UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number
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811-03706
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AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS
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(Exact name of registrant as specified in charter)
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4500 MAIN STREET, KANSAS CITY, MISSOURI
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64111
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(Address of principal executive offices)
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(Zip Code)
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CHARLES A. ETHERINGTON, 4500 MAIN STREET
KANSAS CITY, MISSOURI 64111
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(Name and address of agent for service)
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Registrant’s telephone number, including area code:
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816-531-5575
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Date of fiscal year end:
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08-31
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Date of reporting period:
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05-31-2011
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ITEM 1. SCHEDULE OF INVESTMENTS.
American Century Investments®
Quarterly Portfolio Holdings
California High-Yield Municipal Fund
May 31, 2011
California High-Yield Municipal – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
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Principal Amount
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Value
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|
| MUNICIPAL SECURITIES — 98.8% | ||||
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CALIFORNIA — 95.2%
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||||
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ABAG Finance Auth. for Nonprofit Corps. Rev., (Sharp HealthCare), 6.25%, 8/1/39(1)
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$1,800,000
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$ 1,832,022
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ABC Unified School District GO, Series 2000 B, 6.14%, 8/1/21 (NATL/FGIC)(1)(2)
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1,000,000
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576,130
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Adelanto Public Utility Auth. Rev., Series 2009 A, (Utility System), 6.75%, 7/1/39
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5,225,000
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5,121,545
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Alhambra Rev., Series 2010 A, (Atherton Baptist Homes), 7.50%, 1/1/30
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1,640,000
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1,674,096
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Anaheim Public Financing Auth. Lease Rev., Series 1997 A, (Public Improvements), 6.00%, 9/1/24 (AGM)(1)
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1,200,000
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1,360,848
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Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2004 D, 5.80%, 9/1/35
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2,875,000
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2,560,303
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Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2005 B, 5.40%, 9/1/35
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1,390,000
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1,176,454
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Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2005 C, 5.50%, 9/1/29
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855,000
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773,604
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Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2005 C, 5.50%, 9/1/35
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4,000,000
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3,436,560
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Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2006 A, (Improvement Area No. 19C), 5.35%, 9/1/36
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2,700,000
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2,235,411
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Beaumont Financing Auth. Local Agency Special Tax Rev., Series 2008 A, (Improvement Area No. 19C), 6.875%, 9/1/36
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1,050,000
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1,055,113
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Berryessa Union School District GO, Series 2000 A, 6.18%, 8/1/21 (AGM)(1)(2)
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1,190,000
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704,171
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Berryessa Union School District GO, Series 2000 A, 6.05%, 8/1/22 (AGM)(1)(2)
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1,220,000
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652,663
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Berryessa Union School District GO, Series 2000 A, 6.06%, 8/1/23 (AGM)(1)(2)
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1,000,000
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494,940
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California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/22(1)
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4,500,000
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5,031,180
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California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/21(1)
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4,725,000
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5,468,242
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California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/22(1)
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4,200,000
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4,820,592
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California Department of Water Resources Water System Rev., Series 2008 AE, (Central Valley), 5.00%, 12/1/23(1)
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2,500,000
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2,786,700
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California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14 (NATL/FGIC)(1)
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6,000,000
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6,742,080
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California Educational Facilities Auth. Rev., (Western University Health Sciences), 6.00%, 10/1/12, Prerefunded at 100% of Par(1)(3)
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1,505,000
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1,601,034
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California Educational Facilities Auth. Rev., Series 2008 C, (Chapman University), VRDN, 0.15%, 6/1/11 (LOC: Bank of America N.A.)(1)
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2,000,000
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2,000,000
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California Educational Facilities Auth. Rev., Series 2009 A, (Pomona College), 5.00%, 1/1/24(1)
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1,400,000
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1,563,954
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California GO, 5.25%, 10/1/29(1)
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5,000,000
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5,168,300
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California GO, 6.00%, 4/1/38(1)
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5,000,000
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5,335,400
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California Health Facilities Financing Auth. Rev., Series 1989 A, (Kaiser Permanente), 7.15%, 10/1/12 (Ambac-TCRS)(1)(2)
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4,000,000
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3,909,680
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California Health Facilities Financing Auth. Rev., Series 2008 A, (Scripps Health), 5.50%, 10/1/20(1)
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1,500,000
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1,674,195
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California Health Facilities Financing Auth. Rev., Series 2008 A, (Sutter Health), 5.50%, 8/15/16(1)
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5,000,000
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5,742,450
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California Health Facilities Financing Auth. Rev., Series 2008 A3, (Stanford Hospital), VRDN, 3.45%, 6/15/11(1)
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3,700,000
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3,704,403
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California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/33(1)
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1,000,000
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1,117,720
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California High-Yield Municipal – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
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Principal Amount
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Value
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California Health Facilities Financing Auth. Rev., Series 2008 G, (Catholic Healthcare West), 5.50%, 7/1/25(1)
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$2,000,000
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$ 2,059,540
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California Health Facilities Financing Auth. Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39(1)
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4,300,000
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4,407,543
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California Health Facilities Financing Auth. Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38(1)
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3,000,000
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3,129,990
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California Health Facilities Financing Auth. Rev., Series 2010 B, (Stanford Hospital), 5.25%, 11/15/31(1)
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7,000,000
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7,036,050
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California Mobilehome Park Financing Auth. Rev., Series 2001 B, (Rancho Vallecitos - San Marcos), 6.75%, 11/15/36
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1,905,000
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1,817,237
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California Mobilehome Park Financing Auth. Rev., Series 2003 B, (Palomar Estates E&W), 7.00%, 9/15/36(1)
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6,345,000
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6,240,752
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California Mobilehome Park Financing Auth. Rev., Series 2006 B, (Union City Tropics), 5.50%, 12/15/41
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2,000,000
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1,602,760
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California Municipal Finance Auth. Rev., (Biola University), 5.875%, 10/1/34(1)
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1,000,000
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966,070
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California Municipal Finance Auth. Rev., Series 2011 B, (Azusa Pacific University), 8.00%, 4/1/41
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3,335,000
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3,404,868
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California Public Works Board Lease Rev., Series 1993 D, (Department of Corrections), 5.25%, 6/1/15 (AGM)(1)
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2,000,000
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2,171,260
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California Public Works Board Lease Rev., Series 2009 G1, (Various Capital Projects), 5.75%, 10/1/30(1)
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2,000,000
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2,040,260
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California Public Works Board Lease Rev., Series 2010 A1, (Various Capital Projects), 6.00%, 3/1/35(1)
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1,250,000
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1,287,137
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California State University Fresno Association, Inc. Rev., (Auxiliary Organization Event Center), 7.00%, 7/1/12, Prerefunded at 101% of Par(1)(3)
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2,455,000
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2,645,263
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California State University Systemwide Rev., Series 2005 C, (Systemwide Financing Program), 5.00%, 11/1/30 (NATL)(1)
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10,000,000
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9,944,300
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California State University Systemwide Rev., Series 2009 A, (Systemwide Financing Program), 5.25%, 11/1/38(1)
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3,000,000
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2,997,690
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California Statewide Communities Development Auth. COP, (Sonoma County Indian Health), 6.40%, 9/1/29(1)
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2,145,000
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2,128,784
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California Statewide Communities Development Auth. Pollution Control Rev., Series 2010 A, (Southern California Education), 4.50%, 9/1/29(1)
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4,000,000
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3,847,880
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California Statewide Communities Development Auth. Rev., (Cottage Health Obligation Group), 5.25%, 11/1/30(1)
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1,250,000
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1,245,425
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California Statewide Communities Development Auth. Rev., (Lancer Educational Student Housing), 5.625%, 6/1/33
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2,500,000
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2,126,925
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California Statewide Communities Development Auth. Rev., (Southern California Presbyterian Homes), 7.25%, 11/15/41(1)
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2,500,000
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2,648,700
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California Statewide Communities Development Auth. Rev., (Thomas Jefferson School of Law), 7.75%, 10/1/11, Prerefunded at 101% of Par(1)(3)
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1,855,000
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1,915,17 6
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California Statewide Communities Development Auth. Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31(1)
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4,000,000
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3,888,240
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California Statewide Communities Development Auth. Rev., Series 2004 D, (Sutter Health), 5.05%, 8/15/38 (AGM)(1)
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2,000,000
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1,869,580
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California Statewide Communities Development Auth. Rev., Series 2007 A, (California Baptist University), 5.50%, 11/1/38
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7,000,000
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5,867,750
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California Statewide Communities Development Auth. Rev., Series 2007 A, (Front Porch Communities and Services), 5.125%, 4/1/37(1)(4)
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3,400,000
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2,742,542
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California Statewide Communities Development Auth. Rev., Series 2007 A, (Valleycare Health System), 5.125%, 7/15/31
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2,000,000
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1,685,660
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Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 90-2), 6.00%, 9/1/33
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6,250,000
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6,114,250
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Carson Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Project Area No. 1), 7.00%, 10/1/36(1)
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2,000,000
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2,134,160
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California High-Yield Municipal – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
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Principal Amount
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Value
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|
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Chula Vista Community Facilities District No. 06-1 Area A Special Tax Rev., (Eastlake Woods), 6.20%, 9/1/33
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$3,600,000
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$ 3,601,080
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Chula Vista Industrial Development Rev., Series 2004 D, (San Diego Gas), 5.875%, 1/1/34(1)
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1,000,000
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1,060,160
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Clovis Public Financing Auth. Lease Rev., (Corporate Yard), 5.375%, 3/1/20 (Ambac)(1)
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1,780,000
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1,803,834
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Corcoran COP, 8.75%, 6/1/16(4)
|
365,000
|
433,770
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Duarte Unified School District GO, Series 1999 B, 6.08%, 11/1/23 (AGM)(1)(2)
|
1,150,000
|
560,004
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Eastern Municipal Water District Water & Sewer COP, Series 2008 H, 5.00%, 7/1/33(1)
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4,000,000
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4,027,080
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El Dorado County Community Facilities District No. 2001-1 Special Tax Rev., (Promontory Specific), 6.30%, 9/1/31
|
2,500,000
|
2,355,475
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Folsom Community Facilities District No. 14 Special Tax Rev., 6.30%, 9/1/11, Prerefunded at 102% of Par(3)
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6,500,000
|
6,722,560
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Folsom Community Facilities District No. 7 Special Tax Rev., 5.75%, 9/1/14
|
2,450,000
|
2,464,479
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Foothill-De Anza Community College District GO, 6.16%, 8/1/21 (NATL)(1)(2)
|
3,000,000
|
1,902,930
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Fullerton Community Facilities District No. 1 Special Tax Rev., (Amerige Heights), 6.20%, 9/1/32
|
3,000,000
|
3,046,080
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Fullerton Unified School District Special Tax Rev., (Community Facilities District No. 2001-1), 6.375%, 9/1/31
|
5,000,000
|
5,063,450
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Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.125%, 6/1/47(1)
|
8,500,000
|
5,287,255
|
||
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Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.75%, 6/1/47(1)
|
9,500,000
|
6,549,300
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||
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Hemet Unified School District Special Tax Rev., (Community Facilities District No. 2005-2), 5.25%, 9/1/30
|
2,670,000
|
2,311,392
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Hemet Unified School District Special Tax Rev., (Community Facilities District No. 2005-2), 5.25%, 9/1/35
|
1,510,000
|
1,241,356
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Hesperia Public Financing Auth. Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/32 (XLCA)(1)
|
3,000,000
|
2,251,440
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Hesperia Public Financing Auth. Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/37 (XLCA)(1)
|
2,025,000
|
1,448,847
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||
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Highland Community Facilities District No. 2001-1 Special Tax Rev., 6.45%, 9/1/28
|
2,000,000
|
1,973,160
|
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Imperial Irrigation District COP, (Water System), 5.50%, 7/1/11, Prerefunded at 101% of Par (Ambac)(3)
|
1,945,000
|
1,973,008
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Imperial Irrigation District COP, (Water System), 5.50%, 7/1/29 (Ambac)(1)
|
3,055,000
|
3,086,222
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Independent Cities Lease Finance Auth. Rev., Series 2004 A, (Morgan Hill - Hacienda Valley Mobile Estates), 5.90%, 11/15/34
|
2,235,000
|
2,039,661
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Independent Cities Lease Finance Auth. Rev., Series 2006 B, (San Juan Mobile Estates), 5.55%, 5/15/31
|
500,000
|
431,780
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Independent Cities Lease Finance Auth. Rev., Series 2006 B, (San Juan Mobile Estates), 5.85%, 5/15/41
|
1,150,000
|
972,532
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||
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Independent Cities Lease Finance Auth. Rev., Series 2007 A, (Santa Rosa Leisure Mobilehome Park), 5.70%, 11/15/47
|
3,430,000
|
2,906,411
|
||
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Irvine Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.70%, 9/1/35(1)
|
1,000,000
|
1,044,690
|
||
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Jurupa Community Services District Special Tax Rev., Series 2008 A, (Community Facilities District No. 25), 8.875%, 9/1/38
|
2,000,000
|
2,096,680
|
||
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Lake Elsinore Community Facilities District No. 2004-3 Special Tax Rev., Series 2005 A, (Rosetta Canyon Improvement Area No. 1), 5.25%, 9/1/35
|
1,225,000
|
992,140
|
||
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Lake Elsinore Community Facilities District No. 2004-3 Special Tax Rev., Series 2006 A, (Rosetta Canyon Improvement Area No. 2), 5.25%, 9/1/37
|
5,000,000
|
3,939,850
|
||
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Lake Elsinore Community Facilities District No. 2005-1 Special Tax Rev., Series 2006 A, (Serenity), 5.35%, 9/1/36
|
1,100,000
|
891,528
|
California High-Yield Municipal – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
Lake Elsinore Community Facilities District No. 2005-2 Special Tax Rev., Series 2005 A, (Alverhill Ranch Improvement Area A), 5.45%, 9/1/36
|
$4,000,000
|
$ 3,313,040
|
||
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Lake Elsinore Community Facilities District No. 2006-2 Special Tax Rev., Series 2006 A, (Viscaya), 5.40%, 9/1/36
|
2,020,000
|
1,660,258
|
||
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Lake Elsinore Unified School District Special Tax Rev., (Community Facilities District No. 2005-1, Improvement Area A), 5.40%, 9/1/35
|
2,245,000
|
1,860,499
|
||
|
Lincoln Community Facilities District No. 2003-1 Special Tax Rev., (Lincoln Crossing), 6.00%, 9/1/13, Prerefunded at 102% of Par(3)
|
1,775,000
|
2,011,714
|
||
|
Los Angeles Community College District GO, Series 2008 F1, (Election of 2003), 5.00%, 8/1/27(1)
|
2,000,000
|
2,072,340
|
||
|
Los Angeles Community Facilities District No. 3 Special Tax Rev., (Cascades Business Park & Golf Course), 6.40%, 9/1/22
|
1,310,000
|
1,312,751
|
||
|
Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.25%, 5/15/25(1)
|
2,000,000
|
2,107,600
|
||
|
Milpitas Improvement Bond Act of 1915 Special Assessment Rev., Series 1996 A, (Local Improvement District No. 18), 6.75%, 9/2/16
|
1,305,000
|
1,311,434
|
||
|
Modesto Irrigation District COP, Series 2009 A, (Capital Improvements), 6.00%, 10/1/39(1)
|
3,000,000
|
3,120,270
|
||
|
Montebello Community Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Montebello Hills Redevelopment), 8.10%, 3/1/27(1)
|
2,000,000
|
2,161,800
|
||
|
Moorpark Mobile Home Park Rev., Series 2011 A, (Villa Delaware Arroyo), 6.50%, 5/15/41(1)
|
4,000,000
|
3,886,960
|
||
|
Moreno Valley Unified School District Special Tax Rev., (Community Facilities District No. 2002-1), 6.20%, 9/1/32
|
4,000,000
|
3,939,200
|
||
|
Murrieta Community Facilities District No. 2000-2 Special Tax Rev., Series 2004 A, (The Oaks Improvement Area), 6.00%, 9/1/34
|
1,920,000
|
1,721,050
|
||
|
Murrieta Improvement Bond Act of 1915 Special Tax Rev., (Community Facilities District No. 2000-1), 6.375%, 9/1/30
|
4,100,000
|
3,973,720
|
||
|
Oakland Unified School District Alameda County GO, Series 2009 A, (Election of 2006), 6.125%, 8/1/29(1)
|
2,500,000
|
2,585,675
|
||
|
Oceanside Community Development Commission Tax Allocation Rev., (Downtown Redevelopment), 5.70%, 9/1/25(1)
|
3,500,000
|
3,288,355
|
||
|
Oceanside Community Facilities District No. 2001-1 Special Tax Rev., Series 2002 A, (Morrow Hills Development), 6.20%, 9/1/32
|
2,460,000
|
2,218,649
|
||
|
Orange County Community Facilities District Special Tax Rev., (No. 06-1-Delaware Rio Public Improvements), 6.00%, 10/1/40
|
1,375,000
|
1,276,825
|
||
|
Oxnard School District GO, Series 2001 A, 5.75%, 8/1/30 (NATL)(1)
|
3,000,000
|
3,097,470
|
||
|
Palmdale Water District COP, 5.00%, 10/1/34 (NATL/FGIC)(1)
|
2,850,000
|
2,399,985
|
||
|
Palomar Pomerado Health Care District COP, 6.75%, 11/1/39
|
4,000,000
|
4,002,720
|
||
|
Palomar Pomerado Health Care District COP, 6.00%, 11/1/41
|
1,145,000
|
1,023,825
|
||
|
Palomar Pomerado Health Care District COP, (Indian Health Council, Inc.), 6.25%, 10/1/29(1)
|
2,345,000
|
2,314,562
|
||
|
Perris Public Financing Auth. Special Tax Rev., Series 2003 A, 6.25%, 9/1/33
|
2,955,000
|
2,858,253
|
||
|
Perris Public Financing Auth. Special Tax Rev., Series 2004 A, 6.125%, 9/1/34
|
2,995,000
|
2,833,510
|
||
|
Perris Public Financing Auth. Special Tax Rev., Series 2008 A, (Community Facilities District No. 2005-4), 6.60%, 9/1/38
|
2,210,000
|
2,003,741
|
||
|
Pleasant Valley School District/Ventura County GO, Series 2002 A, 5.85%, 8/1/31 (NATL)(1)
|
4,835,000
|
5,045,274
|
||
|
Poway Unified School District Public Financing Auth. Rev., 7.875%, 9/15/39
|
4,000,000
|
4,189,800
|
||
|
Rancho Cordova Community Facilities District No. 2003-1 Special Tax Rev., (Sunridge Anatolia), 5.375%, 9/1/37
|
3,000,000
|
2,411,580
|
||
|
Rancho Cordova Community Facilities District No. 2003-1 Special Tax Rev., (Sunridge Anatolia), 5.50%, 9/1/37
|
2,000,000
|
1,639,560
|
||
|
Rancho Cordova Community Facilities District No. 2004-1 Special Tax Rev., (Sunridge Park Area), 6.125%, 9/1/37
|
5,000,000
|
4,455,150
|
||
|
Riverside County COP, 5.75%, 11/1/31 (NATL)(1)
|
2,365,000
|
2,446,427
|
California High-Yield Municipal – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
Riverside County Improvement Bond Act of 1915 Special Assessment Rev., (District No. 168-Rivercrest), 6.70%, 9/2/26
|
$1,875,000
|
$ 1,876,237
|
||
|
Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.25%, 10/1/30(1)
|
2,200,000
|
2,219,096
|
||
|
Riverside Unified School District Special Tax Rev., (Community Facilities District No. 13, Improvement Area 1), 5.375%, 9/1/34
|
2,000,000
|
1,623,380
|
||
|
Riverside Unified School District Special Tax Rev., Series 2005 A, (Community Facilities District No. 15, Improvement Area 2), 5.25%, 9/1/30
|
1,000,000
|
859,800
|
||
|
Rohnert Park Finance Auth. Rev., Series 2001 A, (Las Casitas de Sonoma), 6.40%, 4/15/36
|
4,315,000
|
4,203,673
|
||
|
Romoland School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area 1), 5.40%, 9/1/36
|
4,000,000
|
3,337,440
|
||
|
Roseville Community Facilities District No. 1 Special Tax Rev., (The Fountains), 6.125%, 9/1/38
|
2,600,000
|
2,419,690
|
||
|
Roseville Finance Auth. Electric System Rev., 5.00%, 2/1/37(1)
|
2,035,000
|
2,007,344
|
||
|
Sacramento Airport System Rev., Series 2009 D, (Grant Revenue Bonds), 6.00%, 7/1/35(1)
|
4,000,000
|
4,178,960
|
||
|
Sacramento County COP, 5.75%, 2/1/30(1)
|
3,000,000
|
3,056,070
|
||
|
Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.25%, 7/1/24 (Ambac)(1)
|
4,000,000
|
4,400,680
|
||
|
Sacramento Special Tax Rev., (North Natomas Community Facilities District No. 1), 6.30%, 9/1/26
|
3,840,000
|
3,841,382
|
||
|
San Buenaventura City COP, (Wastewater Revenue), 5.00%, 3/1/29 (NATL)(1)
|
1,975,000
|
2,003,973
|
||
|
San Diego Redevelopment Agency Tax Allocation Rev., Series 2009 A, (North Park Redevelopment), 7.00%, 11/1/39(1)
|
3,000,000
|
3,100,740
|
||
|
San Francisco City and County Airports Commission Rev., Series 2008 34D, (San Francisco International Airport), 5.25%, 5/1/26(1)
|
3,000,000
|
3,138,690
|
||
|
San Francisco City and County Redevelopment Agency Lease Rev., (George R. Moscone), 7.05%, 7/1/13(1)(2)
|
1,250,000
|
1,206,187
|
||
|
San Francisco City and County Redevelopment Financing Auth. Tax Allocation Rev., Series 2009 D, (Mission Bay South Redevelopment), 6.625%, 8/1/39(1)
|
2,000,000
|
1,986,880
|
||
|
San Francisco City and County Redevelopment Financing Auth. Tax Allocation Rev., Series 2011 C, (Mission Bay South Redevelopment), 6.75%, 8/1/41(1)
|
1,000,000
|
1,037,890
|
||
|
San Francisco City and County Redevelopment Financing Auth. Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 7.00%, 8/1/41(1)
|
1,250,000
|
1,279,775
|
||
|
San Marcos Public Facilities Auth. Special Tax Rev., Series 2004 A, 5.45%, 9/1/24
|
2,790,000
|
2,664,562
|
||
|
Santa Barbara County Water COP, 5.50%, 9/1/22 (Ambac)(1)
|
3,005,000
|
3,146,175
|
||
|
Santa Cruz County Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Live Oak/Soquel Community Improvement), 7.00%, 9/1/36(1)
|
3,000,000
|
3,244,260
|
||
|
Shasta Lake Public Finance Auth. Rev., (Electrical Enterprise), 6.25%, 4/1/13, Prerefunded at 102% of Par(1)(3)
|
7,755,000
|
8,732,905
|
||
|
Soledad Improvement Bond Act of 1915 District No. 2002-01 Special Assessment Rev., (Diamond Ridge), 6.75%, 9/2/33
|
2,160,000
|
2,159,698
|
||
|
Southern California Public Power Auth. Rev., (Southern Transmission), 6.35%, 7/1/14 (NATL-IBC)(1)(2)
|
2,400,000
|
2,223,696
|
||
|
Southern California Public Power Auth. Rev., (Southern Transmission), 6.35%, 7/1/15 (NATL-IBC)(1)(2)
|
1,250,000
|
1,110,462
|
||
|
Southern California Public Power Auth. Rev., Series 2008 A, (Southern Transmission), 5.00%, 7/1/22(1)
|
5,750,000
|
6,275,493
|
||
|
Stockton Community Facilities District Special Tax Rev., (Spanos Park West No. 2001-1), 6.375%, 9/1/12, Prerefunded at 102% of Par(1)(3)
|
4,195,000
|
4,586,058
|
||
|
Sunnyvale Community Facilities District No. 1 Special Tax Rev., 7.75%, 8/1/32
|
6,500,000
|
6,392,880
|
||
|
Susanville Public Financing Auth. Rev., Series 2010 B, (Utility Enterprises), 6.00%, 6/1/45(1)
|
3,000,000
|
2,799,330
|
California High-Yield Municipal – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
Tahoe-Truckee Unified School District GO, Series 1999 A, (Improvement District No. 2), 6.19%, 8/1/22 (NATL/FGIC)(1)(2)
|
$2,690,000
|
$ 1,439,069
|
||
|
Tahoe-Truckee Unified School District GO, Series 1999 A, (Improvement District No. 2), 6.19%, 8/1/23 (NATL/FGIC)(1)(2)
|
2,220,000
|
1,098,767
|
||
|
Tracy Community Facilities District No. 2006-1 Special Tax Rev., (NEI Phase II), 5.75%, 9/1/36
|
3,105,000
|
2,577,864
|
||
|
Tri-Dam Power Auth. Rev., 4.00%, 5/1/16
|
2,165,000
|
2,227,460
|
||
|
Tri-Dam Power Auth. Rev., 4.00%, 11/1/16
|
2,165,000
|
2,224,516
|
||
|
Tuolumne Wind Project Auth. Rev., Series 2009 A, 5.875%, 1/1/29(1)
|
2,000,000
|
2,178,300
|
||
|
Turlock Health Facility COP, Series 2007 B, (Emanuel Medical Center, Inc.), 5.50%, 10/15/37(1)
|
2,000,000
|
1,626,760
|
||
|
Turlock Public Finance Auth. Tax Allocation Rev., 7.50%, 9/1/39(1)
|
2,770,000
|
2,847,144
|
||
|
Tustin Community Facilities District No. 06-1 Special Tax Rev., Series 2007 A, (Tustin Legacy/Columbus Villages), 6.00%, 9/1/36
|
5,000,000
|
4,633,050
|
||
|
Tustin Community Facilities District No. 07-1 Special Tax Rev., (Tustin Legacy/Retail Center), 6.00%, 9/1/37
|
1,300,000
|
1,200,121
|
||
|
Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 5.75%, 9/1/30(1)
|
1,000,000
|
978,270
|
||
|
Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.00%, 9/1/40(1)
|
1,500,000
|
1,449,750
|
||
|
Tustin Unified School District Special Tax Rev., (Community Facilities District No. 07-1), VRDN, 0.13%, 6/1/11 (LOC: Bank of America N.A.)(1)
|
4,400,000
|
4,400,000
|
||
|
Twin Rivers Unified School District COP, (Facility Bridge Program), VRDN, 3.50%, 5/31/13 (AGM)(1)
|
4,000,000
|
4,001,600
|
||
|
Val Verde Unified School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area A), 5.40%, 9/1/30
|
2,500,000
|
2,118,075
|
||
|
Val Verde Unified School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area A), 5.45%, 9/1/36
|
2,600,000
|
2,087,930
|
||
|
Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/33(1)
|
1,600,000
|
1,688,464
|
||
|
Vernon Electric System Rev., Series 2009 A, 5.125%, 8/1/21(1)
|
5,000,000
|
5,141,400
|
||
|
West Sacramento Community Facilities District No. 20 Special Tax Rev., 5.30%, 9/1/35
|
1,740,000
|
1,430,750
|
||
|
Yosemite Community College District GO, (Election of 2004), 4.33%, 8/1/16 (AGM)(1)(2)
|
3,545,000
|
2,964,542
|
||
|
Yuba City Redevelopment Agency Tax Allocation Rev., 5.70%, 9/1/24
|
2,270,000
|
2,062,409
|
||
|
Yuba City Unified School District GO, 6.05%, 3/1/25 (NATL/FGIC)(1)(2)
|
1,500,000
|
597,075
|
||
|
471,394,455
|
||||
|
GUAM — 0.7%
|
||||
|
Guam Government GO, Series 2009 A, 7.00%, 11/15/39(1)
|
3,300,000
|
3,406,326
|
||
|
PUERTO RICO — 2.2%
|
||||
|
Puerto Rico GO, Series 2006 A, (Public Improvement), 5.25%, 7/1/30(1)
|
1,145,000
|
1,097,025
|
||
|
Puerto Rico GO, Series 2008 A, 6.00%, 7/1/38(1)
|
2,500,000
|
2,522,775
|
||
|
Puerto Rico GO, Series 2009 B, (Public Improvement), 6.00%, 7/1/39(1)
|
2,000,000
|
2,020,260
|
||
|
Puerto Rico Sales Tax Financing Corp. Rev., Series 2007 A, VRN, 1.11%, 8/1/11 resets quarterly at 67% of the 3-month LIBOR plus 0.93% with no caps(1)
|
10,000,000
|
5,461,200
|
||
|
11,101,260
|
||||
|
U.S. VIRGIN ISLANDS — 0.7%
|
||||
|
Virgin Islands Public Finance Auth. Rev., Series 2009 A, (Diageo Matching Fund Bonds), 6.75%, 10/1/37
|
2,000,000
|
2,096,220
|
||
California High-Yield Municipal – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
Virgin Islands Public Finance Auth. Rev., Series 2010 B, (Subordinated Lien), 5.25%, 10/1/29(1)
|
$1,500,000
|
$ 1,420,455
|
|
3,516,675
|
||||
|
TOTAL INVESTMENT SECURITIES — 98.8%
|
||||
|
(Cost $500,265,050)
|
489,418,716
|
|||
|
OTHER ASSETS AND LIABILITIES — 1.2%
|
5,841,356
|
|||
|
TOTAL NET ASSETS — 100.0%
|
$495,260,072
|
|||
|
FUTURES CONTRACTS
|
||||
|
Contracts Purchased
|
Expiration
Date
|
Underlying Face
Amount at Value
|
Unrealized Gain (Loss)
|
|
|
177
|
U.S. Long Bond
|
September 2011
|
$22,097,344
|
$212,555
|
|
Contracts Sold
|
Expiration
Date
|
Underlying Face
Amount at Value
|
Unrealized Gain (Loss)
|
|
|
543
|
U.S. Treasury 2-Year Notes
|
September 2011
|
$119,018,813
|
$(221,816)
|
|
Notes to Schedule of Investments
|
|||
|
ABAG
|
-
|
Association of Bay Area Governments
|
|
|
AGM
|
-
|
Assured Guaranty Municipal Corporation
|
|
|
Ambac
|
-
|
Ambac Assurance Corporation
|
|
|
Ambac-TCRS
|
-
|
Ambac Assurance Corporation - Transferrable Custodial Receipts
|
|
|
COP
|
-
|
Certificates of Participation
|
|
|
FGIC
|
-
|
Financial Guaranty Insurance Company
|
|
|
GO
|
-
|
General Obligation
|
|
|
LIBOR
|
-
|
London Interbank Offered Rate
|
|
|
LOC
|
-
|
Letter of Credit
|
|
|
NATL
|
-
|
National Public Finance Guarantee Corporation
|
|
|
NATL-IBC
|
-
|
National Public Finance Guarantee Corporation - Insured Bond Certificates
|
|
|
resets
|
-
|
The frequency with which a security’s coupon changes, based on current market conditions or an underlying index. The more frequently a security resets, the less risk the investor is taking that the coupon will vary significantly from current market rates.
|
|
|
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, or a portion thereof, has been segregated for futures contracts. At the period end, the aggregate value of securities pledged was $141,117,000.
|
|
(2)
|
Security is a zero-coupon municipal bond. The rate indicated is the yield to maturity at purchase. Zero-coupon securities are issued at a substantial discount from their value at maturity.
|
|
(3)
|
Escrowed to maturity in U.S. government securities or state and local government securities.
|
|
(4)
|
Security was purchased under Rule 144A of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $3,176,312 which represented 0.6% of total net assets.
|
California High-Yield Municipal – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
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 as of 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.
Debt securities maturing in greater than 60 days at the time of purchase are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium or at the evaluated mean as provided by an independent pricing service. Evaluated mean prices are commonly derived through utilization of market models, which may consider, among other factors, trade data, quotations from dealers and active market makers, relevant yield curve and spread data, related sector levels, creditworthiness, and other relevant market information on the same or comparable securities.
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 a portfolio security is not readily available or the valuation methods mentioned above do not reflect a security’s fair value, such security is valued as determined in good faith by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees. Circumstances that may cause the fund to use these procedures to value a security include, but are not limited to: a security has been declared in default; trading in a security has been halted during the trading day; there is a foreign market holiday and no trading occurred; or an event occurred between the close of a foreign exchange and the NYSE that may affect the value of a security.
|
||||
|
2. Fair Value Measurements
|
||||
|
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
|
||||
|
• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical securities;
• Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for similar securities,
evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
• 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.
|
||||
|
As of period end, the fund’s investment securities and unrealized gain (loss) on futures contracts were classified as Level 2 and Level 1, respectively. The Schedule of Investments provides additional details on the fund’s portfolio holdings.
|
||||
|
3. Federal Tax Information
|
||||
|
As of May 31, 2011, the components of investments for federal income tax purposes were as follows:
|
||||
|
Federal tax cost of investments
|
$500,265,050
|
|||
|
Gross tax appreciation of investments
|
$13,341,912
|
|||
|
Gross tax depreciation of investments
|
(24,188,246)
|
|||
|
Net tax appreciation (depreciation) of investments
|
$(10,846,334)
|
|||
|
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, 2011
California Intermediate-Term Tax-Free Bond – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
| MUNICIPAL SECURITIES — 99.7% | ||||
|
CALIFORNIA — 95.8%
|
||||
|
ABAG Finance Auth. for Nonprofit Corps. Multifamily Housing Rev., Series 2002 A, (The Arbors Apartments), VRDN, 0.24%, 6/1/11 (FNMA) (LIQ FAC: FNMA)(1)
|
$ 2,000,000
|
$ 2,000,000
|
||
|
ABAG Finance Auth. for Nonprofit Corps. Rev., Series 2011 A, (Sharp HealthCare), 6.00%, 8/1/30(1)
|
2,770,000
|
2,841,798
|
||
|
Anaheim Public Financing Auth. Rev., Series 2011 A, (Electric System Distribution Facilities), 5.375%, 10/1/36(1)
|
700,000
|
723,716
|
||
|
Bay Area Toll Auth. Toll Bridge Rev., Series 2007 F, 5.00%, 4/1/22(1)
|
2,000,000
|
2,185,420
|
||
|
Bay Area Toll Auth. Toll Bridge Rev., Series 2008 F1, (San Francisco Bay Area), 5.00%, 4/1/34(1)
|
5,000,000
|
5,064,600
|
||
|
Bay Area Toll Auth. Toll Bridge Rev., Series 2009 F1, (San Francisco Bay Area), 5.25%, 4/1/27(1)
|
5,000,000
|
5,414,750
|
||
|
California Department of Water Resources Power Supply Rev., Series 2005 F5, 5.00%, 5/1/22(1)
|
1,800,000
|
2,012,472
|
||
|
California Department of Water Resources Power Supply Rev., Series 2005 G4, 5.00%, 5/1/16(1)
|
2,450,000
|
2,864,957
|
||
|
California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/21(1)
|
5,000,000
|
5,627,650
|
||
|
California Department of Water Resources Power Supply Rev., Series 2009 AF, (Central Valley), 5.00%, 12/1/22(1)
|
2,000,000
|
2,279,980
|
||
|
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/16(1)
|
5,000,000
|
5,846,850
|
||
|
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/17(1)
|
10,875,000
|
12,810,315
|
||
|
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/19(1)
|
7,000,000
|
8,260,210
|
||
|
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/21(1)
|
3,850,000
|
4,455,605
|
||
|
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/22(1)
|
20,000,000
|
22,955,200
|
||
|
California Department of Water Resources Power Supply Rev., Series 2010 M, 5.00%, 5/1/16(1)
|
2,000,000
|
2,338,740
|
||
|
California Department of Water Resources Rev., (Central Valley), 5.50%, 12/1/11, Prerefunded at 100% of Par(1)(2)
|
15,000
|
15,399
|
||
|
California Department of Water Resources Rev., (Central Valley), 5.50%, 12/1/17(1)
|
1,235,000
|
1,262,775
|
||
|
California Department of Water Resources Rev., Series 2009 AF, (Central Valley), 5.00%, 12/1/24(1)
|
2,000,000
|
2,229,620
|
||
|
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/13(1)
|
2,905,000
|
3,162,354
|
||
|
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/13 (NATL)(1)
|
1,645,000
|
1,790,731
|
||
|
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14(1)(2)
|
1,130,000
|
1,288,607
|
||
|
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14(1)
|
3,870,000
|
4,348,642
|
||
|
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14 (NATL/FGIC)(1)
|
8,460,000
|
9,506,333
|
||
|
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/18(1)
|
7,000,000
|
8,169,000
|
||
|
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/22(1)
|
2,000,000
|
2,151,560
|
||
|
California Educational Facilities Auth. Rev., (Golden Gate University), 5.50%, 10/1/18(1)
|
5,040,000
|
5,040,151
|
||
|
California Educational Facilities Auth. Rev., (San Francisco University), 5.00%, 10/1/16
|
1,200,000
|
1,326,900
|
||
|
California Educational Facilities Auth. Rev., (San Francisco University), 5.00%, 10/1/21
|
750,000
|
790,185
|
||
California Intermediate-Term Tax-Free Bond – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
California Educational Facilities Auth. Rev., (Santa Clara University), 5.00%, 4/1/18
|
$ 500,000
|
$ 577,480
|
||
|
California Educational Facilities Auth. Rev., (Santa Clara University), 5.00%, 4/1/19
|
700,000
|
790,552
|
||
|
California Educational Facilities Auth. Rev., (Santa Clara University), 5.25%, 4/1/23
|
2,000,000
|
2,180,900
|
||
|
California Educational Facilities Auth. Rev., (Scripps College), 5.25%, 8/1/11, Prerefunded at 100% of Par(1)(2)
|
950,000
|
958,047
|
||
|
California Educational Facilities Auth. Rev., (University of the Pacific), 5.00%, 11/1/36
|
1,045,000
|
986,835
|
||
|
California Educational Facilities Auth. Rev., Series 2004 C, (Lutheran University), 5.00%, 10/1/24(1)
|
2,500,000
|
2,414,850
|
||
|
California Educational Facilities Auth. Rev., Series 2008 C, (Chapman University), VRDN, 0.15%, 6/1/11 (LOC: Bank of America N.A.)
|
2,390,000
|
2,390,000
|
||
|
California Educational Facilities Auth. Rev., Series 2008 T4, (Stanford University), 5.00%, 3/15/14(1)
|
5,000,000
|
5,592,550
|
||
|
California Educational Facilities Auth. Rev., Series 2009 A, (Pomona College), 5.00%, 1/1/24(1)
|
2,100,000
|
2,345,931
|
||
|
California Educational Facilities Auth. Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39(1)
|
2,952,000
|
3,034,804
|
||
|
California Educational Facilities Auth. Rev., Series 2010 A, (Loyola Marymount University), 5.00%, 10/1/30
|
1,365,000
|
1,362,393
|
||
|
California Educational Facilities Auth. Rev., Series 2010 B, (Loyola Marymount University), VRN, 0.98%, 6/2/11
|
4,265,000
|
4,280,397
|
||
|
California GO, 5.00%, 2/1/14, Prerefunded at 100% of Par(1)(2)
|
4,000,000
|
4,470,520
|
||
|
California GO, 5.125%, 2/1/14, Prerefunded at 100% of Par(1)(2)
|
5,000,000
|
5,604,700
|
||
|
California GO, 5.00%, 10/1/16(1)
|
2,820,000
|
3,254,365
|
||
|
California GO, 5.00%, 11/1/16 (Ambac)(1)
|
1,575,000
|
1,819,975
|
||
|
California GO, 5.00%, 8/1/18(1)
|
2,260,000
|
2,538,794
|
||
|
California GO, 5.25%, 2/1/20(1)
|
5,000,000
|
5,324,300
|
||
|
California GO, 5.00%, 3/1/20(1)
|
1,690,000
|
1,869,495
|
||
|
California GO, 5.00%, 8/1/20(1)
|
5,000,000
|
5,439,850
|
||
|
California GO, 5.25%, 10/1/20(1)
|
5,000,000
|
5,703,100
|
||
|
California GO, 5.00%, 3/1/22(1)
|
5,000,000
|
5,308,250
|
||
|
California GO, 5.50%, 4/1/24(1)
|
4,000,000
|
4,332,720
|
||
|
California GO, 5.00%, 8/1/24(1)
|
1,260,000
|
1,307,263
|
||
|
California GO, 5.75%, 4/1/28(1)
|
5,000,000
|
5,359,000
|
||
|
California GO, 5.75%, 4/1/31(1)
|
7,710,000
|
8,273,986
|
||
|
California GO, 6.50%, 4/1/33(1)
|
5,000,000
|
5,588,900
|
||
|
California GO, 6.00%, 4/1/38(1)
|
3,000,000
|
3,201,240
|
||
|
California Health Facilities Financing Auth. Rev., (NCROC Paradise Valley Estates), 5.70%, 12/1/24 (Ambac/California Mortgage Insurance)(1)
|
1,985,000
|
2,093,083
|
||
|
California Health Facilities Financing Auth. Rev., Series 2008 A, (Scripps Health), 5.00%, 10/1/17(1)
|
1,400,000
|
1,574,104
|
||
|
California Health Facilities Financing Auth. Rev., Series 2008 A, (Sutter Health), 5.50%, 8/15/17(1)
|
1,000,000
|
1,150,320
|
||
|
California Health Facilities Financing Auth. Rev., Series 2008 A, (Sutter Health), 5.25%, 8/15/22(1)
|
3,335,000
|
3,557,611
|
||
|
California Health Facilities Financing Auth. Rev., Series 2008 A, (Sutter Health), 5.00%, 8/15/38(1)
|
2,520,000
|
2,339,719
|
||
|
California Health Facilities Financing Auth. Rev., Series 2008 A3, (Stanford Hospital), VRDN, 3.45%, 6/15/11(1)
|
1,000,000
|
1,001,190
|
||
|
California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 5.00%, 10/1/14(1)
|
500,000
|
557,200
|
California Intermediate-Term Tax-Free Bond – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/18, Prerefunded at 100% of Par(2)
|
$ 40,000
|
$ 52,020
|
||
|
California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 6.25%, 10/1/24(1)
|
3,250,000
|
3,739,547
|
||
|
California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/38(1)
|
2,085,000
|
2,273,526
|
||
|
California Health Facilities Financing Auth. Rev., Series 2008 H, (Catholic Healthcare West), 5.125%, 7/1/22(1)
|
1,000,000
|
1,034,000
|
||
|
California Health Facilities Financing Auth. Rev., Series 2009 A, (Catholic Healthcare West), 5.00%, 7/1/18(1)
|
4,980,000
|
5,433,479
|
||
|
California Health Facilities Financing Auth. Rev., Series 2009 A, (Catholic Healthcare West), 5.40%, 7/1/21(1)
|
2,500,000
|
2,707,300
|
||
|
California Health Facilities Financing Auth. Rev., Series 2009 A, (Children's Hospital of Orange County), 6.25%, 11/1/29(1)
|
5,000,000
|
5,232,550
|
||
|
California Health Facilities Financing Auth. Rev., Series 2009 A, (St. Joseph Health System), 5.50%, 7/1/29(1)
|
3,750,000
|
3,818,325
|
||
|
California Health Facilities Financing Auth. Rev., Series 2009 A, (St. Joseph Health System), 5.75%, 7/1/39(1)
|
3,000,000
|
3,044,340
|
||
|
California Health Facilities Financing Auth. Rev., Series 2010 A, (Stanford Hospital), 5.00%, 11/15/25(1)
|
3,000,000
|
3,051,030
|
||
|
California Health Facilities Financing Auth. Rev., Series 2011 B, (Sutter Health), 6.00%, 8/15/42(1)
|
1,000,000
|
1,048,890
|
||
|
California Infrastructure & Economic Development Bank Rev., (Contemporary Jewish Museum), VRDN, 0.14%, 6/6/11 (LOC: Bank of America N.A.)
|
1,500,000
|
1,500,000
|
||
|
California Infrastructure & Economic Development Bank Rev., Series 2000 A, (Scripps Research Institute), 5.625%, 7/1/20(1)
|
1,000,000
|
1,003,090
|
||
|
California Infrastructure & Economic Development Bank Rev., Series 2003 A, (Bay Area Toll Bridges Seismic Retrofit 1st Lien), 5.125%, 7/1/26, Prerefunded at 100% of Par (Ambac)(1)(2)
|
5,000,000
|
6,114,050
|
||
|
California Infrastructure & Economic Development Bank Rev., Series 2006 A, (California Science Center Phase II), 4.25%, 5/1/13 (NATL/FGIC)(1)
|
1,075,000
|
1,100,628
|
||
|
California Infrastructure & Economic Development Bank Rev., Series 2008 A, (California Independent System Operator Corp.), 5.00%, 2/1/13(1)
|
2,500,000
|
2,668,800
|
||
|
California Infrastructure & Economic Development Bank Rev., Series 2009 C, VRDN, 0.15%, 6/6/11 (LOC: Sumitomo Mitsui Banking)(1)
|
1,100,000
|
1,100,000
|
||
|
California Infrastructure & Economic Development Bank Rev., Series 2010 A, (University of California, San Francisco Neuroscience Building), 5.00%, 5/15/22(1)
|
3,735,000
|
4,119,892
|
||
|
California Mobilehome Park Financing Auth. Rev., Series 2006 A, (Union City Tropics), 3.80%, 12/15/11(1)
|
280,000
|
280,482
|
||
|
California Municipal Finance Auth. Rev., (Community Hospitals Central), 5.00%, 2/1/17(1)
|
2,000,000
|
2,055,440
|
||
|
California Municipal Finance Auth. Rev., (Loma Linda University), 5.00%, 4/1/23(1)
|
1,145,000
|
1,176,968
|
||
|
California Municipal Finance Auth. Rev., (Loma Linda University), 5.00%, 4/1/28(1)
|
2,000,000
|
1,968,560
|
||
|
California Municipal Finance Auth. Rev., Series 2010 A, (Eisenhower Medical Center), 5.00%, 7/1/19
|
605,000
|
624,045
|
||
|
California Municipal Finance Auth. Rev., Series 2010 A, (Eisenhower Medical Center), 5.25%, 7/1/21
|
1,760,000
|
1,802,064
|
||
|
California Municipal Finance Auth. Rev., Series 2010 A, (University of Louisiana Verne), 5.00%, 6/1/17
|
2,290,000
|
2,386,272
|
||
|
California Public Works Board Lease Rev., Series 2005 A, (Department General Services - Butterfield), 5.00%, 6/1/15(1)
|
1,450,000
|
1,581,573
|
||
|
California Public Works Board Lease Rev., Series 2006 F, (Department of Corrections & Rehabilitation), 5.00%, 11/1/13 (NATL/FGIC)(1)
|
2,590,000
|
2,784,146
|
California Intermediate-Term Tax-Free Bond – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
California Public Works Board Lease Rev., Series 2006 F, (Department of Corrections & Rehabilitation), 5.25%, 11/1/19 (NATL/FGIC)(1)
|
$ 1,210,000
|
$ 1,318,767
|
||
|
California Public Works Board Lease Rev., Series 2009 A, (Department General Services - Buildings 8 & 9), 6.25%, 4/1/34(1)
|
2,435,000
|
2,545,792
|
||
|
California Public Works Board Lease Rev., Series 2009 B, (Department of Education - Riverside Campus), 6.00%, 4/1/27(1)
|
2,130,000
|
2,248,833
|
||
|
California Public Works Board Lease Rev., Series 2009 G1, 5.00%, 10/1/16(1)
|
2,500,000
|
2,753,050
|
||
|
California Public Works Board Lease Rev., Series 2009 I1, (Various Capital Projects), 5.00%, 11/1/13(1)
|
2,000,000
|
2,149,920
|
||
|
California State University Fresno Association, Inc. Rev., (Auxiliary Organization Event Center), 5.00%, 7/1/12(1)(2)
|
1,000,000
|
1,048,500
|
||
|
California State University Fresno Association, Inc. Rev., (Auxiliary Organization Event Center), 6.00%, 7/1/12, Prerefunded at 101% of Par(1)(2)
|
1,500,000
|
1,600,275
|
||
|
California State University System Rev., Series 2002 A, 5.375%, 11/1/18 (Ambac)(1)
|
1,250,000
|
1,319,162
|
||
|
California Statewide Communities Development Auth. Rev., (Cottage Health Obligation Group), 5.00%, 11/1/16(1)
|
750,000
|
828,923
|
||
|
California Statewide Communities Development Auth. Rev., (Cottage Health Obligation Group), 5.00%, 11/1/17(1)
|
815,000
|
899,964
|
||
|
California Statewide Communities Development Auth. Rev., (Cottage Health Obligation Group), 5.00%, 11/1/18(1)
|
515,000
|
563,477
|
||
|
California Statewide Communities Development Auth. Rev., (John Muir Health), 5.00%, 7/1/20(1)
|
2,225,000
|
2,363,885
|
||
|
California Statewide Communities Development Auth. Rev., (Proposition 1A Receivables), 5.00%, 6/15/13(1)
|
20,070,000
|
21,499,586
|
||
|
California Statewide Communities Development Auth. Rev., (St. Joseph Remarketing 3/27/08), 5.125%, 7/1/24 (NATL)(1)
|
2,000,000
|
2,027,180
|
||
|
California Statewide Communities Development Auth. Rev., Series 2002 B, (Pooled Financing Program), 5.20%, 10/1/18 (AGM)(1)
|
1,695,000
|
1,769,377
|
||
|
California Statewide Communities Development Auth. Rev., Series 2004 D, (Sutter Health), 5.05%, 8/15/38 (AGM)(1)
|
1,250,000
|
1,168,488
|
||
|
California Statewide Communities Development Auth. Rev., Series 2005 A, (Daughters of Charity Health), 5.25%, 7/1/24(1)
|
4,000,000
|
3,606,120
|
||
|
California Statewide Communities Development Auth. Rev., Series 2007 A, (California Baptist University), 5.30%, 11/1/18
|
2,120,000
|
2,101,980
|
||
|
California Statewide Communities Development Auth. Rev., Series 2007 A, (California Baptist University), 5.40%, 11/1/27
|
2,400,000
|
2,146,968
|
||
|
California Statewide Communities Development Auth. Rev., Series 2007 A, (Front Porch Communities and Services), 5.125%, 4/1/37(1)(3)
|
2,600,000
|
2,097,238
|
||
|
California Statewide Communities Development Auth. Rev., Series 2007 A, (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/1/20 (California Mortgage Insurance)(1)
|
1,000,000
|
1,045,270
|
||
|
California Statewide Communities Development Auth. Rev., Series 2007 A, (Valleycare Health System), 4.80%, 7/15/17
|
4,100,000
|
4,134,399
|
||
|
California Statewide Communities Development Auth. Rev., Series 2007 A, (Valleycare Health System), 5.00%, 7/15/22
|
1,460,000
|
1,353,843
|
||
|
California Statewide Communities Development Auth. Rev., Series 2007 B, (Adventist Health System West), 5.00%, 3/1/37 (AGC)(1)
|
2,500,000
|
2,330,350
|
||
|
California Statewide Communities Development Auth. Rev., Series 2008 D, (Catholic Healthcare West), 5.50%, 7/1/31(1)
|
1,000,000
|
1,004,050
|
||
|
California Statewide Communities Development Auth. Rev., Series 2009 A, (Kaiser Permanente), 5.00%, 4/1/13(1)
|
6,500,000
|
6,949,540
|
||
|
Calleguas-Las Virgines Public Financing Auth. Rev., Series 2007 A, (Municipal Water District), 5.00%, 7/1/20 (NATL/FGIC)(1)
|
1,000,000
|
1,099,060
|
||
|
Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 87-1), 5.00%, 9/1/18 (Ambac)(1)
|
3,115,000
|
3,307,663
|
California Intermediate-Term Tax-Free Bond – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
Carson Redevelopment Agency Tax Allocation Rev., (Redevelopment Project Area No. 1), 5.50%, 10/1/11 (NATL)(1)
|
$ 1,130,000
|
$ 1,142,475
|
||
|
Chaffey Community College District GO, Series 2002 A, 4.25%, 7/1/11 (AGM)(1)
|
1,070,000
|
1,073,477
|
||
|
Coast Community College District GO, Series 2006 B, (Election of 2002), 5.00%, 8/1/17 (AGM)(1)
|
2,065,000
|
2,352,035
|
||
|
Eastern Municipal Water District Water & Sewer COP, Series 2001 A, 5.25%, 7/1/13 (NATL/FGIC)(1)
|
2,300,000
|
2,308,464
|
||
|
Eastern Municipal Water District Water & Sewer COP, Series 2008 H, 5.00%, 7/1/24(1)
|
1,000,000
|
1,063,660
|
||
|
El Segundo Unified School District GO, 5.375%, 9/1/12, Prerefunded at 100% of Par (FGIC)(1)(2)
|
1,020,000
|
1,084,770
|
||
|
El Segundo Unified School District GO, 5.375%, 9/1/12, Prerefunded at 100% of Par (FGIC)(1)(2)
|
1,095,000
|
1,164,532
|
||
|
Folsom Cordova Unified School District No. 2 Facilities Improvement GO, Series 2002 A, 5.375%, 10/1/15 (NATL)(1)
|
1,000,000
|
1,025,520
|
||
|
Folsom Cordova Unified School District No. 2 Facilities Improvement GO, Series 2002 A, 5.375%, 10/1/16 (NATL)(1)
|
1,225,000
|
1,256,262
|
||
|
Folsom Public Financing Auth. Lease Rev., (City Hall & Community Center), 5.25%, 10/1/14 (AGM)(1)
|
1,225,000
|
1,266,650
|
||
|
Folsom Public Financing Auth. Lease Rev., (City Hall & Community Center), 5.25%, 10/1/15 (AGM)(1)
|
1,290,000
|
1,333,860
|
||
|
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 1995 A, (Senior Lien), 5.26%, 1/1/26(1)(2)(4)
|
10,000,000
|
5,693,400
|
||
|
Franklin-McKinley School District GO, Series 2005 A, (Election of 2004), 5.00%, 8/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
|
1,150,000
|
1,335,622
|
||
|
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2003 A1, 6.75%, 6/1/13, Prerefunded at 100% of Par(1)(2)
|
4,440,000
|
4,979,016
|
||
|
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2005 A, 5.00%, 6/1/13 (Ambac)(1)
|
2,200,000
|
2,302,212
|
||
|
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.00%, 6/1/33(1)
|
3,090,000
|
2,087,604
|
||
|
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.75%, 6/1/47(1)
|
3,000,000
|
2,068,200
|
||
|
Hercules Redevelopment Agency Tax Allocation Rev., Series 2007 A, 5.00%, 8/1/12 (Ambac)(1)
|
355,000
|
340,264
|
||
|
Hercules Redevelopment Agency Tax Allocation Rev., Series 2007 A, 5.00%, 8/1/13 (Ambac)(1)
|
1,160,000
|
1,100,852
|
||
|
Hillsborough School District GO, (Bond Anticipation Notes), 3.60%, 9/1/11, Prerefunded at 93.11% of Par(2)(4)
|
2,700,000
|
2,511,108
|
||
|
Huntington Beach Union High School District GO, (Election of 2004), 4.98%, 8/1/30 (AGM-CR/NATL)(1)(4)
|
10,320,000
|
3,141,305
|
||
|
Inglewood Redevelopment Agency Tax Allocation Rev., Series 2007 A1, (Subordinate Lien), 5.00%, 5/1/23 (Ambac)(1)
|
295,000
|
269,185
|
||
|
Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 97-16), VRDN, 0.13%, 6/1/11 (LOC: State Street Bank & Trust Co.)(1)
|
1,000,000
|
1,000,000
|
||
|
Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 97-17), VRDN, 0.13%, 6/1/11 (LOC: State Street Bank & Trust Co. and California State Teacher's Retirement)(1)
|
1,300,000
|
1,300,000
|
||
|
Irvine Improvement Bond Act of 1915 Special Assessment Rev., Series 2004 A, (Assessment District No. 03-19), VRDN, 0.13%, 6/1/11 (LOC: U.S. Bank N.A. and California State Teacher's Retirement)(1)
|
5,000,000
|
5,000,000
|
||
|
Irvine Unified School District Financing Auth. Special Tax Rev., Series 2006 A, (Group II), 4.50%, 9/1/13
|
785,000
|
812,334
|
California Intermediate-Term Tax-Free Bond – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
Irvine Unified School District Financing Auth. Special Tax Rev., Series 2006 A, (Group II), 4.75%, 9/1/16
|
$ 600,000
|
$ 619,446
|
||
|
Irvine Unified School District Financing Auth. Special Tax Rev., Series 2006 A, (Group II), 5.00%, 9/1/20
|
745,000
|
751,444
|
||
|
Lancaster Financing Auth. Tax Allocation Rev., (Projects No. 5 & 6), 4.30%, 2/1/13(1)
|
125,000
|
125,456
|
||
|
Long Beach Bond Finance Auth. Lease Rev., (Plaza Parking Facility), 5.25%, 11/1/16(1)
|
2,030,000
|
2,053,609
|
||
|
Los Altos Elementary School District GO, 5.00%, 8/1/19 (Ambac)(1)
|
2,500,000
|
2,761,125
|
||
|
Los Angeles Community Redevelopment Agency Parking System Rev., (Cinerama Dome Public Parking), 5.30%, 7/1/13 (ACA) (LOC: Wells Fargo Bank N.A.)(1)
|
1,030,000
|
969,014
|
||
|
Los Angeles County Community Development Commission COP, (Willowbrook Project), VRDN, 0.22%, 6/1/11 (LOC: Wells Fargo Bank N.A.)(1)
|
1,800,000
|
1,800,000
|
||
|
Los Angeles County Metropolitan Transportation Auth. Sales Tax Rev., Series 2001 B, (Proposal A), 5.25%, 7/1/13 (AGM)(1)
|
3,000,000
|
3,041,700
|
||
|
Los Angeles County Metropolitan Transportation Auth. Sales Tax Rev., Series 2001 B, (Proposal A), 5.25%, 7/1/16 (AGM)(1)
|
6,680,000
|
6,771,382
|
||
|
Los Angeles County Metropolitan Transportation Auth. Sales Tax Rev., Series 2008 B, (Proposal A), 5.00%, 7/1/31(1)
|
1,000,000
|
1,055,750
|
||
|
Los Angeles County Metropolitan Transportation Auth. Sales Tax Rev., Series 2010 A, (General Union Station), 5.00%, 7/1/20(1)
|
3,000,000
|
3,479,070
|
||
|
Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.00%, 5/15/18(1)
|
750,000
|
836,003
|
||
|
Los Angeles Department of Water & Power Rev., Series 2008 A1, (Power System), 5.25%, 7/1/38(1)
|
5,000,000
|
5,171,450
|
||
|
Los Angeles Department of Water & Power Rev., Series 2008 A2, (Power System), 5.25%, 7/1/32(1)
|
3,735,000
|
3,897,398
|
||
|
Los Angeles Department of Water & Power Waterworks Rev., Series 2009 B, 5.00%, 7/1/20(1)
|
10,000,000
|
11,577,400
|
||
|
Los Angeles Unified School District GO, 5.50%, 7/1/12 (NATL)(1)
|
3,500,000
|
3,689,420
|
||
|
Los Angeles Unified School District GO, Series 2002 E, (Election of 1997), 5.00%, 7/1/11 (NATL)(1)
|
5,000,000
|
5,019,400
|
||
|
Los Angeles Unified School District GO, Series 2003 F, (Election of 1997), 5.00%, 7/1/16 (AGM)(1)
|
2,500,000
|
2,682,250
|
||
|
Los Angeles Unified School District GO, Series 2009 I, (Election of 2004), 5.00%, 7/1/29(1)
|
4,000,000
|
4,110,920
|
||
|
Los Angeles Wastewater System Rev., Series 2009 A, 5.75%, 6/1/34(1)
|
2,975,000
|
3,244,862
|
||
|
Lynwood Public Financing Auth. Lease Rev., Series 2003 A, (Public Capital Improvement), 4.125%, 9/1/12 (Ambac)(1)
|
575,000
|
598,609
|
||
|
Manhattan Beach Unified School District GO, Series 2009 A, (Election of 2008), 6.29%, 9/1/28(1)(4)
|
5,620,000
|
2,103,116
|
||
|
Metropolitan Water District of Southern California Rev., Series 2011 A2, VRDN, 0.00%, 6/2/11(4)(5)
|
3,500,000
|
3,500,000
|
||
|
Metropolitan Water District of Southern California Rev., Series 2011 A4, VRDN, 0.00%, 6/2/11(4)(5)
|
3,460,000
|
3,460,000
|
||
|
Mount San Antonio Community College District GO, Series 2005 A, (Capital Appreciation - Election of 2001), 4.14%, 8/1/16 (NATL)(1)(4)
|
5,000,000
|
4,299,900
|
||
|
Mountain View COP, (Capital Projects), 5.25%, 8/1/18(1)
|
1,485,000
|
1,589,440
|
||
|
M-S-R Public Power Agency Rev., Series 2007 K, (San Juan), 5.00%, 7/1/12 (NATL)(1)
|
4,065,000
|
4,250,811
|
||
|
M-S-R Public Power Agency Rev., Series 2007 K, (San Juan), 5.00%, 7/1/13 (NATL)(1)
|
2,305,000
|
2,481,978
|
||
|
M-S-R Public Power Agency Rev., Series 2007 K, (San Juan), 5.00%, 7/1/14 (NATL)(1)
|
1,000,000
|
1,100,930
|
California Intermediate-Term Tax-Free Bond – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
Murrieta Valley Unified School District Public Financing Auth. Special Tax Rev., Series 2006 A, 4.00%, 9/1/13 (AGC)(1)
|
$ 1,690,000
|
$ 1,786,651
|
||
|
Murrieta Valley Unified School District Public Financing Auth. Special Tax Rev., Series 2006 A, 4.00%, 9/1/14 (AGC)(1)
|
1,085,000
|
1,161,492
|
||
|
Newport Beach Rev., Series 2011 A, (Hoag Memorial Hospital Presbyterian), 6.00%, 12/1/40(1)
|
1,000,000
|
1,056,640
|
||
|
Northern California Power Agency Rev., Series 2010 A, 4.00%, 7/1/14(1)
|
1,500,000
|
1,592,955
|
||
|
Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/19(1)
|
2,000,000
|
2,225,820
|
||
|
Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/20(1)
|
1,515,000
|
1,671,515
|
||
|
Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/21(1)
|
2,050,000
|
2,232,778
|
||
|
Northern California Power Agency Rev., Series 2010 A, 5.25%, 8/1/22(1)
|
4,250,000
|
4,633,350
|
||
|
Oakland Unified School District Alameda County GO, (Election of 2000), 5.00%, 8/1/15 (NATL)(1)
|
1,000,000
|
1,071,100
|
||
|
Oceanside COP, Series 2003 A, 5.00%, 4/1/12 (Ambac)(1)
|
1,310,000
|
1,346,313
|
||
|
Oceanside Unified School District GO, Series 2010 B, (Election of 2008), 5.95%, 8/1/37 (AGM)(1)(4)
|
9,500,000
|
1,680,740
|
||
|
Orange County Community Facilities District Special Tax Rev., (No. 06-1-Delaware Rio Public Improvements), 6.00%, 10/1/40
|
515,000
|
478,229
|
||
|
Orange County Community Facilities District Special Tax Rev., Series 2005 A, (No. 04-1-Ladera Ranch), 3.80%, 8/15/11
|
760,000
|
763,450
|
||
|
Orange County Community Facilities District Special Tax Rev., Series 2005 A, (No. 04-1-Ladera Ranch), 3.90%, 8/15/12
|
825,000
|
843,464
|
||
|
Orange County Community Facilities District Special Tax Rev., Series 2005 A, (No. 04-1-Ladera Ranch), 4.10%, 8/15/13
|
700,000
|
720,195
|
||
|
Orange County Community Facilities District Special Tax Rev., Series 2005 A, (No. 04-1-Ladera Ranch), 4.25%, 8/15/14
|
1,135,000
|
1,164,215
|
||
|
Orange County Improvement Bond Act of 1915 Special Assessment Rev., (Newport Coast Phase IV Assessment District No. 01-1), 4.30%, 9/2/14
|
270,000
|
278,986
|
||
|
Orange County Improvement Bond Act of 1915 Special Assessment Rev., (Newport Coast Phase IV Assessment District No. 01-1), 4.45%, 9/2/15
|
320,000
|
330,413
|
||
|
Orange County Improvement Bond Act of 1915 Special Assessment Rev., (Newport Coast Phase IV Assessment District No. 01-1), 4.55%, 9/2/16
|
245,000
|
252,823
|
||
|
Orange County Public Financing Auth. Lease Rev., (Juvenile Justice Center Facility), 5.375%, 6/1/17 (Ambac)(1)
|
3,030,000
|
3,168,441
|
||
|
Orange County Sanitation District COP, Series 2007 B, 5.00%, 2/1/26 (AGM)(1)
|
2,750,000
|
2,907,327
|
||
|
Palomar Pomerado Health Care District COP, 5.25%, 11/1/21
|
1,000,000
|
996,780
|
||
|
Palomar Pomerado Health Care District COP, 6.75%, 11/1/39
|
1,000,000
|
1,000,680
|
||
|
Palomar Pomerado Health Care District COP, 6.00%, 11/1/41
|
1,720,000
|
1,537,972
|
||
|
Palomar Pomerado Health GO, Series 2009 A, (Election of 2004), 0.00%, 8/1/19 (AGC)(1)(6)
|
1,660,000
|
1,069,322
|
||
|
Port Oakland Rev., Series 2007 C, 5.00%, 11/1/16 (NATL)(1)
|
1,270,000
|
1,413,612
|
||
|
Porterville Public Financing Auth. Sewer Rev., 5.625%, 10/1/36(1)
|
3,000,000
|
2,991,690
|
||
|
Poway Unified School District Public Financing Auth. Special Tax Rev., 5.00%, 9/15/19 (Ambac)(1)
|
1,170,000
|
1,214,308
|
||
|
Poway Unified School District Public Financing Auth. Special Tax Rev., 5.00%, 9/15/20 (Ambac)(1)
|
1,215,000
|
1,248,741
|
||
|
Rancho Mirage Joint Powers Financing Auth. Rev., Series 2007 A, (Eisenhower Medical Center), 5.00%, 7/1/15(1)
|
1,505,000
|
1,609,071
|
||
|
Rancho Mirage Joint Powers Financing Auth. Rev., Series 2007 A, (Eisenhower Medical Center), 5.00%, 7/1/21(1)
|
1,000,000
|
1,004,120
|
||
|
Riverside County COP, Series 2007 A, (Public Safety Communication), 5.00%, 11/1/14 (Ambac)(1)
|
1,000,000
|
1,092,000
|
||
|
Riverside County COP, Series 2007 A, (Public Safety Communication), 5.00%, 11/1/15 (Ambac)(1)
|
1,875,000
|
2,071,312
|
California Intermediate-Term Tax-Free Bond – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.50%, 10/1/40(1)
|
$ 1,110,000
|
$ 1,111,021
|
||
|
Roseville Finance Auth. Electric System Rev., 5.00%, 2/1/37(1)
|
1,400,000
|
1,380,974
|
||
|
Sacramento City Financing Auth. Lease Rev., Series 1993 A, 5.40%, 11/1/20 (Ambac)(1)
|
3,000,000
|
3,180,930
|
||
|
Sacramento City Financing Auth. Rev., 5.00%, 12/1/16 (NATL/FGIC)(1)
|
2,500,000
|
2,692,425
|
||
|
Sacramento City Financing Auth. Rev., Series 2002 A, (City Hall), 5.25%, 12/1/12, Prerefunded at 100% of Par (AGM)(1)(2)
|
4,045,000
|
4,340,528
|
||
|
Sacramento County Airport System Rev., 5.00%, 7/1/20(1)
|
1,000,000
|
1,087,410
|
||
|
Sacramento County Airport System Rev., 5.00%, 7/1/23(1)
|
1,000,000
|
1,062,190
|
||
|
Sacramento County Airport System Rev., 5.00%, 7/1/24(1)
|
1,000,000
|
1,064,520
|
||
|
Sacramento County Sanitation Districts Financing Auth. Rev., Series 2007 A, 5.25%, 12/1/21 (NATL/FGIC)(1)
|
1,000,000
|
1,177,980
|
||
|
Sacramento County Sanitation Districts Financing Auth. Rev., Series 2007 B, VRN, 0.74%, 6/1/11 (NATL/FGIC)(1)
|
2,500,000
|
1,679,550
|
||
|
Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.70%, 7/1/17 (Ambac)(1)
|
3,105,000
|
3,646,139
|
||
|
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 5.25%, 8/1/18(1)
|
350,000
|
411,677
|
||
|
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 5.50%, 8/1/19(1)
|
300,000
|
351,978
|
||
|
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 6.25%, 8/1/33(1)
|
1,500,000
|
1,668,390
|
||
|
San Bernardino Community College District GO, Series 2009 B, (Election of 2008), 0.00%, 8/1/19(1)(6)
|
9,840,000
|
6,111,624
|
||
|
San Bernardino County Redevelopment Agency Tax Allocation Rev., Series 2005 A, (San Sevaine Redevelopment), 5.00%, 9/1/15 (Radian)(1)
|
1,005,000
|
1,026,507
|
||
|
San Diego County Regional Airport Auth. Rev., Series 2010 A, 5.00%, 7/1/19(1)
|
1,290,000
|
1,437,666
|
||
|
San Diego County Regional Airport Auth. Rev., Series 2010 A, 5.00%, 7/1/34(1)
|
750,000
|
728,467
|
||
|
San Diego Public Facilities Financing Auth. Rev., Series 2009 A, 5.00%, 8/1/21(1)
|
1,000,000
|
1,113,540
|
||
|
San Diego Public Facilities Financing Auth. Rev., Series 2009 B, 5.00%, 5/15/22(1)
|
3,680,000
|
4,096,024
|
||
|
San Diego Public Facilities Financing Auth. Tax Allocation Rev., Series 2007 B, (Southcrest and Central Imperial Redevelopment), 5.125%, 10/1/22 (Radian)(1)
|
1,230,000
|
1,178,377
|
||
|
San Diego Public Facilities Financing Sewer Auth. Rev., Series 2010 A, 5.25%, 5/15/24(1)
|
3,400,000
|
3,798,276
|
||
|
San Diego Redevelopment Agency Tax Allocation Rev., (Horton Plaza), 5.70%, 11/1/17(1)
|
2,030,000
|
2,052,208
|
||
|
San Diego Redevelopment Agency Tax Allocation Rev., (Horton Plaza), 5.80%, 11/1/21(1)
|
2,635,000
|
2,648,649
|
||
|
San Diego Redevelopment Agency Tax Allocation Rev., (North Park), 5.90%, 9/1/25(1)
|
710,000
|
698,186
|
||
|
San Francisco City and County Airports Commission Rev., Series 2008-34D, (San Francisco International Airport), 5.00%, 5/1/17 (AGC)(1)
|
3,375,000
|
3,845,475
|
||
|
San Francisco City and County Airports Commission Rev., Series 2008-34D, (San Francisco International Airport), 5.00%, 5/1/18 (AGC)(1)
|
2,000,000
|
2,275,700
|
||
|
San Francisco City and County Airports Commission Rev., Series 2009 D, (San Francisco International Airport), VRDN, 2.25%, 12/4/12(1)
|
2,500,000
|
2,541,375
|
||
|
San Francisco City and County Airports Commission Rev., Series 2009 E, (San Francisco International Airport), 5.25%, 5/1/23(1)
|
2,000,000
|
2,173,100
|
||
|
San Francisco City and County Airports Commission Rev., Series 2010 C, (San Francisco International Airport) (Governmental Purpose), 5.00%, 5/1/19(1)
|
1,500,000
|
1,685,130
|
||
|
San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29(1)
|
1,170,000
|
1,171,802
|
||
|
San Francisco City and County COP, Series 2010 A, 5.00%, 10/1/19(1)
|
2,930,000
|
3,253,648
|
California Intermediate-Term Tax-Free Bond – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
San Francisco City and County Public Utilities Water Commission Rev., Series 2010 A, 5.00%, 10/1/21(1)
|
$ 8,185,000
|
$ 9,629,898
|
||
|
San Francisco City and County Public Utilities Water Commission Rev., Series 2010 A, 5.00%, 11/1/27(1)
|
1,295,000
|
1,403,909
|
||
|
San Francisco City and County Public Utilities Water Commission Rev., Series 2010 A, 5.00%, 11/1/28(1)
|
2,780,000
|
2,979,131
|
||
|
San Francisco City and County Redevelopment Financing Auth. Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 5.00%, 8/1/15(1)
|
420,000
|
435,296
|
||
|
San Francisco City and County Redevelopment Financing Auth. Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 5.00%, 8/1/16(1)
|
440,000
|
453,490
|
||
|
San Francisco City and County Redevelopment Financing Auth. Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 5.00%, 8/1/17(1)
|
465,000
|
471,370
|
||
|
San Francisco City and County Redevelopment Financing Auth. Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 5.50%, 8/1/18(1)
|
485,000
|
497,658
|
||
|
San Francisco City and County Redevelopment Financing Auth. Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 6.00%, 8/1/19(1)
|
510,000
|
532,685
|
||
|
San Francisco City and County Redevelopment Financing Auth. Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 6.00%, 8/1/20(1)
|
515,000
|
528,081
|
||
|
San Mateo County Transportation District Sales Tax Rev., Series 1993 A, 5.25%, 6/1/18 (NATL)(1)
|
2,680,000
|
3,113,249
|
||
|
San Ramon Valley Unified School District GO, (Election of 2002), 5.00%, 8/1/21 (NATL)(1)
|
1,000,000
|
1,091,370
|
||
|
Santa Ana Community Redevelopment Agency Tax Allocation Rev., Series 2003 B, (South Main Street Redevelopment), 5.00%, 9/1/13 (NATL/FGIC)(1)
|
1,885,000
|
1,943,416
|
||
|
Santa Barbara County COP, 5.375%, 10/1/17 (Ambac)(1)
|
3,350,000
|
3,462,728
|
||
|
Santa Clara Electric Rev., Series 2011 A, 5.00%, 7/1/30(1)
|
1,000,000
|
1,004,280
|
||
|
Santa Clara Valley Transportation Auth. Sales Tax Rev., Series 2010 B, 5.00%, 4/1/18(1)
|
7,645,000
|
9,032,185
|
||
|
Santa Clara Valley Transportation Auth. Sales Tax Rev., Series 2010 B, 5.00%, 4/1/20(1)
|
4,000,000
|
4,728,920
|
||
|
Santa Fe Springs Community Development Commission Tax Allocation Rev., 5.375%, 9/1/16 (NATL)(1)
|
430,000
|
431,299
|
||
|
Santa Monica-Malibu Unified School District GO, 5.25%, 8/1/13(1)
|
1,250,000
|
1,367,387
|
||
|
Santa Paula Utility Auth. Water Rev., 5.25%, 2/1/40(1)
|
2,425,000
|
2,425,655
|
||
|
Santa Rosa Wastewater Rev., Series 2004 A, VRDN, 0.33%, 6/2/11 (LOC: Landesbank Baden-Wurttemberg)(1)
|
700,000
|
700,000
|
||
|
Scotts Valley Redevelopment Agency Tax Allocation Rev., 5.00%, 8/1/29 (Ambac)(1)
|
1,980,000
|
1,730,817
|
||
|
Shasta Lake Public Finance Auth. Rev., 4.50%, 4/1/15(1)
|
1,430,000
|
1,498,611
|
||
|
Shasta Lake Public Finance Auth. Rev., 5.00%, 4/1/19(1)
|
2,400,000
|
2,457,792
|
||
|
Shasta Lake Public Finance Auth. Rev., 5.00%, 4/1/22(1)
|
2,130,000
|
2,122,801
|
||
|
Solano County COP, 5.00%, 11/1/13 (NATL)(1)
|
1,135,000
|
1,219,410
|
||
|
South Orange County Public Financing Auth. Special Tax Rev., Series 2003 A, (Senior Lien), 5.00%, 9/1/12 (NATL)(1)
|
2,000,000
|
2,098,860
|
||
|
South Placer Wastewater Auth. Rev., Series 2011 D, VRDN, 1.01%, 6/2/11(1)
|
3,440,000
|
3,421,837
|
||
|
South Tahoe Joint Powers Financing Auth. Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/13 (Ambac)(1)
|
1,080,000
|
1,127,045
|
||
|
South Tahoe Joint Powers Financing Auth. Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/15 (Ambac)(1)
|
1,195,000
|
1,254,654
|
||
|
South Tahoe Joint Powers Financing Auth. Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/17 (Ambac)(1)
|
1,310,000
|
1,338,545
|
||
|
South Tahoe Joint Powers Financing Auth. Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/19 (Ambac)(1)
|
1,445,000
|
1,442,948
|
||
|
Southern California Public Power Auth. Rev., Series 2002 A, (Southern Transmission), 5.25%, 7/1/17 (AGM)(1)
|
5,000,000
|
5,218,650
|
California Intermediate-Term Tax-Free Bond – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
Southern California Public Power Auth. Rev., Series 2002 A, (Southern Transmission), 5.25%, 7/1/18 (AGM)(1)
|
$ 3,325,000
|
$ 3,467,809
|
||
|
Southern California Public Power Auth. Rev., Series 2008 A, (Southern Transmission), 5.00%, 7/1/22(1)
|
2,875,000
|
3,137,746
|
||
|
Southern California Public Power Auth. Rev., Series 2008 B, (Southern Transmission), 6.00%, 7/1/27(1)
|
2,000,000
|
2,216,580
|
||
|
Southern California Public Power Auth. Rev., Series 2010-1, (Windy Point/Windy Flats), 5.00%, 7/1/22(1)
|
5,725,000
|
6,421,217
|
||
|
Tahoe Forest Hospital District Rev., (Healthcare Facility), VRDN, 0.13%, 6/1/11 (LOC: U.S. Bank N.A.)
|
1,990,000
|
1,990,000
|
||
|
Torrance Rev., Series 2010 A, (Memorial Medical Center), 5.00%, 9/1/40(1)
|
3,700,000
|
3,289,929
|
||
|
Tri-Dam Power Auth. Rev., 4.00%, 11/1/14
|
1,260,000
|
1,304,667
|
||
|
Tri-Dam Power Auth. Rev., 4.00%, 5/1/15
|
1,285,000
|
1,323,923
|
||
|
Tri-Dam Power Auth. Rev., 4.00%, 11/1/15
|
1,310,000
|
1,352,431
|
||
|
Tuolumne Wind Project Auth. Rev., Series 2009 A, 5.625%, 1/1/29(1)
|
1,000,000
|
1,073,220
|
||
|
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.00%, 10/15/12(1)
|
895,000
|
917,885
|
||
|
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.00%, 10/15/14(1)
|
985,000
|
1,019,514
|
||
|
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/15(1)
|
985,000
|
1,026,705
|
||
|
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/16(1)
|
1,090,000
|
1,126,101
|
||
|
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/17(1)
|
1,150,000
|
1,174,000
|
||
|
Twin Rivers Unified School District COP, (Facility Bridge Program), VRDN, 3.50%, 5/31/13 (AGM)(1)
|
8,500,000
|
8,503,400
|
||
|
University of California Regents Medical Center Pooled Rev., Series 2008 D, 5.00%, 5/15/27(1)
|
1,000,000
|
1,025,580
|
||
|
University of California Rev., Series 2005 B, 5.00%, 5/15/33 (AGM)(1)
|
3,000,000
|
3,006,060
|
||
|
University of California Rev., Series 2009 Q, 5.25%, 5/15/23(1)
|
2,000,000
|
2,238,060
|
||
|
University of California Rev., Series 2010 S, 5.00%, 5/15/20(1)
|
1,405,000
|
1,621,581
|
||
|
University of California Rev., Series 2010 S, 5.00%, 5/15/40(1)
|
1,250,000
|
1,251,188
|
||
|
Val Verde Unified School District COP, 5.00%, 1/1/14 (FGIC)(1)(2)
|
1,000,000
|
1,109,210
|
||
|
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
|
1,000,000
|
1,148,650
|
||
|
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
|
1,145,000
|
1,315,204
|
||
|
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
|
1,415,000
|
1,625,340
|
||
|
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
|
2,505,000
|
2,877,368
|
||
|
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
|
2,640,000
|
3,032,436
|
||
|
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(1)(2)
|
2,980,000
|
3,422,977
|
||
|
Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/33(1)
|
3,000,000
|
3,165,870
|
||
|
Vernon Electric System Rev., Series 2009 A, 5.125%, 8/1/21(1)
|
6,000,000
|
6,169,680
|
||
|
Victorville Joint Powers Financing Auth. Lease Rev., Series 2007 A, (Cogeneration Facility), VRDN, 1.50%, 6/2/11 (LOC: BNP Paribas)(1)
|
3,655,000
|
3,655,000
|
||
|
West Sacramento Financing Auth. Special Tax Rev., Series 2006 A, 5.00%, 9/1/18 (XLCA)(1)
|
1,500,000
|
1,559,025
|
||
|
West Sacramento Financing Auth. Special Tax Rev., Series 2006 A, 5.00%, 9/1/19 (XLCA)(1)
|
1,500,000
|
1,539,660
|
California Intermediate-Term Tax-Free Bond – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
West Sacramento Financing Auth. Special Tax Rev., Series 2006 A, 5.00%, 9/1/20 (XLCA)(1)
|
$ 1,300,000
|
$ 1,306,591
|
||
|
781,272,866
|
||||
|
GUAM — 0.1%
|
||||
|
Territory of Guam GO, Series 2009 A, 6.00%, 11/15/19(1)
|
1,000,000
|
993,240
|
||
|
PUERTO RICO — 3.5%
|
||||
|
Puerto Rico Electric Power Auth. Rev., Series 2002 II, 5.375%, 7/1/12, Prerefunded at 101% of Par (NATL)(1)(2)
|
3,700,000
|
3,942,535
|
||
|
Puerto Rico Electric Power Auth. Rev., Series 2002 KK, 5.25%, 7/1/13 (AGM)(1)
|
1,255,000
|
1,354,936
|
||
|
Puerto Rico Electric Power Auth. Rev., Series 2002 KK, 5.50%, 7/1/14 (AGM)(1)
|
3,140,000
|
3,475,038
|
||
|
Puerto Rico Electric Power Auth. Rev., Series 2010 ZZ, 5.25%, 7/1/22(1)
|
4,950,000
|
5,171,513
|
||
|
Puerto Rico GO, Series 2001 A, (Public Improvement), 5.50%, 7/1/17 (XLCA)(1)
|
5,000,000
|
5,411,050
|
||
|
Puerto Rico GO, Series 2011 C, (Public Improvement), 5.75%, 7/1/36(1)
|
625,000
|
615,987
|
||
|
Puerto Rico Government Development Bank Rev., 4.75%, 12/1/15 (NATL)(1)
|
1,500,000
|
1,542,345
|
||
|
Puerto Rico Government Development Bank Rev., Series 2006 B, (Senior Notes), 5.00%, 12/1/14(1)
|
1,510,000
|
1,604,979
|
||
|
Puerto Rico Government Development Bank Rev., Series 2006 B, (Senior Notes), 5.00%, 12/1/15(1)
|
5,000,000
|
5,316,850
|
||
|
28,435,233
|
||||
|
U.S. VIRGIN ISLANDS — 0.3%
|
||||
|
Virgin Islands Public Finance Auth. Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.00%, 10/1/14(1)
|
500,000
|
540,805
|
||
|
Virgin Islands Public Finance Auth. Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.25%, 10/1/15(1)
|
170,000
|
183,819
|
||
|
Virgin Islands Public Finance Auth. Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.25%, 10/1/16(1)
|
500,000
|
538,460
|
||
|
Virgin Islands Public Finance Auth. Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.25%, 10/1/20(1)
|
1,000,000
|
1,039,540
|
||
|
2,302,624
|
||||
|
TOTAL INVESTMENT SECURITIES — 99.7%
|
||||
|
(Cost $784,669,120)
|
813,003,963
|
|||
|
OTHER ASSETS AND LIABILITIES — 0.3%
|
2,539,774
|
|||
|
TOTAL NET ASSETS — 100.0%
|
$815,543,737
|
|||
|
FUTURES CONTRACTS
|
||||
|
Contracts Purchased
|
Expiration
Date
|
Underlying Face
Amount at Value
|
Unrealized
Gain (Loss)
|
|
|
292
|
U.S. Long Bond
|
September 2011
|
$36,454,375
|
$350,656
|
|
Contracts Sold
|
Expiration
Date
|
Underlying Face
Amount at Value
|
Unrealized
Gain (Loss)
|
|
|
895
|
U.S. Treasury 2-Year Notes
|
September 2011
|
$196,172,813
|
$(365,608)
|
|
Notes to Schedule of Investments
|
|||
|
ABAG
|
-
|
Association of Bay Area Governments
|
|
|
ACA
|
-
|
American Capital Access
|
|
|
AGC
|
-
|
Assured Guaranty Corporation
|
|
|
AGM
|
-
|
Assured Guaranty Municipal Corporation
|
|
|
AGM-CR
|
-
|
Assured Guaranty Municipal Corporation - Custodian Receipts
|
|
|
Ambac
|
-
|
Ambac Assurance Corporation
|
California Intermediate-Term Tax-Free Bond – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
COP
|
-
|
Certificates of Participation
|
|
|
FGIC
|
-
|
Financial Guaranty Insurance Company
|
|
|
FNMA
|
-
|
Federal National Mortgage Association
|
|
|
GO
|
-
|
General Obligation
|
|
|
LIQ FAC
|
-
|
Liquidity Facilities
|
|
|
LOC
|
-
|
Letter of Credit
|
|
|
M-S-R
|
-
|
Modesto, Stockton, Redding
|
|
|
NATL
|
-
|
National Public Finance Guarantee Corporation
|
|
|
NCROC
|
-
|
Northern California Retired Officers Community
|
|
|
Radian
|
-
|
Radian Asset Assurance, Inc.
|
|
|
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, or a portion thereof, has been segregated for when-issued securities and/or futures contracts. At the period end, the aggregate value of securities pledged was $239,588,000.
|
|
(2)
|
Escrowed to maturity in U.S. government securities or state and local government securities.
|
|
(3)
|
Security was purchased under Rule 144A of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $2,097,238, which represented 0.3% of total net assets.
|
|
(4)
|
Security is a zero-coupon municipal bond. The rate indicated is the yield to maturity at purchase. Zero-coupon securities are issued at a substantial discount from their value at maturity.
|
|
(5)
|
When-issued security.
|
|
(6)
|
Convertible capital appreciation bond. These securities are issued with a zero-coupon and become interest bearing at a predetermined rate and date and are issued at a substantial discount from their value at maturity. Interest reset or final maturity date is indicated, as applicable. Rate shown is effective at the period end.
|
California Intermediate-Term Tax-Free Bond – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
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 as of 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.
Debt securities maturing in greater than 60 days at the time of purchase are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium or at the evaluated mean as provided by an independent pricing service. Evaluated mean prices are commonly derived through utilization of market models, which may consider, among other factors, trade data, quotations from dealers and active market makers, relevant yield curve and spread data, related sector levels, creditworthiness, and other relevant market information on the same or comparable securities.
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 a portfolio security is not readily available or the valuation methods mentioned above do not reflect a security’s fair value, such security is valued as determined in good faith by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees. Circumstances that may cause the fund to use these procedures to value a security include, but are not limited to: a security has been declared in default; trading in a security has been halted during the trading day; there is a foreign market holiday and no trading occurred; or an event occurred between the close of a foreign exchange and the NYSE that may affect the value of a security.
|
|||
|
2. Fair Value Measurements
|
|||
|
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
|
|||
|
• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical securities;
• Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for similar securities,
evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
• 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.
|
|||
|
As of period end, the fund’s municipal securities and unrealized gain (loss) on futures contracts were classified as Level 2 and Level 1, respectively. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
|
|||
|
3. Federal Tax Information
|
|||
|
As of May 31, 2011, the components of investments for federal income tax purposes were as follows:
|
|||
|
Federal tax cost of investments
|
$784,669,120
|
||
|
Gross tax appreciation of investments
|
$33,283,827
|
||
|
Gross tax depreciation of investments
|
(4,948,984)
|
||
|
Net tax appreciation (depreciation) of investments
|
$28,334,843
|
||
|
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, 2011
California Long-Term Tax-Free – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
| MUNICIPAL SECURITIES — 99.2% | ||||
|
CALIFORNIA — 94.9%
|
||||
|
ABAG Finance Auth. for Nonprofit Corps. Rev., (Sharp HealthCare), 6.25%, 8/1/39(1)
|
$2,200,000
|
$ 2,239,138
|
||
|
ABAG Finance Auth. for Nonprofit Corps. Rev., Series 2011 A, (Sharp HealthCare), 6.00%, 8/1/30(1)
|
1,850,000
|
1,897,952
|
||
|
Adelanto Public Utility Auth. Rev., Series 2009 A, (Utility System), 6.25%, 7/1/26
|
500,000
|
498,520
|
||
|
Anaheim Public Financing Auth. Rev., (Electric System Distribution), 5.25%, 10/1/39(1)
|
2,500,000
|
2,552,100
|
||
|
Anaheim Public Financing Auth. Rev., Series 2011 A, (Electric System Distribution Facilities), 5.375%, 10/1/36(1)
|
300,000
|
310,164
|
||
|
Antioch Public Financing Auth. Lease Rev., Series 2002 A, (Municipal Facilities), 5.50%, 1/1/32 (NATL)(1)
|
2,700,000
|
2,530,899
|
||
|
Bay Area Toll Auth. Toll Bridge Rev., Series 2006 F, (San Francisco Bay Area), 5.00%, 4/1/31(1)
|
3,000,000
|
3,048,030
|
||
|
Bay Area Toll Auth. Toll Bridge Rev., Series 2008 F1, (San Francisco Bay Area), 5.00%, 4/1/39(1)
|
2,135,000
|
2,144,052
|
||
|
Bay Area Toll Auth. Toll Bridge Rev., Series 2009 F1, (San Francisco Bay Area), 5.25%, 4/1/27(1)
|
2,500,000
|
2,707,375
|
||
|
Big Bear Lake Water Rev., 6.00%, 4/1/22 (NATL)(1)
|
3,500,000
|
3,847,585
|
||
|
California County Tobacco Securitization Agency Rev., (Gold Country Settlement Funding Corp.), 5.25%, 6/1/46(1)
|
5,000,000
|
2,919,400
|
||
|
California Department of Water Resources Power Supply Rev., Series 2005 G4, 5.00%, 5/1/16(1)
|
1,450,000
|
1,695,587
|
||
|
California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/21(1)
|
2,500,000
|
2,813,825
|
||
|
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/21(1)
|
1,425,000
|
1,649,153
|
||
|
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/22(1)
|
1,275,000
|
1,463,394
|
||
|
California Economic Recovery GO, Series 2004 C3, VRDN, 0.11%, 6/1/11 (LOC: Bank of America N.A.)(1)
|
600,000
|
600,000
|
||
|
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/16(1)
|
1,700,000
|
1,957,754
|
||
|
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/19(1)
|
1,430,000
|
1,671,913
|
||
|
California Educational Facilities Auth. Rev., (Santa Clara University), 5.00%, 2/1/22
|
1,560,000
|
1,760,803
|
||
|
California Educational Facilities Auth. Rev., (Santa Clara University), 5.00%, 2/1/23
|
1,740,000
|
1,932,340
|
||
|
California Educational Facilities Auth. Rev., (Santa Clara University), 5.625%, 4/1/37
|
5,000,000
|
5,239,000
|
||
|
California Educational Facilities Auth. Rev., (University of Pacific), 5.25%, 5/1/34(1)
|
2,000,000
|
2,006,420
|
||
|
California Educational Facilities Auth. Rev., Series 2004 C, (Lutheran University), 5.00%, 10/1/29(1)
|
1,220,000
|
1,118,350
|
||
|
California Educational Facilities Auth. Rev., Series 2007 A, (Claremont Graduate University), 5.00%, 3/1/42(1)
|
3,000,000
|
2,589,510
|
||
|
California Educational Facilities Auth. Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39(1)
|
3,953,000
|
4,063,882
|
||
|
California Educational Facilities Auth. Rev., Series 2010 B, (Loyola Marymount University), VRN, 0.98%, 6/2/11
|
2,845,000
|
2,855,270
|
||
|
California GO, 5.00%, 4/1/26(1)
|
3,000,000
|
3,084,540
|
||
|
California GO, 5.75%, 4/1/28(1)
|
2,000,000
|
2,143,600
|
||
|
California GO, 5.00%, 6/1/32(1)
|
5,000,000
|
4,996,750
|
||
California Long-Term Tax-Free – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
California GO, 5.00%, 11/1/32(1)
|
$5,000,000
|
$ 4,996,500
|
||
|
California GO, 6.50%, 4/1/33(1)
|
5,000,000
|
5,588,900
|
||
|
California GO, 5.00%, 4/1/38(1)
|
2,500,000
|
2,419,150
|
||
|
California GO, 6.00%, 4/1/38(1)
|
2,500,000
|
2,667,700
|
||
|
California GO, 6.00%, 11/1/39(1)
|
5,000,000
|
5,355,800
|
||
|
California GO, 5.50%, 3/1/40(1)
|
1,500,000
|
1,541,265
|
||
|
California Health Facilities Financing Auth. Rev., Series 1993 C, (St. Francis Memorial Hospital), 5.875%, 11/1/23(1)(2)
|
6,165,000
|
8,102,043
|
||
|
California Health Facilities Financing Auth. Rev., Series 1998 B, (Adventist Health System West), VRDN, 0.13%, 6/1/11 (LOC: Bank of America N.A.)(1)
|
1,000,000
|
1,000,000
|
||
|
California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/33(1)
|
1,000,000
|
1,117,720
|
||
|
California Health Facilities Financing Auth. Rev., Series 2008 J, (Catholic Healthcare West), 5.625%, 7/1/32(1)
|
5,000,000
|
5,022,300
|
||
|
California Health Facilities Financing Auth. Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39(1)
|
3,400,000
|
3,485,034
|
||
|
California Health Facilities Financing Auth. Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38(1)
|
5,000,000
|
5,216,650
|
||
|
California Health Facilities Financing Auth. Rev., Series 2009 A, (St. Joseph Health System), 5.50%, 7/1/29(1)
|
3,750,000
|
3,818,325
|
||
|
California Health Facilities Financing Auth. Rev., Series 2009 A, (St. Joseph Health System), 5.75%, 7/1/39(1)
|
3,000,000
|
3,044,340
|
||
|
California Health Facilities Financing Auth. Rev., Series 2009 B, (Providence Health & Services), 5.50%, 10/1/39(1)
|
1,000,000
|
1,017,970
|
||
|
California Health Facilities Financing Auth. Rev., Series 2011 B, (Sutter Health), 6.00%, 8/15/42(1)
|
1,500,000
|
1,573,335
|
||
|
California Infrastructure & Economic Development Bank Rev., Series 2008 A, (Orange County Performing Arts Center), VRDN, 0.14%, 6/1/11 (LOC: Bank of America N.A.)
|
3,400,000
|
3,400,000
|
||
|
California Municipal Finance Auth. Rev., (Community Hospital of Central California), 5.50%, 2/1/39(1)
|
1,000,000
|
852,930
|
||
|
California Municipal Finance Auth. Rev., Series 2010 A, (University of La Verne), 6.25%, 6/1/40
|
1,000,000
|
993,380
|
||
|
California Municipal Finance Auth. Rev., Series 2011 B, (Azusa Pacific University), 8.00%, 4/1/41
|
665,000
|
678,932
|
||
|
California Pollution Control Financing Auth. Rev., Series 1996 C, (Pacific Gas & Electric), VRDN, 0.13%, 6/1/11 (LOC: JPMorgan Chase Bank N.A.)(1)
|
4,500,000
|
4,500,000
|
||
|
California Public Works Board Lease Rev., Series 1993 A, (Department of Corrections), 5.00%, 12/1/19 (Ambac)(1)
|
4,000,000
|
4,201,360
|
||
|
California Public Works Board Lease Rev., Series 2006 E, (University of California Research), 5.00%, 10/1/31(1)
|
1,335,000
|
1,338,938
|
||
|
California Public Works Board Lease Rev., Series 2009 G1, (Various Capital Projects), 5.75%, 10/1/30(1)
|
2,000,000
|
2,040,260
|
||
|
California Public Works Board Lease Rev., Series 2009 H, (Department of Correction and Rehabilitation), 5.75%, 11/1/29(1)
|
2,435,000
|
2,497,701
|
||
|
California State University Systemwide Rev., Series 2007 A, 5.00%, 11/1/24 (AGM)(1)
|
5,000,000
|
5,188,100
|
||
|
California State University Systemwide Rev., Series 2009 A, 5.25%, 11/1/34(1)
|
2,200,000
|
2,214,762
|
||
|
California Statewide Communities Development Auth. Rev., (Cottage Health Obligation Group), 5.25%, 11/1/30(1)
|
1,250,000
|
1,245,425
|
||
|
California Statewide Communities Development Auth. Rev., (Proposition 1A Receivables), 5.00%, 6/15/13(1)
|
3,600,000
|
3,856,428
|
||
|
California Statewide Communities Development Auth. Rev., (St. Joseph Remarketing 3/27/08), 5.125%, 7/1/24 (NATL)(1)
|
1,500,000
|
1,520,385
|
||
|
California Statewide Communities Development Auth. Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31(1)
|
5,000,000
|
4,860,300
|
California Long-Term Tax-Free – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
California Statewide Communities Development Auth. Rev., Series 2005 A, (Daughters of Charity Health), 5.25%, 7/1/24(1)
|
$2,000,000
|
$ 1,803,060
|
||
|
California Statewide Communities Development Auth. Rev., Series 2005 A, (Thomas Jefferson School of Law), 4.875%, 10/1/15, Prerefunded at 100% of Par(1)(2)
|
1,000,000
|
1,110,570
|
||
|
California Statewide Communities Development Auth. Rev., Series 2008 C, (Catholic Healthcare West), 5.625%, 7/1/35(1)
|
3,000,000
|
3,005,910
|
||
|
California Statewide Communities Development Auth. Rev., Series 2009 A, (Kaiser Permanente), 5.00%, 4/1/13(1)
|
3,010,000
|
3,218,172
|
||
|
Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 88-1), 6.50%, 9/1/14 (AGM)(1)
|
4,745,000
|
4,801,560
|
||
|
Carlsbad Unified School District GO, Series 2007 A, (Election of 2006), 5.25%, 8/1/32 (NATL)(1)
|
1,125,000
|
1,154,993
|
||
|
Coalinga Public Financing Auth. Local Obligation Rev., Series 1998 A, (Senior Lien), 6.375%, 9/15/21 (Ambac)(1)
|
1,320,000
|
1,526,065
|
||
|
Contra Costa Water District Rev., Series 1992 E, 6.25%, 10/1/12 (Ambac)(1)
|
825,000
|
858,553
|
||
|
Fresno Sewer Rev., Series 1993 A1, 6.25%, 9/1/14 (Ambac)(1)
|
2,225,000
|
2,385,600
|
||
|
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2003 A1, 6.25%, 6/1/13, Prerefunded at 100% of Par(1)(2)
|
1,080,000
|
1,170,634
|
||
|
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.00%, 6/1/33(1)
|
2,850,000
|
1,925,460
|
||
|
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.125%, 6/1/47(1)
|
4,375,000
|
2,721,381
|
||
|
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.75%, 6/1/47(1)
|
2,000,000
|
1,378,800
|
||
|
Grossmont Healthcare District GO, Series 2011 B, (Election of 2006), 6.00%, 7/15/34
|
1,000,000
|
1,068,370
|
||
|
Huntington Beach Union High School District GO, (Election of 2004), 4.98%, 8/1/30 (AGM-CR/NATL)(1)(3)
|
6,880,000
|
2,094,203
|
||
|
Huntington Beach Union High School District GO, (Election of 2004), 5.00%, 8/1/31 (NATL)(1)(3)
|
5,000,000
|
1,387,150
|
||
|
Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 97-16), VRDN, 0.13%, 6/1/11 (LOC: State Street Bank & Trust Co.)(1)
|
1,000,000
|
1,000,000
|
||
|
Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 97-17), VRDN, 0.13%, 6/1/11 (LOC: State Street Bank & Trust Co. and California State Teacher's Retirement)(1)
|
1,000,000
|
1,000,000
|
||
|
Irvine Improvement Bond Act of 1915 Special Assessment Rev., Series 2001 A, (Assessment District No. 00-18), VRDN, 0.13%, 6/1/11 (LOC: State Street Bank & Trust Co.)
|
900,000
|
900,000
|
||
|
Irvine Improvement Bond Act of 1915 Special Assessment Rev., Series 2004 A, (Assessment District No. 03-19), VRDN, 0.13%, 6/1/11 (LOC: U.S. Bank N.A. and California State Teacher's Retirement)(1)
|
2,400,000
|
2,400,000
|
||
|
Irvine Improvement Bond Act of 1915 Special Assessment Rev., Series 2006 A, (Assessment District No. 05-21), VRDN, 0.13%, 6/1/11 (LOC: U.S. Bank N.A. and California State Teacher's Retirement)
|
2,800,000
|
2,800,000
|
||
|
Kern High School District GO, 7.15%, 8/1/14 (NATL)(1)(2)
|
1,815,000
|
2,186,004
|
||
|
Kern High School District GO, Series 1992 C, (Election of 1990), 6.25%, 8/1/13 (NATL)(1)(2)
|
1,340,000
|
1,507,755
|
||
|
Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.25%, 5/15/21(1)
|
3,120,000
|
3,411,720
|
||
|
Los Angeles Department of Airports Rev., Series 2010 B, (Los Angeles International Airport), 5.00%, 5/15/40(1)
|
2,000,000
|
1,974,320
|
||
|
Los Angeles Department of Water & Power Rev., Series 2008 A1, (Power System), 5.25%, 7/1/38(1)
|
4,000,000
|
4,137,160
|
California Long-Term Tax-Free – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
Los Angeles Department of Water & Power Waterworks Rev., Series 2009 B, 5.00%, 7/1/20(1)
|
$5,000,000
|
$ 5,788,700
|
||
|
Los Angeles Unified School District GO, Series 2009 I, (Election of 2004), 5.00%, 7/1/29(1)
|
2,000,000
|
2,055,460
|
||
|
Manhattan Beach Unified School District GO, Series 2009 A, (Election of 2008), 6.37%, 9/1/29(1)(3)
|
5,905,000
|
2,065,274
|
||
|
Metropolitan Water District of Southern California Rev., 5.75%, 8/10/18(1)
|
3,000,000
|
3,547,470
|
||
|
Metropolitan Water District of Southern California Rev., Series 2009 B, 5.00%, 7/1/30(1)
|
4,000,000
|
4,263,840
|
||
|
Metropolitan Water District of Southern California Rev., Series 2009 C, 5.00%, 7/1/35(1)
|
1,150,000
|
1,192,906
|
||
|
Metropolitan Water District of Southern California Rev., Series 2011 A2, VRDN, 0.30%, 6/2/11(4)
|
1,500,000
|
1,500,000
|
||
|
Metropolitan Water District of Southern California Rev., Series 2011 A4, VRDN, 0.30%, 6/2/11(4)
|
1,480,000
|
1,480,000
|
||
|
Modesto Irrigation District COP, Series 2009 A, 5.75%, 10/1/34(1)
|
2,500,000
|
2,547,875
|
||
|
New Haven Unified School District GO, 12.00%, 8/1/18 (AGM)(1)
|
1,000,000
|
1,619,360
|
||
|
Newport Beach Rev., Series 2011 A, (Hoag Memorial Hospital Presbyterian), 6.00%, 12/1/40(1)
|
1,000,000
|
1,056,640
|
||
|
Northern California Power Agency Rev., Series 2010 A, 4.00%, 7/1/14(1)
|
1,000,000
|
1,061,970
|
||
|
Oakland Redevelopment Agency Tax Allocation Rev., (Central District), 5.50%, 2/1/14 (Ambac)(1)
|
3,215,000
|
3,262,839
|
||
|
Orange County Community Facilities District Special Tax Rev., (No. 06-1-Delaware Rio Public Improvements), 6.00%, 10/1/40
|
540,000
|
501,444
|
||
|
Orange County Improvement Bond Act of 1915 Special Assessment Rev., (Newport Coast Phase IV Assessment District No. 01-1), 5.00%, 9/2/26
|
850,000
|
798,074
|
||
|
Oxnard School District GO, Series 2001 A, 5.75%, 8/1/22 (NATL)(1)
|
3,100,000
|
3,472,000
|
||
|
Palomar Pomerado Health Care District COP, 6.75%, 11/1/39
|
1,000,000
|
1,000,680
|
||
|
Palomar Pomerado Health Care District COP, 6.00%, 11/1/41
|
1,150,000
|
1,028,296
|
||
|
Palomar Pomerado Health GO, Series 2009 A, (Election of 2004), 0.00%, 8/1/19 (AGC)(1)(5)
|
1,670,000
|
1,075,764
|
||
|
Palos Verdes Peninsula Unified School District GO, Series 2009 R, (Election of 2005), 0.00%, 8/1/33(1)(3)
|
2,600,000
|
702,728
|
||
|
Pasadena COP, (Old Pasadena Parking Facility), 6.25%, 1/1/18(1)
|
1,700,000
|
1,967,512
|
||
|
Pico Rivera Water Auth. Rev., Series 1999 A, (Water System), 5.50%, 5/1/29 (NATL)(1)
|
2,500,000
|
2,567,475
|
||
|
Pomona Unified School District GO, Series 2000 A, 6.55%, 8/1/29 (NATL)(1)
|
1,000,000
|
1,143,300
|
||
|
Pomona Unified School District GO, Series 2001 A, 6.15%, 8/1/30 (NATL)(1)
|
1,000,000
|
1,071,360
|
||
|
Porterville Public Financing Auth. Sewer Rev., 5.625%, 10/1/36(1)
|
2,000,000
|
1,994,460
|
||
|
Poway Unified School District Public Financing Auth. Rev., 7.875%, 9/15/39
|
1,070,000
|
1,120,771
|
||
|
Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.50%, 10/1/40(1)
|
740,000
|
740,681
|
||
|
Riverside Redevelopment Agency Tax Allocation Rev., Series 2004 A, (Housing Set-Aside), 5.00%, 8/1/28 (NATL/FGIC)(1)
|
705,000
|
611,291
|
||
|
Roseville Finance Auth. Electric System Rev., 5.00%, 2/1/25(1)
|
890,000
|
938,247
|
||
|
Sacramento County Airport System Rev., Series 2009 D, (Grant Revenue Bonds), 5.63%, 7/1/29(1)
|
1,000,000
|
1,043,820
|
||
|
Sacramento County Sanitation Districts Financing Auth. Rev., Series 2007 B, VRN, 0.74%, 6/1/11 (NATL/FGIC)(1)
|
1,500,000
|
1,007,730
|
||
|
Saddleback Valley Unified School District Public Financing Auth. Special Tax Rev., Series 1997 A, 6.00%, 9/1/16 (AGM)(1)
|
1,000,000
|
1,171,960
|
||
|
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 6.25%, 8/1/33(1)
|
1,800,000
|
2,002,068
|
||
|
San Bernardino Community College District GO, Series 2009 B, (Election of 2008), 0.00%, 8/1/19(1)(5)
|
7,400,000
|
4,596,140
|
California Long-Term Tax-Free – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
San Diego County COP Linked Security, ARC, YCC, 5.625%, 9/1/12 (Ambac)(1)
|
$2,700,000
|
$ 2,782,323
|
||
|
San Diego County Regional Airport Auth. Rev., Series 2010 A, 5.00%, 7/1/40(1)
|
3,000,000
|
2,856,480
|
||
|
San Diego Public Facilities Financing Auth. Sewer Rev., Series 2009 A, 5.25%, 5/15/34(1)
|
2,000,000
|
2,062,220
|
||
|
San Diego Public Facilities Financing Auth. Sewer Rev., Series 2010 A, 5.25%, 5/15/25(1)
|
2,000,000
|
2,203,200
|
||
|
San Francisco City and County Airports Commission Rev., Series 2009 D, (San Francisco International Airport), VRDN, 2.25%, 12/4/12(1)
|
1,500,000
|
1,524,825
|
||
|
San Francisco City and County Airports Commission Rev., Series 2009 E, (San Francisco International Airport), 5.25%, 5/1/23(1)
|
2,000,000
|
2,173,100
|
||
|
San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29(1)
|
1,170,000
|
1,171,802
|
||
|
San Francisco City and County Redevelopment Financing Auth. Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 6.63%, 8/1/27(1)
|
500,000
|
504,730
|
||
|
San Mateo County Joint Powers Financing Auth. Lease Rev., (Capital Projects Program), 6.50%, 7/1/15 (NATL)(1)
|
3,250,000
|
3,731,812
|
||
|
San Mateo County Joint Powers Financing Auth. Lease Rev., (Capital Projects Program), 6.00%, 7/1/19 (NATL)(1)
|
4,000,000
|
4,661,880
|
||
|
Santa Clara Electric Rev., Series 2011 A, 5.00%, 7/1/30(1)
|
500,000
|
502,140
|
||
|
Santa Clara Valley Transportation Auth. Sales Tax Rev., Series 2010 B, 5.00%, 4/1/18(1)
|
1,105,000
|
1,305,502
|
||
|
Santa Clara Valley Transportation Auth. Sales Tax Rev., Series 2010 B, 5.00%, 4/1/20(1)
|
2,500,000
|
2,955,575
|
||
|
Santa Margarita-Dana Point Auth. Rev., Series 1994 B, (Improvement Districts 3, 3A, 4, 4A), 7.25%, 8/1/14 (NATL)(1)
|
2,000,000
|
2,267,140
|
||
|
Santa Paula Utility Auth. Water Rev., 5.25%, 2/1/40(1)
|
2,500,000
|
2,500,675
|
||
|
Shasta Lake Public Finance Auth. Rev., 5.00%, 4/1/25(1)
|
2,470,000
|
2,376,733
|
||
|
South Coast Air Quality Management District Building Corp. Rev., (Installment Sale Headquarters), 6.00%, 8/1/11 (Ambac)(1)
|
940,000
|
945,020
|
||
|
South Orange County Public Financing Auth. Special Tax Rev., Series 1994 A, (Senior Lien), 7.00%, 9/1/11 (NATL)(1)
|
2,000,000
|
2,028,940
|
||
|
South Placer Wastewater Auth. Rev., Series 2011 D, VRDN, 1.01%, 6/2/11(1)
|
2,060,000
|
2,049,123
|
||
|
Southern California Public Power Auth. Rev., (Multiple Projects), 6.75%, 7/1/13 (AGM-CR)(1)
|
3,730,000
|
4,163,090
|
||
|
Southern California Public Power Auth. Rev., Series 2010-1, (Windy Point/Windy Flats), 5.00%, 7/1/22(1)
|
3,000,000
|
3,364,830
|
||
|
Susanville Public Financing Auth. Rev., Series 2010 B, (Utility Enterprises), 6.00%, 6/1/45(1)
|
1,000,000
|
933,110
|
||
|
Taft Public Financing Auth. Lease Rev., Series 1997 A, (Community Correctional Facility Acquisition), 6.05%, 1/1/17(1)
|
2,000,000
|
2,004,760
|
||
|
Torrance Rev., Series 2010 A, (Memorial Medical Center), 5.00%, 9/1/40(1)
|
6,060,000
|
5,388,370
|
||
|
Tri-Dam Power Auth. Rev., 4.00%, 5/1/13
|
1,190,000
|
1,224,510
|
||
|
Tri-Dam Power Auth. Rev., 4.00%, 11/1/13
|
1,210,000
|
1,250,934
|
||
|
Tri-Dam Power Auth. Rev., 4.00%, 5/1/14
|
1,235,000
|
1,276,484
|
||
|
Tuolumne Wind Project Auth. Rev., Series 2009 A, 5.625%, 1/1/29(1)
|
1,200,000
|
1,287,864
|
||
|
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/18(1)
|
1,215,000
|
1,229,434
|
||
|
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/19(1)
|
1,135,000
|
1,139,415
|
||
|
Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.00%, 9/1/40(1)
|
2,000,000
|
1,933,000
|
||
|
Twin Rivers Unified School District COP, (Facility Bridge Program), VRDN, 3.50%, 5/31/13 (AGM)(1)
|
5,500,000
|
5,502,200
|
||
|
Ukiah Electric Rev., 6.25%, 6/1/18 (NATL)(1)
|
1,905,000
|
2,065,934
|
||
|
University of California Rev., Series 2005 B, 5.00%, 5/15/33 (AGM)(1)
|
2,000,000
|
2,004,040
|
California Long-Term Tax-Free – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
Vallejo Water Rev., Series 2005 A, VRDN, 0.25%, 6/1/11 (LOC: JPMorgan Chase Bank N.A.)(1)
|
$1,260,000
|
$1,260,000
|
||
|
Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/33(1)
|
5,000,000
|
5,276,450
|
||
|
Vernon Electric System Rev., Series 2009 A, 5.125%, 8/1/21(1)
|
3,000,000
|
3,084,840
|
||
|
Vista COP, (Community Projects), 5.00%, 5/1/37 (NATL)(1)
|
5,200,000
|
4,726,280
|
||
|
Watsonville Insured Hospital Rev., Series 1996 A, (Community Hospital), 6.20%, 7/1/12 (California Mortgage Insurance)(1)(2)
|
685,000
|
706,865
|
||
|
Woodland COP, (Wastewater System), 5.75%, 3/1/12 (Ambac)(1)
|
870,000
|
890,245
|
||
|
369,934,689
|
||||
|
GUAM — 0.8%
|
||||
|
Guam Government GO, Series 2009 A, 6.75%, 11/15/29(1)
|
900,000
|
916,173
|
||
|
Guam Power Auth. Rev., Series 2010 A, 5.50%, 10/1/40
|
2,300,000
|
2,138,977
|
||
|
3,055,150
|
||||
|
PUERTO RICO — 1.5%
|
||||
|
Puerto Rico GO, Series 2011 C, (Public Improvement), 5.75%, 7/1/36(1)
|
415,000
|
409,016
|
||
|
Puerto Rico Highway & Transportation Auth. Rev., Series 2007 M, 5.00%, 7/1/22(1)
|
2,220,000
|
2,198,510
|
||
|
Puerto Rico Infrastructure Financing Auth. Special Tax Rev., Series 2005 C, 5.50%, 7/1/23 (Ambac)(1)
|
2,000,000
|
2,095,340
|
||
|
University of Puerto Rico Rev., Series 2006 Q, 5.00%, 6/1/12(1)
|
1,200,000
|
1,233,396
|
||
|
5,936,262
|
||||
|
U.S. VIRGIN ISLANDS — 2.0%
|
||||
|
Virgin Islands Public Finance Auth. Rev., Series 2009 B, (Senior Lien), 5.00%, 10/1/17(1)
|
3,480,000
|
3,825,912
|
||
|
Virgin Islands Public Finance Auth. Rev., Series 2010 A, (Senior Lien), 5.00%, 10/1/20(1)
|
3,915,000
|
4,226,752
|
||
|
8,052,664
|
||||
|
TOTAL INVESTMENT SECURITIES — 99.2%
|
||||
|
(Cost $377,427,050)
|
386,978,765
|
|||
|
OTHER ASSETS AND LIABILITIES — 0.8%
|
2,939,592
|
|||
|
TOTAL NET ASSETS — 100.0%
|
$389,918,357
|
|||
|
FUTURES CONTRACTS
|
||||||||
|
Contracts Purchased
|
Expiration
Date
|
Underlying Face
Amount at Value
|
Unrealized Gain (Loss)
|
|||||
|
140
|
U.S. Long Bond
|
September 2011
|
$17,478,125
|
$168,123
|
||||
|
Contracts Sold
|
Expiration
Date
|
Underlying Face
Amount at Value
|
Unrealized Gain (Loss)
|
|||||
|
428
|
U.S. Treasury 2-Year Notes
|
September 2011
|
$93,812,250
|
$(174,838)
|
||||
|
Notes to Schedule of Investments
|
||||||||
|
ABAG
|
-
|
Association of Bay Area Governments
|
||||||
|
AGC
|
-
|
Assured Guaranty Corporation
|
||||||
|
AGM
|
-
|
Assured Guaranty Municipal Corporation
|
||||||
|
AGM-CR
|
-
|
Assured Guaranty Municipal Corporation - Custodian Receipts
|
||||||
|
Ambac
|
-
|
Ambac Assurance Corporation
|
||||||
|
ARC
|
-
|
Auction Rate Certificate
|
||||||
|
COP
|
-
|
Certificates of Participation
|
||||||
|
FGIC
|
-
|
Financial Guaranty Insurance Company
|
||||||
California Long-Term Tax-Free – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
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.
|
|
|
YCC
|
-
|
Yield Curve Certificate
|
|
(1)
|
Security, or a portion thereof, has been segregated for when-issued securities and/or futures contracts. At the period end, the aggregate value of securities pledged was $114,271,000.
|
|
(2)
|
Escrowed to maturity in U.S. government securities or state and local government securities.
|
|
(3)
|
Security is a zero-coupon municipal bond. The rate indicated is the yield to maturity at purchase. Zero-coupon securities are issued at a substantial discount from their value at maturity.
|
|
(4)
|
When-issued security.
|
|
(5)
|
Convertible capital appreciation bond. These securities are issued with a zero-coupon and become interest bearing at a predetermined rate and date and are issued at a substantial discount from their value at maturity. Interest reset or final maturity date is indicated, as applicable. Rate shown is effective at the period end.
|
California Long-Term Tax-Free – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
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 as of 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.
Debt securities maturing in greater than 60 days at the time of purchase are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium or at the evaluated mean as provided by an independent pricing service. Evaluated mean prices are commonly derived through utilization of market models, which may consider, among other factors, trade data, quotations from dealers and active market makers, relevant yield curve and spread data, related sector levels, creditworthiness, and other relevant market information on the same or comparable securities.
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 a portfolio security is not readily available or the valuation methods mentioned above do not reflect a security’s fair value, such security is valued as determined in good faith by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees. Circumstances that may cause the fund to use these procedures to value a security include, but are not limited to: a security has been declared in default; trading in a security has been halted during the trading day; there is a foreign market holiday and no trading occurred; or an event occurred between the close of a foreign exchange and the NYSE that may affect the value of a security.
|
|
2. Fair Value Measurements
|
|
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
|
|
• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical securities;
• Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for similar
securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
• 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.
|
|
As of period end, the fund’s investment securities and unrealized gain (loss) on futures contracts were classified as Level 2 and Level 1, respectively. The Schedule of Investments provides additional details on the fund’s portfolio holdings.
|
|
3. Federal Tax Information
|
|||
|
As of May 31, 2011, the components of investments for federal income tax purposes were as follows:
|
|||
|
Federal tax cost of investments
|
$377,583,315
|
||
|
Gross tax appreciation of investments
|
$16,194,443
|
||
|
Gross tax depreciation of investments
|
(6,798,993)
|
||
|
Net tax appreciation (depreciation) of investments
|
$9,395,450
|
||
|
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
|
|||
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, 2011
California Tax-Free Money Market – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
| MUNICIPAL SECURITIES — 100.4% | ||||
|
CALIFORNIA — 99.4%
|
||||
|
ABAG Finance Auth. for Nonprofit Corps. Rev., (899 Charleston LLC), VRDN, 0.18%, 6/1/11 (LOC: Bank of America N.A.)
|
$2,000,000
|
$ 2,000,000
|
||
|
ABAG Finance Auth. for Nonprofit Corps. Rev., (St. Pauls-Day-Episcopal School), VRDN, 0.26%, 6/2/11 (LOC: Wells Fargo Bank N.A. and First Bank)
|
3,490,000
|
3,490,000
|
||
|
Anaheim Union High School District COP, (School Facility Bridge Funding), VRDN, 0.30%, 6/2/11 (AGM) (SBBPA: Wells Fargo Bank N.A.)
|
2,585,000
|
2,585,000
|
||
|
Anaheim Union High School District COP, (School Facility Bridge Funding), VRDN, 0.30%, 6/2/11 (AGM) (SBBPA: Wells Fargo Bank N.A.)
|
4,250,000
|
4,250,000
|
||
|
Anaheim Union High School District COP, (School Facility Bridge Funding), VRDN, 0.30%, 6/2/11 (AGM) (SBBPA: Wells Fargo Bank N.A.)
|
4,660,000
|
4,660,000
|
||
|
Apple Valley COP, (Public Facilities Financing), VRDN, 0.22%, 6/2/11 (LOC: Union Bank of California N.A. and California State Teacher's Retirement)
|
3,140,000
|
3,140,000
|
||
|
Austin Trust Various States GO, Series 2008-3016X, VRDN, 0.24%, 6/1/11 (AGM) (LIQ FAC: Bank of America N.A.)(1)
|
7,180,000
|
7,180,000
|
||
|
Austin Trust Various States GO, Series 2008-3019X, VRDN, 0.24%, 6/1/11 (AGM) (LIQ FAC: Bank of America N.A.)(1)
|
6,500,000
|
6,500,000
|
||
|
Austin Trust Various States GO, Series 2008-3044X, VRDN, 0.24%, 6/1/11 (AGM) (LIQ FAC: Bank of America N.A.)(1)
|
6,665,000
|
6,665,000
|
||
|
California Enterprise Development Auth. Rev., (Community Hospice, Inc.), VRDN, 0.22%, 6/2/11 (LOC: Bank of Stockton and FHLB)
|
4,445,000
|
4,445,000
|
||
|
California Enterprise Development Auth. Rev., (Frank-Lin Distillers-Recovery Zone Facilities), VRDN, 0.22%, 6/2/11 (LOC: Wells Fargo Bank N.A.)
|
3,000,000
|
3,000,000
|
||
|
California Enterprise Development Auth. Rev., (Humane Society Silicon Valley), VRDN, 0.22%, 6/2/11 (LOC: First Republic Bank and FHLB)
|
7,525,000
|
7,525,000
|
||
|
California Infrastructure & Economic Development Bank Rev., (Bay Area Toll Bridges), VRDN, 0.22%, 6/2/11 (LOC: Bank of the West)
|
2,830,000
|
2,830,000
|
||
|
California Infrastructure & Economic Development Bank Rev., (Country Schools), VRDN, 0.22%, 6/2/11 (LOC: First Republic Bank and Bank of New York)
|
3,000,000
|
3,000,000
|
||
|
California Infrastructure & Economic Development Bank Rev., (East Bay SPCA), VRDN, 0.22%, 6/2/11 (LOC: First Republic Bank and FHLB)
|
5,600,000
|
5,600,000
|
||
|
California Infrastructure & Economic Development Bank Rev., (Loyola High School), VRDN, 0.20%, 6/2/11 (LOC: First Republic Bank and FHLB)
|
5,000,000
|
5,000,000
|
||
|
California Infrastructure & Economic Development Bank Rev., Series 2008 A, (iWorks, Inc.), VRDN, 0.28%, 6/1/11 (LOC: City National Bank and FHLB)
|
1,335,000
|
1,335,000
|
||
|
California Municipal Finance Auth. Rev., Series 2008 A, (Central Coast YMCA), VRDN, 0.20%, 6/2/11 (LOC: Pacific Capital Bank N.A. and FHLB)
|
2,750,000
|
2,750,000
|
||
|
California Municipal Finance Auth. Rev., Series 2010 A, (Chevron USA Recovery Zone), VRDN, 0.10%, 6/1/11
|
1,500,000
|
1,500,000
|
||
|
California Pollution Control Financing Auth. Rev., (Sierra Pacific Industries), VRDN, 0.21%, 6/1/11 (LOC: Wells Fargo Bank N.A.)
|
3,000,000
|
3,000,000
|
||
|
California Pollution Control Financing Auth. Rev., Series 1996 C, (Pacific Gas & Electric), VRDN, 0.13%, 6/1/11 (LOC: JPMorgan Chase Bank N.A.)
|
1,300,000
|
1,300,000
|
||
|
California Pollution Control Financing Auth. Solid Waste Disposal Rev., (BLT Enterprises), VRDN, 0.24%, 6/1/11 (LOC: Union Bank of California N.A.)
|
3,000,000
|
3,000,000
|
||
|
California Pollution Control Financing Auth. Solid Waste Disposal Rev., Series 2010 A, (Alameda County Industries), VRDN, 0.22%, 6/1/11 (LOC: Bank of the West)
|
2,460,000
|
2,460,000
|
||
|
California School Cash Reserve Program Auth. Rev., Series 2010 B, 2.00%, 6/1/11
|
7,200,000
|
7,200,000
|
||
|
California Statewide Communities Development Auth. COP, VRDN, 0.27%, 6/1/11 (LOC: Union Bank of California N.A.)
|
2,650,000
|
2,650,000
|
||
California Long-Term Tax-Free – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
California Statewide Communities Development Auth. Multifamily Housing Rev., Series 2008-2680, (PUTTERs), VRDN, 0.28%, 6/2/11 (LOC: JPMorgan Chase Bank N.A.) (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
|
$7,500,000
|
$ 7,500,000
|
||
|
California Statewide Communities Development Auth. Rev., (Goodwill of Santa Cruz), VRDN, 0.23%, 6/2/11 (LOC: Wells Fargo Bank N.A.)
|
1,200,000
|
1,200,000
|
||
|
California Statewide Communities Development Auth. Rev., (Metropolitan Area Advisory), VRDN, 0.38%, 6/1/11 (LOC: Bank of America N.A.)
|
2,565,000
|
2,565,000
|
||
|
California Statewide Communities Development Auth. Rev., (Trinity Children & Family), VRDN, 0.38%, 6/1/11 (LOC: Citizens Business Bank and California State Teacher's Retirement)
|
6,800,000
|
6,800,000
|
||
|
Chula Vista Industrial Development Rev., Series 2006 A, (San Diego Gas & Electric Co.), VRDN, 0.19%, 6/1/11
|
3,000,000
|
3,000,000
|
||
|
Diamond Bar Public Financing Auth. Lease Rev., Series 2002 A, (Community/Senior Center), VRDN, 0.17%, 6/1/11 (LOC: Union Bank of California N.A.)
|
7,000,000
|
7,000,000
|
||
|
Duarte COP, Series 2001 A, VRDN, 2.00%, 6/1/11 (LOC: Union Bank of California N.A. and California State Teacher's Retirement)
|
535,000
|
535,000
|
||
|
East Bay Municipal Utility District Water System Rev., Series 2009 A1, VRN, 0.21%, 6/2/11
|
4,820,000
|
4,820,000
|
||
|
East Bay Municipal Utility District Water System Rev., Series 2009 A2, VRN, 0.21%, 6/2/11
|
10,570,000
|
10,570,000
|
||
|
East Bay Municipal Utility District Water System Rev., Series 2011 A, VRN, 0.20%, 6/2/11
|
3,400,000
|
3,400,000
|
||
|
El Monte COP, Series 2003 A, (Community Improvement), VRDN, 0.22%, 6/2/11 (LOC: Union Bank of California N.A. and California State Teacher's Retirement)
|
3,995,000
|
3,995,000
|
||
|
Hanford Sewer System Rev., Series 1996 A, VRDN, 0.31%, 6/2/11 (LOC: Union Bank of California N.A.)
|
1,000,000
|
1,000,000
|
||
|
Hillsborough COP, Series 2006 A, (Water & Sewer System), VRDN, 0.20%, 6/2/11 (SBBPA: J.P. Morgan Chase Bank N.A.)
|
4,690,000
|
4,690,000
|
||
|
Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 89-10), VRDN, 0.13%, 6/1/11 (LOC: State Street Bank & Trust Co. and California State Teacher's Retirement)
|
960,000
|
960,000
|
||
|
Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 97-17), VRDN, 0.13%, 6/1/11 (LOC: State Street Bank & Trust Co. and California State Teacher's Retirement)
|
2,300,000
|
2,300,000
|
||
|
Irvine Ranch Water District Rev., Series 2011 A1, VRN, 0.24%, 6/2/11
|
4,000,000
|
4,000,000
|
||
|
Los Angeles Unified School District Tax & Rev. Anticipation Notes GO, Series 2010 A, 2.00%, 6/30/11
|
5,000,000
|
5,005,246
|
||
|
Metropolitan Water District of Southern California Rev., Series 2009 A1, VRN, 0.18%, 6/1/11
|
14,185,000
|
14,180,135
|
||
|
Metropolitan Water District of Southern California Rev., Series 2009 A2, VRN, 0.18%, 6/2/11
|
9,000,000
|
9,000,000
|
||
|
Monterey Peninsula Water Management District COP, (Wastewater Reclamation), VRDN, 0.21%, 6/2/11 (LOC: Wells Fargo Bank N.A.)
|
900,000
|
900,000
|
||
|
Moreno Valley COP, (City Hall Refinancing), VRDN, 0.22%, 6/2/11 (LOC: Union Bank of California N.A. and California State Teacher's Retirement)
|
4,260,000
|
4,260,000
|
||
|
Novato Multifamily Housing Rev., (Nova-Ro III Senior Housing), VRDN, 0.18%, 6/2/11 (LOC: Bank of the West)
|
2,615,000
|
2,615,000
|
||
|
Orange County Housing Multifamily Apartments Development Auth. Rev., Series 1985 CC, (Lantern Pines), VRDN, 0.19%, 6/1/11 (FNMA) (LIQ FAC: FNMA)
|
1,450,000
|
1,450,000
|
||
|
Paramount Unified School District COP, (School Facility Bridge Funding Program), VRDN, 0.30%, 6/2/11 (AGM) (SBBPA: Wells Fargo Bank N.A.)
|
3,100,000
|
3,100,000
|
||
|
Redondo Beach Public Financing Auth. Rev., (Pier Reconstruction Refinancing), VRDN, 0.20%, 6/2/11 (LOC: Bank of the West)
|
750,000
|
750,000
|
||
|
Reedley COP, (Mennonite Brethren Homes), VRDN, 0.19%, 6/2/11 (LOC: Bank of the Sierra and FHLB)
|
9,320,000
|
9,320,000
|
California Long-Term Tax-Free – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
Principal Amount
|
Value
|
|
|
Riverside County Rev., (Teeter Notes), 2.00%, 10/12/11
|
$5,000,000
|
$ 5,023,504
|
||
|
Riverside Water Rev., Series 2011 A, VRN, 0.25%, 6/2/11
|
9,000,000
|
9,000,000
|
||
|
San Bernardino County Tax & Rev. Anticipation Notes GO, Series 2010 A, 2.00%, 6/30/11
|
4,000,000
|
4,005,096
|
||
|
San Diego County Tax & School Districts Rev. Anticipation Notes, Series 2010 A, 2.00%, 6/30/11
|
4,000,000
|
4,005,127
|
||
|
Santa Ana Multifamily Housing Auth. Rev., Series 1995 A, (Harbor Pointe Apartments), VRDN, 0.16%, 6/1/11 (FNMA) (LIQ FAC: FNMA)
|
300,000
|
300,000
|
||
|
Santa Rosa Wastewater Rev., Series 2004 A, VRDN, 0.33%, 6/2/11 (LOC: Landesbank Baden-Wurttemberg)
|
28,700,000
|
28,700,000
|
||
|
South Bay Regional Public Communications Auth. Rev., Series 2001 C, (Manhattan Beach), VRDN, 0.22%, 6/2/11 (LOC: Bank of America N.A.)
|
1,495,000
|
1,495,000
|
||
|
Sweetwater Union High School District GO, Series 2008-2684, (PUTTERs), VRDN, 0.28%, 6/2/11 (AGM) (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
|
3,500,000
|
3,500,000
|
||
|
Three Valleys Municipal Water District COP, (Miramar Water Treatment), VRDN, 0.21%, 6/1/11 (LOC: Wells Fargo Bank N.A.)
|
1,700,000
|
1,700,000
|
||
|
Vallejo Water Rev., Series 2005 A, VRDN, 0.25%, 6/1/11 (LOC: JPMorgan Chase Bank N.A.)
|
1,805,000
|
1,805,000
|
||
|
Victorville Joint Powers Financing Auth. Lease Rev., Series 2007 A, (Cogeneration Facility), VRDN, 1.50%, 6/2/11 (LOC: BNP Paribas)
|
17,205,000
|
17,205,000
|
||
|
West Hills Community College District COP, VRDN, 0.17%, 6/1/11 (LOC: Union Bank of California N.A.)
|
9,000,000
|
9,000,000
|
||
|
Yolo County Multifamily Housing Rev., Series 1998 A, (Primero Grove), VRDN, 0.22%, 6/2/11 (LOC: Bank of the West and California State Teacher's Retirement)
|
7,680,000
|
7,680,000
|
||
|
305,399,108
|
||||
|
PUERTO RICO — 1.0%
|
||||
|
Austin Trust Various States Rev., Series 2008-355, VRDN, 0.34%, 6/1/11 (LOC: Bank of America N.A.) (SBBPA: Bank of America N.A.)(1)
|
3,263,000
|
3,263,000
|
||
|
TOTAL INVESTMENT SECURITIES — 100.4%
|
308,662,108
|
|||
|
OTHER ASSETS AND LIABILITIES(2)
|
(1,382,135)
|
|||
|
TOTAL NET ASSETS — 100.0%
|
$307,279,973
|
|||
|
Notes to Schedule of Investments
|
|||
|
ABAG
|
-
|
Association of Bay Area Governments
|
|
|
AGM
|
-
|
Assured Guaranty Municipal Corporation
|
|
|
COP
|
-
|
Certificates of Participation
|
|
|
FHLB
|
-
|
Federal Home Loan Bank
|
|
|
FNMA
|
-
|
Federal National Mortgage Association
|
|
|
GO
|
-
|
General Obligation
|
|
|
LIQ FAC
|
-
|
Liquidity Facilities
|
|
|
LOC
|
-
|
Letter of Credit
|
|
|
PUTTERs
|
-
|
Puttable Tax-Exempt Receipts
|
|
|
SBBPA
|
-
|
Standby Bond Purchase Agreement
|
|
|
VRDN
|
-
|
Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
|
|
|
VRN
|
-
|
Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.
|
|
|
(1)
|
Security was purchased under Rule 144A or Section 4(2) of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $34,608,000, which represented 11.3% of total net assets. None of these securities were considered illiquid.
|
|
(2)
|
Category is less than 0.05% of total net assets.
|
California Long-Term Tax-Free – Schedule of Investments
MAY 31, 2011 (UNAUDITED)
|
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 as of 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. Securities are generally valued at amortized cost, which approximates fair value. When such valuations do not reflect fair value, securities are valued as determined in good faith by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees.
|
|||
|
2. Fair Value Measurements
|
|||
|
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
|
|||
|
• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical securities;
• Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for similar securities,
evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
• 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.
|
|||
|
As of period end, the fund’s municipal 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, 2011, the cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.
|
|||
|
Federal tax cost of investments
|
$308,662,108
|
||
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 28, 2011
|
||
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 28, 2011
|
||
|
By:
|
/s/ Robert J. Leach
|
||
|
Name:
|
Robert J. Leach
|
||
|
Title:
|
Vice President, Treasurer, and
|
||
|
Chief Financial Officer
|
|||
|
(principal financial officer)
|
|||
|
Date:
|
July 28, 2011
|
||