1,367,012

Santaluz Community Facilities District No. 2 Special Tax, 5.10%, 9/1/21, Prerefunded at 103% of Par(2)
465,000

500,838

Saugus-Castaic School Facilities Financing Authority Special Tax, 6.00%, 9/1/43
1,480,000

1,640,610

Saugus/Hart School Facilities Financing Authority Special Tax, 5.00%, 9/1/41
1,235,000

1,312,941

Saugus/Hart School Facilities Financing Authority Special Tax, 5.00%, 9/1/46
1,245,000

1,319,650

Silicon Valley Tobacco Securitization Authority Rev., Capital Appreciation, 0.00%, 6/1/36(1)
12,000,000

3,678,840

Silicon Valley Tobacco Securitization Authority Rev., Capital Appreciation, 0.00%, 6/1/41(1)
5,000,000

1,036,800

South Placer Wastewater Authority Rev., VRN, 0.88%, 12/1/16
2,985,000

2,977,866

Southern California Public Power Authority Rev., 5.25%, 11/1/19 (GA: Goldman Sachs)
2,445,000

2,661,211

Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs)
3,755,000

4,203,460

Southern Mono Health Care District GO, Capital Appreciation, 0.00%, 8/1/26 (NATL)(1)
1,800,000

1,265,850

Southwestern Community College District GO, Capital Appreciation, 0.00%, 8/1/46(1)
12,425,000

3,139,300

State of California GO, 5.00%, 11/1/19
5,000,000

5,497,400

State of California GO, 5.25%, 2/1/30
5,000,000

5,714,900

State of California GO, 6.00%, 4/1/38
5,000,000

5,467,950

State of California GO, VRN, 1.45%, 12/1/16
2,000,000

2,007,880

State of California GO, VRN, 1.55%, 12/1/16
800,000

805,328

State of California GO, VRN, 1.70%, 12/1/16
960,000

972,134

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

2,505,652

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

1,968,085

Stockton Public Financing Authority Rev., 6.25%, 10/1/40
1,750,000

2,061,780

Stockton Unified School District GO, 5.00%, 8/1/31
4,620,000

5,170,889

Stockton Unified School District GO, 5.00%, 8/1/42 (AGM)
705,000

768,626

Sulphur Springs Union School District GO, Series 2012 C,, 4.00%, 9/1/46 (AGM)
3,750,000

3,698,400

Sunnyvale Special Tax, 7.75%, 8/1/32
6,500,000

6,511,895

Susanville Public Financing Authority Rev., 6.00%, 6/1/45
3,000,000

3,238,770

Sutter Union High School District GO, Capital Appreciation, 0.00%, 6/1/50 (BAM)(1)
2,935,000

604,140

Sweetwater Union High School District GO, 4.00%, 8/1/42
5,000,000

4,983,850

Tahoe-Truckee Unified School District GO, Capital Appreciation, 0.00%, 8/1/22 (NATL)(1)
2,690,000

2,304,012

Tahoe-Truckee Unified School District GO, Capital Appreciation, 0.00%, 8/1/23 (NATL)(1)
2,220,000

1,831,544

Tejon Ranch Public Facilities Finance Authority Special Tax, 5.00%, 9/1/45
4,000,000

4,229,120

Tobacco Securitization Authority of Northern California Rev., (Sacramento County Tobacco Securitization Corp.), 5.50%, 6/1/45
2,000,000

1,869,660

Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 5.00%, 6/1/37
2,250,000

2,043,022

Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 5.125%, 6/1/46
6,750,000

5,944,387

Tracy Community Facilities District No. 2006-01 Special Tax, 5.75%, 9/1/36
3,105,000

3,109,161

Tracy Public Financing Authority Special Tax, 4.00%, 9/2/18
1,900,000

1,972,618

Tracy Public Financing Authority Special Tax, 5.00%, 9/2/19
2,285,000

2,463,733




Tracy Public Financing Authority Special Tax, 5.00%, 9/2/20
2,100,000

2,298,282

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

574,655

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

583,275

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

466,712

Turlock Public Financing Authority Tax Allocation, 7.50%, 3/1/21, Prerefunded at 100% of Par(2)
2,770,000

3,413,997

Tustin Community Facilities District Special Tax, 5.00%, 9/1/37
3,330,000

3,566,064

Tustin Community Facilities District Special Tax, 5.00%, 9/1/40
1,100,000

1,167,144

Tustin Community Facilities District Special Tax, 5.00%, 9/1/45
2,200,000

2,326,016

Tustin Unified School District Special Tax, 5.75%, 9/1/20, Prerefunded at 100% of Par(2)
1,000,000

1,147,780

Tustin Unified School District Special Tax, 6.00%, 9/1/20, Prerefunded at 100% of Par(2)
1,500,000

1,735,260

Twin Rivers Unified School District COP, VRDN, 3.20%, 6/1/20 (AGM)
1,750,000

1,750,122

Twin Rivers Unified School District COP, VRDN, 3.20%, 6/1/20 (AGM)
485,000

485,034

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

1,864,275

Washington Township Health Care District Rev., 5.00%, 7/1/26
400,000

444,788

Washington Township Health Care District Rev., 3.25%, 7/1/27
1,000,000

966,410

Washington Township Health Care District Rev., 3.50%, 7/1/28
750,000

736,305

Washington Township Health Care District Rev., 3.75%, 7/1/29
1,000,000

978,840

West Hollywood Public Financing Authority Rev., 4.00%, 4/1/46
4,000,000

3,999,840

Whittier Rev., (Presbyterian Intercommunity Hospital Obligated Group), 5.00%, 6/1/44
3,500,000

3,651,130

Woodland Special Tax, 4.00%, 9/1/41
2,750,000

2,535,555

Woodland Special Tax, 4.00%, 9/1/45
2,760,000

2,489,078

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

1,132,515

 
 
1,017,246,725

Guam — 0.5%
 
 
Guam Government Rev., 5.125%, 1/1/42
1,000,000

1,043,790

Guam Government Power Authority Rev., 5.00%, 10/1/34
850,000

884,383

Guam Government Waterworks Authority Rev., 5.00%, 1/1/46
3,000,000

3,224,460

 
 
5,152,633

U.S. Virgin Islands — 0.4%
 
 
Virgin Islands Public Finance Authority Rev., 5.00%, 9/1/33(3)
2,500,000

2,617,075

Virgin Islands Public Finance Authority Rev., 6.75%, 10/1/37
2,000,000

2,025,960

 
 
4,643,035

TOTAL INVESTMENT SECURITIES — 98.5%
(Cost $1,011,634,237)
 
1,027,042,393

OTHER ASSETS AND LIABILITIES — 1.5%
 
15,337,533

TOTAL NET ASSETS — 100.0%
 
$
1,042,379,926


FUTURES CONTRACTS
Contracts Sold
Expiration
Date
Underlying Face
Amount at Value ($)
Unrealized Appreciation
(Depreciation) ($)
137
U.S. Treasury 10-Year Ultra Notes
March 2017
18,417,938

(22,854
)




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
-
National Public Finance Guarantee Corporation
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 $66,025,447, which represented 6.3% 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.






SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

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

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Municipal securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
 
Open-end management investment companies are valued at the reported net asset value per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate clearing corporation.

If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
 
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
 
2. Fair Value Measurements

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

• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

• Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

• Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

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

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

3. Federal Tax Information

As of November 30, 2016, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments
$
1,011,634,237

Gross tax appreciation of investments
$
41,222,107

Gross tax depreciation of investments
(25,813,951
)
Net tax appreciation (depreciation) of investments
$
15,408,156



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


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




American Century Investments® 
Quarterly Portfolio Holdings
California Intermediate-Term Tax-Free Bond Fund
November 30, 2016





amcentlogoa36.jpg




    

California Intermediate-Term Tax-Free Bond - Schedule of Investments
 
NOVEMBER 30, 2016 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 98.4%
 
 
California — 98.3%
 
 
91 Express Lanes Toll Road Rev., 5.00%, 8/15/24
1,000,000

1,153,840

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

1,022,950

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

528,215

ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp Healthcare Obligated Group), 6.00%, 8/1/30
2,500,000

2,859,550

ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp Healthcare Obligated Group), 5.00%, 8/1/33
1,450,000

1,602,062

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/20
3,010,000

3,360,063

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/22
1,000,000

1,135,090

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/24
2,000,000

2,310,960

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/25
500,000

573,960

Alameda Corridor Transportation Authority Rev., 0.00%, 10/1/35 (NATL)(1)
9,000,000

3,982,950

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/36
3,000,000

3,219,090

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/37
500,000

535,680

Alum Rock Union Elementary School District GO, 6.00%, 8/1/39
1,500,000

1,806,135

Anaheim Public Financing Authority Rev., 5.00%, 10/1/23
1,200,000

1,384,296

Anaheim Public Financing Authority Rev., 5.00%, 10/1/24
2,275,000

2,601,235

Anaheim Public Financing Authority Rev., 5.00%, 5/1/25
1,000,000

1,151,540

Anaheim Public Financing Authority Rev., 5.00%, 5/1/28
1,100,000

1,244,309

Anaheim Public Financing Authority Rev., 5.00%, 5/1/29
1,250,000

1,405,738

Anaheim Public Financing Authority Rev., 5.00%, 5/1/34
1,360,000

1,495,986

Anaheim Public Financing Authority Rev., 5.375%, 10/1/36
700,000

784,336

Anaheim Public Financing Authority Rev., 5.00%, 5/1/39
1,550,000

1,693,313

Anaheim Public Financing Authority Rev., 5.00%, 5/1/46
2,000,000

2,174,060

Bay Area Toll Authority Rev., 5.00%, 4/1/17, Prerefunded at 100% of Par(2)
2,000,000

2,028,360

Bay Area Toll Authority Rev., 5.00%, 4/1/24
1,500,000

1,710,330

Bay Area Toll Authority Rev., 5.00%, 4/1/25
3,500,000

3,990,770

Bay Area Toll Authority Rev., 5.00%, 4/1/28
7,185,000

8,153,754

Bay Area Toll Authority Rev., 2.00%, 4/1/34
2,000,000

1,995,460

Bay Area Toll Authority Rev., 5.00%, 4/1/43
5,610,000

6,134,254

Bay Area Toll Authority Rev., 5.00%, 10/1/54
5,000,000

5,375,000

Bay Area Toll Authority Rev., VRDN, 1.25%, 12/1/16
1,000,000

999,650

Bay Area Toll Authority Rev., VRDN, 1.65%, 12/1/16
2,500,000

2,502,675

Bay Area Toll Authority Rev., VRDN, 1.80%, 12/1/16
3,500,000

3,517,710

Bay Area Toll Authority Rev., VRDN, 1.50%, 4/2/18
3,000,000

3,004,590

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

835,560

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

1,066,803

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/31 (GA: Brandman University)
1,455,000

1,593,516

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

1,471,047

California Educational Facilities Authority Rev., (Pomona College), 5.00%, 1/1/24
2,100,000

2,252,628

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

688,870

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

525,925

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

1,978,162

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

47,233

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

131,325




California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/27
275,000

313,415

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/28
250,000

282,933

California Educational Facilities Authority Rev., (University of Redlands), 3.00%, 10/1/29
360,000

336,197

California Educational Facilities Authority Rev., (University of Redlands), 3.00%, 10/1/30
365,000

336,198

California Educational Facilities Authority Rev., (University of Redlands), 3.125%, 10/1/31
295,000

273,202

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/32
600,000

665,574

California Educational Facilities Authority Rev., (University of Redlands), 3.25%, 10/1/33
355,000

326,139

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/36
250,000

273,588

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

848,205

California Educational Facilities Authority Rev., (University of Southern California), 5.00%, 10/1/18, Prerefunded at 100% of Par(2)
2,950,000

3,157,119

California Educational Facilities Authority Rev., (University of Southern California), 5.00%, 10/1/25
1,875,000

2,244,506

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

1,031,320

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

1,106,780

California Health Facilities Financing Authority Rev., (Adventist Health System/West Obligated Group), 4.00%, 3/1/21
800,000

859,728

California Health Facilities Financing Authority Rev., (Adventist Health System/West Obligated Group), 4.00%, 3/1/23
1,500,000

1,631,310

California Health Facilities Financing Authority Rev., (Adventist Health System/West Obligated Group), 4.00%, 3/1/25
1,000,000

1,088,780

California Health Facilities Financing Authority Rev., (Adventist Health System/West Obligated Group), 4.00%, 3/1/26
1,500,000

1,621,245

California Health Facilities Financing Authority Rev., (Adventist Health System/West Obligated Group), 4.00%, 3/1/39
2,415,000

2,272,129

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

1,063,790

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

3,488,730

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

2,520,552

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

1,699,284

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/26
3,000,000

3,493,890

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

6,921,900

California Health Facilities Financing Authority Rev., (Children's Hospital of Orange County), 6.25%, 11/1/29 (GA: Children's Healthcare of California)
5,000,000

5,600,850

California Health Facilities Financing Authority Rev., (Dignity Health Obligated Group), 5.00%, 7/1/18
3,000,000

3,174,630

California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), 5.00%, 8/15/25
5,855,000

6,618,726

California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), VRDN, 1.45%, 3/15/17, Prerefunded at 100% of Par(2)
2,000,000

2,003,460

California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), VRDN, 1.45%, 3/15/17, Prerefunded at 100% of Par(2)
2,200,000

2,203,806

California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), VRDN, 1.45%, 3/15/17, Prerefunded at 100% of Par(2)
1,205,000

1,207,085

California Health Facilities Financing Authority Rev., (Northern California Retired Officers Community), 5.70%, 12/1/24 (Ambac California Mortgage Insurance)
1,455,000

1,585,339

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 6.25%, 10/1/18, Prerefunded at 100% of Par(2)
3,250,000

3,551,795

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 6.50%, 10/1/18, Prerefunded at 100% of Par(2)
40,000

43,880

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 6.50%, 10/1/18, Prerefunded at 100% of Par(2)
2,085,000

2,287,245

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.00%, 10/1/28
1,100,000

1,253,945

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.50%, 7/1/29
1,500,000

1,627,110

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.00%, 10/1/29
2,050,000

2,320,805

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.00%, 10/1/30
1,550,000

1,741,998

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.00%, 7/1/37
890,000

973,366

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.75%, 7/1/39
1,000,000

1,086,120

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), VRDN, 5.00%, 10/18/22
7,000,000

7,997,150

California Health Facilities Financing Authority Rev., (Scripps Health Obligated Group), 5.00%, 10/1/17
1,400,000

1,446,732




California Health Facilities Financing Authority Rev., (Stanford Health Care Obligated Group), 5.00%, 11/15/25
2,000,000

2,222,820

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.50%, 8/15/17
1,000,000

1,033,080

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/18
1,305,000

1,389,851

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/21
300,000

342,090

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/22
1,650,000

1,895,058

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.25%, 8/15/22
3,335,000

3,554,977

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/22
200,000

231,732

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/23
600,000

700,470

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/28
465,000

528,579

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/29
1,000,000

1,128,940

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/30
750,000

835,860

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 6.00%, 8/15/42
1,000,000

1,130,760

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/52
3,650,000

3,929,334

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), VRDN, 1.00%, 8/15/19
10,000,000

9,801,200

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

1,162,682

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

1,381,279

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

1,140,750

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

1,556,526

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

1,105,030

California Infrastructure & Economic Development Bank Rev., (Academy of Motion Picture Arts and Sciences Obligated Group), 4.00%, 11/1/45
1,250,000

1,235,175

California Infrastructure & Economic Development Bank Rev., (California Science Center Foundation), 5.00%, 5/1/28
800,000

913,520

California Infrastructure & Economic Development Bank Rev., (California Science Center Foundation), 5.00%, 5/1/29
1,250,000

1,416,438

California Infrastructure & Economic Development Bank Rev., (California Science Center Foundation), 5.00%, 5/1/31
800,000

894,832

California Infrastructure & Economic Development Bank Rev., (Colburn School), VRDN, 1.55%, 12/1/16
4,375,000

4,401,819

California Infrastructure & Economic Development Bank Rev., (J Paul Getty Trust), VRDN, 0.83%, 12/1/16
5,000,000

5,000,250

California Infrastructure & Economic Development Bank Rev., (J Paul Getty Trust), VRDN, 0.83%, 12/1/16
2,750,000

2,746,645

California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRDN, 2.16%, 12/1/16
3,000,000

3,024,360

California Infrastructure & Economic Development Bank Rev., (Pacific Gas & Electric Co.), VRDN, 0.58%, 12/1/16 (LOC: Union Bank N.A.)
2,700,000

2,700,000

California Infrastructure & Economic Development Bank Rev., (Sanford Consortium for Regenerative Medicine), 5.00%, 5/15/21
460,000

518,595

California Infrastructure & Economic Development Bank Rev., (Sanford Consortium for Regenerative Medicine), 5.00%, 5/15/22
520,000

596,107

California Infrastructure & Economic Development Bank Rev., (Sanford Consortium for Regenerative Medicine), 5.00%, 5/15/23
650,000

753,318

California Infrastructure & Economic Development Bank Rev., (Scripps Research Institute), 5.00%, 7/1/22
650,000

742,606

California Infrastructure & Economic Development Bank Rev., (Scripps Research Institute), 5.00%, 7/1/23
300,000

345,480

California Infrastructure & Economic Development Bank Rev., (Scripps Research Institute), 4.00%, 7/1/29
1,480,000

1,547,784

California Infrastructure & Economic Development Bank Rev., (Segerstrom Center for the Arts), 5.00%, 7/1/26
8,000,000

9,198,400

California Infrastructure & Economic Development Bank Rev., (University of California), 5.00%, 5/15/22
3,735,000

4,141,966

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 4.00%, 2/1/20 (GA: Walt Disney Foundation)
400,000

426,704

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 4.00%, 2/1/21 (GA: Walt Disney Foundation)
175,000

188,480

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 5.00%, 2/1/22 (GA: Walt Disney Foundation)
150,000

170,397

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 5.00%, 2/1/24 (GA: Walt Disney Foundation)
215,000

248,529




California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 5.00%, 2/1/26 (GA: Walt Disney Foundation)
750,000

870,240

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 5.00%, 2/1/27 (GA: Walt Disney Foundation)
1,000,000

1,151,020

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 5.00%, 2/1/29 (GA: Walt Disney Foundation)
700,000

794,990

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 5.00%, 2/1/31 (GA: Walt Disney Foundation)
570,000

637,967

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 4.00%, 2/1/33 (GA: Walt Disney Foundation)
615,000

623,948

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 4.00%, 2/1/34 (GA: Walt Disney Foundation)
500,000

504,955

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 4.00%, 2/1/35 (GA: Walt Disney Foundation)
500,000

503,800

California Municipal Finance Authority COP, (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/17
2,000,000

2,013,140

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

1,269,675

California Municipal Finance Authority Rev., (Biola University, Inc.), 5.00%, 10/1/18
605,000

636,678

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/22
1,000,000

1,121,130

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/23
520,000

588,156

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/25
1,925,000

2,205,126

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/27
545,000

615,599

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/28
735,000

825,714

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/29
1,000,000

1,115,950

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/46
4,000,000

4,210,640

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

648,451

California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.25%, 7/1/21
1,760,000

1,928,802

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

2,504,970

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

1,140,000

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

1,159,347

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

2,023,080

California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 3.00%, 11/1/20
1,000,000

1,026,960

California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 3.00%, 11/1/21
1,680,000

1,713,936

California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 4.00%, 11/1/22
1,000,000

1,065,290

California Municipal Finance Authority Rev., (University of La Verne), 5.00%, 6/1/17
2,290,000

2,327,625

California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 3.00%, 7/1/19(3)
1,025,000

1,038,284

California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 3.00%, 7/1/20(3)
1,115,000

1,124,165

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/46(3)
1,000,000

1,033,620

California State Public Works Board Rev., 4.00%, 11/1/17
1,250,000

1,283,125

California State Public Works Board Rev., 6.25%, 4/1/19, Prerefunded at 100% of Par(2)
2,435,000

2,708,134

California State Public Works Board Rev., 6.375%, 11/1/19, Prerefunded at 100% of Par(2)
2,500,000

2,853,225

California State Public Works Board Rev., 5.00%, 4/1/21
3,000,000

3,362,040

California State Public Works Board Rev., 5.00%, 4/1/22
2,100,000

2,393,076

California State Public Works Board Rev., 5.00%, 9/1/22, Prerefunded at 100% of Par(2)
1,000,000

1,166,170

California State Public Works Board Rev., 5.00%, 4/1/23
2,000,000

2,261,640

California State Public Works Board Rev., 5.00%, 11/1/23
1,500,000

1,743,765

California State Public Works Board Rev., 5.00%, 4/1/25
1,800,000

2,042,946

California State Public Works Board Rev., 5.00%, 9/1/25
5,000,000

5,781,700




California State Public Works Board Rev., 5.25%, 12/1/26
2,000,000

2,274,440

California State Public Works Board Rev., 6.00%, 4/1/27
2,130,000

2,337,952

California State Public Works Board Rev., 5.00%, 5/1/27
5,000,000

5,764,600

California State Public Works Board Rev., 5.00%, 4/1/37
4,545,000

5,004,090

California State Public Works Board Rev., 5.00%, 11/1/38
2,400,000

2,663,040

California State University Rev., 5.00%, 11/1/18
1,800,000

1,929,006

California State University Rev., 5.00%, 11/1/19
1,000,000

1,098,790

California State University Rev., 5.00%, 11/1/20
1,250,000

1,402,363

California State University Rev., 5.00%, 11/1/21
1,000,000

1,140,180

California State University Rev., 5.00%, 11/1/24
5,000,000

5,651,300

California State University Rev., 5.00%, 11/1/32
1,750,000

1,970,080

California State University Rev., 4.00%, 11/1/45
4,600,000

4,530,034

California State University Rev., VRDN, 4.00%, 11/1/23
4,000,000

4,365,120

California Statewide Communities Development Authority Rev., 5.20%, 1/3/17, Prerefunded at 100% of Par (AGM)(2)
300,000

301,044

California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/23
1,190,000

1,372,379

California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/24
800,000

930,168

California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/25
750,000

878,160

California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/26
1,000,000

1,177,930

California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/27
1,590,000

1,853,399

California Statewide Communities Development Authority Rev., (California Baptist University), 5.30%, 11/1/18
1,110,000

1,148,672

California Statewide Communities Development Authority Rev., (California Baptist University), 5.40%, 11/1/27
1,000,000

1,023,120

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/21
1,225,000

1,332,812

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/22
2,000,000

2,202,560

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/23
1,000,000

1,110,160

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/28
1,000,000

1,104,340

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/29
1,250,000

1,370,850

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/30
1,940,000

2,109,013

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/22
475,000

539,866

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/23
600,000

685,866

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/24
750,000

863,168

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/25
800,000

909,288

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/26
885,000

998,528

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/27
1,880,000

2,104,284

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

844,242

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

210,070

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

550,659

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

213,338

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

111,667

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

163,178




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

144,586

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

175,766

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

233,990

California Statewide Communities Development Authority Rev., (Hebrew Home for Aged Disabled), 3.50%, 11/1/21 (California Mortgage Insurance)
3,000,000

3,122,610

California Statewide Communities Development Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/1/17, Prerefunded at 100% of Par(2)
1,000,000

1,034,360

California Statewide Communities Development Authority Rev., (Hospital Committee for the Livermore-Pleasanton Areas), 4.80%, 7/15/17(2)
625,000

640,575

California Statewide Communities Development Authority Rev., (Hospital Committee for the Livermore-Pleasanton Areas), 5.00%, 7/15/17, Prerefunded at 100% of Par(2)
2,460,000

2,523,443

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

2,414,103

California Statewide Communities Development Authority Rev., (Kaiser Credit Group), 5.00%, 4/1/19
1,450,000

1,569,190

California Statewide Communities Development Authority Rev., (Kaiser Credit Group), 5.00%, 4/1/42
8,400,000

9,187,668

California Statewide Communities Development Authority Rev., (Kaiser Credit Group), VRDN, 5.00%, 5/1/17
5,000,000

5,083,900

California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 4.00%, 6/1/17(3)
500,000

502,650

California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 4.00%, 6/1/21(3)
2,360,000

2,359,032

California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 4.00%, 6/1/26(3)
3,000,000

2,853,810

California Statewide Communities Development Authority Rev., (Los Angeles Jewish Home for the Aging Obligated Group), 3.00%, 8/1/21 (GA: Jewish Home Foundation/California Mortgage Insurance)
3,900,000

3,903,276

California Statewide Communities Development Authority Rev., (Rady Children's Hospital Obligated Group), 5.00%, 8/15/28
860,000

1,015,694

California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 5.00%, 10/1/21
300,000

332,439

California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 5.00%, 10/1/22
225,000

251,633

California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 5.00%, 10/1/23
400,000

448,836

California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 5.00%, 10/1/28
1,000,000

1,095,730

California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 5.00%, 10/1/29
600,000

653,076

California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 5.00%, 10/1/31
870,000

936,459

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

1,777,804

California Statewide Communities Development Authority Rev., (State Joseph Health System), 5.125%, 7/1/18, Prerefunded at 100% of Par (NATL)(2)
2,000,000

2,126,220

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

1,727,110

Carson Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 10/1/17
675,000

691,126

Carson Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/19 (AGM)
315,000

343,378

Chaffey Joint Union High School District GO, 5.00%, 8/1/30
3,125,000

3,522,250

Chaffey Joint Union High School District GO, 5.00%, 8/1/32
1,220,000

1,366,449

Chula Vista Rev., (San Diego Gas & Electric Co.), 1.65%, 7/1/18
8,165,000

8,168,266

City & County of San Francisco COP, 5.00%, 4/1/17
2,440,000

2,474,136

City & County of San Francisco COP, 5.00%, 10/1/19
2,930,000

3,210,635

City & County of San Francisco COP, 5.00%, 4/1/29
1,170,000

1,256,990

City & County of San Francisco GO, 5.00%, 6/15/25
1,880,000

2,174,051

Clovis Unified School District GO, Capital Appreciation, 0.00%, 8/1/24 (NATL)(1)
5,935,000

4,781,889

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

4,518,270

Del Mar Race Track Authority Rev., 4.00%, 10/1/19
1,275,000

1,330,080

Del Mar Race Track Authority Rev., 4.00%, 10/1/20
1,330,000

1,396,434

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

1,600,436

Eastern Municipal Water District COP, 5.00%, 7/1/18, Prerefunded at 100% of Par(2)
1,000,000

1,061,150

Fontana Special Tax, 4.00%, 9/1/18
740,000

769,903

Fontana Special Tax, 4.00%, 9/1/19
390,000

411,204




Fontana Special Tax, 5.00%, 9/1/20
545,000

598,966

Fontana Special Tax, 5.00%, 9/1/22
520,000

585,764

Fontana Special Tax, 5.00%, 9/1/24
575,000

653,838

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/24(4)
1,600,000

1,249,648

Foothill-Eastern Transportation Corridor Agency Rev., 6.25%, 1/15/33
3,000,000

3,395,850

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/42(1)
4,820,000

1,385,605

Foothill-Eastern Transportation Corridor Agency Rev., 6.00%, 1/15/49
3,000,000

3,365,670

Foothill-Eastern Transportation Corridor Agency Rev., VRDN, 5.00%, 1/15/18
3,750,000

3,825,937

Foothill-Eastern Transportation Corridor Agency Rev., VRDN, 5.00%, 1/15/20
5,000,000

5,325,400

Foothill-Eastern Transportation Corridor Agency Rev., VRDN, 5.50%, 1/15/23
2,750,000

3,120,425

Garden Grove Agency Community Development Successor Agency Tax Allocation, 5.00%, 10/1/22 (BAM)
500,000

573,170

Garden Grove Agency Community Development Successor Agency Tax Allocation, 5.00%, 10/1/23 (BAM)
500,000

578,765

Golden State Tobacco Securitization Corp. Rev., 3.00%, 6/1/17
1,000,000

1,009,980

Golden State Tobacco Securitization Corp. Rev., 4.00%, 6/1/18
2,885,000

2,999,073

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/19
1,000,000

1,081,290

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/20
1,000,000

1,100,930

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/21
1,000,000

1,117,660

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/21
3,000,000

3,352,980

Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/25 (AGM)(1)
2,000,000

1,497,780

Golden State Tobacco Securitization Corp. Rev., 4.50%, 6/1/27
2,520,000

2,475,119

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/29
6,650,000

7,459,371

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/30
1,000,000

1,114,860

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/33
1,250,000

1,133,950

Grossmont-Cuyamaca Community College District GO, 5.25%, 8/1/27
750,000

872,408

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

1,910,982

Hemet Unified School District COP, 4.00%, 10/1/30 (AGM)
1,260,000

1,297,170

Hemet Unified School District COP, 4.00%, 10/1/31 (AGM)
1,435,000

1,468,679

Hemet Unified School District COP, 4.00%, 10/1/32 (AGM)
1,365,000

1,388,301

Hemet Unified School District COP, 4.00%, 10/1/33 (AGM)
2,810,000

2,844,113

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

3,474,380

Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37
1,110,000

1,224,441

Inland Valley Development Agency Tax Allocation, 5.00%, 9/1/44
1,175,000

1,263,583

Irvine Special Assessment, 4.00%, 9/2/17
850,000

867,672

Irvine Special Assessment, 4.00%, 9/2/17
360,000

367,826

Irvine Special Assessment, 4.00%, 9/2/18
875,000

912,371

Irvine Special Assessment, 4.00%, 9/2/19
1,400,000

1,481,984

Irvine Special Assessment, 4.00%, 9/2/19
1,375,000

1,459,205

Irvine Special Assessment, 5.00%, 9/2/26
500,000

578,655

Irvine Special Tax, 4.00%, 9/1/26
385,000

400,446

Irvine Special Tax, 4.00%, 9/1/28
1,275,000

1,306,709

Irvine Special Tax, 4.00%, 9/1/30
525,000

528,770

Irvine Special Tax, 5.00%, 9/1/39
1,000,000

1,045,220

Irvine Unified School District Special Tax, 5.00%, 9/1/20
745,000

752,018

Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/23
625,000

717,319

Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/24
680,000

785,278

Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/25
1,000,000

1,143,820

Kaweah Delta Health Care District Rev., 4.00%, 6/1/45
5,000,000

4,646,200

La Quinta Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/19
1,150,000

1,251,154

La Quinta Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/20
1,045,000

1,158,424




La Quinta Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/31
4,265,000

4,782,003

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

693,146

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

344,796

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

249,253

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/20 (AGM)
155,000

172,191

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/23 (AGM)
305,000

352,174

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/24 (AGM)
330,000

383,097

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/25 (AGM)
375,000

436,849

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/26 (AGM)
335,000

390,788

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/27 (AGM)
485,000

561,683

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/28 (AGM)
300,000

345,108

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/29 (AGM)
330,000

377,012

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/32 (AGM)
500,000

559,745

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/33 (AGM)
780,000

869,146

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/39 (AGM)
1,355,000

1,487,776

Long Beach Bond Finance Authority Rev., 5.00%, 11/15/35 (GA: Merrill Lynch & Co.)
1,215,000

1,349,610

Long Beach Harbor Rev., 5.00%, 11/15/18
17,000,000

18,257,830

Long Beach Marina System Rev., 5.00%, 5/15/23
650,000

725,634

Long Beach Marina System Rev., 5.00%, 5/15/24
250,000

280,095

Long Beach Marina System Rev., 5.00%, 5/15/25
500,000

558,250

Long Beach Marina System Rev., 5.00%, 5/15/27
800,000

885,600

Long Beach Marina System Rev., 5.00%, 5/15/28
600,000

659,244

Long Beach Marina System Rev., 5.00%, 5/15/40
2,500,000

2,646,575

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

1,707,027

Los Angeles Community College District GO, 5.00%, 8/1/17, Prerefunded at 100% of Par (NATL)(2)
2,000,000

2,055,840

Los Angeles Community College District GO, 3.00%, 8/1/19
2,800,000

2,915,808

Los Angeles Community College District GO, 5.00%, 6/1/26
2,115,000

2,530,301

Los Angeles County COP, 5.00%, 3/1/21
1,195,000

1,338,042

Los Angeles County COP, 5.00%, 3/1/22
1,000,000

1,136,940

Los Angeles County COP, 5.00%, 3/1/23
1,955,000

2,246,041

Los Angeles County Metropolitan Transportation Authority Rev., 5.00%, 7/1/20
3,000,000

3,346,290

Los Angeles County Metropolitan Transportation Authority Rev., 5.00%, 7/1/21
2,470,000

2,812,885

Los Angeles County Metropolitan Transportation Authority Rev., 5.00%, 7/1/31
1,000,000

1,050,210

Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy Tax Allocation, Capital Appreciation, 0.00%, 12/1/19 (AGM)(1)
1,500,000

1,408,155

Los Angeles County Regional Financing Authority Rev., (MonteCedro, Inc.), 3.00%, 11/15/21 (California Mortgage Insurance)
445,000

445,645

Los Angeles County Sanitation Districts Financing Authority Rev., 5.00%, 10/1/23
2,855,000

3,304,748

Los Angeles County Sanitation Districts Financing Authority Rev., 5.00%, 10/1/26
2,700,000

3,121,983

Los Angeles Department of Airports Rev., 5.00%, 5/15/18
750,000

790,920

Los Angeles Department of Airports Rev., 5.00%, 5/15/24
3,040,000

3,369,080

Los Angeles Department of Airports Rev., 5.00%, 5/15/26
1,500,000

1,745,820

Los Angeles Department of Airports Rev., 5.00%, 5/15/27
1,280,000

1,482,189

Los Angeles Department of Airports Rev., 5.00%, 5/15/40
3,000,000

3,258,330

Los Angeles Department of Water Rev., 5.00%, 7/1/24
1,500,000

1,718,775

Los Angeles Department of Water & Power Rev., 5.00%, 7/1/18
780,000

827,697

Los Angeles Department of Water & Power Rev., 5.00%, 7/1/26
1,000,000

1,143,300

Los Angeles Department of Water & Power Rev., 5.00%, 7/1/26
1,300,000

1,502,085

Los Angeles Department of Water & Power Rev., 5.00%, 7/1/27
6,470,000

7,418,955

Los Angeles Department of Water & Power Rev., 5.25%, 7/1/32
3,535,000

3,739,676




Los Angeles Department of Water & Power Rev., 5.25%, 7/1/38
5,000,000

5,266,900

Los Angeles Unified School District COP, 5.00%, 10/1/29
1,700,000

1,915,373

Los Angeles Unified School District GO, 4.00%, 7/1/17
1,000,000

1,018,490

Los Angeles Unified School District GO, 5.00%, 7/1/17, Prerefunded at 100% of Par (AGM)(2)
2,000,000

2,049,000

Los Angeles Unified School District GO, 5.00%, 7/1/18
2,565,000

2,721,414

Los Angeles Unified School District GO, 5.00%, 7/1/18
6,665,000

7,071,432

Los Angeles Unified School District GO, 5.00%, 7/1/21
3,000,000

3,405,150

Los Angeles Unified School District GO, 5.00%, 7/1/24
5,140,000

5,833,026

Los Angeles Unified School District GO, 5.00%, 7/1/24
5,000,000

5,902,350

Los Angeles Unified School District GO, 5.00%, 7/1/26
3,555,000

4,140,295

Los Angeles Unified School District GO, 5.25%, 7/1/26
3,000,000

3,344,550

Los Angeles Unified School District GO, 5.00%, 7/1/27
1,050,000

1,217,381

Los Angeles Unified School District GO, 5.00%, 7/1/29
4,000,000

4,349,000

Los Angeles Unified School District GO, 5.00%, 7/1/30
1,155,000

1,314,020

Los Angeles Wastewater System Rev., 5.75%, 6/1/34
1,325,000

1,452,810

M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup, Inc.)
5,000,000

6,592,350

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

1,290,920

Menlo Park Community Development Agency Successor Agency Tax Allocation, 3.00%, 10/1/17
650,000

660,465

Menlo Park Community Development Agency Successor Agency Tax Allocation, 4.00%, 10/1/18
885,000

926,055

Menlo Park Community Development Agency Successor Agency Tax Allocation, 5.00%, 10/1/19
420,000

457,960

Menlo Park Community Development Agency Successor Agency Tax Allocation, 5.00%, 10/1/20
325,000

361,647

Metropolitan Water District of Southern California Rev., VRDN, 0.93%, 12/1/16
9,935,000

9,937,186

Milpitas Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/25
2,325,000

2,720,831

Milpitas Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/26
6,285,000

7,270,425

Modesto Irrigation District Rev., 5.00%, 10/1/28
1,100,000

1,263,647

Modesto Irrigation District Rev., 5.00%, 10/1/31
1,250,000

1,408,163

Mount San Antonio Community College District GO, 5.00%, 8/1/34
2,000,000

2,236,240

Municipal Improvement Corp. of Los Angeles Rev., 5.00%, 3/1/25
3,000,000

3,394,320

Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/34
1,800,000

1,822,050

Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/35
2,250,000

2,268,292

Murrieta Financing Authority Special Tax, 5.00%, 9/1/17
1,000,000

1,026,150

Murrieta Financing Authority Special Tax, 5.00%, 9/1/21
1,200,000

1,328,484

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

2,036,399

Newark Unified School District GO, 5.00%, 8/1/44
6,030,000

6,684,858

Newport Beach Rev., (Hoag Memorial Hospital/Newport Healthcare Obligated Group), 6.00%, 12/1/21, Prerefunded at 100% of Par(2)
1,000,000

1,195,130

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

1,069,930

Northern California Power Agency Rev., 5.00%, 8/1/19
2,000,000

2,161,660

Northern California Power Agency Rev., 5.00%, 8/1/20
1,515,000

1,673,211

Northern California Power Agency Rev., 5.00%, 8/1/21
2,050,000

2,250,715

Northern California Power Agency Rev., 5.25%, 8/1/22
4,250,000

4,701,477

Northern California Power Agency Rev., 5.00%, 7/1/26
1,750,000

1,987,492

Northern California Power Agency Rev., 5.00%, 7/1/27
2,000,000

2,265,840

Northern California Transmission Agency Rev., 5.00%, 5/1/21
800,000

901,272

Northern California Transmission Agency Rev., 5.00%, 5/1/28
1,000,000

1,170,500

Northern California Transmission Agency Rev., 5.00%, 5/1/29
1,000,000

1,160,670

Northern California Transmission Agency Rev., 5.00%, 5/1/30
1,855,000

2,132,786

Oakland Alameda County Coliseum Authority Rev., 5.00%, 2/1/18
3,345,000

3,488,166

Oakland Alameda County Coliseum Authority Rev., 5.00%, 2/1/25
4,065,000

4,500,849

Oakland Sewer Rev., 5.00%, 6/15/26
1,200,000

1,397,784




Oakland State Building Authority Rev., 5.00%, 12/1/19
2,445,000

2,679,451

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/20
1,670,000

1,859,512

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/21
610,000

688,556

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/22
750,000

844,215

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/22
500,000

569,770

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/23
1,400,000

1,615,222

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/25
650,000

757,205

Oakland Unified School District/Alameda County GO, 5.50%, 8/1/32
2,150,000

2,495,483

Oakland Unified School District/Alameda County GO, 6.625%, 8/1/38
1,410,000

1,678,943

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/40
950,000

1,043,053

Ontario Community Facilities District No. 24 Special Tax, 4.00%, 9/1/20
295,000

308,514

Ontario Community Facilities District No. 24 Special Tax, 4.00%, 9/1/21
285,000

297,996

Ontario Community Facilities District No. 24 Special Tax, 4.00%, 9/1/22
300,000

313,524

Ontario Community Facilities District No. 24 Special Tax, 4.00%, 9/1/23
60,000

62,954

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

2,200,980

Orange County Community Facilities District Special Tax, 5.00%, 8/15/28
1,960,000

2,184,106

Orange County Community Facilities District Special Tax, 5.00%, 8/15/29
2,000,000

2,200,040

Orange County Community Facilities District Special Tax, 5.00%, 8/15/30
2,220,000

2,424,196

Orange County Community Facilities District Special Tax, 5.00%, 8/15/32
2,575,000

2,776,906

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

2,769,717

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

2,293,020

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

4,201,840

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

1,710,344

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

1,106,570

Oxnard School District GO, 3.00%, 8/1/40 (AGM)(4)
2,800,000

2,761,332

Palm Springs Financing Authority Rev., 5.00%, 6/1/23
1,230,000

1,394,845

Palmdale Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/28 (NATL)
2,150,000

2,468,651

Palmdale Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/29 (NATL)
2,075,000

2,366,392

Palmdale Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/30 (NATL)
1,215,000

1,374,080

Palomar Health COP, 5.25%, 11/1/21
755,000

797,393

Palomar Health COP, 6.00%, 11/1/41
1,120,000

1,222,883

Palomar Health GO, Capital Appreciation, 0.00%, 8/1/18 (NATL)(1)
3,615,000

3,512,226

Palomar Health GO, Capital Appreciation, 0.00%, 8/1/38 (AGC)(4)
1,660,000

1,838,815

Palomar Health Rev., 5.00%, 11/1/21
1,375,000

1,509,640

Palomar Health Rev., 5.00%, 11/1/24
2,375,000

2,666,626

Palomar Health Rev., 5.00%, 11/1/27
4,100,000

4,557,068

Palomar Health Rev., 5.00%, 11/1/29
4,585,000

5,004,344

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

2,142,317

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

2,473,828

Pittsburg Successor Agency Redevelopment Agency Tax Allocation, 5.00%, 9/1/29 (AGM)
3,000,000

3,421,290

Pomona Public Financing Authority Rev., 3.00%, 6/1/23 (AGM)
500,000

515,230

Pomona Public Financing Authority Rev., 4.00%, 6/1/24 (AGM)
225,000

245,637

Pomona Public Financing Authority Rev., 4.00%, 6/1/25 (AGM)
275,000

298,518

Pomona Public Financing Authority Rev., 4.00%, 6/1/26 (AGM)
275,000

296,238

Pomona Public Financing Authority Rev., 4.00%, 6/1/27 (AGM)
250,000

267,020

Pomona Public Financing Authority Rev., 4.00%, 6/1/28 (AGM)
275,000

290,843

Pomona Public Financing Authority Rev., 4.00%, 6/1/29 (AGM)
275,000

288,285

Port of Oakland Rev., 5.00%, 11/1/17 (NATL)
2,375,000

2,459,906

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

2,840,275




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

923,822

Poway Unified School District Special Tax, 5.00%, 9/15/17, Prerefunded at 100% of Par (Ambac)(2)
1,150,000

1,187,594

Poway Unified School District Special Tax, 5.00%, 9/15/17, Prerefunded at 100% of Par (Ambac)(2)
1,205,000

1,244,391

Poway Unified School District Special Tax, 5.00%, 9/1/24
1,160,000

1,304,826

Poway Unified School District Special Tax, 5.00%, 9/1/25
1,325,000

1,488,876

Poway Unified School District Public Financing Authority Special Tax, 3.00%, 9/1/17
670,000

678,047

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

1,018,260

Rancho Santa Fe Community Services District Special Tax, 5.125%, 9/1/21, Prerefunded at 100% of Par(2)
790,000

908,200

Rancho Santa Fe Community Services District Special Tax, 5.25%, 9/1/21, Prerefunded at 100% of Par(2)
1,300,000

1,501,877

Rancho Santa Fe Community Services District Special Tax, 5.375%, 9/1/21, Prerefunded at 100% of Par(2)
1,410,000

1,636,939

Regents of the University of California Medical Center Pooled Rev., 5.00%, 5/15/21
5,000,000

5,625,500

Regents of the University of California Medical Center Pooled Rev., 5.00%, 5/15/22
4,000,000

4,563,880

Rio Elementary School District Community Facilities District Special Tax, 5.00%, 9/1/24
700,000

793,219

Riverside County Asset Leasing Corp. Rev., 5.00%, 11/1/43
1,000,000

1,079,960

Riverside County Redevelopment Successor Agency Tax Allocation, 6.50%, 10/1/40
935,000

1,071,968

Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/28(1)
1,000,000

582,370

Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/30(1)
1,000,000

517,460

Riverside County Transportation Commission Rev., 5.25%, 6/1/39
1,335,000

1,504,545

Riverside Sewer Rev., 5.00%, 8/1/25
1,630,000

1,894,745

Riverside Sewer Rev., 5.00%, 8/1/26
3,400,000

3,898,134

Roseville Water Utility Rev. COP, 5.00%, 12/1/26
1,690,000

1,971,976

Roseville Water Utility Rev. COP, 5.00%, 12/1/27
2,250,000

2,611,530

Sacramento City Financing Authority Rev., 5.40%, 11/1/20 (Ambac)
1,760,000

1,910,304

Sacramento County Airport System Rev., 5.00%, 7/1/20
1,000,000

1,104,400

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

1,088,090

Sacramento County Airport System Rev., 5.00%, 7/1/24
1,000,000

1,098,930

Sacramento County Sanitation Districts Financing Authority Rev., 5.25%, 12/1/21 (NATL)
1,000,000

1,153,980

Sacramento County Sanitation Districts Financing Authority Rev., VRN, 1.09%, 12/1/16 (NATL)
2,500,000

2,163,000

Sacramento Municipal Utility District Rev., 3.00%, 7/1/17
10,000,000

10,126,600

Sacramento Municipal Utility District Rev., 5.70%, 7/1/17 (Ambac)
3,105,000

3,193,213

Sacramento Municipal Utility District Rev., 4.00%, 7/1/18
6,000,000

6,271,860

Sacramento Municipal Utility District Rev., 5.25%, 7/1/24 (Ambac)
3,000,000

3,506,280

Sacramento Municipal Utility District Rev., 5.00%, 8/15/24
1,500,000

1,722,810

Sacramento Municipal Utility District Rev., 5.00%, 8/15/25
5,000,000

5,742,700

Sacramento Municipal Utility District Rev., 5.00%, 8/15/27
3,150,000

3,782,866

Sacramento Municipal Utility District Rev., 5.00%, 8/15/28
1,200,000

1,442,532

Sacramento Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 12/1/18
2,000,000

2,096,260

Sacramento Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/34 (BAM)
970,000

1,069,716

Sacramento Regional Transit District Rev., 4.00%, 3/1/17
1,000,000

1,006,890

Sacramento Regional Transit District Rev., 5.00%, 3/1/18
250,000

260,720

Salinas Union High School District GO, 0.00%, 8/1/20(1)
5,000,000

4,643,250

San Bernardino Community College District GO, 5.25%, 8/1/18
350,000

373,594

San Bernardino Community College District GO, 5.50%, 8/1/18, Prerefunded at 100% of Par(2)
300,000

321,624

San Bernardino Community College District GO, 6.25%, 8/1/18, Prerefunded at 100% of Par(2)
8,000,000

8,675,600

San Bernardino Community College District GO, Capital Appreciation, 0.00%, 8/1/34(4)
9,840,000

10,221,497

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 3.00%, 12/1/18 (AGM)
1,725,000

1,779,320

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 12/1/19 (AGM)
2,665,000

2,845,287

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/20 (AGM)
2,915,000

3,262,701

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/22 (AGM)
2,310,000

2,653,867




San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/24 (AGM)
2,310,000

2,688,401

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/25 (AGM)
1,275,000

1,488,002

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

2,475,660

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

1,395,816

San Diego Community College District GO, 5.00%, 8/1/30
3,000,000

3,406,680

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

1,264,263

San Diego Convention Center Expansion Financing Authority Rev., 4.00%, 4/15/18
1,160,000

1,202,665

San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 4.00%, 11/1/17
300,000

307,914

San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/18
300,000

320,535

San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/19
300,000

328,074

San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/22
1,525,000

1,752,072

San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30
450,000

509,054

San Diego County Regional Airport Authority Rev., 4.00%, 7/1/18
300,000

312,528

San Diego County Regional Airport Authority Rev., 4.00%, 7/1/19
400,000

424,324

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/19
1,290,000

1,397,921

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/21
2,000,000

2,224,600

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/34
750,000

813,788

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/40
740,000

802,937

San Diego County Regional Transportation Commission Rev., 5.00%, 4/1/21
5,940,000

6,745,286

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

6,229,282

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

2,835,161

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

4,101,287

San Diego Public Facilities Financing Authority Rev., 5.00%, 10/15/44
3,970,000

4,341,513

San Diego Public Facilities Financing Authority Tax Allocation, 5.125%, 10/1/22 (AGC)
1,230,000

1,256,617

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

4,003,509

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

3,819,594

San Diego Public Facilities Financing Authority Sewer Rev., 5.00%, 5/15/28
10,000,000

11,804,800

San Diego Public Facilities Financing Authority Water Rev., 5.00%, 8/1/18, Prerefunded at 100% of Par(2)
1,000,000

1,063,660

San Diego Public Facilities Financing Authority Water Rev., 5.00%, 8/1/21
2,000,000

2,271,880

San Diego Public Facilities Financing Authority Water Rev., 5.00%, 8/1/24
2,000,000

2,295,360

San Diego Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/22
1,000,000

1,148,930

San Diego Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/23
1,000,000

1,162,960

San Diego Unified Port District Rev., 5.00%, 9/1/23
250,000

288,435

San Diego Unified Port District Rev., 5.00%, 9/1/26
750,000

841,853

San Diego Unified School District GO, 5.00%, 7/1/28
5,000,000

5,803,250

San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/36(1)
7,895,000

3,405,113

San Francisco Bay Area Rapid Transit District Rev., 5.00%, 7/1/28
1,500,000

1,760,910

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/17 (AGC)
3,375,000

3,431,869

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/18 (AGC)
2,000,000

2,103,720

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/19
1,500,000

1,621,785

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/3/21, Prerefunded at 100% of Par(2)
980,000

1,114,427

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/3/21, Prerefunded at 100% of Par(2)
1,210,000

1,375,976

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/22
1,000,000

1,140,310

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/23
1,500,000

1,724,025

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.25%, 5/1/23
3,500,000

3,807,195

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 4.00%, 5/1/24
1,625,000

1,763,694

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/24
3,045,000

3,435,521

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/26
1,250,000

1,422,850




San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/29
5,060,000

5,683,847

San Francisco City & County Public Utilities Commission Wastewater Rev., 5.00%, 10/1/21
5,000,000

5,709,050

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/17(2)
465,000

477,834

San Francisco City & County Redevelopment Agency Tax Allocation, 5.50%, 8/1/18(2)
485,000

519,789

San Francisco City & County Redevelopment Agency Tax Allocation, 6.00%, 8/1/19(2)
510,000

570,578

San Francisco City & County Redevelopment Agency Tax Allocation, 6.00%, 8/1/20(2)
515,000

594,135

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/21
460,000

516,263

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/26
425,000

479,213

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/27
550,000

616,638

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/28
370,000

411,899

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/43
1,000,000

1,077,070

San Francisco Public Utilities Commission Water Rev., 5.00%, 5/1/20, Prerefunded at 100% of Par(2)
2,780,000

3,093,612

San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/28
1,055,000

1,191,791

San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/35
1,415,000

1,549,142

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

999,340

San Joaquin Hills Transportation Corridor Agency Rev., 5.00%, 1/15/34
9,000,000

9,865,800

San Jose Airport Rev., 5.00%, 3/1/27
1,295,000

1,471,547

San Jose Airport Rev., 5.00%, 3/1/28
1,500,000

1,699,575

San Jose Airport Rev., 5.00%, 3/1/30
1,750,000

1,960,787

San Jose Airport Rev., 5.00%, 3/1/31
1,000,000

1,118,380

San Jose Unified School District GO, 5.00%, 8/1/17
1,160,000

1,192,689

San Jose Unified School District GO, 5.00%, 8/1/17
900,000

925,362

San Jose Unified School District GO, 5.00%, 8/1/18
2,100,000

2,236,458

San Jose Unified School District GO, 5.00%, 8/1/19
1,000,000

1,094,670

San Mateo Special Tax, 5.875%, 9/1/32
690,000

760,504

San Mateo County Transit District Rev., 5.25%, 6/1/18 (NATL)(2)
2,680,000

2,845,999

San Mateo Joint Powers Financing Authority Rev., 5.00%, 6/15/17
860,000

878,903

San Mateo Joint Powers Financing Authority Rev., 5.00%, 6/15/18
1,000,000

1,057,370

Santa Clara County Financing Authority Rev., 4.00%, 2/1/17
2,055,000

2,066,179

Santa Clara Electric Rev., 5.00%, 7/1/30
1,000,000

1,103,110

Santa Clara Valley Transportation Authority Rev., 5.00%, 4/1/20
4,000,000

4,440,000

Santa Monica Redevelopment Agency Tax Allocation, 5.00%, 7/1/42
600,000

658,872

Santa Monica Redevelopment Agency Tax Allocation, 5.875%, 7/1/42
600,000

691,716

Santa Monica-Malibu Unified School District GO, 5.00%, 7/1/17
3,375,000

3,457,282

Santa Rosa Wastewater Rev., Capital Appreciation, 0.00%, 9/1/24 (Ambac)(1)
7,000,000

5,607,420

Silicon Valley Clean Water Rev., 5.00%, 8/1/40
2,340,000

2,626,439

Simi Valley Unified School District GO, 5.00%, 8/1/26(5)
1,990,000

2,310,848

Simi Valley Unified School District GO, 5.00%, 8/1/27(5)
1,500,000

1,749,525

Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/23 (NATL)
1,000,000

1,153,090

Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/25 (NATL)
1,390,000

1,617,696

Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/29 (NATL)
1,100,000

1,259,126

South Orange County Public Financing Authority Rev., 4.25%, 6/1/17
2,000,000

2,033,000

South Orange County Public Financing Authority Rev., 4.50%, 6/1/18
2,700,000

2,828,790

South Placer Wastewater Authority Rev., VRN, 0.88%, 12/1/16
4,400,000

4,389,484

Southern California Public Power Authority Rev., 5.00%, 7/1/18
1,880,000

1,994,642

Southern California Public Power Authority Rev., 5.00%, 7/1/18
2,000,000

2,121,960

Southern California Public Power Authority Rev., 6.00%, 7/1/18, Prerefunded at 100% of Par(2)
2,000,000

2,152,660

Southern California Public Power Authority Rev., 5.00%, 7/1/20
4,000,000

4,458,760

Southern California Public Power Authority Rev., 5.00%, 7/1/21
2,780,000

3,152,826




Southern California Public Power Authority Rev., 5.00%, 7/1/22
2,875,000

3,044,941

Southern California Water Replenishment District Rev., 5.00%, 8/1/21
1,000,000

1,138,890

Southwestern Community College District GO, Capital Appreciation, 0.00%, 8/1/46(1)
17,530,000

4,429,130

State of California GO, 5.00%, 2/1/17, Prerefunded at 100% of Par(2)
15,000

15,108

State of California GO, 5.00%, 2/1/17, Prerefunded at 100% of Par(2)
10,000

10,072

State of California GO, 5.00%, 9/1/17
2,500,000

2,577,125

State of California GO, 5.00%, 10/1/17
2,170,000

2,243,997

State of California GO, 5.00%, 11/1/17, Prerefunded at 100% of Par(2)
1,165,000

1,209,468

State of California GO, 5.50%, 4/1/18
2,535,000

2,681,624

State of California GO, 5.00%, 7/1/18(2)
5,435,000

5,767,350

State of California GO, 5.00%, 7/1/18(2)
1,565,000

1,660,700

State of California GO, 5.00%, 8/1/18
805,000

810,506

State of California GO, 5.00%, 9/1/18
1,000,000

1,065,870

State of California GO, 5.00%, 7/1/19(2)
4,505,000

4,919,055

State of California GO, 5.00%, 9/1/19
7,645,000

8,368,752

State of California GO, 5.00%, 3/1/20
1,690,000

1,768,974

State of California GO, 5.00%, 8/1/20
1,020,000

1,026,885

State of California GO, 5.25%, 10/1/20
5,000,000

5,507,950

State of California GO, 5.00%, 9/1/22
2,000,000

2,305,640

State of California GO, 5.00%, 3/1/23
10,000,000

11,585,100

State of California GO, 5.50%, 4/1/24
4,600,000

5,008,802

State of California GO, 5.00%, 8/1/24
130,000

130,840

State of California GO, 5.00%, 8/1/26
4,800,000

5,630,256

State of California GO, 5.00%, 12/1/26
1,045,000

1,200,590

State of California GO, 5.00%, 2/1/27
14,000,000

15,898,960

State of California GO, 5.00%, 2/1/28
5,795,000

6,559,592

State of California GO, 5.00%, 3/1/28
8,000,000

9,217,520

State of California GO, 5.75%, 4/1/28
5,000,000

5,464,450

State of California GO, 5.00%, 11/1/29
2,625,000

2,985,622

State of California GO, 5.75%, 4/1/31
5,000,000

5,476,550

State of California GO, 5.00%, 9/1/31
10,000,000

11,515,400

State of California GO, 5.00%, 11/1/32
725,000

746,453

State of California GO, 6.50%, 4/1/33
5,000,000

5,539,350

State of California GO, 6.00%, 4/1/38
3,000,000

3,280,770

State of California GO, 5.00%, 8/1/45
5,000,000

5,540,650

State of California GO, VRDN, 1.07%, 12/1/16
6,800,000

6,798,912

State of California GO, VRDN, 1.13%, 12/1/16
3,200,000

3,160,736

State of California GO, VRDN, 4.00%, 12/1/21
4,000,000

4,327,880

State of California GO, VRN, 1.45%, 12/1/16
2,000,000

2,007,880

State of California GO, VRN, 1.55%, 12/1/16
800,000

805,328

State of California GO, VRN, 1.70%, 12/1/16
960,000

972,134

State of California Department of Water Resources Rev., 5.00%, 12/1/19, Prerefunded at 100% of Par(2)
905,000

999,817

State of California Department of Water Resources Rev., VRDN, 0.85%, 12/1/16
4,500,000

4,489,740

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/17
5,000,000

5,089,200

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/18, Prerefunded at 100% of Par(2)
1,800,000

1,899,468

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/18
3,000,000

3,162,870

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/18, Prerefunded at 100% of Par(2)
1,430,000

1,509,022

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/19
7,000,000

7,591,570

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/20
14,215,000

15,760,028




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

2,071,798

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/20, Prerefunded at 100% of Par(2)
8,000,000

8,910,960

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/21
10,000,000

11,318,700

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/21
1,140,000

1,256,998

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/22
6,835,000

7,529,231

Stockton Public Financing Authority Rev., 5.00%, 9/1/22 (BAM)
1,410,000

1,614,521

Stockton Public Financing Authority Rev., 5.00%, 9/1/23 (BAM)
1,435,000

1,658,501

Stockton Public Financing Authority Rev., 5.00%, 9/1/24 (BAM)
1,090,000

1,266,177

Stockton Public Financing Authority Rev., 5.00%, 9/1/25 (BAM)
2,255,000

2,590,003

Stockton Public Financing Authority Rev., 5.00%, 9/1/26 (BAM)
1,495,000

1,705,930

Stockton Public Financing Authority Rev., 6.25%, 10/1/38
1,500,000

1,767,240

Stockton Public Financing Authority Special Tax, 4.00%, 9/2/20 (BAM)
575,000

615,515

Stockton Public Financing Authority Special Tax, 4.00%, 9/2/21 (BAM)
450,000

483,971

Stockton Public Financing Authority Special Tax, 4.00%, 9/2/22 (BAM)
940,000

1,016,319

Stockton Public Financing Authority Special Tax, 4.00%, 9/2/23 (BAM)
655,000

707,642

Stockton Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/29 (AGM)
1,500,000

1,663,965

Stockton Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/30 (AGM)
1,800,000

1,982,268

Stockton Unified School District GO, 5.00%, 8/1/27 (AGM)
530,000

601,926

Stockton Unified School District GO, 5.00%, 8/1/28 (AGM)
255,000

288,270

Stockton Unified School District GO, 5.00%, 8/1/30
11,165,000

12,552,251

Stockton Unified School District GO, 5.00%, 8/1/42 (AGM)
865,000

943,066

Sutter Union High School District GO, Capital Appreciation, 0.00%, 8/1/48 (BAM)(1)
2,470,000

551,625

Temecula Valley Unified School District Financing Authority Special Tax, 4.00%, 9/1/17 (BAM)
415,000

424,055

Temecula Valley Unified School District Financing Authority Special Tax, 5.00%, 9/1/18 (BAM)
325,000

345,355

Temecula Valley Unified School District Financing Authority Special Tax, 5.00%, 9/1/19 (BAM)
265,000

288,786

Temecula Valley Unified School District Financing Authority Special Tax, 5.00%, 9/1/20 (BAM)
400,000

445,204

Temecula Valley Unified School District Financing Authority Special Tax, 5.00%, 9/1/21 (BAM)
515,000

581,950

Temecula Valley Unified School District Financing Authority Special Tax, 5.00%, 9/1/22 (BAM)
275,000

314,889

Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 5.00%, 6/1/37
1,750,000

1,589,018

Town of Hillsborough COP, VRDN, 0.59%, 12/1/16 (SBBPA: Bank of the West)
4,750,000

4,750,000

Tuolumne Wind Project Authority Rev., 5.625%, 1/1/19, Prerefunded at 100% of Par(2)
1,000,000

1,088,710

Tustin Community Facilities District Special Tax, 5.00%, 9/1/22
480,000

538,166

Tustin Community Facilities District Special Tax, 5.00%, 9/1/23
725,000

819,149

Tustin Community Facilities District Special Tax, 5.00%, 9/1/28
1,000,000

1,109,790

Tustin Community Facilities District Special Tax, 5.00%, 9/1/30
1,000,000

1,094,820

Twin Rivers Unified School District COP, VRDN, 3.20%, 6/1/20 (AGM)
3,750,000

3,750,262

Twin Rivers Unified School District COP, VRDN, 3.20%, 6/1/20 (AGM)
1,215,000

1,215,085

University of California Rev., 5.25%, 5/15/17, Prerefunded at 101% of Par(2)
1,910,000

1,968,045

University of California Rev., 5.00%, 5/15/18, Prerefunded at 101% of Par(2)
760,000

810,540

University of California Rev., 5.25%, 5/15/19, Prerefunded at 100% of Par(2)
1,255,000

1,370,661

University of California Rev., 5.25%, 5/15/19, Prerefunded at 100% of Par(2)
2,210,000

2,418,160

University of California Rev., 5.25%, 5/15/19, Prerefunded at 100% of Par(2)
4,285,000

4,679,906

University of California Rev., 5.00%, 5/15/20
1,405,000

1,493,037

University of California Rev., 5.25%, 5/15/23
90,000

92,642

University of California Rev., 5.00%, 5/15/25
7,250,000

8,373,460

University of California Rev., 5.00%, 5/15/26
6,150,000

7,013,706

University of California Rev., 5.00%, 5/15/26
11,300,000

13,241,227

University of California Rev., 4.00%, 5/15/33
4,005,000

4,120,865

University of California Rev., 5.00%, 5/15/40
490,000

518,013




University of California Rev., 5.00%, 5/15/42
1,640,000

1,822,352

University of California Rev., VRDN, 1.40%, 5/15/21
1,650,000

1,606,160

University of California Rev., VRDN, 5.00%, 5/15/23
7,935,000

9,270,937

Upper Santa Clara Valley Joint Powers Authority Rev., 4.00%, 8/1/18
600,000

627,780

Upper Santa Clara Valley Joint Powers Authority Rev., 4.00%, 8/1/19
600,000

639,336

West Contra Costa Unified School District GO, 5.00%, 8/1/30
2,000,000

2,261,900

West Contra Costa Unified School District GO, 5.00%, 8/1/33
3,000,000

3,349,410

West Contra Costa Unified School District GO, 5.00%, 8/1/34
1,200,000

1,336,320

West Contra Costa Unified School District GO, 5.00%, 8/1/35
1,500,000

1,667,175

West Sacramento Financing Authority Special Tax, 5.00%, 9/1/18 (XLCA)
1,490,000

1,575,660

West Sacramento Financing Authority Special Tax, 5.00%, 9/1/19 (XLCA)
995,000

1,073,874

West Sacramento Financing Authority Special Tax, 5.00%, 9/1/20 (XLCA)
1,195,000

1,309,565

Yosemite Community College District GO, Capital Appreciation, 0.00%, 8/1/38(1)
6,000,000

2,356,380

 
 
1,561,706,261

Guam — 0.1%
 
 
Guam Government GO, 6.00%, 11/15/19
635,000

680,066

Guam Government Power Authority Rev., 5.00%, 10/1/19 (AGM)
1,000,000

1,079,410

 
 
1,759,476

TOTAL INVESTMENT SECURITIES — 98.4%
(Cost $1,537,936,180)
 
1,563,465,737

OTHER ASSETS AND LIABILITIES — 1.6%
 
24,970,925

TOTAL NET ASSETS — 100.0%
 
$
1,588,436,662


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
-
National Public Finance Guarantee Corporation
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 $8,911,561, 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.
(5)
When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.









SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

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

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Municipal securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
 
Open-end management investment companies are valued at the reported net asset value per share.

If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
 
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
 
2. Fair Value Measurements

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

• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

• Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

• Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

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

As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

3. Federal Tax Information

As of November 30, 2016, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments
$
1,537,936,180

Gross tax appreciation of investments
$
47,146,025

Gross tax depreciation of investments
(21,616,468
)
Net tax appreciation (depreciation) of investments
$
25,529,557



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



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



American Century Investments® 
Quarterly Portfolio Holdings
California Long-Term Tax-Free Fund
November 30, 2016





amcentlogoa36.jpg




    

California Long-Term Tax-Free - Schedule of Investments
 
NOVEMBER 30, 2016 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 98.5%
 
 
California — 97.8%
 
 
91 Express Lanes Toll Road Rev., 5.00%, 8/15/25
1,000,000

1,144,290

ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp Healthcare Obligated Group), 6.00%, 8/1/30
1,000,000

1,143,820

ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp Healthcare Obligated Group), 6.25%, 8/1/39
1,200,000

1,324,956

ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp Healthcare Obligated Group), 5.00%, 8/1/43
500,000

546,420

Alameda Corridor Transportation Authority Rev., 0.00%, 10/1/32 (NATL)(1)
1,000,000

521,390

Alameda Corridor Transportation Authority Rev., 0.00%, 10/1/35 (NATL)(1)
3,750,000

1,659,562

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/37
1,000,000

1,071,360

Alum Rock Union Elementary School District GO, 6.00%, 8/1/39
1,000,000

1,204,090

Anaheim Public Financing Authority Rev., 5.25%, 4/1/19, Prerefunded at 100% of Par(2)
2,500,000

2,724,350

Anaheim Public Financing Authority Rev., 5.375%, 10/1/36
300,000

336,144

Anaheim Public Financing Authority Rev., 5.00%, 5/1/46
2,200,000

2,391,466

Bay Area Toll Authority Rev., 5.00%, 4/1/43
2,655,000

2,903,110

Bay Area Toll Authority Rev., 5.00%, 10/1/54
1,500,000

1,612,500

Bay Area Toll Authority Rev., VRDN, 1.25%, 12/1/16
550,000

549,808

Bay Area Toll Authority Rev., VRDN, 1.65%, 12/1/16
1,250,000

1,251,337

Bay Area Toll Authority Rev., VRDN, 1.80%, 12/1/16
500,000

502,530

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/25
285,000

328,691

California Educational Facilities Authority Rev., (Claremont Mckenna College), 5.00%, 1/1/32
750,000

855,060

California Educational Facilities Authority Rev., (Harvey Mudd College), 5.25%, 12/1/41
2,000,000

2,241,480

California Educational Facilities Authority Rev., (Santa Clara University), 5.625%, 4/1/18, Prerefunded at 100% of Par(2)
4,675,000

4,955,406

California Educational Facilities Authority Rev., (Santa Clara University), 5.625%, 4/1/37
325,000

341,773

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/36
500,000

547,175

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/37
500,000

547,175

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/38
500,000

546,765

California Educational Facilities Authority Rev., (University of Southern California), 5.00%, 10/1/18, Prerefunded at 100% of Par(2)
2,000,000

2,140,420

California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/33
500,000

553,390

California Health Facilities Financing Authority Rev., (Adventist Health System/West Obligated Group), 4.00%, 3/1/22
1,200,000

1,300,692

California Health Facilities Financing Authority Rev., (Adventist Health System/West Obligated Group), 4.00%, 3/1/39
1,385,000

1,303,063

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/32
400,000

444,816

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 4.00%, 8/15/39
1,500,000

1,482,270

California Health Facilities Financing Authority Rev., (Children's Hospital of Orange County), 6.50%, 11/1/38 (GA: Children's Healthcare of California)
4,500,000

5,046,885

California Health Facilities Financing Authority Rev., (Dignity Health Obligated Group), 6.00%, 7/1/39
3,400,000

3,712,222

California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), 5.00%, 8/15/43
1,000,000

1,077,400

California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), VRDN, 1.45%, 3/15/17, Prerefunded at 100% of Par(2)
150,000

150,260

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 6.50%, 10/1/18, Prerefunded at 100% of Par(2)
1,000,000

1,097,390

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.00%, 10/1/28
1,180,000

1,345,141

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.00%, 7/1/37
180,000

196,861

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.75%, 7/1/39
1,000,000

1,086,120

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.50%, 10/1/39
1,000,000

1,087,340

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 6.00%, 8/15/42
1,500,000

1,696,140




California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/43
720,000

779,623

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/46
2,000,000

2,155,560

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/52
1,500,000

1,614,795

California Infrastructure & Economic Development Bank Rev., (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/41
740,000

817,722

California Infrastructure & Economic Development Bank Rev., (California Science Center Foundation), 5.00%, 5/1/30
1,000,000

1,123,880

California Infrastructure & Economic Development Bank Rev., (Colburn School), VRDN, 1.55%, 12/1/16
935,000

940,732

California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRDN, 2.16%, 12/1/16
1,000,000

1,008,120

California Infrastructure & Economic Development Bank Rev., (Pacific Gas & Electric Co.), VRDN, 0.58%, 12/1/16 (LOC: Union Bank N.A.)
1,020,000

1,020,000

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 5.00%, 2/1/30 (GA: Walt & Lilly Disney Foundation)
550,000

618,338

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 4.00%, 2/1/32 (GA: Walt & Lilly Disney Foundation)
900,000

916,587

California Municipal Finance Authority Rev., (American Heritage Education Foundation), 5.00%, 6/1/46
500,000

520,395

California Municipal Finance Authority Rev., (Azusa Pacific University), 8.00%, 4/1/21, Prerefunded at 100% of Par(2)
665,000

833,531

California Municipal Finance Authority Rev., (Azusa Pacific University), 5.00%, 4/1/41
500,000

521,960

California Municipal Finance Authority Rev., (California Baptist University), 5.00%, 11/1/36(3)
1,000,000

980,190

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/40
1,420,000

1,507,884

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/46
1,000,000

1,052,660

California Municipal Finance Authority Rev., (Emerson College), 6.00%, 1/1/42
2,000,000

2,280,000

California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/26
790,000

885,859

California Municipal Finance Authority Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/34
300,000

315,441

California Municipal Finance Authority Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/40
1,000,000

1,040,360

California Municipal Finance Authority Rev., (University of La Verne), 6.25%, 6/1/40
1,000,000

1,123,380

California Municipal Finance Authority Rev., (University of the Pacific), 5.00%, 11/1/48
1,750,000

1,874,460

California Pollution Control Financing Authority Rev., (Poseidon Resources Channelside LP), 5.00%, 11/21/45(3)
1,000,000

1,000,200

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/46(3)
250,000

258,405

California State Public Works Board Rev., 5.00%, 9/1/22, Prerefunded at 100% of Par(2)
500,000

583,085

California State Public Works Board Rev., 5.00%, 9/1/23, Prerefunded at 100% of Par(2)
1,865,000

2,193,520

California State Public Works Board Rev., 5.25%, 12/1/26
1,000,000

1,137,220

California State Public Works Board Rev., 5.75%, 11/1/29
1,685,000

1,874,714

California State Public Works Board Rev., 5.75%, 10/1/30
2,000,000

2,206,300

California State Public Works Board Rev., 5.00%, 4/1/37
2,170,000

2,389,192

California State Public Works Board Rev., 5.00%, 11/1/38
1,500,000

1,664,400

California State University Rev., 5.25%, 5/1/19, Prerefunded at 100% of Par(2)
2,230,000

2,436,520

California State University Rev., 4.00%, 11/1/45
1,005,000

989,714

California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/35
715,000

794,329

California Statewide Communities Development Authority Rev., (American Baptist Homes of the West Obligated Group), 5.00%, 10/1/45
600,000

633,282

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/40
1,200,000

1,261,836

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/34
500,000

537,160

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/44
1,300,000

1,374,711

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

1,089,550

California Statewide Communities Development Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.25%, 10/1/43 (AGM)
750,000

820,935

California Statewide Communities Development Authority Rev., (Kaiser Credit Group), 5.00%, 4/1/42
2,780,000

3,040,681

California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 5.00%, 10/1/46
1,500,000

1,574,805




California Statewide Communities Development Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/41
500,000

550,035

Carson Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/19 (AGM)
485,000

528,694

Carson Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/20 (AGM)
785,000

871,829

Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/28 (AGM)
1,190,000

1,336,251

City & County of San Francisco COP, 5.00%, 4/1/29
1,170,000

1,256,989

Contra Costa Water District Rev., 3.00%, 10/1/21
1,750,000

1,832,950

Del Mar Race Track Authority Rev., 5.00%, 10/1/35
660,000

700,115

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/24(4)
700,000

546,721

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/33(1)
750,000

346,583

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/42(1)
1,250,000

359,338

Foothill-Eastern Transportation Corridor Agency Rev., 6.50%, 1/15/43
500,000

569,655

Foothill-Eastern Transportation Corridor Agency Rev., 5.75%, 1/15/46
1,000,000

1,102,170

Foothill-Eastern Transportation Corridor Agency Rev., 6.00%, 1/15/49
3,250,000

3,646,142

Foothill-Eastern Transportation Corridor Agency Rev., VRDN, 5.50%, 1/15/23
1,000,000

1,134,700

Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/25 (AGM)(1)
1,000,000

748,890

Golden State Tobacco Securitization Corp. Rev., 4.50%, 6/1/27
1,195,000

1,173,717

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/33
750,000

680,370

Grossmont Union High School District GO, 5.00%, 8/1/43
1,000,000

1,096,590

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

1,091,990

Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37
555,000

612,221

Inland Valley Development Agency Tax Allocation, 5.00%, 9/1/44
590,000

634,480

Irvine Special Assessment, 4.00%, 9/2/17
365,000

372,588

Irvine Special Assessment, 4.00%, 9/2/18
375,000

391,016

Irvine Special Assessment, 4.00%, 9/2/19
600,000

635,136

Irvine Special Assessment, 5.00%, 9/2/26
1,000,000

1,157,310

Irvine Special Assessment, VRDN, 0.55%, 12/1/16 (LOC: State Street Bank & Trust Co.)
1,200,000

1,200,000

Irvine Special Assessment, VRDN, 0.55%, 12/1/16 (LOC: U.S. Bank N.A.)
1,700,000

1,700,000

Irvine Special Tax, 4.00%, 9/1/31
400,000

400,300

Irvine Special Tax, 5.00%, 9/1/49
1,000,000

1,041,060

Kaweah Delta Health Care District Rev., 4.00%, 6/1/45
1,250,000

1,161,550

La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/29
635,000

680,053

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/39 (AGM)
1,850,000

2,031,281

Long Beach Bond Finance Authority Rev., 5.00%, 11/15/35 (GA: Merrill Lynch & Co.)
330,000

366,561

Long Beach Bond Finance Authority Rev., 5.50%, 11/15/37 (GA: Merrill Lynch & Co.)
695,000

808,368

Long Beach Marina System Rev., 5.00%, 5/15/40
1,250,000

1,323,287

Los Alamitos Unified School District COP, Capital Appreciation, 0.00%, 8/1/24(4)
1,100,000

894,157

Los Angeles Community College District GO, 2.00%, 8/1/22
450,000

448,182

Los Angeles County Regional Financing Authority Rev., (MonteCedro, Inc.), 3.00%, 11/15/21 (California Mortgage Insurance)
135,000

135,196

Los Angeles County Sanitation Districts Financing Authority Rev., 5.00%, 10/1/35
1,500,000

1,657,665

Los Angeles Department of Airports Rev., 5.25%, 5/15/18, Prerefunded at 100% of Par(2)
2,120,000

2,247,115

Los Angeles Department of Airports Rev., 5.00%, 5/15/40
2,000,000

2,169,440

Los Angeles Department of Airports Rev., 5.00%, 5/15/40
1,000,000

1,086,110

Los Angeles Department of Water & Power Rev., 5.00%, 7/1/19
1,000,000

1,089,780

Los Angeles Department of Water & Power Rev., 5.25%, 7/1/38
4,000,000

4,213,520

Los Angeles Unified School District GO, 4.00%, 7/1/17
1,000,000

1,018,490

Los Angeles Unified School District GO, 5.00%, 7/1/17, Prerefunded at 100% of Par (AGM)(2)
1,020,000

1,044,990

Los Angeles Unified School District GO, 5.00%, 7/1/18
2,000,000

2,121,960

Los Angeles Unified School District GO, 5.00%, 7/1/18
1,280,000

1,358,054

Los Angeles Unified School District GO, 5.25%, 7/1/26
1,000,000

1,114,850




Los Angeles Unified School District GO, 5.00%, 7/1/29
2,000,000

2,174,500

Los Angeles Unified School District GO, 5.00%, 7/1/30
690,000

784,999

M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup, Inc.)
1,000,000

1,318,470

M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup, Inc.)
880,000

1,160,254

M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup, Inc.)
425,000

548,641

Manhattan Beach Unified School District GO, Capital Appreciation, 0.00%, 9/1/29(1)
5,905,000

3,740,109

Modesto Irrigation District COP, 5.75%, 10/1/34
2,500,000

2,700,650

Modesto Irrigation District Rev., 5.00%, 10/1/34
1,000,000

1,101,980

Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/34
600,000

607,350

Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/35
750,000

756,098

New Haven Unified School District GO, 12.00%, 8/1/18 (AGM)
880,000

1,036,904

New Haven Unified School District GO, 5.00%, 8/1/45
1,500,000

1,658,655

Newport Beach Rev., (Hoag Memorial Hospital/Newport Healthcare Obligated Group), 6.00%, 12/1/21, Prerefunded at 100% of Par(2)
1,000,000

1,195,130

North Lake Tahoe Public Financing Authority Rev., 5.00%, 12/1/21
500,000

568,260

Oakland Unified School District/Alameda County GO, 5.50%, 8/1/32
1,000,000

1,160,690

Oakland Unified School District/Alameda County GO, 6.625%, 8/1/38
460,000

547,740

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/40
450,000

494,078

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

1,100,490

Orange County Community Facilities District Special Tax, 5.00%, 8/15/35
1,000,000

1,068,310

Oxnard Financing Authority Rev., 5.00%, 6/1/32 (AGM)
1,500,000

1,659,855

Oxnard Financing Authority Rev., 5.00%, 6/1/33 (AGM)
1,000,000

1,102,390

Oxnard School District GO, 3.00%, 8/1/20 (AGM)(4)
700,000

690,333

Palomar Health COP, 6.75%, 11/1/19, Prerefunded at 100% of Par(2)
500,000

572,430

Palomar Health COP, 6.00%, 11/1/41
750,000

818,895

Palomar Health GO, Capital Appreciation, 0.00%, 8/1/19 (AGC)(4)
1,670,000

1,849,892

Palomar Health Rev., 5.00%, 11/1/39
1,830,000

1,936,433

Palos Verdes Peninsula Unified School District GO, 0.00%, 8/1/33(1)
2,600,000

1,436,760

Paramount Unified School District GO, Capital Appreciation, 0.00%, 8/1/51 (BAM)(1)
7,500,000

805,350

Pomona Public Financing Authority Rev., 4.00%, 6/1/36 (AGM)
1,045,000

1,054,060

Pomona Unified School District GO, 6.55%, 8/1/29 (NATL)
1,000,000

1,266,110

Pomona Unified School District GO, 6.15%, 8/1/30 (NATL)
855,000

1,010,217

Port of Los Angeles Rev., 5.00%, 8/1/27
500,000

543,045

Porterville Public Financing Authority Rev., 5.625%, 10/1/36
1,500,000

1,704,165

Poway Unified School District GO, Capital Appreciation, 0.00%, 8/1/41(1)
2,110,000

701,174

Poway Unified School District Rev., 7.875%, 9/15/39
1,010,000

1,134,988

Riverside County Asset Leasing Corp. Rev., 5.00%, 11/1/43
1,000,000

1,079,960

Riverside County Redevelopment Successor Agency Tax Allocation, 6.50%, 10/1/40
625,000

716,556

Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/31(1)
1,555,000

761,375

Riverside Sewer Rev., 5.00%, 8/1/40
500,000

543,940

Sacramento County Airport System Rev., 5.625%, 7/1/29
1,000,000

1,060,260

Sacramento County Sanitation Districts Financing Authority Rev., VRN, 1.09%, 12/1/16 (NATL)
1,500,000

1,297,800

Sacramento Municipal Utility District Rev., 5.00%, 8/15/28
1,050,000

1,262,215

Sacramento Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/34 (BAM)
385,000

424,578

San Bernardino Community College District GO, Capital Appreciation, 0.00%, 8/1/19(4)
7,400,000

7,686,898

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

1,570,293

San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25
275,000

322,174

San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/26
850,000

988,168

San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30
225,000

254,527

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/40
1,500,000

1,627,575




San Diego County Regional Airport Authority Rev., 5.00%, 7/1/43
1,000,000

1,080,190

San Diego Public Facilities Financing Authority Rev., 5.00%, 10/15/44
1,300,000

1,421,654

San Diego Public Facilities Financing Authority Water Rev., 5.00%, 8/1/30
2,000,000

2,231,700

San Diego Unified Port District Rev., 5.00%, 9/1/24
500,000

570,635

San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/44(1)
2,880,000

848,390

San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/49(1)
1,000,000

234,540

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.25%, 5/1/23
3,000,000

3,263,310

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/40
2,150,000

2,328,256

San Francisco City & County Redevelopment Agency Tax Allocation, 6.625%, 2/1/21, Prerefunded at 100% of Par(2)
500,000

597,840

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/31
400,000

439,752

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/43
500,000

538,535

San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/41
1,000,000

1,119,290

San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/45
1,000,000

1,082,000

San Joaquin Hills Transportation Corridor Agency Rev., 5.00%, 1/15/34
1,000,000

1,096,200

San Joaquin Hills Transportation Corridor Agency Rev., 5.00%, 1/15/44
1,000,000

1,048,860

San Joaquin Hills Transportation Corridor Agency Rev., 5.25%, 1/15/44
1,000,000

1,089,190

San Mateo Special Tax, 5.875%, 9/1/32
685,000

754,993

San Mateo Special Tax, 5.50%, 9/1/44
750,000

799,710

Santa Clara Electric Rev., 5.00%, 7/1/30
500,000

551,555

Santa Cruz County Redevelopment Agency Tax Allocation, 5.00%, 9/1/35 (AGM)
1,500,000

1,658,760

Santa Monica Redevelopment Agency Tax Allocation, 5.00%, 7/1/42
400,000

439,248

Santa Monica Redevelopment Agency Tax Allocation, 5.875%, 7/1/42
400,000

461,144

Santa Rosa Wastewater Rev., Capital Appreciation, 0.00%, 9/1/24 (Ambac)(1)
2,000,000

1,602,120

Silicon Valley Clean Water Rev., 5.00%, 8/1/45
1,205,000

1,346,744

Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/33 (NATL)
1,325,000

1,485,630

South Placer Wastewater Authority Rev., VRN, 0.88%, 12/1/16
1,650,000

1,646,056

Southern California Public Power Authority Rev., 5.00%, 7/1/17
1,050,000

1,075,536

Southwestern Community College District GO, Capital Appreciation, 0.00%, 8/1/46(1)
5,775,000

1,459,111

State of California GO, 5.00%, 2/1/27
3,000,000

3,406,920

State of California GO, 5.00%, 2/1/28
1,000,000

1,131,940

State of California GO, 5.00%, 3/1/28
2,000,000

2,304,380

State of California GO, 5.25%, 9/1/32
2,000,000

2,267,020

State of California GO, 6.50%, 4/1/33
2,500,000

2,769,675

State of California GO, 5.00%, 4/1/38
2,500,000

2,597,000

State of California GO, 6.00%, 4/1/38
2,500,000

2,733,975

State of California GO, 6.00%, 11/1/39
5,000,000

5,572,850

State of California GO, 5.50%, 3/1/40
3,000,000

3,316,170

State of California GO, 5.00%, 10/1/41
2,000,000

2,219,620

State of California GO, 5.00%, 8/1/45
2,795,000

3,097,223

State of California GO, VRDN, 1.07%, 12/1/16
1,700,000

1,699,728

State of California GO, VRDN, 1.13%, 12/1/16
800,000

790,184

State of California GO, VRN, 1.45%, 12/1/16
2,000,000

2,007,880

State of California GO, VRN, 1.55%, 12/1/16
800,000

805,328

State of California GO, VRN, 1.70%, 12/1/16
960,000

972,134

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/18, Prerefunded at 100% of Par(2)
715,000

754,511

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/18
1,000,000

1,054,290

Stockton Public Financing Authority Rev., 5.00%, 9/1/27 (BAM)
1,000,000

1,136,640

Stockton Public Financing Authority Rev., 6.25%, 10/1/40
750,000

883,620

Stockton Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/31 (AGM)
1,825,000

2,005,109




Stockton Unified School District GO, 5.00%, 8/1/29
3,485,000

3,950,561

Stockton Unified School District GO, 5.00%, 8/1/31
1,000,000

1,119,240

Stockton Unified School District GO, 5.00%, 8/1/42 (AGM)
430,000

468,808

Susanville Public Financing Authority Rev., 6.00%, 6/1/45
1,000,000

1,079,590

Sutter Union High School District GO, Capital Appreciation, 0.00%, 8/1/49 (BAM)(1)
2,225,000

475,149

Sweetwater Union High School District GO, 4.00%, 8/1/42
1,205,000

1,201,108

Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 5.00%, 6/1/37
500,000

454,005

Tuolumne Wind Project Authority Rev., 5.625%, 1/1/19, Prerefunded at 100% of Par(2)
1,200,000

1,306,452

Tustin Unified School District Special Tax, 6.00%, 9/1/20, Prerefunded at 100% of Par(2)
2,000,000

2,313,680

University of California Rev., 5.00%, 5/15/25
1,000,000

1,154,960

University of California Rev., VRDN, 5.00%, 5/15/23
2,000,000

2,336,720

Ventura County Community College District GO, 5.50%, 8/1/18, Prerefunded at 100% of Par(2)
3,000,000

3,217,260

West Contra Costa Unified School District GO, 4.00%, 8/1/46
1,000,000

979,510

Yosemite Community College District GO, Capital Appreciation, 0.00%, 8/1/38(1)
3,000,000

1,178,190

 
 
320,089,656

Guam — 0.7%
 
 
Guam Government Power Authority Rev., 5.50%, 10/1/40
2,150,000

2,296,630

TOTAL INVESTMENT SECURITIES — 98.5%
(Cost $304,242,669)
 
322,386,286

OTHER ASSETS AND LIABILITIES — 1.5%
 
5,027,007

TOTAL NET ASSETS — 100.0%
 
$
327,413,293


FUTURES CONTRACTS
Contracts Sold
Expiration
Date
Underlying Face
Amount at Value ($)
Unrealized Appreciation
(Depreciation) ($)
27
U.S. Treasury 10-Year Ultra Notes
March 2017
3,629,813

(4,504
)

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
-
National Public Finance Guarantee Corporation
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 $2,238,795, which represented 0.7% 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.





SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

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

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Municipal securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
 
Open-end management investment companies are valued at the reported net asset value per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate clearing corporation.

If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
 
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
 
2. Fair Value Measurements

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

• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

• Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

• Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

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

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

3. Federal Tax Information

As of November 30, 2016, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments
$
304,242,669

Gross tax appreciation of investments
$
22,499,442

Gross tax depreciation of investments
(4,355,825
)
Net tax appreciation (depreciation) of investments
$
18,143,617



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


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




American Century Investments® 
Quarterly Portfolio Holdings
California Tax-Free Money Market Fund
November 30, 2016





amcentlogoa36.jpg



    

California Tax-Free Money Market - Schedule of Investments
 
NOVEMBER 30, 2016 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 99.7%
 
 
California — 99.7%
 
 
California Enterprise Development Authority Rev., (Community Hospice, Inc.), VRDN, 0.65%, 12/1/16 (LOC: Bank of Stockton and FHLB)
3,345,000

3,345,000

California Enterprise Development Authority Rev., (Humane Society Silicon Valley), VRDN, 0.65%, 12/1/16 (LOC: First Republic Bank and FHLB)
6,080,000

6,080,000

California Infrastructure & Economic Development Bank Rev., (All Sato Kreis Holding LLC), VRDN, 0.64%, 12/1/16 (LOC: Bank of the West)
600,000

600,000

California Infrastructure & Economic Development Bank Rev., (Bay Institute Aquarium Foundation), VRDN, 0.58%, 12/1/16 (LOC: Union Bank N.A. and FHLB)
2,520,000

2,520,000

California Infrastructure & Economic Development Bank Rev., (Catalina Island Museum), VRDN, 0.65%, 12/1/16 (LOC: Bank of the West)
960,000

960,000

California Infrastructure & Economic Development Bank Rev., (Columbia College), VRDN, 0.61%, 12/1/16 (LOC: Rabobank N.A. and Rabobank Nederland)
4,565,000

4,565,000

California Infrastructure & Economic Development Bank Rev., (Pacific Gas & Electric Co.), VRDN, 0.58%, 12/1/16 (LOC: Union Bank N.A.)
2,550,000

2,550,000

California Infrastructure & Economic Development Bank Rev., (South Malt Avenue Corp.), VRDN, 0.57%, 12/1/16 (LOC: City National Bank and FHLB)
1,335,000

1,335,000

California Infrastructure & Economic Development Bank Rev., VRDN, 0.65%, 12/1/16 (LOC: Union Bank N.A.)
2,030,000

2,030,000

California Municipal Finance Authority Rev., (Central Coast YMCA), VRDN, 0.60%, 12/1/16 (LOC: Pacific Capital Bank N.A. and FHLB)
4,450,000

4,450,000

California Municipal Finance Authority Rev., (High Desert Partnership In Academic Excellence Foundation, Inc.), VRDN, 0.65%, 12/1/16 (LOC: Union Bank N.A.)
2,000,000

2,000,000

California Statewide Communities Development Authority COP, VRDN, 0.59%, 12/7/16 (LOC: Union Bank N.A.)
770,000

770,000

California Statewide Communities Development Authority Rev., (Marvin & Bebe L Zigman), VRDN, 0.55%, 12/1/16 (LOC: Wells Fargo Bank N.A.)
1,800,000

1,800,000

Eastern Municipal Water District Rev., VRN, 0.64%, 12/1/16
5,000,000

5,000,000

Eastern Municipal Water District Rev., VRN, 0.72%, 12/1/16
5,500,000

5,500,000

Hesperia Public Financing Authority Rev., VRDN, 0.67%, 12/7/16 (LOC: Bank of the West)
605,000

605,000

Irvine Special Assessment, VRDN, 0.55%, 12/1/16 (LOC: U.S. Bank N.A.)
1,000,000

1,000,000

Irvine Special Assessment, VRDN, 0.55%, 12/1/16 (LOC: U.S. Bank N.A.)(1)
1,800,000

1,800,000

Irvine Special Assessment, VRDN, 0.55%, 12/1/16 (LOC: State Street Bank & Trust Co.)
1,100,000

1,100,000

Irvine Ranch Water District Special Assessment, VRN, 0.63%, 12/1/16
5,810,000

5,810,000

Irvine Ranch Water District Special Assessment, VRN, 0.63%, 12/1/16
1,925,000

1,925,000

Los Angeles GO, 3.00%, 6/29/17
1,500,000

1,519,880

Los Angeles County GO, 3.00%, 6/30/17
3,000,000

3,040,136

Metropolitan Water District of Southern California Rev., VRN, 0.67%, 12/1/16
3,200,000

3,200,000

Metropolitan Water District of Southern California Rev., VRN, 0.71%, 12/1/16
2,000,000

2,000,000

Metropolitan Water District of Southern California Rev., VRN, 0.71%, 12/1/16
2,300,000

2,300,000

Monterey Peninsula Water Management District COP, VRDN, 0.54%, 12/1/16 (LOC: Wells Fargo Bank N.A.)
2,370,000

2,370,000

Reedley COP, (Mennonite Brethren Homes, Inc.), VRDN, 0.70%, 12/1/16 (LOC: Bank of the Sierra and FHLB)
6,480,000

6,480,000

Riverside County GO, 3.00%, 6/30/17
4,000,000

4,053,260

Riverside Water Rev., VRN, 0.70%, 12/1/16
9,220,000

9,220,000

San Bernardino County Flood Control District Rev., VRDN, 0.57%, 12/1/16 (LOC: Bank of America N.A.)
3,000,000

3,000,000

San County Bernardino GO, 2.00%, 6/30/17
5,000,000

5,038,751

San Diego County Water Authority Financing Corp., 0.85%, 12/20/16
5,000,000

5,000,000

San Diego Unified School District GO, 2.00%, 6/30/17
3,000,000

3,024,461

San Francisco City & County Airport Comm-San Francisco International Airport Rev., VRDN, 0.53%, 12/7/16 (LOC: Wells Fargo Bank N.A.)
5,000,000

5,000,000




Santa Clara County Housing Authority Rev., (SR Fountains LP), VRDN, 0.60%, 12/1/16 (LOC: Citibank N.A.)
930,000

930,000

Sonoma County Junior College District GO, 3.00%, 8/1/17(2)
1,000,000

1,013,570

State of California GO, 5.00%, 2/1/17
2,000,000

2,015,132

Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.63%, 12/1/16 (AGM)(LIQ FAC: JPMorgan Chase Bank
N.A.)(1)
6,590,000

6,590,000

Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.64%, 12/1/16 (LIQ FAC: Bank of America N.A.)(1)
5,000,000

5,000,000

Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.65%, 12/1/16 (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
4,745,000

4,745,000

Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.67%, 12/1/16 (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
3,750,000

3,750,000

Town of Apple Valley COP, VRDN, 0.65%, 12/1/16 (LOC: Union Bank N.A.)
1,125,000

1,125,000

Town of Hillsborough COP, VRDN, 0.59%, 12/1/16 (SBBPA: Bank of the West)
3,880,000

3,880,000

University of California Rev., VRDN, 0.53%, 12/1/16
3,000,000

3,000,000

Victorville Joint Powers Finance Authority Rev., VRDN, 1.15%, 12/1/16 (LOC: BNP Paribas)
14,015,000

14,015,000

Yolo County Rev., (Beckett Hall, Inc.), VRDN, 0.79%, 12/1/16 (LOC: Bank of the West)
7,410,000

7,410,000

TOTAL INVESTMENT SECURITIES — 99.7%
 
164,465,190

OTHER ASSETS AND LIABILITIES — 0.3%
 
434,769

TOTAL NET ASSETS — 100.0%
 
$
164,899,959


NOTES TO SCHEDULE OF INVESTMENTS
AGM
-
Assured Guaranty Municipal Corporation
COP
-
Certificates of Participation
FHLB
-
Federal Home Loan Bank
GO
-
General Obligation
LIQ FAC
-
Liquidity Facilities
LOC
-
Letter of Credit
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 $21,885,000, which represented 13.3% of total net assets.
(2)
When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.










SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. Investments are generally valued at amortized cost, which approximates fair value. Open-end management investment companies are valued at the reported NAV per share. If the fund determines that the valuation methods do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees.

2. Fair Value Measurements

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

• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

• Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

• Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

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

As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

3. Federal Tax Information

As of November 30, 2016, the cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

Federal tax cost of investments
$
164,465,190





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



ITEM 2. CONTROLS AND PROCEDURES.

(a)
The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b)
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.


ITEM 3. EXHIBITS.

Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as Exhibit 99.CERT.





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:
American Century California Tax-Free and Municipal Funds
 
 
 
 
 
By:
/s/ Jonathan S. Thomas
 
 
Name:
Jonathan S. Thomas
 
 
Title:
President
 
 
 
 
 
Date:
January 26, 2017
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:
/s/ Jonathan S. Thomas
 
 
Name:
Jonathan S. Thomas
 
 
Title:
President
 
 
(principal executive officer)
 
 
 
 
Date:
January 26, 2017
 

By:
/s/ C. Jean Wade
 
 
Name:
C. Jean Wade
 
 
Title:
Vice President, Treasurer, and
 
 
Chief Financial Officer
 
 
 
(principal financial officer)
 
 
 
 
Date:
January 26, 2017