N-Q 1 acctfmf_nq-053112.htm FORM N-Q acctfmf_nq-053112.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number
811-03706
   
   
   
AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS
(Exact name of registrant as specified in charter)
   
   
4500 MAIN STREET, KANSAS CITY, MISSOURI
64111
(Address of principal executive offices)
(Zip Code)
   
   
CHARLES A. ETHERINGTON, 4500 MAIN STREET
KANSAS CITY, MISSOURI  64111
(Name and address of agent for service)
   
   
Registrant’s telephone number, including area code:
816-531-5575
   
   
Date of fiscal year end:
8-31
   
   
Date of reporting period:
5-31-2012

 
 
 
ITEM 1.  SCHEDULE OF INVESTMENTS.


 

 

 
American Century Investments®
 
Quarterly Portfolio Holdings
 
California High-Yield Municipal Fund
 
May 31, 2012
 

 
 
 

 
 
 
 

California High-Yield Municipal - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 

   
Principal Amount
    
Value
  
   
MUNICIPAL SECURITIES — 100.9%
            
   
CALIFORNIA — 92.9%
            
ABAG Finance Authority for Nonprofit Corps. Rev., (899 Charleston LLC), VRDN, 0.27%, 6/1/12 (LOC: Bank of America N.A.)
   $ 1,200,000     $ 1,200,000  
ABAG Finance Authority for Nonprofit Corps. Rev., (Oshman Family Jewish Community), VRDN, 0.26%, 6/1/12 (LOC: Bank of America N.A.)
     6,000,000       6,000,000  
ABC Unified School District GO, Series 2000 B, 0.00%, 8/1/21 (NATL/FGIC)(1)
     1,000,000       737,260  
Adelanto Public Utility Authority Rev., Series 2009 A, (Utility System), 6.75%, 7/1/39
     5,225,000       5,689,816  
Alhambra Rev., Series 2010 A, (Atherton Baptist Homes), 7.50%, 1/1/30
     1,640,000       1,813,217  
Beaumont Financing Authority Local Agency Special Tax Rev., Series 2004 D, 5.80%, 9/1/35
     2,875,000       2,933,161  
Beaumont Financing Authority Local Agency Special Tax Rev., Series 2005 B, 5.40%, 9/1/35
     1,390,000       1,400,731  
Beaumont Financing Authority Local Agency Special Tax Rev., Series 2005 C, 5.50%, 9/1/29
     855,000       872,758  
Beaumont Financing Authority Local Agency Special Tax Rev., Series 2005 C, 5.50%, 9/1/35
     4,000,000       4,023,120  
Beaumont Financing Authority Local Agency Special Tax Rev., Series 2006 A, (Improvement Area No. 19C), 5.35%, 9/1/36
     2,700,000       2,700,783  
Beaumont Financing Authority Local Agency Special Tax Rev., Series 2008 A, (Improvement Area No. 19C), 6.875%, 9/1/36
     1,050,000       1,111,677  
Berryessa Union School District GO, Series 2000 A, 0.00%, 8/1/21 (AGM)(1)
     1,190,000       863,226  
Berryessa Union School District GO, Series 2000 A, 0.00%, 8/1/22 (AGM)(1)
     1,220,000       830,649  
Berryessa Union School District GO, Series 2000 A, 0.00%, 8/1/23 (AGM)(1)
     1,000,000       643,710  
California Department of Water Resources Rev., Series 2008 AE (Central Valley), 5.00%, 12/1/23
     2,500,000       2,975,775  
California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/22
     4,500,000       5,263,920  
California Department of Water Resources Supply Rev., Series 2010 L, 5.00%, 5/1/21(2)
     4,725,000       5,821,011  
California Department of Water Resources Supply Rev., Series 2010 L, 5.00%, 5/1/22
     4,200,000       5,136,138  
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14 (NATL/FGIC)
     6,000,000       6,585,300  
California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/31
     1,820,000       1,998,961  
California Educational Facilities Authority Rev., (Pepperdine University), 5.00%, 9/1/33(3)
     2,000,000       2,317,120  
California Educational Facilities Authority Rev., (Western University Health Sciences), 6.00%, 10/1/12, Prerefunded at 100% of Par(4)
     1,405,000       1,430,416  
California Educational Facilities Authority Rev., Series 2008 C, (Chapman University), VRDN, 0.22%, 6/1/12 (LOC: Bank of America N.A.)
     1,500,000       1,500,000  
California Educational Facilities Authority Rev., Series 2009 A, (Pomona College), 5.00%, 1/1/24
     1,400,000       1,654,520  
California GO, 5.25%, 10/1/29
     5,000,000       5,607,750  
California GO, 5.25%, 2/1/30
     10,000,000       11,508,400  
California GO, 6.00%, 4/1/38
     5,000,000       5,837,900  
California GO, (Various Purpose), 5.00%, 9/1/41
     3,335,000       3,583,858  
California GO, Series 2004 A2, VRDN, 0.16%, 6/1/12 (LOC: State Street Bank & Trust Co. and California State Teacher's Retirement)
     800,000       800,000  
California GO, Series 2012 B, VRN, 1.08%, 6/1/12
     2,000,000       2,005,020  
 
 
 
 

California High-Yield Municipal - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
   
Principal Amount
    
Value
  
   
California GO, Series 2012 B, VRN, 1.18%, 6/1/12
   $ 800,000     $ 802,280  
California GO, Series 2012 B, VRN, 1.33%, 6/1/12
     960,000       963,034  
California Health Facilities Financing Authority Rev., Series 1989 A, (Kaiser Permanente), 0.00%, 10/1/12 (Ambac-TCRS)(1)
     4,000,000       3,990,240  
California Health Facilities Financing Authority Rev., Series 2008 A, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 8/15/12
     1,000,000       1,010,150  
California Health Facilities Financing Authority Rev., Series 2008 A, (Scripps Health), 5.50%, 10/1/20
     1,500,000       1,803,090  
California Health Facilities Financing Authority Rev., Series 2008 A, (Sutter Health), 5.50%, 8/15/16
     5,000,000       5,886,500  
California Health Facilities Financing Authority Rev., Series 2008 B, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 8/15/12
     1,470,000       1,475,351  
California Health Facilities Financing Authority Rev., Series 2008 C, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 8/15/12
     1,000,000       1,010,150  
California Health Facilities Financing Authority Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/33
     1,000,000       1,197,600  
California Health Facilities Financing Authority Rev., Series 2008 G, (Catholic Healthcare West), 5.50%, 7/1/25
     2,000,000       2,244,180  
California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39
     4,300,000       5,014,574  
California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38
     3,000,000       3,645,600  
California Health Facilities Financing Authority Rev., Series 2010 B, (Children's Hospital of Los Angeles), VRDN, 0.26%, 6/1/12 (LOC: Bank of America N.A.)
     6,400,000       6,400,000  
California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/35
     2,000,000       2,193,820  
California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51
     2,500,000       2,715,300  
California Infrastructure & Economic Development Bank Rev., Series 2008 A, (Jewish Community Center of San Francisco), VRDN, 0.23%, 6/1/12 (LOC: Bank of America N.A.)
     1,500,000       1,500,000  
California Infrastructure & Economic Development Bank Rev., Series 2011 A, (J. David Gladstone Institutes), 5.25%, 10/1/34
     2,000,000       2,118,640  
California Infrastructure & Economic Development Bank Rev., Series 2012 B1, (J. Paul Getty Trust), VRDN, 0.48%, 6/7/12
     13,000,000       13,000,650  
California Mobilehome Park Financing Authority Rev., Series 2001 B, (Rancho Vallecitos - San Marcos), 6.75%, 11/15/36
     1,905,000       1,929,441  
California Mobilehome Park Financing Authority Rev., Series 2003 B, (Palomar Estates E&W), 7.00%, 9/15/36
     6,345,000       6,522,914  
California Mobilehome Park Financing Authority Rev., Series 2006 B, (Union City Tropics), 5.50%, 12/15/41
     2,000,000       1,997,040  
California Municipal Finance Authority Rev., (Biola University), 5.875%, 10/1/34
     1,000,000       1,074,030  
California Municipal Finance Authority Rev., (Emerson College), 6.00%, 1/1/42
     3,000,000       3,477,510  
California Municipal Finance Authority Rev., Series 2011 B, (Azusa Pacific University), 8.00%, 4/1/41
     3,335,000       3,813,839  
California Public Works Board Lease Rev., Series 1993 D, (Department of Corrections), 5.25%, 6/1/15 (AGM)
     2,000,000       2,134,880  
California Public Works Board Lease Rev., Series 2009 G1, (Various Capital Projects), 5.75%, 10/1/30
     2,000,000       2,299,200  
California Public Works Board Lease Rev., Series 2010 A1, (Various Capital Projects), 6.00%, 3/1/35
     1,250,000       1,459,975  
 
 
 
 

California High-Yield Municipal - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
   
Principal Amount
    
Value
  
   
California Public Works Board Lease Rev., Series 2011 C, (State Prisons), 5.75%, 10/1/31
   $ 1,000,000     $ 1,143,090  
California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.00%, 12/1/31
     850,000       919,777  
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25
     1,500,000       1,684,170  
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37
     1,870,000       1,985,529  
California State University Fresno Association, Inc. Rev., (Auxiliary Organization Event Center), 7.00%, 7/1/12, Prerefunded at 101% of Par(4)
     2,455,000       2,493,273  
California State University Systemwide Rev., Series 2005 C, (Systemwide Financing Program), 5.00%, 11/1/30 (NATL)
     5,000,000       5,471,250  
California Statewide Communities Development Authority Pollution Control Rev., Series 2010 A, (Southern California Education), 4.50%, 9/1/29
     4,000,000       4,312,560  
California Statewide Communities Development Authority Rev., (Cottage Health Obligation Group), 5.25%, 11/1/30
     1,250,000       1,406,788  
California Statewide Communities Development Authority Rev., (Lancer Educational Student Housing), 5.625%, 6/1/33
     2,500,000       2,536,800  
California Statewide Communities Development Authority Rev., (North Peninsula Jewish Community Center), VRDN, 0.26%, 6/1/12 (LOC: Bank of America N.A.)
     3,660,000       3,660,000  
California Statewide Communities Development Authority Rev., (Southern California Presbyterian Homes), 7.25%, 11/15/41
     2,500,000       2,812,500  
California Statewide Communities Development Authority Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31
     4,000,000       4,436,080  
California Statewide Communities Development Authority Rev., Series 2002 C, (Kaiser Permanente), VRDN, 5.00%, 11/1/12(3)
     1,300,000       1,509,443  
California Statewide Communities Development Authority Rev., Series 2004 D, (Sutter Health), 5.05%, 8/15/38 (AGM)
     1,650,000       1,773,832  
California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.50%, 11/1/38
     7,000,000       7,170,800  
California Statewide Communities Development Authority Rev., Series 2008 A, (Thomas Jefferson School of Law), 7.25%, 10/1/32(5)
     4,000,000       4,420,280  
California Statewide Communities Development Authority Rev., Series 2012 A, (Kaiser Permanente), 5.00%, 4/1/42
     5,000,000       5,417,750  
Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 90-2), 6.00%, 9/1/33
     6,250,000       6,345,437  
Carson Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Project Area No. 1), 7.00%, 10/1/36
     2,000,000       2,319,360  
Chula Vista Community Facilities District No. 06-1 Area A Special Tax Rev., (Eastlake Woods), 6.20%, 9/1/33
     3,600,000       3,644,892  
Chula Vista Industrial Development Rev., Series 2004 D, (San Diego Gas), 5.875%, 1/1/34
     1,000,000       1,163,510  
City of Santa Rosa Wastewater Rev., Series 2004 A, VRDN, 0.60%, 6/1/12 (LOC: Landesbank Baden-Wurttemberg)
     6,900,000       6,900,000  
Clovis Public Financing Authority Lease Rev., (Corporate Yard), 5.375%, 3/1/20 (Ambac)
     1,780,000       1,786,728  
Corcoran COP, 8.75%, 6/1/16(5)
     300,000       360,798  
Duarte Unified School District GO, Series 1999 B, 0.00%, 11/1/23 (AGM)(1)
     1,150,000       731,941  
Eastern Municipal Water District Water and Sewer COP, Series 2008 H, 5.00%, 7/1/33
     4,000,000       4,377,680  
El Dorado County Community Facilities District No. 2001-1 Special Tax Rev., (Promontory Specific), 6.30%, 9/1/31
     2,500,000       2,527,200  
 
 
 
 

California High-Yield Municipal - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
   
Principal Amount
    
Value
  
   
Escondido Joint Powers Financing Authority Rev., (Water Systems Financing), 5.00%, 9/1/31
   $ 1,355,000     $ 1,510,337  
Foothill-De Anza Community College District GO, 0.00%, 8/1/21 (NATL)(1)
     3,000,000       2,270,430  
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., 5.875%, 1/15/27(1)
     5,000,000       5,107,300  
Fullerton Community Facilities District No. 1 Special Tax Rev., (Amerige Heights), 6.20%, 9/1/32
     3,000,000       3,017,400  
Fullerton Unified School District Special Tax Rev., (Community Facilities District No. 2001-1), 6.375%, 9/1/31
     5,000,000       5,071,600  
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2005 A, 5.00%, 6/1/45
     4,000,000       4,061,720  
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.125%, 6/1/47
     14,370,000       10,395,114  
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.75%, 6/1/47
     9,500,000       7,617,100  
Hemet Unified School District Special Tax Rev., (Community Facilities District No. 2005-2), 5.25%, 9/1/30
     2,670,000       2,699,397  
Hesperia Public Financing Authority Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/32 (XLCA)
     3,000,000       2,649,150  
Hesperia Public Financing Authority Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/37 (XLCA)
     2,025,000       1,722,080  
Independent Cities Finance Authority Mobile Home Park Rev., Series 2011 A, (Castle Mobile Estates), 6.75%, 8/15/46
     2,500,000       2,735,375  
Independent Cities Lease Finance Authority Rev., Series 2004 A, (Morgan Hill - Hacienda Valley Mobile Estates), 5.90%, 11/15/34
     2,235,000       2,264,413  
Independent Cities Lease Finance Authority Rev., Series 2006 B, (San Juan Mobile Estates), 5.55%, 5/15/31
     500,000       505,280  
Independent Cities Lease Finance Authority Rev., Series 2006 B, (San Juan Mobile Estates), 5.85%, 5/15/41
     1,150,000       1,163,697  
Independent Cities Lease Finance Authority Rev., Series 2007 A, (Santa Rosa Leisure Mobilehome Park), 5.70%, 11/15/47
     3,430,000       3,474,659  
Irvine Unified School District Special Tax Rev., (Community Facilities District No 06-1), 6.70%, 9/1/35
     515,000       584,721  
Jurupa Community Services District Special Tax Rev., Series 2008 A, (Community Facilities District No. 25), 8.875%, 9/1/38
     2,000,000       2,321,700  
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       2,256,203  
Lincoln Community Facilities District No. 2003-1 Special Tax Rev., (Lincoln Crossing), 6.00%, 9/1/13, Prerefunded at 102% of Par(4)
     1,775,000       1,932,283  
Los Angeles Community College District GO, Series 2008 F1, (Election of 2003), 5.00%, 8/1/27
     2,000,000       2,278,520  
Los Angeles Community Facilities District No. 3 Special Tax Rev., (Cascades Business Park & Golf Course), 6.40%, 9/1/22
     1,310,000       1,316,943  
Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/23
     1,000,000       1,176,740  
Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.25%, 5/15/25
     2,000,000       2,265,520  
Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40
     2,000,000       2,216,240  
Los Angeles Municipal Improvement Corp. Lease Rev., Series 2012 B, 5.00%, 3/1/42
     1,000,000       1,064,640  
Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/29(3)
     350,000       384,500  
 
 
 
 

California High-Yield Municipal - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
   
Principal Amount
    
Value
  
   
Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/31(3)
   $ 3,500,000     $ 3,804,500  
Los Angeles Unified School District GO, Series 2011 A1, 5.00%, 7/1/24
     3,430,000       4,110,546  
Los Angeles Wastewater System Rev., Series 2012 B, 5.00%, 6/1/32
     3,000,000       3,452,100  
Los Angeles Wastewater System Rev., Series 2012 B, (Senior Lien) 5.00%, 6/1/24(3)
     5,000,000       6,104,400  
Milpitas Improvement Bond Act of 1915 Special Assessment Rev., Series 1996 A, (Local Improvement District No 18), 6.75%, 9/2/16
     1,120,000       1,128,960  
Modesto Irrigation District COP, Series 2009 A, (Capital Improvements), 6.00%, 10/1/39
     3,000,000       3,404,370  
Montebello Community Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Montebello Hills Redevelopment), 8.10%, 3/1/27
     2,000,000       2,363,840  
Moorpark Mobile Home Park Rev., Series 2011 A, (Villa Delaware Arroyo), 6.50%, 5/15/41
     4,000,000       4,374,400  
Moreno Valley Unified School District Special Tax Rev., (Community Facilities District No. 2002-1), 6.20%, 9/1/32
     4,000,000       4,091,440  
Murrieta Community Facilities District No. 2002-2 Special Tax Rev., Series 2004 A, (The Oaks Improvement Area), 6.00%, 9/1/34
     1,920,000       1,944,307  
Murrieta Improvement Bond Act of 1915 Special Tax Rev., (Community Facilities District No. 2000-1), 6.375%, 9/1/30
     3,820,000       3,867,903  
Northern California Power Agency Rev., Series 2012 A, (Hydroelectric Project No. 1), 5.00%, 7/1/31
     1,090,000       1,234,316  
Oakland Unified School District Alameda County GO, Series 2009 A, (Election of 2006), 6.125%, 8/1/29
     2,500,000       2,827,200  
Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32
     1,000,000       1,089,750  
Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/25
     6,030,000       6,808,352  
Oceanside Community Development Commission Tax Allocation Rev., (Downtown Redevelopment), 5.70%, 9/1/25
     3,500,000       3,528,595  
Oceanside Community Facilities District No. 2001-1 Special Tax Rev., Series 2002 A, (Morrow Hills Development), 6.20%, 9/1/32
     2,405,000       2,420,777  
Orange County Community Facilities District Special Tax Rev., (No. 06-1-Delaware Rio Public Improvements), 6.00%, 10/1/40
     1,375,000       1,419,907  
Oxnard School District GO, Series 2001 A, 5.75%, 8/1/30 (NATL)
     3,000,000       3,493,230  
Palomar Pomerado Health Care District COP, 6.75%, 11/1/39
     4,000,000       4,409,600  
Perris Public Financing Authority Special Tax Rev., Series 2003 A, 6.25%, 9/1/33
     2,955,000       3,051,954  
Perris Public Financing Authority Special Tax Rev., Series 2004 A, 6.125%, 9/1/34
     2,995,000       3,108,391  
Perris Public Financing Authority Special Tax Rev., Series 2008 A, (Community Facilities District No. 2005-4), 6.60%, 9/1/38
     2,210,000       2,274,709  
Pleasant Valley School District/Ventura County GO, Series 2002 A, 5.85%, 8/1/31 (NATL)
     4,835,000       5,954,061  
Poway Unified School District Special Tax Rev., (Community Facilities District No. 6-4S), 5.00%, 9/1/33(3)
     1,000,000       1,051,960  
Poway Unified School District Special Tax Rev., (Community Facilities District No. 6-4S), 5.00%, 9/1/36(3)
     600,000       623,628  
Poway Unified School District Public Financing Authority Rev., 7.875%, 9/15/39
     4,000,000       4,609,040  
Riverside County Improvement Bond Act of 1915 Special Assessment Rev., (District No. 168-Rivercrest), 6.70%, 9/2/26
     1,875,000       1,884,187  
Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.25%, 10/1/30
     2,200,000       2,427,942  
 
 
 
 

California High-Yield Municipal - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
   
Principal Amount
    
Value
  
   
Riverside Unified School District Special Tax Rev., (Community Facilities District No. 13, Improvement Area 1), 5.375%, 9/1/34
   $ 2,000,000     $ 1,950,420  
Riverside Unified School District Special Tax Rev., Series 2005 A, (Community Facilities School District No. 15, Improvement Area 2), 5.25%, 9/1/30
     1,000,000       1,015,420  
Rohnert Park Finance Authority Rev., Series 2001 A, (Las Casitas de Sonoma), 6.40%, 4/15/36
     4,240,000       4,275,955  
Romoland School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area 1), 5.40%, 9/1/36
     4,000,000       4,031,840  
Roseville Community Facilities District No. 1 Special Tax Rev., (The Fountains), 6.125%, 9/1/38
     2,600,000       2,723,864  
Roseville Finance Authority Electric System Rev., 5.00%, 2/1/37
     925,000       1,006,197  
Sacramento Airport System Rev., Series 2009 D, (Grant Revenue Bonds), 6.00%, 7/1/35
     4,000,000       4,594,280  
Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.25%, 7/1/24 (Ambac)
     4,000,000       4,965,240  
Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/31
     625,000       717,863  
Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/33
     1,000,000       1,138,340  
Sacramento Special Tax Rev. (North Natomas Community Facilities District No.1), 6.30%, 9/1/26
     3,840,000       3,854,861  
San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41
     3,850,000       4,574,069  
San Buenaventura City COP, (Wastewater Revenue), 5.00%, 3/1/29 (NATL)
     1,975,000       2,078,964  
San Diego Redevelopment Agency Tax Allocation Rev., Series 2009 A, (North Park Redevelopment), 7.00%, 11/1/39
     3,000,000       3,378,720  
San Francisco City and County Airports Commission Rev., Series 2008 34D, (San Francisco International Airport), 5.25%, 5/1/26
     3,000,000       3,478,260  
San Francisco City and County Airports Commission Rev., Series 2011 D, 5.00%, 5/1/31
     5,390,000       6,086,011  
San Francisco City and County Redevelopment Agency Lease Rev., (George R. Mascone), 0.00%, 7/1/13(1)
     1,250,000       1,241,175  
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2009 D, (Mission Bay South Redevelopment), 6.625%, 8/1/39
     2,000,000       2,186,520  
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 C, (Mission Bay South Redevelopment), 6.75%, 8/1/41
     1,000,000       1,149,780  
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 7.00%, 8/1/41
     1,250,000       1,414,575  
San Jose Airport Rev., Series 2011 A2, 5.25%, 3/1/34
     2,605,000       2,858,362  
San Marcos Public Facilities Authority Special Tax Rev., Series 2004 A, 5.45%, 9/1/24
     2,790,000       2,795,413  
San Mateo Special Tax Rev., (Community Facilities District No 2008-1-Bay Meadows), 6.00%, 9/1/42
     500,000       535,945  
Santa Barbara County Water COP, 5.50%, 9/1/22 (Ambac)
     3,005,000       3,068,706  
Santa Cruz County Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Live Oak/Soquel Community Improvement), 7.00%, 9/1/36
     3,000,000       3,589,500  
Santa Margarita Water District Special Tax Rev., Series 2011 B, (Community Facilities District No. 99-1), 5.875%, 9/1/38
     650,000       670,930  
Santaluz Community Facilities District No. 2 Special Tax Rev., Series 2011 A, (Improvement Area No 1), 5.10%, 9/1/30
     465,000       491,840  
 
 
 
 

California High-Yield Municipal - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
   
Principal Amount
    
Value
  
   
Shasta Lake Public Finance Authority Rev., (Electrical Enterprise), 6.25%, 4/1/13, Prerefunded at 102% of Par(4)
   $ 7,755,000     $ 8,300,642  
Soledad Improvement Bond Act of 1915 District No. 2002-01 Special Assessment Rev., (Diamond Ridge), 6.75%, 9/2/33
     2,160,000       2,188,706  
Southern California Public Power Authority Rev., (Southern Transmission), 0.00%, 7/1/14 (NATL-IBC)(6)
     2,400,000       2,350,392  
Southern California Public Power Authority Rev., (Southern Transmission), 0.00%, 7/1/15 (NATL-IBC)(6)
     1,250,000       1,203,100  
Southern California Public Power Authority Rev., Series 2008 A, (Southern Transmission), 5.00%, 7/1/22
     5,750,000       6,674,370  
Stockton Community Facilities District Special Tax Rev., (Spanos Park West No. 2001-1), 6.375%, 9/1/12, Prerefunded at 102% of Par(4)
     4,195,000       4,343,209  
Sunnyvale Community Facilities District No. 1 Special Tax Rev., 7.75%, 8/1/32
     6,500,000       6,505,850  
Susanville Public Financing Authority Rev., Series 2010 B, (Utility Enterprises), 6.00%, 6/1/45
     3,000,000       3,161,460  
Tahoe-Truckee Unified School District GO, Series 1999 A, (Improvement District No. 2), 0.00%, 8/1/22 (NATL/FGIC)(1)
     2,690,000       1,831,513  
Tahoe-Truckee Unified School District GO, Series 1999 A, (Improvement District No. 2), 0.00%, 8/1/23 (NATL/FGIC)(1)
     2,220,000       1,429,036  
Tracy Community Facilities District No. 2006-1 Special Tax Rev., (NEI Phase II), 5.75%, 9/1/36
     3,105,000       3,096,616  
Tri-Dam Power Authority Rev., 4.00%, 5/1/16
     2,165,000       2,291,977  
Tri-Dam Power Authority Rev., 4.00%, 11/1/16
     2,165,000       2,300,702  
Tuolumne Wind Project Authority Rev., Series 2009 A, 5.875%, 1/1/29
     2,000,000       2,370,660  
Turlock Public Financing Authority Tax Allocation Rev., 7.50%, 9/1/39
     2,770,000       3,093,868  
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       5,192,850  
Tustin Community Facilities District No. 07-1 Special Tax Rev., (Tustin Legacy/Retail Center), 6.00%, 9/1/37
     1,300,000       1,349,543  
Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 5.75%, 9/1/30
     1,000,000       1,076,000  
Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.00%, 9/1/40
     1,500,000       1,607,580  
Twin Rivers Unified School District COP, (Facility Bridge Program), VRDN, 3.50%, 5/31/13 (AGM)
     4,000,000       4,004,840  
Val Verde Unified School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area A), 5.40%, 9/1/30
     2,500,000       2,501,125  
Val Verde Unified School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area A), 5.45%, 9/1/36
     2,600,000       2,516,878  
Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/33
     1,600,000       1,907,248  
Vernon Electric System Rev., Series 2009 A, 5.125%, 8/1/21
     5,000,000       5,622,050  
West Sacramento Community Facilities District No. 20 Special Tax Rev., 5.30%, 9/1/35
     1,740,000       1,729,264  
West Stanislaus Irrigation District COP, Series 2012 A, 5.00%, 1/1/42
     3,470,000       3,553,488  
Yosemite Community College District GO, (Election of 2004), 0.00%, 8/1/16 (AGM)(1)
     3,545,000       3,238,783  
Yuba City Redevelopment Agency Tax Allocation Rev., 5.70%, 9/1/24
     2,270,000       2,307,364  
Yuba City Unified School District GO, 0.00%, 3/1/25 (NATL/FGIC)(1)
     1,500,000       823,395  
   
              583,210,639  
   
 
 
 
 

California High-Yield Municipal - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
 
Principal Amount
  
Value
  
 
GUAM — 2.4%
            
Guam Government GO, Series 2007 A, 5.25%, 11/15/37
   $ 3,105,000     $ 3,115,278  
Guam Government GO, Series 2009 A, 7.00%, 11/15/39
     7,230,000       8,063,402  
Guam Government Rev., Series 2011 A, (Business Privilege Tax), 5.125%, 1/1/42
     1,000,000       1,085,060  
Guam Government Rev., Series 2012 B1, (Business Privilege Tax), 5.00%, 1/1/42(3)
     2,500,000       2,688,025  
 
              14,951,765  
 
PUERTO RICO — 5.0%
                
Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien) 5.25%, 7/1/24
     5,000,000       5,449,250  
Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 6.00%, 7/1/47
     5,000,000       5,402,250  
Puerto Rico GO, Series 2006 A, (Public Improvement), 5.25%, 7/1/30
     1,145,000       1,170,018  
Puerto Rico GO, Series 2008 A, 6.00%, 7/1/38
     2,500,000       2,705,125  
Puerto Rico GO, Series 2009 B, (Public Improvement), 6.00%, 7/1/39
     2,000,000       2,174,460  
Puerto Rico GO, Series 2012 A, (Public Improvement), 5.50%, 7/1/39
     7,500,000       7,821,000  
Puerto Rico Public Finance Corp. Rev., Series 2011 B, (Commonwealth Appropriation), 5.50%, 8/1/31 (SPA: Government Development Bank for Puerto Rico)
     600,000       646,260  
Puerto Rico Sales Tax Financing Corp. Rev., Series 2007 A, VRN, 1.24%, 8/1/12
     10,000,000       5,699,000  
 
              31,067,363  
 
U.S. VIRGIN ISLANDS — 0.6%
                
Virgin Islands Public Finance Authority Rev., Series 2009 A, (Diageo Matching Fund Bonds), 6.75%, 10/1/37
     2,000,000       2,342,000  
Virgin Islands Public Finance Authority Rev., Series 2010 B, (Subordinated Lien), 5.25%, 10/1/29
     1,500,000       1,597,200  
 
              3,939,200  
 
TOTAL INVESTMENT SECURITIES — 100.9%
(Cost $598,216,694)
             633,168,967  
 
OTHER ASSETS AND LIABILITIES — (0.9)%
             (5,344,501 )
 
TOTAL NET ASSETS — 100.0%
           $ 627,824,466  
 
 

FUTURES CONTRACTS
Contracts Sold
Expiration
Date
  
Underlying Face
Amount at Value
    
Unrealized
Gain (Loss)
  
                       
146
  
U.S. Treasury 10-Year Notes
September 2012
   $ 19,554,875     $ (107,547 )
 
Notes to Schedule of Investments
 
ABAG
-
Association of Bay Area Governments
  
AGM
-
Assured Guaranty Municipal Corporation
  
Ambac
-
American Municipal Bond Assurance Corporation
  
Ambac-TCRS
-
American Municipal Bond Assurance Corporation - Transferrable Custodial Receipts
  
COP
-
Certificates of Participation
  
FGIC
-
Financial Guaranty Insurance Company
  
 
 
 
 
 
California High-Yield Municipal - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
GO
-
General Obligation
  
LOC
-
Letter of Credit
  
NATL
-
National Public Finance Guarantee Corporation
  
NATL-IBC
-
National Public Finance Guarantee Corporation - Insured Bond Certificates
  
SPA
-
Standby Purchase Agreement
  
VRDN
-
Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
  
VRN
-
Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.
  
XLCA
-
XL Capital Ltd.
  
 
(1)
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.
  
(2)
Security, or a portion thereof, has been pledged at the custodian bank or with a broker for margin requirements on futures contracts. At the period end, the aggregate value of securities pledged was $314,150.
  
(3)
When-issued security.
  
(4)
Escrowed to maturity in U.S. government securities or state and local government securities.
  
(5)
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 $4,781,078, which represented 0.8% of total net assets.
  
(6)
Security is a zero-coupon municipal bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.
  
 
 
 
 

California High-Yield Municipal - Schedule of Investments
MAY 31, 2012 (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 information on the fund’s portfolio holdings.
 
 
 
 

California High-Yield Municipal - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
3. Federal Tax Information

As of May 31, 2012, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments
   $ 598,129,824  
Gross tax appreciation of investments
   $ 40,294,974  
Gross tax depreciation of investments
     (5,255,831 )
Net tax appreciation (depreciation) of investments
   $ 35,039,143  
 
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the timing of market discount amortization recognition.
 
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, 2012
 

 

 

 
 
 
 

California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 

   
Principal Amount
    
Value
  
   
MUNICIPAL SECURITIES — 100.1%
            
   
CALIFORNIA — 96.9%
            
ABAG Finance Authority for Nonprofit Corps. Rev., (899 Charleston LLC), VRDN, 0.27%, 6/1/12 (LOC: Bank of America N.A.)
   $ 2,555,000     $ 2,555,000  
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2011 A, (Sharp HealthCare), 6.00%, 8/1/30
     2,500,000       3,042,200  
Alameda Corridor Transportation Authority Rev., Series 1999 A, 0.00%, 10/1/35 (NATL)(1)
     9,000,000       2,404,710  
Anaheim Public Financing Authority Rev., Series 2011 A, (Electric System Distribution Facilities), 5.375%, 10/1/36
     700,000       810,187  
Bay Area Toll Authority Toll Bridge Rev., Series 2007 F, 5.00%, 4/1/22
     2,000,000       2,335,420  
Bay Area Toll Authority Toll Bridge Rev., Series 2008 F1, (San Francisco Bay Area), 5.00%, 4/1/34
     7,000,000       7,679,000  
Bay Area Toll Authority Toll Bridge Rev., Series 2009 F1, (San Francisco Bay Area), 5.25%, 4/1/27
     5,000,000       5,937,350  
Bay Area Toll Authority Toll Bridge Rev., Series 2009 F1, (San Francisco Bay Area), 5.00%, 4/1/34
     3,500,000       3,891,720  
Bay Area Toll Authority Toll Bridge Rev., Series 2010 S-2, (San Francisco Bay Area), 5.00%, 10/1/42
     4,610,000       5,024,070  
California Department of Water Resources Rev., Series 2011 AJ, (Central Valley), 5.00%, 12/1/20
     9,665,000       12,361,342  
California Department of Water Resources Power Supply Rev., Series 2005 F5, 5.00%, 5/1/22
     1,800,000       2,105,568  
California Department of Water Resources Power Supply Rev., Series 2009 AF, (Central Valley), 5.00%, 12/1/22
     1,000,000       1,201,240  
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/16
     5,000,000       5,840,150  
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/17
     10,875,000       13,005,956  
California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/19
     7,000,000       8,698,410  
California Department of Water Resources Power Supply Rev., Series 2010 M, 5.00%, 5/1/16
     2,000,000       2,336,060  
California Department of Water Resources Supply Rev., Series 2005 G4, 5.00%, 5/1/16
     2,450,000       2,861,673  
California Department of Water Resources Supply Rev., Series 2008 H, 5.00%, 5/1/21
     5,000,000       5,882,450  
California Department of Water Resources Supply Rev., Series 2010 L, 5.00%, 5/1/15
     1,000,000       1,131,130  
California Department of Water Resources Supply Rev., Series 2010 L, 5.00%, 5/1/18
     3,000,000       3,658,590  
California Department of Water Resources Supply Rev., Series 2010 L, 5.00%, 5/1/21
     3,850,000       4,743,046  
California Department of Water Resources Supply Rev., Series 2010 L, 5.00%, 5/1/22
     20,000,000       24,457,800  
California Department of Water Resources Supply Rev., Series 2011 N, 5.00%, 5/1/20
     14,215,000       17,817,934  
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14 (NATL/FGIC)
     8,460,000       9,285,273  
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14, Prerefunded at 100% of Par(2)
     1,130,000       1,247,204  
California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14
     3,870,000       4,247,518  
 
 
 
 

California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
   
Principal Amount
    
Value
  
   
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/18
   $ 7,000,000     $ 8,512,420  
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/22
     2,000,000       2,290,940  
California Economic Recovery GO, Series 2009 B, VRDN, 5.00%, 7/1/12
     5,000,000       5,458,600  
California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/31
     1,455,000       1,598,070  
California Educational Facilities Authority Rev., (Golden Gate University), 5.50%, 10/1/18
     4,525,000       4,531,109  
California Educational Facilities Authority Rev., (San Francisco University), 5.00%, 10/1/16
     1,200,000       1,391,808  
California Educational Facilities Authority Rev., (San Francisco University), 5.00%, 10/1/21
     750,000       898,088  
California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/18
     500,000       607,135  
California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/19
     700,000       841,239  
California Educational Facilities Authority Rev., (Santa Clara University), 5.25%, 4/1/23
     2,000,000       2,333,960  
California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/36
     1,045,000       1,080,561  
California Educational Facilities Authority Rev., Series 2004 C, (Lutheran University), 5.00%, 10/1/24
     2,500,000       2,594,300  
California Educational Facilities Authority Rev., Series 2008 A, (Chapman University), VRDN, 0.22%, 6/1/12 (LOC: Bank of America N.A.)
     6,400,000       6,400,000  
California Educational Facilities Authority Rev., Series 2008 B, (Chapman University), VRDN, 0.22%, 6/1/12 (LOC: Bank of America N.A.)
     7,500,000       7,500,000  
California Educational Facilities Authority Rev., Series 2008 C, (Chapman University), VRDN, 0.22%, 6/1/12 (LOC: Bank of America N.A.)
     6,740,000       6,740,000  
California Educational Facilities Authority Rev., Series 2008 T4, (Stanford University), 5.00%, 3/15/14
     5,000,000       5,418,450  
California Educational Facilities Authority Rev., Series 2009 A, (Pomona College), 5.00%, 1/1/24
     2,100,000       2,481,780  
California Educational Facilities Authority Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39
     2,952,000       3,353,915  
California Educational Facilities Authority Rev., Series 2010 A, (Loyola Marymount University), 5.00%, 10/1/30
     1,365,000       1,498,674  
California Educational Facilities Authority Rev., Series 2010 B, (Loyola Marymount University), VRN, 0.98%, 6/7/12
     4,075,000       4,080,012  
California Educational Facilities Authority Rev., Series 2012 A, (University of the Pacific), 4.50%, 11/1/15
     1,240,000       1,379,785  
California Educational Facilities Authority Rev., Series 2012 A, (University of the Pacific), 4.50%, 11/1/17
     1,000,000       1,149,040  
California GO, 5.25%, 8/1/13, Prerefunded at 100% of Par(2)
     2,185,000       2,312,407  
California GO, 5.125%, 2/1/14, Prerefunded at 100% of Par(2)
     5,000,000       5,403,200  
California GO, 5.00%, 2/1/14, Prerefunded at 100% of Par(2)
     4,000,000       4,314,240  
California GO, 5.00%, 9/1/15
     9,115,000       10,251,367  
California GO, 5.00%, 11/1/16 (Ambac)
     1,575,000       1,828,591  
California GO, 5.50%, 4/1/18
     1,000,000       1,215,740  
California GO, 5.00%, 8/1/18
     2,260,000       2,599,429  
California GO, 5.00%, 9/1/18
     1,000,000       1,198,010  
California GO, 5.00%, 9/1/19
     7,645,000       9,251,444  
California GO, 5.25%, 2/1/20
     2,815,000       2,967,883  
California GO, 5.00%, 3/1/20
     1,690,000       1,949,060  
 
 
 
 

California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
   
Principal Amount
    
Value
  
   
California GO, 5.00%, 8/1/20
   $ 5,000,000     $ 5,779,200  
California GO, 5.25%, 10/1/20
     5,000,000       6,023,650  
California GO, 5.00%, 3/1/22
     5,000,000       5,592,400  
California GO, 5.50%, 4/1/24
     4,000,000       4,741,880  
California GO, 5.00%, 8/1/24
     1,260,000       1,419,314  
California GO, 5.75%, 4/1/28
     5,000,000       5,855,400  
California GO, 5.75%, 4/1/31
     5,000,000       5,841,950  
California GO, 6.50%, 4/1/33
     5,000,000       6,089,250  
California GO, 6.00%, 4/1/38
     3,000,000       3,502,740  
California GO, Series 2012 B, VRN, 1.08%, 6/7/12
     2,000,000       2,005,020  
California GO, Series 2012 B, VRN, 1.18%, 6/7/12
     800,000       802,280  
California GO, Series 2012 B, VRN, 1.33%, 6/7/12
     960,000       963,034  
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/18
     1,000,000       1,191,270  
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/19
     735,000       889,835  
California Health Facilities Financing Authority Rev., (NCROC Paradise Valley Estates), 5.70%, 12/1/24 (Ambac/California Mortgage Insurance)
     1,985,000       2,227,249  
California Health Facilities Financing Authority Rev., Series 2008 A, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 8/15/12
     1,500,000       1,515,225  
California Health Facilities Financing Authority Rev., Series 2008 A, (Scripps Health), 5.00%, 10/1/17
     1,400,000       1,661,912  
California Health Facilities Financing Authority Rev., Series 2008 A, (Sutter Health), 5.50%, 8/15/17
     1,000,000       1,208,700  
California Health Facilities Financing Authority Rev., Series 2008 A, (Sutter Health), 5.25%, 8/15/22
     3,335,000       3,882,774  
California Health Facilities Financing Authority Rev., Series 2008 B, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 8/15/12
     2,200,000       2,208,008  
California Health Facilities Financing Authority Rev., Series 2008 C, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 8/15/12
     1,500,000       1,515,225  
California Health Facilities Financing Authority Rev., Series 2008 C, (Providence Health & Services), 5.00%, 10/1/14
     500,000       549,975  
California Health Facilities Financing Authority Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/18, Prerefunded at 100% of Par(2)
     40,000       53,323  
California Health Facilities Financing Authority Rev., Series 2008 C, (Providence Health & Services), 6.25%, 10/1/24
     3,250,000       3,924,732  
California Health Facilities Financing Authority Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/38
     2,085,000       2,462,739  
California Health Facilities Financing Authority Rev., Series 2008 H, (Catholic Healthcare West), 5.125%, 7/1/22
     880,000       951,553  
California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 5.00%, 7/1/18
     3,000,000       3,525,240  
California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.25%, 11/1/29
     5,000,000       5,983,200  
California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.50%, 7/1/29
     1,500,000       1,735,065  
California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.75%, 7/1/39
     1,000,000       1,141,050  
California Health Facilities Financing Authority Rev., Series 2010 A, (Stanford Hospital), 5.00%, 11/15/25
     2,000,000       2,280,880  
California Health Facilities Financing Authority Rev., Series 2010 B, (Children's Hospital of Los Angeles), VRDN, 0.26%, 6/1/12 (LOC: Bank of America N.A.)
     3,900,000       3,900,000  
 
 
 
 

California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
   
Principal Amount
    
Value
  
   
California Health Facilities Financing Authority Rev., Series 2011 B, (Sutter Health), 6.00%, 8/15/42
   $ 1,000,000     $ 1,184,360  
California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/18
     1,305,000       1,577,575  
California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/22
     1,650,000       1,999,965  
California Health Facilities Financing Authority Rev., Series 2012 A, (Lucile Salter Packard Children's Hospital), 5.00%, 8/15/51
     3,800,000       4,058,134  
California Infrastructure & Economic Development Bank Rev., (Contemporary Jewish Museum), VRDN, 0.26%, 6/1/12 (LOC: Bank of America N.A.)
     1,000,000       1,000,000  
California Infrastructure & Economic Development Bank Rev., Series 2000 A, (Scripps Research Institute), 5.625%, 7/1/20
     1,000,000       1,003,390  
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)(2)
     5,000,000       6,741,150  
California Infrastructure & Economic Development Bank Rev., Series 2008 A, (California Independent System Operator Corp.), 5.00%, 2/1/13
     2,500,000       2,578,825  
California Infrastructure & Economic Development Bank Rev., Series 2008 B, (Rand Corp.), VRDN, 0.22%, 6/1/12 (LOC: Bank of America N.A.)
     2,575,000       2,575,000  
California Infrastructure & Economic Development Bank Rev., Series 2010 A, (University of California, San Francisco Neuroscience Building), 5.00%, 5/15/22
     3,735,000       4,486,855  
California Infrastructure & Economic Development Bank Rev., Series 2011 A, (J. David Gladstone Institutes), 5.00%, 10/1/18
     2,000,000       2,292,140  
California Infrastructure & Economic Development Bank Rev., Series 2012 A1, (J. Paul Getty Trust), 4.00%, 10/1/15
     975,000       1,089,036  
California Infrastructure & Economic Development Bank Rev., Series 2012 A1, (J. Paul Getty Trust), 5.00%, 10/1/17
     1,090,000       1,330,454  
California Infrastructure & Economic Development Bank Rev., Series 2012 B1, (J. Paul Getty Trust), VRDN, 0.48%, 6/7/12
     10,000,000       10,000,500  
California Municipal Finance Authority Rev., (Biola University), 5.00%, 10/1/18
     1,000,000       1,113,930  
California Municipal Finance Authority Rev., (Community Hospitals Central), 5.00%, 2/1/17
     2,000,000       2,196,480  
California Municipal Finance Authority Rev., (Emerson College), 5.75%, 1/1/33
     2,250,000       2,586,915  
California Municipal Finance Authority Rev., (Emerson College), 6.00%, 1/1/42
     1,000,000       1,159,170  
California Municipal Finance Authority Rev., (Loma Linda University), 5.00%, 4/1/23
     1,145,000       1,230,726  
California Municipal Finance Authority Rev., (Loma Linda University), 5.00%, 4/1/28
     2,000,000       2,095,500  
California Municipal Finance Authority Rev., Series 2010 A, (Eisenhower Medical Center), 5.00%, 7/1/19
     605,000       673,922  
California Municipal Finance Authority Rev., Series 2010 A, (Eisenhower Medical Center), 5.25%, 7/1/21
     1,760,000       1,933,554  
California Municipal Finance Authority Rev., Series 2010 A, (University of Louisiana Verne), 5.00%, 6/1/17
     2,290,000       2,538,190  
California Public Works Board Lease Rev., Series 2005 A, (Department of General Services - Butterfield), 5.00%, 6/1/15
     1,450,000       1,610,660  
California Public Works Board Lease Rev., Series 2006 F, (Department of Corrections & Rehabilitation), 5.00%, 11/1/13 (NATL/FGIC)
     2,590,000       2,751,202  
California Public Works Board Lease Rev., Series 2006 F, (Department of Corrections & Rehabilitation), 5.25%, 11/1/19 (NATL/FGIC)
     1,210,000       1,446,446  
California Public Works Board Lease Rev., Series 2009 A, (Department of General Services - Building 8 & 9), 6.25%, 4/1/34
     2,435,000       2,863,779  
 
 
 
 
 

California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
   
Principal Amount
    
Value
  
   
California Public Works Board Lease Rev., Series 2009 B, (Department of Education - Riverside Campus), 6.00%, 4/1/27
   $ 2,130,000     $ 2,504,071  
California Public Works Board Lease Rev., Series 2009 G1, (Various Capital Projects), 5.00%, 10/1/16
     2,500,000       2,856,900  
California Public Works Board Lease Rev., Series 2009 I1, (Various Capital Projects), 5.00%, 11/1/13
     2,000,000       2,124,480  
California Public Works Board Lease Rev., Series 2012 A, 5.00%, 4/1/22
     2,100,000       2,460,759  
California Public Works Board Lease Rev., Series 2012 A, 5.00%, 4/1/23
     2,000,000       2,303,400  
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25
     1,800,000       2,021,004  
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37
     1,865,000       1,980,220  
California State Department of Water Resources Rev., Series 2010 L, 4.00%, 5/1/15
     1,290,000       1,421,825  
California State Department of Water Resources Rev., Series 2010 M, 4.00%, 5/1/15
     7,000,000       7,715,330  
California State Public Works Board Rev., Sereies 2012 A, (Various Capital Projects), 5.00%, 4/1/15
     4,000,000       4,423,280  
California State Public Works Board Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/21
     3,000,000       3,513,210  
California State Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.25%, 12/1/26
     2,000,000       2,257,700  
California State Public Works Board Lease Rev., Series 2011 G, (University of California), 5.00%, 12/1/28
     3,700,000       4,243,493  
California State University Fresno Association, Inc. Rev., (Auxiliary Organization Event Center), 5.00%, 7/1/12(2)
     1,000,000       1,003,930  
California State University Fresno Association, Inc. Rev., (Auxiliary Organization Event Center), 6.00%, 7/1/12, Prerefunded at 101% of Par(2)
     1,500,000       1,522,140  
California State University System Rev. 5.00%, 11/1/20
     1,250,000       1,544,600  
California State University System Rev. 5.00%, 11/1/24
     10,000,000       11,962,500  
California State University System Rev., Series 2002 A, 5.375%, 11/1/12, Prerefunded at 100% of Par (Ambac)(2)
     1,185,000       1,210,596  
California State University System Rev., Series 2002 A, 5.375%, 11/1/18 (Ambac)
     65,000       66,234  
California Statewide Communities Development Authority Rev., (Cottage Health Obligation Group), 5.00%, 11/1/16
     750,000       857,108  
California Statewide Communities Development Authority Rev., (Cottage Health Obligation Group), 5.00%, 11/1/17
     815,000       944,357  
California Statewide Communities Development Authority Rev., (Cottage Health Obligation Group), 5.00%, 11/1/18
     515,000       604,141  
California Statewide Communities Development Authority Rev., (John Muir Health), 5.00%, 7/1/20
     2,225,000       2,580,867  
California Statewide Communities Development Authority Rev., (North Peninsula Jewish Community Center), VRDN, 0.26%, 6/1/12 (LOC: Bank of America N.A.)
     1,500,000       1,500,000  
California Statewide Communities Development Authority Rev., (Proposition 1A Receivables), 5.00%, 6/15/13
     21,125,000       22,150,619  
California Statewide Communities Development Authority Rev., (St. Joseph Remarketing), 5.125%, 7/1/24 (NATL)
     2,000,000       2,245,900  
California Statewide Communities Development Authority Rev., Series 2002 B, (Pooled Financing Program), 5.20%, 10/1/18 (FSA)
     1,695,000       1,716,899  
California Statewide Communities Development Authority Rev., Series 2002 C, (Kaiser Permanente), VRDN, 5.00%, 6/1/12(3)
     1,300,000       1,509,443  
 
 
 
 

California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
   
Principal Amount
    
Value
  
   
California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.30%, 11/1/18
   $ 1,975,000     $ 2,143,389  
California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.40%, 11/1/27
     1,000,000       1,042,730  
California Statewide Communities Development Authority Rev., Series 2007 A, (Front Porch Communities and Services), 5.125%, 4/1/37(4)
     1,000,000       1,014,240  
California Statewide Communities Development Authority Rev., Series 2007 A, (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/1/20 (California Mortgage Insurance)
     1,000,000       1,115,180  
California Statewide Communities Development Authority Rev., Series 2007 A, (Valleycare Health System), 4.80%, 7/15/17
     3,600,000       3,761,208  
California Statewide Communities Development Authority Rev., Series 2007 A, (Valleycare Health System), 5.00%, 7/15/22
     2,460,000       2,529,175  
California Statewide Communities Development Authority Rev., Series 2009 A, (Kaiser Permanente), 5.00%, 4/1/13
     6,500,000       6,745,700  
California Statewide Communities Development Authority Rev., Series 2009 A, (Kaiser Permanente), 5.00%, 4/1/19
     1,450,000       1,732,634  
Calleguas-Las Virgenes Public Financing Authority Rev., Series 2007 A, (Municipal Water District), 5.00%, 7/1/20 (NATL/FGIC)
     1,000,000       1,144,310  
Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 87-1), 5.00%, 9/1/18 (Ambac)
     3,115,000       3,414,507  
City of Irvine Special Assessment Rev., Series 2006 B, VRDN, 0.18%, 6/1/12 (LOC: U.S. Bank N.A. and California State Teacher's Retirement System)
     1,506,000       1,506,000  
City of Irvine Special Assessment Rev., Series 2011 A, VRDN, 0.18%, 6/1/12 (LOC: U.S. Bank N.A. and California State Teacher's Retirement System)
     1,860,000       1,860,000  
City of Santa Rosa Wastewater Rev., Series 2004 A, VRDN, 0.60%, 6/7/12 (LOC: Landesbank Baden-Wurttemberg)
     700,000       700,000  
Eastern Municipal Water District Water & Sewer COP, Series 2008 H, 5.00%, 7/1/24
     1,000,000       1,142,070  
Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 4.00%, 7/1/14
     600,000       644,964  
Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 5.00%, 7/1/15
     600,000       681,420  
Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 4.00%, 7/1/16
     600,000       680,214  
El Segundo Unified School District GO, 5.375%, 9/1/12, Prerefunded at 100% of Par (FGIC)(2)
     1,095,000       1,109,290  
El Segundo Unified School District GO, 5.375%, 9/1/12, Prerefunded at 100% of Par (FGIC)(2)
     1,020,000       1,033,311  
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., 5.80%, 1/15/20(1)
     2,000,000       2,048,340  
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., 5.85%, 1/15/23(1)
     3,000,000       3,067,230  
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., 0.00%, 1/15/24(1)
     3,000,000       1,507,440  
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., 0.00%, 1/15/25(1)
     8,000,000       3,784,080  
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., 5.875%, 1/15/26(1)
     1,995,000       2,039,369  
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., 5.875%, 1/15/27(1)
     1,500,000       1,532,190  
 
 
 
 
 
California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
   
Principal Amount
    
Value
  
   
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., 0.00%, 1/15/32(1)
   $ 5,000,000     $ 1,546,300  
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Series 1995 A, (Senior Lien), 0.00%, 1/1/26(1)(2)
     10,000,000       7,035,900  
Franklin-McKinley School District GO, Series 2005 A, (Election of 2004), 5.00%, 8/1/15, Prerefunded at 100% of Par (FGIC)(2)
     1,150,000       1,316,566  
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2003 A1, 6.75%, 6/1/13, Prerefunded at 100% of Par(2)(5)
     4,440,000       4,725,492  
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2005 A, 5.00%, 6/1/13 (Ambac)
     2,200,000       2,265,230  
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2005 A, 0.00%, 6/1/25 (AGM)(1)
     2,000,000       1,137,700  
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2005 A, 5.00%, 6/1/45
     3,000,000       3,046,290  
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 4.50%, 6/1/27
     1,555,000       1,280,403  
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.00%, 6/1/33
     1,000,000       767,270  
Irvine Special Assessment Rev., (Assessment District No 93-14), VRDN, 0.20%, 6/1/12 (LOC: Bank of America N.A.)
     500,000       500,000  
Irvine Unified School District Financing Authority Special Tax Rev., Series 2006 A, (Group II), 4.50%, 9/1/13
     785,000       812,946  
Irvine Unified School District Financing Authority Special Tax Rev., Series 2006 A, (Group II), 4.75%, 9/1/16
     600,000       621,000  
Irvine Unified School District Financing Authority Special Tax Rev., Series 2006 A, (Group II), 5.00%, 9/1/20
     745,000       769,458  
Long Beach Bond Finance Authority Lease Rev., (Plaza Parking Facility), 5.25%, 11/1/16
     2,030,000       2,037,572  
Los Altos Elementary School District GO, 5.00%, 8/1/19 (Ambac)
     2,500,000       2,871,625  
Los Angeles Community College District GO, Series 2007 A, (Election of 2001), 5.00%, 8/1/32 (NATL/FGIC)
     2,000,000       2,221,500  
Los Angeles Community Redevelopment Agency Parking System Rev., (Cinerama Dome Public Parking), 5.30%, 7/1/13 (ACA) (LOC: Wells Fargo Bank N.A.)
     1,030,000       1,024,510  
Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/22
     1,000,000       1,181,760  
Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/23
     1,955,000       2,300,527  
Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., Series 2008 B, (Proposal A), 5.00%, 7/1/31
     1,000,000       1,124,330  
Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., Series 2010 A, (General Union Station), 5.00%, 7/1/20
     3,000,000       3,717,870  
Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.00%, 5/15/18
     750,000       897,645  
Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40
     3,000,000       3,324,360  
Los Angeles Department of Airports Rev., Series 2010 D, (Los Angeles International Airport), 5.00%, 5/15/24
     3,040,000       3,618,755  
Los Angeles Department of Airports Rev., Series 2010 D, (Los Angeles International Airport), 5.00%, 5/15/40
     5,000,000       5,540,600  
Los Angeles Department of Water & Power Rev., Series 2008 A1, (Power System), 5.25%, 7/1/38
     5,000,000       5,808,450  
Los Angeles Department of Water & Power Rev., Series 2008 A2, (Power System), 5.25%, 7/1/32
     3,535,000       4,146,343  
 
 
 
 

California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
   
Principal Amount
    
Value
  
   
Los Angeles Department of Water & Power Rev., Series 2011 A, (Power System), 4.00%, 7/1/13
   $ 1,500,000     $ 1,561,395  
Los Angeles Department of Water & Power Rev., Series 2011 A, (Power System), 5.00%, 7/1/14
     400,000       438,356  
Los Angeles Department of Water & Power Rev., Series 2011 A, (Power System), 4.00%, 7/1/16
     1,000,000       1,134,560  
Los Angeles Department of Water & Power Rev., Series 2011 A, (Power System), 5.00%, 7/1/18
     780,000       955,687  
Los Angeles Department of Water & Power Waterworks Rev., Series 2009 B, 5.00%, 7/1/20
     10,000,000       12,245,700  
Los Angeles Harbor Department Rev., Series 2011 B, 5.00%, 8/1/24
     1,225,000       1,480,253  
Los Angeles Municipal Improvement Corp. Rev., Series 2012 C, 5.00%, 3/1/25
     3,000,000       3,415,920  
Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/29(3)
     1,700,000       1,867,569  
Los Angeles Unified School District GO, 5.50%, 7/1/12 (NATL)
     3,500,000       3,515,470  
Los Angeles Unified School District GO, Series 2003 F, (Election of 1997), 5.00%, 7/1/13, Prerefunded at 100% of Par (AGM)(2)
     2,500,000       2,627,975  
Los Angeles Unified School District GO, Series 2011 A1, 5.00%, 7/1/24
     5,140,000       6,159,827  
Los Angeles Unified School District GO, Series 2006 F, (Election of 2004), 5.00%, 7/1/30 (FGIC)
     4,000,000       4,367,120  
Los Angeles Unified School District GO, Series 2007 H, (Election of 2004), 5.00%, 7/1/32 (AGM)
     2,000,000       2,242,320  
Los Angeles Unified School District GO, Series 2009 I, (Election of 2004), 5.00%, 7/1/29
     4,000,000       4,511,080  
Los Angeles Unified School District GO, Series 2010 KRY, 5.25%, 7/1/26
     3,000,000       3,564,120  
Los Angeles Unified School District GO, Series 2011 A1, 4.00%, 7/1/17
     1,000,000       1,148,590  
Los Angeles Unified School District GO, Series 2011 A1, 5.00%, 7/1/18
     2,565,000       3,123,375  
Los Angeles Unified School District GO, Series 2011 A2, 5.00%, 7/1/21
     3,000,000       3,735,630  
Los Angeles Wastewater System Rev., Series 2009 A, 5.75%, 6/1/34
     2,975,000       3,524,601  
Los County Angeles COP, (Disney Concert Hall Package), 5.00%, 3/1/21
     1,195,000       1,417,497  
M-S-R Public Power Agency Rev., Series 2007 K, (San Juan), 5.00%, 7/1/12 (NATL)
     4,065,000       4,080,610  
M-S-R Public Power Agency Rev., Series 2007 K, (San Juan), 5.00%, 7/1/13 (NATL)
     2,305,000       2,407,780  
M-S-R Public Power Agency Rev., Series 2007 K, (San Juan), 5.00%, 7/1/14 (NATL)
     1,000,000       1,079,880  
Metropolitan Water District of Southern California Rev., Series 2011 A2, VRDN, 0.33%, 6/7/12
     3,500,000       3,499,965  
Metropolitan Water District of Southern California Rev., Series 2011 A4, VRDN, 0.33%, 6/7/12
     3,460,000       3,459,965  
Metropolitan Water District of Southern California Rev., Series 2012 B-2, VRDN, 0.57%, 6/1/12
     13,755,000       13,755,413  
Mount San Antonio Community College District GO, Series 2005 A, (Election of 2001), 0.00%, 8/1/16 (NATL)(1)
     5,000,000       4,690,800  
Mountain View COP, (Capital Projects), 5.25%, 8/1/18
     1,485,000       1,553,874  
Murrieta Valley Unified School District Public Financing Authority Special Tax Rev., Series 2006 A, 4.00%, 9/1/13 (AGC)
     1,690,000       1,748,406  
Murrieta Valley Unified School District Public Financing Authority Special Tax Rev., Series 2006 A, 4.00%, 9/1/14 (AGC)
     1,085,000       1,148,614  
Newport Beach Rev., Series 2011 A, (Hoag Memorial Hospital Presbyterian), 6.00%, 12/1/40
     1,000,000       1,210,930  
Northern California Power Agency Rev., Series 2010 A, 4.00%, 7/1/14
     1,500,000       1,593,510  
 
 
 
 

California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
   
Principal Amount
    
Value
  
   
Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/19
   $ 2,000,000     $ 2,382,360  
Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/20
     1,515,000       1,792,427  
Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/21
     2,050,000       2,395,979  
Northern California Power Agency Rev., Series 2010 A, 5.25%, 8/1/22
     4,250,000       5,007,732  
Northern California Power Agency Rev., Series 2012 A, 5.00%, 7/1/26
     1,750,000       2,045,908  
Northern California Power Agency Rev., Series 2012 A, 5.00%, 7/1/27
     2,000,000       2,316,520  
Oakland Unified School District Alameda County GO, (Election of 2000), 5.00%, 8/1/15 (NATL)
     1,000,000       1,088,470  
Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.00%, 8/1/22
     750,000       821,760  
Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32
     1,000,000       1,089,750  
Oakland-Alameda County Coliseum Authority Rev., Series 2012 A, 4.00%, 2/1/15
     1,350,000       1,452,290  
Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/16
     1,000,000       1,131,430  
Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/17
     1,700,000       1,957,312  
Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/18
     5,825,000       6,768,533  
Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/25
     6,025,000       6,802,707  
Oceanside Unified School District GO, Series 2010 B, (Election of 2008), 0.00%, 8/1/37 (AGM)(1)
     9,500,000       2,482,065  
Orange County Community Facilities District Special Tax Rev., Series 2005 A, (No. 04-1-Ladera Ranch), 3.90%, 8/15/12
     725,000       729,067  
Orange County Improvement Bond Act of 1915 Special Assessment Rev., (Newport Coast Phase IV Assessment District No. 01-1), 4.45%, 9/2/15
     280,000       289,881  
Orange County Improvement Bond Act of 1915 Special Assessment Rev., (Newport Coast Phase IV Assessment District No. 01-1), 4.55%, 9/2/16
     210,000       217,310  
Orange County Public Financing Authority Lease Rev., (Juvenile Justice Center Facility), 5.375%, 6/1/17 (Ambac)
     3,030,000       3,060,300  
Orange County Sanitation District COP, Series 2007 B, 5.00%, 2/1/26 (AGM)
     2,750,000       3,103,320  
Palomar Pomerado Health Care District COP, 5.25%, 11/1/21
     1,000,000       1,087,280  
Palomar Pomerado Health Care District COP, 6.75%, 11/1/39
     1,000,000       1,102,400  
Palomar Pomerado Health Care District COP, 6.00%, 11/1/41
     1,120,000       1,179,998  
Palomar Pomerado Health GO, Series 2009 A, (Election of 2004), 0.00%, 8/1/38 (AGC)(1)
     1,660,000       1,366,047  
Peralta Community College District GO, 5.00%, 8/1/17
     3,085,000       3,613,954  
Peralta Community College District GO, 5.00%, 8/1/22
     2,145,000       2,595,214  
Port Oakland Rev., Series 2007 C, 5.00%, 11/1/16 (NATL)
     1,270,000       1,443,698  
Porterville Public Financing Authority Sewer Rev., 5.625%, 10/1/36
     2,500,000       2,949,225  
Poway Unified School District Rev., (School Facilities Improvement), 0.00%, 8/1/41(1)
     2,780,000       629,642  
Poway Unified School District Public Financing Authority Special Tax Rev., 5.00%, 9/15/19 (Ambac)
     1,170,000       1,280,074  
Poway Unified School District Public Financing Authority Special Tax Rev., 5.00%, 9/15/20 (Ambac)
     1,215,000       1,316,270  
Rancho Mirage Joint Powers Financing Authority Rev., Series 2007 A, (Eisenhower Medical Center), 5.00%, 7/1/15
     1,505,000       1,635,800  
Rancho Mirage Joint Powers Financing Authority Rev., Series 2007 A, (Eisenhower Medical Center), 5.00%, 7/1/21
     1,000,000       1,063,040  
 
 
 
 
 
California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
   
Principal Amount
    
Value
  
   
Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.125%, 9/1/22
   $ 790,000     $ 881,395  
Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.25%, 9/1/23
     1,300,000       1,444,703  
Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.375%, 9/1/24
     1,410,000       1,570,120  
Riverside County COP, Series 2007 A, (Public Safety Communication), 5.00%, 11/1/14 (Ambac)
     50,000       54,597  
Riverside County COP, Series 2007 A, (Public Safety Communication), 5.00%, 11/1/15 (Ambac)
     3,035,000       3,409,064  
Riverside County Palm Desert Financing Authority Rev., Series 2008 A, 5.00%, 5/1/14
     1,450,000       1,558,243  
Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.50%, 10/1/40
     1,005,000       1,104,475  
Roseville Finance Authority Electric System Rev., 5.00%, 2/1/37
     635,000       690,740  
Sacramento City Financing Authority Lease Rev., Series 1993 A, 5.40%, 11/1/20 (Ambac)
     3,000,000       3,470,340  
Sacramento City Financing Authority Rev., 5.00%, 12/1/16 (NATL/FGIC)
     2,500,000       2,822,450  
Sacramento City Financing Authority Rev., Series 2002 A, (City Hall), 5.25%, 12/1/12, Prerefunded at 100% of Par (FSA)(2)
     4,045,000       4,147,703  
Sacramento County Airport System Rev., 5.00%, 7/1/20
     1,000,000       1,198,110  
Sacramento County Airport System Rev., 5.00%, 7/1/23
     1,000,000       1,164,820  
Sacramento County Airport System Rev., 5.00%, 7/1/24
     1,000,000       1,155,010  
Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 A, 5.25%, 12/1/21 (NATL/FGIC)
     1,000,000       1,297,190  
Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 B, VRN, 0.84%, 6/1/12 (NATL/FGIC)
     2,500,000       1,746,075  
Sacramento Municipal Utility District Rev., Series 2012 Y, 5.00%, 8/15/24
     1,500,000       1,810,500  
Sacramento Municipal Utility District Rev., Series 2012 Y, 5.00%, 8/15/25
     5,000,000       5,967,450  
Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.70%, 7/1/17 (Ambac)
     3,105,000       3,763,819  
Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.25%, 7/1/24 (Ambac)
     3,000,000       3,723,930  
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 5.25%, 8/1/18
     350,000       433,608  
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 5.50%, 8/1/19
     300,000       372,600  
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 6.25%, 8/1/33
     1,500,000       1,786,950  
San Bernardino Community College District GO, Series 2009 B, (Election of 2008), 0.00%, 8/1/34(1)
     9,840,000       7,653,060  
San Bernardino County Redevelopment Agency Tax Allocation Rev., Series 2005 A, (San Sevaine Redevelopment), 5.00%, 9/1/15 (Radian)
     240,000       256,747  
San Buenaventura Community Memorial Health System Rev., 8.00%, 12/1/26
     2,000,000       2,509,820  
San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/19
     1,290,000       1,564,306  
San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/34
     750,000       817,838  
San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/40
     1,000,000       1,082,450  
San Diego County Regional Transportation Commission Rev., Series 2012 A, 5.00%, 4/1/21
     5,940,000       7,458,205  
San Diego County Water Authority Rev., Series 2011 S1, (Subordinate Lien) 5.00%, 7/1/16
     2,780,000       3,245,316  
 
 
 
 

California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
   
Principal Amount
    
Value
  
   
San Diego Public Facilities Financing Authority Rev., Series 2009 A, 5.00%, 8/1/21
   $ 1,000,000     $ 1,191,950  
San Diego Public Facilities Financing Authority Rev., Series 2009 B, 5.00%, 5/15/22
     3,680,000       4,451,438  
San Diego Public Facilities Financing Authority Tax Allocation Rev., Series 2007 B, (Southcrest and Central Imperial Redevelopment), 5.125%, 10/1/22 (Radian)
     1,230,000       1,277,232  
San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/21
     2,000,000       2,514,120  
San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/24
     2,000,000       2,444,560  
San Diego Public Facilities Financing Sewer Authority Rev., Series 2010 A, 5.25%, 5/15/24
     3,400,000       4,163,844  
San Diego Unified School District GO, Series 2012 E, 0.00%, 7/1/42(1)
     5,000,000       1,747,000  
San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/17
     2,440,000       2,860,924  
San Francisco City and County Airports Commission Rev., (San Francisco International Airport), 5.00%, 5/1/26
     250,000       293,193  
San Francisco City and County Airports Commission Rev., Series 2008-34D, (San Francisco International Airport), 5.00%, 5/1/17 (AGC)
     3,375,000       3,998,801  
San Francisco City and County Airports Commission Rev., Series 2008-34D, (San Francisco International Airport), 5.00%, 5/1/18 (AGC)
     2,000,000       2,404,300  
San Francisco City and County Airports Commission Rev., Series 2009 D, (San Francisco International Airport), VRDN, 2.25%, 11/1/12
     2,500,000       2,523,650  
San Francisco City and County Airports Commission Rev., Series 2009 E, (San Francisco International Airport), 5.25%, 5/1/23
     3,500,000       4,193,560  
San Francisco City and County Airports Commission Rev., Series 2010 C, (San Francisco International Airport) (Governmental Purpose), 5.00%, 5/1/19
     1,500,000       1,827,390  
San Francisco City and County Airports Commission Rev., Series 2011 D, (San Francisco International Airport), 5.00%, 5/1/24
     4,025,000       4,772,402  
San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29
     1,170,000       1,296,407  
San Francisco City and County COP, Series 2010 A, 5.00%, 10/1/19
     2,930,000       3,573,164  
San Francisco City and County Public Utilities Water Commission Rev., Series 2010 A, 5.00%, 10/1/21
     5,000,000       6,247,050  
San Francisco City and County Public Utilities Water Commission Rev., Series 2010 A, 5.00%, 11/1/28
     2,780,000       3,251,293  
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 5.00%, 8/1/15
     420,000       452,428  
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 5.00%, 8/1/16
     440,000       479,068  
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 5.00%, 8/1/17
     465,000       508,254  
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 5.50%, 8/1/18
     485,000       543,210  
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 6.00%, 8/1/19
     510,000       586,684  
 
 
 
 

California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
   
Principal Amount
    
Value
  
   
San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 6.00%, 8/1/20
   $ 515,000     $ 591,931  
San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows) 5.875%, 9/1/32
     690,000       745,379  
San Mateo County Transportation District Sales Tax Rev., Series 1993 A, 5.25%, 6/1/18 (NATL)
     2,680,000       3,246,900  
San Mateo Union High School District GO, 0.00%, 2/15/15
     7,090,000       6,942,386  
San Ramon Valley Unified School District GO, (Election of 2002), 5.00%, 8/1/21 (NATL)
     1,000,000       1,131,880  
Santa Ana Community Redevelopment Agency Tax Allocation Rev., Series 2003 B, (South Main Street Redevelopment), 5.00%, 9/1/13 (NATL/FGIC)
     1,885,000       1,940,645  
Santa Barbara County COP, 5.375%, 10/1/17 (Ambac)
     3,350,000       3,414,956  
Santa Clara Electric Rev., Series 2011 A, 5.00%, 7/1/30
     1,000,000       1,120,370  
Santa Clara Valley Transportation Authority Sales Tax Rev., Series 2010 B, 5.00%, 4/1/18
     7,645,000       9,308,093  
Santa Clara Valley Transportation Authority Sales Tax Rev., Series 2010 B, 5.00%, 4/1/20
     4,000,000       4,990,120  
Santa Fe Springs Community Development Commission Tax Allocation Rev., 5.375%, 9/1/16 (NATL)
     430,000       430,860  
Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.00%, 7/1/42
     600,000       652,206  
Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.875%, 7/1/42
     600,000       695,610  
Santa Monica-Malibu Unified School District GO, 5.25%, 8/1/13
     1,250,000       1,322,038  
Santa Paula Utility Authority Water Rev., 5.25%, 2/1/40
     2,425,000       2,652,611  
Shasta Lake Public Finance Authority Rev., 4.50%, 4/1/15
     1,430,000       1,523,479  
Shasta Lake Public Finance Authority Rev., 5.00%, 4/1/19
     2,400,000       2,591,304  
Shasta Lake Public Finance Authority Rev., 5.00%, 4/1/22
     2,130,000       2,267,492  
Solano County COP, 5.00%, 11/1/13 (NATL)
     1,135,000       1,204,269  
South Orange County Public Financing Authority Rev., (Juvenile Justice Center), 4.25%, 6/1/17
     2,000,000       2,242,960  
South Orange County Public Financing Authority Rev., (Juvenile Justice Center), 4.50%, 6/1/18
     1,000,000       1,145,250  
South Orange County Public Financing Authority Special Tax Rev., Series 2003 A, (Senior Lien), 5.00%, 9/1/12 (NATL)
     2,000,000       2,024,120  
South Placer Wastewater Authority Rev., Series 2011 D, VRDN, 1.01%, 6/7/12
     3,440,000       3,443,165  
South Tahoe Joint Powers Financing Authority Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/17 (Ambac)
     400,000       423,876  
South Tahoe Joint Powers Financing Authority Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/19 (Ambac)
     50,000       52,082  
Southern California Public Power Authority Rev., Series 2002 A, (Southern Transmission), 5.25%, 7/1/12, Prerefunded at 100% of Par (AGM)(2)
     5,000,000       5,020,900  
Southern California Public Power Authority Rev., Series 2002 A, (Southern Transmission), 5.25%, 7/1/12, Prerefunded at 100% of Par (AGM)(2)
     3,325,000       3,338,898  
Southern California Public Power Authority Rev., Series 2008 A, (Southern Transmission), 5.00%, 7/1/22
     2,875,000       3,337,185  
Southern California Public Power Authority Rev., Series 2008 B, (Southern Transmission), 6.00%, 7/1/27
     2,000,000       2,464,420  
Southern California Public Power Authority Rev., Series 2011 A, (Southern Transmission), 5.00%, 7/1/21
     2,780,000       3,517,006  
Southern California Public Power Authority Rev., Series 2012 A, 4.00%, 7/1/16
     2,055,000       2,323,958  
 
 
 
 

California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
   
Principal Amount
    
Value
  
   
Southern California Public Power Authority Rev., Series 2012 A, 5.00%, 7/1/17
   $ 2,685,000     $ 3,212,307  
Southern California Public Power Authority Rev., Series 2012 A, 5.00%, 7/1/18
     1,880,000       2,291,100  
Three Valleys Municipal Water District COP, (Miramar Water Treatment), VRDN, 0.19%, 6/6/12 (LOC: Wells Fargo Bank N.A.)
     1,300,000       1,300,000  
Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A1, 5.00%, 6/1/37
     3,500,000       2,685,795  
Tri-Dam Power Authority Rev., 4.00%, 11/1/14
     1,260,000       1,313,588  
Tri-Dam Power Authority Rev., 4.00%, 5/1/15
     1,285,000       1,347,605  
Tri-Dam Power Authority Rev., 4.00%, 11/1/15
     1,310,000       1,381,867  
Tuolumne Wind Project Authority Rev., Series 2009 A, 5.625%, 1/1/29
     1,000,000       1,158,320  
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/15
     690,000       739,977  
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/16
     940,000       999,746  
Twin Rivers Unified School District COP, (Facility Bridge Program), VRDN, 3.50%, 5/31/13 (AGM)
     8,500,000       8,510,285  
University of California Regents Medical Center Pooled Rev., Series 2008 D, 5.00%, 5/15/27
     1,000,000       1,115,040  
University of California Rev., Series 2005 B, 5.00%, 5/15/33 (AGM)
     3,000,000       3,121,860  
University of California Rev., Series 2009 Q, 5.25%, 5/15/23
     2,000,000       2,361,660  
University of California Rev., Series 2010 S, 5.00%, 5/15/20
     1,405,000       1,683,752  
University of California Rev., Series 2010 S, 5.00%, 5/15/40
     1,250,000       1,365,450  
Val Verde Unified School District COP, 5.00%, 1/1/14 (FGIC)(2)
     1,000,000       1,075,590  
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(2)
     1,145,000       1,286,465  
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(2)
     2,505,000       2,814,493  
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(2)
     2,640,000       2,966,172  
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(2)
     1,415,000       1,589,823  
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(2)
     1,000,000       1,123,550  
Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(2)
     2,980,000       3,348,179  
Vallejo Water Rev., Series 2005 A, VRDN, 0.21%, 6/6/12 (LOC: JPMorgan Chase Bank N.A.)
     1,160,000       1,160,000  
Vernon Electric System Rev., Series 2009 A, 5.125%, 8/1/21
     6,000,000       6,746,460  
Vernon Electric System Rev., Series 2012 A, 5.00%, 8/1/30
     525,000       549,250  
Vernon Electric System Rev., Series 2012 A, 5.125%, 8/1/33
     780,000       808,415  
Vernon Electric System Rev., Series 2012 A, 5.50%, 8/1/41
     560,000       588,902  
Walnut Energy Center Authority Rev., Series 2010 A, 5.00%, 1/1/40
     1,000,000       1,071,240  
West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/18 (XLCA)
     1,500,000       1,668,840  
West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/19 (XLCA)
     1,000,000       1,110,130  
West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/20 (XLCA)
     1,200,000       1,325,244  
   
              1,071,554,153  
   
GUAM — 0.1%
                
Guam Government GO, Series 2009 A, 6.00%, 11/15/19
     1,000,000       1,085,520  
   
 
 
 
 

California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
 
Principal Amount
  
Value
  
 
PUERTO RICO — 2.9%
            
Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.00%, 7/1/17
   $ 2,860,000     $ 3,171,854  
Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.00%, 7/1/19
     1,000,000       1,116,940  
Puerto Rico Electric Power Authority Rev., Series 2002 II, 5.375%, 7/1/12, Prerefunded at 101% of Par (NATL)(2)
     3,700,000       3,752,873  
Puerto Rico Electric Power Authority Rev., Series 2002 KK, 5.25%, 7/1/13 (AGM)
     1,255,000       1,314,336  
Puerto Rico Electric Power Authority Rev., Series 2002 KK, 5.50%, 7/1/14 (AGM)
     3,140,000       3,416,603  
Puerto Rico Electric Power Authority Rev., Series 2010 ZZ, 5.25%, 7/1/22
     4,950,000       5,558,850  
Puerto Rico GO, Series 2001 A, (Public Improvement), 5.50%, 7/1/17 (XLCA)
     4,000,000       4,533,840  
Puerto Rico Government Development Bank Rev., 4.75%, 12/1/15 (NATL)
     1,500,000       1,536,855  
Puerto Rico Government Development Bank Rev., Series 2006 B, (Senior Notes), 5.00%, 12/1/14
     1,510,000       1,632,431  
Puerto Rico Government Development Bank Rev., Series 2006 B, (Senior Notes), 5.00%, 12/1/15
     5,000,000       5,502,300  
Puerto Rico Sales Tax Financing Corp. Rev., Series 2011 A1, 0.00%, 8/1/41(1)
     2,280,000       433,291  
 
              31,970,173  
 
U.S. VIRGIN ISLANDS — 0.2%
                
Virgin Islands Public Finance Authority Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.00%, 10/1/14
     500,000       530,450  
Virgin Islands Public Finance Authority Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.25%, 10/1/15
     170,000       181,064  
Virgin Islands Public Finance Authority Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.25%, 10/1/16
     500,000       539,710  
Virgin Islands Public Finance Authority Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.25%, 10/1/20
     1,000,000       1,063,090  
 
              2,314,314  
 
TOTAL INVESTMENT SECURITIES — 100.1%
(Cost $1,031,011,863)
             1,106,924,160  
 
OTHER ASSETS AND LIABILITIES — (0.1)%
             (1,175,761 )
 
TOTAL NET ASSETS — 100.0%
           $ 1,105,748,399  

FUTURES CONTRACTS
Contracts Sold
Expiration
Date
  
Underlying Face
Amount at Value
    
Unrealized
Gain (Loss)
  
                       
258
  
U.S. Treasury 10-Year Notes
September 2012
   $ 34,555,875     $ (190,049 )
 
Notes to Schedule of Investments
 
ABAG
-
Association of Bay Area Governments
  
ACA
-
American Capital Access
  
AGC
-
Assured Guaranty Corporation
  
AGM
-
Assured Guaranty Municipal Corporation
  
 
 
 
 

California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
Ambac
-
American Municipal Bond Assurance Corporation
  
COP
-
Certificates of Participation
  
FGIC
-
Financial Guaranty Insurance Company
  
FSA
-
Financial Security Assurance, Inc.
  
GO
-
General Obligation
  
LOC
-
Letter of Credit
  
M-S-R
-
Modesto, Stockton, Redding
  
NATL
-
National Public Finance Guarantee Corporation
  
NCROC
-
Northern California Retired Offices 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)
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.
  
(2)
Escrowed to maturity in U.S. government securities or state and local government securities.
  
(3)
When-issued security.
  
(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 $1,014,240, which represented 0.1% of total net assets.
  
(5)
Security, or a portion thereof, has been pledged at the custodian bank or with a broker for margin requirements on futures contracts. At the period end, the aggregate value of securities pledged was $356,541.
  
 
 
 
 
 
California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (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 information on the fund’s portfolio holdings.
 
 
 
 
 
California Intermediate-Term Tax-Free Bond - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
3. Federal Tax Information

As of May 31, 2012, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments
   $ 1,030,896,357  
Gross tax appreciation of investments
   $ 76,246,631  
Gross tax depreciation of investments
     (218,828 )
Net tax appreciation (depreciation) of investments
   $ 76,027,803  
 


The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the timing of market discount amortization recognition.

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, 2012
 

 

 

 
 
 
 

California Long-Term Tax-Free - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
   
Principal Amount
    
Value
  
   
MUNICIPAL SECURITIES — 100.0%
            
   
CALIFORNIA — 97.2%
            
ABAG Finance Authority for Nonprofit Corps. Rev., (Oshman Family Jewish Community), VRDN, 0.26%, 6/1/12 (LOC: Bank of America N.A.)
   $ 1,500,000     $ 1,500,000  
ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp HealthCare), 6.25%, 8/1/39
     1,200,000       1,410,420  
ABAG Finance Authority for Nonprofit Corps. Rev., Series 2011 A, (Sharp HealthCare), 6.00%, 8/1/30
     1,000,000       1,216,880  
Adelanto Public Utility Authority Rev., Series 2009 A, (Utility System), 6.25%, 7/1/26
     500,000       547,470  
Alameda Corridor Transportation Authority Rev., Series 1999 A, 0.00%, 10/1/35 (NATL)(1)
     3,750,000       1,001,962  
Anaheim Public Financing Authority Rev., (Electric System Distribution), 5.25%, 10/1/39
     2,500,000       2,795,125  
Anaheim Public Financing Authority Rev., Series 2011 A, (Electric System Distribution Facilities), 5.375%, 10/1/36
     300,000       347,223  
Bay Area Toll Authority Toll Bridge Rev., Series 2006 F, (San Francisco Bay Area), 5.00%, 4/1/31
     3,000,000       3,333,360  
Bay Area Toll Authority Toll Bridge Rev., Series 2008 F1, (San Francisco Bay Area), 5.00%, 4/1/34
     1,500,000       1,645,500  
Bay Area Toll Authority Toll Bridge Rev., Series 2008 F1, (San Francisco Bay Area), 5.00%, 4/1/39
     2,135,000       2,316,048  
Bay Area Toll Authority Toll Bridge Rev., Series 2009 F1, (San Francisco Bay Area), 5.25%, 4/1/27
     2,500,000       2,968,675  
Bay Area Toll Authority Toll Bridge Rev., Series 2009 F1, (San Francisco Bay Area), 5.00%, 4/1/34
     1,500,000       1,667,880  
Bay Area Toll Authority Toll Bridge Rev., Series 2010 S-2, (San Francisco Bay Area), 5.00%, 10/1/42
     4,000,000       4,359,280  
California Department of Water Resources Supply Rev., Series 2005 G4, 5.00%, 5/1/16
     1,450,000       1,693,643  
California Department of Water Resources Supply Rev., Series 2008 H, 5.00%, 5/1/21
     2,500,000       2,941,225  
California Department of Water Resources Supply Rev., Series 2010 L, 5.00%, 5/1/15
     2,000,000       2,262,260  
California Department of Water Resources Supply Rev., Series 2010 L, 5.00%, 5/1/18
     2,000,000       2,439,060  
California Department of Water Resources Supply Rev., Series 2010 L, 5.00%, 5/1/21
     1,425,000       1,755,543  
California Department of Water Resources Supply Rev., Series 2010 L, 5.00%, 5/1/22
     1,275,000       1,559,185  
California Department of Water Resources Supply Rev., Series 2010 M, 5.00%, 5/1/15
     1,525,000       1,724,973  
California Department of Water Resources Supply Rev., Series 2011 N, 5.00%, 5/1/20
     9,480,000       11,882,801  
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/16
     1,700,000       1,983,645  
California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/19
     1,430,000       1,764,048  
California Economic Recovery GO, Series 2009 B, VRDN, 5.00%, 7/1/12
     3,000,000       3,275,160  
California Educational Facilities Authority Rev., (Harvey Mudd College), 5.25%, 12/1/41
     2,000,000       2,220,180  
California Educational Facilities Authority Rev., (Santa Clara University), 5.625%, 4/1/37
     5,000,000       5,655,950  
 
 
 
 
 
California Long-Term Tax-Free - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
   
Principal Amount
    
Value
  
   
California Educational Facilities Authority Rev., (University of Pacific), 5.25%, 5/1/34
   $ 2,000,000     $ 2,070,260  
California Educational Facilities Authority Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39
     3,953,000       4,491,201  
California Educational Facilities Authority Rev., Series 2010 B, (Loyola Marymount University), VRN, 0.98%, 6/7/12
     2,720,000       2,723,346  
California GO, 5.00%, 9/1/15
     4,560,000       5,128,495  
California GO, 5.00%, 9/1/19
     1,530,000       1,851,499  
California GO, 5.00%, 6/1/32
     1,500,000       1,625,640  
California GO, 5.25%, 9/1/32
     2,000,000       2,268,500  
California GO, 5.00%, 11/1/32
     1,500,000       1,639,890  
California GO, 6.50%, 4/1/33
     5,000,000       6,089,250  
California GO, 5.00%, 4/1/38
     2,500,000       2,630,775  
California GO, 6.00%, 4/1/38
     2,500,000       2,918,950  
California GO, 6.00%, 11/1/39
     5,000,000       5,897,750  
California GO, 5.50%, 3/1/40
     3,000,000       3,392,070  
California GO, 5.00%, 10/1/41
     2,000,000       2,150,360  
California GO, Series 2004 A2, VRDN, 0.16%, 6/1/12 (LOC: State Street Bank & Trust Co. and California State Teacher's Retirement)
     3,000,000       3,000,000  
California GO, Series 2012 B, VRN, 1.08%, 6/7/12
     2,000,000       2,005,020  
California GO, Series 2012 B, VRN, 1.18%, 6/7/12
     800,000       802,280  
California GO, Series 2012 B, VRN, 1.33%, 6/7/12
     960,000       963,034  
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/19
     740,000       895,888  
California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/21
     1,000,000       1,201,130  
California Health Facilities Financing Authority Rev., Series 1993 C, (St. Francis Memorial Hospital), 5.875%, 11/1/23(2)
     2,000,000       2,807,440  
California Health Facilities Financing Authority Rev., Series 2007 A, (Sutter Health), 5.25%, 11/15/46
     1,500,000       1,580,370  
California Health Facilities Financing Authority Rev., Series 2008 A, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 8/15/12
     1,000,000       1,010,150  
California Health Facilities Financing Authority Rev., Series 2008 B, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 8/15/12
     1,470,000       1,475,351  
California Health Facilities Financing Authority Rev., Series 2008 C, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 8/15/12
     1,000,000       1,010,150  
California Health Facilities Financing Authority Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/33
     1,000,000       1,197,600  
California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39
     3,400,000       3,965,012  
California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38
     5,000,000       6,076,000  
California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.75%, 7/1/39
     1,000,000       1,141,050  
California Health Facilities Financing Authority Rev., Series 2009 B, (Providence Health & Services), 5.50%, 10/1/39
     1,000,000       1,127,290  
California Health Facilities Financing Authority Rev., Series 2010 B, (Children's Hospital of Los Angeles), VRDN, 0.26%, 6/1/12 (LOC: Bank of America N.A.)
     1,400,000       1,400,000  
California Health Facilities Financing Authority Rev., Series 2011 B, (Sutter Health), 6.00%, 8/15/42
     1,500,000       1,776,540  
California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.25%, 8/15/31
     1,850,000       2,136,676  
 
 
 
 
 
California Long-Term Tax-Free - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
   
Principal Amount
    
Value
  
   
California Health Facilities Financing Authority Rev., Series 2012 A, (Lucile Salter Packard Children's Hospital), 5.00%, 8/15/51
   $ 3,000,000     $ 3,203,790  
California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51
     1,250,000       1,357,650  
California Infrastructure & Economic Development Bank Rev., Series 2008 A, (Jewish Community Center of San Francisco), VRDN, 0.23%, 6/1/12 (LOC: Bank of America N.A.)
     2,300,000       2,300,000  
California Infrastructure & Economic Development Bank Rev., Series 2011 A, (J. David Gladstone Institutes), 5.00%, 10/1/19
     1,500,000       1,723,785  
California Infrastructure & Economic Development Bank Rev., Series 2011 A, (J. David Gladstone Institutes), 5.00%, 10/1/20
     1,625,000       1,850,404  
California Infrastructure & Economic Development Bank Rev., Series 2012 A1, (J. Paul Getty Trust), 4.00%, 10/1/15
     325,000       363,012  
California Infrastructure & Economic Development Bank Rev., Series 2012 A1, (J. Paul Getty Trust), 5.00%, 10/1/17
     360,000       439,416  
California Infrastructure & Economic Development Bank Rev., Series 2012 B1, (J. Paul Getty Trust), VRDN, 0.48%, 6/7/12
     5,000,000       5,000,250  
California Municipal Finance Authority Rev., (Emerson College), 6.00%, 1/1/42
     2,000,000       2,318,340  
California Municipal Finance Authority Rev., Series 2010 A, (University of La Verne), 6.25%, 6/1/40
     1,000,000       1,103,070  
California Municipal Finance Authority Rev., Series 2011 B, (Azusa Pacific University), 8.00%, 4/1/41
     665,000       760,481  
California Public Works Board Lease Rev., Series 1993 A, (Department of Corrections), 5.00%, 12/1/19 (Ambac)
     4,000,000       4,444,880  
California Public Works Board Lease Rev., Series 2009 G1, (Various Capital Projects), 5.75%, 10/1/30
     2,000,000       2,299,200  
California Public Works Board Lease Rev., Series 2009 H, (Department of Correction and Rehabilitation), 5.75%, 11/1/29
     1,685,000       1,943,193  
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/24
     3,800,000       4,312,240  
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25
     1,700,000       1,908,726  
California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37
     1,865,000       1,980,220  
California State Department of Water Resources Rev., Series 2010 M, 4.00%, 5/1/15
     3,000,000       3,306,570  
California State Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.25%, 12/1/26
     1,000,000       1,128,850  
California State Public Works Board Lease Rev., Series 2011 G, (University of California), 5.00%, 12/1/28
     2,480,000       2,844,287  
California State University Systemwide Rev., Series 2009 A, 5.25%, 11/1/34
     2,230,000       2,500,544  
California Statewide Communities Development Authority Rev., (Cottage Health Obligation Group), 5.25%, 11/1/30
     1,250,000       1,406,787  
California Statewide Communities Development Authority Rev., (North Peninsula Jewish Community Center), VRDN, 0.26%, 6/1/12 (LOC: Bank of America N.A.)
     2,000,000       2,000,000  
California Statewide Communities Development Authority Rev., (Proposition 1A Receivables), 5.00%, 6/15/13
     3,600,000       3,774,780  
California Statewide Communities Development Authority Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31
     3,000,000       3,327,060  
California Statewide Communities Development Authority Rev., Series 2005 A, (Thomas Jefferson School of Law), 4.875%, 10/1/15, Prerefunded at 100% of Par(2)
     900,000       996,489  
 
 
 
 
 
California Long-Term Tax-Free - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
   
Principal Amount
    
Value
  
   
California Statewide Communities Development Authority Rev., Series 2006 B, (Kaiser Permanente), 5.00%, 3/1/41
   $ 1,000,000     $ 1,040,270  
California Statewide Communities Development Authority Rev., Series 2009 A, (Kaiser Permanente), 5.00%, 4/1/13
     3,010,000       3,123,778  
California Statewide Communities Development Authority Rev., Series 2012 A, (Kaiser Permanente), 5.00%, 4/1/42
     1,700,000       1,842,035  
Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 88-1), 6.50%, 9/1/14 (AGM)
     3,705,000       3,752,943  
Coalinga Public Financing Authority Local Obligation Rev., Series 1998 A, (Senior Lien), 6.375%, 9/15/21 (Ambac)
     1,320,000       1,645,736  
Contra Costa Water District Rev., Series 1992 E, 6.25%, 10/1/12 (Ambac)
     425,000       430,402  
Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 4.00%, 7/1/14
     400,000       429,976  
Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 5.00%, 7/1/15
     400,000       454,280  
Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 4.00%, 7/1/16
     400,000       453,476  
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., 5.80%, 1/15/20(1)
     1,000,000       1,024,170  
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., 5.85%, 1/15/23(1)
     1,750,000       1,789,217  
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., 0.00%, 1/15/24(1)
     2,000,000       1,004,960  
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., 0.00%, 1/15/25(1)
     7,000,000       3,311,070  
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., 5.875%, 1/15/27(1)
     1,500,000       1,532,190  
Foothill/Eastern Transportation Corridor Agency Toll Road Rev., 0.00%, 1/15/32(1)
     5,000,000       1,546,300  
Fresno Sewer Rev., Series 1993 A1, 6.25%, 9/1/14 (Ambac)
     950,000       1,003,817  
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2005 A, 0.00%, 6/1/25 (AGM)(1)
     1,000,000       568,850  
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2005 A, 5.00%, 6/1/38 (FGIC)
     1,000,000       1,016,550  
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2005 A, 5.00%, 6/1/45
     3,000,000       3,046,290  
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 4.50%, 6/1/27
     550,000       452,875  
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.00%, 6/1/33
     1,000,000       767,270  
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 6.25%, 6/1/33(3)
     805,000       835,485  
Grossmont Healthcare District GO, Series 2011 B, (Election of 2006), 6.00%, 7/15/34
     1,000,000       1,212,470  
Huntington Beach Union High School District GO, (Election of 2004), 0.00%, 8/1/30 (AGM-CR/NATL)(1)
     5,000,000       2,142,400  
Kern High School District GO, 7.15%, 8/1/14 (NATL)(2)
     1,815,000       2,082,985  
Kern High School District GO, Series 1992 C, (Election of 1990), 6.25%, 8/1/13 (NATL)(2)
     1,340,000       1,434,055  
Los Angeles Community College District GO, Series 2007 A, (Election of 2001), 5.00%, 8/1/32 (NATL/FGIC)
     1,425,000       1,582,819  
Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/22
     1,000,000       1,181,760  
 
 
 
 
 
California Long-Term Tax-Free - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
   
Principal Amount
    
Value
  
   
Los Angeles County COP, (Disney Concert Hall), 5.00%, 9/1/22
   $ 1,000,000     $ 1,184,820  
Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.25%, 5/15/21
     2,120,000       2,481,248  
Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40
     2,000,000       2,216,240  
Los Angeles Department of Airports Rev., Series 2010 B, (Los Angeles International Airport), 5.00%, 5/15/40
     2,000,000       2,195,800  
Los Angeles Department of Water & Power Rev., Series 2008 A1, (Power System), 5.25%, 7/1/38
     4,000,000       4,646,760  
Los Angeles Department of Water & Power Rev., Series 2011 A, (Power System), 5.00%, 7/1/19
     1,000,000       1,245,000  
Los Angeles Department of Water & Power Waterworks Rev., Series 2009 B, 5.00%, 7/1/20
     3,000,000       3,673,710  
Los Angeles Harbor Department Rev., Series 2009 A, 5.00%, 8/1/27
     500,000       574,075  
Los Angeles Harbor Department Rev., Series 2011 B, 5.00%, 8/1/24
     525,000       634,394  
Los Angeles Municipal Improvement Corp. Lease Rev., Series 2012 B, 5.00%, 3/1/42
     1,000,000       1,064,640  
Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/29(4)
     250,000       274,643  
Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/30(4)
     3,750,000       4,109,587  
Los Angeles Unified School District GO, Series 2006 F, (Election of 2004), 5.00%, 7/1/30 (FGIC)
     2,000,000       2,183,560  
Los Angeles Unified School District GO, Series 2007 H, (Election of 2004), 5.00%, 7/1/32 (AGM)
     1,020,000       1,143,583  
Los Angeles Unified School District GO, Series 2009 I, (Election of 2004), 5.00%, 7/1/29
     2,000,000       2,255,540  
Los Angeles Unified School District GO, Series 2010 KRY, 5.25%, 7/1/26
     1,000,000       1,188,040  
Los Angeles Unified School District GO, Series 2011 A1, 4.00%, 7/1/17
     1,000,000       1,148,590  
Los Angeles Unified School District GO, Series 2011 A1, 5.00%, 7/1/18
     1,280,000       1,558,643  
Manhattan Beach Unified School District GO, Series 2009 A, (Election of 2008), 0.00%, 9/1/29(1)
     5,905,000       2,861,091  
Metropolitan Water District of Southern California Rev. 5.75%, 8/10/18
     3,000,000       3,590,160  
Metropolitan Water District of Southern California Rev., Series 2009 C, 5.00%, 7/1/35
     1,150,000       1,301,639  
Metropolitan Water District of Southern California Rev., Series 2011 A2, VRDN, 0.33%, 6/7/12
     1,500,000       1,499,985  
Metropolitan Water District of Southern California Rev., Series 2011 A4, VRDN, 0.33%, 6/7/12
     1,480,000       1,479,985  
Metropolitan Water District of Southern California Rev., Series 2012 B-2, VRDN, 0.57%, 6/1/12
     5,895,000       5,895,177  
Modesto Irrigation District COP, Series 2009 A, 5.75%, 10/1/34
     2,500,000       2,802,800  
New Haven Unified School District GO, 12.00%, 8/1/18 (AGM)
     880,000       1,428,029  
Newport Beach Rev., Series 2011 A, (Hoag Memorial Hospital Presbyterian), 6.00%, 12/1/40
     1,000,000       1,210,930  
Northern California Power Agency Rev., Series 2010 A, 4.00%, 7/1/14
     1,000,000       1,062,340  
Oakland Redevelopment Agency Tax Allocation Rev., (Central District), 5.50%, 2/1/14 (Ambac)
     2,205,000       2,281,469  
Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32
     1,000,000       1,089,750  
Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/16
     1,000,000       1,131,430  
 
 
 
 

California Long-Term Tax-Free - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
   
Principal Amount
    
Value
  
   
Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/17
   $ 2,000,000     $ 2,302,720  
Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/18
     2,320,000       2,695,794  
Palomar Pomerado Health Care District COP, 6.75%, 11/1/39
     1,000,000       1,102,400  
Palomar Pomerado Health Care District COP, 6.00%, 11/1/41
     750,000       790,177  
Palomar Pomerado Health GO, Series 2009 A, (Election of 2004), 0.00%, 8/1/38 (AGC)(1)
     1,670,000       1,374,276  
Palos Verdes Peninsula Unified School District GO, Series 2009 R, (Election of 2005), 0.00%, 8/1/33(5)
     2,600,000       1,027,390  
Pasadena COP, (Old Pasadena Parking Facility), 6.25%, 1/1/18
     1,500,000       1,705,230  
Pomona Unified School District GO, Series 2000 A, 6.55%, 8/1/29 (NATL)
     1,000,000       1,330,040  
Pomona Unified School District GO, Series 2001 A, 6.15%, 8/1/30 (NATL)
     855,000       1,016,715  
Porterville Public Financing Authority Sewer Rev., 5.625%, 10/1/36
     1,500,000       1,769,535  
Poway Unified School District Rev., (School Facilities Improvement), 0.00%, 8/1/41(1)
     2,110,000       477,894  
Poway Unified School District Public Financing Authority Rev., 7.875%, 9/15/39
     1,070,000       1,232,918  
Rancho Santa Fe Community Services District Financing Authority Special Tax Rev., Series 2011 A, (Superior Lien), 5.50%, 9/1/25
     1,000,000       1,115,780  
Rancho Santa Fe Community Services District Financing Authority Special Tax Rev., Series 2011 A, (Superior Lien), 5.50%, 9/1/26
     1,000,000       1,106,000  
Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.50%, 10/1/40
     670,000       736,317  
Sacramento County Airport System Rev., Series 2009 D, (Grant Revenue Bonds), 5.625%, 7/1/29
     1,000,000       1,128,930  
Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 B, VRN, 0.84%, 6/1/12 (NATL/FGIC)
     1,500,000       1,047,645  
Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/31
     625,000       717,862  
Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/33
     1,000,000       1,138,340  
Saddleback Valley Unified School District Public Financing Authority Special Tax Rev., Series 1997 A, 6.00%, 9/1/16 (AGM)
     1,000,000       1,180,870  
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 6.25%, 8/1/33
     1,800,000       2,144,340  
San Bernardino Community College District GO, Series 2009 B, (Election of 2008), 0.00%, 8/1/34(1)
     7,400,000       5,755,350  
San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41
     1,350,000       1,603,894  
San Diego County COP Linked Security, ARC, YCC, 5.625%, 9/1/12 (Ambac)
     1,400,000       1,414,840  
San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/40
     3,000,000       3,247,350  
San Diego County Water Authority Rev., Series 2011 S1, (Subordinate Lien) 5.00%, 7/1/16
     1,665,000       1,943,688  
San Diego Public Facilities Financing Authority Sewer Rev., Series 2009 A, 5.25%, 5/15/34
     2,000,000       2,279,900  
San Diego Unified School District GO, Series 2010 C, 0.00%, 7/1/44(1)
     2,880,000       554,746  
San Diego Unified School District GO, Series 2012 E, 0.00%, 7/1/42(1)
     5,000,000       1,747,000  
San Francisco City and County Airports Commission Rev., Series 2009 D, (San Francisco International Airport), VRDN, 2.25%, 11/1/12
     1,500,000       1,514,190  
San Francisco City and County Airports Commission Rev., Series 2009 E, (San Francisco International Airport), 5.25%, 5/1/23
     3,000,000       3,594,480  
San Francisco City and County Airports Commission Rev., Series 2010 F, 5.00%, 5/1/40
     2,150,000       2,333,309  
 
 
 
 

California Long-Term Tax-Free - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
   
Principal Amount
    
Value
  
   
San Francisco City and County Airports Commission Rev., Series 2011 D, (San Francisco International Airport), 5.00%, 5/1/24
   $ 1,790,000     $ 2,122,385  
San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29
     1,170,000       1,296,407  
San Francisco City and County Public Utilities Commission Rev., Series 2011 A, 5.00%, 11/1/41
     1,000,000       1,122,410  
San Francisco City and County Redevelopment Financial Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 6.625%, 8/1/27
     500,000       566,690  
San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows) 5.875%, 9/1/32
     685,000       739,978  
San Mateo County Joint Powers Financing Authority Lease Rev., (Capital Projects Program), 6.00%, 7/1/19 (NATL)
     2,000,000       2,519,840  
San Mateo Union High School District GO, 0.00%, 2/15/15(1)
     2,665,000       2,609,515  
Santa Clara Electric Rev., Series 2011 A, 5.00%, 7/1/30
     500,000       560,185  
Santa Clara Valley Transportation Authority Sales Tax Rev., Series 2010 B, 5.00%, 4/1/18
     1,105,000       1,345,382  
Santa Clara Valley Transportation Authority Sales Tax Rev., Series 2010 B, 5.00%, 4/1/20
     1,500,000       1,871,295  
Santa Margarita-Dana Point Authority Rev., Series 1994 B, (Improvement Districts 3, 3A, 4, 4A), 7.25%, 8/1/14 (NATL)
     2,000,000       2,213,560  
Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.00%, 7/1/42
     400,000       434,804  
Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.875%, 7/1/42
     400,000       463,740  
Santa Paula Utility Authority Water Rev., 5.25%, 2/1/40
     2,500,000       2,734,650  
South Placer Wastewater Authority Rev., Series 2011 D, VRDN, 1.01%, 6/7/12
     2,060,000       2,061,895  
Southern California Public Power Authority Rev., (Multiple Projects), 6.75%, 7/1/13 (AGM-CR)
     3,730,000       3,987,668  
Susanville Public Financing Authority Rev., Series 2010 B, (Utility Enterprises), 6.00%, 6/1/45
     1,000,000       1,053,820  
Taft Public Financing Authority Lease Rev., Series 1997 A, (Community Correctional Facility Acquisition), 6.05%, 1/1/17
     1,715,000       1,720,539  
Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A1, 5.00%, 6/1/37
     1,000,000       767,370  
Town of Hillsborough COP, Series 2003 A, (Water & Sewer System), VRDN, 0.25%, 6/7/12 (SBBPA: JPMorgan Chase Bank N.A.)
     4,500,000       4,500,000  
Tri-Dam Power Authority Rev., 4.00%, 5/1/13
     1,190,000       1,213,336  
Tri-Dam Power Authority Rev., 4.00%, 11/1/13
     1,210,000       1,244,703  
Tri-Dam Power Authority Rev., 4.00%, 5/1/14
     1,235,000       1,279,361  
Tuolumne Wind Project Authority Rev., Series 2009 A, 5.625%, 1/1/29
     1,200,000       1,389,984  
Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/18
     515,000       541,615  
Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.00%, 9/1/40
     2,000,000       2,143,440  
Twin Rivers Unified School District COP, (Facility Bridge Program), VRDN, 3.50%, 12/1/12 (AGM)
     5,500,000       5,506,655  
University of California Rev., Series 2005 B, 5.00%, 5/15/33 (AGM)
     2,000,000       2,081,240  
University of California Rev., Series 2007 D, 5.00%, 5/15/32 (NATL/FGIC)
     1,545,000       1,725,858  
Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/33
     3,000,000       3,576,090  
Vernon Electric System Rev., Series 2009 A, 5.125%, 8/1/21
     3,000,000       3,373,230  
Vernon Electric System Rev., Series 2012 A, 5.50%, 8/1/41
     1,170,000       1,230,384  
 
 
 
 

California Long-Term Tax-Free - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
 
Principal Amount
  
Value
  
 
Walnut Energy Center Authority Rev., Series 2010 A, 5.00%, 1/1/40
   $ 1,600,000     $ 1,713,984  
Watsonville Insured Hospital Rev., Series 1996 A, (Community Hospital), 6.20%, 7/1/12 (California Mortgage Insurance)(2)
     685,000       688,206  
 
              422,962,713  
 
GUAM — 0.7%
                
Guam Government GO, Series 2009 A, 6.75%, 11/15/29
     900,000       998,766  
Guam Power Authority Rev., Series 2010 A, 5.50%, 10/1/40
     2,150,000       2,223,853  
 
              3,222,619  
 
PUERTO RICO — 1.2%
                
Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.00%, 7/1/17
     1,910,000       2,118,266  
Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.00%, 7/1/19
     665,000       742,765  
Puerto Rico Sales Tax Financing Corp. Rev., Series 2007 A, 0.00%, 8/1/45 (NATL-RE)(1)
     5,000,000       774,700  
Puerto Rico Sales Tax Financing Corp. Rev., Series 2011 A1, 0.00%, 8/1/41(1)
     1,145,000       217,596  
University of Puerto Rico Rev., Series 2006 Q, 5.00%, 6/1/12
     1,200,000       1,200,000  
 
              5,053,327  
 
U.S. VIRGIN ISLANDS — 0.9%
                
Virgin Islands Public Finance Authority Rev., Series 2009 B, (Senior Lien), 5.00%, 10/1/17
     3,480,000       3,880,096  
 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $400,239,610)
             435,118,755  
 
OTHER ASSETS AND LIABILITIES†
             (137,343 )
 
TOTAL NET ASSETS — 100.0%
           $ 434,981,412  

FUTURES CONTRACTS
Contracts Sold
Expiration
Date
  
Underlying Face
Amount at Value
    
Unrealized
Gain (Loss)
  
 
102
  
U.S. Treasury 10-Year Notes
September 2012
   $ 13,661,625     $ (75,136 )
 
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
-
American Municipal Bond Assurance Corporation
  
ARC
-
Auction Rate Certificate
  
COP
-
Certificates of Participation
  
FGIC
-
Financial Guaranty Insurance Company
  
GO
-
General Obligation
  
LOC
-
Letter of Credit
  
NATL
-
National Public Finance Guarantee Corporation
  
NATL-RE
-
National Public Finance Guarantee Corporation - Reinsured
  
 
 
 
 

California Long-Term Tax-Free - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
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.
  
YCC
-
Yield Curve Certificate
  
 
†
Category is less than 0.05% of total net assets.
  
(1)
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.
  
(2)
Escrowed to maturity in U.S. government securities or state and local government securities.
  
(3)
Security, or a portion thereof, has been pledged at the custodian bank or with a broker for margin requirements on futures contracts. At the period end, the aggregate value of securities pledged was $160,870.
  
(4)
When-issued security.
  
(5)
Security is a zero-coupon municipal bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.
  
 
 
 
 

California Long-Term Tax-Free - Schedule of Investments
MAY 31, 2012 (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 information on the fund’s portfolio holdings.
 
 
 
 

California Long-Term Tax-Free - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
3. Federal Tax Information

As of May 31, 2012, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments
   $ 400,122,538  
Gross tax appreciation of investments
   $ 35,147,330  
Gross tax depreciation of investments
     (151,113 )
Net tax appreciation (depreciation) of investments
   $ 34,996,217  
 


The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the timing of market discount amortization recognition.
 
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, 2012
 

 

 

 
 
 
 

California Tax-Free Money Market - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
   
Principal Amount
    
Value
  
   
MUNICIPAL SECURITIES — 98.1%
            
   
CALIFORNIA — 98.1%
            
ABAG Finance Authority for Nonprofit Corps. Rev., (St. Pauls-Day-Episcopal School), VRDN, 0.30%, 6/7/12 (LOC: Wells Fargo Bank N.A. and First Bank)
   $ 3,415,000     $ 3,415,000  
California Health Facilities Financing Authority Rev., (Catholic Healthcare), VRDN, 0.20%, 6/1/12 (NATL-RE) (LOC: JPMorgan Chase Bank N.A.)
     4,300,000       4,300,000  
California Infrastructure & Economic Development Bank Rev., (Bay Area Toll Bridges), VRDN, 0.58%, 6/7/12 (LOC: Bank of the West)
     2,830,000       2,830,000  
California Infrastructure & Economic Development Bank Rev., (Catholic High School), VRDN, 0.18%, 6/7/12 (LOC: Comerica Bank)
     1,500,000       1,500,000  
California Infrastructure & Economic Development Bank Rev., (Contemporary Jewish Museum), VRDN, 0.26%, 6/1/12 (LOC: Bank of America N.A.)
     2,000,000       2,000,000  
California Infrastructure & Economic Development Bank Rev., (East Bay SPCA), VRDN, 0.19%, 6/7/12 (LOC: First Republic Bank and FHLB)
     5,600,000       5,600,000  
California Infrastructure & Economic Development Bank Rev., (Goodwill Industries of Orange County), VRDN, 0.23%, 6/7/12 (LOC: Wells Fargo Bank N.A.)
     3,985,000       3,985,000  
California Infrastructure & Economic Development Bank Rev., (Kennfoods USA), VRDN, 0.48%, 6/7/12 (LOC: Bank of the West)
     2,380,000       2,380,000  
California Infrastructure & Economic Development Bank Rev., (Loyola High School), VRDN, 0.18%, 6/7/12 (LOC: First Republic Bank and FHLB)
     4,500,000       4,500,000  
California Infrastructure & Economic Development Bank Rev., Series 2008 A, (iWorks, Inc.), VRDN, 0.26%, 6/7/12 (LOC: City National Bank and FHLB)
     1,335,000       1,335,000  
California Municipal Finance Authority Rev., (Central Coast YMCA), VRDN, 0.19%, 6/7/12 (LOC: Pacific Capital Bank N.A. and FHLB)
     2,700,000       2,700,000  
California Municipal Finance Authority Rev., Series 2010 A, (Southwest Community Health Center), VRDN, 0.17%, 6/7/12 (LOC: U.S. Bank N.A.)
     2,000,000       2,000,000  
California Pollution Control Financing Authority Rev., (BLT Enterprises), VRDN, 0.22%, 6/6/12 (LOC: Union Bank of California N.A.)
     2,815,000       2,815,000  
California Pollution Control Financing Authority Rev., (Musco Family Olive), VRDN, 0.34%, 6/7/12 (LOC: Bank of the West)
     3,200,000       3,200,000  
California Pollution Control Financing Authority Rev., (Sierra Pacific Industries), VRDN, 0.19%, 6/6/12 (LOC: Wells Fargo Bank N.A.)
     3,000,000       3,000,000  
California Pollution Control Financing Authority Rev., Series 2010 A, (Alameda Country Industries), VRDN, 0.49%, 6/6/12 (LOC: Bank of the West)
     2,460,000       2,460,000  
California School Cash Reserve Program Authority Rev., Series 2011 B, 2.00%, 6/1/12
     9,000,000       9,000,000  
California School Cash Reserve Program Authority Rev., Series 2012 P, 2.00%, 12/31/12
     10,000,000       10,099,035  
California State Enterprise Development Authority Rev., (Community Hospice Inc.), VRDN, 0.19%, 6/7/12 (LOC: Bank of Stockton and FHLB)
     4,245,000       4,245,000  
California State Enterprise Development Authority Rev., (Humane Society Silicon Valley), VRDN, 0.19%, 6/7/12 (LOC: First Republic Bank and FHLB)
     7,260,000       7,260,000  
California State Enterprise Development Authority Rev., (LBM Partnership LP), VRDN, 0.19%, 6/7/12 (LOC: Wells Fargo Bank N.A.)
     3,000,000       3,000,000  
California Statewide Communities Development Authority Rev., (Goodwill of Santa Cruz), VRDN, 0.23%, 6/7/12 (LOC: Wells Fargo Bank N.A.)
     2,200,000       2,200,000  
California Statewide Communities Development Authority Rev., (North Peninsula Jewish Community Center), VRDN, 0.26%, 6/1/12 (LOC: Bank of America N.A.)
     500,000       500,000  
California Statewide Communities Development Authority Rev., (PUTTERs), VRDN, 0.26%, 6/7/12 (LOC: JPMorgan Chase Bank N.A.)
     12,500,000       12,500,000  
 
 
 
 

California Tax-Free Money Market - Schedule of Investments
MAY 31, 2012 (UNAUDITED)
 
 
 
   
Principal Amount
    
Value
  
   
California Statewide Communities Development Authority Rev., (Trinity Children & Family), VRDN, 0.19%, 6/6/12 (LOC: California State Teacher's Retirement System)
   $ 7,420,000     $ 7,420,000  
California Statewide Communities Development Authority Rev., Series 2005, (Salk Institute for Biological Studies), VRDN, 0.17%, 6/6/12
     1,500,000       1,500,000  
California Statewide Communities Development Authority Rev., Series 2008 A, (Kaiser Credit Group), VRDN, 0.17%, 6/6/12
     10,200,000       10,200,000  
City of Duarte COP, Series 2001 A, VRDN, 2.00%, 6/6/12 (LOC: Union Bank of California N.A. and California State Teacher's Retirement System)
     490,000       490,000  
City of El Monte COP, Series 2003 A, (Community Improvement), VRDN, 0.19%, 6/7/12 (LOC: Union Bank of California N.A. and California State Teacher's Retirement System)
     3,495,000       3,495,000  
City of Hanford Sewer System Rev., Series 1996 A, VRDN, 0.22%, 6/7/12 (LOC: Union Bank of California N.A.)
     920,000       920,000  
City of Irvine Special Assessment Rev., Series 2006 B, VRDN, 0.18%, 6/1/12 (LOC: U.S. Bank N.A. and California State Teacher's Retirement System)
     920,000       920,000  
City of Irvine Special Assessment Rev., Series 2011 A, VRDN, 0.18%, 6/1/12 (LOC: U.S. Bank N.A. and California State Teacher's Retirement System)
     2,300,000       2,300,000  
City of Long Beach Tax & Rev. Anticipation Notes GO, 2.00%, 9/28/12
     2,000,000       2,011,148  
City of Oroville Hospital Rev., Series 2012 A, (Oroville Hospital), VRDN, 0.21%, 6/7/12 (LOC: Comerica Bank)
     7,500,000       7,500,000  
City of Reedley COP, (Mennonite Brethren Homes), VRDN, 0.19%, 6/7/12 (LOC: Bank of the Sierra and FHLB)
     8,885,000       8,885,000  
City of Riverside Water Rev., Series 2011 A, VRDN, 0.25%, 6/7/12
     9,600,000       9,600,000  
City of Santa Rosa Wastewater Rev., Series 2004 A, VRDN, 0.60%, 6/7/12 (LOC: Landesbank Baden-Wurttemberg)
     8,500,000       8,500,000  
County of Yolo Rev., (Beckett Hall, Inc.), VRDN, 0.20%, 6/7/12 (LOC: Bank of the West and California State Teacher's Retirement)
     7,680,000       7,680,000  
East Bay Municipal Utility District Wastewater System Rev., Series 2009 A-1, VRN, 0.18%, 6/7/12
     3,445,000       3,445,000  
East Bay Municipal Utility District Wastewater System Rev., Series 2009 A-2, VRN, 0.19%, 6/7/12
     8,850,000       8,850,000  
East Bay Municipal Utility District Wastewater System Rev., Series 2011 A, VRN, 0.18%, 6/7/12
     4,875,000       4,875,000  
JP Morgan Chase PUTTERs/DRIVERs Trust, Series 2011-4003Z, VRDN, 0.18%, 6/7/12 (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
     3,500,000       3,500,000  
JP Morgan Chase PUTTERs/DRIVERs Trust, Series 2011-4005Z, VRDN, 0.28%, 6/7/12 (AGM) (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
     6,590,000       6,590,000  
Los Angeles County Community Development Commission COP, (Willowbrook Partnership), VRDN, 0.22%, 6/6/12 (LOC: Wells Fargo Bank N.A.)
     1,800,000       1,800,000  
Metropolitan Water District of Southern California Rev., Series 2009 A-1, VRN, 0.18%, 6/7/12
     10,000,000       10,000,000  
Metropolitan Water District of Southern California Rev., Series 2009 A-2, VRN, 0.18%, 6/7/12
     7,000,000       7,000,000  
Monterey Peninsula Water Management District COP, (Wastewater Reclamation), VRDN, 0.20%, 6/1/12 (LOC: Wells Fargo Bank N.A.)
     5,100,000       5,100,000  
Pittsburg Public Financing Authority Rev., VRDN, 0.35%, 6/7/12 (LOC: Bank of the West)
     3,020,000       3,020,000  
San Francisco City & County Redevelopment Agency Special Tax Rev., Series 2005 A, VRDN, 0.20%, 6/7/12 (LOC: JPMorgan Chase Bank N.A.)
     4,500,000       4,500,000  
Santa Ana Housing Authority Rev., (Harbor Pointe Apartments), VRDN, 0.18%, 6/7/12 (FNMA) (LIQ FAC: FNMA)
     300,000       300,000  
 
 
 
 

California Tax-Free Money Market - Schedule of Investments
MAY 31, 2012 (UNAUDITED)

 
 
 
Principal Amount
  
Value
  
 
Santa Clara Unified School District GO, 3.00%, 7/1/12
   $ 2,000,000     $ 2,004,254  
Stockton Public Financing Authority Rev., Series 2010 A, VRDN, 0.40%, 6/6/12 (LOC: Union Bank N.A.)
     5,000,000       5,000,000  
Three Valleys Municipal Water District COP, (Miramar Water Treatment), VRDN, 0.19%, 6/6/12 (LOC: Wells Fargo Bank N.A.)
     3,200,000       3,200,000  
Town of Apple Valley COP, (Public Facilities Financing), VRDN, 0.19%, 6/7/12 (LOC: Union Bank of California N.A. and California State Teacher's Retirement System)
     2,825,000       2,825,000  
Town of Hillsborough COP, Series 2006 A, (Water & Sewer System), VRDN, 0.25%, 6/7/12 (SBBPA: JPMorgan Chase Bank N.A.)
     8,435,000       8,435,000  
Victorville Joint Powers Finance Authority Rev., Series 2007 A, (Cogeneration Facility), VRDN, 2.75%, 6/7/12 (LOC: BNP Paribas)
     14,835,000       14,835,000  
TOTAL MUNICIPAL SECURITIES
(Cost $263,524,437)
             263,524,437  
 
COMMERCIAL PAPER(2) — 4.0%
                
 
San Diego County Water Authority, 0.22%, 6/1/12
     3,285,000       3,285,000  
San Diego County Water Authority, 0.24%, 6/4/12
     7,500,000       7,500,000  
TOTAL COMMERCIAL PAPER
(Cost $10,785,000)
             10,785,000  
 
TOTAL INVESTMENT SECURITIES — 102.1%
(Cost $274,309,437)
             274,309,437  
 
OTHER ASSETS AND LIABILITIES — (2.1)%
             (5,753,829 )
 
TOTAL NET ASSETS — 100.0%
           $ 268,555,608  

Notes to Schedule of Investments
 
ABAG
-
Association of Bay Area Governments
  
AGM
-
Assured Guaranty Municipal Corporation
  
COP
-
Certificates of Participation
  
DRIVERs
-
Derivative Inverse Tax-Exempt Receipts
  
FHLB
-
Federal Home Loan Bank
  
FNMA
-
Federal National Mortgage Association
  
GO
-
General Obligation
  
LIQ FAC
-
Liquidity Facilities
  
LOC
-
Letter of Credit
  
NATL-RE
-
National Public Finance Guarantee Corporation - Reinsured
  
PUTTERs
-
Puttable Tax-Exempt Receipts
  
SBBPA
-
Standby Bond Purchase Agreement
  
VRDN
-
Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
  
VRN
-
Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.
  
 
(1)
Security was purchased 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 $10,090,000, which represented 3.8% of total net assets.
  
(2)
The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.
  
 
 
 
 
 
California Tax-Free Money Market - Schedule of Investments
MAY 31, 2012 (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 investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

3. Federal Tax Information

As of May 31, 2012, the cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

Federal tax cost of investments
   $ 274,309,437  
 

This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.
 
 
 
 
 
ITEM 2.  CONTROLS AND PROCEDURES.

(a)
The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b)
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.


ITEM 3.  EXHIBITS.

Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as Exhibit 99.CERT.
 
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant:
AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS
  
       
       
By:
/s/ Jonathan S. Thomas
  
 
Name:
Jonathan S. Thomas
  
 
Title:
President
  
       
Date:
July 26, 2012
  
       

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:
/s/ Jonathan S. Thomas
  
 
Name:
Jonathan S. Thomas
  
 
Title:
President
  
   
(principal executive officer)
  
     
Date:
July 26, 2012
  



By:
/s/ C. Jean Wade
  
 
Name:
C. Jean Wade
  
 
Title:
Vice President, Treasurer, and
  
   
Chief Financial Officer
  
   
(principal financial officer)
  
     
Date:
July 26, 2012