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Form N-Q AMERICAN CENTURY CALIFOR For: May 31

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July 28, 2016 10:28 AM EDT
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number
811-03706
 
 
AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS
(Exact name of registrant as specified in charter)
 
 
4500 MAIN STREET, KANSAS CITY, MISSOURI
64111
(Address of principal executive offices)
(Zip Code)
 
 
CHARLES A. ETHERINGTON, 4500 MAIN STREET
KANSAS CITY, MISSOURI 64111
(Name and address of agent for service)
 
 
Registrant’s telephone number, including area code:
816-531-5575
 
 
Date of fiscal year end:
08-31
 
 
Date of reporting period:
05-31-2016


ITEM 1. SCHEDULE OF INVESTMENTS.





American Century Investments® 
Quarterly Portfolio Holdings
California High-Yield Municipal Fund
May 31, 2016









    

California High-Yield Municipal - Schedule of Investments
 
MAY 31, 2016 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 100.1%
 
 
California — 98.3%
 
 
ABAG Finance Authority for Nonprofit Corps. Rev., (Jackson Laboratory), 5.00%, 7/1/37
2,000,000
2,275,660

ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp Healthcare Obligated Group), 5.00%, 8/1/43
3,500,000
4,100,810

ABC Unified School District GO, Capital Appreciation, 0.00%, 8/1/21 (NATL)(1)
1,000,000
918,630

Alameda Community Facilities District Special Tax, 5.00%, 9/1/42
1,250,000
1,426,613

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/26
2,000,000
2,427,460

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/27 (AGM)
2,000,000
2,440,480

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/37
1,500,000
1,791,300

Alhambra Rev., (Atherton Baptist Homes), 7.50%, 1/1/30
1,480,000
1,643,954

Anaheim Public Financing Authority Rev., 5.00%, 5/1/46
4,400,000
5,195,916

Antelope Valley Healthcare District Rev., 5.00%, 3/1/26
5,000,000
5,853,550

Antelope Valley Healthcare District Rev., 5.00%, 3/1/46
5,000,000
5,366,700

Antelope Valley-East Kern Water Agency Rev., 5.00%, 6/1/35
2,320,000
2,837,267

Arcadia Unified School District GO, 5.00%, 6/1/44
5,000,000
5,859,700

Bay Area Toll Authority Rev., 5.00%, 4/1/43
1,000,000
1,178,800

Bay Area Toll Authority Rev., 5.00%, 10/1/54
2,000,000
2,353,920

Bay Area Toll Authority Rev., VRDN, 1.10%, 6/2/16
1,450,000
1,450,348

Bay Area Toll Authority Rev., VRDN, 1.50%, 6/2/16
2,500,000
2,485,075

Bay Area Toll Authority Rev., VRDN, 1.65%, 6/2/16
1,000,000
988,490

Beaumont Financing Authority Special Tax, 6.875%, 9/1/36
1,050,000
1,060,920

Beaumont Unified School District GO, Capital Appreciation, 0.00%, 8/1/40 (AGM)(1)
2,000,000
808,500

Berryessa Union School District GO, Capital Appreciation, 0.00%, 8/1/21 (AGM)(1)
1,190,000
1,084,578

Berryessa Union School District GO, Capital Appreciation, 0.00%, 8/1/22 (AGM)(1)
1,220,000
1,073,088

Berryessa Union School District GO, Capital Appreciation, 0.00%, 8/1/23 (AGM)(1)
1,000,000
845,330

California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(1)
20,000,000
1,976,000

California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 5.65%, 6/1/41
1,500,000
1,522,125

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/25
715,000
891,498

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/31 (GA: Brandman University)
1,820,000
2,090,234

California Educational Facilities Authority Rev., (Pepperdine University), 5.00%, 9/1/33
2,000,000
2,392,340

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/34
1,000,000
1,200,300

California Educational Facilities Authority Rev., (University of Redlands), 3.50%, 10/1/35
800,000
838,272

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/39
2,000,000
2,229,560

California Health Facilities Financing Authority Rev., (Children's Hospital of Orange County), 6.50%, 11/1/38 (GA: Children's Healthcare of California)
3,000,000
3,536,760

California Health Facilities Financing Authority Rev., (Dignity Health Obligated Group), 6.00%, 7/1/39
4,300,000
4,917,265

California Health Facilities Financing Authority Rev., (Hope Obligated Group), 5.00%, 11/15/39
1,910,000
2,222,075

California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), 5.00%, 8/15/26
1,020,000
1,207,384

California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), VRDN, 1.45%, 3/15/17, Prerefunded at 100% of Par(2)
1,910,000
1,922,568

California Health Facilities Financing Authority Rev., (Providence Health & Services Obligated Group), 6.50%, 10/1/18, Prerefunded at 100% of Par(2)
1,000,000
1,134,110

California Health Facilities Financing Authority Rev., (Providence Health & Services Obligated Group), 5.00%, 10/1/38
2,000,000
2,360,760

California Health Facilities Financing Authority Rev., (Scripps Health Obligated Group), 5.50%, 10/1/20
1,500,000
1,668,180

California Health Facilities Financing Authority Rev., (St. Joseph Health System Obligated Group), 5.00%, 7/1/37
445,000
522,479




California Health Facilities Financing Authority Rev., (St. Joseph Health System Obligated Group), VRDN, 5.00%, 10/18/22
2,200,000
2,665,652

California Health Facilities Financing Authority Rev., (Stanford Health Care Obligated Group), 5.00%, 8/15/51
2,500,000
2,861,725

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.25%, 8/15/31
2,030,000
2,451,631

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/35
2,000,000
2,367,940

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/43
2,880,000
3,406,291

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/52
5,000,000
5,830,000

California Health Facilities Financing Authority Rev., VRDN, 0.29%, 6/1/16 (LOC: U.S. Bank N.A.)
11,100,000
11,100,000

California Infrastructure & Economic Development Bank Rev., (Colburn School), VRDN, 1.40%, 6/2/16
2,190,000
2,193,438

California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRDN, 2.07%, 6/2/16
1,000,000
1,021,850

California Infrastructure & Economic Development Bank Rev., (Pacific Gas & Electric Co.), VRDN, 0.27%, 6/1/16 (LOC: Union Bank N.A.)
1,100,000
1,100,000

California Infrastructure & Economic Development Bank Rev., (Pacific Gas & Electric Co.), VRDN, 0.27%, 6/1/16 (LOC: Union Bank N.A.)
7,900,000
7,900,000

California Mobilehome Park Financing Authority Rev., (Millennium Housing of California), 5.50%, 12/15/41
2,000,000
2,017,340

California Municipal Finance Authority COP, (Community Hospitals of Central California Obligated Group), 5.50%, 2/1/39
1,450,000
1,605,455

California Municipal Finance Authority Rev., (American Heritage/Escondido/Heritage K-8 Charter School Obligated Group), 5.00%, 6/1/36
1,000,000
1,139,230

California Municipal Finance Authority Rev., (American Heritage/Escondido/Heritage K-8 Charter School Obligated Group), 5.00%, 6/1/46
1,000,000
1,116,610

California Municipal Finance Authority Rev., (Azusa Pacific University), 8.00%, 4/1/21, Prerefunded at 100% of Par(2)
3,335,000
4,379,322

California Municipal Finance Authority Rev., (Azusa Pacific University), 5.00%, 4/1/41
1,860,000
2,097,987

California Municipal Finance Authority Rev., (Biola University, Inc.), 5.875%, 10/1/34
1,000,000
1,079,850

California Municipal Finance Authority Rev., (Bowles Hall Foundation), 5.00%, 6/1/50
1,750,000
1,953,035

California Municipal Finance Authority Rev., (Caritas Affordable Housing, Inc.), 5.00%, 8/15/20
600,000
681,954

California Municipal Finance Authority Rev., (Caritas Affordable Housing, Inc.), 5.00%, 8/15/22
360,000
421,600

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/46
3,615,000
4,125,980

California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/35
350,000
397,397

California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/40
500,000
566,130

California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/44
300,000
338,733

California Municipal Finance Authority Rev., (Santa Rosa Academy LLC), 5.125%, 7/1/35(3)
905,000
991,618

California Municipal Finance Authority Rev., (Santa Rosa Academy LLC), 5.375%, 7/1/45(3)
1,400,000
1,542,548

California Municipal Finance Authority Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/34
950,000
1,055,241

California Municipal Finance Authority Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/40
1,750,000
1,919,487

California Pollution Control Financing Authority Rev., 5.00%, 11/21/45(3)
3,165,000
3,276,218

California Pollution Control Financing Authority Rev., (Pacific Gas & Electric Co.), VRDN, 0.35%, 6/1/16 (LOC: TD Bank N.A.)
3,600,000
3,600,000

California School Finance Authority Rev., (52nd & Crenshaw LLC), 6.00%, 10/1/49
700,000
771,897

California School Finance Authority Rev., (Alliance College-Ready Public Schools Facilities Corp.), 5.00%, 7/1/45(3)
5,000,000
5,453,100

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/27(3)
500,000
588,040

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/28(3)
685,000
800,190

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/29(3)
795,000
925,205

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/30(3)
400,000
464,120

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/31(3)
500,000
577,115

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/40(3)
1,000,000
1,137,090

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/46(3)
1,000,000
1,129,470

California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.00%, 6/1/26(3)
1,265,000
1,294,348

California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.50%, 6/1/31(3)
1,000,000
1,025,940

California School Finance Authority Rev., (Downtown College Prep Obligated Group), 5.00%, 6/1/46(3)
2,325,000
2,399,772

California School Finance Authority Rev., (Downtown College Prep Obligated Group), 5.00%, 6/1/51(3)
2,000,000
2,057,080




California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/45(3)
3,500,000
3,803,310

California School Finance Authority Rev., (Klare Holdings), 4.125%, 7/1/24
475,000
515,432

California School Finance Authority Rev., (Klare Holdings), 5.00%, 7/1/34
500,000
554,465

California School Finance Authority Rev., (Klare Holdings), 5.125%, 7/1/44
700,000
768,901

California School Finance Authority Rev., (Klare Holdings), 5.00%, 7/1/45(3)
1,650,000
1,811,848

California School Finance Authority Rev., (Launchpad Development Obligated Group), 5.00%, 6/1/21(3)
400,000
438,544

California School Finance Authority Rev., (Launchpad Development Obligated Group), 5.00%, 6/1/26(3)
500,000
557,190

California School Finance Authority Rev., (Launchpad Development Obligated Group), 5.00%, 6/1/31(3)
870,000
938,147

California School Finance Authority Rev., (Launchpad Development Obligated Group), 5.00%, 6/1/36(3)
1,000,000
1,058,140

California School Finance Authority Rev., (Launchpad Development Obligated Group), 5.00%, 6/1/46(3)
2,100,000
2,186,940

California State Public Works Board Rev., 5.00%, 3/1/17
1,000,000
1,032,870

California State Public Works Board Rev., 4.00%, 11/1/17
1,235,000
1,292,872

California State Public Works Board Rev., 5.00%, 9/1/22, Prerefunded at 100% of Par(2)
500,000
612,435

California State Public Works Board Rev., 5.00%, 9/1/23, Prerefunded at 100% of Par(2)
1,500,000
1,881,780

California State Public Works Board Rev., 5.00%, 4/1/25
1,500,000
1,807,755

California State Public Works Board Rev., 5.75%, 10/1/30
2,000,000
2,316,180

California State Public Works Board Rev., 5.75%, 10/1/31
1,000,000
1,229,710

California State Public Works Board Rev., 5.00%, 12/1/31
975,000
1,158,476

California State Public Works Board Rev., 6.00%, 3/1/35
1,250,000
1,475,238

California State Public Works Board Rev., 5.00%, 4/1/37
5,465,000
6,333,935

California State Public Works Board Rev., 5.00%, 11/1/38
2,350,000
2,819,318

California State Public Works Board Rev., 5.00%, 9/1/39
7,000,000
8,354,570

California Statewide Communities Development Authority Rev., (899 Charleston LLC), 5.25%, 11/1/44
1,500,000
1,607,895

California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/35
1,785,000
2,150,943

California Statewide Communities Development Authority Rev., (American Baptist Homes of the West Obligated Group), 5.00%, 10/1/43 (GA: American Baptist Homes Foundation)
1,200,000
1,342,224

California Statewide Communities Development Authority Rev., (American Baptist Homes of the West Obligated Group), 5.00%, 10/1/45
2,400,000
2,755,488

California Statewide Communities Development Authority Rev., (be.group), 7.25%, 11/15/41(3)
2,500,000
2,913,750

California Statewide Communities Development Authority Rev., (California Baptist University), 5.50%, 11/1/38
7,000,000
7,233,030

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 3.50%, 5/15/36
5,735,000
5,847,234

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/40
1,000,000
1,183,300

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/34
1,500,000
1,753,155

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/44
2,760,000
3,197,543

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.25%, 11/1/30
1,250,000
1,434,288

California Statewide Communities Development Authority Rev., (Episcopal Communities & Services for Seniors), 5.00%, 5/15/42
1,500,000
1,673,310

California Statewide Communities Development Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.25%, 10/1/43 (AGM)
1,000,000
1,178,090

California Statewide Communities Development Authority Rev., (Independence Support LLC), 7.00%, 6/1/45
7,000,000
7,066,430

California Statewide Communities Development Authority Rev., (Kaiser Credit Group), 5.25%, 8/1/31
4,000,000
4,027,760

California Statewide Communities Development Authority Rev., (Kaiser Credit Group), 5.00%, 4/1/42
6,000,000
6,927,240

California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 5.625%, 6/1/33
2,500,000
2,574,775

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/26(3)
1,000,000
1,184,980

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36(3)
1,000,000
1,128,350

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/41(3)
1,000,000
1,114,920




California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/44
5,000,000
5,615,100

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/46(3)
3,000,000
3,334,110

California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/56(3)
8,250,000
9,310,785

California Statewide Communities Development Authority Rev., (Los Angeles Jewish Home for the Aging Obligated Group), 3.00%, 8/1/21 (GA: Jewish Home Foundation/California Mortgage Insurance)
1,300,000
1,309,841

California Statewide Communities Development Authority Rev., (Southern California Edison Co.), VRDN, 1.375%, 4/2/18
4,350,000
4,381,146

California Statewide Communities Development Authority Rev., (Sutter Health Obligated Group), 5.05%, 8/15/38 (AGM)
1,650,000
1,755,798

California Statewide Communities Development Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/41
1,100,000
1,252,614

California Statewide Communities Development Authority Special Assessment, 2.70%, 9/2/22
345,000
350,230

California Statewide Communities Development Authority Special Assessment, 3.00%, 9/2/23
355,000
362,235

California Statewide Communities Development Authority Special Assessment, 3.00%, 9/2/24
365,000
373,709

California Statewide Communities Development Authority Special Assessment, 5.00%, 9/2/35
1,920,000
2,169,600

California Statewide Communities Development Authority Special Assessment, 5.00%, 9/2/45
3,810,000
4,235,920

California Statewide Communities Development Authority Special Tax, 5.00%, 9/1/36
1,000,000
1,123,210

California Statewide Communities Development Authority Special Tax, 5.00%, 9/1/37
4,515,000
5,072,557

California Statewide Communities Development Authority Special Tax, 5.00%, 9/1/45
1,500,000
1,634,310

Carson Redevelopment Agency Successor Agency Tax Allocation, 7.00%, 10/1/36
2,000,000
2,369,040

Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/29 (AGM)
1,250,000
1,507,863

Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/30 (AGM)
1,315,000
1,580,564

Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/31 (AGM)
1,380,000
1,651,391

Chaffey Joint Union High School District GO, 5.00%, 8/1/32
2,000,000
2,431,460

Chula Vista Rev., (San Diego Gas & Electric Co.), 5.875%, 1/1/34
1,000,000
1,138,760

Clovis Unified School District GO, 5.00%, 8/1/38
3,000,000
3,598,050

Corcoran COP, 8.75%, 6/1/16 (Acquired 4/28/92, cost $110,000)(4)
110,000
110,000

Corona-Norca Unified School District Special Tax, 4.00%, 9/1/45
2,000,000
2,081,920

Del Mar Race Track Authority Rev., 5.00%, 10/1/29
1,010,000
1,140,593

Del Mar Race Track Authority Rev., 5.00%, 10/1/35
2,000,000
2,248,800

Dixon Special Tax, 5.00%, 9/1/45
4,780,000
5,227,456

Duarte Unified School District GO, Capital Appreciation, 0.00%, 11/1/23 (AGM)(1)
1,150,000
970,704

Eastern Municipal Water District COP, 5.00%, 7/1/33
4,000,000
4,341,200

Eastern Municipal Water District Special Tax, 5.00%, 9/1/36
3,575,000
4,096,485

Emeryville Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/31 (AGM)
590,000
707,103

Emeryville Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/34 (AGM)
1,000,000
1,187,750

Escondido Joint Powers Financing Authority Rev., 5.00%, 9/1/31
1,355,000
1,601,407

Fairfield Redevelopment Agency Tax Allocation, 4.00%, 8/1/16
1,000,000
1,005,670

Foothill-De Anza Community College District GO, Capital Appreciation, 0.00%, 8/1/21 (NATL)(1)
3,000,000
2,762,130

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/42(1)
6,000,000
2,134,980

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/42(5)
2,200,000
1,866,084

Foothill-Eastern Transportation Corridor Agency Rev., 6.50%, 1/15/43
4,000,000
4,806,920

Foothill-Eastern Transportation Corridor Agency Rev., 6.00%, 1/15/49
27,500,000
32,814,100

Foothill-Eastern Transportation Corridor Agency Rev., VRDN, 5.50%, 1/15/23
3,750,000
4,458,562

Fremont Community Facilities District No. 1 Special Tax, 5.00%, 9/1/40
3,000,000
3,396,720

Fremont Community Facilities District No. 1 Special Tax, 5.00%, 9/1/45
2,000,000
2,257,120

Golden State Tobacco Securitization Corp. Rev., 4.50%, 6/1/27
4,650,000
4,688,223

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/29
1,500,000
1,802,715

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/33
3,000,000
3,019,680

Golden State Tobacco Securitization Corp. Rev., 5.30%, 6/1/37
3,000,000
3,050,820




Golden State Tobacco Securitization Corp. Rev., 5.125%, 6/1/47
15,400,000
15,400,154

Golden State Tobacco Securitization Corp. Rev., 5.75%, 6/1/47
18,805,000
19,022,950

Grossmont Union High School District GO, 5.00%, 8/1/43
1,225,000
1,444,116

Hayward Area Recreation and Park District COP, 5.125%, 1/1/39
1,500,000
1,729,560

Hayward Unified School District GO, 4.00%, 8/1/17 (AGM)
1,650,000
1,711,760

Hemet Unified School District Financing Authority Special Tax, 5.00%, 9/1/34
350,000
401,856

Hemet Unified School District Financing Authority Special Tax, 5.00%, 9/1/39
2,100,000
2,383,542

Hesperia Special Tax, 5.00%, 9/1/29
1,060,000
1,194,058

Hesperia Special Tax, 5.00%, 9/1/35
2,690,000
2,961,959

Hesperia Public Financing Authority Tax Allocation, 5.50%, 9/1/32 (XLCA)
3,000,000
3,079,620

Hesperia Public Financing Authority Tax Allocation, 5.50%, 9/1/37 (XLCA)
2,025,000
2,072,992

Huntington Beach Community Facilities District Special Tax, 5.375%, 9/1/33
1,700,000
1,972,034

Imperial Irrigation District Electric System Rev. Rev., 5.00%, 11/1/36
4,000,000
4,889,160

Independent Cities Finance Authority Rev., (Augusta Communities LLC), 5.00%, 5/15/39
2,500,000
2,713,975

Independent Cities Finance Authority Rev., (Millennium Housing Corp.), 5.00%, 9/15/36
1,000,000
1,060,940

Independent Cities Finance Authority Rev., (Millennium Housing Corp.), 5.00%, 9/15/36
1,500,000
1,626,240

Independent Cities Finance Authority Rev., (Millennium Housing LLC), 6.75%, 8/15/46
2,500,000
2,921,000

Independent Cities Finance Authority Rev., (Millennium Housing LLC), 5.00%, 10/15/47
5,000,000
5,404,700

Independent Cities Lease Finance Authority Rev., (Millennium Housing of California), 5.70%, 11/15/47
3,430,000
3,528,029

Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37
1,110,000
1,308,390

Inland Valley Development Agency Tax Allocation, 5.00%, 9/1/44
2,680,000
3,056,031

Irvine Special Assessment, 5.00%, 9/2/24
700,000
827,176

Irvine Special Assessment, 5.00%, 9/2/26
600,000
700,278

Irvine Special Assessment, 5.00%, 9/2/29
700,000
816,914

Irvine Special Assessment, 5.00%, 9/2/30
350,000
407,435

Irvine Special Assessment, 5.00%, 9/2/42
1,500,000
1,695,870

Irvine Special Tax, 5.00%, 9/1/49
4,500,000
5,090,310

Irvine Unified School District Special Tax, 6.70%, 9/1/35
515,000
599,336

Jurupa Community Services District Special Tax, 8.875%, 9/1/18, Prerefunded at 100% of Par(2)
2,000,000
2,364,560

Jurupa Community Services District Special Tax, 5.00%, 9/1/37
250,000
278,593

Jurupa Community Services District Special Tax, 5.00%, 9/1/42
1,000,000
1,110,350

Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/31
1,100,000
1,311,046

Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/42
1,000,000
1,143,590

Kaweah Delta Health Care District Rev., 4.00%, 6/1/45
4,690,000
4,953,203

La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/36
1,100,000
1,203,455

Lake Elsinore Public Financing Authority Special Tax, 5.00%, 9/1/40
2,380,000
2,664,553

Lammersville Joint Unified School District Special Tax, 6.00%, 9/1/43
1,250,000
1,513,325

Long Beach Bond Finance Authority Rev., 5.50%, 11/15/37 (GA: Merrill Lynch & Co.)
1,150,000
1,517,782

Long Beach Marina System Rev. (Alamitos Bay Marina Project), 5.00%, 5/15/45
5,245,000
5,931,413

Los Alamitos Unified School District COP, Capital Appreciation, 0.00%, 8/1/42(5)
1,300,000
1,127,776

Los Angeles Community College District GO, 5.00%, 8/1/18, Prerefunded at 100% of Par(2)
2,000,000
2,183,900

Los Angeles Community Facilities District Special Tax, 6.40%, 9/1/22
995,000
1,005,756

Los Angeles County COP, 5.00%, 3/1/23
1,000,000
1,221,380

Los Angeles County Regional Financing Authority Rev., (MonteCedro, Inc.), 3.00%, 11/15/20 (California Mortgage Insurance)
90,000
90,204

Los Angeles County Regional Financing Authority Rev., (MonteCedro, Inc.), 3.00%, 11/15/21 (California Mortgage Insurance)
475,000
476,074

Los Angeles County Schools COP, 4.00%, 6/1/18 (AGM)
1,650,000
1,744,627

Los Angeles County Schools COP, 5.00%, 6/1/19 (AGM)
1,200,000
1,339,368

Los Angeles County Schools COP, 5.00%, 6/1/20 (AGM)
1,305,000
1,495,439




Los Angeles County Schools COP, 5.00%, 6/1/21 (AGM)
1,895,000
2,225,829

Los Angeles Department of Airports Rev., 5.00%, 5/15/40
2,000,000
2,274,300

Los Angeles Department of Water & Power Rev., 5.00%, 7/1/30
3,500,000
4,267,655

Los Angeles Department of Water & Power Rev., VRDN, 0.27%, 6/1/16 (SBBPA: Citibank N.A.)
11,850,000
11,850,000

Los Angeles Unified School District COP, 5.00%, 10/1/29
350,000
417,382

Los Angeles Unified School District GO, 5.00%, 7/1/18
3,335,000
3,628,880

Los Angeles Unified School District GO, 5.00%, 7/1/24
3,430,000
4,089,555

Los Angeles Unified School District GO, 5.00%, 7/1/30
1,155,000
1,425,027

Los Angeles Wastewater System Rev., 5.00%, 6/1/32
3,000,000
3,594,660

M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup, Inc.)
1,700,000
2,550,646

M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup, Inc.)
4,000,000
5,768,080

Menifee Union School District Public Financing Authority Special Tax, 5.00%, 9/1/26
755,000
917,166

Menifee Union School District Public Financing Authority Special Tax, 4.00%, 9/1/27
420,000
462,122

Menifee Union School District Public Financing Authority Special Tax, 5.00%, 9/1/28
325,000
386,393

Modesto Irrigation District COP, 6.00%, 10/1/39
3,000,000
3,405,570

Montebello Community Redevelopment Agency Successor Agency Tax Allocation, 8.10%, 3/1/18, Prerefunded at 100% of Par(2)
2,000,000
2,257,140

Moorpark Rev., (Villa del Arroyo Moorpark LLC), 6.50%, 5/15/41
4,000,000
4,626,200

Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/34(6)
1,600,000
1,784,656

Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/35(6)
2,000,000
2,217,420

Murrieta Financing Authority Special Tax, 5.00%, 9/1/31
1,735,000
1,970,492

Northern California Power Agency Rev., 5.00%, 7/1/31
1,090,000
1,288,075

Norwalk-La Mirada Unified School District GO, Capital Appreciation, 0.00%, 8/1/38 (AGC)(1)
10,000,000
4,383,900

Oakland Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/16, Prerefunded at 100% of Par (Ambac)(2)
5,000,000
5,055,800

Oakland Unified School District/Alameda County GO, 6.125%, 8/1/29
2,500,000
2,845,325

Oakland Unified School District/Alameda County GO, 5.50%, 8/1/32
2,150,000
2,556,995

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/35
1,200,000
1,408,908

Oakland Unified School District/Alameda County GO, 6.625%, 8/1/38
770,000
941,556

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/40
3,750,000
4,376,475

Ohlone Community College District GO, 5.00%, 8/1/31
3,000,000
3,496,260

Orange Community Facilities District Special Tax, 5.00%, 10/1/40 (AGM)
2,000,000
2,330,520

Orange County Community Facilities District Special Tax, 5.25%, 8/15/45
4,000,000
4,663,040

Orange County Transportation Authority Rev., 5.00%, 8/15/30
2,400,000
2,897,616

Orange County Water District Rev., 5.00%, 8/15/33
1,900,000
2,310,533

Oxnard Financing Authority Rev., 5.00%, 6/1/33 (AGM)
2,095,000
2,485,990

Oxnard Financing Authority Rev., 5.00%, 6/1/34 (AGM)
2,750,000
3,252,260

Palm Springs Financing Authority Rev., 5.00%, 6/1/35
4,000,000
4,638,520

Palomar Health COP, 5.50%, 11/1/19
5,000,000
5,441,100

Palomar Health COP, 6.75%, 11/1/39
2,750,000
3,074,362

Paramount Unified School District GO, Capital Appreciation, 0.00%, 8/1/51 (BAM)(1)
12,500,000
1,413,000

Patterson Joint Unified School District GO, Capital Appreciation, 0.00%, 3/1/49 (AGM)(1)
8,160,000
2,488,800

Perris Union High School District Special Tax, 5.00%, 9/1/41
2,000,000
2,250,540

Pleasant Valley School District/Ventura County GO, 5.85%, 8/1/31 (NATL)
4,835,000
5,999,993

Poway Unified School District Rev., 7.875%, 9/15/39
3,760,000
4,400,854

Poway Unified School District Special Tax, 5.00%, 9/1/36
585,000
651,555

Poway Unified School District Special Tax, 3.375%, 9/1/42(6)
2,500,000
2,489,700

Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/34
1,000,000
1,164,260

Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/35
1,000,000
1,160,170

Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/36
1,250,000
1,446,925




Rancho Cordova Community Facilities District Special Tax, 5.00%, 9/1/40
1,195,000
1,320,941

Rancho Cordova Community Facilities District Special Tax, 5.00%, 9/1/45
1,250,000
1,389,700

Redwood City Redevelopment Agency Successor Agency Tax Allocation, Capital Appreciation, 0.00%, 7/15/28
(Ambac)(1)
3,405,000
2,289,726

Rio Elementary School District Community Facilities District Special Tax, 5.00%, 9/1/35
2,550,000
2,899,528

Rio Elementary School District Community Facilities District Special Tax, 5.50%, 9/1/39
1,785,000
2,023,155

River Islands Public Financing Authority Special Tax, 5.50%, 9/1/45
1,500,000
1,652,220

River Islands Public Financing Authority Special Tax, 5.50%, 9/1/45
5,000,000
5,507,400

Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/30
1,035,000
1,164,044

Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/35
2,520,000
2,789,514

Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/40
2,250,000
2,446,402

Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/42
3,000,000
3,231,870

Riverside County Community Facilities Districts Special Tax, 5.00%, 9/1/44
2,735,000
2,962,661

Riverside County Public Financing Authority Tax Allocation, 4.00%, 10/1/36 (BAM)
2,500,000
2,721,250

Riverside County Redevelopment Successor Agency Tax Allocation, 6.25%, 10/1/30
2,200,000
2,602,996

Riverside County Transportation Commission Rev., 5.25%, 6/1/39
800,000
980,176

Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/41(1)
2,000,000
717,340

Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/42(1)
3,320,000
1,128,501

Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/43(1)
5,000,000
1,588,600

Riverside County Transportation Commission Rev., 5.75%, 6/1/44
500,000
587,615

Riverside Sewer Rev., 5.00%, 8/1/40
2,000,000
2,366,940

Romoland School District Special Tax, 5.00%, 9/1/35
4,685,000
5,354,018

Romoland School District Special Tax, 5.00%, 9/1/38
2,900,000
3,287,614

Romoland School District Special Tax, 5.00%, 9/1/43
2,640,000
2,890,325

Roseville Special Tax, 5.00%, 9/1/37
1,250,000
1,431,013

Roseville Special Tax, 6.125%, 9/1/38
2,600,000
2,751,476

Roseville Special Tax, 5.00%, 9/1/44
1,650,000
1,790,629

Roseville Electric System Rev., 5.00%, 2/1/37
925,000
1,035,778

Sacramento County Special Tax, 5.00%, 9/1/40(6)
1,000,000
1,162,890

Sacramento County Special Tax, 5.00%, 9/1/45(6)
1,500,000
1,738,170

Sacramento County Special Tax, 5.00%, 9/1/46(6)
2,385,000
2,674,658

Sacramento County Airport System Rev. (Grant Revenue Bonds), 6.00%, 7/1/35
4,000,000
4,407,800

Sacramento Municipal Utility District Rev., 5.00%, 8/15/31
625,000
750,269

Sacramento Municipal Utility District Rev., 5.00%, 8/15/33
1,000,000
1,200,430

Sacramento Regional Transit District Rev., 5.00%, 3/1/42
1,300,000
1,465,061

Sacramento Transportation Authority Rev., 5.00%, 10/1/24
1,055,000
1,299,855

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 2.00%, 12/1/17 (AGM)
2,675,000
2,720,020

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/21 (AGM)
3,900,000
4,614,207

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/23 (AGM)
2,425,000
2,972,371

San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41
9,350,000
11,562,210

San Clemente Special Tax, 5.00%, 9/1/46
2,000,000
2,273,880

San County Bernardino Special Tax, 5.00%, 9/1/33
3,000,000
3,363,240

San County Diego Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25
835,000
1,056,108

San County Diego Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/26
525,000
657,935

San County Diego Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30
725,000
886,784

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/24
300,000
366,588

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/25
955,000
1,156,333

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/26
500,000
599,340

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/43
2,500,000
2,873,625

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/44
1,500,000
1,718,520




San Diego County Water Authority Financing Corp. Rev., 5.00%, 5/1/33
1,500,000
1,795,650

San Diego Public Facilities Financing Authority Rev., 5.00%, 4/15/37
2,000,000
2,266,780

San Diego Public Facilities Financing Authority Rev., 5.00%, 10/15/44
2,660,000
3,187,904

San Diego Public Facilities Financing Authority Water Rev., 5.00%, 8/1/30
2,000,000
2,421,300

San Diego Redevelopment Agency Successor Agency Tax Allocation, 7.00%, 11/1/39
3,000,000
3,578,280

San Diego Unified Port District Rev., 5.00%, 9/1/26
750,000
897,953

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.25%, 5/1/18, Prerefunded at 100% of Par(2)
3,000,000
3,262,110

San Francisco City & County Redevelopment Agency Special Tax, Capital Appreciation, 0.00%, 8/1/43(1)
5,500,000
1,270,005

San Francisco City & County Redevelopment Agency Tax Allocation, 6.625%, 8/1/19, Prerefunded at 100% of Par(2)
2,000,000
2,360,180

San Francisco City & County Redevelopment Agency Tax Allocation, 6.75%, 2/1/21, Prerefunded at 100% of Par(2)
1,000,000
1,255,000

San Francisco City & County Redevelopment Agency Tax Allocation, 7.00%, 2/1/21, Prerefunded at 100% of Par(2)
1,250,000
1,581,613

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/33
780,000
917,545

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/43
1,000,000
1,154,840

San Gorgonio Memorial Health Care District GO, 4.00%, 8/1/17
435,000
451,230

San Gorgonio Memorial Health Care District GO, 4.00%, 8/1/18
515,000
548,789

San Gorgonio Memorial Health Care District GO, 5.00%, 8/1/20
1,000,000
1,150,810

San Gorgonio Memorial Health Care District GO, 5.00%, 8/1/21
275,000
323,670

San Jacinto Community Facilities District Special Tax, 5.00%, 9/1/32
450,000
520,281

San Jacinto Community Facilities District Special Tax, 5.00%, 9/1/33
280,000
322,146

San Jacinto Community Facilities District Special Tax, 5.00%, 9/1/34
335,000
383,960

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/25 (NATL)(1)
3,090,000
2,408,655

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/29 (NATL)(1)
165,000
106,088

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/31 (NATL)(1)
16,000,000
9,387,520

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/32 (NATL)(1)
290,000
162,304

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/36 (NATL)(1)
1,335,000
627,944

San Joaquin Hills Transportation Corridor Agency Rev., 5.25%, 1/15/44
6,000,000
6,704,400

San Jose Airport Rev., 5.25%, 3/1/34
2,605,000
3,004,242

San Mateo Special Tax, 6.00%, 9/1/42
500,000
575,750

San Mateo Special Tax, 5.50%, 9/1/44
2,250,000
2,546,820

Santa Barbara Secondary High School District GO, 0.00%, 8/1/36(1)
10,000,000
4,858,200

Santa Barbara Secondary High School District GO, 0.00%, 8/1/40(1)
3,795,000
1,591,965

Santa Cruz County Redevelopment Agency Tax Allocation, 7.00%, 9/1/36
3,000,000
3,552,540

Santa Margarita Water District Special Tax, 5.625%, 9/1/43
1,250,000
1,431,913

Santaluz Community Facilities District No. 2 Special Tax, 5.10%, 9/1/21, Prerefunded at 103% of Par(2)
465,000
521,460

Saugus-Castaic School Facilities Financing Authority Special Tax, 6.00%, 9/1/43
1,480,000
1,724,644

Saugus/Hart School Facilities Financing Authority Special Tax, 5.00%, 9/1/41
1,235,000
1,404,714

Saugus/Hart School Facilities Financing Authority Special Tax, 5.00%, 9/1/46
1,250,000
1,417,875

Silicon Valley Tobacco Securitization Authority Rev., Capital Appreciation, 0.00%, 6/1/36(1)
12,000,000
3,957,240

Silicon Valley Tobacco Securitization Authority Rev., Capital Appreciation, 0.00%, 6/1/41(1)
5,000,000
1,147,500

South Placer Wastewater Authority Rev., VRN, 0.73%, 6/2/16
2,985,000
2,969,508

Southern California Public Power Authority Rev., 5.25%, 11/1/19 (GA: Goldman Sachs & Co.)
2,445,000
2,767,569

Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs & Co.)
3,755,000
4,663,447

Southern Mono Health Care District GO, Capital Appreciation, 0.00%, 8/1/26 (NATL)(1)
1,800,000
1,203,390

Southwestern Community College District GO, Capital Appreciation, 0.00%, 8/1/46(1)
5,425,000
1,811,624

State of California GO, 4.00%, 9/1/17
10,000,000
10,420,900

State of California GO, 5.00%, 11/1/19
5,000,000
5,679,100

State of California GO, 5.25%, 2/1/30
5,000,000
5,999,800

State of California GO, 5.00%, 2/1/38
4,635,000
5,495,534

State of California GO, 6.00%, 4/1/38
5,000,000
5,710,200




State of California GO, 5.00%, 2/1/43
5,650,000
6,656,491

State of California GO, VRDN, 0.27%, 6/1/16 (LOC: Citibank N.A.)
4,700,000
4,700,000

State of California GO, VRDN, 4.00%, 12/1/16
2,000,000
2,000,000

State of California GO, VRN, 1.30%, 6/2/16
2,000,000
2,012,160

State of California GO, VRN, 1.40%, 6/2/16
800,000
806,768

State of California GO, VRN, 1.55%, 6/2/16
960,000
974,842

Stockton Public Financing Authority Rev., 5.00%, 9/1/28 (BAM)
2,215,000
2,687,327

Stockton Public Financing Authority Rev., 5.00%, 9/1/29 (BAM)
1,750,000
2,113,860

Stockton Public Financing Authority Rev., 6.25%, 10/1/40
1,750,000
2,195,147

Stockton Unified School District GO, 5.00%, 8/1/31
4,620,000
5,606,231

Stockton Unified School District GO, 5.00%, 8/1/42 (AGM)
705,000
823,666

Sunnyvale Special Tax, 7.75%, 8/1/32
6,500,000
6,516,770

Susanville Public Financing Authority Rev., 6.00%, 6/1/45
3,000,000
3,347,100

Sutter Union High School District GO, Capital Appreciation, 0.00%, 6/1/50 (BAM)(1)
2,935,000
730,345

Sweetwater Union High School District GO, 4.00%, 8/1/42
5,000,000
5,447,400

Tahoe-Truckee Unified School District GO, Capital Appreciation, 0.00%, 8/1/22 (NATL)(1)
2,690,000
2,373,548

Tahoe-Truckee Unified School District GO, Capital Appreciation, 0.00%, 8/1/23 (NATL)(1)
2,220,000
1,895,347

Tejon Ranch Public Facilities Finance Authority Special Tax, 5.00%, 9/1/45
4,000,000
4,480,480

Tobacco Securitization Authority of Northern California Rev., (Sacramento County Tobacco Securitization Corp.), 5.50%, 6/1/45
2,000,000
1,999,860

Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 5.00%, 6/1/37
2,250,000
2,249,887

Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 5.125%, 6/1/46
6,750,000
6,749,595

Tracy Community Facilities District No. 2006-01 Special Tax, 5.75%, 9/1/36
3,105,000
3,109,378

Tracy Public Financing Authority Special Tax, 4.00%, 9/2/18
1,900,000
2,015,786

Tracy Public Financing Authority Special Tax, 5.00%, 9/2/19
2,285,000
2,546,084

Tracy Public Financing Authority Special Tax, 5.00%, 9/2/20
2,100,000
2,392,908

Tri-Dam Power Authority Rev., 4.00%, 11/1/16
2,165,000
2,185,784

Tulare Sewer Rev., 5.00%, 11/15/22 (AGM)
500,000
608,885

Tulare Sewer Rev., 5.00%, 11/15/24 (AGM)
500,000
629,050

Tulare Sewer Rev., 5.00%, 11/15/25 (AGM)
400,000
507,800

Tuolumne Wind Project Authority Rev., 5.875%, 1/1/29
2,000,000
2,252,940

Turlock Public Financing Authority Tax Allocation, 7.50%, 9/1/39
2,770,000
3,460,810

Tustin Community Facilities District Special Tax, 6.00%, 9/1/17, Prerefunded at 100% of Par(2)
4,945,000
5,268,700

Tustin Community Facilities District Special Tax, 6.00%, 9/1/17, Prerefunded at 100% of Par(2)
1,300,000
1,385,098

Tustin Community Facilities District Special Tax, 5.00%, 9/1/37
3,330,000
3,870,159

Tustin Community Facilities District Special Tax, 5.00%, 9/1/40
1,100,000
1,249,116

Tustin Community Facilities District Special Tax, 5.00%, 9/1/45
2,200,000
2,488,860

Tustin Public Financing Authority Rev., 5.00%, 4/1/43
1,000,000
1,163,780

Tustin Unified School District Special Tax, 5.75%, 9/1/30
1,000,000
1,123,640

Tustin Unified School District Special Tax, 6.00%, 9/1/40
1,500,000
1,743,675

Twin Rivers Unified School District COP, VRDN, 3.20%, 6/1/20 (AGM)
1,750,000
1,752,677

Twin Rivers Unified School District COP, VRDN, 3.20%, 6/1/20 (AGM)
1,000,000
1,001,530

University of California Rev., 5.00%, 5/15/37
5,000,000
5,886,050

Val Verde Unified School District Special Tax, 5.00%, 9/1/37
1,750,000
1,963,097

Ventura County Community College District GO, 5.50%, 8/1/18, Prerefunded at 100% of Par(2)
1,600,000
1,765,744

Washington Township Health Care District Rev., 5.00%, 7/1/26
400,000
477,760

Washington Township Health Care District Rev., 3.25%, 7/1/27
1,000,000
1,032,620

Washington Township Health Care District Rev., 3.50%, 7/1/28
750,000
784,478

Washington Township Health Care District Rev., 3.75%, 7/1/29
1,000,000
1,046,650




Whittier Rev., (Presbyterian Intercommunity Hospital Obligated Group), 5.00%, 6/1/44
3,500,000
4,022,760

Yosemite Community College District GO, Capital Appreciation, 0.00%, 8/1/16 (AGM)(1)
3,545,000
3,541,845

Yuba City Unified School District GO, Capital Appreciation, 0.00%, 3/1/25 (NATL)(1)
1,500,000
1,197,615

 
 
1,064,010,529

Guam — 1.3%
 
 
Guam Government GO, 7.00%, 11/15/19, Prerefunded at 100% of Par(2)
7,230,000
8,718,296

Guam Government Rev., 5.125%, 1/1/42
1,000,000
1,115,820

Guam Government Power Authority Rev., 5.00%, 10/1/34
850,000
943,738

Guam Government Waterworks Authority Rev., 5.00%, 1/1/46
3,000,000
3,476,190

 
 
14,254,044

U.S. Virgin Islands — 0.5%
 
 
Virgin Islands Public Finance Authority Rev., 5.00%, 9/1/33(3)
2,500,000
2,916,550

Virgin Islands Public Finance Authority Rev., 6.75%, 10/1/37
2,000,000
2,256,120

 
 
5,172,670

TOTAL INVESTMENT SECURITIES — 100.1%
(Cost $985,357,716)
 
1,083,437,243

OTHER ASSETS AND LIABILITIES — (0.1)%
 
(846,063)

TOTAL NET ASSETS — 100.0%
 
$
1,082,591,180


NOTES TO SCHEDULE OF INVESTMENTS
AGC
-
Assured Guaranty Corporation
AGM
-
Assured Guaranty Municipal Corporation
BAM
-
Build America Mutual Assurance Company
COP
-
Certificates of Participation
GA
-
Guaranty Agreement
GO
-
General Obligation
LOC
-
Letter of Credit
NATL
-
National Public Finance Guarantee Corporation
SBBPA
-
Standby Bond Purchase Agreement
VRDN
-
Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
VRN
-
Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.
XLCA
-
XL Capital Ltd.
(1)
Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(2)
Escrowed to maturity in U.S. government securities or state and local government securities.
(3)
Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $56,359,418, which represented 5.2% of total net assets.
(4)
Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $110,000, which represented less than 0.05% of total net assets.
(5)
Coupon rate adjusts periodically based upon a predetermined schedule. Interest reset date is indicated. Rate shown is effective at the period end.
(6)
When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.






SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

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

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

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

2. Fair Value Measurements

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

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

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

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

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

As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

3. Federal Tax Information

As of May 31, 2016, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments
$
985,357,716

Gross tax appreciation of investments
$
98,112,326

Gross tax depreciation of investments
(32,799
)
Net tax appreciation (depreciation) of investments
$
98,079,527



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


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



American Century Investments® 
Quarterly Portfolio Holdings
California Intermediate-Term Tax-Free Bond Fund
May 31, 2016









    

California Intermediate-Term Tax-Free Bond - Schedule of Investments
 
MAY 31, 2016 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 100.6%
 
 
California — 100.5%
 
 
ABAG Finance Authority for Nonprofit Corps. Rev., (Jackson Laboratory), 4.00%, 7/1/16
270,000
270,745

ABAG Finance Authority for Nonprofit Corps. Rev., (Jackson Laboratory), 5.00%, 7/1/17
1,000,000
1,044,090

ABAG Finance Authority for Nonprofit Corps. Rev., (Jackson Laboratory), 5.00%, 7/1/18
500,000
540,480

ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp Healthcare Obligated Group), 6.00%, 8/1/30
2,500,000
3,056,425

ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp Healthcare Obligated Group), 5.00%, 8/1/33
1,450,000
1,725,369

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/20
3,010,000
3,505,025

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/22
1,000,000
1,204,820

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/24
2,000,000
2,465,980

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/25
500,000
625,430

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/36
3,000,000
3,588,540

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/37
500,000
597,100

Alameda Corridor Transportation Authority Rev. Capital Appreciation, 0.00%, 10/1/35 (NATL)(1)
9,000,000
4,588,560

Alum Rock Union Elementary School District GO, 6.00%, 8/1/39
1,500,000
1,913,280

Anaheim Public Financing Authority Rev., 5.00%, 10/1/23
1,200,000
1,484,292

Anaheim Public Financing Authority Rev., 5.00%, 10/1/24
2,275,000
2,798,318

Anaheim Public Financing Authority Rev., 5.00%, 5/1/25
1,000,000
1,235,980

Anaheim Public Financing Authority Rev., 5.00%, 5/1/28
1,100,000
1,346,510

Anaheim Public Financing Authority Rev., 5.00%, 5/1/29
1,250,000
1,523,975

Anaheim Public Financing Authority Rev., 5.00%, 5/1/34
1,360,000
1,639,657

Anaheim Public Financing Authority Rev., 5.375%, 10/1/36
700,000
823,144

Anaheim Public Financing Authority Rev., 5.00%, 5/1/39
1,550,000
1,846,344

Anaheim Public Financing Authority Rev., 5.00%, 5/1/46
2,000,000
2,361,780

Bay Area Toll Authority Rev., 5.00%, 4/1/17, Prerefunded at 100% of Par(2)
2,000,000
2,074,060

Bay Area Toll Authority Rev., 5.25%, 4/1/19, Prerefunded at 100% of Par(2)
5,000,000
5,602,550

Bay Area Toll Authority Rev., 5.00%, 4/1/24
1,500,000
1,809,390

Bay Area Toll Authority Rev., 5.00%, 4/1/25
3,500,000
4,215,890

Bay Area Toll Authority Rev., 5.00%, 4/1/28
7,185,000
8,618,982

Bay Area Toll Authority Rev., 2.00%, 4/1/34
2,000,000
2,060,940

Bay Area Toll Authority Rev., 5.00%, 4/1/43
5,610,000
6,613,068

Bay Area Toll Authority Rev., 5.00%, 10/1/54
5,000,000
5,884,800

Bay Area Toll Authority Rev., VRDN, 1.10%, 6/2/16
1,000,000
1,000,240

Bay Area Toll Authority Rev., VRDN, 1.50%, 6/2/16
2,500,000
2,485,075

Bay Area Toll Authority Rev., VRDN, 1.65%, 6/2/16
3,500,000
3,459,715

Bay Area Toll Authority Rev., VRDN, 1.50%, 4/2/18
3,000,000
3,024,990

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/21
750,000
875,940

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/24
930,000
1,144,216

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/31 (GA: Brandman University)
1,455,000
1,671,038

California Educational Facilities Authority Rev., (Loyola Marymount University), 5.00%, 10/1/30
1,365,000
1,527,189

California Educational Facilities Authority Rev., (Pomona College), 5.00%, 1/1/24
2,100,000
2,329,614

California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/18, Prerefunded at 100% of Par(2)
655,000
706,339

California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/18
500,000
539,715

California Educational Facilities Authority Rev., (Santa Clara University), 5.25%, 4/1/18, Prerefunded at 100% of Par(2)
1,875,000
2,030,475

California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/19
45,000
48,578




California Educational Facilities Authority Rev., (Santa Clara University), 5.25%, 4/1/23
125,000
134,864

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/27
275,000
339,119

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/28
250,000
306,318

California Educational Facilities Authority Rev., (University of Redlands), 3.00%, 10/1/29
360,000
372,668

California Educational Facilities Authority Rev., (University of Redlands), 3.00%, 10/1/30
365,000
375,264

California Educational Facilities Authority Rev., (University of Redlands), 3.125%, 10/1/31
295,000
304,726

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/32
600,000
724,218

California Educational Facilities Authority Rev., (University of Redlands), 3.25%, 10/1/33
355,000
367,404

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/36
250,000
297,693

California Educational Facilities Authority Rev., (University of San Francisco), 5.00%, 10/1/16
1,200,000
1,218,072

California Educational Facilities Authority Rev., (University of San Francisco), 5.00%, 10/1/21
750,000
892,943

California Educational Facilities Authority Rev., (University of Southern California), 5.00%, 10/1/25
1,875,000
2,438,362

California Educational Facilities Authority Rev., (University of Southern California), 5.00%, 10/1/39
2,950,000
3,234,026

California Educational Facilities Authority Rev., (University of the Pacific), 4.50%, 11/1/17
1,000,000
1,051,330

California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/33
1,000,000
1,213,260

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/18
1,000,000
1,091,060

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/22
3,000,000
3,685,980

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/23
2,150,000
2,707,000

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/24
1,450,000
1,859,726

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/26
3,000,000
3,814,080

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/27
6,000,000
7,572,480

California Health Facilities Financing Authority Rev., (Children's Hospital of Orange County), 6.25%, 11/1/29 (GA: Children's Healthcare of California)
5,000,000
5,882,300

California Health Facilities Financing Authority Rev., (Dignity Health Obligated Group), 5.00%, 7/1/18
3,000,000
3,260,760

California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), 5.00%, 8/15/25
5,855,000
6,985,074

California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), VRDN, 1.45%, 3/15/17, Prerefunded at 100% of Par(2)
2,000,000
2,013,160

California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), VRDN, 1.45%, 3/15/17, Prerefunded at 100% of Par(2)
2,200,000
2,214,476

California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), VRDN, 1.45%, 3/15/17, Prerefunded at 100% of Par(2)
1,355,000
1,363,916

California Health Facilities Financing Authority Rev., (Northern California Retired Officers Community), 5.70%, 12/1/24 (Ambac/California Mortgage Insurance)
1,455,000
1,617,684

California Health Facilities Financing Authority Rev., (Providence Health & Services Obligated Group), 6.25%, 10/1/18, Prerefunded at 100% of Par(2)
3,250,000
3,667,072

California Health Facilities Financing Authority Rev., (Providence Health & Services Obligated Group), 6.50%, 10/1/18, Prerefunded at 100% of Par(2)
40,000
45,324

California Health Facilities Financing Authority Rev., (Providence Health & Services Obligated Group), 6.50%, 10/1/18, Prerefunded at 100% of Par(2)
2,085,000
2,362,534

California Health Facilities Financing Authority Rev., (Scripps Health Obligated Group), 5.00%, 10/1/17
1,400,000
1,480,416

California Health Facilities Financing Authority Rev., (St. Joseph Health System Obligated Group), 5.50%, 7/1/29
1,500,000
1,709,355

California Health Facilities Financing Authority Rev., (St. Joseph Health System Obligated Group), 5.00%, 7/1/37
890,000
1,044,958

California Health Facilities Financing Authority Rev., (St. Joseph Health System Obligated Group), 5.75%, 7/1/39
1,000,000
1,146,160

California Health Facilities Financing Authority Rev., (St. Joseph Health System Obligated Group), VRDN, 5.00%, 10/18/22
7,000,000
8,481,620

California Health Facilities Financing Authority Rev., (Stanford Health Care Obligated Group), 5.00%, 11/15/25
2,000,000
2,341,460

California Health Facilities Financing Authority Rev., (Stanford Health Care Obligated Group), 5.00%, 8/15/51
1,000,000
1,144,690

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.50%, 8/15/17
1,000,000
1,059,920

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/18
1,305,000
1,426,926

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/21
300,000
361,920

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/22
1,650,000
2,014,204

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.25%, 8/15/22
3,335,000
3,662,630




California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/22
200,000
246,428

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/23
600,000
750,612

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/28
465,000
582,138

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/29
1,000,000
1,247,040

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/30
750,000
932,093

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 6.00%, 8/15/42
1,000,000
1,204,020

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/52
3,650,000
4,255,900

California Health Facilities Financing Authority Rev., VRDN, 0.29%, 6/1/16 (LOC: U.S. Bank N.A.)
535,000
535,000

California Infrastructure & Economic Development Bank Rev., (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/27
1,010,000
1,247,906

California Infrastructure & Economic Development Bank Rev., (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/28
1,205,000
1,483,319

California Infrastructure & Economic Development Bank Rev., (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/29
1,000,000
1,227,970

California Infrastructure & Economic Development Bank Rev., (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/30
1,370,000
1,677,524

California Infrastructure & Economic Development Bank Rev., (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/41
1,000,000
1,184,620

California Infrastructure & Economic Development Bank Rev., (Academy of Motion Picture Arts and Sciences Obligated Group), 4.00%, 11/1/45
1,250,000
1,344,600

California Infrastructure & Economic Development Bank Rev., (Colburn School), VRDN, 1.40%, 6/2/16
4,375,000
4,381,869

California Infrastructure & Economic Development Bank Rev., (J Paul Getty Trust), VRDN, 0.68%, 6/2/16
5,000,000
5,000,350

California Infrastructure & Economic Development Bank Rev., (J Paul Getty Trust), VRDN, 0.68%, 6/2/16
2,750,000
2,733,252

California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRDN, 2.07%, 6/2/16
3,000,000
3,065,550

California Infrastructure & Economic Development Bank Rev., (Pacific Gas & Electric Co.), VRDN, 0.27%, 6/1/16 (LOC: Union Bank N.A.)
14,600,000
14,600,000

California Infrastructure & Economic Development Bank Rev., (Scripps Research Institute), 5.625%, 7/1/20
675,000
677,903

California Infrastructure & Economic Development Bank Rev., (University of California), 5.00%, 5/15/22
3,735,000
4,321,843

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 4.00%, 2/1/20 (GA: Walt & Lilly Disney Foundation)
400,000
441,604

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 4.00%, 2/1/21 (GA: Walt & Lilly Disney Foundation)
175,000
196,929

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 5.00%, 2/1/22 (GA: Walt & Lilly Disney Foundation)
150,000
179,669

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 5.00%, 2/1/24 (GA: Walt & Lilly Disney Foundation)
215,000
267,583

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 5.00%, 2/1/26 (GA: Walt & Lilly Disney Foundation)
750,000
955,988

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 5.00%, 2/1/27 (GA: Walt & Lilly Disney Foundation)
1,000,000
1,259,960

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 5.00%, 2/1/29 (GA: Walt & Lilly Disney Foundation)
700,000
872,347

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 5.00%, 2/1/31 (GA: Walt & Lilly Disney Foundation)
570,000
702,696

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 4.00%, 2/1/33 (GA: Walt & Lilly Disney Foundation)
615,000
683,160

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 4.00%, 2/1/34 (GA: Walt & Lilly Disney Foundation)
500,000
554,965

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 4.00%, 2/1/35 (GA: Walt & Lilly Disney Foundation)
500,000
552,275

California Municipal Finance Authority COP, (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/17
2,000,000
2,053,680

California Municipal Finance Authority Rev., (Azusa Pacific University), 5.00%, 4/1/27
1,165,000
1,377,659

California Municipal Finance Authority Rev., (Biola University, Inc.), 5.00%, 10/1/18
1,000,000
1,054,850

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/22
1,000,000
1,178,020




California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/23
520,000
621,462

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/25
1,925,000
2,363,303

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/27
295,000
355,985

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/28
735,000
881,427

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/29
1,000,000
1,194,980

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/46
4,000,000
4,565,400

California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/19
605,000
666,153

California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.25%, 7/1/21
1,760,000
2,007,315

California Municipal Finance Authority Rev., (Emerson College), 5.75%, 1/1/33
2,250,000
2,645,482

California Municipal Finance Authority Rev., (Emerson College), 6.00%, 1/1/42
1,000,000
1,200,930

California Municipal Finance Authority Rev., (Loma Linda University), 5.00%, 4/1/23
1,145,000
1,182,968

California Municipal Finance Authority Rev., (Loma Linda University), 5.00%, 4/1/28
2,000,000
2,062,080

California Municipal Finance Authority Rev., (University of La Verne), 5.00%, 6/1/17
2,290,000
2,377,363

California School Finance Authority Rev., (Alliance College-Ready Public Schools Facilities Corp.), 3.00%, 7/1/19(3)
1,025,000
1,051,835

California School Finance Authority Rev., (Alliance College-Ready Public Schools Facilities Corp.), 3.00%, 7/1/20(3)
1,115,000
1,146,276

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/46(3)
1,000,000
1,129,470

California State Public Works Board Rev., 5.00%, 10/1/16 (NATL)
1,500,000
1,522,575

California State Public Works Board Rev., 4.00%, 11/1/17
1,250,000
1,308,575

California State Public Works Board Rev., 5.00%, 4/1/21
3,000,000
3,534,510

California State Public Works Board Rev., 5.00%, 4/1/22
2,100,000
2,530,206

California State Public Works Board Rev., 5.00%, 9/1/22, Prerefunded at 100% of Par(2)
1,000,000
1,224,870

California State Public Works Board Rev., 5.00%, 4/1/23
2,000,000
2,396,360

California State Public Works Board Rev., 5.00%, 9/1/23, Prerefunded at 100% of Par(2)
4,500,000
5,645,340

California State Public Works Board Rev., 5.00%, 4/1/25
1,800,000
2,169,306

California State Public Works Board Rev., 5.00%, 9/1/25
5,000,000
6,240,250

California State Public Works Board Rev., 5.25%, 12/1/26
2,000,000
2,425,800

California State Public Works Board Rev., 6.00%, 4/1/27
2,130,000
2,441,938

California State Public Works Board Rev., 5.00%, 5/1/27
5,000,000
6,237,950

California State Public Works Board Rev., 6.25%, 4/1/34
2,435,000
2,824,868

California State Public Works Board Rev., 6.375%, 11/1/34
2,500,000
2,986,400

California State Public Works Board Rev., 5.00%, 4/1/37
4,545,000
5,267,655

California State Public Works Board Rev., 5.00%, 11/1/38
2,400,000
2,879,304

California State University Rev., 5.00%, 11/1/18
1,800,000
1,980,558

California State University Rev., 5.00%, 11/1/19
1,000,000
1,136,550

California State University Rev., 5.00%, 11/1/20
1,250,000
1,461,338

California State University Rev., 5.00%, 11/1/21
1,000,000
1,200,620

California State University Rev., 5.00%, 11/1/24
5,000,000
5,958,050

California State University Rev., 5.00%, 11/1/32
1,750,000
2,167,025

California State University Rev., 4.00%, 11/1/45
4,600,000
5,074,996

California State University Rev., VRDN, 4.00%, 11/1/23
4,000,000
4,627,800

California Statewide Communities Development Authority Rev., 5.20%, 6/30/16, Prerefunded at 100% of Par (AGM)(2)
440,000
441,738

California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/23
1,190,000
1,441,971

California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/24
800,000
986,464

California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/25
750,000
935,468




California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/26
1,000,000
1,261,690

California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/27
1,590,000
1,986,133

California Statewide Communities Development Authority Rev., (California Baptist University), 5.30%, 11/1/18
1,300,000
1,363,674

California Statewide Communities Development Authority Rev., (California Baptist University), 5.40%, 11/1/27
1,000,000
1,041,020

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/21
1,225,000
1,428,877

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/22
2,000,000
2,375,980

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/23
1,000,000
1,209,740

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/28
1,000,000
1,237,790

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/29
1,250,000
1,541,912

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/30
1,940,000
2,382,883

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/22
475,000
569,022

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/23
600,000
729,822

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/24
750,000
926,933

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/25
800,000
972,320

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/26
885,000
1,067,222

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/27
1,880,000
2,249,401

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/16
750,000
764,363

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/17
815,000
864,609

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 4.00%, 11/1/18
200,000
215,228

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/18
515,000
566,510

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 4.00%, 11/1/19
200,000
220,350

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/20
100,000
116,523

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 4.00%, 11/1/21
150,000
171,381

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/22
125,000
152,936

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/23
150,000
187,193

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.00%, 11/1/24
200,000
251,162

California Statewide Communities Development Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/1/17, Prerefunded at 100% of Par (California Mortgage Insurance)(2)
1,000,000
1,058,410

California Statewide Communities Development Authority Rev., (Hospital Committee for the Livermore-Pleasanton Areas), 4.80%, 7/15/17(2)
1,325,000
1,360,245

California Statewide Communities Development Authority Rev., (Hospital Committee for the Livermore-Pleasanton Areas), 5.00%, 7/15/17, Prerefunded at 100% of Par(2)
2,460,000
2,581,253

California Statewide Communities Development Authority Rev., (John Muir Health), 5.00%, 7/1/20
2,225,000
2,499,253

California Statewide Communities Development Authority Rev., (Kaiser Credit Group), 5.00%, 4/1/19
1,450,000
1,619,824

California Statewide Communities Development Authority Rev., (Kaiser Credit Group), 5.00%, 4/1/42
8,400,000
9,698,136

California Statewide Communities Development Authority Rev., (Kaiser Credit Group), VRDN, 5.00%, 5/1/17
5,000,000
5,195,650

California Statewide Communities Development Authority Rev., (Los Angeles Jewish Home for the Aging Obligated Group), 3.00%, 8/1/21 (GA: Jewish Home Foundation/California Mortgage Insurance)
3,900,000
3,929,523

California Statewide Communities Development Authority Rev., (Rady Children's Hospital Obligated Group), 5.00%, 8/15/28
860,000
1,105,341




California Statewide Communities Development Authority Rev., (Southern California Edison Co.), VRDN, 1.375%, 4/2/18
1,775,000
1,787,709

California Statewide Communities Development Authority Rev., (St. Joseph Health System), 5.125%, 7/1/24 (NATL)
2,000,000
2,172,700

California Statewide Communities Development Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/41
1,570,000
1,787,822

Calleguas-Las Virgenes Public Financing Authority Rev., 5.00%, 7/1/16, Prerefunded at 100% of Par (NATL)(2)
1,000,000
1,003,750

Capistrano Unified School District Community Facilities District No. 87-1 Special Tax, 5.00%, 9/1/18 (Ambac)
3,115,000
3,149,795

Carson Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 10/1/16
525,000
531,048

Carson Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 10/1/17
675,000
704,180

Carson Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/19 (AGM)
315,000
353,660

Chaffey Joint Union High School District GO, 5.00%, 8/1/30
3,125,000
3,827,437

Chaffey Joint Union High School District GO, 5.00%, 8/1/32
1,220,000
1,483,191

Chula Vista Rev., (San Diego Gas & Electric Co.), 1.65%, 7/1/18
8,165,000
8,171,777

City & County of San Francisco COP, 5.00%, 4/1/17
2,440,000
2,529,084

City & County of San Francisco COP, 5.00%, 10/1/19
2,930,000
3,316,320

City & County of San Francisco COP, 5.00%, 4/1/29
1,170,000
1,298,934

City & County of San Francisco GO, 5.00%, 6/15/25
1,880,000
2,336,050

Clovis Unified School District GO, Capital Appreciation, 0.00%, 8/1/24 (NATL)(1)
5,935,000
5,030,150

Corcoran Joint Unified School District COP, VRDN, 2.70%, 12/1/21 (AGM)
4,500,000
4,532,940

Del Mar Race Track Authority Rev., 4.00%, 10/1/19
1,275,000
1,370,944

Del Mar Race Track Authority Rev., 4.00%, 10/1/20
1,330,000
1,446,960

East Side Union High School District GO, 5.00%, 8/1/25
1,405,000
1,694,809

Eastern Municipal Water District COP, 5.00%, 7/1/24
1,000,000
1,084,430

Eastern Municipal Water District Rev., 4.00%, 7/1/16
600,000
601,758

Fairfield Redevelopment Agency Tax Allocation, 4.00%, 8/1/16
1,525,000
1,533,647

Fontana Special Tax, 4.00%, 9/1/18
740,000
789,883

Fontana Special Tax, 4.00%, 9/1/19
390,000
425,174

Fontana Special Tax, 5.00%, 9/1/20
545,000
625,660

Fontana Special Tax, 5.00%, 9/1/22
520,000
620,870

Fontana Special Tax, 5.00%, 9/1/24
575,000
704,743

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/24(4)
1,600,000
1,357,152

Foothill-Eastern Transportation Corridor Agency Rev., 6.25%, 1/15/33
3,000,000
3,588,630

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/42(1)
4,820,000
1,715,101

Foothill-Eastern Transportation Corridor Agency Rev., 6.00%, 1/15/49
3,000,000
3,579,720

Foothill-Eastern Transportation Corridor Agency Rev., VRDN, 5.00%, 1/15/18
3,750,000
3,899,625

Foothill-Eastern Transportation Corridor Agency Rev., VRDN, 5.00%, 1/15/20
5,000,000
5,467,300

Foothill-Eastern Transportation Corridor Agency Rev., VRDN, 5.50%, 1/15/23
2,750,000
3,269,612

Garden Grove Agency Community Development Successor Agency Tax Allocation, 5.00%, 10/1/22 (BAM)
500,000
607,115

Garden Grove Agency Community Development Successor Agency Tax Allocation, 5.00%, 10/1/23 (BAM)
500,000
617,960

Golden State Tobacco Securitization Corp. Rev., 3.00%, 6/1/17
1,000,000
1,023,390

Golden State Tobacco Securitization Corp. Rev., 4.00%, 6/1/18
2,885,000
3,064,245

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/19
1,000,000
1,116,140

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/20
1,000,000
1,150,510

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/21
1,000,000
1,174,580

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/21
3,000,000
3,546,030

Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/25 (AGM)(1)
2,000,000
1,642,540

Golden State Tobacco Securitization Corp. Rev., 4.50%, 6/1/27
1,270,000
1,280,439

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/29
6,650,000
7,992,036

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/30
1,000,000
1,191,160

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/33
1,250,000
1,258,200

Grossmont-Cuyamaca Community College District GO, 5.25%, 8/1/27
750,000
943,463




Hayward Area Recreation and Park District COP, 5.125%, 1/1/39
1,750,000
2,017,820

Huntington Beach Union High School District GO, 5.00%, 8/1/26
3,030,000
3,728,536

Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37
1,110,000
1,308,390

Inland Valley Development Agency Tax Allocation, 5.00%, 9/1/44
1,175,000
1,339,864

Irvine Special Assessment, 2.00%, 9/2/16
850,000
853,171

Irvine Special Assessment, 4.00%, 9/2/17
850,000
882,980

Irvine Special Assessment, 4.00%, 9/2/17
360,000
374,677

Irvine Special Assessment, 4.00%, 9/2/18
875,000
932,628

Irvine Special Assessment, 4.00%, 9/2/19
1,400,000
1,525,552

Irvine Special Assessment, 4.00%, 9/2/19
1,375,000
1,504,154

Irvine Special Assessment, 5.00%, 9/2/26
500,000
627,320

Irvine Special Tax, 5.00%, 9/1/39
1,000,000
1,136,030

Irvine Unified School District Special Tax, 4.75%, 9/1/16
600,000
606,822

Irvine Unified School District Special Tax, 5.00%, 9/1/20
745,000
754,201

Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/23
625,000
761,138

Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/24
680,000
840,038

Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/25
1,000,000
1,225,940

La Quinta Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/19
1,150,000
1,288,322

La Quinta Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/20
1,045,000
1,196,243

La Quinta Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/31
4,265,000
5,115,057

La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/20
640,000
716,685

La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/21
315,000
360,297

La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/22
225,000
261,698

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/19 (AGM)(5)
305,000
341,399

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/20 (AGM)(5)
155,000
178,217

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/23 (AGM)(5)
305,000
372,487

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/24 (AGM)(5)
330,000
408,220

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/25 (AGM)(5)
375,000
467,805

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/26 (AGM)(5)
335,000
420,914

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/27 (AGM)(5)
485,000
602,685

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/28 (AGM)(5)
300,000
370,149

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/29 (AGM)(5)
330,000
405,636

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/32 (AGM)(5)
500,000
606,755

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/33 (AGM)(5)
780,000
942,669

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/39 (AGM)(5)
1,355,000
1,604,496

Long Beach Bond Finance Authority Rev., 5.00%, 11/15/35 (GA: Merrill Lynch & Co.)
1,215,000
1,503,830

Long Beach Harbor Rev., 5.00%, 11/15/18
17,000,000
18,742,500

Long Beach Marina System Rev., (Alamitos Bay Marina Project), 5.00%, 5/15/40
2,500,000
2,839,625

Long Beach Marina System Rev. (Alamitos Bay Marina Project),, 5.00%, 5/15/23
650,000
767,969

Long Beach Marina System Rev. (Alamitos Bay Marina Project),, 5.00%, 5/15/24
250,000
299,150

Long Beach Marina System Rev. (Alamitos Bay Marina Project),, 5.00%, 5/15/25
500,000
601,375

Long Beach Marina System Rev. (Alamitos Bay Marina Project),, 5.00%, 5/15/27
800,000
949,552

Long Beach Marina System Rev. (Alamitos Bay Marina Project),, 5.00%, 5/15/28
600,000
707,442

Los Alamitos Unified School District COP, Capital Appreciation, 0.00%, 8/1/42(4)
2,100,000
1,821,792

Los Altos Elementary School District GO, 5.00%, 8/1/16, Prerefunded at 100% of Par (Ambac)(2)
1,045,000
1,052,848

Los Altos Elementary School District GO, 5.00%, 8/1/19 (Ambac)
1,455,000
1,466,567

Los Angeles Community College District GO, 5.00%, 8/1/17, Prerefunded at 100% of Par (NATL)(2)
2,000,000
2,102,700

Los Angeles Community College District GO, 5.00%, 6/1/26
2,115,000
2,762,148

Los Angeles County COP, 5.00%, 3/1/21
1,195,000
1,402,643




Los Angeles County COP, 5.00%, 3/1/22
1,000,000
1,200,580

Los Angeles County COP, 5.00%, 3/1/23
1,955,000
2,387,798

Los Angeles County Metropolitan Transportation Authority Rev., 5.00%, 7/1/20
3,000,000
3,484,170

Los Angeles County Metropolitan Transportation Authority Rev., 5.00%, 7/1/21
2,470,000
2,946,290

Los Angeles County Metropolitan Transportation Authority Rev., 5.00%, 7/1/31
1,000,000
1,080,640

Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy Tax Allocation, 5.00%, 9/1/16
2,000,000
2,021,900

Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy Tax Allocation, Capital Appreciation, 0.00%, 12/1/19 (AGM)(1)
1,500,000
1,417,380

Los Angeles County Regional Financing Authority Rev., (MonteCedro, Inc.), 3.00%, 11/15/20 (California Mortgage Insurance)
220,000
220,499

Los Angeles County Regional Financing Authority Rev., (MonteCedro, Inc.), 3.00%, 11/15/21 (California Mortgage Insurance)
1,170,000
1,172,644

Los Angeles County Sanitation Districts Financing Authority Rev., 5.00%, 10/1/23
2,855,000
3,556,502

Los Angeles County Sanitation Districts Financing Authority Rev., 5.00%, 10/1/26
2,700,000
3,421,278

Los Angeles Department of Airports Rev., 5.00%, 5/15/18
750,000
812,685

Los Angeles Department of Airports Rev., 5.00%, 5/15/24
3,040,000
3,520,685

Los Angeles Department of Airports Rev., 5.00%, 5/15/26
1,500,000
1,902,015

Los Angeles Department of Airports Rev., 5.00%, 5/15/27
1,280,000
1,607,488

Los Angeles Department of Airports Rev., 5.00%, 5/15/40
3,000,000
3,411,450

Los Angeles Department of Water Rev., 5.00%, 7/1/24
1,500,000
1,833,930

Los Angeles Department of Water & Power Rev., 4.00%, 7/1/16
1,000,000
1,002,980

Los Angeles Department of Water & Power Rev., 5.00%, 7/1/18
780,000
849,077

Los Angeles Department of Water & Power Rev., 5.00%, 7/1/26
1,000,000
1,212,150

Los Angeles Department of Water & Power Rev., 5.00%, 7/1/26
1,300,000
1,630,278

Los Angeles Department of Water & Power Rev., 5.00%, 7/1/27
6,470,000
7,974,081

Los Angeles Department of Water & Power Rev., 5.25%, 7/1/32
3,535,000
3,864,745

Los Angeles Department of Water & Power Rev., 5.25%, 7/1/38
5,000,000
5,434,850

Los Angeles Department of Water & Power Rev., VRDN, 0.28%, 6/1/16 (SBBPA: Citibank N.A.)
17,000,000
17,000,000

Los Angeles Unified School District COP, 5.00%, 10/1/29
1,700,000
2,027,284

Los Angeles Unified School District GO, 5.00%, 7/1/16, Prerefunded at 100% of Par (FGIC)(2)
4,000,000
4,014,640

Los Angeles Unified School District GO, 5.00%, 7/1/16, Prerefunded at 100% of Par (FGIC)(2)
175,000
175,655

Los Angeles Unified School District GO, 4.00%, 7/1/17
1,000,000
1,036,650

Los Angeles Unified School District GO, 5.00%, 7/1/18
2,565,000
2,791,028

Los Angeles Unified School District GO, 5.00%, 7/1/18 (FGIC)
1,055,000
1,058,967

Los Angeles Unified School District GO, 5.00%, 7/1/18
6,665,000
7,252,320

Los Angeles Unified School District GO, 5.00%, 7/1/21
3,000,000
3,575,220

Los Angeles Unified School District GO, 5.00%, 7/1/24
5,140,000
6,128,371

Los Angeles Unified School District GO, 5.00%, 7/1/24
5,000,000
6,338,400

Los Angeles Unified School District GO, 5.00%, 7/1/26
3,555,000
4,463,516

Los Angeles Unified School District GO, 5.25%, 7/1/26
3,000,000
3,483,390

Los Angeles Unified School District GO, 5.00%, 7/1/27
1,050,000
1,310,211

Los Angeles Unified School District GO, 5.00%, 7/1/29
4,000,000
4,483,320

Los Angeles Unified School District GO, 5.00%, 7/1/30
1,155,000
1,425,027

Los Angeles Unified School District GO, 5.00%, 7/1/32 (AGM)
2,000,000
2,091,080

Los Angeles Wastewater System Rev., 5.75%, 6/1/34
1,325,000
1,515,826

M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup, Inc.)
5,000,000
7,501,900

M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup, Inc.)
1,000,000
1,442,020

Menlo Park Community Development Agency Successor Agency Tax Allocation, 3.00%, 10/1/17
650,000
670,020

Menlo Park Community Development Agency Successor Agency Tax Allocation, 4.00%, 10/1/18
885,000
948,410

Menlo Park Community Development Agency Successor Agency Tax Allocation, 5.00%, 10/1/19
420,000
474,046

Menlo Park Community Development Agency Successor Agency Tax Allocation, 5.00%, 10/1/20
325,000
377,250




Metropolitan Water District of Southern California Rev., VRDN, 0.78%, 6/2/16
10,000,000
9,991,300

Milpitas Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/25
2,325,000
2,939,660

Milpitas Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/26
6,285,000
7,853,736

Mount San Antonio Community College District GO, Capital Appreciation, 0.00%, 8/1/16 (NATL)(1)(2)
5,000,000
4,996,000

Mount San Antonio Community College District GO, 5.00%, 8/1/34
2,000,000
2,416,500

Municipal Improvement Corp. of Los Angeles Rev., 5.00%, 3/1/25
3,000,000
3,587,010

Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/34(5)
1,800,000
2,007,738

Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/35(5)
2,250,000
2,494,597

Murrieta Financing Authority Special Tax, 5.00%, 9/1/17
1,000,000
1,048,990

Murrieta Financing Authority Special Tax, 5.00%, 9/1/21
1,200,000
1,396,284

Natomas Unified School District GO, 5.00%, 9/1/26 (BAM)
1,785,000
2,175,612

Newark Unified School District GO, 5.00%, 8/1/44
6,030,000
7,240,703

Newport Beach Rev., (Hoag Memorial Hospital/Newport Healthcare Obligated Group), 6.00%, 12/1/21, Prerefunded at 100% of Par(2)
1,000,000
1,253,520

North Lake Tahoe Public Financing Authority Rev., 4.00%, 12/1/19
1,000,000
1,102,080

Northern California Power Agency Rev., 5.00%, 7/1/16
1,000,000
1,003,830

Northern California Power Agency Rev., 5.00%, 8/1/19
2,000,000
2,232,760

Northern California Power Agency Rev., 5.00%, 8/1/20
1,515,000
1,711,314

Northern California Power Agency Rev., 5.00%, 8/1/21
2,050,000
2,300,182

Northern California Power Agency Rev., 5.25%, 8/1/22
4,250,000
4,826,895

Northern California Power Agency Rev., 5.00%, 7/1/26
1,750,000
2,104,847

Northern California Power Agency Rev., 5.00%, 7/1/27
2,000,000
2,396,520

Northern California Transmission Agency Rev., 5.00%, 5/1/21
800,000
952,304

Northern California Transmission Agency Rev., 5.00%, 5/1/28
1,000,000
1,270,010

Northern California Transmission Agency Rev., 5.00%, 5/1/29
1,000,000
1,261,120

Northern California Transmission Agency Rev., 5.00%, 5/1/30
1,855,000
2,324,241

Oakland Alameda County Coliseum Authority Rev., 5.00%, 2/1/18
3,345,000
3,575,939

Oakland Alameda County Coliseum Authority Rev., 5.00%, 2/1/25
4,065,000
4,746,335

Oakland Sewer Rev., 5.00%, 6/15/26
1,200,000
1,496,184

Oakland State Building Authority Rev., 5.00%, 12/1/19
2,445,000
2,776,933

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/20
1,670,000
1,891,325

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/21
610,000
704,788

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/22
750,000
874,110

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/22
500,000
587,425

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/23
1,400,000
1,672,048

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/25
650,000
798,259

Oakland Unified School District/Alameda County GO, 5.50%, 8/1/32
2,150,000
2,556,995

Oakland Unified School District/Alameda County GO, 6.625%, 8/1/38
1,410,000
1,724,148

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/40
950,000
1,108,707

Ontario Public Financing Authority Rev., 5.00%, 7/1/43
2,000,000
2,372,620

Orange County Special Assessment, 4.55%, 9/2/16
210,000
212,232

Orange County Community Facilities District Special Tax, 5.00%, 8/15/28
1,960,000
2,265,446

Orange County Sanitation District COP, 5.00%, 2/1/17, Prerefunded at 100% of Par (AGM)(2)
2,750,000
2,832,417

Orange County Sanitation District Rev., 4.00%, 11/15/16
6,500,000
6,596,655

Orange County Transportation Authority Rev., 5.00%, 8/15/24
1,000,000
1,234,350

Oxnard Financing Authority Rev., 5.00%, 6/1/25 (AGM)
2,000,000
2,466,520

Oxnard Financing Authority Rev., 5.00%, 6/1/26 (AGM)
3,690,000
4,513,350

Oxnard Financing Authority Rev., 5.00%, 6/1/28 (AGM)
1,515,000
1,830,696

Oxnard Financing Authority Rev., 5.00%, 6/1/32 (AGM)
1,000,000
1,189,830

Oxnard School District GO, 3.00%, 8/1/40 (AGM)(4)
2,800,000
2,977,044




Palm Springs Financing Authority Rev., 4.00%, 6/1/16
1,335,000
1,335,000

Palm Springs Financing Authority Rev., 5.00%, 6/1/23
1,230,000
1,476,664

Palomar Health COP, 5.25%, 11/1/21
880,000
955,997

Palomar Health COP, 6.00%, 11/1/41
1,120,000
1,198,590

Palomar Health GO, Capital Appreciation, 0.00%, 8/1/18 (NATL)(1)
3,615,000
3,514,141

Palomar Health GO, Capital Appreciation, 0.00%, 8/1/38 (AGC)(4)
1,660,000
1,965,324

Peralta Community College District GO, 5.00%, 8/1/17
2,085,000
2,191,314

Peralta Community College District GO, 5.00%, 8/1/22
2,145,000
2,616,321

Pittsburg Successor Agency Redevelopment Agency Tax Allocation, 5.00%, 9/1/29 (AGM)
3,000,000
3,666,240

Port of Oakland Rev., 5.00%, 11/1/16 (NATL)
1,270,000
1,294,168

Port of Oakland Rev., 5.00%, 11/1/17 (NATL)
2,375,000
2,520,184

Porterville Public Financing Authority Rev., 5.625%, 10/1/36
2,500,000
2,979,925

Poway Unified School District GO, Capital Appreciation, 0.00%, 8/1/41(1)
2,780,000
1,192,676

Poway Unified School District Special Tax, 5.00%, 9/15/19 (Ambac)
1,150,000
1,206,235

Poway Unified School District Special Tax, 5.00%, 9/15/20 (Ambac)
1,205,000
1,263,925

Poway Unified School District Public Financing Authority Special Tax, 2.00%, 9/1/16
1,285,000
1,290,603

Poway Unified School District Public Financing Authority Special Tax, 3.00%, 9/1/17
670,000
688,030

Rancho Mirage Joint Powers Financing Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/21
1,000,000
1,042,820

Rancho Santa Fe Community Services District Special Tax, 5.125%, 9/1/22
790,000
932,145

Rancho Santa Fe Community Services District Special Tax, 5.25%, 9/1/23
1,300,000
1,533,194

Rancho Santa Fe Community Services District Special Tax, 5.375%, 9/1/24
1,410,000
1,659,838

Regents of the University of California Medical Center Pooled Rev., 5.00%, 5/15/27
1,000,000
1,013,780

Rio Elementary School District Community Facilities District Special Tax, 5.00%, 9/1/24
700,000
846,118

Riverside County Asset Leasing Corp. Rev., 5.00%, 11/1/43
1,000,000
1,148,560

Riverside County Redevelopment Successor Agency Tax Allocation, 6.50%, 10/1/40
935,000
1,126,694

Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/28(1)
1,000,000
618,990

Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/30(1)
1,000,000
566,610

Riverside County Transportation Commission Rev., 5.25%, 6/1/39
1,335,000
1,635,669

Riverside Sewer Rev., 5.00%, 8/1/25
1,630,000
2,051,681

Riverside Sewer Rev., 5.00%, 8/1/26
3,400,000
4,228,342

Roseville Water Utility Rev. COP, 5.00%, 12/1/26
1,690,000
2,138,087

Roseville Water Utility Rev. COP, 5.00%, 12/1/27
2,250,000
2,823,795

Sacramento City Financing Authority Rev., 5.40%, 11/1/20 (Ambac)
2,145,000
2,353,065

Sacramento County Airport System Rev., 4.25%, 7/1/16
1,000,000
1,003,030

Sacramento County Airport System Rev., 5.00%, 7/1/20
1,000,000
1,141,950

Sacramento County Airport System Rev., 5.00%, 7/1/23
1,000,000
1,131,540

Sacramento County Airport System Rev., 5.00%, 7/1/24
1,000,000
1,144,100

Sacramento County Sanitation Districts Financing Authority Rev., 5.25%, 12/1/21 (NATL)
1,000,000
1,216,110

Sacramento County Sanitation Districts Financing Authority Rev., VRN, 0.96%, 6/1/16 (NATL)
2,500,000
2,317,750

Sacramento Municipal Utility District Rev., 3.00%, 7/1/17
18,730,000
19,214,545

Sacramento Municipal Utility District Rev., 5.70%, 7/1/17 (Ambac)
3,105,000
3,275,713

Sacramento Municipal Utility District Rev., 4.00%, 7/1/18
6,000,000
6,404,880

Sacramento Municipal Utility District Rev., 5.25%, 7/1/24 (Ambac)
3,000,000
3,666,060

Sacramento Municipal Utility District Rev., 5.00%, 8/15/24
1,500,000
1,839,510

Sacramento Municipal Utility District Rev., 5.00%, 8/15/25
5,000,000
6,117,050

Sacramento Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 12/1/18
2,000,000
2,146,740

Sacramento Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/34 (BAM)
970,000
1,151,380

Sacramento Regional Transit District Rev., 4.00%, 3/1/17
1,000,000
1,022,780

Sacramento Regional Transit District Rev., 5.00%, 3/1/18
250,000
266,970




Salinas Union High School District GO, 0.00%, 8/1/20
5,000,000
4,663,300

San Bernardino Community College District GO, 5.25%, 8/1/18
350,000
383,544

San Bernardino Community College District GO, 5.50%, 8/1/18, Prerefunded at 100% of Par(2)
300,000
330,804

San Bernardino Community College District GO, 6.25%, 8/1/18, Prerefunded at 100% of Par(2)
8,000,000
8,950,160

San Bernardino Community College District GO, Capital Appreciation, 0.00%, 8/1/34(4)
9,840,000
10,741,049

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 3.00%, 12/1/18 (AGM)
1,725,000
1,809,094

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 4.00%, 12/1/19 (AGM)
2,665,000
2,925,770

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/20 (AGM)
2,915,000
3,379,505

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/22 (AGM)
2,310,000
2,786,807

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/24 (AGM)
2,310,000
2,873,039

San Bernardino Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/25 (AGM)
1,275,000
1,597,957

San Buenaventura Rev., (Community Memorial Health System), 8.00%, 12/1/26
2,000,000
2,622,260

San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41
1,200,000
1,483,920

San County Diego Rev., (Sanford Burnham Prebys Medical Discovery Institute), 4.00%, 11/1/17
300,000
313,776

San County Diego Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/18
300,000
329,424

San County Diego Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/19
300,000
339,717

San County Diego Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/22
1,525,000
1,852,234

San County Diego Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30
450,000
550,418

San Diego Community College District GO, 5.00%, 8/1/30
3,000,000
3,681,150

San Diego Convention Center Expansion Financing Authority Rev., 4.00%, 4/15/17
1,250,000
1,286,088

San Diego Convention Center Expansion Financing Authority Rev., 4.00%, 4/15/18
1,160,000
1,225,644

San Diego County Regional Airport Authority Rev., 4.00%, 7/1/18
300,000
320,631

San Diego County Regional Airport Authority Rev., 4.00%, 7/1/19
400,000
437,492

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/19
1,290,000
1,443,768

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/21
2,000,000
2,320,600

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/34
750,000
850,403

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/40
740,000
839,064

San Diego County Regional Transportation Commission Rev., 5.00%, 4/1/21
5,940,000
7,049,057

San Diego County Water Authority Financing Corp. Rev., 5.00%, 7/1/16
2,780,000
2,780,000

San Diego County Water Authority Financing Corp. Rev., 5.00%, 5/1/25
5,250,000
6,736,222

San Diego County Water Authority Financing Corp. Rev., 5.00%, 5/1/26
2,390,000
3,041,538

San Diego County Water Authority Financing Corp. Rev., 5.00%, 5/1/27
3,485,000
4,393,330

San Diego Public Facilities Financing Authority Rev., 5.00%, 10/15/44
3,970,000
4,757,886

San Diego Public Facilities Financing Authority Tax Allocation, 5.125%, 10/1/22 (AGC)
1,230,000
1,284,022

San Diego Public Facilities Financing Authority Sewer Rev., 5.00%, 5/15/19, Prerefunded at 100% of Par(2)
3,680,000
4,125,685

San Diego Public Facilities Financing Authority Sewer Rev., 5.25%, 5/15/20, Prerefunded at 100% of Par(2)
3,400,000
3,957,974

San Diego Public Facilities Financing Authority Water Rev., 5.00%, 8/1/21
1,000,000
1,092,070

San Diego Public Facilities Financing Authority Water Rev., 5.00%, 8/1/21
2,000,000
2,381,800

San Diego Public Facilities Financing Authority Water Rev., 5.00%, 8/1/24
2,000,000
2,444,420

San Diego Public Facilities Financing Authority Water Rev., 5.00%, 8/1/28(5)
10,000,000
12,691,400

San Diego Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/22
1,000,000
1,217,370

San Diego Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 9/1/23
1,000,000
1,240,590

San Diego Unified Port District Rev., 5.00%, 9/1/23
250,000
304,455

San Diego Unified Port District Rev., 5.00%, 9/1/26
750,000
897,953

San Diego Unified School District GO, 5.00%, 7/1/28
5,000,000
6,308,900

San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/36(1)
7,895,000
4,063,241

San Francisco Bay Area Rapid Transit District Rev., 5.00%, 7/1/28
1,500,000
1,899,105

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/17 (AGC)
3,375,000
3,514,252

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/18 (AGC)
2,000,000
2,165,180




San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/19
1,500,000
1,680,795

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.25%, 5/1/23
3,500,000
3,937,325

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 4.00%, 5/1/24
1,625,000
1,880,547

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/24
4,025,000
4,774,616

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/26
1,250,000
1,503,350

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/29
6,270,000
7,389,947

San Francisco City & County Redevelopment Agency Tax Allocation, 3.00%, 8/1/16(2)
285,000
286,183

San Francisco City & County Redevelopment Agency Tax Allocation, 3.00%, 8/1/16
2,715,000
2,726,077

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/16(2)
440,000
443,278

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/17(2)
465,000
488,701

San Francisco City & County Redevelopment Agency Tax Allocation, 5.50%, 8/1/18(2)
485,000
534,800

San Francisco City & County Redevelopment Agency Tax Allocation, 6.00%, 8/1/19(2)
510,000
591,039

San Francisco City & County Redevelopment Agency Tax Allocation, 6.00%, 8/1/20(2)
515,000
618,494

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/21
460,000
542,920

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/26
425,000
515,534

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/27
550,000
661,111

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/28
370,000
441,325

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/43
1,000,000
1,154,840

San Francisco Public Utilities Commission Wastewater Rev., 5.00%, 10/1/21
5,000,000
5,998,650

San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/28
2,780,000
3,195,638

San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/28
1,055,000
1,326,663

San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/35
1,415,000
1,735,455

San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/1/17(1)(2)
1,000,000
996,600

San Joaquin Hills Transportation Corridor Agency Rev., 5.00%, 1/15/34
9,000,000
10,231,560

San Jose Airport Rev., 5.00%, 3/1/27
1,295,000
1,569,838

San Jose Airport Rev., 5.00%, 3/1/28
1,500,000
1,818,345

San Jose Airport Rev., 5.00%, 3/1/30
1,750,000
2,108,400

San Jose Airport Rev., 5.00%, 3/1/31
1,000,000
1,203,210

San Jose Unified School District GO, 5.00%, 8/1/16
1,100,000
1,108,558

San Jose Unified School District GO, 5.00%, 8/1/17
900,000
946,971

San Jose Unified School District GO, 5.00%, 8/1/17
1,160,000
1,220,540

San Jose Unified School District GO, 5.00%, 8/1/18
2,100,000
2,296,581

San Jose Unified School District GO, 5.00%, 8/1/19
1,000,000
1,131,500

San Mateo Special Tax, 5.875%, 9/1/32
690,000
809,756

San Mateo County Transit District Rev., 5.25%, 6/1/18 (NATL)(2)
2,680,000
2,924,014

San Mateo Joint Powers Financing Authority Rev., 5.00%, 6/15/17
860,000
899,689

San Mateo Joint Powers Financing Authority Rev., 5.00%, 6/15/18
1,000,000
1,086,970

San Ramon Valley Unified School District GO, 5.00%, 8/1/16, Prerefunded at 100% of Par (NATL)(2)
1,000,000
1,007,510

Santa Clara County Financing Authority Rev., 4.00%, 2/1/17
2,055,000
2,102,101

Santa Clara Electric Rev., 5.00%, 7/1/30
1,000,000
1,157,940

Santa Clara Valley Transportation Authority Rev., 5.00%, 4/1/20
4,000,000
4,609,160

Santa Fe Springs Community Development Commission Tax Allocation, 5.375%, 9/1/16 (NATL)
430,000
431,733

Santa Monica Redevelopment Agency Tax Allocation, 5.00%, 7/1/42
600,000
690,978

Santa Monica Redevelopment Agency Tax Allocation, 5.875%, 7/1/42
600,000
717,936

Santa Monica-Malibu Unified School District GO, 5.00%, 7/1/17
3,375,000
3,535,481

Santa Rosa Wastewater Rev., Capital Appreciation, 0.00%, 9/1/24 (Ambac)(1)
7,000,000
5,892,600

Silicon Valley Clean Water Rev., 5.00%, 8/1/40
2,340,000
2,846,470

Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/23 (NATL)
1,000,000
1,223,020

Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/25 (NATL)
1,390,000
1,746,257




Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/29 (NATL)
1,100,000
1,359,919

South Orange County Public Financing Authority Rev., 4.25%, 6/1/17
2,000,000
2,073,020

South Orange County Public Financing Authority Rev., 4.50%, 6/1/18
2,700,000
2,899,314

South Placer Wastewater Authority Rev., VRN, 0.73%, 6/2/16
4,400,000
4,377,164

South San Francisco Unified School District GO, 0.00%, 6/1/16(1)(2)
2,000,000
2,000,000

Southern California Public Power Authority Rev., 4.00%, 7/1/16
2,055,000
2,061,165

Southern California Public Power Authority Rev., 5.00%, 7/1/18
1,880,000
2,045,666

Southern California Public Power Authority Rev., 5.00%, 7/1/18
2,000,000
2,176,240

Southern California Public Power Authority Rev., 6.00%, 7/1/18, Prerefunded at 100% of Par(2)
2,000,000
2,220,380

Southern California Public Power Authority Rev., 5.00%, 7/1/20
4,000,000
4,645,560

Southern California Public Power Authority Rev., 5.00%, 7/1/21
2,780,000
3,316,067

Southern California Public Power Authority Rev., 5.00%, 7/1/22
2,875,000
3,133,347

Southern California Water Replenishment District Rev., 5.00%, 8/1/21
1,000,000
1,195,520

State of California GO, 5.00%, 7/1/16, Prerefunded at 100% of Par(2)
2,000,000
2,007,500

State of California GO, 5.00%, 11/1/16 (Ambac)
1,575,000
1,604,720

State of California GO, 5.00%, 9/1/17
2,500,000
2,636,000

State of California GO, 5.00%, 10/1/17
2,170,000
2,295,534

State of California GO, 5.50%, 4/1/18
2,535,000
2,753,821

State of California GO, 5.00%, 7/1/18(2)
5,435,000
5,921,650

State of California GO, 5.00%, 7/1/18(2)
1,565,000
1,705,130

State of California GO, 5.00%, 8/1/18
2,260,000
2,326,444

State of California GO, 5.00%, 9/1/18
1,000,000
1,093,530

State of California GO, 5.00%, 7/1/19(2)
4,505,000
5,077,901

State of California GO, 5.00%, 9/1/19
7,645,000
8,636,021

State of California GO, 5.00%, 3/1/20
1,690,000
1,809,094

State of California GO, 5.00%, 8/1/20
5,000,000
5,146,500

State of California GO, 5.25%, 10/1/20
5,000,000
5,716,150

State of California GO, 5.00%, 9/1/22
2,000,000
2,436,060

State of California GO, 5.00%, 3/1/23
10,000,000
12,288,100

State of California GO, 5.50%, 4/1/24
4,600,000
5,190,594

State of California GO, 5.00%, 8/1/24
1,260,000
1,296,351

State of California GO, 5.00%, 8/1/26
4,800,000
6,074,016

State of California GO, 5.00%, 12/1/26
1,045,000
1,297,451

State of California GO, 5.00%, 2/1/27
14,000,000
17,015,460

State of California GO, 5.00%, 2/1/28
5,795,000
7,018,730

State of California GO, 5.00%, 3/1/28
8,000,000
9,921,200

State of California GO, 5.75%, 4/1/28
5,000,000
5,679,850

State of California GO, 5.00%, 11/1/29
2,625,000
3,235,417

State of California GO, 5.75%, 4/1/31
5,000,000
5,684,350

State of California GO, 5.00%, 11/1/32
1,890,000
2,003,513

State of California GO, 6.50%, 4/1/33
5,000,000
5,787,600

State of California GO, 6.00%, 4/1/38
3,000,000
3,426,120

State of California GO, 5.00%, 8/1/45
5,000,000
6,018,200

State of California GO, VRDN, 4.00%, 12/1/16
3,000,000
3,000,000

State of California GO, VRDN, 4.00%, 12/1/21
4,000,000
4,511,840

State of California GO, VRN, 1.30%, 6/2/16
2,000,000
2,012,160

State of California GO, VRN, 1.40%, 6/2/16
800,000
806,768

State of California GO, VRN, 1.55%, 6/2/16
960,000
974,842

State of California Department of Water Resources Rev., 5.00%, 12/1/19, Prerefunded at 100% of Par(2)
905,000
1,033,175




State of California Department of Water Resources Rev., VRDN, 0.70%, 6/2/16
4,500,000
4,484,745

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/17
5,000,000
5,202,350

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/18
3,000,000
3,243,570

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/19
7,000,000
7,837,970

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/20, Prerefunded at 100% of Par(2)
1,860,000
2,147,779

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/20, Prerefunded at 100% of Par(2)
8,000,000
9,237,760

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/20
14,215,000
16,411,360

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/21
1,430,000
1,544,572

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/21
1,140,000
1,315,663

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/21
10,000,000
11,872,100

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/22
1,800,000
1,942,056

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/22
6,835,000
7,871,118

Stockton Public Financing Authority Rev., 5.00%, 9/1/22 (BAM)
1,410,000
1,696,174

Stockton Public Financing Authority Rev., 5.00%, 9/1/23 (BAM)
1,435,000
1,754,847

Stockton Public Financing Authority Rev., 5.00%, 9/1/24 (BAM)
1,090,000
1,353,115

Stockton Public Financing Authority Rev., 5.00%, 9/1/25 (BAM)
2,255,000
2,790,247

Stockton Public Financing Authority Rev., 5.00%, 9/1/26 (BAM)
1,495,000
1,834,903

Stockton Public Financing Authority Rev., 6.25%, 10/1/38
1,500,000
1,881,555

Stockton Unified School District GO, 5.00%, 8/1/27 (AGM)
530,000
645,450

Stockton Unified School District GO, 5.00%, 8/1/28 (AGM)
255,000
308,963

Stockton Unified School District GO, 5.00%, 8/1/30
11,165,000
13,617,169

Stockton Unified School District GO, 5.00%, 8/1/42 (AGM)
865,000
1,010,597

Sutter Union High School District GO, Capital Appreciation, 0.00%, 8/1/48 (BAM)(1)
2,470,000
669,321

Tahoe Forest Hospital District Rev., VRDN, 0.30%, 6/1/16 (LOC: U.S. Bank N.A.)
4,245,000
4,245,000

Temecula Valley Unified School District Financing Authority Special Tax, 4.00%, 9/1/17 (BAM)
415,000
431,583

Temecula Valley Unified School District Financing Authority Special Tax, 5.00%, 9/1/18 (BAM)
325,000
354,075

Temecula Valley Unified School District Financing Authority Special Tax, 5.00%, 9/1/19 (BAM)
265,000
297,810

Temecula Valley Unified School District Financing Authority Special Tax, 5.00%, 9/1/20 (BAM)
400,000
461,404

Temecula Valley Unified School District Financing Authority Special Tax, 5.00%, 9/1/21 (BAM)
515,000
609,271

Temecula Valley Unified School District Financing Authority Special Tax, 5.00%, 9/1/22 (BAM)
275,000
330,633

Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 5.00%, 6/1/37
1,750,000
1,749,912

Tuolumne Wind Project Authority Rev., 5.625%, 1/1/29
1,000,000
1,116,420

Tustin Community Facilities District Special Tax, 5.00%, 9/1/22
480,000
567,178

Tustin Community Facilities District Special Tax, 5.00%, 9/1/23
725,000
871,262

Tustin Community Facilities District Special Tax, 5.00%, 9/1/28
1,000,000
1,202,530

Tustin Community Facilities District Special Tax, 5.00%, 9/1/30
1,000,000
1,194,940

Twin Rivers Unified School District COP, VRDN, 3.45%, 7/1/18 (AGM)
3,000,000
3,005,280

Twin Rivers Unified School District COP, VRDN, 3.20%, 6/1/20 (AGM)
3,750,000
3,755,737

Twin Rivers Unified School District COP, VRDN, 3.20%, 6/1/20 (AGM)
2,500,000
2,503,825

University of California Rev., 5.25%, 5/15/17, Prerefunded at 101% of Par(2)
1,910,000
2,014,210

University of California Rev., 5.00%, 5/15/18, Prerefunded at 101% of Par(2)
760,000
831,212

University of California Rev., 5.25%, 5/15/19, Prerefunded at 100% of Par(2)
2,210,000
2,494,427

University of California Rev., 5.25%, 5/15/19, Prerefunded at 100% of Par(2)
1,255,000
1,416,129

University of California Rev., 5.00%, 5/15/20
1,405,000
1,535,707

University of California Rev., 5.25%, 5/15/23
90,000
94,928

University of California Rev., 5.00%, 5/15/25
7,250,000
8,991,160

University of California Rev., 5.00%, 5/15/26
6,150,000
7,430,983

University of California Rev., 5.00%, 5/15/26
11,300,000
14,314,953

University of California Rev., 4.00%, 5/15/33
4,005,000
4,487,723




University of California Rev., 5.25%, 5/15/39
4,285,000
4,813,983

University of California Rev., 5.00%, 5/15/40
490,000
533,948

University of California Rev., 5.00%, 5/15/42
1,640,000
1,933,675

University of California Rev., VRDN, 1.40%, 5/15/21
1,650,000
1,653,052

University of California Rev., VRDN, 5.00%, 5/15/23
7,935,000
9,814,722

Upper Santa Clara Valley Joint Powers Authority Rev., 4.00%, 8/1/18
600,000
641,016

Upper Santa Clara Valley Joint Powers Authority Rev., 4.00%, 8/1/19
600,000
657,210

West Contra Costa Unified School District GO, 5.00%, 8/1/30
2,000,000
2,438,160

West Contra Costa Unified School District GO, 5.00%, 8/1/33
3,000,000
3,619,710

West Contra Costa Unified School District GO, 5.00%, 8/1/34
1,200,000
1,441,920

West Contra Costa Unified School District GO, 5.00%, 8/1/35
1,500,000
1,794,990

West Sacramento Financing Authority Special Tax, 5.00%, 9/1/18 (XLCA)
1,500,000
1,627,290

West Sacramento Financing Authority Special Tax, 5.00%, 9/1/19 (XLCA)
1,000,000
1,114,180

West Sacramento Financing Authority Special Tax, 5.00%, 9/1/20 (XLCA)
1,200,000
1,367,292

Yosemite Community College District GO, Capital Appreciation, 0.00%, 8/1/38(1)
6,000,000
2,694,060

 
 
1,594,204,554

Guam — 0.1%
 
 
Guam Government GO, 6.00%, 11/15/19
825,000
914,521

Guam Government Power Authority Rev., 5.00%, 10/1/19 (AGM)
1,000,000
1,125,180

 
 
2,039,701

TOTAL INVESTMENT SECURITIES — 100.6%
(Cost $1,493,272,444)
 
1,596,244,255

OTHER ASSETS AND LIABILITIES — (0.6)%
 
(9,100,914)

TOTAL NET ASSETS — 100.0%
 
$
1,587,143,341


NOTES TO SCHEDULE OF INVESTMENTS
AGC
-
Assured Guaranty Corporation
AGM
-
Assured Guaranty Municipal Corporation
BAM
-
Build America Mutual Assurance Company
COP
-
Certificates of Participation
FGIC
-
Financial Guaranty Insurance Company
GA
-
Guaranty Agreement
GO
-
General Obligation
LOC
-
Letter of Credit
NATL
-
National Public Finance Guarantee Corporation
SBBPA
-
Standby Bond Purchase Agreement
VRDN
-
Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
VRN
-
Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.
XLCA
-
XL Capital Ltd.
(1)
Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(2)
Escrowed to maturity in U.S. government securities or state and local government securities.
(3)
Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $3,327,581, which represented 0.2% of total net assets.
(4)
Coupon rate adjusts periodically based upon a predetermined schedule. Interest reset date is indicated. Rate shown is effective at the period end.
(5)
When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.






SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

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

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

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

2. Fair Value Measurements

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

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

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

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

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

As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

3. Federal Tax Information

As of May 31, 2016, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments
$
1,493,272,444

Gross tax appreciation of investments
$
103,305,379

Gross tax depreciation of investments
(333,568
)
Net tax appreciation (depreciation) of investments
$
102,971,811



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


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



American Century Investments® 
Quarterly Portfolio Holdings
California Long-Term Tax-Free Fund
May 31, 2016









    

California Long-Term Tax-Free - Schedule of Investments
 
MAY 31, 2016 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 100.2%
 
 
California — 99.5%
 
 
ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp Healthcare Obligated Group), 6.00%, 8/1/30
1,000,000
1,222,570

ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp Healthcare Obligated Group), 6.25%, 8/1/39
1,200,000
1,390,164

ABAG Finance Authority for Nonprofit Corps. Rev., (Sharp Healthcare Obligated Group), 5.00%, 8/1/43
500,000
585,830

Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/37
1,000,000
1,194,200

Alameda Corridor Transportation Authority Rev., Capital Appreciation, 0.00%, 10/1/32 (NATL)(1)
1,000,000
579,820

Alameda Corridor Transportation Authority Rev., Capital Appreciation, 0.00%, 10/1/35 (NATL)(1)
3,750,000
1,911,900

Alum Rock Union Elementary School District GO, 6.00%, 8/1/39
1,000,000
1,275,520

Anaheim Public Financing Authority Rev., 5.375%, 10/1/36
300,000
352,776

Anaheim Public Financing Authority Rev., 5.25%, 10/1/39
2,500,000
2,778,425

Anaheim Public Financing Authority Rev., 5.00%, 5/1/46
2,200,000
2,597,958

Bay Area Toll Authority Rev., 5.25%, 4/1/19, Prerefunded at 100% of Par(2)
1,500,000
1,680,765

Bay Area Toll Authority Rev., 5.00%, 4/1/43
2,655,000
3,129,714

Bay Area Toll Authority Rev., 5.00%, 10/1/54
1,500,000
1,765,440

Bay Area Toll Authority Rev., VRDN, 1.10%, 6/2/16
550,000
550,132

Bay Area Toll Authority Rev., VRDN, 1.50%, 6/2/16
1,250,000
1,242,537

Bay Area Toll Authority Rev., VRDN, 1.65%, 6/2/16
500,000
494,245

Brea Redevelopment Agency Tax Allocation, 4.00%, 8/1/16
1,245,000
1,252,221

California Educational Facilities Authority Rev., (Chapman University), 5.00%, 4/1/25
285,000
355,352

California Educational Facilities Authority Rev., (Claremont Mckenna College), 5.00%, 1/1/32
750,000
934,950

California Educational Facilities Authority Rev., (Harvey Mudd College), 5.25%, 12/1/41
2,000,000
2,357,100

California Educational Facilities Authority Rev., (Santa Clara University), 5.625%, 4/1/18, Prerefunded at 100% of Par(2)
4,675,000
5,094,534

California Educational Facilities Authority Rev., (Santa Clara University), 5.625%, 4/1/37
325,000
352,638

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/36
500,000
595,385

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/37
500,000
593,965

California Educational Facilities Authority Rev., (University of Redlands), 5.00%, 10/1/38
500,000
593,020

California Educational Facilities Authority Rev., (University of Southern California), 5.00%, 10/1/39
2,000,000
2,192,560

California Educational Facilities Authority Rev., (University of the Pacific), 5.00%, 11/1/33
500,000
606,630

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 8/15/21
1,000,000
1,190,780

California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center), 5.00%, 11/15/32
400,000
495,140

California Health Facilities Financing Authority Rev., (Children's Hospital of Orange County), 6.50%, 11/1/38 (GA: Children's Healthcare of California)
4,500,000
5,305,140

California Health Facilities Financing Authority Rev., (Dignity Health Obligated Group), 6.00%, 7/1/39
3,400,000
3,888,070

California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), 5.00%, 8/15/43
1,000,000
1,170,640

California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), VRDN, 1.45%, 3/15/17, Prerefunded at 100% of Par(2)
150,000
150,987

California Health Facilities Financing Authority Rev., (Providence Health & Services Obligated Group), 6.50%, 10/1/18, Prerefunded at 100% of Par(2)
1,000,000
1,134,110

California Health Facilities Financing Authority Rev., (Providence Health & Services Obligated Group), 5.50%, 10/1/39
1,000,000
1,139,020

California Health Facilities Financing Authority Rev., (Scripps Health Obligated Group), 5.00%, 11/15/19
1,000,000
1,133,340

California Health Facilities Financing Authority Rev., (St. Joseph Health System Obligated Group), 5.00%, 7/1/37
180,000
211,340

California Health Facilities Financing Authority Rev., (St. Joseph Health System Obligated Group), 5.75%, 7/1/39
1,000,000
1,146,160

California Health Facilities Financing Authority Rev., (Stanford Health Care Obligated Group), 5.00%, 8/15/51
500,000
572,345

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 6.00%, 8/15/42
1,500,000
1,806,030

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/43
720,000
851,573




California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/46
2,000,000
2,382,240

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.25%, 11/15/46
1,500,000
1,533,015

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/52
1,500,000
1,749,000

California Health Facilities Financing Authority Rev., VRDN, 0.29%, 6/1/16 (LOC: U.S. Bank N.A.)
2,500,000
2,500,000

California Infrastructure & Economic Development Bank Rev., (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/41
740,000
876,619

California Infrastructure & Economic Development Bank Rev., (Colburn School), VRDN, 1.40%, 6/2/16
935,000
936,468

California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRDN, 2.07%, 6/2/16
1,000,000
1,021,850

California Infrastructure & Economic Development Bank Rev., (Pacific Gas & Electric Co.), VRDN, 0.27%, 6/1/16 (LOC: Union Bank N.A.)
4,200,000
4,200,000

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 5.00%, 2/1/30 (GA: Walt & Lilly Disney Foundation)
550,000
681,219

California Infrastructure & Economic Development Bank Rev., (Walt Disney Family Museum LLC), 4.00%, 2/1/32 (GA: Walt & Lilly Disney Foundation)
900,000
1,003,806

California Municipal Finance Authority Rev., (American Heritage/Escondido/Heritage K-8 Charter School Obligated Group), 5.00%, 6/1/46
500,000
558,305

California Municipal Finance Authority Rev., (Azusa Pacific University), 8.00%, 4/1/21, Prerefunded at 100% of Par(2)
665,000
873,238

California Municipal Finance Authority Rev., (Azusa Pacific University), 5.00%, 4/1/41
500,000
563,975

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/40
1,420,000
1,632,347

California Municipal Finance Authority Rev., (Community Hospitals of Central California Obligated Group), 5.00%, 2/1/46
1,000,000
1,141,350

California Municipal Finance Authority Rev., (Emerson College), 6.00%, 1/1/42
2,000,000
2,401,860

California Municipal Finance Authority Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/34
300,000
333,234

California Municipal Finance Authority Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/40
1,000,000
1,096,850

California Municipal Finance Authority Rev., (University of La Verne), 6.25%, 6/1/40
1,000,000
1,164,870

California Pollution Control Financing Authority Rev., 5.00%, 11/21/45(3)
1,000,000
1,035,140

California Pollution Control Financing Authority Rev., (Pacific Gas & Electric Co.), VRDN, 0.35%, 6/1/16 (LOC: TD Bank N.A.)
1,000,000
1,000,000

California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/46(3)
250,000
282,368

California State Public Works Board Rev., 5.00%, 9/1/22, Prerefunded at 100% of Par(2)
500,000
612,435

California State Public Works Board Rev., 5.00%, 9/1/23, Prerefunded at 100% of Par(2)
1,865,000
2,339,680

California State Public Works Board Rev., 5.25%, 12/1/26
1,000,000
1,212,900

California State Public Works Board Rev., 5.75%, 11/1/29
1,685,000
1,949,764

California State Public Works Board Rev., 5.75%, 10/1/30
2,000,000
2,316,180

California State Public Works Board Rev., 5.00%, 4/1/37
2,170,000
2,515,030

California State Public Works Board Rev., 5.00%, 11/1/38
1,500,000
1,799,565

California State University Rev., 5.25%, 5/1/19, Prerefunded at 100% of Par(2)
2,230,000
2,513,321

California State University Rev., 5.00%, 11/1/19
1,000,000
1,136,550

California State University Rev., 4.00%, 11/1/45
1,005,000
1,108,776

California Statewide Communities Development Authority Rev., (Adventist Health System/West Obligated Group), 5.00%, 3/1/35
715,000
861,582

California Statewide Communities Development Authority Rev., (American Baptist Homes of the West Obligated Group), 5.00%, 10/1/45
600,000
688,872

California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/40
1,200,000
1,419,960

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/34
500,000
584,385

California Statewide Communities Development Authority Rev., (Collis P and Howard Huntington Memorial Hospital Obligated Group), 5.00%, 7/1/44
1,300,000
1,506,089

California Statewide Communities Development Authority Rev., (Cottage Health System Obligated Group), 5.25%, 11/1/30
1,000,000
1,147,430

California Statewide Communities Development Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.25%, 10/1/43 (AGM)
750,000
883,567

California Statewide Communities Development Authority Rev., (Kaiser Credit Group), 5.25%, 8/1/31
3,000,000
3,020,820




California Statewide Communities Development Authority Rev., (Kaiser Credit Group), 5.00%, 4/1/42
2,780,000
3,209,621

California Statewide Communities Development Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/41
500,000
569,370

Carson Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/19 (AGM)
485,000
544,524

Carson Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 10/1/20 (AGM)
785,000
898,943

Cathedral City Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/28 (AGM)
1,190,000
1,441,828

City & County of San Francisco COP, 5.00%, 4/1/29
1,170,000
1,298,934

Del Mar Race Track Authority Rev., 5.00%, 10/1/35
660,000
742,104

Eastern Municipal Water District Rev., 4.00%, 7/1/16
400,000
401,172

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/24(4)
700,000
593,754

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/33(1)
600,000
312,408

Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/42(1)
1,250,000
444,788

Foothill-Eastern Transportation Corridor Agency Rev., 6.50%, 1/15/43
500,000
600,865

Foothill-Eastern Transportation Corridor Agency Rev., 5.75%, 1/15/46
1,000,000
1,180,120

Foothill-Eastern Transportation Corridor Agency Rev., 6.00%, 1/15/49
3,250,000
3,878,030

Foothill-Eastern Transportation Corridor Agency Rev., VRDN, 5.50%, 1/15/23
1,000,000
1,188,950

Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/25 (AGM)(1)
1,000,000
821,270

Golden State Tobacco Securitization Corp. Rev., 4.50%, 6/1/27
445,000
448,658

Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/33
750,000
754,920

Grossmont Union High School District GO, 5.00%, 8/1/43
1,000,000
1,178,870

Hayward Area Recreation and Park District COP, 5.125%, 1/1/39
1,000,000
1,153,040

Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37
555,000
654,195

Inland Valley Development Agency Tax Allocation, 5.00%, 9/1/44
590,000
672,783

Irvine Special Assessment, 4.00%, 9/2/17
365,000
379,162

Irvine Special Assessment, 4.00%, 9/2/18
375,000
399,698

Irvine Special Assessment, 4.00%, 9/2/19
600,000
653,808

Irvine Special Assessment, 5.00%, 9/2/26
1,000,000
1,254,640

Irvine Special Tax, 5.00%, 9/1/49
1,000,000
1,131,180

Kaweah Delta Health Care District Rev., 4.00%, 6/1/45
750,000
792,090

La Verne COP, (Brethren Hillcrest Homes), 5.00%, 5/15/29
635,000
715,956

Live Oak Elementary School District/Santa Cruz County COP, 5.00%, 8/1/39 (AGM)(5)
1,850,000
2,190,640

Long Beach Bond Finance Authority Rev., 5.00%, 11/15/35 (GA: Merrill Lynch & Co.)
330,000
408,448

Long Beach Bond Finance Authority Rev., 5.50%, 11/15/37 (GA: Merrill Lynch & Co.)
695,000
917,268

Long Beach Marina System Rev., (Alamitos Bay Marina Project), 5.00%, 5/15/40
1,250,000
1,419,812

Los Alamitos Unified School District COP, Capital Appreciation, 0.00%, 8/1/24(4)
1,100,000
954,272

Los Angeles Community College District GO, 5.00%, 8/1/17, Prerefunded at 100% of Par (NATL)(2)
1,425,000
1,498,174

Los Angeles County Regional Financing Authority Rev., (MonteCedro, Inc.), 3.00%, 11/15/20 (California Mortgage Insurance)
65,000
65,148

Los Angeles County Regional Financing Authority Rev., (MonteCedro, Inc.), 3.00%, 11/15/21 (California Mortgage Insurance)
355,000
355,802

Los Angeles County Sanitation Districts Financing Authority Rev., 5.00%, 10/1/35
1,500,000
1,820,130

Los Angeles Department of Airports Rev., 5.25%, 5/15/18, Prerefunded at 100% of Par(2)
2,120,000
2,308,002

Los Angeles Department of Airports Rev., 5.00%, 5/15/40
1,000,000
1,137,150

Los Angeles Department of Airports Rev., 5.00%, 5/15/40
2,000,000
2,271,000

Los Angeles Department of Water & Power Rev., 5.00%, 7/1/19
1,000,000
1,125,370

Los Angeles Department of Water & Power Rev., 5.25%, 7/1/38
4,000,000
4,347,880

Los Angeles Unified School District GO, 5.00%, 7/1/16, Prerefunded at 100% of Par (FGIC)(2)
2,000,000
2,007,320

Los Angeles Unified School District GO, 4.00%, 7/1/17
1,000,000
1,036,650

Los Angeles Unified School District GO, 5.00%, 7/1/18
1,280,000
1,392,794

Los Angeles Unified School District GO, 5.00%, 7/1/18
2,000,000
2,176,240

Los Angeles Unified School District GO, 5.25%, 7/1/26
1,000,000
1,161,130




Los Angeles Unified School District GO, 5.00%, 7/1/29
2,000,000
2,241,660

Los Angeles Unified School District GO, 5.00%, 7/1/30
690,000
851,315

Los Angeles Unified School District GO, 5.00%, 7/1/32 (AGM)
1,020,000
1,066,451

M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup, Inc.)
1,000,000
1,500,380

M-S-R Energy Authority Rev., 7.00%, 11/1/34 (GA: Citigroup, Inc.)
880,000
1,320,334

M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup, Inc.)
425,000
612,859

Manhattan Beach Unified School District GO, Capital Appreciation, 0.00%, 9/1/29(1)
5,905,000
4,086,969

Modesto Irrigation District COP, 5.75%, 10/1/34
2,500,000
2,809,400

Mount San Antonio Community College District GO, 5.00%, 8/1/34
1,000,000
1,208,250

Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/34(5)
600,000
669,246

Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/35(5)
750,000
831,532

New Haven Unified School District GO, 12.00%, 8/1/18 (AGM)
880,000
1,090,179

New Haven Unified School District GO, 5.00%, 8/1/45
1,500,000
1,794,600

Newport Beach Rev., (Hoag Memorial Hospital/Newport Healthcare Obligated Group), 6.00%, 12/1/21, Prerefunded at 100% of Par(2)
1,000,000
1,253,520

North Lake Tahoe Public Financing Authority Rev., 5.00%, 12/1/21
500,000
597,595

Oakland Unified School District/Alameda County GO, 5.50%, 8/1/32
1,000,000
1,189,300

Oakland Unified School District/Alameda County GO, 6.625%, 8/1/38
460,000
562,488

Oakland Unified School District/Alameda County GO, 5.00%, 8/1/40
450,000
525,177

Ontario Public Financing Authority Rev., 5.00%, 7/1/43
1,000,000
1,186,310

Orange County Community Facilities District Special Tax, 5.00%, 8/15/35
1,000,000
1,168,460

Orange County Sanitation District Rev., 4.00%, 11/15/16
2,000,000
2,029,740

Orange County Transportation Authority Rev., 5.00%, 8/15/25
1,000,000
1,224,530

Oxnard Financing Authority Rev., 5.00%, 6/1/32 (AGM)
1,500,000
1,784,745

Oxnard Financing Authority Rev., 5.00%, 6/1/33 (AGM)
1,000,000
1,186,630

Oxnard School District GO, 3.00%, 8/1/20 (AGM)(4)
700,000
744,261

Palomar Health COP, 6.75%, 11/1/39
500,000
558,975

Palomar Health COP, 6.00%, 11/1/41
750,000
802,628

Palomar Health GO, Capital Appreciation, 0.00%, 8/1/19 (AGC)(4)
1,670,000
1,977,163

Palos Verdes Peninsula Unified School District GO, 0.00%, 8/1/33(1)
2,600,000
1,554,176

Paramount Unified School District GO, Capital Appreciation, 0.00%, 8/1/51 (BAM)(1)
7,500,000
847,800

Pomona Unified School District GO, 6.55%, 8/1/29 (NATL)
1,000,000
1,350,940

Pomona Unified School District GO, 6.15%, 8/1/30 (NATL)
855,000
1,060,268

Port of Los Angeles Rev., 5.00%, 8/1/27
500,000
562,810

Porterville Public Financing Authority Rev., 5.625%, 10/1/36
1,500,000
1,787,955

Poway Unified School District GO, Capital Appreciation, 0.00%, 8/1/41(1)
2,110,000
905,232

Poway Unified School District Rev., 7.875%, 9/15/39
1,010,000
1,182,144

Riverside County Asset Leasing Corp. Rev., 5.00%, 11/1/43
1,000,000
1,148,560

Riverside County Redevelopment Successor Agency Tax Allocation, 6.50%, 10/1/40
625,000
753,138

Riverside County Transportation Commission Rev., Capital Appreciation, 0.00%, 6/1/31(1)
1,555,000
845,314

Riverside Sewer Rev., 5.00%, 8/1/40
500,000
591,735

Sacramento County Airport System Rev., (Grant Revenue Bonds), 5.625%, 7/1/29
1,000,000
1,094,140

Sacramento County Sanitation Districts Financing Authority Rev., VRN, 0.96%, 6/1/16 (NATL)
1,500,000
1,390,650

Sacramento Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 12/1/34 (BAM)
385,000
456,991

Saddleback Valley Unified School District Public Financing Authority Special Tax, 6.00%, 9/1/16 (AGM)
1,000,000
1,013,030

San Bernardino Community College District GO, Capital Appreciation, 0.00%, 8/1/19(4)
7,400,000
8,077,618

San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41
1,350,000
1,669,410

San County Diego Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25
275,000
347,820

San County Diego Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/26
850,000
1,065,228

San County Diego Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30
225,000
275,209




San Diego County Regional Airport Authority Rev., 5.00%, 7/1/40
1,500,000
1,700,805

San Diego County Regional Airport Authority Rev., 5.00%, 7/1/43
1,000,000
1,149,450

San Diego County Water Authority Financing Corp. Rev., 5.00%, 7/1/16
1,665,000
1,665,000

San Diego Public Facilities Financing Authority Rev., 5.00%, 10/15/44
1,300,000
1,557,998

San Diego Public Facilities Financing Authority Sewer Rev., 5.25%, 5/15/19, Prerefunded at 100% of Par(2)
2,000,000
2,256,780

San Diego Public Facilities Financing Authority Water Rev., 5.00%, 8/1/30
2,000,000
2,421,300

San Diego Unified Port District Rev., 5.00%, 9/1/24
500,000
607,515

San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/44(1)
2,880,000
1,082,448

San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/49(1)
1,000,000
309,660

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.25%, 5/1/23
3,000,000
3,374,850

San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/40
2,150,000
2,431,112

San Francisco City & County Redevelopment Agency Tax Allocation, 6.625%, 2/1/21, Prerefunded at 100% of Par(2)
500,000
624,145

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/31
400,000
472,796

San Francisco City & County Redevelopment Agency Tax Allocation, 5.00%, 8/1/43
500,000
577,420

San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/41
1,000,000
1,164,610

San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/45
1,000,000
1,189,010

San Joaquin Hills Transportation Corridor Agency Rev., 5.00%, 1/15/34
1,000,000
1,136,840

San Joaquin Hills Transportation Corridor Agency Rev., 5.00%, 1/15/44
1,000,000
1,129,830

San Joaquin Hills Transportation Corridor Agency Rev., 5.25%, 1/15/44
1,000,000
1,117,400

San Mateo Special Tax, 5.875%, 9/1/32
685,000
803,889

San Mateo Special Tax, 5.50%, 9/1/44
750,000
848,940

Santa Clara Electric Rev., 5.00%, 7/1/30
500,000
578,970

Santa Cruz County Redevelopment Agency Tax Allocation, 5.00%, 9/1/35 (AGM)
1,500,000
1,782,015

Santa Monica Redevelopment Agency Tax Allocation, 5.00%, 7/1/42
400,000
460,652

Santa Monica Redevelopment Agency Tax Allocation, 5.875%, 7/1/42
400,000
478,624

Santa Rosa Wastewater Rev., Capital Appreciation, 0.00%, 9/1/24 (Ambac)(1)
2,000,000
1,683,600

Silicon Valley Clean Water Rev., 5.00%, 8/1/45
1,205,000
1,459,171

Sonoma Community Development Agency Successor Agency Tax Allocation, 5.00%, 6/1/33 (NATL)
1,325,000
1,606,046

South Placer Wastewater Authority Rev., VRN, 0.73%, 6/2/16
1,650,000
1,641,436

Southern California Public Power Authority Rev., 5.00%, 7/1/17
1,050,000
1,099,812

State of California GO, 5.00%, 7/1/16(2)
1,700,000
1,706,375

State of California GO, 5.00%, 2/1/27
3,000,000
3,646,170

State of California GO, 5.00%, 2/1/28
1,000,000
1,211,170

State of California GO, 5.00%, 3/1/28
2,000,000
2,480,300

State of California GO, 5.25%, 9/1/32
2,000,000
2,383,920

State of California GO, 6.50%, 4/1/33
5,000,000
5,787,600

State of California GO, 5.00%, 4/1/38
2,500,000
2,680,700

State of California GO, 6.00%, 4/1/38
2,500,000
2,855,100

State of California GO, 6.00%, 11/1/39
5,000,000
5,854,200

State of California GO, 5.50%, 3/1/40
3,000,000
3,500,430

State of California GO, 5.00%, 10/1/41
2,000,000
2,346,260

State of California GO, 5.00%, 8/1/45
2,795,000
3,364,174

State of California GO, VRN, 1.30%, 6/2/16
2,000,000
2,012,160

State of California GO, VRN, 1.40%, 6/2/16
800,000
806,768

State of California GO, VRN, 1.55%, 6/2/16
960,000
974,842

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/18
2,000,000
2,162,380

State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/21
715,000
772,286

Stockton Public Financing Authority Rev., 5.00%, 9/1/27 (BAM)
1,000,000
1,219,430

Stockton Public Financing Authority Rev., 6.25%, 10/1/40
750,000
940,777




Stockton Unified School District GO, 5.00%, 8/1/29
3,485,000
4,281,601

Stockton Unified School District GO, 5.00%, 8/1/31
1,000,000
1,213,470

Stockton Unified School District GO, 5.00%, 8/1/42 (AGM)
430,000
502,378

Susanville Public Financing Authority Rev., 6.00%, 6/1/45
1,000,000
1,115,700

Sutter Union High School District GO, Capital Appreciation, 0.00%, 8/1/49 (BAM)(1)
2,225,000
575,941

Sweetwater Union High School District GO, 4.00%, 8/1/42
1,205,000
1,312,823

Tobacco Securitization Authority of Southern California Rev., (San Diego County Tobacco Asset Securitization Corp.), 5.00%, 6/1/37
500,000
499,975

Tuolumne Wind Project Authority Rev., 5.625%, 1/1/29
1,200,000
1,339,704

Tustin Unified School District Special Tax, 6.00%, 9/1/40
2,000,000
2,324,900

University of California Rev., 5.00%, 5/15/25
1,000,000
1,240,160

University of California Rev., VRDN, 5.00%, 5/15/23
2,000,000
2,473,780

Ventura County Community College District GO, 5.50%, 8/1/18, Prerefunded at 100% of Par(2)
3,000,000
3,310,770

Victor Valley Community College District GO, 4.00%, 8/1/44
3,350,000
3,684,765

West Contra Costa Unified School District GO, 4.00%, 8/1/46
1,000,000
1,082,930

Yosemite Community College District GO, Capital Appreciation, 0.00%, 8/1/38(1)
3,000,000
1,347,030

 
 
347,646,555

Guam — 0.7%
 
 
Guam Government Power Authority Rev., 5.50%, 10/1/40
2,150,000
2,396,412

TOTAL INVESTMENT SECURITIES — 100.2%
(Cost $310,653,143)
 
350,042,967

OTHER ASSETS AND LIABILITIES — (0.2)%
 
(580,409)

TOTAL NET ASSETS — 100.0%
 
$
349,462,558


NOTES TO SCHEDULE OF INVESTMENTS
AGC
-
Assured Guaranty Corporation
AGM
-
Assured Guaranty Municipal Corporation
BAM
-
Build America Mutual Assurance Company
COP
-
Certificates of Participation
FGIC
-
Financial Guaranty Insurance Company
GA
-
Guaranty Agreement
GO
-
General Obligation
LOC
-
Letter of Credit
NATL
-
National Public Finance Guarantee Corporation
VRDN
-
Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
VRN
-
Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.
(1)
Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(2)
Escrowed to maturity in U.S. government securities or state and local government securities.
(3)
Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $1,317,508, which represented 0.4% of total net assets.
(4)
Coupon rate adjusts periodically based upon a predetermined schedule. Interest reset date is indicated. Rate shown is effective at the period end.
(5)
When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.






SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

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

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

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

2. Fair Value Measurements

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

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

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

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

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

As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

3. Federal Tax Information

As of May 31, 2016, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments
$
310,653,143

Gross tax appreciation of investments
$
39,406,757

Gross tax depreciation of investments
(16,933
)
Net tax appreciation (depreciation) of investments
$
39,389,824



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


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



American Century Investments® 
Quarterly Portfolio Holdings
California Tax-Free Money Market Fund
May 31, 2016









    

California Tax-Free Money Market - Schedule of Investments
 
MAY 31, 2016 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
MUNICIPAL SECURITIES — 99.2%
 
 
California — 99.2%
 
 
California Enterprise Development Authority Rev., (Community Hospice, Inc.), VRDN, 0.43%, 6/2/16 (LOC: Bank of Stockton and FHLB)
3,445,000
3,445,000

California Enterprise Development Authority Rev., (Humane Society Silicon Valley), VRDN, 0.43%, 6/2/16 (LOC: First Republic Bank and FHLB)
6,080,000
6,080,000

California Health Facilities Financing Authority Rev., (Dignity Health Obligated Group), VRDN, 0.45%, 6/1/16 (NATL)(LOC: JPMorgan Chase Bank N.A.)
1,700,000
1,700,000

California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 8/15/16
1,000,000
1,009,610

California Health Facilities Financing Authority Rev., VRDN, 0.29%, 6/1/16 (LOC: U.S. Bank N.A.)
1,350,000
1,350,000

California Infrastructure & Economic Development Bank Rev., (All Sato Kreis Holding LLC), VRDN, 0.42%, 6/2/16 (LOC: Bank of the West)
1,000,000
1,000,000

California Infrastructure & Economic Development Bank Rev., (Catalina Island Museum), VRDN, 0.46%, 6/2/16 (LOC: Bank of the West)
960,000
960,000

California Infrastructure & Economic Development Bank Rev., (Columbia College), VRDN, 0.41%, 6/2/16 (LOC: Rabobank N.A. and Rabobank Nederland)
3,205,000
3,205,000

California Infrastructure & Economic Development Bank Rev., (Goodwill Industries of Orange County), VRDN, 0.42%, 6/2/16 (LOC: Wells Fargo Bank N.A.)
2,315,000
2,315,000

California Infrastructure & Economic Development Bank Rev., (Le Lycee Francais de Los Angeles), VRDN, 0.40%, 6/2/16 (LOC: U.S. Bank N.A.)
1,585,000
1,585,000

California Infrastructure & Economic Development Bank Rev., (South Malt Avenue Corp.), VRDN, 0.43%, 6/2/16 (LOC: City National Bank and FHLB)
1,335,000
1,335,000

California Infrastructure & Economic Development Bank Rev., VRDN, 0.46%, 6/2/16 (LOC: MUFG Union Bank N.A.)
2,030,000
2,030,000

California Municipal Finance Authority Rev., (High Desert Partnership In Academic Excellence Foundation, Inc.), VRDN, 0.46%, 6/2/16 (LOC: MUFG Union Bank N.A.)
2,000,000
2,000,000

California Municipal Finance Authority Rev., (Westmont College), VRDN, 0.50%, 6/2/16 (LOC: Comerica Bank)
3,805,000
3,805,000

California State University Rev., 5.00%, 11/1/16
750,000
764,506

California Statewide Communities Development Authority Rev., (Goodwill Industries of Santa Cruz Monterey and San Luis Obispo Counties), VRDN, 0.42%, 6/2/16 (LOC: Wells Fargo Bank N.A.)
2,200,000
2,200,000

Contra Costa County Public Financing Authority Rev., 3.00%, 6/1/16
1,000,000
1,000,000

Eastern Municipal Water District Rev., VRN, 0.45%, 6/2/16
5,175,000
5,175,000

Eastern Municipal Water District Rev., VRN, 0.49%, 6/2/16
5,000,000
5,000,000

Hesperia Public Financing Authority Rev., VRDN, 0.60%, 6/1/16 (LOC: Bank of the West)
605,000
605,000

Irvine Special Assessment, VRDN, 0.29%, 6/1/16 (LOC: U.S. Bank N.A.)
1,000,000
1,000,000

Irvine Ranch Water District Special Assessment, VRN, 0.48%, 6/2/16
6,000,000
6,000,000

Irvine Ranch Water District Special Assessment, VRN, 0.48%, 6/2/16
3,000,000
3,000,000

Long Beach Unified School District GO, 3.00%, 8/1/16
1,150,000
1,155,185

Los Angeles GO, 2.00%, 6/30/16
5,000,000
5,006,649

Los Angeles County Rev., 5.00%, 6/30/16
3,500,000
3,513,023

Metropolitan Water District of Southern California Rev., VRN, 0.48%, 6/2/16
5,000,000
5,000,000

Metropolitan Water District of Southern California Rev., VRN, 0.60%, 6/2/16
3,500,000
3,500,000

Metropolitan Water District of Southern California Rev., VRN, 0.60%, 6/2/16
2,500,000
2,500,000

Monterey Peninsula Water Management District COP, VRDN, 0.50%, 6/2/16 (LOC: Wells Fargo Bank N.A.)
2,700,000
2,700,000

Ohlone Community College District GO, 2.00%, 8/1/16
1,400,000
1,403,450

Oroville Rev., (Oroville Hospital), VRDN, 0.50%, 6/2/16 (LOC: Comerica Bank)
4,150,000
4,150,000

Pasadena COP, VRDN, 0.40%, 6/2/16 (LOC: Bank of America N.A.)
2,700,000
2,700,000

Pittsburg Public Financing Authority Rev., VRDN, 0.43%, 6/2/16 (LOC: Bank of the West)
6,090,000
6,090,000

Reedley COP, (Mennonite Brethren Homes, Inc.), VRDN, 0.41%, 6/2/16 (LOC: Bank of the Sierra and FHLB)
7,000,000
7,000,000

Riverside County Rev., 2.00%, 10/12/16
5,000,000
5,030,784




Riverside Water Rev. VRN, 0.55%, 6/2/16
9,000,000
9,000,000

Sacramento Municipal Utility District Rev., 5.00%, 8/15/16 (AGM)
1,200,000
1,211,537

San Bernardino County Rev., (WLP Parkview Place Apartments LLC), VRDN, 0.40%, 6/2/16 (LIQ FAC: FNMA)
3,420,000
3,420,000

San Diego County Water Authority, 0.45%, 7/21/16
5,000,000
5,000,000

San Diego Unified School District GO, 5.00%, 7/1/16
1,290,000
1,294,890

San Mateo Joint Powers Financing Authority Rev., 2.00%, 7/15/16
3,375,000
3,381,792

Santa Clara County Housing Authority Rev., (SR Fountains LP), VRDN, 0.43%, 6/2/16 (LOC: Citibank N.A.)
1,030,000
1,030,000

State of California GO, 5.00%, 2/1/17
2,000,000
2,059,797

Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.47%, 6/2/16 (LIQ FAC: Bank of America N.A.)(1)
5,000,000
5,000,000

Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.48%, 6/2/16 (AGM)(LIQ FAC: JPMorgan Chase Bank N.A.)(1)
3,590,000
3,590,000

Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.48%, 6/2/16 (AGM)(LIQ FAC: JPMorgan Chase Bank N.A.)(1)
6,590,000
6,590,000

Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.50%, 6/2/16 (LIQ FAC: JPMorgan Chase Bank N.A.)(1)
7,045,000
7,045,000

Town of Apple Valley COP, VRDN, 0.46%, 6/2/16 (LOC: MUFG Union Bank N.A.)
1,480,000
1,480,000

Victorville Joint Powers Finance Authority Rev., VRDN, 1.15%, 6/2/16 (LOC: BNP Paribas)
12,475,000
12,475,000

West Contra Costa Unified School District GO, 2.00%, 8/1/16
4,000,000
4,010,251

Yolo County Rev., (Beckett Hall, Inc.), VRDN, 0.62%, 6/2/16 (LOC: Bank of the West)
7,410,000
7,410,000

TOTAL INVESTMENT SECURITIES — 99.2%
 
180,311,474

OTHER ASSETS AND LIABILITIES — 0.8%
 
1,421,665

TOTAL NET ASSETS — 100.0%
 
$
181,733,139


NOTES TO SCHEDULE OF INVESTMENTS
AGM
-
Assured Guaranty Municipal Corporation
COP
-
Certificates of Participation
FHLB
-
Federal Home Loan Bank
FNMA
-
Federal National Mortgage Association
GO
-
General Obligation
LIQ FAC
-
Liquidity Facilities
LOC
-
Letter of Credit
NATL
-
National Public Finance Guarantee Corporation
VRDN
-
Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
VRN
-
Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.
(1)
Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $22,225,000, which represented 12.2% of total net assets.






SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. Investments are generally valued at amortized cost, which approximates fair value. Open-ended management investments companies are valued at the reported NAV per share. If the fund determines that amortized cost does not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees.

2. Fair Value Measurements

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

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

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

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

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

As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

3. Federal Tax Information

As of May 31, 2016, the cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

Federal tax cost of investments
$
180,311,474





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



ITEM 2. CONTROLS AND PROCEDURES.

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

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


ITEM 3. EXHIBITS.

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




SIGNATURES

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

Registrant:
American Century California Tax-Free and Municipal Funds
 
 
 
 
 
By:
/s/ Jonathan S. Thomas
 
 
Name:
Jonathan S. Thomas
 
 
Title:
President
 
 
 
 
 
Date:
July 28, 2016
 

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

By:
/s/ Jonathan S. Thomas
 
 
Name:
Jonathan S. Thomas
 
 
Title:
President
 
 
 
(principal executive officer)
 
 
 
 
Date:
July 28, 2016
 

By:
/s/ C. Jean Wade
 
 
Name:
C. Jean Wade
 
 
Title:
Vice President, Treasurer, and
 
 
 
Chief Financial Officer
 
 
 
(principal financial officer)
 
 
 
 
Date:
July 28, 2016
 


 


EX-99.CERT
CERTIFICATIONS

I, Jonathan S. Thomas, certify that:

1.
I have reviewed this report on Form N-Q of American Century California Tax-Free and Municipal Funds;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:
July 28, 2016
 
 
 
 
/s/ Jonathan S. Thomas
 
Jonathan S. Thomas
 
President
 
(principal executive officer)
 




I, C. Jean Wade, certify that:

1.
I have reviewed this report on Form N-Q of American Century California Tax-Free and Municipal Funds;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:
July 28, 2016
 
 
 
 
/s/ C. Jean Wade
 
C. Jean Wade
 
Vice President, Treasurer, and
 
Chief Financial Officer
 
(principal financial officer)
 




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