N-Q 1 acctfmf5312017nqdoc.htm N-Q ACCTFMF 5.31.2017 N-Q Combined Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number
811-03706
 
 
AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS
(Exact name of registrant as specified in charter)
 
 
4500 MAIN STREET, KANSAS CITY, MISSOURI
64111
(Address of principal executive offices)
(Zip Code)
 
 
CHARLES A. ETHERINGTON, 4500 MAIN STREET
KANSAS CITY, MISSOURI 64111
(Name and address of agent for service)
 
 
Registrant’s telephone number, including area code:
816-531-5575
 
 
Date of fiscal year end:
08-31
 
 
Date of reporting period:
05-31-2017



ITEM 1. SCHEDULE OF INVESTMENTS.





American Century Investments® 
Quarterly Portfolio Holdings
California High-Yield Municipal Fund
May 31, 2017





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California High-Yield Municipal - Schedule of Investments
 
MAY 31, 2017 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 101.0%
 
 
California — 100.1%
 
 
91 Express Lanes Toll Road Rev., 5.00%, 8/15/30
2,400,000

2,802,528

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

2,197,140

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

938,070

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

1,370,763

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

2,341,240

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

2,384,060

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

1,708,515

Alhambra Rev., (Atherton Baptist Homes), 7.50%, 1/1/20, Prerefunded at 100% of Par(2)
1,415,000

1,613,157

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

5,254,900

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

4,928,300

Bay Area Toll Authority Rev., VRDN, 1.48%, 6/1/17
1,450,000

1,458,714

Bay Area Toll Authority Rev., VRDN, 1.88%, 6/1/17
2,500,000

2,537,675

Bay Area Toll Authority Rev., VRDN, 2.03%, 6/1/17
1,000,000

1,012,380

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

1,054,767

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

794,980

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

1,117,696

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

1,114,409

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

889,620

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

2,334,423

California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 5.45%, 6/1/28
2,000,000

2,051,560

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

1,527,480

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

880,008

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

2,027,425

California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/30
575,000

681,703

California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/31
650,000

766,032

California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/32
500,000

586,450

California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/33
575,000

670,680

California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/34
1,250,000

1,451,075

California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/35
1,250,000

1,445,337

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

2,305,100

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

1,154,150

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

2,552,580

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

285,673

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

4,798,031

California Health Facilities Financing Authority Rev., (Children's Hospital Los Angeles), 5.00%, 8/15/47(3)
3,215,000

3,636,486

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

3,382,950

California Health Facilities Financing Authority Rev., (Kaiser Credit Group), 5.00%, 11/1/47
1,500,000

1,935,780

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

1,179,161

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

1,075,570

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

506,606

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

1,591,740



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

2,340,874

California Infrastructure & Economic Development Bank Rev., (Colburn School), VRDN, 1.78%, 6/1/17
2,190,000

2,189,978

California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRDN, 2.47%, 6/1/17
1,000,000

1,005,910

California Infrastructure & Economic Development Bank Rev., (Pacific Gas & Electric Co.), VRDN, 0.69%, 6/1/17 (LOC: Union Bank N.A.)
6,690,000

6,690,000

California Infrastructure & Economic Development Bank Rev., (Pacific Gas & Electric Co.), VRDN, 0.69%, 6/1/17 (LOC: Union Bank N.A.)
900,000

900,000

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

2,002,180

California Municipal Finance Authority COP, (Community Hospitals of Central California Obligated Group), 5.50%, 2/1/19, Prerefunded at 100% of Par(2)
1,450,000

1,561,041

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

4,192,829

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

2,006,828

California Municipal Finance Authority Rev., (Biola University, Inc.), 5.875%, 10/1/18, Prerefunded at 100% of Par(2)
1,000,000

1,066,740

California Municipal Finance Authority Rev., (Biola University, Inc.), 5.00%, 10/1/25
1,210,000

1,463,059

California Municipal Finance Authority Rev., (Biola University, Inc.), 5.00%, 10/1/26
355,000

430,519

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

1,867,075

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

657,798

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

409,014

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

1,211,860

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

3,989,478

California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.00%, 11/1/26(4)
625,000

628,400

California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.00%, 11/1/36(4)
1,400,000

1,306,522

California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.50%, 11/1/46(4)
2,100,000

1,975,995

California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/42(3)
1,750,000

1,985,410

California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/47(3)
3,000,000

3,386,880

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

1,168,240

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

1,176,480

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

590,785

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

388,367

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

549,635

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

328,752

California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.25%, 11/1/47
1,600,000

1,802,064

California Municipal Finance Authority Rev., (Nova Academy), 5.00%, 6/15/36(4)
1,825,000

1,842,137

California Municipal Finance Authority Rev., (Nova Academy), 5.00%, 6/15/46(4)
2,425,000

2,418,404

California Municipal Finance Authority Rev., (Santa Rosa Academy LLC), 5.125%, 7/1/35(4)
905,000

947,626

California Municipal Finance Authority Rev., (Santa Rosa Academy LLC), 5.375%, 7/1/45(4)
1,400,000

1,467,200

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

1,045,884

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

1,914,045

California Pollution Control Financing Authority Rev., (Poseidon Resources Channelside LP), 5.00%, 11/21/45(4)
3,165,000

3,171,077

California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/15/47
3,500,000

3,814,020

California Public Finance Authority Rev., (Keck Graduate Institute of Applied Life Sciences), 5.00%, 7/1/47(4)
1,000,000

1,079,690

California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/31
4,000,000

4,442,120

California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/45(4)
5,000,000

5,369,350

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/27(4)
500,000

567,110

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/28(4)
685,000

770,111

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/29(4)
795,000

887,737

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/30(4)
400,000

443,644

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/31(4)
500,000

552,310

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/40(4)
1,000,000

1,078,830



California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/46(4)
1,000,000

1,074,480

California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.00%, 6/1/26(4)
1,265,000

1,266,898

California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.50%, 6/1/31(4)
1,000,000

1,002,200

California School Finance Authority Rev., (Downtown College Prep Obligated Group), 5.00%, 6/1/46(4)
2,325,000

2,347,157

California School Finance Authority Rev., (Downtown College Prep Obligated Group), 5.00%, 6/1/51(4)
2,000,000

2,005,160

California School Finance Authority Rev., (Encore Education Obligated Group), 5.00%, 6/1/42(4)
2,010,000

1,954,122

California School Finance Authority Rev., (Encore Education Obligated Group), 5.00%, 6/1/52(4)
2,190,000

2,075,923

California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/45(4)
3,500,000

3,693,060

California School Finance Authority Rev., (Inner City Education Foundation), 6.00%, 10/1/49
700,000

754,243

California School Finance Authority Rev., (Kepler Education, Inc.), 5.75%, 5/1/37(4)
1,050,000

1,056,248

California School Finance Authority Rev., (Kepler Education, Inc.), 5.875%, 5/1/47(4)
1,425,000

1,430,543

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

502,294

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

538,185

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

749,861

California School Finance Authority Rev., (Kipp Schools), 5.00%, 7/1/45(4)
1,650,000

1,765,978

California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/21(4)
400,000

424,720

California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/26(4)
500,000

533,805

California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/31(4)
870,000

900,494

California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/36(4)
1,000,000

1,016,880

California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/46(4)
2,100,000

2,118,732

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

1,251,932

California State Public Works Board Rev., 5.75%, 10/1/19, Prerefunded at 100% of Par(2)
2,000,000

2,224,420

California State Public Works Board Rev., 6.00%, 3/1/20, Prerefunded at 100% of Par(2)
1,250,000

1,421,900

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

1,744,065

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

1,174,420

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

1,112,914

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

6,165,504

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

2,682,783

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

8,053,360

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

1,545,885

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

2,063,817

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

1,294,092

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

2,636,304

California Statewide Communities Development Authority Rev., (be.group), 7.25%, 11/15/41(4)
2,500,000

2,778,550

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

7,170,660

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 3.50%, 5/15/36
5,235,000

5,180,504

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

1,122,620

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

1,670,880

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

3,023,111

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

1,378,412

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

1,622,085

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

1,130,910

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

6,152,300

California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.00%, 6/1/46(4)
3,500,000

3,582,285



California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/26(4)
2,000,000

2,301,540

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36(4)
1,000,000

1,087,570

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/41(4)
1,000,000

1,083,610

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

5,431,900

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/46(4)
3,000,000

3,243,240

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.50%, 12/1/54
4,605,000

5,051,915

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/56(4)
8,250,000

9,021,705

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

1,301,911

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

6,662,760

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

4,369,314

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

1,712,617

California Statewide Communities Development Authority Rev., VRDN, 0.69%, 6/1/17 (GA: Chevron USA, Inc.)
1,000,000

1,000,000

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

349,540

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

361,891

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

373,669

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

2,111,270

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

4,125,468

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

1,106,630

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

4,979,413

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

1,635,240

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

1,423,414

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

3,016,620

Carson Redevelopment Agency Successor Agency Tax Allocation, 7.00%, 10/1/19, Prerefunded at 100% of Par(2)
2,000,000

2,280,540

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

1,454,662

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

1,523,677

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

1,591,333

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

1,087,080

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

3,465,000

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

2,043,400

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

1,096,739

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

2,163,300

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

5,210,965

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

1,016,094

East Garrison Public Finance Authority Special Tax, 5.00%, 9/1/46
1,250,000

1,329,863

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

3,948,158

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

1,254,300

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

1,434,867

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

1,541,876

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

1,480,909

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

1,559,429

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

2,351,692

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

1,440,830

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

1,889,839

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

2,368,145



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

3,885,315

Elsinore Valley Municipal Water District COP, VRDN, 0.72%, 6/7/17 (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

683,840

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

1,145,520

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

1,544,686

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

2,830,560

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/24(5)
2,200,000

1,890,482

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

1,897,200

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

4,807,040

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

31,824,925

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

4,350,600

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

3,304,830

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

2,195,220

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/24
1,500,000

1,780,380

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/25
1,000,000

1,198,040

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/26
1,000,000

1,202,020

Golden State Tobacco Securitization Corp. Rev., 4.50%, 6/1/27
495,000

495,000

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/29
1,545,000

1,835,367

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

1,741,365

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/33
2,945,000

2,959,430

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

7,125,650

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

2,821,400

Golden State Tobacco Securitization Corp. Rev., 5.125%, 6/1/47
16,900,000

16,899,155

Golden State Tobacco Securitization Corp. Rev., 5.75%, 6/1/47
295,000

295,000

Golden State Tobacco Securitization Corp. Rev., 5.75%, 6/1/47
4,705,000

4,739,817

Hayward Area Recreation and Park District COP, 5.125%, 1/1/24, Prerefunded at 100% of Par(2)
1,500,000

1,857,660

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

1,659,256

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

386,348

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

2,297,169

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

1,186,659

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

2,946,249

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

3,015,600

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

2,034,517

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

1,885,504

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

2,662,775

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

1,066,990

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

1,596,810

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

2,859,575

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

4,271,960

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

1,276,889

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

2,994,793

Irvine Rev., VRDN, 0.76%, 6/1/17 (LOC: State Street Bank & Trust Co.)
1,500,000

1,500,000

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

807,821

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

686,082

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

781,641

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

389,127

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

1,646,460

Irvine Special Assessment, VRDN, 0.76%, 6/1/17 (LOC: State Street Bank & Trust Co.)
1,900,000

1,900,000

Irvine Special Assessment, VRDN, 0.76%, 6/1/17 (LOC: U.S. Bank N.A.)
8,350,000

8,350,000



Irvine Special Assessment, VRDN, 0.76%, 6/1/17 (LOC: State Street Bank & Trust Co.)
4,538,000

4,538,000

Irvine Special Assessment, VRDN, 0.76%, 6/1/17 (LOC: U.S. Bank N.A.)
1,100,000

1,100,000

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

1,096,610

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

545,735

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

7,680,450

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

4,902,480

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

572,654

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

2,201,840

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

268,780

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

1,772,385

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

1,070,000

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

1,130,100

Kaweah Delta Health Care District Rev., 4.00%, 6/1/45
785,000

802,270

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

1,167,199

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

4,500,429

Lake Elsinore Public Financing Authority Special Tax, 5.00%, 9/1/34
535,000

588,484

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

2,588,107

Lammersville Joint Unified School District Special Tax, 5.00%, 9/1/27(3)
450,000

537,242

Lammersville Joint Unified School District Special Tax, 5.00%, 9/1/28(3)
505,000

594,057

Lammersville Joint Unified School District Special Tax, 5.00%, 9/1/30(3)
1,300,000

1,504,815

Lammersville Joint Unified School District Special Tax, 5.00%, 9/1/32(3)
1,510,000

1,729,916

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

1,451,162

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

1,489,894

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

5,756,597

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

1,159,496

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

889,442

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

1,188,400

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

1,698,592

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

1,291,332

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

1,445,862

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

2,153,270

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

4,161,465

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

404,968

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

3,486,876

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

3,958,220

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

1,381,507

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

2,470,967

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

5,742,640

Menifee Union School District Public Financing Authority Special Tax, 5.00%, 9/1/24
1,200,000

1,417,500

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

885,064

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

455,700

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

375,947

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

2,298,801

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

2,108,700

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

4,517,360

Murrieta Community Facilities District Special Tax, 5.00%, 9/1/42
655,000

717,873

Murrieta Community Facilities District Special Tax, 5.00%, 9/1/46
830,000

907,215

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

1,918,303

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

2,959,164



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

1,981,266

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

2,179,155

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

1,349,479

Norman Y Mineta San Jose International Airport SJC Rev., 5.25%, 3/1/34
2,605,000

2,906,867

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

1,242,774

Northern Inyo County Local Hospital District Rev., 3.875%, 12/1/27
1,785,000

1,766,025

Oakland Unified School District/Alameda County GO, 6.625%, 8/1/21, Prerefunded at 100% of Par(2)
770,000

943,597

Oakland Unified School District/Alameda County GO, 5.50%, 8/1/22, Prerefunded at 100% of Par(2)
2,150,000

2,610,078

Ontario Community Facilities District No. 24 Special Tax, 5.00%, 9/1/26
390,000

456,932

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

1,108,430

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

1,101,820

Ontario Community Facilities District No. 28 Special Tax, 5.00%, 9/1/42
1,000,000

1,081,020

Ontario Community Facilities District No. 28 Special Tax, 5.00%, 9/1/47
500,000

538,535

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

2,255,180

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

4,486,240

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

11,121,300

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

2,399,026

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

3,137,805

Palm Desert Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/22 (BAM)
400,000

467,356

Palm Desert Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/24 (BAM)
475,000

571,373

Palm Desert Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/25 (BAM)
850,000

1,032,810

Palm Desert Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/26 (BAM)
600,000

734,226

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

4,495,280

Palomar Health Rev., 5.00%, 11/1/27
2,005,000

2,312,788

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

6,870,000

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

8,771,074

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

3,455,554

Paramount Unified School District GO, Capital Appreciation, 0.00%, 8/1/51 (BAM)(1)
10,000,000

1,203,200

Perris Union High School District Special Tax, 5.00%, 9/1/41
4,750,000

5,136,982

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

6,162,933

Poway Unified School District Rev., 7.875%, 9/15/19, Prerefunded at 100% of Par(2)
3,760,000

4,341,409

Poway Unified School District Special Tax, 3.375%, 9/1/42
2,475,000

2,325,559

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

1,106,630

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

1,104,370

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

1,379,512

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

439,948

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

719,953

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

554,205

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

1,106,610

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

464,959

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

1,378,022

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

1,433,605

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

3,097,530

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

1,313,436

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

1,368,275

Redding Electric System Rev., 5.00%, 6/1/21
400,000

457,560

Redding Electric System Rev., 5.00%, 6/1/23
740,000

885,277

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

2,330,757

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

2,792,913



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

1,970,051

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

1,606,080

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

5,353,600

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

1,122,592

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

2,699,726

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

2,436,795

Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/42(3)
1,110,000

1,211,632

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

3,187,320

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

2,951,995

Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/45(3)
540,000

587,855

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

2,630,225

Riverside County Redevelopment Successor Agency Tax Allocation, 6.25%, 10/1/20, Prerefunded at 100% of Par(2)
2,200,000

2,579,280

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

940,872

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

648,060

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

1,011,571

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

1,416,400

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

568,230

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

2,284,640

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

5,184,562

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

3,185,244

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

2,829,790

Roseville Special Tax, 5.00%, 9/1/32(3)(4)
1,265,000

1,391,298

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

1,372,012

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

1,818,003

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

1,775,796

Roseville Special Tax, 5.00%, 9/1/47(3)(4)
6,500,000

6,943,495

Roseville Natural Gas Financing Authority Rev., 5.00%, 2/15/27 (GA: Merrill Lynch & Co.)
5,000,000

5,850,200

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

2,116,030

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

2,497,702

Sacramento County Special Tax, 5.00%, 9/1/40
2,350,000

2,619,169

Sacramento County Special Tax, 5.00%, 9/1/45
4,700,000

5,205,720

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

2,641,626

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

4,206,680

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

1,263,605

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

2,690,595

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

4,528,719

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

2,922,222

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

11,005,417

San Clemente Special Tax, 5.00%, 9/1/46
7,675,000

8,332,901

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

3,301,920

San Diego Special Tax, 5.00%, 9/1/37
995,000

1,120,111

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

1,005,407

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

623,900

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

831,162

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

356,793

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

1,135,199

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

589,280

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

2,805,625

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

1,675,920



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

2,299,800

San Diego Redevelopment Agency Successor Agency Tax Allocation, 7.00%, 11/1/19, Prerefunded at 100% of Par(2)
3,000,000

3,433,590

San Diego Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/21
390,000

452,735

San Diego Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/22
545,000

649,749

San Diego Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/23
650,000

790,127

San Diego Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/24
700,000

864,976

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

868,808

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

1,320,770

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

892,336

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

1,123,960

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

437,288

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

532,809

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

1,114,510

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

313,968

San Jacinto Community Facilities District Special Tax, 5.00%, 9/1/28
1,080,000

1,257,401

San Jacinto Community Facilities District Special Tax, 5.00%, 9/1/29
1,165,000

1,345,482

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

510,152

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

315,997

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

376,369

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

2,381,710

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

104,666

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

9,137,440

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

157,809

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

609,494

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

6,556,680

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

556,150

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

2,441,497

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

4,686,200

Santa Clara Valley Transportation Authority Rev., VRDN, 0.75%, 6/1/17 (SBBPA: State Street Bank & Trust Co.)
300,000

300,000

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

1,062,750

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

954,261

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

1,424,749

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

1,395,150

Santaluz Community Facilities District No. 2 Special Tax, 5.10%, 9/1/30, Prerefunded at 103% of Par(2)
465,000

510,003

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

1,672,696

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

1,365,996

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

1,372,799

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

4,181,760

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

1,131,000

South Placer Wastewater Authority Rev., VRN, 1.11%, 6/1/17
2,985,000

2,983,627

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

2,666,664

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

4,548,356

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

1,407,258

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

5,490,600

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

5,766,250

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

5,465,700

State of California GO, VRN, 1.68%, 6/1/17
2,000,000

2,004,160

State of California GO, VRN, 1.78%, 6/1/17
800,000

804,000

State of California GO, VRN, 1.93%, 6/1/17
960,000

968,938



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

2,612,703

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

2,048,935

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

2,139,865

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

5,463,473

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

797,235

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

6,515,145

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

3,199,890

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

2,464,739

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

1,979,774

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

4,360,640

Tobacco Securitization Authority of Northern California Rev., (Sacramento County Tobacco Securitization Corp.), Capital Appreciation, 0.00%, 6/1/45(1)
20,000,000

2,136,200

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

1,994,900

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

2,250,180

Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), Capital Appreciation, 0.00%, 6/1/46(1)
25,000,000

2,414,250

Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 5.125%, 6/1/46
14,120,000

14,120,282

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

3,110,558

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

1,960,439

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

2,459,643

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

2,317,833

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

592,135

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

612,530

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

493,892

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

3,680,050

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

1,209,021

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

2,408,164

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

1,936,340

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

464,520

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

1,023,610

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

776,183

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

1,039,260

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

3,873,800

William S Hart Union High School District Special Tax, 5.00%, 9/1/42
1,350,000

1,484,122

William S Hart Union High School District Special Tax, 5.00%, 9/1/47
2,350,000

2,569,607

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

2,784,567

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

2,783,267

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

1,260,945

 
 
1,038,264,699

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

1,054,150

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

903,848

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

3,283,920

 
 
5,241,918

U.S. Virgin Islands — 0.4%
 
 
Virgin Islands Public Finance Authority Rev., 5.00%, 9/1/33(4)
2,500,000

2,755,275



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

1,599,560

 
 
4,354,835

TOTAL INVESTMENT SECURITIES — 101.0%
(Cost $993,071,534)
 
1,047,861,452

OTHER ASSETS AND LIABILITIES — (1.0)%
 
(10,027,727
)
TOTAL NET ASSETS — 100.0%
 
$
1,037,833,725


NOTES TO SCHEDULE OF INVESTMENTS
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)
When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(4)
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 $83,361,111, which represented 8.0% of total net assets.
(5)
Coupon rate adjusts periodically based upon a predetermined schedule. Interest reset date is indicated. Rate shown is effective at the period end.








SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

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

Fixed income securities 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.
 
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 were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

3. Federal Tax Information

As of period end, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments
$
993,071,534

Gross tax appreciation of investments
$
60,577,388

Gross tax depreciation of investments
(5,787,470
)
Net tax appreciation (depreciation) of investments
$
54,789,918



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


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




American Century Investments® 
Quarterly Portfolio Holdings
California Intermediate-Term Tax-Free Bond Fund
May 31, 2017





amcentlogoa42.jpg




    

California Intermediate-Term Tax-Free Bond - Schedule of Investments
 
MAY 31, 2017 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 100.2%
 
 
California — 100.1%
 
 
91 Express Lanes Toll Road Rev., 5.00%, 8/15/24
1,000,000

1,200,420

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

1,003,380

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

521,270

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

2,906,325

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

1,657,712

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

3,382,578

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

1,154,030

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

2,381,080

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

600,780

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

4,485,240

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

3,427,410

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

569,505

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

1,849,935

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

1,429,572

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

2,696,353

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

1,205,820

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

1,297,373

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

1,464,388

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

1,557,037

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

794,157

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

1,766,178

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

2,270,860

Bay Area Toll Authority Rev., 2.00%, 4/1/21
2,000,000

2,048,500

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

1,763,805

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

4,111,940

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

8,419,096

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

6,383,002

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

5,602,150

Bay Area Toll Authority Rev., VRDN, 1.48%, 6/1/17
1,000,000

1,006,010

Bay Area Toll Authority Rev., VRDN, 1.88%, 6/1/17
2,500,000

2,537,675

Bay Area Toll Authority Rev., VRDN, 2.03%, 6/1/17
3,500,000

3,543,330

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

3,006,210

California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 5.45%, 6/1/28
3,000,000

3,077,340

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

856,005

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

1,128,527

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

1,620,826

California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/19
200,000

214,040

California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/20
250,000

275,683

California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/21
350,000

396,935

California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/25
800,000

970,312

California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/27
300,000

366,414

California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/28
800,000

965,432

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

1,473,299




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

2,240,196

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

677,964

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

517,615

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

1,944,619

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

329,904

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

297,345

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

363,269

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

365,978

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

296,239

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

699,576

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

356,345

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

287,073

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

864,998

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

3,115,583

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

2,360,044

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

1,015,450

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

1,161,480

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

1,142,690

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

2,510,779

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

1,049,570

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

3,583,650

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

2,607,864

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

1,787,879

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

3,697,590

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

7,330,560

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/31
2,700,000

3,207,033

California Health Facilities Financing Authority Rev., (Children's Hospital Los Angeles), 5.00%, 8/15/37(3)
1,000,000

1,145,140

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

5,612,550

California Health Facilities Financing Authority Rev., (Dignity Health Obligated Group), 5.00%, 7/1/18(2)
3,000,000

3,138,300

California Health Facilities Financing Authority Rev., (Dignity Health Obligated Group), VRDN, 0.73%, 6/7/17 (LOC: Bank of Montreal)
2,200,000

2,200,000

California Health Facilities Financing Authority Rev., (El Camino Hospital), 5.00%, 2/1/22
500,000

579,555

California Health Facilities Financing Authority Rev., (El Camino Hospital), 5.00%, 2/1/24
1,200,000

1,443,516

California Health Facilities Financing Authority Rev., (El Camino Hospital), 5.00%, 2/1/25
500,000

608,415

California Health Facilities Financing Authority Rev., (Kaiser Credit Group), 5.00%, 11/1/27
5,000,000

6,319,850

California Health Facilities Financing Authority Rev., (Kaiser Credit Group), 4.00%, 11/1/44
1,000,000

1,035,350

California Health Facilities Financing Authority Rev., (Kaiser Credit Group), 5.00%, 11/1/47
750,000

967,890

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

6,815,688

California Health Facilities Financing Authority Rev., (Northern California Retired Officers Community), 5.70%, 12/1/18, Prerefunded at 100% of Par (Ambac California Mortgage Insurance)(2)
1,455,000

1,560,866

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

3,484,845

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

2,243,147

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

1,627,275

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

1,013,212

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

1,085,330

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

1,419,656

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

2,254,860




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

1,009,950

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

1,369,689

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

1,922,448

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

3,510,054

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

558,498

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

1,190,210

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/30
1,750,000

2,071,685

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/31
1,500,000

1,767,930

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

1,145,040

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

4,032,009

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

1,209,293

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

1,435,107

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

1,183,210

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

1,614,819

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

1,146,070

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

1,289,238

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

958,952

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

1,484,975

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

937,552

California Infrastructure & Economic Development Bank Rev., (Colburn School), VRDN, 1.78%, 6/1/17
4,375,000

4,374,956

California Infrastructure & Economic Development Bank Rev., (J Paul Getty Trust), VRDN, 1.06%, 6/1/17
5,000,000

4,999,800

California Infrastructure & Economic Development Bank Rev., (J Paul Getty Trust), VRDN, 1.06%, 6/1/17
2,750,000

2,749,477

California Infrastructure & Economic Development Bank Rev., (J Paul Getty Trust), VRDN, 1.19%, 6/1/17
2,400,000

2,408,040

California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRDN, 2.47%, 6/1/17
3,000,000

3,017,730

California Infrastructure & Economic Development Bank Rev., (Pacific Gas & Electric Co.), VRDN, 0.69%, 6/1/17 (LOC: Union Bank N.A.)
1,000,000

1,000,000

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

1,615,982

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

9,645,040

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

4,164,712

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

260,892

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

931,613

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

1,224,590

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

841,869

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

675,034

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

657,244

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

531,215

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

530,050

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

1,313,235

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

626,671

California Municipal Finance Authority Rev., (Biola University, Inc.), 5.00%, 10/1/23
815,000

966,134

California Municipal Finance Authority Rev., (Biola University, Inc.), 5.00%, 10/1/27
500,000

610,775




California Municipal Finance Authority Rev., (Biola University, Inc.), 5.00%, 10/1/28
1,040,000

1,257,786

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

1,147,410

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

607,386

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

2,301,511

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

637,149

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

851,608

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/28
1,075,000

1,287,624

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

1,148,130

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

1,188,320

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/30
1,000,000

1,174,810

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/33
3,940,000

4,543,214

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

4,414,360

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

651,246

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

1,952,491

California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/24(3)
1,245,000

1,491,896

California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/26(3)
1,600,000

1,920,176

California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/29(3)
1,100,000

1,298,528

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

2,546,010

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

1,150,650

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

1,036,090

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

1,746,310

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

1,091,950

California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.25%, 11/1/36
3,000,000

3,443,940

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

2,290,000

California Municipal Finance Authority Rev., (University of La Verne), 5.00%, 6/1/25
700,000

852,915

California Municipal Finance Authority Rev., (University of La Verne), 5.00%, 6/1/26
1,000,000

1,223,700

California Municipal Finance Authority Rev., (University of La Verne), 5.00%, 6/1/28
1,000,000

1,216,950

California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/15/37
1,000,000

1,104,630

California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 3.00%, 7/1/19(4)
1,025,000

1,053,639

California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 3.00%, 7/1/20(4)
1,115,000

1,153,992

California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/46
5,000,000

5,402,250

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/46(4)
1,000,000

1,074,480

California School Finance Authority Rev., (Rocketship Education Obligated Group), 4.50%, 6/1/27(4)
500,000

515,685

California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.00%, 6/1/34(4)
1,000,000

1,023,290

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

1,267,138

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

2,673,435

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

2,827,300

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

3,436,140

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

2,465,001

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

1,189,210

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

2,332,300

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

1,819,980




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

2,092,878

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

6,063,800

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

2,323,600

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

2,317,461

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

6,017,500

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

5,127,578

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

2,739,864

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

1,907,046

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

1,099,470

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

1,418,563

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

1,167,810

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

5,807,800

California State University Rev., 5.00%, 11/1/28
2,000,000

2,502,820

California State University Rev., 5.00%, 11/1/30
3,000,000

3,706,020

California State University Rev., 5.00%, 11/1/31
2,000,000

2,454,460

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

2,063,915

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

4,556,640

California Statewide Communities Development Authority Rev., 5.20%, 7/3/17, Prerefunded at 100% of Par (AGM)(2)
300,000

301,050

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

1,409,162

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

963,712

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

916,628

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

1,232,810

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

1,942,121

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

1,141,613

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

1,026,530

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

1,375,908

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

2,291,180

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

1,166,390

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/24
1,000,000

1,183,940

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/25
1,925,000

2,305,284

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/28
2,050,000

2,426,687

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

1,466,938

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

2,254,726

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

553,294

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

709,596

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

900,653

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

949,072

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

1,039,733

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

2,192,663

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

829,132

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

543,897




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

3,158,670

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

1,014,160

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

628,125

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

2,472,448

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

2,411,878

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

1,556,879

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

9,370,452

California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 4.00%, 6/1/17(4)
500,000

500,000

California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 4.00%, 6/1/21(4)
4,220,000

4,347,950

California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 4.00%, 6/1/26(4)
3,000,000

3,036,930

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36(4)
3,500,000

3,806,495

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

3,905,733

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

1,094,307

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

339,837

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

258,856

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

465,156

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

1,170,150

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

696,372

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

998,482

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

1,782,881

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

2,094,880

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

1,764,523

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

681,824

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

342,455

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

3,684,656

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

1,428,217

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

8,170,715

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

3,208,877

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

1,252,684

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

2,272,694

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

5,116,979

Contra Costa Transportation Authority Rev., 5.00%, 3/1/29(3)
1,000,000

1,251,310

Contra Costa Transportation Authority Rev., 5.00%, 3/1/30(3)
1,250,000

1,551,662

Contra Costa Transportation Authority Rev., 5.00%, 3/1/31(3)
1,000,000

1,232,620

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

4,500,000

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

1,330,769

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

1,403,123

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

1,639,438

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

1,045,650

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

763,835

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

411,512

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

602,220

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

597,735

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

675,579




Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/24(5)
1,600,000

1,374,896

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

3,556,770

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

1,524,084

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

3,471,810

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

3,765,975

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

5,328,050

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

3,190,440

Fresno Joint Powers Financing Authority Rev., 5.00%, 4/1/24 (AGM)
1,350,000

1,611,967

Fresno Joint Powers Financing Authority Rev., 5.00%, 4/1/26 (AGM)
1,650,000

2,000,229

Fresno Joint Powers Financing Authority Rev., 5.00%, 4/1/28 (AGM)
1,400,000

1,700,356

Fresno Joint Powers Financing Authority Rev., 5.00%, 4/1/29 (AGM)
1,000,000

1,203,440

Fresno Joint Powers Financing Authority Rev., 5.00%, 4/1/30 (AGM)
1,350,000

1,612,035

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

589,505

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

601,325

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

1,000,000

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

2,975,502

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

1,080,390

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

1,076,110

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

1,115,350

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

1,109,820

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

1,147,690

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/22
2,070,000

2,391,657

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/23
3,000,000

3,515,010

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/24
1,000,000

1,186,920

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

1,652,100

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/25
10,000,000

11,980,400

Golden State Tobacco Securitization Corp. Rev., 4.50%, 6/1/27
265,000

265,000

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/28
9,000,000

10,785,330

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

7,720,051

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

1,154,860

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/33
1,225,000

1,231,003

Golden State Tobacco Securitization Corp. Rev., 5.125%, 6/1/47
2,840,000

2,839,858

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

905,888

Hayward Area Recreation and Park District COP, 5.125%, 1/1/24, Prerefunded at 100% of Par(2)
1,750,000

2,167,270

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

1,373,123

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

1,555,884

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

1,470,747

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

3,011,140

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

3,616,396

Inglewood Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 5/1/22 (BAM)
350,000

405,038

Inglewood Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 5/1/23 (BAM)
1,000,000

1,173,740

Inglewood Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 5/1/25 (BAM)
1,500,000

1,804,065

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

1,276,889

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

1,313,016

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

856,426

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

906,211

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

1,485,316

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

1,463,330

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

607,880




Irvine Special Assessment, VRDN, 0.76%, 6/1/17 (LOC: U.S. Bank N.A.)
9,400,000

9,400,000

Irvine Special Assessment, VRDN, 0.76%, 6/1/17 (LOC: State Street Bank & Trust Co.)
1,100,000

1,100,000

Irvine Special Assessment, VRDN, 0.76%, 6/1/17 (LOC: U.S. Bank N.A.)
1,800,000

1,800,000

Irvine Special Assessment, VRDN, 0.76%, 6/1/17 (LOC: State Street Bank & Trust Co.)
6,600,000

6,600,000

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

422,892

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

1,383,222

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

559,965

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

1,096,610

Irvine Unified School District Special Tax, 5.00%, 9/1/17, Prerefunded at 100% of Par(2)
450,000

473,337

Irvine Unified School District Special Tax, 4.00%, 9/1/36 (AGM)
1,200,000

1,272,348

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

742,294

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

819,556

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

1,196,770

Kaweah Delta Health Care District Rev., 4.00%, 6/1/45
780,000

797,160

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

1,247,129

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

1,166,095

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

4,937,207

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

697,581

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

350,743

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

255,168

Lancaster Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/24 (AGM)
435,000

524,105

Lancaster Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/25 (AGM)
600,000

730,368

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

173,434

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

461,539

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

415,802

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

594,610

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

364,518

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

397,478

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

592,815

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

919,238

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

1,474,232

Long Beach Harbor Rev., 5.00%, 11/15/18
5,000,000

5,302,900

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

751,686

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

292,728

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

589,110

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

927,856

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

690,558

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

2,754,750

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

1,873,032

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

2,014,400

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

2,677,569

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

1,359,922

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

1,164,220

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

2,323,322

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

3,368,310

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

2,863,249

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

1,041,160

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

1,444,080

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

3,441,674




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

3,308,958

Los Angeles Department of Airports Rev., 5.00%, 5/15/18
750,000

780,660

Los Angeles Department of Airports Rev., 5.00%, 5/15/24
3,040,000

3,399,206

Los Angeles Department of Airports Rev., 5.00%, 5/15/26
1,500,000

1,847,190

Los Angeles Department of Airports Rev., 5.00%, 5/15/27
1,280,000

1,560,128

Los Angeles Department of Airports Rev., 5.00%, 5/15/40
3,000,000

3,316,710

Los Angeles Department of Water Rev., 5.00%, 7/1/24
1,500,000

1,760,055

Los Angeles Department of Water & Power Rev., 5.00%, 7/1/18
780,000

815,607

Los Angeles Department of Water & Power Rev., 5.00%, 7/1/26
1,000,000

1,170,690

Los Angeles Department of Water & Power Rev., 5.00%, 7/1/26
1,300,000

1,572,883

Los Angeles Department of Water & Power Rev., 5.00%, 7/1/27
6,470,000

7,750,607

Los Angeles Department of Water & Power Rev., 5.25%, 7/1/32
3,535,000

3,705,316

Los Angeles Department of Water & Power Rev., 5.25%, 7/1/38
5,000,000

5,239,200

Los Angeles Unified School District COP, 5.00%, 10/1/29
1,700,000

1,966,985

Los Angeles Unified School District GO, 4.00%, 7/1/17
1,000,000

1,002,750

Los Angeles Unified School District GO, 5.00%, 7/1/17, Prerefunded at 100% of Par (AGM)(2)
2,000,000

2,007,140

Los Angeles Unified School District GO, 5.00%, 7/1/18
6,665,000

6,968,524

Los Angeles Unified School District GO, 5.00%, 7/1/18
2,565,000

2,681,810

Los Angeles Unified School District GO, 5.00%, 7/1/21
3,000,000

3,469,800

Los Angeles Unified School District GO, 5.00%, 7/1/24
5,140,000

5,931,560

Los Angeles Unified School District GO, 5.00%, 7/1/24
5,000,000

6,160,500

Los Angeles Unified School District GO, 5.00%, 7/1/26
3,555,000

4,336,140

Los Angeles Unified School District GO, 5.00%, 7/1/26
5,000,000

6,318,500

Los Angeles Unified School District GO, 5.25%, 7/1/26
3,000,000

3,386,160

Los Angeles Unified School District GO, 5.00%, 7/1/27
1,050,000

1,275,635

Los Angeles Unified School District GO, 5.00%, 7/1/29
4,000,000

4,333,360

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

1,381,507

Los Angeles Wastewater System Rev., 5.75%, 6/1/19, Prerefunded at 100% of Par(2)
1,325,000

1,452,690

M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup, Inc.)
5,000,000

7,267,550

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

1,435,660

Menlo Park Community Development Agency Successor Agency Tax Allocation, 3.00%, 10/1/17
650,000

654,901

Menlo Park Community Development Agency Successor Agency Tax Allocation, 4.00%, 10/1/18
885,000

921,754

Menlo Park Community Development Agency Successor Agency Tax Allocation, 5.00%, 10/1/19
420,000

457,317

Menlo Park Community Development Agency Successor Agency Tax Allocation, 5.00%, 10/1/20
325,000

364,663

Metropolitan Water District of Southern California Rev., VRDN, 1.16%, 6/1/17
9,935,000

9,938,378

Milpitas Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/25
2,325,000

2,846,335

Milpitas Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/26
6,285,000

7,586,498

Mount San Antonio Community College District GO, 5.00%, 8/1/34
2,000,000

2,319,980

Municipal Improvement Corp. of Los Angeles Rev., 5.00%, 3/1/25
3,000,000

3,473,700

Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/36
3,310,000

3,507,177

Murrieta Financing Authority Special Tax, 5.00%, 9/1/17
1,000,000

1,009,160

Murrieta Financing Authority Special Tax, 5.00%, 9/1/21
1,200,000

1,354,812

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

2,136,324

Newark Unified School District GO, 5.00%, 8/1/44
6,030,000

7,000,408

Newport Beach Rev., (Hoag Memorial Hospital/Newport Healthcare Obligated Group), 6.00%, 12/1/21, Prerefunded at 100% of Par(2)
1,000,000

1,203,890

Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/27
1,295,000

1,532,581

Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/28
1,500,000

1,763,115

Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/30
1,750,000

2,029,177

Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/31
1,000,000

1,155,700




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

1,073,800

Northern California Power Agency Rev., 5.00%, 8/1/19
2,000,000

2,157,620

Northern California Power Agency Rev., 5.00%, 8/1/20
1,515,000

1,671,151

Northern California Power Agency Rev., 5.00%, 8/1/21
2,050,000

2,260,166

Northern California Power Agency Rev., 5.25%, 8/1/22
4,250,000

4,712,357

Northern California Power Agency Rev., 5.00%, 7/1/26
1,750,000

2,035,670

Northern California Power Agency Rev., 5.00%, 7/1/27
2,000,000

2,322,240

Northern California Transmission Agency Rev., 5.00%, 5/1/21
800,000

917,736

Northern California Transmission Agency Rev., 5.00%, 5/1/28
1,000,000

1,222,860

Northern California Transmission Agency Rev., 5.00%, 5/1/29
1,000,000

1,212,660

Northern California Transmission Agency Rev., 5.00%, 5/1/30
1,855,000

2,232,344

Oakland Alameda County Coliseum Authority Rev., 5.00%, 2/1/18
3,345,000

3,433,676

Oakland Alameda County Coliseum Authority Rev., 5.00%, 2/1/25
4,065,000

4,609,182

Oakland Sewer Rev., 5.00%, 6/15/26
1,200,000

1,453,212

Oakland State Building Authority Rev., 5.00%, 12/1/19
2,445,000

2,678,229

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/20
1,670,000

1,880,103

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/21
610,000

707,155

Oakland Unified School District/Alameda County GO, 6.625%, 8/1/21, Prerefunded at 100% of Par(2)
1,410,000

1,727,884

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/22
750,000

854,955

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/22
500,000

594,465

Oakland Unified School District/Alameda County GO, 5.50%, 8/1/22, Prerefunded at 100% of Par(2)
2,150,000

2,610,078

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/23
1,400,000

1,699,908

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/25
2,500,000

3,115,775

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/25
650,000

810,102

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/40
950,000

1,100,841

Ontario Community Facilities District No. 24 Special Tax, 4.00%, 9/1/20
295,000

314,523

Ontario Community Facilities District No. 24 Special Tax, 4.00%, 9/1/21
285,000

307,259

Ontario Community Facilities District No. 24 Special Tax, 4.00%, 9/1/22
300,000

325,746

Ontario Community Facilities District No. 24 Special Tax, 4.00%, 9/1/23
60,000

65,466

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

2,298,760

Orange County Community Facilities District Special Tax, 5.00%, 8/15/28
1,960,000

2,221,170

Orange County Community Facilities District Special Tax, 5.00%, 8/15/29
2,000,000

2,333,160

Orange County Community Facilities District Special Tax, 5.00%, 8/15/30
2,220,000

2,574,800

Orange County Community Facilities District Special Tax, 5.00%, 8/15/32
2,575,000

2,957,490

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

2,403,420

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

4,405,602

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

1,780,307

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

1,149,930

Oxnard School District GO, 3.00%, 8/1/20 (AGM)(5)
2,800,000

2,933,420

Palm Desert Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/28 (BAM)
800,000

971,232

Palm Desert Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/30 (BAM)
350,000

418,268

Palm Springs Financing Authority Rev., 5.00%, 6/1/23
1,230,000

1,428,276

Palmdale Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/28 (NATL)
2,150,000

2,607,154

Palmdale Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/29 (NATL)
2,075,000

2,493,984

Palmdale Community Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/30 (NATL)
1,215,000

1,450,759

Palomar Health COP, 5.25%, 11/1/21
755,000

800,126

Palomar Health COP, 6.00%, 11/1/41
1,120,000

1,222,334

Palomar Health GO, Capital Appreciation, 0.00%, 8/1/18 (NATL)(1)
3,615,000

3,568,873

Palomar Health GO, Capital Appreciation, 0.00%, 8/1/19 (AGC)(5)
1,660,000

1,994,108




Palomar Health Rev., 5.00%, 11/1/21
3,625,000

4,042,020

Palomar Health Rev., 5.00%, 11/1/24
2,375,000

2,743,267

Palomar Health Rev., 5.00%, 11/1/27
4,100,000

4,729,391

Palomar Health Rev., 5.00%, 11/1/29
4,585,000

5,196,089

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

2,099,803

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

2,547,895

Pittsburg Successor Agency Redevelopment Agency Tax Allocation, 5.00%, 9/1/29 (AGM)
3,000,000

3,570,330

Pomona Public Financing Authority Rev., 4.00%, 6/1/24 (AGM)
225,000

258,057

Pomona Public Financing Authority Rev., 4.00%, 6/1/25 (AGM)
275,000

317,053

Pomona Public Financing Authority Rev., 4.00%, 6/1/26 (AGM)
275,000

317,507

Pomona Public Financing Authority Rev., 4.00%, 6/1/27 (AGM)
250,000

284,523

Pomona Public Financing Authority Rev., 4.00%, 6/1/28 (AGM)
275,000

308,649

Pomona Public Financing Authority Rev., 4.00%, 6/1/29 (AGM)
275,000

305,506

Port of Oakland Rev., 5.00%, 11/1/17 (NATL)
2,375,000

2,415,684

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

2,881,325

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

1,086,396

Poway Unified School District Special Tax, 5.00%, 9/15/17, Prerefunded at 100% of Par (Ambac)(2)
1,205,000

1,219,797

Poway Unified School District Special Tax, 5.00%, 9/15/17, Prerefunded at 100% of Par (Ambac)(2)
1,150,000

1,164,122

Poway Unified School District Public Financing Authority Special Tax, 3.00%, 9/1/17
670,000

673,122

Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/31
1,655,000

1,943,946

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

1,003,270

Rancho Santa Fe Community Services District Special Tax, 5.125%, 9/1/21, Prerefunded at 100% of Par(2)
790,000

921,891

Rancho Santa Fe Community Services District Special Tax, 5.25%, 9/1/21, Prerefunded at 100% of Par(2)
1,300,000

1,523,756

Rancho Santa Fe Community Services District Special Tax, 5.375%, 9/1/21, Prerefunded at 100% of Par(2)
1,410,000

1,659,993

Redding Electric System Rev., 5.00%, 6/1/28
1,000,000

1,240,480

Redding Electric System Rev., 5.00%, 6/1/29
1,250,000

1,535,037

Rio Elementary School District Community Facilities District Special Tax, 5.00%, 9/1/24
700,000

819,728

Riverside County Asset Leasing Corp. Rev., 5.00%, 11/1/43
1,000,000

1,137,810

Riverside County Redevelopment Successor Agency Tax Allocation, 6.50%, 10/1/20, Prerefunded at 100% of Par(2)
935,000

1,103,833

Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/28(1)
1,000,000

637,040

Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/30(1)
1,000,000

574,210

Riverside County Transportation Commission Rev., 5.25%, 6/1/39
1,335,000

1,570,080

Riverside Sewer Rev., 5.00%, 8/1/25
1,630,000

2,007,541

Riverside Sewer Rev., 5.00%, 8/1/26
3,400,000

4,163,742

Riverside Water Rev., VRDN, 1.41%, 6/1/17
6,000,000

6,000,180

Roseville Special Tax, 5.00%, 9/1/25(3)
750,000

884,340

Roseville Special Tax, 5.00%, 9/1/26(3)
1,075,000

1,273,198

Roseville Special Tax, 5.00%, 9/1/28(3)
1,025,000

1,205,462

Roseville Special Tax, 5.00%, 9/1/30(3)
1,390,000

1,608,647

Roseville Special Tax, 5.00%, 9/1/31(3)
1,000,000

1,152,900

Roseville Special Tax, 5.00%, 9/1/32(3)
1,250,000

1,431,750

Roseville Special Tax, 5.00%, 9/1/34(3)
1,050,000

1,190,984

Roseville Water Utility Rev. COP, 5.00%, 12/1/26
1,690,000

2,084,243

Roseville Water Utility Rev. COP, 5.00%, 12/1/27
2,250,000

2,748,982

Sacramento City Financing Authority Rev., 5.40%, 11/1/20 (Ambac)
1,760,000

1,898,653

Sacramento County Airport System Rev., 5.00%, 7/1/20
1,000,000

1,110,500

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

1,116,940

Sacramento County Airport System Rev., 5.00%, 7/1/24
1,000,000

1,116,290

Sacramento County Sanitation Districts Financing Authority Rev., 5.25%, 12/1/21 (NATL)
1,000,000

1,179,780




Sacramento County Sanitation Districts Financing Authority Rev., VRN, 1.24%, 6/1/17 (NATL)
2,500,000

2,253,275

Sacramento Municipal Utility District Rev., 5.70%, 7/1/17 (Ambac)
3,105,000

3,117,917

Sacramento Municipal Utility District Rev., 4.00%, 7/1/18
6,000,000

6,208,620

Sacramento Municipal Utility District Rev., 5.25%, 7/1/24 (Ambac)
3,000,000

3,610,170

Sacramento Municipal Utility District Rev., 5.00%, 8/15/24
1,500,000

1,764,840

Sacramento Municipal Utility District Rev., 5.00%, 8/15/25
5,000,000

5,882,800

Sacramento Municipal Utility District Rev., 5.00%, 8/15/27
3,150,000

4,025,164

Sacramento Municipal Utility District Rev., 5.00%, 8/15/28
1,200,000

1,541,712

Sacramento Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 12/1/18
2,000,000

2,086,500

Sacramento Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/34 (BAM)
970,000

1,128,032

Sacramento Regional Transit District Rev., 5.00%, 3/1/18(2)
250,000

257,845

Salinas Union High School District GO, 0.00%, 8/1/20(1)
5,000,000

4,740,150

San Bernardino Community College District GO, 5.50%, 8/1/18, Prerefunded at 100% of Par(2)
300,000

316,596

San Bernardino Community College District GO, 6.25%, 8/1/18, Prerefunded at 100% of Par(2)
8,000,000

8,512,160

San Bernardino Community College District GO, Capital Appreciation, 0.00%, 8/1/19(5)
9,840,000

10,897,800

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 3.00%, 12/1/18 (AGM)
1,725,000

1,778,458

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 12/1/19 (AGM)
2,665,000

2,856,987

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/20 (AGM)
2,915,000

3,296,049

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/22 (AGM)
2,310,000

2,732,822

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/24 (AGM)
2,310,000

2,822,797

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/25 (AGM)
1,275,000

1,575,046

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

2,504,000

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

1,412,460

San County Diego Rev., (Sanford Burnham Prebys Medical Discovery Institute), 4.00%, 11/1/17
300,000

303,843

San County Diego Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/18
300,000

316,311

San County Diego Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/19
300,000

326,643

San County Diego Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/22
1,525,000

1,780,026

San Diego Community College District GO, 5.00%, 8/1/30
3,000,000

3,581,550

San Diego Convention Center Expansion Financing Authority Rev., 4.00%, 4/15/18
1,160,000

1,191,308

San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30
450,000

515,894

San Diego County Regional Airport Authority Rev., 4.00%, 7/1/19
400,000

424,764

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/19
1,290,000

1,391,936

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/21
2,000,000

2,237,760

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/34
750,000

824,985

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/40
740,000

812,342

San Diego County Regional Transportation Commission Rev., 5.00%, 4/1/21
5,940,000

6,843,474

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

6,547,380

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

2,955,307

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

4,270,833

San Diego Public Facilities Financing Authority Rev., 5.00%, 10/15/44
3,970,000

4,553,868

San Diego Public Facilities Financing Authority Tax Allocation, 5.125%, 10/1/17, Prerefunded at 100% of Par (AGC)(2)
1,230,000

1,247,884

San Diego Public Facilities Financing Authority Water Rev., 5.00%, 8/1/18, Prerefunded at 100% of Par(2)
1,000,000

1,049,880

San Diego Public Facilities Financing Authority Water Rev., 5.00%, 5/15/19, Prerefunded at 100% of Par(2)
3,680,000

3,974,989

San Diego Public Facilities Financing Authority Water Rev., 5.25%, 5/15/20, Prerefunded at 100% of Par(2)
3,400,000

3,823,232

San Diego Public Facilities Financing Authority Water Rev., 5.00%, 8/1/21
2,000,000

2,318,540

San Diego Public Facilities Financing Authority Water Rev., 5.00%, 8/1/24
2,000,000

2,351,080

San Diego Public Facilities Financing Authority Water Rev., 5.00%, 5/15/28
10,000,000

12,467,500

San Diego Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/22
1,000,000

1,192,200

San Diego Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/23
1,000,000

1,215,580




San Diego Unified Port District Rev., 5.00%, 9/1/23
250,000

297,408

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

868,808

San Diego Unified School District GO, 5.00%, 7/1/28
5,000,000

6,093,550

San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/36(1)
7,895,000

3,958,869

San Francisco Bay Area Rapid Transit District Rev., 5.00%, 7/1/28
1,500,000

1,838,715

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/18 (AGC)
2,000,000

2,075,860

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/19
1,500,000

1,614,705

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

1,394,319

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/3/21, Prerefunded at 100% of Par(2)
980,000

1,129,283

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/22
1,000,000

1,182,490

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/23
1,500,000

1,813,845

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.25%, 5/1/23
3,500,000

3,785,635

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 4.00%, 5/1/24
1,625,000

1,818,017

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/24
3,045,000

3,507,048

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/26
1,250,000

1,462,450

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/29
5,060,000

5,790,057

San Francisco City & County Public Utilities Commission Wastewater Rev., 5.00%, 10/1/21
5,000,000

5,830,950

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/17(2)
465,000

468,306

San Francisco City & County Redevelopment Agency Tax Allocation, 5.50%, 8/1/18(2)
485,000

511,888

San Francisco City & County Redevelopment Agency Tax Allocation, 6.00%, 8/1/19(2)
510,000

566,064

San Francisco City & County Redevelopment Agency Tax Allocation, 6.00%, 8/1/20(2)
515,000

595,582

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/21
460,000

526,553

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/26
425,000

506,468

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/27
550,000

649,710

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/28
370,000

433,647

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

1,123,960

San Francisco Public Utilities Commission Water Rev., 5.00%, 5/1/20, Prerefunded at 100% of Par(2)
2,780,000

3,103,397

San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/28
1,055,000

1,249,162

San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/35
1,415,000

1,620,585

San Joaquin Hills Transportation Corridor Agency Rev., 5.00%, 1/15/34
10,000,000

11,122,800

San Jose Unified School District GO, 5.00%, 8/1/17
1,160,000

1,168,364

San Jose Unified School District GO, 5.00%, 8/1/17
900,000

906,489

San Jose Unified School District GO, 5.00%, 8/1/18
2,100,000

2,204,244

San Jose Unified School District GO, 5.00%, 8/1/19
1,000,000

1,090,100

San Mateo Special Tax, 5.875%, 9/1/32
690,000

774,083

San Mateo County Transit District Rev., 5.25%, 6/1/18 (NATL)(2)
2,680,000

2,801,216

San Mateo Joint Powers Financing Authority Rev., 5.00%, 6/15/17
860,000

861,453

San Mateo Joint Powers Financing Authority Rev., 5.00%, 6/15/18
1,000,000

1,043,730

Santa Clara Electric Rev., 5.00%, 7/1/30
1,000,000

1,135,780

Santa Clara Valley Transportation Authority Rev., 5.00%, 4/1/20
4,000,000

4,461,320

Santa Monica Redevelopment Agency Tax Allocation, 5.00%, 7/1/42
600,000

671,112

Santa Monica Redevelopment Agency Tax Allocation, 5.875%, 7/1/42
600,000

700,608

Santa Monica-Malibu Unified School District GO, 5.00%, 7/1/17
3,375,000

3,387,150

Santa Rosa Wastewater Rev., Capital Appreciation, 0.00%, 9/1/24 (Ambac)(1)
7,000,000

6,047,090

Silicon Valley Clean Water Rev., 5.00%, 8/1/40
2,340,000

2,728,276

Simi Valley Unified School District GO, 5.00%, 8/1/26
1,990,000

2,517,708

Simi Valley Unified School District GO, 5.00%, 8/1/27
1,500,000

1,917,390

Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/23 (NATL)
1,000,000

1,195,050




Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/25 (NATL)
1,390,000

1,707,462

Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/29 (NATL)
1,100,000

1,324,433

South Orange County Public Financing Authority Rev., 4.25%, 6/1/17
2,000,000

2,000,000

South Orange County Public Financing Authority Rev., 4.50%, 6/1/18
2,700,000

2,798,253

South Placer Wastewater Authority Rev., VRN, 1.11%, 6/1/17
4,400,000

4,397,976

Southern California Public Power Authority Rev., 5.00%, 7/1/18
1,880,000

1,965,615

Southern California Public Power Authority Rev., 5.00%, 7/1/18
2,000,000

2,091,080

Southern California Public Power Authority Rev., 6.00%, 7/1/18, Prerefunded at 100% of Par(2)
2,000,000

2,114,180

Southern California Public Power Authority Rev., 5.00%, 7/1/20
4,000,000

4,491,080

Southern California Public Power Authority Rev., 5.00%, 7/1/21
2,780,000

3,212,929

Southern California Public Power Authority Rev., 5.00%, 7/1/22
2,875,000

3,009,464

Southern California Water Replenishment District Rev., 5.00%, 8/1/21
1,000,000

1,160,080

State of California GO, 5.00%, 9/1/17
2,500,000

2,526,875

State of California GO, 5.00%, 10/1/17
2,170,000

2,201,053

State of California GO, 5.00%, 11/1/17, Prerefunded at 100% of Par(2)
100,000

101,772

State of California GO, 5.50%, 4/1/18
2,535,000

2,635,031

State of California GO, 5.00%, 7/1/18(2)
1,565,000

1,636,974

State of California GO, 5.00%, 9/1/18
1,000,000

1,052,460

State of California GO, 5.00%, 7/1/19(2)
4,505,000

4,890,223

State of California GO, 5.00%, 9/1/19
7,645,000

8,346,276

State of California GO, 5.00%, 3/1/20
1,690,000

1,744,164

State of California GO, 5.25%, 10/1/20
5,000,000

5,498,550

State of California GO, 5.00%, 9/1/22
2,000,000

2,381,040

State of California GO, 5.00%, 3/1/23
10,000,000

12,019,100

State of California GO, 5.50%, 4/1/24
4,600,000

4,993,070

State of California GO, 5.00%, 8/1/26
3,250,000

4,084,015

State of California GO, 5.00%, 8/1/26
4,800,000

5,933,568

State of California GO, 5.00%, 12/1/26
1,045,000

1,258,379

State of California GO, 5.00%, 2/1/27
14,000,000

16,488,780

State of California GO, 5.00%, 2/1/28
5,795,000

6,791,276

State of California GO, 5.00%, 3/1/28
8,000,000

9,670,240

State of California GO, 5.75%, 4/1/28
5,000,000

5,450,000

State of California GO, 5.00%, 11/1/29
2,625,000

3,111,150

State of California GO, 5.75%, 4/1/31
5,000,000

5,438,450

State of California GO, 5.00%, 9/1/31
10,000,000

12,089,600

State of California GO, 5.00%, 11/1/32
625,000

634,981

State of California GO, 6.50%, 4/1/33
5,000,000

5,511,100

State of California GO, 6.00%, 4/1/38
3,000,000

3,279,420

State of California GO, VRDN, 1.39%, 6/1/17
6,800,000

6,775,044

State of California GO, VRDN, 1.46%, 6/1/17
3,200,000

3,234,496

State of California GO, VRDN, 4.00%, 12/1/21
4,000,000

4,437,760

State of California GO, VRN, 1.68%, 6/1/17
2,000,000

2,004,160

State of California GO, VRN, 1.78%, 6/1/17
800,000

804,000

State of California GO, VRN, 1.93%, 6/1/17
960,000

968,938

State of California Department of Water Resources Rev., 5.00%, 12/1/19, Prerefunded at 100% of Par(2)
905,000

996,677

State of California Department of Water Resources Rev., VRDN, 1.08%, 6/1/17
4,500,000

4,499,595

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/18
3,000,000

3,115,950

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/18, Prerefunded at 100% of Par(2)
1,430,000

1,485,856

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/18, Prerefunded at 100% of Par(2)
1,800,000

1,870,308




State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/19
5,000,000

5,394,950

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/20
14,215,000

15,883,130

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

2,076,374

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/21
10,000,000

11,525,700

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/21
1,140,000

1,271,681

Stockton Public Financing Authority Rev., 5.00%, 9/1/22 (BAM)
1,410,000

1,659,514

Stockton Public Financing Authority Rev., 5.00%, 9/1/23 (BAM)
1,435,000

1,721,526

Stockton Public Financing Authority Rev., 5.00%, 9/1/24 (BAM)
1,090,000

1,326,857

Stockton Public Financing Authority Rev., 5.00%, 9/1/25 (BAM)
2,255,000

2,718,944

Stockton Public Financing Authority Rev., 5.00%, 9/1/26 (BAM)
1,495,000

1,791,399

Stockton Public Financing Authority Rev., 6.25%, 10/1/38
1,500,000

1,834,170

Stockton Public Financing Authority Special Tax, 4.00%, 9/2/20 (BAM)
575,000

622,932

Stockton Public Financing Authority Special Tax, 4.00%, 9/2/21 (BAM)
450,000

496,094

Stockton Public Financing Authority Special Tax, 4.00%, 9/2/22 (BAM)
940,000

1,049,491

Stockton Public Financing Authority Special Tax, 4.00%, 9/2/23 (BAM)
655,000

738,309

Stockton Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/29 (AGM)
1,500,000

1,756,980

Stockton Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/30 (AGM)
1,800,000

2,094,624

Stockton Unified School District GO, 5.00%, 8/1/27 (AGM)
530,000

628,622

Stockton Unified School District GO, 5.00%, 8/1/28 (AGM)
255,000

300,413

Stockton Unified School District GO, 5.00%, 8/1/30
11,165,000

13,277,976

Stockton Unified School District GO, 5.00%, 8/1/42 (AGM)
865,000

978,168

Temecula Valley Unified School District Financing Authority Special Tax, 4.00%, 9/1/17 (BAM)
415,000

418,125

Temecula Valley Unified School District Financing Authority Special Tax, 5.00%, 9/1/18 (BAM)
325,000

340,477

Temecula Valley Unified School District Financing Authority Special Tax, 5.00%, 9/1/19 (BAM)
265,000

286,870

Temecula Valley Unified School District Financing Authority Special Tax, 5.00%, 9/1/20 (BAM)
400,000

445,496

Temecula Valley Unified School District Financing Authority Special Tax, 5.00%, 9/1/21 (BAM)
515,000

587,785

Temecula Valley Unified School District Financing Authority Special Tax, 5.00%, 9/1/22 (BAM)
275,000

320,037

Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 5.00%, 6/1/37
1,750,000

1,750,140

Tuolumne Wind Project Authority Rev., 5.625%, 1/1/19, Prerefunded at 100% of Par(2)
1,000,000

1,074,930

Tustin Community Facilities District Special Tax, 5.00%, 9/1/22
480,000

552,446

Tustin Community Facilities District Special Tax, 5.00%, 9/1/23
725,000

848,446

Tustin Community Facilities District Special Tax, 5.00%, 9/1/28
1,000,000

1,175,230

Tustin Community Facilities District Special Tax, 5.00%, 9/1/30
1,000,000

1,158,360

University of California Rev., 5.00%, 5/15/18, Prerefunded at 101% of Par(2)
760,000

798,388

University of California Rev., 5.25%, 5/15/19, Prerefunded at 100% of Par(2)
1,255,000

1,360,395

University of California Rev., 5.25%, 5/15/19, Prerefunded at 100% of Par(2)
4,285,000

4,644,854

University of California Rev., 5.25%, 5/15/19, Prerefunded at 100% of Par(2)
2,210,000

2,395,596

University of California Rev., 5.00%, 5/15/20
1,405,000

1,475,348

University of California Rev., 5.00%, 5/15/25
7,250,000

8,722,040

University of California Rev., 5.00%, 5/15/26
6,150,000

7,195,377

University of California Rev., 5.00%, 5/15/26
11,300,000

14,047,708

University of California Rev., 4.00%, 5/15/33
4,005,000

4,342,621

University of California Rev., 5.00%, 5/15/42
1,640,000

1,873,552

University of California Rev., VRDN, 1.40%, 5/15/21
1,650,000

1,652,194

University of California Rev., VRDN, 5.00%, 5/15/23
7,935,000

9,586,591

Upper Santa Clara Valley Joint Powers Authority Rev., 4.00%, 8/1/18
600,000

621,984

Upper Santa Clara Valley Joint Powers Authority Rev., 4.00%, 8/1/19
600,000

639,588

Washington Township Health Care District Rev., 3.50%, 7/1/30
760,000

769,675

Washington Township Health Care District Rev., 3.75%, 7/1/31
400,000

410,136




Washington Township Health Care District Rev., 4.00%, 7/1/32
135,000

139,645

Washington Township Health Care District Rev., 4.00%, 7/1/34
840,000

861,739

Washington Township Health Care District Rev., 5.00%, 7/1/35
990,000

1,117,017

Washington Township Health Care District Rev., 4.00%, 7/1/36
200,000

204,668

Washington Township Health Care District Rev., 4.00%, 7/1/37
200,000

203,656

West Contra Costa Unified School District GO, 5.00%, 8/1/30
2,000,000

2,359,560

West Contra Costa Unified School District GO, 5.00%, 8/1/33
3,000,000

3,504,210

West Contra Costa Unified School District GO, 5.00%, 8/1/34
1,200,000

1,393,980

West Contra Costa Unified School District GO, 5.00%, 8/1/35
1,500,000

1,738,200

West Sacramento Financing Authority Special Tax, 5.00%, 9/1/18 (XLCA)
1,490,000

1,557,974

West Sacramento Financing Authority Special Tax, 5.00%, 9/1/19 (XLCA)
995,000

1,070,968

West Sacramento Financing Authority Special Tax, 5.00%, 9/1/20 (XLCA)
1,195,000

1,318,862

Western Riverside Water & Wastewater Financing Authority Rev., 5.00%, 9/1/24
1,690,000

2,000,875

Western Riverside Water & Wastewater Financing Authority Rev., 5.00%, 9/1/25
1,170,000

1,398,010

Yosemite Community College District GO, Capital Appreciation, 0.00%, 8/1/38(1)
6,000,000

2,665,620

 
 
1,609,861,928

Guam — 0.1%
 
 
Guam Government GO, 6.00%, 11/15/19
635,000

672,414

Guam Government Power Authority Rev., 5.00%, 10/1/19 (AGM)
1,000,000

1,078,140

 
 
1,750,554

TOTAL INVESTMENT SECURITIES — 100.2%
(Cost $1,532,353,647)
 
1,611,612,482

OTHER ASSETS AND LIABILITIES — (0.2)%
 
(2,709,974
)
TOTAL NET ASSETS — 100.0%
 
$
1,608,902,508


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.
XLCA
-
XL Capital Ltd.

(1)
Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(2)
Escrowed to maturity in U.S. government securities or state and local government securities.
(3)
When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(4)
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 $16,512,461, which represented 1.0% of total net assets.
(5)
Coupon rate adjusts periodically based upon a predetermined schedule. Interest reset date is indicated. Rate shown is effective at the period end.






SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

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

Fixed income securities 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.
 
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 period end, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments
$
1,532,353,647

Gross tax appreciation of investments
$
80,978,821

Gross tax depreciation of investments
(1,719,986
)
Net tax appreciation (depreciation) of investments
$
79,258,835



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


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



American Century Investments® 
Quarterly Portfolio Holdings
California Long-Term Tax-Free Fund
May 31, 2017





amcentlogoa42.jpg




    

California Long-Term Tax-Free - Schedule of Investments
 
MAY 31, 2017 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 99.8%
 
 
California — 99.1%
 
 
91 Express Lanes Toll Road Rev., 5.00%, 8/15/25
1,000,000

1,204,200

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

1,162,530

ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp Healthcare Obligated Group), 6.25%, 8/1/39
1,200,000

1,327,836

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

563,090

Alameda Corridor Transportation Authority Rev., 0.00%, 10/1/32 (NATL)(1)
1,000,000

578,200

Alameda Corridor Transportation Authority Rev., 0.00%, 10/1/35 (NATL)(1)
3,750,000

1,868,850

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

1,142,470

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

1,233,290

Anaheim Public Financing Authority Rev., 5.25%, 4/1/19, Prerefunded at 100% of Par(2)
2,500,000

2,699,425

Anaheim Public Financing Authority Rev., 5.375%, 10/1/36
300,000

340,353

Anaheim Public Financing Authority Rev., 5.00%, 5/1/46
2,200,000

2,497,946

Bay Area Toll Authority Rev., 5.00%, 4/1/43
2,655,000

3,020,832

Bay Area Toll Authority Rev., 5.00%, 10/1/54
1,500,000

1,680,645

Bay Area Toll Authority Rev., VRDN, 1.48%, 6/1/17
550,000

553,306

Bay Area Toll Authority Rev., VRDN, 1.88%, 6/1/17
1,250,000

1,268,838

Bay Area Toll Authority Rev., VRDN, 2.03%, 6/1/17
500,000

506,190

California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 5.45%, 6/1/28
1,000,000

1,025,780

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/25
285,000

350,772

California Educational Facilities Authority Rev., (Claremont Mckenna College), 5.00%, 1/1/32
750,000

895,935

California Educational Facilities Authority Rev., (Harvey Mudd College), 5.25%, 12/1/41
2,000,000

2,279,080

California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/47
1,750,000

1,987,002

California Educational Facilities Authority Rev., (Santa Clara University), 5.625%, 4/1/18, Prerefunded at 100% of Par(2)
4,675,000

4,863,122

California Educational Facilities Authority Rev., (Santa Clara University), 5.625%, 4/1/37
325,000

337,431

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/36
500,000

574,145

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/37
500,000

574,145

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/38
500,000

573,315

California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/33
500,000

580,740

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/32
400,000

472,776

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 4.00%, 8/15/39
1,500,000

1,581,495

California Health Facilities Financing Authority Rev., (Children's Hospital Los Angeles), 5.00%, 8/15/47(3)
785,000

887,914

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

5,074,425

California Health Facilities Financing Authority Rev., (Dignity Health Obligated Group), 6.00%, 7/1/19, Prerefunded at 100% of Par(2)
3,400,000

3,758,564

California Health Facilities Financing Authority Rev., (El Camino Hospital), 5.00%, 2/1/42
1,000,000

1,137,020

California Health Facilities Financing Authority Rev., (Kaiser Credit Group), 4.00%, 11/1/44
1,000,000

1,035,350

California Health Facilities Financing Authority Rev., (Kaiser Credit Group), 5.00%, 11/1/47
750,000

967,890

California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), 5.00%, 8/15/43
1,000,000

1,124,550

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

1,075,570

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.00%, 7/1/37
180,000

204,919

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

1,085,330

California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.50%, 10/1/39
1,000,000

1,089,910



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

1,190,210

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 6.00%, 8/15/42
1,500,000

1,717,560

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/43
2,720,000

3,089,675

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/52
1,500,000

1,656,990

California Infrastructure & Economic Development Bank Rev., (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/41
740,000

848,092

California Infrastructure & Economic Development Bank Rev., (California Science Center Foundation), 5.00%, 5/1/30
1,000,000

1,178,570

California Infrastructure & Economic Development Bank Rev., (Colburn School), VRDN, 1.78%, 6/1/17
935,000

934,991

California Infrastructure & Economic Development Bank Rev., (J Paul Getty Trust), VRDN, 1.19%, 6/1/17
600,000

602,010

California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRDN, 2.47%, 6/1/17
1,000,000

1,005,910

California Infrastructure & Economic Development Bank Rev., (Pacific Gas & Electric Co.), VRDN, 0.69%, 6/1/17 (LOC: Union Bank N.A.)
2,600,000

2,600,000

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 4.00%, 2/1/32 (GA: Walt & Lilly Disney Foundation)
900,000

966,078

California Municipal Finance Authority Rev., (Azusa Pacific University), 8.00%, 4/1/21, Prerefunded at 100% of Par(2)
665,000

836,051

California Municipal Finance Authority Rev., (Azusa Pacific University), 5.00%, 4/1/41
500,000

539,470

California Municipal Finance Authority Rev., (Biola University, Inc.), 5.00%, 10/1/39
750,000

860,130

California Municipal Finance Authority Rev., (California Baptist University), 5.00%, 11/1/36(4)
1,000,000

1,046,740

California Municipal Finance Authority Rev., (Channing House), 5.00%, 5/15/35 (California Mortgage Insurance)
1,000,000

1,173,840

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/40
1,420,000

1,574,155

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

1,103,590

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/47
1,000,000

1,125,550

California Municipal Finance Authority Rev., (Emerson College), 6.00%, 1/1/42
2,000,000

2,301,300

California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.25%, 11/1/47
400,000

450,516

California Municipal Finance Authority Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/34
300,000

330,279

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

1,093,740

California Municipal Finance Authority Rev., (University of La Verne), 6.25%, 6/1/20, Prerefunded at 100% of Par(2)
1,000,000

1,155,480

California Municipal Finance Authority Rev., (University of La Verne), 5.00%, 6/1/43
1,750,000

2,012,902

California Municipal Finance Authority Rev., (University of the Pacific), 5.00%, 11/1/48
1,000,000

1,101,010

California Pollution Control Financing Authority Rev., (Poseidon Resources Channelside LP), 5.00%, 11/21/45(4)
1,000,000

1,001,920

California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/15/33
500,000

558,620

California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 5.00%, 7/1/46
2,000,000

2,160,900

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/46(4)
250,000

268,620

California School Finance Authority Rev., (Rocketship Education Obligated Group), 5.125%, 6/1/47(4)
1,000,000

1,017,830

California State Public Works Board Rev., 5.75%, 10/1/19, Prerefunded at 100% of Par(2)
2,000,000

2,224,420

California State Public Works Board Rev., 5.00%, 9/1/23, Prerefunded at 100% of Par(2)
1,865,000

2,274,554

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

1,161,800

California State Public Works Board Rev., 5.75%, 11/1/29
1,685,000

1,865,918

California State Public Works Board Rev., 5.00%, 4/1/37
2,170,000

2,448,151

California State Public Works Board Rev., 5.00%, 11/1/38
1,500,000

1,712,415

California State University Rev., 5.00%, 11/1/29
1,000,000

1,241,330

California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/35
715,000

826,683

California Statewide Communities Development Authority Rev., (American Baptist Homes of the West Obligated Group), 5.00%, 10/1/45
600,000

659,076

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/40
1,200,000

1,347,144

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

556,960

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/44
1,300,000

1,423,929



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

1,102,730

California Statewide Communities Development Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.25%, 10/1/43 (AGM)
750,000

848,183

California Statewide Communities Development Authority Rev., (Kaiser Credit Group), 5.00%, 4/1/42
2,780,000

3,101,173

California Statewide Communities Development Authority Rev., (Kaiser Credit Group), VRDN, 0.77%, 6/7/17
500,000

500,000

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/44
1,085,000

1,178,722

California Statewide Communities Development Authority Rev., (Redlands Community Hospital), 5.00%, 10/1/46
1,500,000

1,655,130

California Statewide Communities Development Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/41
500,000

561,950

Carson Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/19 (AGM)
485,000

527,273

Carson Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/20 (AGM)
785,000

878,070

Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/28 (AGM)
1,190,000

1,394,704

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

1,252,684

Del Mar Race Track Authority Rev., 5.00%, 10/1/35
660,000

713,889

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/24(5)
700,000

601,517

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/33(1)
750,000

383,783

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/42(1)
1,250,000

395,250

Foothill-Eastern Transportation Corridor Agency Rev., 6.50%, 1/15/43
500,000

600,880

Foothill-Eastern Transportation Corridor Agency Rev., 5.75%, 1/15/46
1,000,000

1,154,730

Foothill-Eastern Transportation Corridor Agency Rev., 6.00%, 1/15/49
3,250,000

3,761,127

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

1,160,160

Fresno Joint Powers Financing Authority Rev., 5.00%, 4/1/36 (AGM)
820,000

951,905

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

826,050

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/26
1,000,000

1,202,020

Golden State Tobacco Securitization Corp. Rev., 4.50%, 6/1/27
125,000

125,000

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

1,187,940

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/33
735,000

738,602

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

999,950

Golden State Tobacco Securitization Corp. Rev., 5.75%, 6/1/47
60,000

60,000

Golden State Tobacco Securitization Corp. Rev., 5.75%, 6/1/47
940,000

946,956

Hayward Area Recreation and Park District COP, 5.125%, 1/1/24, Prerefunded at 100% of Par(2)
1,000,000

1,238,440

Inglewood Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 5/1/38 (BAM)
500,000

575,490

Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37
555,000

638,444

Inland Valley Development Agency Tax Allocation, 5.00%, 9/1/44
590,000

659,301

Irvine Special Assessment, 4.00%, 9/2/17
365,000

367,759

Irvine Special Assessment, 4.00%, 9/2/18
375,000

388,376

Irvine Special Assessment, 4.00%, 9/2/19
600,000

636,564

Irvine Special Assessment, 5.00%, 9/2/26
1,000,000

1,215,760

Irvine Special Assessment, VRDN, 0.76%, 6/1/17 (LOC: U.S. Bank N.A.)
2,866,000

2,866,000

Irvine Special Tax, 4.00%, 9/1/31
400,000

424,772

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

1,089,440

Irvine Unified School District Special Tax, 4.00%, 9/1/36 (AGM)
300,000

318,087

Kaweah Delta Health Care District Rev., 4.00%, 6/1/45
195,000

199,290

La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/29
635,000

696,214

Long Beach Bond Finance Authority Rev., 5.00%, 11/15/35 (GA: Merrill Lynch & Co.)
330,000

400,409

Long Beach Bond Finance Authority Rev., 5.50%, 11/15/37 (GA: Merrill Lynch & Co.)
695,000

900,414

Long Beach Marina System Rev., 5.00%, 5/15/40
1,250,000

1,377,375

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

981,112

Los Angeles County Sanitation Districts Financing Authority Rev., 5.00%, 10/1/35
1,500,000

1,749,765

Los Angeles Department of Airports Rev., 5.25%, 5/15/18, Prerefunded at 100% of Par(2)
2,120,000

2,211,478



Los Angeles Department of Airports Rev., 5.00%, 5/15/40
1,000,000

1,105,570

Los Angeles Department of Airports Rev., 5.00%, 5/15/40
2,000,000

2,211,140

Los Angeles Department of Water & Power Rev., 5.25%, 7/1/38
2,000,000

2,095,680

Los Angeles Unified School District GO, 4.00%, 7/1/17
1,000,000

1,002,750

Los Angeles Unified School District GO, 5.00%, 7/1/18
1,280,000

1,338,291

Los Angeles Unified School District GO, 5.25%, 7/1/26
1,000,000

1,128,720

Los Angeles Unified School District GO, 5.00%, 7/1/29
2,000,000

2,166,680

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

1,453,510

M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup, Inc.)
880,000

1,279,089

M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup, Inc.)
1,180,000

1,694,079

M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup, Inc.)
425,000

610,156

Manhattan Beach Unified School District GO, Capital Appreciation, 0.00%, 9/1/29(1)
5,905,000

4,101,790

Modesto Irrigation District COP, 5.75%, 10/1/34
2,500,000

2,692,450

Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/36
1,250,000

1,324,462

New Haven Unified School District GO, 12.00%, 8/1/18 (AGM)
880,000

993,793

New Haven Unified School District GO, 5.00%, 8/1/45
1,500,000

1,732,260

Newport Beach Rev., (Hoag Memorial Hospital/Newport Healthcare Obligated Group), 6.00%, 12/1/21, Prerefunded at 100% of Par(2)
1,000,000

1,203,890

Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/47
1,500,000

1,746,390

North Lake Tahoe Public Financing Authority Rev., 5.00%, 12/1/21
500,000

584,420

Oakland Unified School District/Alameda County GO, 6.625%, 8/1/21, Prerefunded at 100% of Par(2)
460,000

563,707

Oakland Unified School District/Alameda County GO, 5.50%, 8/1/22, Prerefunded at 100% of Par(2)
1,000,000

1,213,990

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/40
450,000

521,451

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

1,149,380

Orange County Community Facilities District Special Tax, 5.00%, 8/15/35
1,000,000

1,120,440

Oxnard Financing Authority Rev., 5.00%, 6/1/32 (AGM)
1,500,000

1,724,895

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

1,145,120

Oxnard School District GO, 3.00%, 8/1/20 (AGM)(5)
700,000

733,355

Palomar Community College District GO, 5.25%, 8/1/45
1,000,000

1,226,350

Palomar Health COP, 6.75%, 11/1/19, Prerefunded at 100% of Par(2)
500,000

569,805

Palomar Health COP, 6.00%, 11/1/41
750,000

818,528

Palomar Health GO, Capital Appreciation, 0.00%, 8/1/19 (AGC)(5)
1,670,000

2,006,121

Palomar Health Rev., 5.00%, 11/1/39
1,830,000

1,994,846

Palos Verdes Peninsula Unified School District GO, 0.00%, 8/1/33(1)
2,600,000

1,622,010

Paramount Unified School District GO, Capital Appreciation, 0.00%, 8/1/51 (BAM)(1)
5,000,000

601,600

Pomona Unified School District GO, 6.55%, 8/1/29 (NATL)
1,000,000

1,323,470

Pomona Unified School District GO, 6.15%, 8/1/30 (NATL)
855,000

1,026,274

Porterville Public Financing Authority Rev., 5.625%, 10/1/36
1,500,000

1,728,795

Poway Unified School District GO, Capital Appreciation, 0.00%, 8/1/41(1)
2,110,000

824,567

Poway Unified School District Rev., 7.875%, 9/15/19, Prerefunded at 100% of Par(2)
1,010,000

1,166,176

Redding Electric System Rev., 5.00%, 6/1/30
1,250,000

1,522,725

Riverside County Asset Leasing Corp. Rev., 5.00%, 11/1/43
1,000,000

1,137,810

Riverside County Redevelopment Successor Agency Tax Allocation, 6.50%, 10/1/20, Prerefunded at 100% of Par(2)
625,000

737,856

Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/31(1)
1,555,000

848,377

Riverside Sewer Rev., 5.00%, 8/1/40
500,000

571,160

Riverside Water Rev., VRDN, 1.41%, 6/1/17
1,500,000

1,500,045

RNR School Financing Authority Special Tax, 5.00%, 9/1/41 (BAM)
2,500,000

2,881,500

Sacramento County Airport System Rev., 5.625%, 7/1/29
1,000,000

1,045,810

Sacramento County Sanitation Districts Financing Authority Rev., VRN, 1.24%, 6/1/17 (NATL)
1,500,000

1,351,965

Sacramento Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/34 (BAM)
385,000

447,724



San Bernardino Community College District GO, Capital Appreciation, 0.00%, 8/1/19(5)
7,400,000

8,195,500

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

1,589,017

San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25
275,000

331,122

San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30
225,000

257,947

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/40
1,500,000

1,646,640

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

1,122,250

San Diego Public Facilities Financing Authority Rev., 5.00%, 10/15/44
1,300,000

1,491,191

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

2,299,800

San Diego Unified Port District Rev., 5.00%, 9/1/24
500,000

589,730

San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/44(1)
2,880,000

1,033,517

San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/49(1)
1,000,000

284,420

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.25%, 5/1/23
3,000,000

3,244,830

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/40
2,150,000

2,350,401

San Francisco City & County Redevelopment Agency Tax Allocation, 6.625%, 2/1/21, Prerefunded at 100% of Par(2)
500,000

601,060

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/31
400,000

461,256

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/43
500,000

561,980

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/46 (AGM)
1,000,000

1,156,060

San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/45
1,000,000

1,129,450

San Joaquin Hills Transportation Corridor Agency Rev., 5.00%, 1/15/34
1,000,000

1,112,280

San Joaquin Hills Transportation Corridor Agency Rev., 5.00%, 1/15/44
1,000,000

1,108,660

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

1,092,780

San Mateo Special Tax, 5.875%, 9/1/32
685,000

768,474

San Mateo Special Tax, 5.50%, 9/1/44
750,000

813,833

Santa Clara Electric Rev., 5.00%, 7/1/30
500,000

567,890

Santa Cruz County Redevelopment Agency Tax Allocation, 5.00%, 9/1/35 (AGM)
1,500,000

1,739,130

Santa Monica Redevelopment Agency Tax Allocation, 5.00%, 7/1/42
400,000

447,408

Santa Monica Redevelopment Agency Tax Allocation, 5.875%, 7/1/42
400,000

467,072

Santa Rosa Wastewater Rev., Capital Appreciation, 0.00%, 9/1/24 (Ambac)(1)
2,000,000

1,727,740

Silicon Valley Clean Water Rev., 5.00%, 8/1/45
1,205,000

1,399,198

Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/33 (NATL)
1,325,000

1,561,261

South Placer Wastewater Authority Rev., VRN, 1.11%, 6/1/17
1,650,000

1,649,241

Southern California Public Power Authority Rev., 5.00%, 7/1/17
1,050,000

1,053,759

State of California GO, 5.00%, 2/1/27
2,000,000

2,355,540

State of California GO, 5.00%, 2/1/28
1,000,000

1,171,920

State of California GO, 5.25%, 9/1/32
2,000,000

2,304,960

State of California GO, 6.50%, 4/1/33
2,500,000

2,755,550

State of California GO, 6.00%, 4/1/38
2,500,000

2,732,850

State of California GO, 6.00%, 11/1/39
5,000,000

5,601,100

State of California GO, 5.50%, 3/1/40
3,000,000

3,335,790

State of California GO, 5.00%, 10/1/41
2,000,000

2,241,620

State of California GO, 5.00%, 8/1/46
1,500,000

1,757,175

State of California GO, VRDN, 1.39%, 6/1/17
1,700,000

1,693,761

State of California GO, VRDN, 1.46%, 6/1/17
800,000

808,624

State of California GO, VRN, 1.68%, 6/1/17
2,000,000

2,004,160

State of California GO, VRN, 1.78%, 6/1/17
800,000

804,000

State of California GO, VRN, 1.93%, 6/1/17
960,000

968,938

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/18
1,000,000

1,038,650

Stockton Public Financing Authority Rev., 5.00%, 9/1/27 (BAM)
1,000,000

1,187,640

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

917,085



Stockton Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/31 (AGM)
1,825,000

2,111,452

Stockton Unified School District GO, 5.00%, 8/1/29
3,485,000

4,168,757

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

1,182,570

Stockton Unified School District GO, 5.00%, 8/1/42 (AGM)
430,000

486,257

Sulphur Springs Union School District GO, 4.00%, 9/1/46 (AGM)
1,000,000

1,040,780

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

1,066,630

Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 5.00%, 6/1/37
500,000

500,040

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

1,000,020

Tuolumne Wind Project Authority Rev., 5.625%, 1/1/19, Prerefunded at 100% of Par(2)
1,200,000

1,289,916

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

2,321,040

University of California Rev., 5.00%, 5/15/25
1,000,000

1,203,040

University of California Rev., VRDN, 5.00%, 5/15/23
2,000,000

2,416,280

Ventura County Community College District GO, 5.50%, 8/1/18, Prerefunded at 100% of Par(2)
3,000,000

3,167,040

Washington Township Health Care District Rev., 5.00%, 7/1/42
1,000,000

1,111,220

Yosemite Community College District GO, Capital Appreciation, 0.00%, 8/1/38(1)
3,000,000

1,332,810

 
 
325,698,242

Guam — 0.7%
 
 
Guam Government Power Authority Rev., 5.50%, 10/1/40
2,150,000

2,278,505

TOTAL INVESTMENT SECURITIES — 99.8%
(Cost $298,569,785)
 
327,976,747

OTHER ASSETS AND LIABILITIES — 0.2%
 
599,121

TOTAL NET ASSETS — 100.0%
 
$
328,575,868


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)
When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(4)
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 $3,335,110, which represented 1.0% of total net assets.
(5)
Coupon rate adjusts periodically based upon a predetermined schedule. Interest reset date is indicated. Rate shown is effective at the period end.





SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

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

Fixed income securities 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.
 
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 were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

3. Federal Tax Information

As of period end, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments
$
298,569,785

Gross tax appreciation of investments
$
29,578,652

Gross tax depreciation of investments
(171,690
)
Net tax appreciation (depreciation) of investments
$
29,406,962



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


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



American Century Investments® 
Quarterly Portfolio Holdings
California Tax-Free Money Market Fund
May 31, 2017





amcentlogoa42.jpg




    

California Tax-Free Money Market - Schedule of Investments
 
MAY 31, 2017 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 98.3%
 
 
California — 98.3%
 
 
ABAG Finance Authority for Nonprofit Corps. Rev., (San Francisco University High School), VRDN, 0.77%, 6/1/17 (LOC: Northern Trust Company)
1,145,000

1,145,000

California Enterprise Development Authority Rev., (Community Hospice, Inc.), VRDN, 0.83%, 6/1/17 (LOC: Bank of Stockton and FHLB)
3,245,000

3,245,000

California Enterprise Development Authority Rev., (Humane Society Silicon Valley), VRDN, 0.83%, 6/1/17 (LOC: First Republic Bank and FHLB)
5,855,000

5,855,000

California Health Facilities Financing Authority Rev., (Dignity Health Obligated Group), VRDN, 0.73%, 6/7/17 (LOC: Bank of Montreal)
1,100,000

1,100,000

California Infrastructure & Economic Development Bank Rev., (Bay Institute Aquarium Foundation), VRDN, 0.81%, 6/1/17 (LOC: Union Bank N.A. and FHLB)
2,335,000

2,335,000

California Infrastructure & Economic Development Bank Rev., (Columbia College), VRDN, 0.83%, 6/1/17 (LOC: Rabobank N.A. and Rabobank Nederland)
4,565,000

4,565,000

California Infrastructure & Economic Development Bank Rev., (Kennfoods USA LLC), VRDN, 0.89%, 6/1/17 (LOC: Bank of the West)
600,000

600,000

California Infrastructure & Economic Development Bank Rev., VRDN, 0.83%, 6/1/17 (LOC: Union Bank N.A.)
2,030,000

2,030,000

California Municipal Finance Authority Rev., (Central Coast YMCA), VRDN, 0.82%, 6/1/17 (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, 0.83%, 6/1/17 (LOC: Union Bank N.A.)
1,955,000

1,955,000

California Pollution Control Financing Authority Rev., (Recology, Inc.), VRDN, 0.79%, 6/1/17 (LOC: Bank of America N.A.)
1,300,000

1,300,000

California Statewide Communities Development Authority COP, VRDN, 0.77%, 6/7/17 (LOC: Union Bank N.A.)
395,000

395,000

California Statewide Communities Development Authority Rev., (Kaiser Credit Group), VRDN, 0.77%, 6/7/17
5,700,000

5,700,000

California Statewide Communities Development Authority Rev., (Kaiser Credit Group), VRDN, 0.77%, 6/7/17
6,900,000

6,900,000

City & County of San Francisco, 0.99%, 8/15/17
5,000,000

5,000,000

Elsinore Valley Municipal Water District COP, VRDN, 0.72%, 6/7/17 (LOC: Bank of America N.A.)
500,000

500,000

Hesperia Public Financing Authority Rev., VRDN, 0.94%, 6/7/17 (LOC: Bank of the West)
500,000

500,000

Irvine Special Assessment, VRDN, 0.76%, 6/1/17 (LOC: U.S. Bank N.A.)(1)
500,000

500,000

Irvine Ranch Water District Special Assessment, VRDN, 0.85%, 6/1/17
5,000,000

5,000,000

Irvine Ranch Water District Special Assessment, VRDN, 0.86%, 6/1/17
2,900,000

2,900,000

Los Angeles GO, 3.00%, 6/29/17
1,500,000

1,502,651

Los Angeles County GO, 3.00%, 6/30/17
3,000,000

3,005,516

Los Angeles County Metropolitan Transportation Authority, 0.90%, 7/6/17
1,000,000

1,000,000

Metropolitan Water District of Southern California Rev., VRDN, 0.90%, 6/1/17
3,200,000

3,200,000

Metropolitan Water District of Southern California Rev., VRDN, 0.94%, 6/1/17
2,085,000

2,085,000

Metropolitan Water District of Southern California Rev., VRDN, 0.94%, 6/1/17
1,815,000

1,815,000

Mission Viejo Community Development Financing Authority Rev., VRDN, 0.80%, 6/7/17 (LOC: MUFG Union Bank)
3,500,000

3,500,000

Monterey Peninsula Water Management District COP, VRDN, 0.78%, 6/1/17 (LOC: Wells Fargo Bank N.A.)
2,370,000

2,370,000

Municipal Improvement Corp. of Los Angeles, 0.81%, 6/20/17
2,500,000

2,500,000

Pasadena COP, VRDN, 0.76%, 6/1/17 (LOC: Bank of America N.A.)
1,550,000

1,550,000

Reedley COP, (Mennonite Brethren Homes, Inc.), VRDN, 0.84%, 6/1/17 (LOC: Bank of the Sierra and FHLB)
6,480,000

6,480,000

Riverside County GO, 3.00%, 6/30/17
4,000,000

4,007,320

San Bernardino County Flood Control District Rev., VRDN, 0.81%, 6/1/17 (LOC: Bank of America N.A.)
3,000,000

3,000,000

San County Bernardino GO, 2.00%, 6/30/17
5,000,000

5,005,326

San Diego County Water Authority Financing Corp., 0.85%, 6/20/17
5,000,000

5,000,000

San Diego Public Facilities Financing Authority Water Rev., 0.97%, 7/18/17
2,000,000

2,000,000

San Diego Unified School District GO, 2.00%, 6/30/17
3,000,000

3,003,362



San Francisco City & County Airport Comm-San Francisco International Airport Rev., VRDN, 0.72%, 6/7/17 (LOC: Wells Fargo Bank N.A.)
1,655,000

1,655,000

San Francisco City & County Airport Comm-San Francisco International Airport Rev., VRDN, 0.73%, 6/7/17 (LOC: Union Bank N.A.)
2,100,000

2,100,000

San Francisco City & County Public Utilities Commission, 0.93%, 6/7/17
2,000,000

2,000,000

Santa Clara County Housing Authority Rev., (SR Fountains LP), VRDN, 0.83%, 6/1/17 (LOC: Citibank N.A.)
930,000

930,000

Santa Clara Valley Transportation Authority Rev., VRDN, 0.75%, 6/1/17 (SBBPA: State Street Bank & Trust Co.)
6,150,000

6,150,000

Sonoma County Junior College District GO, 3.00%, 8/1/17
1,000,000

1,003,493

Tender Option Bond Trust Receipts/Certificates GO, VRDN, 0.90%, 6/1/17 (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
3,000,000

3,000,000

Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.87%, 6/1/17 (LIQ FAC: Bank of America N.A.)(1)
5,000,000

5,000,000

Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.90%, 6/1/17 (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
3,750,000

3,750,000

Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.93%, 6/1/17 (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
5,000,000

5,000,000

Town of Apple Valley COP, VRDN, 0.83%, 6/1/17 (LOC: Union Bank N.A.)
1,125,000

1,125,000

Town of Hillsborough COP, VRDN, 0.82%, 6/1/17 (SBBPA: Bank of the West)
7,215,000

7,215,000

Town of Hillsborough COP, VRDN, 0.82%, 6/1/17 (SBBPA: Bank of the West)
500,000

500,000

Town of Hillsborough COP, VRDN, 0.82%, 6/1/17 (SBBPA: Bank of the West)
480,000

480,000

Victorville Joint Powers Finance Authority Rev., VRDN, 1.28%, 6/1/17 (LOC: BNP Paribas)
13,715,000

13,715,000

Yolo County Rev., (Beckett Hall, Inc.), VRDN, 0.90%, 6/1/17 (LOC: Bank of the West)
6,740,000

6,740,000

TOTAL INVESTMENT SECURITIES — 98.3%
 
167,362,668

OTHER ASSETS AND LIABILITIES — 1.7%
 
2,871,165

TOTAL NET ASSETS — 100.0%
 
$
170,233,833


NOTES TO SCHEDULE OF INVESTMENTS
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.

(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 $17,250,000, which represented 10.1% of total net assets.






SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. Investments are generally valued at amortized cost, which approximates fair value. If the fund determines that the amortized cost does not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees.

2. Fair Value Measurements

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

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

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

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

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

As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

3. Federal Tax Information

As of May 31, 2017, the cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

Federal tax cost of investments
$
167,362,668





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



ITEM 2. CONTROLS AND PROCEDURES.

(a)
The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b)
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.


ITEM 3. EXHIBITS.

Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as Exhibit 99.CERT.






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:
American Century California Tax-Free and Municipal Funds
 
 
 
 
 
By:
/s/ Jonathan S. Thomas
 
 
Name:
Jonathan S. Thomas
 
 
Title:
President
 
 
 
 
 
Date:
July 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:
July 26, 2017
 


By:
/s/ C. Jean Wade
 
 
Name:
C. Jean Wade
 
 
Title:
Vice President, Treasurer, and
 
 
Chief Financial Officer
 
 
 
(principal financial officer)
 
 
 
 
Date:
July 26, 2017