N-Q 1 acctfmf20140116_nq.htm FORM N-Q acctfmf20140116_nq.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:

08-31

   
   

Date of reporting period:

11-30-2013

 

 
 
 

 

ITEM 1. SCHEDULE OF INVESTMENTS.

 

 

 

 

 

 

 

American Century Investments®

 

Quarterly Portfolio Holdings

 

California High-Yield Municipal Fund

 

November 30, 2013

 

 

 

 

 

 

 

 
 
 

 

California High-Yield Municipal - Schedule of Investments

NOVEMBER 30, 2013 (UNAUDITED) 

 

   

Shares/

Principal Amount ($)

    

Value ($)

  

MUNICIPAL SECURITIES — 98.9%

                

CALIFORNIA — 93.7%

                

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

     2,000,000       1,964,560  

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012 C1, (Episcopal Senior Communities), 3.00%, 7/1/19

     1,835,000       1,839,734  

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2012 C2, (Episcopal Senior Communities), 2.50%, 7/1/19

     2,625,000       2,593,237  

ABC Unified School District GO, Capital Appreciation, Series 2000 B, 0.00%, 8/1/21 (NATL-RE/FGIC)(1)

     1,000,000       770,880  

Adelanto Public Utility Authority Rev., Series 2009 A, (Utility System), 6.75%, 7/1/39

     5,225,000       5,428,461  

Alameda Corridor Transportation Authority Rev., Series 2013 A, 5.00%, 10/1/26

     2,000,000       2,208,360  

Alameda Corridor Transportation Authority Rev., Series 2013 A, 5.00%, 10/1/27 (AGM)

     2,000,000       2,175,680  

Alameda Corridor Transportation Authority Rev., Series 2013 A, 5.00%, 10/1/29 (AGM)

     1,000,000       1,063,050  

Alhambra Rev., Series 2010 A, (Atherton Baptist Homes), 7.50%, 1/1/30

     1,640,000       1,682,378  

Bay Area Toll Authority Toll Bridge Rev., Series 2001 A, (San Francisco Bay Area), VRDN, 1.30%, 12/5/13

     1,000,000       994,680  

Bay Area Toll Authority Toll Bridge Rev., Series 2007 A1, (San Francisco Bay Area), VRDN, 0.75%, 12/5/13

     1,450,000       1,437,921  

Bay Area Toll Authority Toll Bridge Rev., Series 2008 G1, (San Francisco Bay Area), VRDN, 1.15%, 12/5/13

     2,500,000       2,512,950  

Bay Area Toll Authority Toll Bridge Rev., Series 2012 F1, (San Francisco Bay Area), 5.00%, 4/1/31

     8,500,000       9,147,190  

Bay Area Toll Authority Toll Bridge Rev., Series 2013 S4, (San Francisco Bay Area), 5.00%, 4/1/43

     1,000,000       1,010,340  

Beaumont Financing Authority Local Agency Special Tax Rev., Series 2004 D, 5.80%, 9/1/35

     2,875,000       2,884,487  

Beaumont Financing Authority Local Agency Special Tax Rev., Series 2005 B, 5.40%, 9/1/35

     1,390,000       1,344,978  

Beaumont Financing Authority Local Agency Special Tax Rev., Series 2005 C, 5.50%, 9/1/29

     855,000       857,411  

Beaumont Financing Authority Local Agency Special Tax Rev., Series 2005 C, 5.50%, 9/1/35

     4,000,000       3,920,120  

Beaumont Financing Authority Local Agency Special Tax Rev., Series 2006 A, (Improvement Area No. 19C), 5.35%, 9/1/36

     2,700,000       2,702,727  

Beaumont Financing Authority Local Agency Special Tax Rev., Series 2008 A, (Improvement Area No. 19C), 6.875%, 9/1/36

     1,050,000       1,094,636  

Beaumont Unified School District GO, Capital Appreciation, Series 2011 C, (Election of 2008), 0.00%, 8/1/40 (AGM)(1)

     2,000,000       429,400  

Berryessa Union School District GO, Capital Appreciation, Series 2000 A, 0.00%, 8/1/21 (AGM)(1)

     1,190,000       907,030  

Berryessa Union School District GO, Capital Appreciation, Series 2000 A, 0.00%, 8/1/22 (AGM)(1)

     1,220,000       872,751  

Berryessa Union School District GO, Capital Appreciation, Series 2000 A, 0.00%, 8/1/23 (AGM)(1)

     1,000,000       675,070  

California County Tobacco Securitization Agency Rev., 5.65%, 6/1/41

     1,500,000       1,108,995  

 

 
 
 

 

California Department of Water Resources Power Supply Rev., Series 2013 AM, (Central Valley), 5.00%, 12/1/25

     2,000,000       2,346,440  

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/31

     1,820,000       1,899,352  

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

     2,000,000       2,110,080  

California Educational Facilities Authority Rev., Series 2013 U4, (Stanford University), 5.00%, 6/1/43

     2,250,000       2,592,652  

California GO, 5.25%, 2/1/30

     5,000,000       5,377,600  

California GO, 6.00%, 4/1/38

     5,000,000       5,679,200  

California GO, 5.00%, 2/1/43

     5,650,000       5,757,858  

California GO, Series 2004 B2, (Kindergarten), VRDN, 0.04%, 12/2/13 (LOC: Citibank N.A.)

     1,800,000       1,800,000  

California GO, Series 2012 B, VRN, 0.95%, 12/5/13

     2,000,000       2,021,460  

California GO, Series 2012 B, VRN, 1.05%, 12/5/13

     800,000       810,664  

California GO, Series 2012 B, VRN, 1.20%, 12/5/13

     960,000       976,714  

California GO, Series 2013, 5.00%, 2/1/38

     4,635,000       4,758,198  

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/39

     2,000,000       1,992,680  

California Health Facilities Financing Authority Rev., Series 2008 A, (Scripps Health), 5.50%, 10/1/20(2)

     1,500,000       1,770,765  

California Health Facilities Financing Authority Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/33

     1,000,000       1,144,500  

California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39

     4,300,000       4,635,228  

California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38

     3,000,000       3,342,540  

California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.25%, 8/15/31

     2,030,000       2,156,672  

California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/35

     2,000,000       2,024,100  

California Health Facilities Financing Authority Rev., Series 2012 A, (City of Hope), 5.00%, 11/15/39

     1,910,000       1,903,067  

California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51

     2,500,000       2,441,750  

California Health Facilities Financing Authority Rev., Series 2012 B, (Lucile Salter Packard Children's Hospital), 5.00%, 8/15/26

     1,020,000       1,118,828  

California Health Facilities Financing Authority Rev., Series 2013 A, (St. Joseph Health System), 5.00%, 7/1/37

     445,000       450,732  

California Health Facilities Financing Authority Rev., Series 2013 A, (Sutter Health), 5.00%, 8/15/52

     1,500,000       1,440,450  

California Infrastructure & Economic Development Bank Rev., Series 2013 A, (Los Angeles County Museum of Art Project), VRDN, 1.87%, 12/2/13

     1,000,000       996,950  

California Mobilehome Park Financing Authority Rev., Series 2003 B, (Palomar Estates E&W), 7.00%, 9/15/36

     6,345,000       6,406,420  

California Mobilehome Park Financing Authority Rev., Series 2006 B, (Union City Tropics), 5.50%, 12/15/41

     2,000,000       1,877,880  

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

     1,000,000       1,029,160  

California Municipal Finance Authority Rev., (Chevron USA, Inc.), VRDN, 0.03%, 12/2/13

     5,600,000       5,600,000  

California Municipal Finance Authority Rev., Series 2008 A, (Central Coast YMCA), VRDN, 0.09%, 12/5/13 (LOC: Pacific Capital Bank N.A. and FHLB)

     2,060,000       2,060,000  

 

 
 
 

 

California Municipal Finance Authority Rev., Series 2011 B, (Azusa Pacific University), 8.00%, 4/1/41

     3,335,000       3,698,748  

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

     1,450,000       1,423,711  

California Pollution Control Financing Authority Rev., 5.00%, 11/21/45

     3,165,000       2,815,299  

California Pollution Control Financing Authority Rev., Series 1996 C, (Pacific Gas & Electric Company), VRDN, 0.04%, 12/2/13 (LOC: JPMorgan Chase Bank N.A.)

     11,300,000       11,300,000  

California Public Works Board Lease Rev., Series 1993 D, (Department of Corrections), 5.25%, 6/1/15 (AGM)

     1,295,000       1,338,240  

California Public Works Board Lease Rev., Series 2009 G1, (Various Capital Projects), 5.75%, 10/1/30

     2,000,000       2,181,620  

California Public Works Board Lease Rev., Series 2010 A1, (Various Capital Projects), 6.00%, 3/1/35

     1,250,000       1,409,312  

California Public Works Board Lease Rev., Series 2011 C, (State Prisons), 5.75%, 10/1/31

     1,000,000       1,088,620  

California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.00%, 12/1/31

     975,000       1,005,479  

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25

     1,500,000       1,634,850  

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37

     5,465,000       5,486,805  

California State Public Works Board Lease Rev., Series 2013 I, (Various Capital Projects), 5.00%, 11/1/38

     2,350,000       2,353,548  

California State University Systemwide Rev., Series 2005 C, 5.00%, 11/1/30 (NATL-RE)

     5,000,000       5,236,550  

California State University Systemwide Rev., Series 2011 A, 5.00%, 11/1/42

     3,000,000       3,072,810  

California Statewide Communities Development Authority Rev., (Chevron USA Inc. Project), VRDN, 0.03%, 12/2/13

     1,300,000       1,300,000  

California Statewide Communities Development Authority Rev., (Cottage Health Obligation Group), 5.25%, 11/1/30

     1,250,000       1,298,025  

California Statewide Communities Development Authority Rev., (Episcopal Communities and Services), 5.00%, 5/15/42

     1,500,000       1,344,240  

California Statewide Communities Development Authority Rev., (Lancer Educational Student Housing), 5.625%, 6/1/33

     2,500,000       2,312,025  

California Statewide Communities Development Authority Rev., (Southern California Presbyterian Homes), 7.25%, 11/15/41

     2,500,000       2,707,200  

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

     1,100,000       1,101,430  

California Statewide Communities Development Authority Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31

     4,000,000       4,068,920  

California Statewide Communities Development Authority Rev., Series 2004 D, (Sutter Health), 5.05%, 8/15/38 (AGM)

     1,650,000       1,656,732  

California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.50%, 11/1/38

     7,000,000       6,490,400  

California Statewide Communities Development Authority Rev., Series 2012 A, (Kaiser Permanente), 5.00%, 4/1/42

     9,000,000       8,925,300  

California Statewide Communities Development Authority Rev., Series 2013 A, (American Baptist Homes of the West), 5.00%, 10/1/43

     1,200,000       1,062,132  

Carson Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Project Area No. 1), 7.00%, 10/1/36

     2,000,000       2,225,880  

Chula Vista Industrial Development Rev., Series 2004 D, (San Diego Gas), 5.875%, 1/1/34

     1,000,000       1,112,140  

 

 
 
 

 

Chula Vista Municipal Financing Authority Special Tax Rev., Series 2013, (Refunding Bonds), 5.00%, 9/1/34

     2,000,000       1,971,900  

City of Irvine Improvement Bond Act of 1915 Rev., (Assessment District No. 13-1), 5.00%, 9/2/29

     700,000       701,015  

City of Irvine Improvement Bond Act of 1915 Rev., (Assessment District No. 13-1), 5.00%, 9/2/30

     350,000       348,401  

City of Irvine Improvement Bond Act of 1915 Rev., (Assessment District No. 97-17), VRDN, 0.04%, 12/2/13 (LOC: State Street Bank & Trust Co. and California State Teacher's Retirement System)

     6,400,000       6,400,000  

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 5.00%, 9/2/24

     700,000       762,006  

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 5.00%, 9/2/26

     600,000       639,348  

Clovis Unified School District GO, Series 2013 B, (Election of 2012), 5.00%, 8/1/38

     3,000,000       3,137,970  

Contra Costa Water District Rev., Series 2013 R, 5.00%, 10/1/43

     1,025,000       1,075,297  

Corcoran COP, 8.75%, 6/1/16 (Acquired 4/28/92, Cost $250,000)(3)

     250,000       282,498  

Duarte Unified School District GO, Capital Appreciation, Series 1999 B, 0.00%, 11/1/23 (AGM)(1)

     1,150,000       766,418  

East Side Union High School District GO, Series 2013, 5.00%, 8/1/29

     1,050,000       1,130,861  

Eastern Municipal Water District Water and Sewer COP, Series 2008 H, 5.00%, 7/1/33

     4,000,000       4,162,640  

El Camino Community College District GO, Capital Appreciation, Series 2012 C, (Election of 2002), 0.00%, 8/1/33(1)

     10,000,000       3,605,400  

El Dorado County Community Facilities District No. 2001-1 Special Tax Rev., (Promontory Specific), 6.30%, 9/1/31

     2,500,000       2,500,600  

Escondido Joint Powers Financing Authority Rev., (Water Systems Financing), 5.00%, 9/1/31

     1,355,000       1,422,167  

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

     3,000,000       2,387,160  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., 5.75%, 1/15/40

     6,000,000       5,967,420  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, 5.875%, 1/15/27

     5,000,000       5,038,500  

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A2, 5.30%, 6/1/37

     3,000,000       2,207,820  

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 4.50%, 6/1/27

     5,000,000       4,185,500  

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.125%, 6/1/47

     7,000,000       4,839,100  

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.75%, 6/1/47

     8,000,000       6,097,040  

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/29

     1,500,000       1,552,785  

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/30

     2,500,000       2,566,600  

Grossmont Union High School District GO, Series 2013 E, (Election of 2008), 5.00%, 8/1/43

     1,225,000       1,241,807  

Hemet Unified School District Special Tax Rev., (Community Facilities District No. 2005-2), 5.25%, 9/1/30

     2,670,000       2,643,380  

Hesperia Public Financing Authority Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/32 (XLCA)

     3,000,000       2,838,630  

Hesperia Public Financing Authority Tax Allocation Rev., Series 2007 A, (Redevelopment and Housing), 5.50%, 9/1/37 (XLCA)

     2,025,000       1,866,260  

 

 
 
 

 

Huntington Beach Community Facilities District Special Tax Rev., (Huntington Center), 5.375%, 9/1/33

     1,700,000       1,696,770  

Independent Cities Finance Authority Mobile Home Park Rev., (Rancho Feliz and Las Casitasde Sonoma), 5.00%, 10/15/47

     5,000,000       4,565,900  

Independent Cities Finance Authority Mobile Home Park Rev., Series 2011 A, (Castle Mobile Estates), 6.75%, 8/15/46

     2,500,000       2,662,475  

Independent Cities Finance Authority Mobile Home Park Rev., Series 2012 A, (Augusta Communities), 5.00%, 5/15/39

     2,500,000       2,443,600  

Independent Cities Lease Finance Authority Rev., Series 2004 A, (Morgan Hill - Hacienda Valley Mobile Estates), 5.90%, 11/15/34

     2,235,000       2,229,614  

Independent Cities Lease Finance Authority Rev., Series 2006 B, (San Juan Mobile Estates), 5.55%, 5/15/31

     500,000       482,125  

Independent Cities Lease Finance Authority Rev., Series 2006 B, (San Juan Mobile Estates), 5.85%, 5/15/41

     1,150,000       1,104,495  

Independent Cities Lease Finance Authority Rev., Series 2007 A, (Santa Rosa Leisure Mobilehome Park), 5.70%, 11/15/47

     3,430,000       3,277,536  

Irvine Ranch Water District Rev., Series 2009 B, VRDN, 0.04%, 12/2/13 (LOC: Bank of America N.A.)

     4,000,000       4,000,000  

Irvine Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.70%, 9/1/35

     515,000       553,625  

Irvine Unified School District Special Tax Rev., Series 2012 B, (Community Facilities District No. 09-1), VRDN, 0.06%, 12/2/13 (LOC: Bank of America N.A.)

     1,710,000       1,710,000  

Jurupa Community Services District Special Tax Rev., Series 2008 A, (Community Facilities District No. 25), 8.875%, 9/1/38

     2,000,000       2,222,320  

Jurupa Community Services District Special Tax Rev., Series 2013 A, (Community Facilities District No. 31), 5.00%, 9/1/37

     250,000       236,363  

Jurupa Community Services District Special Tax Rev., Series 2013 A, (Community Facilities District No. 31), 5.00%, 9/1/42

     1,000,000       902,810  

Kern High School District GO, 5.00%, 8/1/25

     1,145,000       1,273,091  

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       2,172,284  

Lammersville Joint Unified School District Special Tax Rev., (Mountain House), 6.00%, 9/1/43

     1,250,000       1,254,438  

Liberty Union High School District GO, 5.00%, 8/1/29

     1,000,000       1,078,700  

Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.50%, 11/15/37

     1,150,000       1,189,940  

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

     1,300,000       706,407  

Los Angeles Community College District GO, Series 2008 F1, (Election of 2003), 5.00%, 8/1/27

     2,000,000       2,174,280  

Los Angeles Community Facilities District No. 3 Special Tax Rev., (Cascades Business Park & Golf Course), 6.40%, 9/1/22

     1,215,000       1,220,990  

Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/23

     1,000,000       1,142,930  

Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40

     2,000,000       2,049,860  

Los Angeles Department of Water & Power Rev., Series 2013 B, 5.00%, 7/1/30

     3,500,000       3,808,350  

Los Angeles Department of Water & Power Waterworks Rev., Series 2012 A, 5.00%, 7/1/43

     2,000,000       2,087,900  

Los Angeles Department of Water & Power Waterworks Rev., Series 2012 B, 5.00%, 7/1/43

     1,430,000       1,492,848  

Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/29

     350,000       368,365  

 

 
 
 

 

Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/31

     3,500,000       3,628,835  

Los Angeles Unified School District GO, Series 2011 A1, 5.00%, 7/1/24

     3,430,000       3,919,975  

Los Angeles Wastewater System Rev., Series 2012 B, 5.00%, 6/1/32

     3,000,000       3,221,190  

M-S-R Energy Authority Rev., Series 2009 A, 7.00%, 11/1/34

     1,700,000       2,084,200  

Milpitas Improvement Bond Act of 1915 Special Assessment Rev., Series 1996 A, (Local Improvement District No. 18), 6.75%, 9/2/16

     715,000       722,186  

Modesto Irrigation District COP, Series 2009 A, (Capital Improvements), 6.00%, 10/1/39

     3,000,000       3,254,190  

Montebello Community Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Montebello Hills Redevelopment), 8.10%, 3/1/27

     2,000,000       2,235,740  

Moorpark Mobile Home Park Rev., Series 2011 A, (Villa Delaware Arroyo), 6.50%, 5/15/41

     4,000,000       4,267,160  

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       1,906,272  

Murrieta Public Financing Authority Special Tax Rev., 5.00%, 9/1/31

     1,735,000       1,732,849  

Northern California Power Agency Rev., Series 2012 A, (Hydroelectric Project No. 1), 5.00%, 7/1/31

     1,090,000       1,149,874  

Norwalk-La Mirada Unified School District GO, Capital Appreciation, Series 2009 E, (Election of 2002), 0.00%, 8/1/38 (AGC)(1)

     10,000,000       2,451,600  

Oakland Redevelopment Agency Rev., 5.00%, 9/1/36 (Ambac)

     5,000,000       4,886,650  

Oakland Unified School District Alameda County GO, (Election of 2012), 6.625%, 8/1/38

     770,000       822,560  

Oakland Unified School District Alameda County GO, Series 2009 A, (Election of 2006), 6.125%, 8/1/29

     2,500,000       2,676,675  

Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32

     2,150,000       2,182,400  

Oceanside Community Development Commission Tax Allocation Rev., (Downtown Redevelopment), 5.70%, 9/1/25

     3,500,000       3,500,385  

Ohlone Community College District GO, Series 2011 A, (Election of 2010), 5.00%, 8/1/31

     3,000,000       3,178,050  

Orange County Community Facilities District Special Tax Rev., (No. 06-1-Delaware Rio Public Improvements), 6.00%, 10/1/40

     1,375,000       1,399,530  

Orange County Transportation Authority Rev., (Senior Lien), 5.00%, 8/15/30

     2,400,000       2,549,712  

Orange County Water District Rev., Series 2013 A, 5.00%, 8/15/33

     1,900,000       2,067,504  

Palm Springs Financing Authority Lease Rev., Series 2012 B, (Downtown Revitalization Project), 5.00%, 6/1/35

     4,000,000       4,005,480  

Palomar Pomerado Health Care District COP, 6.75%, 11/1/39

     2,750,000       2,819,740  

Perris Public Financing Authority Special Tax Rev., Series 2003 A, 6.25%, 9/1/33

     2,955,000       2,979,024  

Perris Public Financing Authority Special Tax Rev., Series 2004 A, 6.125%, 9/1/34

     2,995,000       3,019,499  

Perris Public Financing Authority Special Tax Rev., Series 2008 A, (Community Facilities District No. 2005-4), 6.60%, 9/1/38

     2,140,000       2,174,454  

Pleasant Valley School District/Ventura County GO, Series 2002 A, 5.85%, 8/1/31 (NATL-RE)

     4,835,000       5,482,116  

Poway Unified School District Public Financing Authority Rev., 7.875%, 9/15/39

     3,870,000       4,217,255  

Poway Unified School District Public Financing Authority Special Tax Rev., Series 2013 B, 5.00%, 9/1/42

     2,740,000       2,650,539  

Poway Unified School District Special Tax Rev., (Community Facilities District No. 6-4S), 5.00%, 9/1/33

     1,000,000       1,001,330  

Poway Unified School District Special Tax Rev., (Community Facilities District No. 6-4S), 5.00%, 9/1/36

     600,000       589,548  

 

 
 
 

 

Redwood City Redevelopment Agency Tax Allocation Rev., Capital Appreciation, Series 2003 A, (Redevelopment Project Area 2), 0.00%, 7/15/28 (Ambac)(1)

     3,405,000       1,466,908  

Rio Elementary School District Community Facilities District No. 1 Special Tax Rev., Series 2013, 5.50%, 9/1/39

     2,000,000       2,019,360  

Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 04-2-Lake Hills Crest), 5.00%, 9/1/30

     1,040,000       1,001,083  

Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 04-2-Lake Hills Crest), 5.00%, 9/1/35

     2,530,000       2,352,242  

Riverside County Community Facilities Districts Special Tax Rev., (Tax No. 05-8 Scott Road), 5.00%, 9/1/42

     3,000,000       2,669,700  

Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.25%, 10/1/30

     2,200,000       2,350,898  

Riverside County Transportation Commission Rev., Series 2013 A, (Limited Tax), 5.25%, 6/1/39

     800,000       860,080  

Riverside County Transportation Commission Rev., Series 2013 A, (Senior Lien), 5.75%, 6/1/44

     500,000       502,175  

Riverside County Transportation Commission Rev., Capital Appreciation, Series 2013 B, (Senior Lien), 0.00%, 6/1/43(1)

     5,000,000       729,650  

Riverside Unified School District Special Tax Rev., (Community Facilities District No. 13, Improvement Area 1), 5.375%, 9/1/34

     2,000,000       1,817,280  

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       990,030  

Romoland School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area 1), 5.40%, 9/1/36

     4,000,000       3,953,200  

Romoland School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area 3) 5.00%, 9/1/43

     2,640,000       2,521,860  

Roseville Community Facilities District No. 1 Special Tax Rev., (The Fountains), 6.125%, 9/1/38

     2,600,000       2,624,726  

Roseville Finance Authority Electric System Rev., 5.00%, 2/1/37

     925,000       945,628  

Sacramento Airport System Rev., Series 2009 D, (Grant Revenue Bonds), 6.00%, 7/1/35

     4,000,000       4,460,800  

Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/31

     625,000       660,188  

Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/33

     1,000,000       1,046,650  

Sacramento Regional Transit District Rev., (Farebox Revenue), 5.00%, 3/1/42

     1,300,000       1,301,378  

Sacramento Transportation Authority Sales Tax Rev., (Measure A), 5.00%, 10/1/24

     1,055,000       1,208,450  

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

     9,350,000       10,225,066  

San Buenaventura City COP, (Wastewater Revenue), 5.00%, 3/1/14, Prerefunded at 100% of Par (NATL-RE)(5)

     1,975,000       1,999,549  

San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/24

     300,000       340,833  

San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/25

     500,000       561,945  

San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/26

     500,000       556,765  

San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/43

     2,500,000       2,522,650  

San Diego County Water Authority Rev., 5.00%, 5/1/33

     1,500,000       1,618,590  

San Diego Public Facilities Financing Authority Lease Rev., Series 2012 A, (Capital Improvement Projects), 5.00%, 4/15/37

     2,000,000       2,005,320  

San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/30

     2,000,000       2,168,120  

San Diego Redevelopment Agency Tax Allocation Rev., Series 2009 A, (North Park Redevelopment), 7.00%, 11/1/39

     3,000,000       3,336,570  

 

 
 
 

 

San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/26

     750,000       819,120  

San Francisco Bay Area Rapid Transit District Rev., Series 2012 A, 5.00%, 7/1/36

     1,000,000       1,060,850  

San Francisco City and County Airports Commission Rev., Series 2008 34D, (San Francisco International Airport), 5.25%, 5/1/26

     3,000,000       3,419,550  

San Francisco City and County Airports Commission Rev., Series 2011 D, 5.00%, 5/1/31

     5,390,000       5,634,383  

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       2,190,620  

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       1,122,490  

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       1,332,712  

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/25 (NATL-RE)(1)

     3,090,000       1,600,527  

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/29 (NATL-RE)(1)

     165,000       64,371  

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/31 (NATL-RE)(1)

     16,000,000       5,412,000  

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, Series 1997 A, 0.00%, 1/15/32 (NATL-RE)(1)

     290,000       91,272  

San Jose Airport Rev., Series 2011 A2, 5.25%, 3/1/34

     2,605,000       2,664,707  

San Marcos Public Facilities Authority Special Tax Rev., Series 2012 D, 5.00%, 9/1/32

     1,000,000       980,840  

San Marcos Public Facilities Authority Special Tax Rev., Series 2012 D, 5.00%, 9/1/36

     875,000       830,489  

San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 6.00%, 9/1/42

     500,000       517,490  

Santa Barbara Secondary High School District GO, Series 2011 A, (Election of 2010), 0.00%, 8/1/36(1)

     10,000,000       2,779,800  

Santa Barbara Secondary High School District GO, Series 2011 A, (Election of 2010), 0.00%, 8/1/40(1)

     3,795,000       813,496  

Santa Cruz County Redevelopment Agency Tax Allocation Rev., Series 2009 A, (Live Oak/Soquel Community Improvement), 7.00%, 9/1/36

     3,000,000       3,301,290  

Santa Margarita Water District Special Tax Rev., Series 2011 B, (Community Facilities District No. 99-1), 5.875%, 9/1/38

     650,000       667,635  

Santa Margarita Water District Special Tax Rev., Series 2013, (Communities Facilities District No. 2013-1, Village of Sendero), 5.625%, 9/1/43

     1,250,000       1,252,200  

Santaluz Community Facilities District No. 2 Special Tax Rev., Series 2011 A, (Improvement Area No. 1), 5.10%, 9/1/21, Prerefunded at 103% of Par(5)

     465,000       476,025  

Saugus-Castaic School Facilities Financing Authority Special Tax Rev., (Community Facilities District No. 2006-1C), 6.00%, 9/1/43

     1,500,000       1,465,275  

Solana Beach School District Special Tax Rev., (Public Financing Authority), 5.00%, 9/1/42

     3,075,000       3,010,456  

Southern California Public Power Authority Rev., (Southern Transmission), 0.00%, 7/1/14 (NATL-RE-IBC)(1)

     2,400,000       2,395,560  

Southern California Public Power Authority Rev., (Southern Transmission), 0.00%, 7/1/15 (NATL-RE-IBC)(1)

     1,250,000       1,236,113  

Southern California Public Power Authority Rev., Series 2007 A, 5.00%, 11/1/33

     3,755,000       3,634,615  

Southern Mono Health Care District GO, Capital Appreciation, Series 2002 A, (Election of 2001), 0.00%, 8/1/26 (NATL-RE)(1)

     1,800,000       884,376  

 

 
 
 

 

Southwestern Community College District GO, Capital Appreciation, Series 2011 C, (Election of 2008), 0.00%, 8/1/46(1)

     5,425,000       799,320  

Stockton Public Financing Authority Rev., Series 2010 A, (Delta Water Supply Project), 6.25%, 10/1/40

     1,750,000       1,876,805  

Successor Agency to the Redevelopment Agency of the City & County of San Francisco Communities Facilities District No. 6 Special Tax Rev., Capital Appreciation, Series 2013 C, (Mission Bay South Public Improvements), 0.00%, 8/1/43(1)

     5,500,000       778,250  

Sunnyvale Community Facilities District No. 1 Special Tax Rev., 7.75%, 8/1/32

     6,500,000       6,502,015  

Susanville Public Financing Authority Rev., Series 2010 B, (Utility Enterprises), 6.00%, 6/1/45

     3,000,000       3,013,590  

Tahoe-Truckee Unified School District GO, Capital Appreciation, Series 1999 A, (Improvement District No. 2), 0.00%, 8/1/22 (NATL-RE/FGIC)(1)

     2,690,000       1,924,345  

Tahoe-Truckee Unified School District GO, Capital Appreciation, Series 1999 A, (Improvement District No. 2), 0.00%, 8/1/23 (NATL-RE/FGIC)(1)

     2,220,000       1,498,655  

Tobacco Securitization Authority of Northern California Settlement Rev., Series 2005 A1, 5.50%, 6/1/45

     2,000,000       1,443,520  

Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A1, 5.00%, 6/1/37

     2,250,000       1,640,677  

Torrance Rev., Series 2010 A, (Memorial Medical Center), 5.00%, 9/1/40

     2,000,000       2,018,680  

Tracy Community Facilities District No. 2006-1 Special Tax Rev., (NEI Phase II), 5.75%, 9/1/36

     3,105,000       2,861,009  

Tri-Dam Power Authority Rev., 4.00%, 5/1/16

     2,165,000       2,272,471  

Tri-Dam Power Authority Rev., 4.00%, 11/1/16

     2,165,000       2,287,994  

Tuolumne Wind Project Authority Rev., Series 2009 A, 5.875%, 1/1/29

     2,000,000       2,261,380  

Turlock Public Financing Authority Tax Allocation Rev., 7.50%, 9/1/39

     2,770,000       2,925,896  

Tustin Community Facilities District No. 06-1 Special Tax Rev., Series 2007 A, (Tustin Legacy/Columbus Villages), 6.00%, 9/1/36

     4,945,000       4,979,071  

Tustin Community Facilities District No. 07-1 Special Tax Rev., (Tustin Legacy/Retail Center), 6.00%, 9/1/37

     1,300,000       1,308,086  

Tustin Public Financing Authority Rev., 5.00%, 4/1/43

     1,000,000       1,025,990  

Tustin Unified School District Rev., (Community Facilities District No. 07-1), VRDN, 0.05%, 12/2/13 (LOC: Bank of America N.A.)

     2,500,000       2,500,000  

Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 5.75%, 9/1/30

     1,000,000       1,039,560  

Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.00%, 9/1/40

     1,500,000       1,546,815  

Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM)

     1,750,000       1,750,315  

Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM)

     1,000,000       1,000,180  

University of California System Rev., Series 2012 G, 5.00%, 5/15/37

     5,000,000       5,224,300  

Val Verde Unified School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area A), 5.40%, 9/1/30

     2,500,000       2,488,875  

Val Verde Unified School District Special Tax Rev., (Community Facilities District No. 1, Improvement Area A), 5.45%, 9/1/36

     2,600,000       2,520,674  

Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/33

     1,600,000       1,776,112  

West Contra Costa Unified School District GO, 5.00%, 8/1/32

     665,000       689,100  

Yosemite Community College District GO, Capital Appreciation, (Election of 2004), 0.00%, 8/1/16 (AGM)(1)

     3,545,000       3,439,004  

Yuba City Redevelopment Agency Tax Allocation Rev., 5.70%, 9/1/24

     2,270,000       2,276,606  

 

 
 
 

 

Yuba City Unified School District GO, Capital Appreciation, 0.00%, 3/1/25 (NATL-RE/FGIC)(1)

     1,500,000       862,935  
                 
              594,030,229  
                 

GUAM — 1.5%

                

Guam Government Business Privilege Tax Rev., Series 2011 A, 5.125%, 1/1/42

     1,000,000       997,740  

Guam Government GO, Series 2009 A, 7.00%, 11/15/39

     7,230,000       7,576,606  

Guam Power Authority Rev., Series 2012 A, 5.00%, 10/1/34

     850,000       824,254  
                 
              9,398,600  
                 

PUERTO RICO — 3.1%

                

Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 6.00%, 7/1/47

     5,000,000       3,648,250  

Puerto Rico Electric Power Authority Rev., Series 2010 XX, 5.25%, 7/1/40

     465,000       325,746  

Puerto Rico Electric Power Authority Rev., Series 2012 A, 5.00%, 7/1/42

     4,000,000       2,714,880  

Puerto Rico GO, Series 2008 A, 6.00%, 7/1/38

     2,500,000       1,863,500  

Puerto Rico GO, Series 2009 B, (Public Improvement), 6.00%, 7/1/39

     3,500,000       2,595,460  

Puerto Rico GO, Series 2009 C, (Public Improvement), 6.00%, 7/1/39

     1,250,000       926,950  

Puerto Rico GO, Series 2011 A, (Public Improvement), 5.75%, 7/1/41

     1,900,000       1,373,282  

Puerto Rico Public Buildings Authority Rev., Series 2009 Q, 5.625%, 7/1/39

     4,000,000       2,894,320  

Puerto Rico Public Buildings Authority Rev., Series 2012 U, 5.25%, 7/1/42 (LOC: Commonwealth of Puerto Rico)

     5,000,000       3,455,050  
                 
              19,797,438  
                 

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       2,173,280  

Virgin Islands Public Finance Authority Rev., Series 2010 B, (Subordinated Lien), 5.25%, 10/1/29

     1,500,000       1,511,880  
                 
              3,685,160  
                 

TOTAL INVESTMENT SECURITIES — 98.9%
(Cost $632,465,051)

             626,911,427  
                 

OTHER ASSETS AND LIABILITIES — 1.1%

             6,905,440  
                 

TOTAL NET ASSETS — 100.0%

           $ 633,816,867  

 

FUTURES CONTRACTS

Contracts Sold

Expiration
Date

  

Underlying Face
Amount at Value ($)

    

Unrealized
Gain (Loss) ($)

  

42        U.S. Treasury Long Bonds

March 2014

     5,491,500       2,527  

 

Notes to Schedule of Investments

AGC

-

Assured Guaranty Corporation

AGM

-

Assured Guaranty Municipal Corporation

COP

-

Certificates of Participation

FGIC

-

Financial Guaranty Insurance Company

FHLB

-

Federal Home Loan Bank

GO

-

General Obligation

LOC

-

Letter of Credit

NATL-RE

-

National Public Finance Guarantee Corporation - Reinsured

NATL-RE-IBC

-

National Public Finance Guarantee Corporation - Reinsured - Insured Bond Certificates

 

 
 
 

 

VRDN

-

Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.

VRN

-

Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.

XLCA

-

XL Capital Ltd.

 

(1)

Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.

(2)

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 $123,954.

(3)

Security has not been registered with the Securities and Exchange Commission and may be subject to resale, redemption or transferability restrictions (not including a security purchased pursuant to Rule 144A under the Securities Act of 1933). The aggregate value of these securities at the period end was $282,498, which represented less than 0.05% of total net assets.

(4)

Coupon rate adjusts periodically based upon a predetermined schedule. Interest reset date is indicated. Rate shown is effective at the period end.

(5)

Escrowed to maturity in U.S. government securities or state and local government securities.

 

 
 
 

 

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.

 

 
 
 

 

3. Federal Tax Information

 

As of November 30, 2013, the components of investments for federal income tax purposes were as follows:

 

Federal tax cost of investments

$

632,465,051

  

Gross tax appreciation of investments

$

17,034,272

  

Gross tax depreciation of investments

  

(22,587,896)

  

Net tax appreciation (depreciation) of investments

$

(5,553,624)

  

 

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

 

 

 

 

 

 

 

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

 

 

 

 
 
 

 

 

 

 

 

 

 

American Century Investments®

 

Quarterly Portfolio Holdings

 

California Intermediate-Term Tax-Free Bond Fund

 

November 30, 2013

 

 

 

 

 

 

 

 

 
 
 

 

California Intermediate-Term Tax-Free Bond - Schedule of Investments

NOVEMBER 30, 2013 (UNAUDITED)  

 

 

   

Shares/
Principal Amount ($)

    

Value ($)

  

MUNICIPAL SECURITIES — 99.1%

                

CALIFORNIA — 97.2%

                

ABAG Finance Authority for Nonprofit Corps. Rev., (899 Charleston LLC), VRDN, 0.12%, 12/2/13 (LOC: Bank of America N.A.)

     2,195,000       2,195,000  

ABAG Finance Authority for Nonprofit Corps. Rev., (Jackson Laboratory), 4.00%, 7/1/15

     280,000       293,616  

ABAG Finance Authority for Nonprofit Corps. Rev., (Jackson Laboratory), 4.00%, 7/1/16

     270,000       290,218  

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

     1,000,000       1,120,740  

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

     500,000       567,230  

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2011 A, (Sharp HealthCare), 6.00%, 8/1/30

     2,500,000       2,819,450  

Alameda Corridor Transportation Authority Rev., Capital Appreciation, Series 1999 A, 0.00%, 10/1/35 (NATL-RE)(1)

     9,000,000       2,699,820  

Alameda Corridor Transportation Authority Rev., Series 2013 A, 5.00%, 10/1/24

     2,000,000       2,259,340  

Alum Rock Union Elementary School District GO, Series 2013 A, (Election of 2012), 6.00%, 8/1/39

     1,500,000       1,721,700  

Anaheim Public Financing Authority Rev., Series 2011 A, (Electric System Distribution Facilities), 5.375%, 10/1/36

     700,000       762,972  

Anaheim Public Financing Authority Rev., Series 2012 A, (Electric System Distribution Facilities), 5.00%, 10/1/23

     1,200,000       1,392,660  

Anaheim Public Financing Authority Rev., Series 2012 A, (Electric System Distribution Facilities), 5.00%, 10/1/24

     2,275,000       2,592,704  

Bay Area Toll Authority Toll Bridge Rev., Series 2001 A, (San Francisco Bay Area), VRDN, 1.30%, 12/5/13

     5,000,000       4,973,400  

Bay Area Toll Authority Toll Bridge Rev., Series 2007 A1, (San Francisco Bay Area), VRDN, 0.75%, 12/5/13

     1,450,000       1,437,921  

Bay Area Toll Authority Toll Bridge Rev., Series 2007 F, 5.00%, 4/1/17, Prerefunded at 100% of Par(2)

     2,000,000       2,290,140  

Bay Area Toll Authority Toll Bridge Rev., Series 2008 F1, (San Francisco Bay Area), 5.00%, 4/1/34

     5,000,000       5,213,300  

Bay Area Toll Authority Toll Bridge Rev., Series 2008 G1, (San Francisco Bay Area), VRDN, 1.15%, 12/5/13

     2,500,000       2,512,950  

Bay Area Toll Authority Toll Bridge Rev., Series 2009 F1, (San Francisco Bay Area), 5.25%, 4/1/27

     5,000,000       5,635,750  

Bay Area Toll Authority Toll Bridge Rev., Series 2012 F1, (San Francisco Bay Area), 5.00%, 4/1/24

     1,500,000       1,720,425  

Bay Area Toll Authority Toll Bridge Rev., Series 2012 F1, (San Francisco Bay Area), 5.00%, 4/1/25

     3,500,000       3,967,425  

Bay Area Toll Authority Toll Bridge Rev., Series 2012 F1, (San Francisco Bay Area), 5.00%, 4/1/28

     7,185,000       7,907,811  

Bay Area Toll Authority Toll Bridge Rev., Series 2013 S4, (San Francisco Bay Area), 5.00%, 4/1/43

     5,610,000       5,668,007  

Bay Area Water Supply & Conservation Agency Rev., Series 2013 A, 5.00%, 10/1/26

     5,000,000       5,651,350  

California Department of Water Resources Power Supply Rev., Series 2005 F5, 5.00%, 5/1/22

     1,800,000       2,074,842  

 

 
 
 

 

California Department of Water Resources Power Supply Rev., Series 2005 G4, 5.00%, 5/1/16

     3,230,000       3,590,856  

California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/21

     5,000,000       5,803,100  

California Department of Water Resources Power Supply Rev., Series 2009 AG, (Central Valley), 5.00%, 12/1/25

     1,000,000       1,139,930  

California Department of Water Resources Power Supply Rev., Series 2010 L, 4.00%, 5/1/15

     2,290,000       2,414,713  

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/15

     1,000,000       1,068,360  

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/16

     5,000,000       5,558,600  

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/17

     10,875,000       12,505,597  

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/18

     3,000,000       3,530,790  

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/19

     7,000,000       8,303,750  

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/21

     3,000,000       3,534,660  

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/22

     18,000,000       20,894,040  

California Department of Water Resources Power Supply Rev., Series 2010 M, 4.00%, 5/1/15

     7,275,000       7,671,196  

California Department of Water Resources Power Supply Rev., Series 2010 M, 5.00%, 5/1/15

     4,000,000       4,273,440  

California Department of Water Resources Power Supply Rev., Series 2010 M, 5.00%, 5/1/16

     2,000,000       2,223,440  

California Department of Water Resources Power Supply Rev., Series 2011 AJ, (Central Valley), 5.00%, 12/1/20

     9,665,000       11,668,941  

California Department of Water Resources Power Supply Rev., Series 2011 N, 5.00%, 5/1/20

     14,215,000       16,981,239  

California Department of Water Resources Power Supply Rev., Series 2011 N, 5.00%, 5/1/21

     13,300,000       16,012,535  

California Economic Recovery GO, Series 2004 C4, VRDN, 0.04%, 12/2/13 (LOC: JPMorgan Chase Bank N.A.)

     1,900,000       1,900,000  

California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14 (NATL-RE/FGIC)

     8,460,000       8,715,154  

California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14(2)

     1,130,000       1,163,945  

California Economic Recovery GO, Series 2004 A, 5.25%, 7/1/14

     3,870,000       3,986,719  

California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/18

     7,000,000       8,252,930  

California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/19

     4,505,000       5,360,815  

California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/20

     5,000,000       5,883,450  

California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/22

     2,000,000       2,198,200  

California Economic Recovery GO, Series 2009 B, VRN, 5.00%, 7/1/14

     5,000,000       5,141,000  

California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/15, Prerefunded at 100% of Par(2)

     70,000       76,350  

California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/36

     975,000       977,174  

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/31

     1,455,000       1,518,438  

California Educational Facilities Authority Rev., (San Francisco University), 5.00%, 10/1/16

     1,200,000       1,345,944  

 

 
 
 

 

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

     750,000       857,580  

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

     500,000       581,310  

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

     700,000       803,740  

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

     2,000,000       2,218,260  

California Educational Facilities Authority Rev., Series 2008 T4, (Stanford University), 5.00%, 3/15/14

     5,000,000       5,072,600  

California Educational Facilities Authority Rev., Series 2009 A, (Pomona College), 5.00%, 1/1/24

     2,100,000       2,383,752  

California Educational Facilities Authority Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39

     2,950,000       3,099,004  

California Educational Facilities Authority Rev., Series 2010 A, (Loyola Marymount University), 5.00%, 10/1/30

     1,365,000       1,412,379  

California Educational Facilities Authority Rev., Series 2010 B, (Loyola Marymount University), VRN, 0.85%, 12/5/13

     3,675,000       3,680,917  

California Educational Facilities Authority Rev., Series 2012 A, (University of the Pacific), 4.50%, 11/1/15

     1,240,000       1,334,017  

California Educational Facilities Authority Rev., Series 2012 A, (University of the Pacific), 4.50%, 11/1/17

     1,000,000       1,129,250  

California GO, 5.00%, 2/1/14, Prerefunded at 100% of Par(2)(3)

     4,000,000       4,033,600  

California GO, 5.125%, 2/1/14, Prerefunded at 100% of Par(2)

     5,000,000       5,043,100  

California GO, 4.00%, 10/1/14

     3,000,000       3,096,540  

California GO, 5.00%, 9/1/15

     9,115,000       9,869,175  

California GO, 5.00%, 11/1/16 (Ambac)

     1,575,000       1,782,790  

California GO, 5.50%, 4/1/18

     2,535,000       3,008,158  

California GO, 5.00%, 8/1/18

     2,260,000       2,543,924  

California GO, 5.00%, 9/1/18

     1,000,000       1,174,600  

California GO, 5.00%, 9/1/19

     7,645,000       9,017,813  

California GO, 5.00%, 3/1/20

     1,690,000       1,894,929  

California GO, 5.00%, 8/1/20

     5,000,000       5,613,100  

California GO, 5.25%, 10/1/20

     5,000,000       5,834,850  

California GO, 5.00%, 3/1/22

     5,000,000       5,418,550  

California GO, 5.00%, 9/1/22

     2,000,000       2,328,200  

California GO, 5.50%, 4/1/24

     4,600,000       5,267,000  

California GO, 5.00%, 8/1/24

     1,260,000       1,404,875  

California GO, 5.00%, 2/1/27

     14,000,000       15,309,840  

California GO, 5.00%, 2/1/28

     5,795,000       6,282,302  

California GO, 5.75%, 4/1/28

     5,000,000       5,655,000  

California GO, 5.00%, 10/1/29

     7,000,000       7,421,820  

California GO, 5.75%, 4/1/31

     5,000,000       5,574,200  

California GO, 5.00%, 11/1/32

     1,890,000       1,978,187  

California GO, 6.50%, 4/1/33

     5,000,000       5,944,050  

California GO, 6.00%, 4/1/38

     3,000,000       3,407,520  

California GO, Series 2004 B2, (Kindergarten), VRDN, 0.04%, 12/2/13 (LOC: Citibank N.A.)

     1,000,000       1,000,000  

California GO, Series 2012 B, VRN, 0.95%, 12/5/13

     2,000,000       2,021,460  

California GO, Series 2012 B, VRN, 1.05%, 12/5/13

     800,000       810,664  

California GO, Series 2012 B, VRN, 1.20%, 12/5/13

     960,000       976,714  

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

     1,000,000       1,171,090  

 

 
 
 

 

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/19

     735,000       862,214  

California Health Facilities Financing Authority Rev., (NCROC Paradise Valley Estates), 5.70%, 12/1/24 (Ambac/California Mortgage Insurance)

     1,455,000       1,592,832  

California Health Facilities Financing Authority Rev., Series 2008 A, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17

     1,500,000       1,528,605  

California Health Facilities Financing Authority Rev., Series 2008 A, (Scripps Health), 5.00%, 10/1/17

     1,400,000       1,617,966  

California Health Facilities Financing Authority Rev., Series 2008 A, (Sutter Health), 5.50%, 8/15/17

     1,000,000       1,172,710  

California Health Facilities Financing Authority Rev., Series 2008 A, (Sutter Health), 5.25%, 8/15/22

     3,335,000       3,860,262  

California Health Facilities Financing Authority Rev., Series 2008 B, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17

     2,200,000       2,241,954  

California Health Facilities Financing Authority Rev., Series 2008 C, (Lucile Salter Packard Children's Hospital), VRDN, 1.45%, 3/15/17

     1,500,000       1,528,605  

California Health Facilities Financing Authority Rev., Series 2008 C, (Providence Health & Services), 5.00%, 10/1/14

     500,000       519,955  

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       50,167  

California Health Facilities Financing Authority Rev., Series 2008 C, (Providence Health & Services), 6.25%, 10/1/24

     3,250,000       3,839,940  

California Health Facilities Financing Authority Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/38

     2,085,000       2,384,281  

California Health Facilities Financing Authority Rev., Series 2008 H, (Catholic Healthcare West), 5.125%, 7/1/22

     485,000       515,822  

California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 5.00%, 7/1/18

     3,000,000       3,443,880  

California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.25%, 11/1/29

     5,000,000       5,589,200  

California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.50%, 7/1/29

     1,500,000       1,653,120  

California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.75%, 7/1/39

     1,000,000       1,109,270  

California Health Facilities Financing Authority Rev., Series 2010 A, (Stanford Hospital), 5.00%, 11/15/25

     2,000,000       2,172,800  

California Health Facilities Financing Authority Rev., Series 2011 B, (St. Joseph Health System), VRDN, 0.04%, 12/2/13 (LOC: U.S. Bank N.A.)

     1,600,000       1,600,000  

California Health Facilities Financing Authority Rev., Series 2011 B, (Sutter Health), 6.00%, 8/15/42

     1,000,000       1,145,040  

California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/18

     1,305,000       1,533,923  

California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.00%, 8/15/22

     1,650,000       1,890,306  

California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51

     1,000,000       976,700  

California Health Facilities Financing Authority Rev., Series 2013 A, (St. Joseph Health System), 5.00%, 7/1/37

     890,000       901,463  

California Health Facilities Financing Authority Rev., Series 2013 A, (Sutter Health), 5.00%, 8/15/52

     2,000,000       1,920,600  

California Infrastructure & Economic Development Bank Rev., (Columbia College), VRDN, 0.11%, 12/5/13 (LOC: Rabobank Nederland N.V.)

     1,555,000       1,555,000  

 

 
 
 

 

California Infrastructure & Economic Development Bank Rev., Series 2000 A, (Scripps Research Institute), 5.625%, 7/1/20

     895,000       898,303  

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       6,092,500  

California Infrastructure & Economic Development Bank Rev., Series 2010 A, (University of California, San Francisco Neuroscience Building), 5.00%, 5/15/22

     3,735,000       4,218,907  

California Infrastructure & Economic Development Bank Rev., Series 2012 A1, (J. Paul Getty Trust), 4.00%, 10/1/15

     975,000       1,042,314  

California Infrastructure & Economic Development Bank Rev., Series 2012 B1, (J. Paul Getty Trust), VRDN, 0.35%, 12/5/13

     7,500,000       7,497,825  

California Infrastructure & Economic Development Bank Rev., Series 2013 A, (Los Angeles County Museum of Art Project), VRDN, 1.87%, 12/2/13

     3,000,000       2,990,850  

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

     1,000,000       1,114,330  

California Municipal Finance Authority Rev., (Chevron USA, Inc.), VRDN, 0.03%, 12/2/13

     1,600,000       1,600,000  

California Municipal Finance Authority Rev., (Community Hospitals Central), 5.00%, 2/1/17

     2,000,000       2,194,140  

California Municipal Finance Authority Rev., Series 2007, (Loma Linda University), 5.00%, 4/1/23

     1,145,000       1,198,643  

California Municipal Finance Authority Rev., Series 2007, (Loma Linda University), 5.00%, 4/1/28

     2,000,000       2,051,760  

California Municipal Finance Authority Rev., Series 2010 A, (Chevron USA, Inc.), VRDN, 0.03%, 12/2/13 (GA: Chevron Corp.)

     6,400,000       6,400,000  

California Municipal Finance Authority Rev., Series 2010 A, (Eisenhower Medical Center), 5.00%, 7/1/19

     605,000       661,453  

California Municipal Finance Authority Rev., Series 2010 A, (Eisenhower Medical Center), 5.25%, 7/1/21

     1,760,000       1,888,392  

California Municipal Finance Authority Rev., Series 2010 A, (University of Louisiana Verne), 5.00%, 6/1/17

     2,290,000       2,523,420  

California Municipal Finance Authority Rev., Series 2011, (Emerson College), 5.75%, 1/1/33

     2,250,000       2,437,245  

California Municipal Finance Authority Rev., Series 2011, (Emerson College), 6.00%, 1/1/42

     1,000,000       1,090,810  

California Pollution Control Financing Authority Rev., Series 1996 C, (Pacific Gas & Electric Company), VRDN, 0.04%, 12/2/13 (LOC: JPMorgan Chase Bank N.A.)

     24,600,000       24,600,000  

California Pollution Control Financing Authority Rev., Series 1996 E, (Pacific Gas & Electric Company), VRDN, 0.04%, 12/2/13 (LOC: JPMorgan Chase Bank N.A.)

     15,400,000       15,400,000  

California Public Works Board Lease Rev., Series 2005 A, (Department of General Services - Butterfield), 5.00%, 6/1/14

     1,800,000       1,843,830  

California Public Works Board Lease Rev., Series 2005 A, (Department of General Services - Butterfield), 5.00%, 6/1/15

     1,450,000       1,551,007  

California Public Works Board Lease Rev., Series 2006 A, (California State University), 5.00%, 10/1/16 (NATL-RE/FGIC)

     1,500,000       1,682,550  

California Public Works Board Lease Rev., Series 2009 A, (Department of General Services - Building 8 & 9), 6.25%, 4/1/34

     2,435,000       2,760,608  

California Public Works Board Lease Rev., Series 2009 B, (Department of Education - Riverside Campus), 6.00%, 4/1/27

     2,130,000       2,434,228  

California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.25%, 12/1/26

     2,000,000       2,169,800  

 

 
 
 

 

California Public Works Board Lease Rev., Series 2011 G, (University of California), 5.00%, 12/1/21, Prerefunded at 100% of Par(2)

     3,700,000       4,480,996  

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/15

     4,000,000       4,249,920  

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/21

     3,000,000       3,439,380  

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/22

     2,100,000       2,387,448  

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/23

     2,000,000       2,239,080  

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25

     1,800,000       1,961,820  

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37

     4,545,000       4,563,135  

California State Public Works Board Lease Rev., Series 2009 I1, (Various Capital Projects) 6.375%, 11/1/34

     2,500,000       2,871,025  

California State Public Works Board Lease Rev., Series 2013 I, (Various Capital Projects), 5.00%, 11/1/38

     2,400,000       2,403,624  

California State University Systemwide Rev., Series 2011 A, 5.00%, 11/1/20

     1,250,000       1,497,037  

California State University Systemwide Rev., Series 2011 A, 5.00%, 11/1/24

     5,000,000       5,706,550  

California Statewide Communities Development Authority Rev., (Cottage Health Obligation Group), 5.00%, 11/1/16

     750,000       836,363  

California Statewide Communities Development Authority Rev., (Cottage Health Obligation Group), 5.00%, 11/1/17

     815,000       927,079  

California Statewide Communities Development Authority Rev., (Cottage Health Obligation Group), 5.00%, 11/1/18

     515,000       592,497  

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

     2,225,000       2,515,296  

California Statewide Communities Development Authority Rev., (North Peninsula Jewish Campus), VRDN, 0.06%, 12/2/13 (LOC: Bank of America N.A.)

     1,400,000       1,400,000  

California Statewide Communities Development Authority Rev., (St. Joseph Remarketing), 5.125%, 7/1/24 (NATL-RE)

     2,000,000       2,215,420  

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

     1,570,000       1,572,041  

California Statewide Communities Development Authority Rev., Series 2002 B, (Pooled Financing Program), 5.20%, 10/1/14, Partially Prerefunded at 100% of Par (AGM)(2)

     440,000       441,562  

California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.30%, 11/1/18

     1,655,000       1,776,196  

California Statewide Communities Development Authority Rev., Series 2007 A, (California Baptist University), 5.40%, 11/1/27

     1,000,000       973,260  

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       1,106,260  

California Statewide Communities Development Authority Rev., Series 2007 A, (Valleycare Health System), 4.80%, 7/15/17

     2,530,000       2,535,035  

California Statewide Communities Development Authority Rev., Series 2007 A, (Valleycare Health System), 5.00%, 7/15/22

     2,460,000       2,346,988  

California Statewide Communities Development Authority Rev., Series 2009 A, (Kaiser Permanente), 5.00%, 4/1/19

     1,450,000       1,695,644  

California Statewide Communities Development Authority Rev., Series 2012 A, (Kaiser Permanente), 5.00%, 4/1/42

     8,400,000       8,330,280  

 

 
 
 

 

Calleguas-Las Virgenes Public Financing Authority Rev., Series 2007 A, (Municipal Water District), 5.00%, 7/1/20 (NATL-RE/FGIC)

     1,000,000       1,089,710  

Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 87-1), 5.00%, 9/1/18 (Ambac)

     3,115,000       3,363,047  

Chaffey Joint Union High School District GO, Series 2013 A, (Election 2012), 5.00%, 8/1/30

     3,125,000       3,357,875  

Chula Vista Rev., Series 2006 A, (San Diego Gas and Electric), 1.65%, 7/1/18

     8,165,000       8,216,848  

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/17

     850,000       927,546  

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/18

     875,000       959,271  

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/19

     1,400,000       1,517,334  

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., Series 2011 A, (Assessment District No. 5-21), VRDN, 0.04%, 12/2/13 (LOC: U.S. Bank N.A. and California State Teacher's Retirement System)

     2,000,000       2,000,000  

Clovis Unified School District GO, Capital Appreciation, Series 2004 A, (Election of 2004), 0.00%, 8/1/24 (NATL-RE)(1)

     5,935,000       3,794,067  

Contra Costa Water District Rev., Series 2013 R, 5.00%, 10/1/43

     2,930,000       3,073,775  

East Bay Municipal Utility District Rev., Series 2008 C, VRDN 0.04%, 12/4/13 (SPA: Bank of New York Mellon)

     5,500,000       5,500,000  

East Bay Municipal Utility District Rev., Series 2012 B, 4.00%, 6/1/15

     1,185,000       1,254,050  

East Side Union High School District GO, Series 2012, 5.00%, 8/1/25

     1,405,000       1,566,041  

East Side Union High School District GO, Series 2013, 5.00%, 8/1/29

     2,450,000       2,638,674  

Eastern Municipal Water District Water & Sewer COP, Series 2008 H, 5.00%, 7/1/24

     1,000,000       1,126,540  

Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 4.00%, 7/1/14

     600,000       613,572  

Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 5.00%, 7/1/15

     600,000       645,312  

Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 4.00%, 7/1/16

     600,000       655,086  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., 5.75%, 1/15/40

     4,290,000       4,266,705  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, 5.80%, 1/15/20

     2,000,000       2,021,420  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, 5.85%, 1/15/23

     3,000,000       3,015,810  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, 0.00%, 1/15/24(1)

     3,000,000       1,589,670  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, 0.00%, 1/15/25(1)

     8,000,000       3,960,080  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, 5.875%, 1/15/26

     1,995,000       2,011,279  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, 5.875%, 1/15/27

     1,500,000       1,511,550  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, 0.00%, 1/15/32(1)

     5,000,000       1,482,500  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, Series 1995 A, (Senior Lien), 0.00%, 1/1/26(1)(2)

     10,000,000       6,660,600  

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       1,241,092  

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2005 A, 5.00%, 6/1/45

     3,000,000       2,849,670  

 

 
 
 

 

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 4.50%, 6/1/27

     1,365,000       1,142,642  

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/21

     1,000,000       1,137,330  

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/29

     2,000,000       2,070,380  

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/30

     1,650,000       1,693,956  

Golden State Tobacco Securitization Corp. Settlement Rev., Capital Appreciation, Series 2005 A, 0.00%, 6/1/25 (AGM)(1)

     2,000,000       1,246,320  

Grossmont-Cuyamaca Community College District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/25

     680,000       772,120  

Grossmont-Cuyamaca Community College District GO, Series 2013 A, (Election of 2012), 5.00%, 8/1/26

     685,000       765,042  

Grossmont-Cuyamaca Community College District GO, Series 2013 A, (Election of 2012), 5.25%, 8/1/27

     750,000       845,333  

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

     3,030,000       3,442,474  

Irvine Ranch Water District Rev., Series 2009 B, VRDN, 0.04%, 12/2/13 (LOC: Bank of America N.A.)

     10,160,000       10,160,000  

Irvine Unified School District Special Tax Rev., Series 2012 B, (Community Facilities District No. 09-1), VRDN, 0.06%, 12/2/13 (LOC: Bank of America N.A.)

     1,290,000       1,290,000  

Irvine Unified School District Financing Authority Special Tax Rev., Series 2006 A, (Group II), 4.75%, 9/1/16

     600,000       622,320  

Irvine Unified School District Financing Authority Special Tax Rev., Series 2006 A, (Group II), 5.00%, 9/1/20

     745,000       769,943  

Kern High School District GO, 5.00%, 8/1/26

     1,900,000       2,068,435  

Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.00%, 11/15/35

     1,215,000       1,184,552  

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

     2,100,000       1,141,119  

Los Altos Elementary School District GO, 5.00%, 8/1/16, Prerefunded at 100% of Par (Ambac)(2)

     1,045,000       1,173,326  

Los Altos Elementary School District GO, 5.00%, 8/1/19 (Ambac)

     1,455,000       1,614,628  

Los Angeles Community College District GO, Series 2007 A, (Election of 2001), 5.00%, 8/1/32 (NATL-RE/FGIC)

     2,000,000       2,101,520  

Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/21

     1,195,000       1,378,863  

Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/22

     1,000,000       1,149,380  

Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/23

     1,955,000       2,234,428  

Los Angeles County Metropolitan Transportation Authority Rev., Series 2013 A, (Proposition A) 5.00%, 7/1/21

     7,470,000       8,970,947  

Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., Series 2008 B, (Proposition A), 5.00%, 7/1/31

     1,000,000       1,065,360  

Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., Series 2010 A, (General Union Station), 5.00%, 7/1/20

     3,000,000       3,526,680  

Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.00%, 5/15/18

     750,000       876,848  

Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40

     3,000,000       3,074,790  

Los Angeles Department of Airports Rev., Series 2010 D, (Los Angeles International Airport), 5.00%, 5/15/24

     3,040,000       3,424,712  

Los Angeles Department of Water & Power Rev., Series 2008 A2, (Power System), 5.25%, 7/1/32

     3,535,000       3,819,956  

 

 
 
 

 

Los Angeles Department of Water & Power Rev., Series 2011 A, (Power System), 5.00%, 7/1/14

     400,000       411,524  

Los Angeles Department of Water & Power Rev., Series 2011 A, (Power System), 4.00%, 7/1/16

     1,000,000       1,092,900  

Los Angeles Department of Water & Power Rev., Series 2011 A, (Power System), 5.00%, 7/1/18

     780,000       925,213  

Los Angeles Department of Water & Power Rev., Series 2012 A, (Power System), 5.00%, 7/1/26

     1,000,000       1,122,660  

Los Angeles Department of Water & Power Rev., Series 2012 C, (Power System), 5.00%, 1/1/16

     8,750,000       9,517,987  

Los Angeles Department of Water & Power Rev., Series 2013 B, 5.00%, 7/1/27

     6,470,000       7,254,617  

Los Angeles Department of Water & Power Waterworks Rev., Series 2008 A1, (Power System), 5.25%, 7/1/38

     5,000,000       5,291,700  

Los Angeles Department of Water & Power Waterworks Rev., Series 2012 C, 5.00%, 7/1/24

     1,500,000       1,728,090  

Los Angeles Harbor Department Rev., Series 2011 B, 5.00%, 8/1/24

     1,225,000       1,386,516  

Los Angeles Municipal Improvement Corp. Rev., Series 2012 C, 5.00%, 3/1/25

     3,000,000       3,278,190  

Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/29

     1,700,000       1,789,199  

Los Angeles Unified School District GO, Series 2006 F, (Election of 2004), 5.00%, 7/1/18 (FGIC)

     1,230,000       1,370,970  

Los Angeles Unified School District GO, Series 2006 F, (Election of 2004), 5.00%, 7/1/30 (FGIC)

     4,000,000       4,252,720  

Los Angeles Unified School District GO, Series 2007 H, (Election of 2004), 5.00%, 7/1/32 (AGM)

     2,000,000       2,093,560  

Los Angeles Unified School District GO, Series 2009 I, (Election of 2004), 5.00%, 7/1/29

     4,000,000       4,350,520  

Los Angeles Unified School District GO, Series 2010 KRY, 5.25%, 7/1/26

     3,000,000       3,426,360  

Los Angeles Unified School District GO, Series 2011 A1, 4.00%, 7/1/17

     1,000,000       1,119,040  

Los Angeles Unified School District GO, Series 2011 A1, 5.00%, 7/1/18

     2,565,000       3,023,494  

Los Angeles Unified School District GO, Series 2011 A1, 5.00%, 7/1/24

     5,140,000       5,874,249  

Los Angeles Unified School District GO, Series 2011 A2, 5.00%, 7/1/21

     3,000,000       3,569,220  

Los Angeles Wastewater System Rev., Series 2009 A, 5.75%, 6/1/34

     2,975,000       3,372,698  

M-S-R Public Power Agency Rev., Series 2007 K, (San Juan), 5.00%, 7/1/14 (NATL-RE)

     1,000,000       1,028,540  

Metropolitan Water District of Southern California Rev., Series 2011 A2, VRDN, 0.20%, 12/5/13

     2,000,000       1,997,880  

Metropolitan Water District of Southern California Rev., Series 2011 A4, VRDN, 0.20%, 12/5/13

     2,000,000       1,997,880  

Metropolitan Water District of Southern California Rev., Series 2012 B2, VRDN, 0.40%, 12/5/13

     13,755,000       13,756,651  

Mount San Antonio Community College District GO, Capital Appreciation, Series 2005 A, (Election of 2001), 0.00%, 8/1/16 (NATL-RE)(1)(2)

     5,000,000       4,917,850  

Mount San Antonio Community College District GO, Series 2013 A, (Election of 2008), 5.00%, 8/1/34

     2,000,000       2,132,540  

Mountain View COP, (Capital Projects), 5.25%, 8/1/18

     1,485,000       1,491,192  

Murrieta Public Financing Authority Special Tax Rev., 5.00%, 9/1/17

     1,000,000       1,111,690  

Murrieta Public Financing Authority Special Tax Rev., 5.00%, 9/1/21

     1,200,000       1,316,124  

Murrieta Valley Unified School District Public Financing Authority Special Tax Rev., Series 2006 A, 4.00%, 9/1/14 (AGC)

     1,085,000       1,112,635  

Newport Beach Rev., Series 2009 A, (Hoag Memorial Hospital Presbyterian), 5.00%, 12/1/18(2)

     1,505,000       1,787,323  

 

 
 
 

 

Newport Beach Rev., Series 2011 A, (Hoag Memorial Hospital Presbyterian), 6.00%, 12/1/21, Prerefunded at 100% of Par(2)

     1,000,000       1,277,590  

Northern California Power Agency Rev., Series 2010 A, 4.00%, 7/1/14

     1,500,000       1,534,245  

Northern California Power Agency Rev., Series 2010 A, 5.00%, 7/1/16

     1,000,000       1,114,100  

Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/19

     2,000,000       2,307,240  

Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/20

     1,515,000       1,726,539  

Northern California Power Agency Rev., Series 2010 A, 5.00%, 8/1/21

     2,050,000       2,294,503  

Northern California Power Agency Rev., Series 2010 A, 5.25%, 8/1/22

     4,250,000       4,758,725  

Northern California Power Agency Rev., Series 2012 A, 5.00%, 7/1/26

     1,750,000       1,916,075  

Northern California Power Agency Rev., Series 2012 A, 5.00%, 7/1/27

     2,000,000       2,160,720  

Oakland Unified School District Alameda County GO, (Election of 2000), 5.00%, 8/1/15 (NATL-RE)

     1,000,000       1,058,110  

Oakland Unified School District Alameda County GO, (Election of 2012), 6.625%, 8/1/38

     1,410,000       1,506,247  

Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.00%, 8/1/22

     750,000       795,998  

Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32

     2,150,000       2,182,400  

Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 4.00%, 2/1/15

     1,350,000       1,406,457  

Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/18

     3,145,000       3,597,471  

Oakland-Alameda County Coliseum Authority Lease Rev., Series 2012 A, 5.00%, 2/1/25

     4,065,000       4,311,298  

Ontario Public Financing Authority Rev., 5.00%, 7/1/43

     2,000,000       2,073,960  

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       287,756  

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       215,676  

Orange County Sanitation District COP, Series 2007 B, 5.00%, 2/1/26 (AGM)

     2,750,000       3,025,907  

Orange County Transportation Authority Rev., (Senior Lien 91 Express Lanes), 5.00%, 8/15/24

     1,000,000       1,134,690  

Orange County Water District Rev., Series 2013 A, 5.00%, 8/15/33

     4,000,000       4,352,640  

Palm Springs Financing Authority Lease Rev., Series 2012 B, (Downtown Revitalization Project), 4.00%, 6/1/16

     1,335,000       1,430,733  

Palm Springs Financing Authority Lease Rev., Series 2012 B, (Downtown Revitalization Project), 5.00%, 6/1/23

     1,230,000       1,371,438  

Palomar Pomerado Health Care District COP, 5.25%, 11/1/21

     1,000,000       1,029,160  

Palomar Pomerado Health Care District COP, 6.00%, 11/1/41

     1,120,000       1,077,451  

Palomar Pomerado Health GO, Capital Appreciation, Series 2009 A, (Election of 2004), 0.00%, 8/1/19 (AGC)(4)

     1,660,000       1,315,882  

Peralta Community College District GO, 5.00%, 8/1/17

     2,085,000       2,393,100  

Peralta Community College District GO, 5.00%, 8/1/22

     2,145,000       2,502,464  

Port of Oakland Rev., Series 2007 C, 5.00%, 11/1/16 (NATL-RE)

     1,270,000       1,433,449  

Port of Oakland Rev., Series 2007 C, (Intermediate Lien), 5.00%, 11/1/17 (NATL-RE)

     2,375,000       2,745,049  

Port of Oakland Rev., Series 2012 Q, (Senior Lien), 2.00%, 5/1/14

     1,100,000       1,108,998  

Porterville Public Financing Authority Sewer Rev., 5.625%, 10/1/36

     2,500,000       2,711,375  

Poway Unified School District Public Financing Authority Special Tax Rev., 5.00%, 9/15/19 (Ambac)

     1,155,000       1,240,978  

Poway Unified School District Public Financing Authority Special Tax Rev., 5.00%, 9/15/20 (Ambac)

     1,210,000       1,283,072  

 

 
 
 

 

Poway Unified School District Rev., Capital Appreciation, (School Facilities Improvement), 0.00%, 8/1/41(1)

     2,780,000       556,222  

Rancho Mirage Joint Powers Financing Authority Rev., Series 2007 A, (Eisenhower Medical Center), 5.00%, 7/1/15

     1,505,000       1,590,680  

Rancho Mirage Joint Powers Financing Authority Rev., Series 2007 A, (Eisenhower Medical Center), 5.00%, 7/1/21

     1,000,000       1,046,720  

Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.125%, 9/1/22

     790,000       857,490  

Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.25%, 9/1/23

     1,300,000       1,414,582  

Rancho Santa Fe Community Services District Special Tax Rev., Series 2011 A, (Superior Lien), 5.375%, 9/1/24

     1,410,000       1,521,503  

Riverside County Asset Leasing Corp. Rev., Series 2013 A, (Public Defender and Probation Building), 5.00%, 11/1/43

     1,000,000       1,004,750  

Riverside County COP, Series 2007 A, (Public Safety Communication), 5.00%, 11/1/14 (Ambac)

     50,000       52,001  

Riverside County COP, Series 2007 A, (Public Safety Communication), 5.00%, 11/1/15 (Ambac)

     3,035,000       3,272,974  

Riverside County Palm Desert Financing Authority Rev., Series 2008 A, 5.00%, 5/1/14

     1,450,000       1,478,565  

Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.50%, 10/1/40

     935,000       990,885  

Riverside County Transportation Commission Rev., Series 2013 A, (Limited Tax), 5.25%, 6/1/39

     1,335,000       1,435,258  

Riverside Public Financing Authority Lease Rev., Series 2012 A, 4.00%, 11/1/33

     1,640,000       1,440,232  

Sacramento City Financing Authority Lease Rev., Series 1993 A, 5.40%, 11/1/20 (Ambac)

     3,000,000       3,377,280  

Sacramento City Financing Authority Rev., 5.00%, 12/1/16 (NATL-RE/FGIC)

     2,500,000       2,686,050  

Sacramento County Airport System Rev., 5.00%, 7/1/20

     1,000,000       1,151,330  

Sacramento County Airport System Rev., 5.00%, 7/1/23

     1,000,000       1,106,790  

Sacramento County Airport System Rev., 5.00%, 7/1/24

     1,000,000       1,093,720  

Sacramento County Airport System Rev., Series 2009 B, 4.25%, 7/1/16

     1,000,000       1,088,490  

Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 A, 5.25%, 12/1/21 (NATL-RE/FGIC)

     1,000,000       1,208,670  

Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 B, VRN, 0.71%, 12/2/13 (NATL-RE/FGIC)

     2,500,000       1,898,675  

Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.70%, 7/1/17 (Ambac)

     3,105,000       3,654,212  

Sacramento Municipal Utility District Electric Rev., Series 1997 K, 5.25%, 7/1/24 (Ambac)

     3,000,000       3,486,780  

Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/24

     1,500,000       1,707,180  

Sacramento Municipal Utility District Electric Rev., Series 2012 Y, 5.00%, 8/15/25

     5,000,000       5,621,800  

Sacramento Regional Transit District Rev., (Farebox Revenue), 3.00%, 3/1/15

     840,000       865,645  

Sacramento Regional Transit District Rev., (Farebox Revenue), 4.00%, 3/1/16

     440,000       470,796  

Sacramento Regional Transit District Rev., (Farebox Revenue), 4.00%, 3/1/17

     1,000,000       1,088,820  

Sacramento Regional Transit District Rev., (Farebox Revenue), 5.00%, 3/1/18

     250,000       281,893  

San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 5.25%, 8/1/18

     350,000       413,795  

San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 5.50%, 8/1/18, Prerefunded at 100% of Par(2)

     300,000       360,699  

 

 
 
 

 

San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 6.25%, 8/1/18, Prerefunded at 100% of Par(2)

     12,045,000       14,892,920  

San Bernardino Community College District GO, Capital Appreciation, Series 2009 B, (Election of 2008), 0.00%, 8/1/19(4)

     9,840,000       7,882,726  

San Buenaventura Rev., (Community Memorial Health System), 8.00%, 12/1/26

     2,000,000       2,337,920  

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

     1,200,000       1,312,308  

San Diego Community College District GO, (Election of 2002), 5.00%, 8/1/30

     3,000,000       3,299,160  

San Diego Convention Center Expansion Financing Authority Rev., Series 2012 A, 4.00%, 4/15/17

     1,250,000       1,363,825  

San Diego Convention Center Expansion Financing Authority Rev., Series 2012 A, 4.00%, 4/15/18

     1,160,000       1,267,312  

San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/19

     1,290,000       1,495,549  

San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/21

     2,000,000       2,257,320  

San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/34

     750,000       760,470  

San Diego County Regional Airport Authority Rev., Series 2013 A, 4.00%, 7/1/18

     300,000       337,335  

San Diego County Regional Airport Authority Rev., Series 2013 A, 4.00%, 7/1/19

     400,000       450,572  

San Diego County Regional Transportation Commission Rev., Series 2012 A, 5.00%, 4/1/21

     5,940,000       7,119,446  

San Diego County Water Authority Rev., Series 2011 S1, (Subordinate Lien), 5.00%, 7/1/16

     2,780,000       3,099,227  

San Diego Public Facilities Financing Authority Rev., Series 2009 A, 5.00%, 8/1/21

     1,000,000       1,137,260  

San Diego Public Facilities Financing Authority Rev., Series 2009 B, 5.00%, 5/15/22

     3,680,000       4,188,318  

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       1,256,101  

San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/21

     2,000,000       2,386,700  

San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/24

     2,000,000       2,305,280  

San Diego Public Facilities Financing Sewer Authority Rev., Series 2010 A, 5.25%, 5/15/24

     3,400,000       3,936,180  

San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/23

     250,000       284,965  

San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/26

     750,000       819,120  

San Diego Unified School District GO, Capital Appreciation, Series 2012 E, (Election of 2008), 0.00%, 7/1/32(4)

     5,000,000       1,682,400  

San Francisco Bay Area Rapid Transit District Rev., Series 2012 A, 5.00%, 7/1/24

     500,000       579,730  

San Francisco Bay Area Rapid Transit District Rev., Series 2012 A, 5.00%, 7/1/25

     500,000       572,370  

San Francisco Bay Area Rapid Transit District Rev., Series 2012 A, 5.00%, 7/1/26

     1,000,000       1,132,230  

San Francisco City and County Airports Commission Rev., Series 2008-34D, (San Francisco International Airport), 5.00%, 5/1/17 (AGC)

     3,375,000       3,869,100  

San Francisco City and County Airports Commission Rev., Series 2008-34D, (San Francisco International Airport), 5.00%, 5/1/18 (AGC)

     2,000,000       2,338,380  

San Francisco City and County Airports Commission Rev., Series 2009 D, (San Francisco International Airport), 4.00%, 5/1/24

     1,625,000       1,707,940  

San Francisco City and County Airports Commission Rev., Series 2009 E, (San Francisco International Airport), 5.25%, 5/1/23

     3,500,000       4,025,875  

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       1,769,910  

San Francisco City and County Airports Commission Rev., Series 2011 D, 5.00%, 5/1/29

     6,270,000       6,631,904  

San Francisco City and County Airports Commission Rev., Series 2011 D, (San Francisco International Airport), 5.00%, 5/1/24

     4,025,000       4,482,441  

 

 
 
 

 

San Francisco City and County Airports Commission Rev., Series 2012 B, (San Francisco International Airport), 5.00%, 5/1/26

     1,250,000       1,380,638  

San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/17

     2,440,000       2,768,570  

San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29

     1,170,000       1,239,989  

San Francisco City and County COP, Series 2010 A, 5.00%, 10/1/19

     2,930,000       3,431,001  

San Francisco City and County Public Utilities Water Commission Rev., Series 2010 A, 5.00%, 10/1/21

     5,000,000       5,986,900  

San Francisco City and County Public Utilities Water Commission Rev., Series 2010 A, 5.00%, 11/1/28

     2,780,000       3,062,253  

San Francisco City and County Redevelopment Agency Special Tax Rev., Series 2005 A, VRDN, 0.08%, 12/5/13 (LOC: JPMorgan Chase Bank N.A.)

     1,100,000       1,100,000  

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       441,781  

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       472,182  

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       504,423  

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       539,373  

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       579,406  

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       583,325  

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/1/17(1)(2)

     1,000,000       974,140  

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/1/25(1)(2)

     3,290,000       2,301,125  

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/1/26(1)(2)

     1,400,000       932,484  

San Mateo County Transportation District Sales Tax Rev., Series 1993 A, 5.25%, 6/1/18 (NATL-RE)

     2,680,000       3,144,551  

San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.875%, 9/1/32

     690,000       719,401  

San Mateo Union High School District GO, Capital Appreciation, 0.00%, 2/15/15(1)

     7,090,000       7,060,364  

San Ramon Valley Unified School District GO, (Election of 2002), 5.00%, 8/1/16, Prerefunded at 100% of Par (NATL-RE)(2)

     1,000,000       1,121,380  

Santa Barbara County COP, 5.375%, 10/1/17 (Ambac)

     2,750,000       2,757,315  

Santa Clara County Financing Authority Lease Rev., Series 2012 A, (Capital Projects), 4.00%, 2/1/17

     2,055,000       2,259,226  

Santa Clara Electric Rev., Series 2011 A, 5.00%, 7/1/30

     1,000,000       1,051,490  

Santa Clara Valley Transportation Authority Sales Tax Rev., Series 2010 B, 5.00%, 4/1/20

     4,000,000       4,765,480  

Santa Fe Springs Community Development Commission Tax Allocation Rev., 5.375%, 9/1/16 (NATL-RE)

     430,000       431,226  

 

 
 
 

 

Santa Maria Joint Union High School District GO, 5.00%, 8/1/25

     1,585,000       1,781,588  

Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.00%, 7/1/42

     600,000       614,814  

Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.875%, 7/1/42

     600,000       653,322  

Santa Rosa Wastewater Rev., Capital Appreciation, Series 2002 B, 0.00%, 9/1/24 (Ambac)(1)

     7,000,000       4,414,060  

Shasta Lake Public Finance Authority Rev., 4.50%, 4/1/15

     970,000       1,010,527  

Shasta Lake Public Finance Authority Rev., 5.00%, 4/1/19

     2,400,000       2,491,944  

Shasta Lake Public Finance Authority Rev., 5.00%, 4/1/22

     2,130,000       2,220,823  

South Orange County Public Financing Authority Rev., (Juvenile Justice Center), 4.25%, 6/1/17

     2,000,000       2,217,860  

South Orange County Public Financing Authority Rev., (Juvenile Justice Center), 4.50%, 6/1/18

     2,700,000       3,055,266  

South Placer Wastewater Authority Rev., Series 2011 D, VRN, 0.88%, 12/5/13

     4,140,000       4,142,732  

South Tahoe Joint Powers Financing Authority Rev., Series 2005 A, (Redevelopment Project Area No. 1), 5.00%, 10/1/19 (Ambac)

     50,000       51,616  

Southern California Public Power Authority Rev., Series 2008 A, (Southern Transmission), 5.00%, 7/1/22

     2,875,000       3,328,215  

Southern California Public Power Authority Rev., Series 2008 B, (Southern Transmission), 6.00%, 7/1/27

     2,000,000       2,330,920  

Southern California Public Power Authority Rev., Series 2011 A, (Southern Transmission), 5.00%, 7/1/21

     2,780,000       3,292,576  

Southern California Public Power Authority Rev., Series 2012 A, 4.00%, 7/1/16

     2,055,000       2,246,464  

Southern California Public Power Authority Rev., Series 2012 A, 5.00%, 7/1/18

     1,880,000       2,216,050  

Southern California Public Power Authority Rev., Series 2013 A, (Southern Transmission), 5.00%, 7/1/18

     2,000,000       2,357,500  

Southern California Public Power Authority Rev., Series 2013 A, (Southern Transmission), 5.00%, 7/1/20

     4,000,000       4,778,200  

Stockton Public Financing Authority. Rev., Series 2010 A, (Delta Water Supply Project), 6.25%, 10/1/38

     1,500,000       1,605,720  

Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A1, 5.00%, 6/1/37

     1,750,000       1,276,083  

Tri-Dam Power Authority Rev., 4.00%, 11/1/14

     1,260,000       1,288,123  

Tri-Dam Power Authority Rev., 4.00%, 5/1/15

     1,285,000       1,324,796  

Tri-Dam Power Authority Rev., 4.00%, 11/1/15

     1,310,000       1,363,173  

Tuolumne Wind Project Authority Rev., Series 2009 A, 5.625%, 1/1/29

     1,000,000       1,113,220  

Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/15

     690,000       721,154  

Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/16

     940,000       981,633  

Tustin Unified School District Rev., (Community Facilities District No. 07-1), VRDN, 0.05%, 12/2/13 (LOC: Bank of America N.A.)

     6,985,000       6,985,000  

Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.45%, 7/1/18 (AGM)

     3,000,000       3,001,290  

Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM)

     3,750,000       3,750,675  

Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM)

     2,500,000       2,500,450  

University of California Regents Medical Center Pooled Rev., Series 2008 D, 5.00%, 5/15/27

     1,000,000       1,076,020  

University of California Rev., Series 2013 AK, VRDN, 5.00%, 5/15/23

     2,935,000       3,442,608  

University of California Rev., Series 2009 Q, 5.25%, 5/15/23

     2,000,000       2,296,500  

University of California Rev., Series 2010 S, 5.00%, 5/15/20

     1,405,000       1,645,381  

University of California Rev., Series 2010 S, 5.00%, 5/15/40

     1,250,000       1,300,550  

 

 
 
 

 

University of California Rev., Series 2013 AF, 5.00%, 5/15/25

     7,250,000       8,399,777  

Val Verde Unified School District COP, 5.00%, 1/1/14 (FGIC)(2)

     1,000,000       1,004,340  

Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(2)

     1,145,000       1,207,929  

Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(2)

     2,505,000       2,642,675  

Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(2)

     2,640,000       2,785,094  

Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(2)

     1,415,000       1,492,768  

Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(2)

     1,000,000       1,054,960  

Val Verde Unified School District COP, 5.25%, 1/1/15, Prerefunded at 100% of Par (FGIC)(2)

     2,980,000       3,143,781  

West Basin Municipal Water District COP, Series 2008 A1, VRDN, 0.08%, 12/4/13 (SBBPA: Citibank N.A.)

     1,425,000       1,425,000  

West Contra Costa Unified School District GO, 5.00%, 8/1/32

     1,655,000       1,714,977  

West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/18 (XLCA)

     1,500,000       1,633,710  

West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/19 (XLCA)

     1,000,000       1,082,680  

West Sacramento Financing Authority Special Tax Rev., Series 2006 A, 5.00%, 9/1/20 (XLCA)

     1,200,000       1,285,140  

Yosemite Community College District GO, Capital Appreciation, Series 2010 D, (Election of 2004), 0.00%, 8/1/38(1)

     6,000,000       1,532,220  
                 
              1,202,886,867  
                 

GUAM — 0.2%

                

Guam Government GO, Series 2009 A, 6.00%, 11/15/19

     1,000,000       1,055,720  

Guam Power Authority Rev., Series 2012 A, 5.00%, 10/1/19 (AGM)

     1,000,000       1,124,010  
                 
              2,179,730  
                 

PUERTO RICO — 1.5%

                

Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.00%, 7/1/17

     2,860,000       2,509,050  

Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.00%, 7/1/19

     1,000,000       824,130  

Puerto Rico Electric Power Authority Rev., Series 2010 XX, 5.25%, 7/1/40

     310,000       217,164  

Puerto Rico Electric Power Authority Rev., Series 2010 ZZ, 5.25%, 7/1/22

     4,950,000       3,761,901  

Puerto Rico GO, Series 2001 A, (Public Improvement), 5.50%, 7/1/17 (XLCA)

     4,000,000       3,695,320  

Puerto Rico GO, Series 2009 B, (Public Improvement), 6.00%, 7/1/39

     3,500,000       2,595,460  

Puerto Rico GO, Series 2011 A, (Public Improvement), 5.75%, 7/1/41

     3,000,000       2,168,340  

Puerto Rico GO, Series 2012 A, (Public Improvement), 5.00%, 7/1/41

     1,000,000       681,090  

Puerto Rico Government Development Bank Rev., Series 2006 B, (Senior Notes), 5.00%, 12/1/14

     1,510,000       1,465,470  

Puerto Rico Public Buildings Authority Rev., Series 2007 M2, (Government Facilities), VRDN, 5.50%, 7/1/17 (Ambac)

     1,000,000       918,990  

Puerto Rico Sales Tax Financing Corp. Rev., Capital Appreciation, Series 2011 A1, 0.00%, 8/1/41(1)

     2,280,000       254,676  
                 
              19,091,591  
                 

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       515,815  

 

 
 
 

 

Virgin Islands Public Finance Authority Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.25%, 10/1/14, Prerefunded at 100% of Par(2)

     170,000       177,251  

Virgin Islands Public Finance Authority Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.25%, 10/1/14, Prerefunded at 100% of Par(2)

     500,000       521,325  

Virgin Islands Public Finance Authority Rev., Series 2004 A, (Virgin Islands Matching Fund Loan Note and Senior Lien), 5.25%, 10/1/14, Prerefunded at 100% of Par(2)

     1,000,000       1,042,650  
                 
              2,257,041  
                 

TOTAL INVESTMENT SECURITIES — 99.1%
(Cost $1,188,607,618)

             1,226,415,229  
                 

OTHER ASSETS AND LIABILITIES — 0.9%

             11,595,419  
                 

TOTAL NET ASSETS — 100.0%

           $ 1,238,010,648  

 

FUTURES CONTRACTS

Contracts Sold

Expiration
Date

  

Underlying Face
Amount at Value ($)

    

Unrealized
Gain (Loss) ($)

  

81          U.S. Treasury Long Bonds

March 2014

     10,590,750       4,874  

 

Notes to Schedule of Investments

AGC

-

Assured Guaranty Corporation

AGM

-

Assured Guaranty Municipal Corporation

COP

-

Certificates of Participation

FGIC

-

Financial Guaranty Insurance Company

GA

-

Guaranty Agreement

GO

-

General Obligation

LOC

-

Letter of Credit

NATL-RE

-

National Public Finance Guarantee Corporation - Reinsured

SBBPA

-

Standby Bond Purchase Agreement

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)

Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.

(2)

Escrowed to maturity in U.S. government securities or state and local government securities.

(3)

Security, 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 $221,848.

(4)

Coupon rate adjusts periodically based upon a predetermined schedule. Interest reset date is indicated. Rate shown is effective at the period end.

 

 
 
 

 

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

 

1. Investment Valuations

 

The fund determines the fair value of its investments and computes its net asset value per share 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.

 

 
 
 

 

3. Federal Tax Information

 

As of November 30, 2013, the components of investments for federal income tax purposes were as follows:

 

Federal tax cost of investments

$

1,188,607,618

  

Gross tax appreciation of investments

$

48,926,351

  

Gross tax depreciation of investments

  

(11,118,740)

  

Net tax appreciation (depreciation) of investments

$

37,807,611

  

 

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

 

 

 

 

 

 

 

 

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

 

 

 

 
 
 

 

 

 

 

 

 

American Century Investments®

 

Quarterly Portfolio Holdings

 

California Long-Term Tax-Free Fund

 

November 30, 2013

 

 

 

 

 

 

 

 
 
 

 

California Long-Term Tax-Free - Schedule of Investments

NOVEMBER 30, 2013 (UNAUDITED) 

 

 

   

Shares/
Principal Amount ($)

    

Value ($)

  

MUNICIPAL SECURITIES — 99.6%

                

CALIFORNIA — 97.3%

                

ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp HealthCare), 6.25%, 8/1/39

     1,200,000       1,345,356  

ABAG Finance Authority for Nonprofit Corps. Rev., Series 2011 A, (Sharp HealthCare), 6.00%, 8/1/30

     1,000,000       1,127,780  

Adelanto Public Utility Authority Rev., Series 2009 A, (Utility System), 6.25%, 7/1/26

     500,000       525,400  

Alameda Corridor Transportation Authority Rev., Capital Appreciation, Series 1999 A, 0.00%, 10/1/32 (NATL-RE)(1)

     1,000,000       363,140  

Alameda Corridor Transportation Authority Rev., Capital Appreciation, Series 1999 A, 0.00%, 10/1/35 (NATL-RE)(1)

     3,750,000       1,124,925  

Alum Rock Union Elementary School District GO, Series 2013 A, (Election of 2012), 6.00%, 8/1/39

     1,000,000       1,147,800  

Anaheim Public Financing Authority Rev., (Electric System Distribution), 5.25%, 10/1/39

     2,500,000       2,642,350  

Anaheim Public Financing Authority Rev., Series 2011 A, (Electric System Distribution Facilities), 5.375%, 10/1/36

     300,000       326,988  

Bay Area Toll Authority Toll Bridge Rev., Series 2001 A, (San Francisco Bay Area), VRDN, 1.30%, 12/5/13

     1,000,000       994,680  

Bay Area Toll Authority Toll Bridge Rev., Series 2006 F, (San Francisco Bay Area), 5.00%, 4/1/16, Prerefunded at 100% of Par(2)

     3,000,000       3,323,910  

Bay Area Toll Authority Toll Bridge Rev., Series 2007 A1, (San Francisco Bay Area), VRDN, 0.75%, 12/5/13

     725,000       718,961  

Bay Area Toll Authority Toll Bridge Rev., Series 2008 F1, (San Francisco Bay Area), 5.00%, 4/1/34

     1,500,000       1,563,990  

Bay Area Toll Authority Toll Bridge Rev., Series 2008 F1, (San Francisco Bay Area), 5.00%, 4/1/39

     2,135,000       2,209,704  

Bay Area Toll Authority Toll Bridge Rev., Series 2008 G1, (San Francisco Bay Area), VRDN, 1.15%, 12/5/13

     1,250,000       1,256,475  

Bay Area Toll Authority Toll Bridge Rev., Series 2009 F1, (San Francisco Bay Area), 5.25%, 4/1/27

     1,500,000       1,690,725  

Bay Area Toll Authority Toll Bridge Rev., Series 2012 F1, (San Francisco Bay Area), 5.00%, 4/1/31

     1,000,000       1,076,140  

Bay Area Toll Authority Toll Bridge Rev., Series 2013 S4, (San Francisco Bay Area), 5.00%, 4/1/43

     2,500,000       2,525,850  

California Department of Water Resources Power Supply Rev., Series 2005 G4, 5.00%, 5/1/16

     1,450,000       1,611,994  

California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/21

     2,500,000       2,901,550  

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/15

     2,000,000       2,136,720  

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/18

     2,000,000       2,353,860  

California Department of Water Resources Power Supply Rev., Series 2010 L, 5.00%, 5/1/22

     1,275,000       1,479,994  

California Department of Water Resources Power Supply Rev., Series 2010 M, 5.00%, 5/1/15

     1,525,000       1,629,249  

California Department of Water Resources Power Supply Rev., Series 2011 N, 5.00%, 5/1/20

     5,000,000       5,973,000  

 

 
 
 

 

California Department of Water Resources Power Supply Rev., Series 2011 N, 5.00%, 5/1/21

     3,250,000       3,912,837  

California Department of Water Resources Power Supply Rev., Series 2013 AM, (Central Valley), 5.00%, 12/1/25

     1,000,000       1,173,220  

California Economic Recovery GO, Series 2004 C4, VRDN, 0.04%, 12/2/13 (LOC: JPMorgan Chase Bank N.A.)

     2,000,000       2,000,000  

California Economic Recovery GO, Series 2009 A, 5.00%, 7/1/16

     1,700,000       1,900,736  

California Educational Facilities Authority Rev., (Harvey Mudd College), 5.25%, 12/1/41

     2,000,000       2,087,600  

California Educational Facilities Authority Rev., (Santa Clara University), 5.625%, 4/1/37

     5,000,000       5,330,650  

California Educational Facilities Authority Rev., (University of the Pacific), 5.25%, 11/1/14, Prerefunded at 100% of Par(2)

     420,000       439,589  

California Educational Facilities Authority Rev., (University of the Pacific), 5.25%, 5/1/34

     1,580,000       1,627,321  

California Educational Facilities Authority Rev., Series 2009 A, (University of Southern California), 5.00%, 10/1/39

     2,000,000       2,101,020  

California Educational Facilities Authority Rev., Series 2010 B, (Loyola Marymount University), VRN, 0.85%, 12/5/13

     2,455,000       2,458,953  

California Educational Facilities Authority Rev., Series 2013 U4, (Stanford University), 5.00%, 6/1/43

     1,250,000       1,440,363  

California GO, 4.00%, 10/1/14

     1,750,000       1,806,315  

California GO, 5.00%, 9/1/15

     4,560,000       4,937,294  

California GO, 5.00%, 9/1/19

     1,530,000       1,804,742  

California GO, 5.00%, 2/1/27

     3,000,000       3,280,680  

California GO, 5.00%, 2/1/28

     1,000,000       1,084,090  

California GO, 5.25%, 9/1/32

     2,000,000       2,144,480  

California GO, 5.00%, 11/1/32

     1,500,000       1,569,990  

California GO, 6.50%, 4/1/33

     5,000,000       5,944,050  

California GO, 5.00%, 4/1/38

     2,500,000       2,569,450  

California GO, 6.00%, 4/1/38

     2,500,000       2,839,600  

California GO, 6.00%, 11/1/39

     5,000,000       5,746,800  

California GO, 5.50%, 3/1/40

     3,000,000       3,244,950  

California GO, 5.00%, 10/1/41(3)

     2,000,000       2,036,220  

California GO, Series 2004 A5, (Kindergarten), VRDN, 0.04%, 12/2/13 (LOC: Citibank N.A.)

     2,600,000       2,600,000  

California GO, Series 2004 B3, (Kindergarten), VRDN, 0.04%, 12/2/13 (LOC: Citibank N.A.)

     1,100,000       1,100,000  

California GO, Series 2005 B7, VRDN, 0.04%, 12/2/13 (LOC: JPMorgan Chase Bank N.A.)

     4,100,000       4,100,000  

California GO, Series 2012 B, VRN, 0.95%, 12/5/13

     2,000,000       2,021,460  

California GO, Series 2012 B, VRN, 1.05%, 12/5/13

     800,000       810,664  

California GO, Series 2012 B, VRN, 1.20%, 12/5/13

     960,000       976,714  

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/19

     740,000       868,079  

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/21

     1,000,000       1,167,950  

California Health Facilities Financing Authority Rev., Series 1993 C, (St. Francis Memorial Hospital), 5.875%, 11/1/23(2)

     2,000,000       2,578,280  

California Health Facilities Financing Authority Rev., Series 2007 A, (Sutter Health), 5.25%, 11/15/46

     1,500,000       1,503,855  

California Health Facilities Financing Authority Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/33

     1,000,000       1,144,500  

 

 
 
 

 

California Health Facilities Financing Authority Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39

     3,400,000       3,665,064  

California Health Facilities Financing Authority Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38

     5,000,000       5,570,900  

California Health Facilities Financing Authority Rev., Series 2009 A, (St. Joseph Health System), 5.75%, 7/1/39

     1,000,000       1,109,270  

California Health Facilities Financing Authority Rev., Series 2009 B, (Providence Health & Services), 5.50%, 10/1/39

     1,000,000       1,093,640  

California Health Facilities Financing Authority Rev., Series 2010 A, (Scripps Memorial Hospital), 5.00%, 11/15/19

     1,000,000       1,176,260  

California Health Facilities Financing Authority Rev., Series 2011 B, (Sutter Health), 5.50%, 8/15/20

     1,000,000       1,202,860  

California Health Facilities Financing Authority Rev., Series 2011 B, (Sutter Health), 6.00%, 8/15/42

     1,500,000       1,717,560  

California Health Facilities Financing Authority Rev., Series 2011 D, (Sutter Health), 5.25%, 8/15/31

     1,000,000       1,062,400  

California Health Facilities Financing Authority Rev., Series 2012 A, (Stanford Hospital & Clinics), 5.00%, 8/15/51

     500,000       488,350  

California Health Facilities Financing Authority Rev., Series 2013 A, (St. Joseph Health System), 5.00%, 7/1/37

     180,000       182,318  

California Health Facilities Financing Authority Rev., Series 2013 A, (Sutter Health), 5.00%, 8/15/52

     1,000,000       960,300  

California Infrastructure & Economic Development Bank Rev., Series 2008 A, (Los Angeles County Museum of Natural History Foundation), VRDN, 0.04%, 12/2/13 (LOC: Wells Fargo Bank N.A.)

     1,200,000       1,200,000  

California Infrastructure & Economic Development Bank Rev., Series 2012 A1, (J. Paul Getty Trust), 4.00%, 10/1/15

     325,000       347,438  

California Infrastructure & Economic Development Bank Rev., Series 2013 A, (Los Angeles County Museum of Art Project), VRDN, 1.87%, 12/2/13

     1,000,000       996,950  

California Municipal Finance Authority Rev., Series 2010 A, (Chevron USA, Inc.), VRDN, 0.03%, 12/2/13 (GA: Chevron Corp.)

     800,000       800,000  

California Municipal Finance Authority Rev., Series 2010 A, (University of La Verne), 6.25%, 6/1/40

     1,000,000       1,064,700  

California Municipal Finance Authority Rev., Series 2011 B, (Azusa Pacific University), 8.00%, 4/1/41

     665,000       737,532  

California Municipal Finance Authority Rev., Series 2011, (Emerson College), 6.00%, 1/1/42

     2,000,000       2,181,620  

California Pollution Control Financing Authority Rev., Series 1996 E, (Pacific Gas & Electric Company), VRDN, 0.04%, 12/2/13 (LOC: JPMorgan Chase Bank N.A.)

     4,900,000       4,900,000  

California Public Works Board Lease Rev., Series 2009 G1, (Various Capital Projects), 5.75%, 10/1/30

     2,000,000       2,181,620  

California Public Works Board Lease Rev., Series 2009 H, (Department of Correction and Rehabilitation), 5.75%, 11/1/29

     1,685,000       1,874,529  

California Public Works Board Lease Rev., Series 2011 D, (Judicial Council Projects), 5.25%, 12/1/26

     1,000,000       1,084,900  

California Public Works Board Lease Rev., Series 2011 G, (University of California), 5.00%, 12/1/21, Prerefunded at 100% of Par(2)

     2,000,000       2,422,160  

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/25

     1,700,000       1,852,830  

California Public Works Board Lease Rev., Series 2012 A, (Various Capital Projects), 5.00%, 4/1/37

     2,170,000       2,178,658  

 

 
 
 

 

California State Public Works Board Lease Rev., Series 2013 A, (Judicial Council Projects), 5.00%, 3/1/38

     1,500,000       1,502,085  

California Statewide Communities Development Authority Rev., (Cottage Health Obligation Group), 5.25%, 11/1/30

     1,000,000       1,038,420  

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

     500,000       500,650  

California Statewide Communities Development Authority Rev., Series 2001 C, (Kaiser Permanente), 5.25%, 8/1/31

     3,000,000       3,051,690  

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       961,344  

California Statewide Communities Development Authority Rev., Series 2012 A, (Kaiser Permanente), 5.00%, 4/1/42

     3,780,000       3,748,626  

California University Systemwide Rev., Series 2009 A, 5.25%, 11/1/34

     2,230,000       2,377,024  

Capistrano Unified School District Special Tax Rev., (Community Facilities District No. 88-1), 6.50%, 9/1/14 (AGM)

     1,330,000       1,349,139  

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/17

     365,000       398,299  

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/18

     375,000       411,116  

City of Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Assessment District No. 12-1), 4.00%, 9/2/19

     600,000       650,286  

Coalinga Public Financing Authority Local Obligation Rev., Series 1998 A, (Senior Lien), 6.375%, 9/15/21 (Ambac)

     1,320,000       1,534,394  

Contra Costa Water District Rev., Series 2013 R, 5.00%, 10/1/43

     1,000,000       1,049,070  

East Bay Municipal Utility District Rev., Series 2012 B, 4.00%, 6/1/15

     4,000,000       4,233,080  

Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 4.00%, 7/1/14

     400,000       409,048  

Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 5.00%, 7/1/15

     400,000       430,208  

Eastern Municipal Water District Water & Sewer Rev., Series 2011 A, 4.00%, 7/1/16

     400,000       436,724  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, 5.80%, 1/15/20

     1,000,000       1,010,710  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, 5.85%, 1/15/23

     1,750,000       1,759,222  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, 0.00%, 1/15/24(1)

     2,000,000       1,059,780  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, 0.00%, 1/15/25(1)

     7,000,000       3,465,070  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, 5.875%, 1/15/27

     1,500,000       1,511,550  

Foothill/Eastern Transportation Corridor Agency Toll Road Rev., Capital Appreciation, 0.00%, 1/15/32(1)

     5,000,000       1,482,500  

Fresno Sewer Rev., Series 1993 A1, 6.25%, 9/1/14 (Ambac)

     90,000       93,456  

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2005 A, 5.00%, 6/1/38 (FGIC)

     1,000,000       972,470  

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2005 A, 5.00%, 6/1/45

     3,000,000       2,849,670  

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 4.50%, 6/1/27

     480,000       401,808  

Golden State Tobacco Securitization Corp. Settlement Rev., Series 2013 A, 5.00%, 6/1/30

     1,100,000       1,129,304  

 

 
 
 

 

Golden State Tobacco Securitization Corp. Settlement Rev., Capital Appreciation, Series 2005 A, 0.00%, 6/1/25 (AGM)(1)

     1,000,000       623,160  

Grossmont Healthcare District GO, Series 2011 B, (Election of 2006), 6.00%, 7/15/34

     1,000,000       1,134,530  

Grossmont Union High School District GO, Series 2013 E, (Election of 2008), 5.00%, 8/1/43

     1,000,000       1,013,720  

Irvine Ranch Water District Rev., Series 2009 B, VRDN, 0.04%, 12/2/13 (LOC: Bank of America N.A.)

     1,400,000       1,400,000  

Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.00%, 11/15/35

     320,000       311,981  

Long Beach Bond Finance Authority Natural Gas Purchase Rev., Series 2007 A, 5.50%, 11/15/37

     695,000       719,137  

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

     1,100,000       597,729  

Los Angeles Community College District GO, Series 2007 A, (Election of 2001), 5.00%, 8/1/32 (NATL-RE/FGIC)

     1,425,000       1,497,333  

Los Angeles County COP, (Disney Concert Hall), 5.00%, 3/1/22

     1,000,000       1,149,380  

Los Angeles County COP, (Disney Concert Hall), 5.00%, 9/1/22

     500,000       575,085  

Los Angeles Department of Airports Rev., Series 2008 C, (Los Angeles International Airport), 5.25%, 5/15/21

     2,120,000       2,418,263  

Los Angeles Department of Airports Rev., Series 2010 A, (Los Angeles International Airport), 5.00%, 5/15/40

     1,000,000       1,024,930  

Los Angeles Department of Airports Rev., Series 2010 B, (Los Angeles International Airport), 5.00%, 5/15/40

     2,000,000       2,043,120  

Los Angeles Department of Water & Power Waterworks Rev., Series 2008 A1, (Power System), 5.25%, 7/1/38

     4,000,000       4,233,360  

Los Angeles Department of Water & Power Waterworks Rev., Series 2009 B, 5.00%, 7/1/20

     3,000,000       3,524,490  

Los Angeles Department of Water & Power Waterworks Rev., Series 2011 A, (Power System), 5.00%, 7/1/19

     1,000,000       1,197,070  

Los Angeles Department of Water & Power Waterworks Rev., Series 2012 B, 5.00%, 7/1/43

     495,000       516,755  

Los Angeles Department of Water & Power Waterworks Rev., Series 2012 C, 5.00%, 7/1/24

     1,000,000       1,152,060  

Los Angeles Department of Water & Power Waterworks Rev., Series 2013 B, 5.00%, 7/1/34(5)

     2,000,000       2,151,320  

Los Angeles Harbor Department Rev., Series 2009 A, 5.00%, 8/1/27

     500,000       548,635  

Los Angeles Harbor Department Rev., Series 2011 B, 5.00%, 8/1/24

     525,000       594,221  

Los Angeles Unified School District COP, Series 2012 B, (Headquarters Building Project), 5.00%, 10/1/30

     3,000,000       3,132,690  

Los Angeles Unified School District GO, Series 2006 F, (Election of 2004), 5.00%, 7/1/30 (FGIC)

     2,000,000       2,126,360  

Los Angeles Unified School District GO, Series 2007 H, (Election of 2004), 5.00%, 7/1/32 (AGM)

     1,020,000       1,067,716  

Los Angeles Unified School District GO, Series 2009 I, (Election of 2004), 5.00%, 7/1/29

     2,000,000       2,175,260  

Los Angeles Unified School District GO, Series 2010 KRY, 5.25%, 7/1/26

     1,000,000       1,142,120  

Los Angeles Unified School District GO, Series 2011 A1, 4.00%, 7/1/17

     1,000,000       1,119,040  

Los Angeles Unified School District GO, Series 2011 A1, 5.00%, 7/1/18

     1,280,000       1,508,800  

Los Angeles Wastewater System Rev., Series 2012 C, 5.00%, 6/1/26

     1,000,000       1,129,210  

M-S-R Energy Authority Rev., Series 2009 A, 7.00%, 11/1/34

     1,000,000       1,226,000  

Manhattan Beach Unified School District GO, Capital Appreciation, Series 2009 A, (Election of 2008), 0.00%, 9/1/29(1)

     5,905,000       2,884,238  

 

 
 
 

 

Metropolitan Water District of Southern California Rev., Series 2009 C, 5.00%, 7/1/35

     1,150,000       1,217,494  

Metropolitan Water District of Southern California Rev., Series 2012 B2, VRDN, 0.40%, 12/5/13

     3,895,000       3,895,467  

Modesto Irrigation District COP, Series 2009 A, 5.75%, 10/1/34

     2,500,000       2,704,550  

Mount San Antonio Community College District GO, Series 2013 A, (Election of 2008), 5.00%, 8/1/34

     1,000,000       1,066,270  

New Haven Unified School District GO, 12.00%, 8/1/18 (AGM)

     880,000       1,298,704  

Newport Beach Rev., Series 2011 A, (Hoag Memorial Hospital Presbyterian), 6.00%, 12/1/21, Prerefunded at 100% of Par(2)

     1,000,000       1,277,590  

Northern California Power Agency Rev., Series 2010 A, 4.00%, 7/1/14

     1,000,000       1,022,830  

Oakland Redevelopment Agency Tax Allocation Rev., (Central District), 5.50%, 2/1/14 (Ambac)

     1,135,000       1,140,630  

Oakland Unified School District Alameda County GO, (Election of 2012), 6.625%, 8/1/38

     460,000       491,400  

Oakland Unified School District Alameda County GO, Series 2012 A, (Election of 2006), 5.50%, 8/1/32

     1,000,000       1,015,070  

Oceanside Unified School District GO, Series 2012 C, 0.00%, 8/1/51(1)

     3,995,000       371,815  

Ontario Public Financing Authority Rev., 5.00%, 7/1/43

     1,000,000       1,036,980  

Orange County Transportation Authority Rev., (Senior Lien), 5.00%, 8/15/25

     1,000,000       1,122,360  

Palomar Pomerado Health Care District COP, 6.75%, 11/1/39

     500,000       512,680  

Palomar Pomerado Health Care District COP, 6.00%, 11/1/41

     750,000       721,508  

Palomar Pomerado Health GO, Capital Appreciation, Series 2009 A, (Election of 2004), 0.00%, 8/1/19 (AGC)(4)

     1,670,000       1,323,809  

Palos Verdes Peninsula Unified School District GO, Series 2009 R, (Election of 2005), 0.00%, 8/1/33(1)

     2,600,000       1,036,490  

Pomona Unified School District GO, Series 2000 A, 6.55%, 8/1/29 (NATL-RE)

     1,000,000       1,211,460  

Pomona Unified School District GO, Series 2001 A, 6.15%, 8/1/30 (NATL-RE)

     855,000       964,440  

Porterville Public Financing Authority Sewer Rev., 5.625%, 10/1/36

     1,500,000       1,626,825  

Poway Unified School District Public Financing Authority Rev., 7.875%, 9/15/39

     1,035,000       1,127,871  

Poway Unified School District Rev., Capital Appreciation, (School Facilities Improvement), 0.00%, 8/1/41(1)

     2,110,000       422,169  

Riverside County Asset Leasing Corp. Rev., Series 2013 A, (Public Defender and Probation Building), 5.00%, 11/1/43

     1,000,000       1,004,750  

Riverside County Redevelopment Agency Tax Allocation Rev., Series 2010 E, (Interstate 215 Corridor), 6.50%, 10/1/40

     625,000       662,356  

Riverside Public Financing Authority Lease Rev., Series 2012 A, 4.00%, 11/1/33

     570,000       500,568  

Sacramento County Airport System Rev., Series 2009 D, (Grant Revenue Bonds), 5.625%, 7/1/29

     1,000,000       1,115,680  

Sacramento County Sanitation Districts Financing Authority Rev., Series 2007 B, VRN, 0.71%, 12/2/13 (NATL-RE/FGIC)

     1,500,000       1,139,205  

Sacramento Power Authority Rev., 5.25%, 7/1/14 (Ambac)

     2,000,000       2,055,180  

Saddleback Valley Unified School District Public Financing Authority Special Tax Rev., Series 1997 A, 6.00%, 9/1/16 (AGM)

     1,000,000       1,133,480  

San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 6.25%, 8/1/18, Prerefunded at 100% of Par(2)

     2,855,000       3,530,036  

San Bernardino Community College District GO, Capital Appreciation, Series 2009 B, (Election of 2008), 0.00%, 8/1/19(4)

     7,400,000       5,928,066  

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

     1,350,000       1,476,347  

San Diego Community College District GO, (Election of 2002), 5.00%, 8/1/25

     500,000       579,380  

San Diego County Regional Airport Authority Rev., Series 2010 A, 5.00%, 7/1/40

     1,500,000       1,508,295  

San Diego County Regional Airport Authority Rev., Series 2013 A, 5.00%, 7/1/43

     1,000,000       1,009,060  

 

 
 
 

 

San Diego County Water Authority Rev., Series 2011 S1, (Subordinate Lien), 5.00%, 7/1/16

     1,665,000       1,856,192  

San Diego Public Facilities Financing Authority Sewer Rev., Series 2009 A, 5.25%, 5/15/34

     2,000,000       2,135,680  

San Diego Public Facilities Financing Authority Water Rev., Series 2012 A, 5.00%, 8/1/30

     2,000,000       2,168,120  

San Diego Unified Port District Rev., Series 2013 A, 5.00%, 9/1/24

     500,000       559,010  

San Diego Unified School District GO, Capital Appreciation, Series 2010 C, (Election of 2008), 0.00%, 7/1/44(1)

     2,880,000       513,072  

San Diego Unified School District GO, Capital Appreciation, Series 2012 E, (Election of 2008), 0.00%, 7/1/32(4)

     5,000,000       1,682,400  

San Diego Unified School District GO, Capital Appreciation, Series 2012 E, (Election of 2008), 0.00%, 7/1/49(1)

     1,000,000       131,430  

San Francisco City and County Airports Commission Rev., Series 2009 E, (San Francisco International Airport), 5.25%, 5/1/23

     3,000,000       3,450,750  

San Francisco City and County Airports Commission Rev., Series 2010 F, (San Francisco International Airport), 5.00%, 5/1/40

     2,150,000       2,178,186  

San Francisco City and County COP, Series 2009 A, (Multiple Capital Improvement Projects), 5.00%, 4/1/29

     1,170,000       1,239,989  

San Francisco City and County Public Utilities Commission Rev., Series 2011 A, 5.00%, 11/1/41

     1,000,000       1,047,230  

San Francisco City and County Redevelopment Financing Authority Tax Allocation Rev., Series 2011 D, (Mission Bay South Redevelopment), 6.625%, 8/1/27

     500,000       538,590  

San Mateo Special Tax Rev., (Community Facilities District No. 2008-1-Bay Meadows), 5.875%, 9/1/32

     685,000       714,188  

San Mateo Union High School District GO, Capital Appreciation, 0.00%, 2/15/15(1)

     2,665,000       2,653,860  

Santa Clara Electric Rev., Series 2011 A, 5.00%, 7/1/30

     500,000       525,745  

Santa Margarita-Dana Point Authority Rev., Series 1994 B, (Improvement Districts 3, 3A, 4, 4A), 7.25%, 8/1/14 (NATL-RE)

     2,000,000       2,077,160  

Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.00%, 7/1/42

     400,000       409,876  

Santa Monica Redevelopment Agency Tax Allocation, (Earthquake Recovery Redevelopment), 5.875%, 7/1/42

     400,000       435,548  

Santa Rosa Wastewater Rev., Capital Appreciation, Series 2002 B, 0.00%, 9/1/24 (Ambac)(1)

     2,000,000       1,261,160  

South Placer Wastewater Authority Rev., Series 2011 D, VRN, 0.88%, 12/5/13

     2,060,000       2,061,360  

Southern California Public Power Authority Rev., Series 2013 A, (Southern Transmission), 5.00%, 7/1/17

     1,050,000       1,212,194  

Stockton Public Financing Authority Rev., Series 2010 A, (Delta Water Supply Project), 6.25%, 10/1/40

     750,000       804,345  

Susanville Public Financing Authority Rev., Series 2010 B, (Utility Enterprises), 6.00%, 6/1/45

     1,000,000       1,004,530  

Taft Public Financing Authority Lease Rev., Series 1997 A, (Community Correctional Facility Acquisition), 6.05%, 1/1/17

     1,085,000       1,088,906  

Tobacco Securitization Authority of Southern California Settlement Rev., Series 2006 A1, 5.00%, 6/1/37

     500,000       364,595  

Tri-Dam Power Authority Rev., 4.00%, 5/1/14

     1,235,000       1,248,560  

Tuolumne Wind Project Authority Rev., Series 2009 A, 5.625%, 1/1/29

     1,200,000       1,335,864  

Turlock Health Facility COP, (Emanuel Medical Center, Inc.), 5.50%, 10/15/18

     465,000       485,427  

Tustin Public Financing Authority Rev., 5.00%, 4/1/43

     1,000,000       1,025,990  

 

 
 
 

 

Tustin Unified School District Rev., (Community Facilities District No. 07-1), VRDN, 0.05%, 12/2/13 (LOC: Bank of America N.A.)

     4,800,000       4,800,000  

Tustin Unified School District Special Tax Rev., (Community Facilities District No. 06-1), 6.00%, 9/1/40

     2,000,000       2,062,420  

Twin Rivers Unified School District COP, (School Facilities Bridge Funding Program), VRDN, 3.20%, 6/1/20 (AGM)

     2,250,000       2,250,405  

University of California Rev., Series 2013 AF, 5.00%, 5/15/25

     1,000,000       1,158,590  

Ventura County Community College District GO, Series 2008 C, (Election of 2002), 5.50%, 8/1/33

     3,000,000       3,330,210  

West Contra Costa Unified School District GO, 5.00%, 8/1/32

     730,000       756,455  

Yosemite Community College District GO, Capital Appreciation, Series 2010 D, (Election of 2004), 0.00%, 8/1/38(1)

     3,000,000       766,110  
                 
              351,794,270  
                 

GUAM — 0.9%

                

Guam Government GO, Series 2009 A, 6.75%, 11/15/29

     900,000       936,576  

Guam Power Authority Rev., Series 2010 A, 5.50%, 10/1/40

     2,150,000       2,159,546  
                 
              3,096,122  
                 

PUERTO RICO — 1.4%

                

Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.00%, 7/1/17

     1,910,000       1,675,624  

Puerto Rico Aqueduct & Sewer Authority Rev., Series 2012 A, (Senior Lien), 5.00%, 7/1/19

     665,000       548,046  

Puerto Rico Electric Power Authority Rev., Series 2010 XX, 5.25%, 7/1/40

     75,000       52,540  

Puerto Rico GO, Series 2009 B, (Public Improvement), 6.00%, 7/1/39

     1,000,000       741,560  

Puerto Rico GO, Series 2011 A, (Public Improvement), 5.75%, 7/1/41

     1,000,000       722,780  

Puerto Rico GO, Series 2012 A, (Public Improvement), 5.00%, 7/1/41

     300,000       204,327  

Puerto Rico Government Development Bank Rev., Series 2006 B, (Senior Notes), 5.00%, 12/1/16

     1,250,000       1,138,487  

Puerto Rico Sales Tax Financing Corp. Rev., Capital Appreciation, Series 2011 A1, 0.00%, 8/1/41(1)

     1,145,000       127,897  
                 
              5,211,261  
                 

TOTAL INVESTMENT SECURITIES — 99.6%
(Cost $344,620,668)

             360,101,653  
                 

OTHER ASSETS AND LIABILITIES — 0.4%

             1,420,809  
                 

TOTAL NET ASSETS — 100.0%

           $ 361,522,462  

 

FUTURES CONTRACTS

Contracts Sold

Expiration
Date

  

Underlying Face
Amount at Value ($)

    

Unrealized
Gain (Loss) ($)

  

24           U.S. Treasury Long Bonds

March 2014

     3,138,000       1,444  

 

Notes to Schedule of Investments

AGC

-

Assured Guaranty Corporation

AGM

-

Assured Guaranty Municipal Corporation

COP

-

Certificates of Participation

FGIC

-

Financial Guaranty Insurance Company

GA

-

Guaranty Agreement

GO

-

General Obligation

LOC

-

Letter of Credit

 

 
 
 

 

NATL-RE

-

National Public Finance Guarantee Corporation - Reinsured

VRDN

-

Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.

VRN

-

Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.

 

(1)

Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.

(2)

Escrowed to maturity in U.S. government securities or state and local government securities.

(3)

Security, 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 $76,358.

(4)

Coupon rate adjusts periodically based upon a predetermined schedule. Interest reset date is indicated. Rate shown is effective at the period end.

(5)

When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

 

 
 
 

 

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

 

1. Investment Valuations

 

The fund determines the fair value of its investments and computes its net asset value per share 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.

 

 
 
 

 

3. Federal Tax Information

 

As of November 30, 2013, the components of investments for federal income tax purposes were as follows:

 

Federal tax cost of investments

$

344,620,668

  

Gross tax appreciation of investments

$

18,355,179

  

Gross tax depreciation of investments

  

(2,874,194)

  

Net tax appreciation (depreciation) of investments

$

15,480,985

  

 

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

 

 

 

  

 

 

 

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

 

 

 
 
 

 

 

 

 

 

 

 

American Century Investments®

 

Quarterly Portfolio Holdings

 

California Tax-Free Money Market Fund

 

November 30, 2013

 

 

 

 

 

 

 
 
 

 

California Tax-Free Money Market - Schedule of Investments

NOVEMBER 30, 2013 (UNAUDITED) 

 

 

   

Shares/
Principal Amount ($)

    

Value ($)

  

MUNICIPAL SECURITIES — 97.4%

                

CALIFORNIA — 97.4%

                

ABAG Finance Authority for Nonprofit Corps. Rev., (899 Charleston LLC), VRDN, 0.12%, 12/2/13 (LOC: Bank of America N.A.)

     1,370,000       1,370,000  

Alameda Public Financing Authority Rev., Series 2003 A, (Alameda Point Improvement Project), VRDN, 0.06%, 12/4/13 (LOC: Union Bank N.A. and California State Teacher's Retirement System)

     3,000,000       3,000,000  

California Economic Recovery GO, Series 2009 B, VRN, 5.00%, 7/1/14

     7,180,000       7,379,882  

California GO, Series 2004 B2, (Kindergarten), VRDN, 0.04%, 12/2/13 (LOC: Citibank N.A.)

     700,000       700,000  

California Infrastructure & Economic Development Bank Rev., (Bay Area Toll Bridges), VRDN, 0.14%, 12/5/13 (LOC: Bank of the West)

     2,830,000       2,830,000  

California Infrastructure & Economic Development Bank Rev., (Columbia College), VRDN, 0.11%, 12/5/13 (LOC: Rabobank Nederland N.V.)

     1,350,000       1,350,000  

California Infrastructure & Economic Development Bank Rev., (Goodwill Industries of Orange County), VRDN, 0.10%, 12/5/13 (LOC: Wells Fargo Bank N.A.)

     2,720,000       2,720,000  

California Infrastructure & Economic Development Bank Rev., (Kennfoods USA), VRDN, 0.10%, 12/5/13 (LOC: Bank of the West)

     1,810,000       1,810,000  

California Infrastructure & Economic Development Bank Rev., (Loyola High School), VRDN, 0.06%, 12/5/13 (LOC: First Republic Bank and FHLB)

     3,845,000       3,845,000  

California Infrastructure & Economic Development Bank Rev., (SRI International), VRDN, 0.06%, 12/5/13 (LOC: Wells Fargo Bank N.A.)

     6,600,000       6,600,000  

California Infrastructure & Economic Development Bank Rev., Series 2008 A, (iWorks, Inc.), VRDN, 0.13%, 12/5/13 (LOC: City National Bank and FHLB)

     1,335,000       1,335,000  

California Municipal Finance Authority Rev., Series 2010 A, (Southwest Community Health Center), VRDN, 0.08%, 12/5/13 (LOC: Comerica Bank)

     4,000,000       4,000,000  

California Municipal Finance Authority Rev., Series 2012 A, (High Desert Partnership in Academic Excellence Foundation), VRDN, 0.09%, 12/5/13 (LOC: Union Bank N.A.)

     2,000,000       2,000,000  

California Pollution Control Financing Authority Rev., (Musco Family Olive), VRDN, 0.16%, 12/5/13 (LOC: Bank of the West)

     3,200,000       3,200,000  

California Pollution Control Financing Authority Rev., Series 2010 A, (Alameda Country Industries), VRDN, 0.11%, 12/4/13 (LOC: Bank of the West)

     2,460,000       2,460,000  

California State Enterprise Development Authority Rev., (Community Hospice Inc.), VRDN, 0.07%, 12/5/13 (LOC: Bank of Stockton and FHLB)

     3,945,000       3,945,000  

California State Enterprise Development Authority Rev., (Humane Society Silicon Valley), VRDN, 0.07%, 12/5/13 (LOC: First Republic Bank and FHLB)

     6,985,000       6,985,000  

California State Enterprise Development Authority Rev., (LBM Partnership LP), VRDN, 0.07%, 12/5/13 (LOC: Wells Fargo Bank N.A.)

     2,900,000       2,900,000  

California State University PUTTERs Rev., Series 2008-2646Z, VRDN, 0.13%, 12/5/13 (AGM) (LIQ FAC: JPMorgan Chase Bank N.A.)

     4,670,000       4,670,000  

California Statewide Communities Development Authority Rev., (Encanto Homes Apartments), VRDN, 0.05%, 12/5/13 (LOC: East West Bank and FHLB)

     8,900,000       8,900,000  

California Statewide Communities Development Authority Rev., (Goodwill of Santa Cruz), VRDN, 0.10%, 12/5/13 (LOC: Wells Fargo Bank N.A.)

     2,200,000       2,200,000  

California Statewide Communities Development Authority Rev., (Trinity Children & Family), VRDN, 0.09%, 12/4/13 (LOC: Citizens Business Bank and California State Teacher's Retirement System)

     3,920,000       3,920,000  

 

 
 
 

 

California Statewide Communities Development Authority COP, VRDN, 0.07%, 12/4/13 (LOC: Union Bank N.A.)

     1,895,000       1,895,000  

City of Hanford Sewer System Rev., Series 1996 A, VRDN, 0.09%, 12/5/13 (LOC: Union Bank N.A.)

     840,000       840,000  

City of Irvine Improvement Bond Act of 1915 Rev., (Assessment District No. 97-17), VRDN, 0.04%, 12/2/13 (LOC: State Street Bank & Trust Co. and California State Teacher's Retirement System)

     3,000,000       3,000,000  

City of Oroville Rev., Series 2012 A, (Oroville Hospital), VRDN, 0.09%, 12/5/13 (LOC: Comerica Bank)

     7,055,000       7,055,000  

City of Reedley COP, (Mennonite Brethren Homes), VRDN, 0.06%, 12/5/13 (LOC: Bank of the Sierra and FHLB)

     7,980,000       7,980,000  

City of Riverside Water Rev., Series 2011 A, VRN, 0.07%, 12/5/13

     9,850,000       9,850,000  

County of San Bernardino Rev., Series 2004 A, (WLP Parkview Place Apartments), VRDN, 0.10%, 12/5/13 (LOC: FNMA)

     3,420,000       3,420,000  

County of Yolo Rev., (Beckett Hall, Inc.), VRDN, 0.14%, 12/5/13 (LOC: Bank of the West and California State Teacher's Retirement System)

     6,930,000       6,930,000  

East Bay Municipal Utility District Rev., Series 2009 A-2, VRN, 0.05%, 12/5/13

     3,035,000       3,035,000  

Eastern Municipal Water District Water & Sewer Rev., Series 2012 A, VRN, 0.05%, 12/5/13

     5,000,000       5,000,000  

Eastern Municipal Water District Water & Sewer Rev., Series 2013 A, VRN, 0.07%, 12/5/13

     6,000,000       6,000,000  

Irvine Ranch Water District Rev., Series 2011 A1, VRN, 0.05%, 12/5/13

     1,465,000       1,465,000  

Irvine Ranch Water District Rev., Series 2011 A2, VRN, 0.05%, 12/5/13

     3,905,000       3,905,000  

JP Morgan Chase PUTTERs/DRIVERs Trust, Series 2011-4003Z, VRDN, 0.06%, 12/5/13 (LIQ FAC: JPMorgan Chase Bank N.A.)(1)

     5,000,000       5,000,000  

JP Morgan Chase PUTTERs/DRIVERs Trust, Series 2011-4005Z, VRDN, 0.13%, 12/5/13 (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, 0.14%, 12/4/13 (LOC: Wells Fargo Bank N.A.)

     2,300,000       2,300,000  

Metropolitan Water District of Southern California Rev., Series 2009 A-2, VRN, 0.05%, 12/5/13

     3,020,000       3,020,000  

Metropolitan Water District of Southern California Rev., Series 2013 E, VRN, 0.08%, 3/28/14

     4,820,000       4,820,000  

Metropolitan Water District of Southern California Rev., Series A1, VRN, 0.05%, 12/5/13

     6,440,000       6,440,000  

Pittsburg Public Financing Authority Rev., VRDN, 0.10%, 12/5/13 (LOC: Bank of the West)

     2,920,000       2,920,000  

Sacramento County Sanitation Districts Financing Authority Rev., 5.00%, 12/1/13

     1,000,000       1,000,000  

San Francisco City and County Redevelopment Agency Special Tax Rev., Series 2005 A, VRDN, 0.07%, 12/5/13 (LOC: JPMorgan Chase Bank N.A.)

     3,400,000       3,400,000  

Santa Clara County Housing Authority Rev., Series 2003 A, VRDN, 0.10%, 12/5/13 (LOC: Citibank N.A.)

     1,625,000       1,625,000  

Southern California Public Power Authority Rev., Series 2011 A, (Southern Transmission), 5.00%, 7/1/14

     5,000,000       5,137,228  

State of California Puttable Floating Options Rev., VRDN 0.12%, 12/1/13 (AGM)(LIQ FAC: Bank of America N.A.)(1)

     3,480,000       3,480,000  

State of California Rev., Series 2013 A-2, 2.00%, 6/23/14

     10,000,000       10,098,723  

Town of Apple Valley COP, (Public Facilities Financing), VRDN, 0.09%, 12/5/13 (LOC: Union Bank N.A.)

     2,170,000       2,170,000  

Town of Hillsborough COP, Series 2003 A, (Water & Sewer System), VRDN, 0.12%, 12/5/13 (SBBPA: JPMorgan Chase Bank N.A.)

     3,000,000       3,000,000  

Town of Hillsborough COP, Series 2006 A, (Water & Sewer System), VRDN, 0.12%, 12/5/13 (SBBPA: JPMorgan Chase Bank N.A.)

     8,240,000       8,240,000  

 

 
 
 

 

Victorville Joint Powers Finance Authority Lease Rev., Series 2007 A, (Cogeneration Facility), VRDN, 1.56%, 12/5/13 (LOC: BNP Paribas)

     12,475,000       12,475,000  

West Basin Municipal Water District COP, Series 2008 A1, VRDN, 0.08%, 12/4/13 (SBBPA: Citibank N.A.)

     9,500,000       9,500,000  

TOTAL MUNICIPAL SECURITIES

             229,710,833  
                 

COMMERCIAL PAPER(2) — 2.1%

                
                 

San Diego County Water Authority 0.11%, 2/5/14

     5,000,000       5,000,000  
                 

TOTAL INVESTMENT SECURITIES — 99.5%

             234,710,833  
                 

OTHER ASSETS AND LIABILITIES — 0.5%

             1,274,956  
                 

TOTAL NET ASSETS — 100.0%

           $ 235,985,789  

 

Notes to Schedule of Investments

AGM

-

Assured Guaranty Municipal Corporation

COP

-

Certificates of Participation

DRIVERs

-

Derivative Inverse Tax-Exempt Receipts

FHLB

-

Federal Home Loan Bank

FNMA

-

Federal National Mortgage Association

GO

-

General Obligation

LIQ FAC

-

Liquidity Facilities

LOC

-

Letter of Credit

PUTTERs

-

Puttable Tax-Exempt Receipts

SBBPA

-

Standby Bond Purchase Agreement

VRDN

-

Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.

VRN

-

Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.

 

(1)

Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional investors. The aggregate value of these securities at the period end was $15,070,000, which represented 6.4% of total net assets.

(2)

The rate indicated is the yield to maturity at purchase.

 

 
 
 

 

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 November 30, 2013, the cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

 

Federal tax cost of investments

$

234,710,833

  

 

 

 

 

 

 

 

 

 

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

 

 

 
 
 

 

ITEM 2. CONTROLS AND PROCEDURES. 

 

(a)

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

 

(b)

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

 

 

ITEM 3. EXHIBITS.

 

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

 

 
 
 

 

SIGNATURES

 

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

 

 

Registrant:

American Century California Tax-Free and Municipal Funds

  
       
       

By:

/s/ Jonathan S. Thomas

  
 

Name:

Jonathan S. Thomas

  
 

Title:

President

  
       

Date:

January 24, 2014

  
       

 

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

 

 

By:

/s/ Jonathan S. Thomas

  
 

Name:

Jonathan S. Thomas

  
 

Title:

President

  
   

(principal executive officer)

  
     

Date:

January 24, 2014

  

 

 

 

By:

/s/ C. Jean Wade

  
 

Name:

C. Jean Wade

  
 

Title:

Vice President, Treasurer, and

  
   

Chief Financial Officer

  
   

(principal financial officer)

  
     

Date:

January 24, 2014