N-Q 1 n-q.htm FORM N-Q (1ST QUARTER) n-q.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-Q
 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number
                      811-04025
   
   
   
AMERICAN CENTURY MUNICIPAL TRUST
(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:
             05-31
   
   
Date of reporting period:
             08-31-2009
 

ITEM 1.  SCHEDULE OF INVESTMENTS.
 
 
 
 
 
 


 

 
 
 
 

 
 
 
American Century Investments®
 
Quarterly Portfolio Holdings
 
High-Yield Municipal Fund
 
August 31, 2009
 
 

 

 

 

 
 

 
 
 
 
 
 
GRAPHIC
 
 
High-Yield Municipal – Schedule of Investments
 
AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value

 
MUNICIPAL SECURITIES — 100.0%
  
ARIZONA — 6.5%
  
 
Arizona Health Facilities Auth. Rev., Series 2007 B, (Banner Health), VRN, 1.21%, 10/1/09 resets quarterly at 67% of the 3-month LIBOR plus 0.81% with no caps(1)
  
$ 2,500,000
$ 1,407,500
 
Mohave County Industrial Development Auth. Correctional Facilities Contract Rev., (Mohave Prison, LLC Expansion), 8.00%, 5/1/25(1)
  
 500,000
 563,285
 
Phoenix Civic Improvement Corp. Airport Rev., Series 2008 D, (Senior Lien), 5.25%, 7/1/17(1)
  
 4,050,000
 4,267,809
 
Phoenix Civic Improvement Corp. Airport Rev., Series 2008 D, (Senior Lien), 5.25%, 7/1/18(1)
  
 1,000,000
 1,041,520
 
Phoenix Civic Improvement Corp. Water System Rev., Series 2009 A, (Junior Lien), 5.00%, 7/1/39(1)
  
 1,500,000
 1,546,935
 
Pronghorn Ranch Community Facilities District GO, 6.40%, 7/15/29(1)
  
 3,015,000
 2,137,906
 
Quailwood Meadows Community Facilities District GO, 6.00%, 7/15/22
  
 1,120,000
 846,799
 
Quailwood Meadows Community Facilities District GO, 6.125%, 7/15/29
  
 2,000,000
 1,357,220
 
Scottsdale Industrial Development Auth. Hospital Rev., Series 2008 A, (Scottsdale Healthcare), 5.25%, 9/1/30(1)
  
 750,000
 711,615
 
Sundance Community Facilities District GO, 6.25%, 7/15/29(2)
  
 395,000
 357,740
 
Sundance Community Facilities District No. 2 Special Assessment Rev., 7.125%, 7/1/27(2)
  
 840,000
 660,811
 
Sundance Community Facilities District No. 3 Special Assessment Rev., 6.50%, 7/1/29
  
 614,000
 436,701
       
 15,335,841
CALIFORNIA — 5.2%
  
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38(1)
  
 2,000,000
 2,043,020
 
California Mobilehome Park Financing Auth. Rev., Series 2003 B, (Palomar Estates E&W), 7.00%, 9/15/36(1)
  
 2,000,000
 1,768,920
 
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.125%, 6/1/47(1)
  
 2,000,000
 1,403,900
 
Morongo Band of Misison Indians Rev., Series 2008 B, (Enterprise Casino Services), 6.50%, 3/1/28(1)(2)
  
 1,000,000
 825,840
 
Palm Springs Airport Passenger Facility Charge Rev., (Palm Springs International Airport), 6.40%, 7/1/23
  
 250,000
 207,815
 
Palm Springs Airport Passenger Facility Charge Rev., (Palm Springs International Airport), 6.50%, 7/1/27
  
 275,000
 220,751
 
Soledad Improvement Bond Act of 1915 Special Assessment Rev., (Diamond Ridge District No. 2002-01), 6.75%, 9/2/33
  
 1,000,000
 864,210
 
Sunnyvale Community Facilities District No. 1 Special Tax Rev., 7.75%, 8/1/32
  
 1,500,000
 1,383,600
 
Vallejo Multifamily Housing Rev., Series 1998 B, (Solano Affordable Housing), 8.25%, 4/1/39
  
 1,560,000
 1,475,385
 
Vernon Electric System Rev., Series 2009 A, 5.125%, 8/1/21(1)
  
 2,000,000
 2,000,520
       
 12,193,961
COLORADO — 6.3%
  
 
Colorado Springs Hospital Rev., (Memorial Health System), 6.25%, 12/15/33(1)
  
 2,000,000
 2,030,080
 
Denver Health & Hospital Auth. Healthcare Rev., Series 2007 B, VRN, 1.55%, 9/1/09 resets quarterly at 67% of the 3-month LIBOR plus 1.10% with no caps(1)
  
 5,865,000
 3,181,763
 
Granby Ranch Metropolitan District GO, 6.75%, 12/1/36
  
 5,725,000
 3,846,856
 
One Horse Business Improvement District Rev., (Sales Tax Sharing), 6.00%, 6/1/24(1)
  
 3,000,000
 2,275,440
 
Plaza Metropolitan District No. 1 Tax Allocation Rev., 8.00%, 12/1/25
  
 1,500,000
 1,338,420
 
Todd Creek Farms Metropolitan District No. 1 Rev., 5.60%, 12/1/14
  
 1,800,000
 1,168,380
 
Todd Creek Farms Metropolitan District No. 1 Rev., 6.125%, 12/1/19
  
 1,500,000
 947,835
 
 
 

 
 
High-Yield Municipal – Schedule of Investments
 
AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
       
 14,788,774
CONNECTICUT — 0.4%
  
 
Connecticut Development Auth. Industrial Rev., (Afco Cargo BDL - LLC), 8.00%, 4/1/30
  
$ 1,000,000
$   894,540
   
DISTRICT OF COLUMBIA — 1.7%
  
 
Metropolitan Washington Airports Auth. Rev., Series 2001 A, 5.50%, 10/1/18 (NATL)(1)
  
 750,000
 773,220
 
Metropolitan Washington Airports Auth. Rev., Series 2008 A, 5.50%, 10/1/21(1)
  
 3,000,000
 3,139,950
       
 3,913,170
FLORIDA — 10.9%
  
 
Arborwood Community Development District Special Assessment Rev., Series 2006 B, (Centex Homes), 5.25%, 5/1/16
  
 1,480,000
 1,148,746
 
Broward County Airport System Rev., Series 2009 O, 5.375%, 10/1/29(3)
  
 1,175,000
 1,189,076
 
Concorde Estates Community Development District Special Assessment Rev., Series 2004 B, 5.00%, 5/1/11
  
 2,065,000
 1,184,443
 
Covington Park Community Development District Special Assessment Rev., Series 2004 B, (Capital Improvement), 5.30%, 11/1/09(1)
  
 140,000
 136,118
 
Dupree Lakes Community Development District Rev., 5.00%, 11/1/10
  
 1,775,000
 1,352,071
 
Florida Municipal Power Agency, Rev., Series 2008 A, (All-Requirements Power Supply), 5.25%, 10/1/19(1)
  
 5,000,000
 5,494,650
 
Hillsborough County Industrial Development Health Facilities Auth. Rev., Series 2008 B, (University Community Hospital), 8.00%, 8/15/32(1)
  
 1,500,000
 1,550,670
 
JEA Electric System Rev., Series 2009 A, 5.50%, 10/1/39(1)
  
 5,000,000
 5,071,400
 
Miami-Dade County Aviation Rev., Series 2009 A, 5.50%, 10/1/36(1)
  
 1,785,000
 1,815,309
 
Miami-Dade County Health Facilities Auth. Rev., (Miami Children's Hospital-A-2 RMK), VRDN, 4.55%, 8/1/13 (NATL)(1)
  
 2,000,000
 2,035,540
 
Midtown Miami Community Development District Special Assessment Rev., Series 2004 A, 6.25%, 5/1/37(1)
  
 2,500,000
 1,865,400
 
Orlando Utilities Commission System Rev., Series 2009 B, 5.00%, 10/1/33(1)
  
 400,000
 407,304
 
Putnam County Development Auth. Pollution Control Rev., Series 2007 B, (Seminole Electric Cooperative, Inc.), VRDN, 5.35%, 5/1/18 (Ambac)(1)
  
 1,500,000
 1,558,590
 
South-Dade Venture Community Development District Special Assessment Rev., 6.125%, 5/1/34
  
 1,245,000
 1,084,370
       
 25,893,687
GEORGIA — 5.9%
  
 
Atlanta Tax Allocation Rev., (Princeton Lakes), 5.50%, 1/1/31
  
 1,060,000
 826,175
 
Atlanta Water & Wastewater Rev., Series 2009 A, 6.25%, 11/1/39(1)
  
 3,000,000
 3,126,870
 
Georgia Municipal Electric Auth. Rev., Series 2008 A, (General Resolution), 5.25%, 1/1/19(1)
  
 1,000,000
 1,126,390
 
Georgia Municipal Electric Auth. Rev., Series 2008 D, (General Resolution), 6.00%, 1/1/23(1)
  
 3,000,000
 3,383,100
 
Marietta Development Auth. Rev., (Life University, Inc.), 7.00%, 6/15/39(1)
  
 4,000,000
 3,339,560
 
Private Colleges & Universities Auth. Rev., Series 2009 B, (Emory University), 5.00%, 9/1/32(1)
  
 2,000,000
 2,096,240
       
 13,898,335
GUAM — 1.3%
  
 
Guam Government GO, Series 2009 A, 7.00%, 11/15/39(1)
  
 1,700,000
 1,713,923
 
Guam Government Waterworks Auth. Rev., 6.00%, 7/1/25(1)
  
 1,500,000
 1,405,965
       
 3,119,888
ILLINOIS — 10.8%
  
 
Bedford Park Tax Allocation Rev., 5.125%, 12/30/18
  
 1,325,000
 1,064,902
 
Bolingbrook Sales Tax Rev., 6.25%, 1/1/24(4)
  
 1,000,000
 445,000
 
Chicago Tax Increment Allocation Rev., Series 2004 B, (Pilsen Redevelopment), (Junior Lien), 6.75%, 6/1/22(1)
  
 3,000,000
 2,777,520
 
 
 

 
 
High-Yield Municipal – Schedule of Investments
 
AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Hampshire Special Service Area No. 13 Special Tax Rev., (Tuscany Woods), 5.75%, 3/1/37
  
 5,000,000
 2,662,500
 
Hampshire Special Service Area No. 16 Special Tax Rev., Series 2007 A, (Crown Development - Prairie Ridge West), 6.00%, 3/1/46
  
$ 4,230,000
$ 2,187,291
 
Illinois Finance Auth. Rev., Series 2007 A, (Monarch Landing, Inc. Facility), 7.00%, 12/1/37
  
 5,000,000
 2,602,300
 
Illinois Finance Auth. Rev., Series 2007 A, (Sedgebrook, Inc. Facility), 6.00%, 11/15/42
  
 5,000,000
 2,460,600
 
Illinois Finance Auth. Rev., Series 2009 A, (Rush University Medical Center Obligation Group), 7.25%, 11/1/30(1)
  
 1,500,000
 1,629,465
 
Metropolitan Pier & Exposition Auth. Rev., Series 2002 A, (Capital Appreciation - McCormick Place Exposition), 5.73%, 12/15/31 (NATL)(1)(5)
  
 3,500,000
 978,635
 
Pingree Grove Special Service Area No. 7 Special Tax Rev., Series 2006-1, (Cambridge Lakes), 6.00%, 3/1/36
  
 3,336,000
 2,183,646
 
Volo Village Special Service Area No. 3 Special Tax Rev., Series 2006-1, (Symphony Meadows), 6.00%, 3/1/36
  
 3,500,000
 2,133,565
 
Yorkville Special Service Area No. 2005-109 Special Tax Rev., Series 2006-105, (Bristol Bay I), 5.875%, 3/1/36
  
 5,990,000
 4,527,062
       
 25,652,486
INDIANA — 0.3%
  
 
Purdue University Rev., Series 2009 B, (Student Facilities System), 5.00%, 7/1/35(1)
  
 750,000
 779,490
   
MARYLAND — 2.1%
  
 
Baltimore Special Obligation Tax Allocation Rev., Series 2008 A, (Resh Park), 7.00%, 9/1/38
  
 5,000,000
 4,033,150
 
Maryland Industrial Development Financing Auth. Rev., Series 2005 A, (Our Lady of Good Counsel High School), 6.00%, 5/1/35
  
 1,000,000
 846,520
       
 4,879,670
MINNESOTA — 0.7%
  
 
North Oaks Senior Housing Rev., (Presbyterian Homes), 6.50%, 10/1/47
  
 2,000,000
 1,726,160
   
MISSOURI — 0.4%
  
 
Missouri Bottom Transportations Development District Hazelwood Rev., 7.20%, 5/1/33
  
 860,000
 699,816
 
Missouri Housing Development Commission Mortgage Rev., Series 1998 B2, (Single Family), 6.40%, 9/1/29 (GNMA/FNMA)(1)
  
 145,000
 150,877
       
 850,693
NEVADA — 4.5%
  
 
Clark County Improvement District No. 108 & 124 Special Assessment Rev., Series 2003 B, 5.25%, 2/1/12
  
 645,000
 573,966
 
Clark County Improvement District No. 108 & 124 Special Assessment Rev., Series 2003 B, 5.375%, 2/1/13
  
 675,000
 573,683
 
Clark County Improvement District No. 108 & 124 Special Assessment Rev., Series 2003 B, 5.40%, 2/1/14
  
 650,000
 525,531
 
Henderson Local Improvement District No. T-15 Special Assessment Rev., 6.10%, 3/1/24
  
 1,340,000
 1,081,005
 
Henderson Redevelopment Agency Tax Allocation Rev., Series 2002 B, 7.10%, 10/1/22(1)
  
 1,105,000
 996,920
 
Henderson Redevelopment Agency Tax Allocation Rev., Series 2002 B, 7.20%, 10/1/25(1)
  
 350,000
 308,882
 
Las Vegas Improvement District No. 607 Special Assessment Rev., 5.50%, 6/1/13(1)
  
 1,230,000
 1,102,695
 
Las Vegas Improvement District No. 808 & 810 Special Assessment Rev., (Summerlin Village 23B), 6.125%, 6/1/31
  
 3,500,000
 1,880,235
 
Las Vegas Redevelopment Agency Tax Increment Tax Allocation Rev., Series 2009 A, 8.00%, 6/15/30(1)
  
 2,000,000
 2,178,160
 
 
 

 
 
High-Yield Municipal – Schedule of Investments
 
AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Reno District No. 4 Special Assessment Rev., (Somersett Parkway), 5.20%, 12/1/10
  
 665,000
 655,358
 
Reno District No. 4 Special Assessment Rev., (Somersett Parkway), 5.45%, 12/1/11
  
$  705,000
$    683,025
       
 10,559,460
NEW JERSEY — 6.7%
  
 
New Jersey COP, Series 2008 A, (Equipment Lease Purchase), 5.00%, 6/15/21(1)
  
 2,150,000
 2,266,788
 
New Jersey Economic Development Auth. Rev., Series 2006 A, (Gloucester Marine Terminal), 6.625%, 1/1/37
  
 5,000,000
 3,818,150
 
New Jersey Economic Development Auth. Rev., Series 2006 B, (Gloucester Marine Terminal), 6.875%, 1/1/37
  
 5,000,000
 3,891,350
 
New Jersey Economic Development Auth. Rev., Series 2006 C, (Gloucester Marine Terminal), 6.50%, 1/1/15
  
 2,000,000
 1,792,060
 
New Jersey Educational Facilities Auth. Rev., Series 2009 B, (University of Medicine & Dentistry), 7.50%, 12/1/32
  
 1,200,000
 1,326,588
 
New Jersey Transportation Trust Fund Auth. Rev., Series 2009 A, 6.29%, 12/15/39(1)(5)
  
 5,000,000
 777,950
 
Rutgers State University Rev., Series 2009 F, 5.00%, 5/1/39(1)
  
 2,000,000
 2,080,740
       
 15,953,626
NEW MEXICO — 1.3%
  
 
Cabezon Public Improvement District Special Tax Rev., 6.30%, 9/1/34
  
 1,490,000
 1,000,028
 
Mariposa East Public Improvement District GO, 6.00%, 9/1/32
  
 900,000
 576,747
 
Montecito Estates Public Improvement District Special Levy Special Tax Rev., (City of Albuquerque), 7.00%, 10/1/37
  
 1,190,000
 814,424
 
Ventana West Public Improvement District Levy Special Tax Rev., 6.875%, 8/1/33(1)
  
 1,000,000
 757,720
       
 3,148,919
NEW YORK — 7.3%
  
 
Nassau County Industrial Development Agency Continuing Care Retirement Community Rev., Series 2007 A, (Amsterdam at Harborside), 6.50%, 1/1/27
  
 2,500,000
 2,024,275
 
New York GO, Series 2009 H1, 5.125%, 3/1/26(1)
  
 2,000,000
 2,124,360
 
New York GO, Series 2009 J1, 5.00%, 5/15/33(1)
  
 1,500,000
 1,536,405
 
New York State Dormitory Auth. Rev., (Orange Regional Medical Center), 6.25%, 12/1/37(1)
  
 4,250,000
 3,449,427
 
New York State Dormitory Auth. Rev., Series 2008 A2, (Memorial Sloan- Kettering Cancer Center), 5.00%, 7/1/26(1)
  
 3,250,000
 3,367,163
 
Onondaga County Industrial Development Agency Rev., (Air Cargo), 7.25%, 1/1/32(1)
  
 1,000,000
 835,090
 
Triborough Bridge & Tunnel Auth. Rev., Series 2008 B3, VRDN, 5.00%, 11/15/15(1)
  
 2,500,000
 2,780,025
 
Triborough Bridge & Tunnel Auth. Rev., Series 2009 A2, 5.25%, 11/15/34(1)
  
 1,000,000
 1,051,330
       
 17,168,075
NORTH CAROLINA — 5.4%
  
 
North Carolina Capital Facilities Finance Agency Rev., (Wake Forest University), 5.00%, 1/1/38(1)
  
 1,000,000
 1,042,350
 
North Carolina Eastern Municipal Power Agency Rev., Series 2009 A, 5.50%, 1/1/26(1)
  
 2,000,000
 2,082,800
 
North Carolina Municipal Power Agency No. 1 Catawba Electric Rev., Series 2008 A, 5.25%, 1/1/16(1)
  
 4,645,000
 5,136,302
 
North Carolina Municipal Power Agency No. 1 Catawba Electric Rev., Series 2008 A, 5.25%, 1/1/17(1)
  
 4,000,000
 4,421,880
       
 12,683,332
OHIO — 2.6%
  
 
Buckeye Tobacco Settlement Financing Auth. Rev., Series 2007 A2, (Asset-Backed Senior Current Interest Turbo Term), 6.50%, 6/1/47(1)
  
 6,255,000
 5,043,657
         
 
 
 

 
 
High-Yield Municipal – Schedule of Investments
 
AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Pinnacle Community Infrastructure Financing Facilities Auth. Rev., Series 2004 A, 6.25%, 12/1/36(1)
  
$ 1,800,000
$ 1,186,686
       
6,230,343
OKLAHOMA — 0.3%
  
 
Oklahoma City Industrial & Cultural Facilities Trust Rev., 6.75%, 1/1/23(1)
  
 750,000
 623,145
   
OREGON — 1.3%
  
 
Forest Grove Student Housing Rev., (Oak Tree Foundation), 5.50%, 3/1/37
  
 2,330,000
 1,665,367
 
Oregon Health & Science University Rev., Series 2009 A, 5.75%, 7/1/39(1)
  
 1,300,000
 1,343,277
       
 3,008,644
PENNSYLVANIA — 4.2%
  
 
Allegheny County Redevelopment Auth. Tax Allocation Rev., (Pittsburgh Mills), 5.60%, 7/1/23
  
 1,500,000
 1,170,795
 
Pennsylvania Economic Development Financing Auth. Rev., Series 2009 A, (Albert Einstein Healthcare Network), 6.25%, 10/15/23
  
 2,000,000
 2,041,920
 
Pennsylvania Turnpike Commission Rev., Series 2009 C, (Convertible Capital Appreciation Subordinated), 6.21%, 6/1/16 (FSA)(1)(5)
  
 4,000,000
 2,826,960
 
Philadelphia Gas Works Rev., Series 2009 A, (1998 General Ordinance), 5.00%, 8/1/16(1)
  
 1,440,000
 1,450,829
 
Philadelphia Municipal Auth. Rev., 6.50%, 4/1/39(1)
  
 1,500,000
 1,527,705
 
Philadelphia Water & Wastewater Rev., Series 2009 A, 5.25%, 1/1/33(1)
  
 1,000,000
 1,013,180
       
 10,031,389
PUERTO RICO — 0.2%
  
 
Puerto Rico GO, Series 2008 A, 6.00%, 7/1/38(1)
  
 600,000
 597,492
   
RHODE ISLAND — 0.8%
  
 
Rhode Island Health & Educational Building Corp. Rev., (Portsmouth Abbey School), VRDN, 0.14%, 9/1/09 (LOC: Bank of America N.A.)(1)
  
 1,810,000
 1,810,000
   
TENNESSEE — 2.7%
  
 
Chattanooga Health Educational & Housing Facility Board Rev., Series 2005 B, (Campus Development Foundation, Inc. Phase I LLC), 6.00%, 10/1/35(1)
  
 3,565,000
 2,690,720
 
Shelby County Health Educational & Housing Facilities Board Rev., Series 2008 C, 5.25%, 6/1/17(1)
  
 3,695,000
 3,782,054
       
 6,472,774
TEXAS — 3.4%
  
 
Abia Development Corp. Airport Facilities Rev., (Aero Austin L.P.), 6.75%, 1/1/11
  
 270,000
 263,822
 
Lower Colorado River Auth. Rev., 5.75%, 5/15/37(1)
  
 2,250,000
 2,309,108
 
North Texas Thruway Auth. Rev., Series 2008 H, (First Tier), VRDN, 5.00%, 1/1/13(1)
  
 5,300,000
 5,503,838
       
 8,076,768
U.S. VIRGIN ISLANDS — 0.9%
  
 
Virgin Islands Public Finance Auth. Rev., Series 2009 A, (Diageo Matching Fund Bonds), 6.75%, 10/1/37
  
 2,000,000
 2,041,740
   
UTAH — 0.9%
  
 
Utah GO, Series 2009 A, 5.00%, 7/1/23(1)
  
 2,000,000
 2,243,120
   
VIRGINIA — 2.4%
  
 
Norfolk Redevelopment & Housing Auth. Rev., (Old Dominion University), VRDN, 0.14%, 9/1/09 (LOC: Bank of America N.A.)(1)
  
 1,300,000
 1,300,000
 
Peninsula Town Center Community Development Auth. Rev., 6.45%, 9/1/37
  
 3,000,000
 2,233,020
 
Virginia College Building & Education Facilities Auth. Rev., Series 2009 A, (Public Higher Education Financing Program), 5.00%, 9/1/28(1)
  
 1,000,000
 1,070,280
 
Washington County Industrial Development Auth. Hospital Facility Rev., Series 2009 C, (Mountain States Health Alliance), 7.75%, 7/1/38(1)
  
 1,000,000
 1,115,230
       
 5,718,530
 
 
 

 
 
High-Yield Municipal – Schedule of Investments
 
AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
WASHINGTON — 0.5%
  
 
Port of Seattle Rev., Series 2000 B, 6.00%, 2/1/15 (NATL)(1)
  
$  250,000
$   270,532
 
Washington Health Care Facilities Auth. Rev., Series 2009 A, (Swedish Health Services), 6.50%, 11/15/33
  
1,000,000
1,032,770
       
 1,303,302
WISCONSIN — 1.2%
  
 
Wisconsin Health & Educational Facilities Auth. Rev., (Luther Hospital), 5.75%, 11/15/30(1)
  
 1,200,000
 1,258,092
 
Wisconsin Health & Educational Facilities Auth. Rev., Series 2004 A, (Southwest Health Center), 6.25%, 4/1/34
  
 2,000,000
 1,498,780
       
 2,756,872
WYOMING — 0.9%
  
 
Campbell County Solid Waste Facilities Rev., Series 2009 A, (Basin Electric Power Cooperative), 5.75%, 7/15/39(1)
  
 2,000,000
 2,073,020
 
TOTAL INVESTMENT SECURITIES —  100.0%
    
 
(Cost $273,277,594)
    
 236,427,246
 
OTHER ASSETS AND LIABILITIES(6)
  
 (23,894)
 
TOTAL NET ASSETS —  100.0%
  
$236,403,352

FUTURES CONTRACTS
 
Contracts Sold
Expiration
Date
Underlying Face
Amount at Value
Unrealized
Gain (Loss)
31
U.S. Long Bond
December 2009
$3,712,250
$(68,609)

Notes to Schedule of Investments
 
Ambac
-
Ambac Assurance Corporation
 
COP
-
Certificates of Participation
 
FNMA
-
Federal National Mortgage Association
 
FSA
-
Financial Security Assurance, Inc.
 
GNMA
-
Government National Mortgage Association
 
GO
-
General Obligation
 
LIBOR
-
London Interbank Offered Rate
 
LOC
-
Letter of Credit
 
NATL
-
National Public Finance Guarantee Corporation
 
resets
-
The frequency with which a security’s coupon changes, based on current market conditions or an underlying index. The more frequently a security resets the less risk the investor is taking that the coupon will vary significantly from current market rates.
 
VRDN
-
Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
 
VRN
-
Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.

(1)
Security, or a portion thereof, has been segregated for when-issued securities and/or futures contracts. At the period end, the aggregate value of securities pledged was $4,902,000.
(2)
Security was purchased under Rule 144A of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $1,844,391, which represented 0.8% of total net assets.
(3)
When-issued security.
(4)
Convertible capital appreciation bond. These securities are issued with a zero-coupon and become interest bearing at a predetermined rate and date and are issued at a substantial discount from their value at maturity.  Interest reset or final maturity date is indicated, as applicable.  Rate shown is effective at the period end.
(5)
Security is a zero-coupon municipal bond. The rate indicated is the yield to maturity at purchase. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(6)
Category is less than 0.05% of total net assets.

 

 

 
High-Yield Municipal – Schedule of Investments
 
AUGUST 31, 2009 (UNAUDITED)
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Debt securities maturing in greater than 60 days at the time of purchase are valued at current market value as provided by a commercial pricing service or at the mean of the most recent bid and asked prices. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Trustees. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of August 31, 2009:
 
 
Level 1
Level 2
Level 3
Investment Securities
Municipal Securities
–
$ 236,427,246
–
Total Value of Investment Securities
–
$ 236,427,246
–
Other Financial Instruments
Futures Contracts
$ (68,609)
–
–
Total Unrealized Gain (Loss) on Other Financial Instruments
$ (68,609)
–
–
 
3. Federal Tax Information
 
As of August 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$   273,277,594
    
Gross tax appreciation of investments
$       5,058,635
    
Gross tax depreciation of investments
  (41,908,983)
    
Net tax appreciation (depreciation) of investments
$  (36,850,348)
    
 
The cost of investment 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
 
New York Tax-Free Fund
 
August 31, 2009
 
 
 
 

 

 

 

 
 
 
 

 

GRAPHIC

 
 
New York Tax-Free – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value

 
MUNICIPAL SECURITIES — 89.0%
  
GUAM — 0.6%
  
 
Guam Government GO, Series 2009 A, 7.00%, 11/15/39(1)
  
$ 50,000
$ 50,410
   
NEW YORK — 80.8%
  
 
Babylon Industrial Development Agency Resource Recovery Rev., Series 2009 A, (Covanta Babylon), 5.00%, 1/1/14(1)
  
 100,000
 108,447
 
Erie County GO, Series 2005 D1, 5.00%, 6/1/14 (NATL)(1)
  
 100,000
 105,116
 
Long Island Power Auth. Electric System Rev., Series 2006 F, 5.00%, 5/1/17 (NATL)(1)
  
 100,000
 110,430
 
Long Island Power Auth. Electric System Rev., Series 2008 A, 6.00%, 5/1/33(1)
  
 100,000
 110,408
 
Metropolitan Transportation Auth. Dedicated Tax Fund Rev., Series 2009 B, 5.00%, 11/15/34(1)
  
 200,000
 202,538
 
Metropolitan Transportation Auth. Rev., Series 2002 A, 5.50%, 11/15/14 (Ambac)(1)
  
 200,000
 224,794
 
Metropolitan Transportation Auth. Service Contract Rev., Series 2002 A, 5.125%, 1/1/29(1)
  
 200,000
 201,374
 
Nassau County GO, Series 2009 C, (General Improvement), 5.25%, 10/1/17(1)
  
 200,000
 228,382
 
Nassau County GO, Series 2009 E, 4.00%, 6/1/13(1)
  
 100,000
 107,106
 
New York City Municipal Water Finance Auth. Water & Sewer Rev., Series 2009 GG2, (Second General Resolution), 5.00%, 6/15/35(1)
  
 300,000
 306,504
 
New York City Transitional Finance Auth. Building Aid Rev., Series 2009 S5, 5.25%, 1/15/39(1)
  
 100,000
 102,524
 
New York City Transitional Finance Auth. Rev., Series 2009 A, (Future Tax Secured Bonds), 5.00%, 5/1/38(1)
  
 200,000
 205,232
 
New York City Transitional Finance Auth. Rev., Series 2009 B, (Future Tax Secured Bonds), 5.00%, 11/1/23(1)
  
 200,000
 220,872
 
New York City Trust for Cultural Resources Rev., Series 2008 1A, (Museum of Modern Art), 5.00%, 4/1/25(1)
  
 100,000
 108,168
 
New York City Trust for Cultural Resources Rev., Series 2009 A, (American Museum of Natural History), 5.00%, 4/1/20(1)
  
 150,000
 171,868
 
New York GO, Series 2008 A, 4.00%, 3/1/13(1)
  
 100,000
 108,779
 
New York GO, Series 2008 B1, 5.25%, 9/1/22(1)
  
 100,000
 109,370
 
New York GO, Series 2009 J1, 5.00%, 5/15/31(1)
  
 200,000
 206,034
 
New York State Dormitory Auth. Personal Income Tax Rev., Series 2009 B, 5.00%, 2/15/18(1)
  
 200,000
 229,112
 
New York State Dormitory Auth. Rev., (Brooklyn Law School), 5.75%, 7/1/33(1)
  
 200,000
 202,680
 
New York State Dormitory Auth. Rev., (Yeshiva University), 5.00%, 9/1/38(1)
  
 200,000
 202,672
 
New York State Dormitory Auth. Rev., Series 2008 A2, (Memorial Sloan- Kettering Cancer Center), 5.00%, 7/1/26(1)
  
 100,000
 103,605
 
New York State Dormitory Auth. Rev., Series 2008 B, (New York University), 5.00%, 7/1/22(1)
  
 100,000
 109,046
 
New York State Dormitory Auth. Rev., Series 2008 C, (Cornell University), VRDN, 0.12%, 9/1/09 (SBBPA: Bank of America N.A.)(1)
  
 300,000
 300,000
 
New York State Dormitory Auth. Rev., Series 2009 A, (North Shore Long Island Jewish Health System), 5.50%, 5/1/37(2)
  
 400,000
 396,040
 
New York State Dormitory Auth. Rev., Series 2009 A, (University of Rochester), 5.00%, 7/1/21(1)
  
 100,000
 109,464
 
New York State Environmental Facilities Corp. Clean Water & Drinking Rev., Series 2006 C, (Revolving Fund-Pooled Financing), 5.00%, 10/15/22(1)
  
 100,000
 109,255
 
New York State Environmental Facilities Corp. Clean Water & Drinking Rev., Series 2009 A, 5.00%, 6/15/29(1)
  
 200,000
 213,218
 
New York State Local Government Assistance Corp. Rev., Series 2008 A, (Senior Lien), 5.00%, 4/1/20(1)
  
 200,000
 224,244
 
New York State Thruway Auth. Highway & Bridge Trust Fund Rev., Series 2002 A, 5.25%, 4/1/12, Prerefunded at 100% of Par (FSA)(1)(3)
  
 100,000
 111,069
 
 
 
 
 
 
New York Tax-Free – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value

 
New York State Thruway Auth. Second General Highway & Bridge Trust Fund Rev., Series 2008 B, 5.00%, 4/1/21(1)
  
$ 200,000
$ 219,946
 
New York State Urban Development Corp. Rev., Series 2008 D, 5.25%, 1/1/21(1)
  
 100,000
 108,113
 
New York State Urban Development Corp. Rev., Series 2009 A1, (State Personal Income Tax), 5.00%, 12/15/28(1)
  
 190,000
 200,384
 
Plainview Old Bethpage Central School District GO, 4.75%, 12/15/15(1)
  
 200,000
 230,748
 
Port Auth. of New York & New Jersey Rev., (Consolidated Bonds- One Hundred Fifty-Third Series), 5.00%, 7/15/35(1)
  
 100,000
 103,916
 
Rome City School District GO, 5.00%, 6/15/13 (NATL/FGIC)
  
 100,000
 112,586
 
Sales Tax Asset Receivable Corp. Rev., Series 2004 A, 5.00%, 10/15/29 (Ambac)(1)
  
 100,000
 103,788
 
Saratoga County Water Auth. Rev., (Water System), 5.00%, 9/1/33(1)
  
 200,000
 205,396
 
South Colonie Central School District GO, 5.00%, 6/15/17
  
 100,000
 110,690
 
Triborough Bridge & Tunnel Auth. Rev., 5.00%, 11/15/20(1)
  
 200,000
 222,192
 
Triborough Bridge & Tunnel Auth. Rev., 5.00%, 11/15/33(1)
  
 200,000
 205,238
       
 7,071,348
PUERTO RICO — 7.6%
  
 
Puerto Rico Electric Power Auth. Rev., Series 2003 NN, 5.25%, 7/1/23 (NATL)(1)
  
 350,000
 361,823
 
Puerto Rico Sales Tax Financing Corp. Rev., Series 2009 A, 5.25%, 8/1/27(1)
  
 100,000
 102,324
 
Puerto Rico Sales Tax Financing Corp. Rev., Series 2009 A, 5.75%, 8/1/37(1)
  
 200,000
 205,620
       
 669,767
 
TOTAL MUNICIPAL SECURITIES
  
 
(Cost $7,600,689)
    
 7,791,525
   
TEMPORARY CASH INVESTMENTS — 13.8%
  
 
Federated New York Municipal Cash Trust Institutional Service Shares(1)
      
 
(Cost $1,210,946)
  
 1,210,946
 1,210,946
 
TOTAL INVESTMENT SECURITIES —  102.8%
    
 
(Cost $8,811,635)
    
 9,002,471
 
OTHER ASSETS AND LIABILITIES — (2.8)%
  
 (245,397)
 
TOTAL NET ASSETS —  100.0%
  
$8,757,074

FUTURES CONTRACTS
 
Contracts Sold
Expiration
Date
Underlying Face
Amount at Value
Unrealized
Gain (Loss)
1
U.S. Long Bond
December 2009
$119,750
$(2,213)

Notes to Schedule of Investments
 
Ambac
-
Ambac Assurance Corporation
 
FGIC
-
Financial Guaranty Insurance Company
 
FSA
-
Financial Security Assurance, Inc.
 
GO
-
General Obligation
 
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.

(1)
Security, or a portion thereof, has been segregated for when-issued securities and/or futures contracts. At the period end, the aggregate value of securities pledged was $516,000.
(2)
When-issued security.
(3)
Escrowed to maturity in U.S. government securities or state and local government securities.
 
 
 
 
 
 
New York Tax-Free – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Debt securities maturing in greater than 60 days at the time of purchase are valued at current market value as provided by a commercial pricing service or at the mean of the most recent bid and asked prices. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Trustees. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of August 31, 2009:
 
Level 1
Level 2
Level 3
Investment Securities
Municipal Securities
–
$  7,791,525
–
Temporary Cash Investments
–
  1,210,946
–
Total Value of Investment Securities
–
$  9,002,471
–
Other Financial Instruments
Futures Contracts
$  (2,213)
–
–
Total Unrealized Gain (Loss) on Other Financial Instruments
$  (2,213)
–
–
 
3. Federal Tax Information
 
As of August 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$ 8,811,635
    
Gross tax appreciation of investments
$    191,111
    
Gross tax depreciation of investments
(275)
    
Net tax appreciation (depreciation) of investments
$    190,836
    
 
The cost of investment 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
 
Long-Term Tax-Free Fund
 
August 31, 2009
 

 
 
 
 
 
 

 
 

 

 

 

GRAPHIC
 
 
Long-Term Tax-Free – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
 
MUNICIPAL SECURITIES — 100.5%
  
ALABAMA — 1.6%
  
 
East Alabama Health Care Facilities Auth. Rev., Series 2008 B, VRDN, 5.00%, 9/1/13(1)
  
$ 500,000
$ 512,295
   
ARIZONA — 2.5%
  
 
Mohave County Industrial Development Auth. Correctional Facilities Contract Rev., (Mohave Prison, LLC Expansion), 8.00%, 5/1/25(1)
  
 200,000
 225,314
 
Phoenix Civic Improvement Corp. Wastewater System Rev., (Senior Lien), 5.50%, 7/1/24(1)
  
 250,000
 276,485
 
University Medical Center Corp. Rev., 6.50%, 7/1/39(1)
  
 300,000
 310,314
       
 812,113
CALIFORNIA — 19.6%
  
 
Anaheim Public Financing Auth. Rev., (Electric System Distribution), 5.25%, 10/1/34(1)
  
 400,000
 411,820
 
Bay Area Toll Auth. Toll Bridge Rev., Series 2008 F1, (San Francisco Bay Area), 5.00%, 4/1/39(1)
  
 300,000
 303,957
 
California Department of Water Resources Power Supply Rev., Series 2005 F5, 5.00%, 5/1/22(1)
  
 300,000
 317,940
 
California Department of Water Resources Power Supply Rev., Series 2005 G4, 5.00%, 5/1/16(1)
  
 200,000
 221,160
 
California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/22(1)
  
 500,000
 529,900
 
California GO, 5.625%, 4/1/26(1)
  
 500,000
 526,655
 
California GO, 5.75%, 4/1/27(1)
  
 500,000
 529,425
 
California GO, 5.75%, 4/1/28(1)
  
 500,000
 528,255
 
California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/38(1)
  
 250,000
 272,332
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (Catholic Healthcare West), 6.00%, 7/1/39(1)
  
 300,000
 301,074
 
California State University Systemwide Rev., Series 2009 A, 5.25%, 11/1/34(1)
  
 300,000
 303,606
 
Chaffey Community College District GO, Series 2007 C, (Election of 2002), 5.00%, 6/1/32 (NATL)(1)
  
 265,000
 266,503
 
Desert Sands Unified School District COP, (Financing), 5.00%, 3/1/18(1)
  
 50,000
 50,604
 
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.75%, 6/1/47(1)
  
 500,000
 390,005
 
Metropolitan Water District of Southern California Rev., Series 2004 B3, 3.25%, 10/1/11 (NATL)(1)
  
 150,000
 157,195
 
Metropolitan Water District of Southern California Rev., Series 2009 C, 5.00%, 7/1/35(1)
  
 400,000
 411,880
 
Northern California Power Agency Rev., Series 2009 A, (Geothermal Project No. 3), 5.25%, 7/1/24(1)
  
 200,000
 207,612
 
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 6.25%, 8/1/33(1)
  
 250,000
 280,018
 
Vernon Electric System Rev., Series 2009 A, 5.50%, 8/1/15(1)
  
 420,000
 453,025
       
 6,462,966
COLORADO — 1.3%
  
 
Colorado Health Facility Auth. Rev., Series 2008 D, (Catholic Health Initiatives), 6.25%, 10/1/33(1)
  
 200,000
 217,758
 
University of Colorado Rev., Series 2009 A, 5.25%, 6/1/30(1)
  
 200,000
 212,044
       
 429,802
CONNECTICUT — 1.5%
  
 
Connecticut Health & Educational Facilities Auth. Rev., Series 2003 X3, (Yale University), 4.85%, 7/1/37(1)
  
 250,000
 257,138
 
 
 
 
 
 
Long-Term Tax-Free – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Connecticut Health & Educational Facilities Auth. Rev., Series 2007 I, (Quinnipiac University), 5.00%, 7/1/17 (NATL)(1)
  
$ 200,000
$ 221,980
       
 479,118
DELAWARE — 0.3%
  
 
New Castle County GO, Series 2009 A, 5.00%, 7/15/27(1)
  
 100,000
 109,356
   
DISTRICT OF COLUMBIA — 1.7%
  
 
District of Columbia Water & Sewer Auth. Public Utility Rev., Series 2008 A, (Subordinate Lien), 5.00%, 10/1/34 (AGC)(1)
  
 125,000
 127,094
 
Washington Metropolitan Area Transit Auth. Rev., Series 2009 A, 5.00%, 7/1/17(1)
  
 400,000
 450,408
       
 577,502
FLORIDA — 2.6%
  
 
Florida Board of Education Capital Outlay GO, Series 2007 G, 4.75%, 6/1/37 (NATL)(1)
  
 250,000
 248,078
 
Miami-Dade County Educational Facilities Auth. Rev., Series 2008 A, (University of Miami), 5.50%, 4/1/38(1)
  
 200,000
 202,522
 
Orlando Utilities Commission System Rev., Series 2009 B, 5.00%, 10/1/33(1)
  
 100,000
 101,826
 
St. Petersburg Health Facilities Auth. Rev., Series 2009 A, (All Children's Health Facilities), 6.50%, 11/15/39
  
 300,000
 314,559
       
 866,985
GEORGIA — 3.3%
  
 
Burke County Development Auth. Pollution Control Rev., Series 2006 C1, (Oglethorpe Power Corp. Vogtle), VRDN, 4.625%, 4/1/10 (Ambac)(1)
  
 500,000
 510,825
 
Fulton County Development Auth. Rev., Series 2001 A, (TUFF/Atlanta Housing, LLC Project at Georgia State University), 5.50%, 9/1/18 (Ambac)(1)
  
 500,000
 526,380
 
Municipal Electric Authority of Georgia Rev., Series 1998 Y, (Project One Special Obligation), 6.40%, 1/1/13 (Ambac)(1)
  
 40,000
 43,939
       
 1,081,144
GUAM — 0.8%
  
 
Guam Government GO, Series 2009 A, 6.75%, 11/15/29(1)
  
 250,000
 252,590
   
ILLINOIS — 5.2%
  
 
Chicago Board of Education GO, Series 2008 C, 5.25%, 12/1/23(1)
  
 200,000
 211,854
 
Chicago O'Hare International Airport Rev., Series 2008 A, 5.00%, 1/1/12 (FSA)(1)
  
 250,000
 265,713
 
Illinois Finance Auth. Rev., Series 2008 D, (Advocate Health Care Network), 6.25%, 11/1/28(1)
  
 200,000
 220,196
 
Metropolitan Pier & Exposition Auth. Rev., Series 2002 A, (Capital Appreciation - McCormick Place Exposition), 5.73%, 12/15/31 (NATL)(1)(2)
  
 2,425,000
 678,054
 
Winnebago, Boone et al Counties Community College District No. 511 GO, (Rock Valley Community College), 6.30%, 10/1/15 (NATL/FGIC)(1)
  
 300,000
 354,375
       
 1,730,192
INDIANA — 1.5%
  
 
Indiana Bond Bank Rev., Series 2006 A, (Special Program), 5.00%, 8/1/20 (FSA)(1)
  
 250,000
 272,420
 
Indiana Municipal Power Agency Rev., Series 2009 B, (Power Supply System), 5.375%, 1/1/25(1)
  
 200,000
 210,556
       
 482,976
KENTUCKY — 1.5%
  
 
Kentucky Property & Buildings Community Rev., 5.50%, 11/1/28(1)
  
 250,000
 268,397
 
Kentucky Turnpike Auth. Economic Development Road Rev., Series 2008 A, (Revitalization), 5.00%, 7/1/17(1)
  
 200,000
 227,582
       
 495,979
 
 
 
 
 
 
Long-Term Tax-Free – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
MARYLAND — 2.8%
  
 
Maryland Economic Development Corp. Student Housing Rev., (University of Maryland, College Park), 5.00%, 6/1/19(1)
  
$ 150,000
$ 153,945
 
Maryland GO, Series 2005 B, (State & Local Facilities Loan), 5.25%, 2/15/12(1)
  
 250,000
 275,613
 
Maryland Health & Higher Educational Facilities Auth. Rev., (Johns Hopkins University), 5.00%, 7/1/18(1)
  
 200,000
 234,556
 
Maryland Health & Higher Educational Facilities Auth. Rev., (LifeBridge Health Issue), 4.75%, 7/1/11(1)
  
 250,000
 259,555
       
 923,669
MASSACHUSETTS — 2.5%
  
 
Massachusetts Bay Transportation Auth. Rev., Series 2008 A, 5.25%, 7/1/34(1)
  
 200,000
 212,770
 
Massachusetts GO, Series 2008 A, 5.00%, 8/1/24(1)
  
 200,000
 220,194
 
Massachusetts Health & Educational Facilities Auth. Rev., (Boston Medical Center), 5.25%, 7/1/38(1)
  
 200,000
 165,142
 
Massachusetts Health & Educational Facilities Auth. Rev., Series 2009 A, (Harvard University), 5.50%, 11/15/36(1)
  
 200,000
 220,632
       
 818,738
MINNESOTA — 1.6%
  
 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., Series 2007 B, 5.00%, 1/1/25 (NATL/FGIC)(1)
  
 300,000
 304,395
 
Minnesota GO, 5.00%, 6/1/18(1)
  
 200,000
 227,594
       
 531,989
MISSOURI — 0.8%
  
 
Missouri Health & Educational Facilities Auth. Rev., Series 2008 A, (The Washington University), 5.375%, 3/15/39
  
 250,000
 269,402
   
NEBRASKA — 0.5%
  
 
Nebraska Public Power District Rev., Series 2008 B, 5.00%, 1/1/24(1)
  
 150,000
 158,140
   
NEW JERSEY — 0.8%
  
 
Monmouth County GO, (County College Bonds), 4.00%, 9/15/19(1)
  
 250,000
 268,087
   
NEW YORK — 12.4%
  
 
Long Island Power Auth. Electric System Rev., Series 2008 A, 6.00%, 5/1/33(1)
  
 250,000
 276,020
 
Metropolitan Transportation Auth. Rev., Series 2008 C, 6.50%, 11/15/28(1)
  
 200,000
 226,156
 
New York City Municipal Water Finance Auth. Water & Sewer System Rev., Series 2004 C, 5.00%, 6/15/35(1)
  
 250,000
 252,953
 
New York City Transitional Finance Auth. Rev., Series 2004 D2, 5.00%, 11/1/12(1)
  
 215,000
 239,669
 
New York City Transitional Finance Auth. Rev., Series 2009 S4, 5.50%, 1/15/39(1)
  
 300,000
 314,529
 
New York GO, Series 2009 A, 5.00%, 2/15/39(1)
  
 300,000
 309,342
 
New York Local Government Assistance Corp. Rev., Series 2003 A5/6, 5.00%, 4/1/18(1)
  
 250,000
 286,565
 
New York State Dormitory Auth. Rev., (Columbia University), 4.00%, 7/1/13(1)
  
 250,000
 273,585
 
New York State Dormitory Auth. Rev., (Mental Health Services Facilities Improvement), 5.50%, 2/15/18(1)
  
 300,000
 335,568
 
New York State Dormitory Auth. Rev., Series 2009 A, (North Shore Long Island Jewish Health System), 5.50%, 5/1/37(3)
  
 400,000
 396,040
 
New York State Dormitory Auth. State Personal Income Tax Rev., Series 2008 A, 5.00%, 3/15/19(1)
  
 300,000
 339,729
 
New York State Environmental Facilities Corp. Rev., Series 2009 A, 5.125%, 6/15/38(1)
  
 250,000
 259,037
 
New York Urban Development Corp. State Personal Income Tax Rev., Series 2008 A1, (Economic Development & Housing), 5.00%, 12/15/22(1)
  
 340,000
 370,325
 
Triborough Bridge & Tunnel Auth. Rev., Series 2008 C, 5.00%, 11/15/38(1)
  
 200,000
 203,530
       
 4,083,048
 
 
 
 

 
Long-Term Tax-Free – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
NORTH CAROLINA — 3.8%
  
 
North Carolina Eastern Municipal Power Agency Rev., Series 2008 C, 6.75%, 1/1/24(1)
  
$ 250,000
$ 283,687
 
North Carolina Eastern Municipal Power Agency Rev., Series 2009 A, 5.00%, 1/1/17(1)
  
 300,000
 317,715
 
North Carolina Eastern Municipal Power Agency Rev., Series 2009 A, 5.00%, 1/1/18(1)
  
 300,000
 315,204
 
North Carolina Municipal Power Agency No. 1 Catawba Electric Rev., Series 2008 A, 5.25%, 1/1/16(1)
  
 300,000
 331,731
       
 1,248,337
OHIO — 0.6%
  
 
Buckeye Tobacco Settlement Financing Auth. Rev., Series 2007 A2, (Asset-Backed Senior Current Interest Turbo Term), 5.875%, 6/1/30(1)
  
 250,000
 211,953
   
OREGON — 2.5%
  
 
Clackamas County Hospital Facility Auth. Rev., Series 2009 A, (Legacy Health System), 5.50%, 7/15/35(1)
  
 200,000
 203,492
 
Oregon GO, Series 2009 A, (State Board of Higher Education), 5.00%, 8/1/38(1)
  
 300,000
 311,799
 
Oregon Health & Science University Rev., Series 2009 A, 5.75%, 7/1/39(1)
  
 300,000
 309,987
       
 825,278
PENNSYLVANIA — 7.0%
  
 
Allegheny County Hospital Development Auth. Rev., Series 2008 A, (University of Pittsburgh Medical Center), 5.00%, 9/1/18(1)
  
 200,000
 217,196
 
Allegheny County Industrial Development Auth. Rev., (Residential Resources, Inc.), 4.50%, 9/1/11(1)
  
 675,000
 678,463
 
Central Dauphin School District GO, 7.00%, 2/1/16, Prerefunded at 100% of Par (NATL)(1)(4)
  
 500,000
 641,705
 
Pennsylvania Turnpike Commission Rev., Series 2008 C, 6.00%, 6/1/28 (AGC)(1)
  
 200,000
 228,638
 
Philadelphia Gas Works Rev., Series 2009 A, (1998 General Ordinance), 5.00%, 8/1/16(1)
  
 300,000
 302,256
 
Philadelphia Water & Wastewater Rev., Series 2009 A, 5.25%, 1/1/36(1)
  
 250,000
 251,632
       
 2,319,890
PUERTO RICO — 4.1%
  
 
Puerto Rico Aqueduct & Sewer Auth. Rev., Series 2008 A, (Senior Lien), 5.00%, 7/1/14(1)
  
 500,000
 524,440
 
Puerto Rico GO, Series 2006 A, (Public Improvement), 5.25%, 7/1/23(1)
  
 250,000
 245,167
 
Puerto Rico GO, Series 2008 A, 5.125%, 7/1/28(1)
  
 200,000
 183,778
 
Puerto Rico Highway & Transportation Auth. Rev., Series 2007 N, 5.25%, 7/1/30 (Ambac)(1)
  
 400,000
 382,404
       
 1,335,789
TENNESSEE — 0.8%
  
 
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Rev., Series 2008 A, (Vanderbilt University), 5.00%, 10/1/15(1)
  
 225,000
 256,624
   
TEXAS — 6.0%
  
 
Harris County Rev., Series 2009 A, (Toll Road), 5.00%, 8/15/38(1)
  
 400,000
 407,216
 
North Texas Thruway Auth. Rev., Series 2008 H, (First Tier), VRDN, 5.00%, 1/1/13(1)
  
 200,000
 207,692
 
Southwest Higher Education Auth. Inc. Rev., (Southern Methodist University), VRDN, 0.15%, 9/1/09 (LOC: Landesbank Hessen - Thuringen Girozentrale)
  
 1,100,000
 1,100,000
 
Tarrant County Cultural Education Facilities Finance Corp. Hospital Rev., (Scott & White Memorial Hospital and Scott, Sherwood & Brindley Foundation), 5.50%, 8/15/31(1)
  
 250,000
 254,950
       
 1,969,858
 
 
 
 
 
 
Long-Term Tax-Free – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
UTAH — 1.7%
  
 
Utah State Board of Regents Hospital Rev., Series 2006 A, (University of Utah), 5.25%, 8/1/21 (NATL)(1)
  
$ 250,000
$ 279,863
 
Utah Transit Auth. Sales Tax Rev., Series 2008 A, 5.00%, 6/15/20(1)
  
250,000
282,467
       
 562,330
VIRGINIA — 1.4%
  
 
Virginia Resources Auth. Clean Water Rev., 5.00%, 10/1/16(1)
  
 200,000
 234,038
 
Washington County Industrial Development Auth. Hospital Facility Rev., Series 2009 C, (Mountain States Health Alliance), 7.75%, 7/1/38(1)
  
 200,000
 223,046
       
 457,084
WASHINGTON — 2.8%
  
 
Redmond GO, 5.00%, 12/1/21(1)
  
 250,000
 280,135
 
Washington GO, Series 2008 A, 5.00%, 7/1/20(1)
  
 200,000
 226,024
 
Washington Health Care Facilities Auth. Rev., Series 2009 A, (Swedish Health Services), 6.50%, 11/15/33
  
 400,000
 413,108
       
 919,267
WEST VIRGINIA — 1.5%
  
 
West Virginia State Hospial Finance Auth. Rev., Series 2009 A, (Charleston) 5.625%, 9/1/32(3)
  
 500,000
 495,225
   
WISCONSIN — 3.5%
  
 
Milwaukee Redevelopment Auth. Rev., (Milwaukee Public Schools - Neighborhood Schools Initiative), 5.125%, 8/1/13, Prerefunded at 100% of Par (Ambac)(1)(4)
  
 475,000
 540,683
 
Wisconsin Health & Educational Facilities Auth. Rev., (ProHealth Care, Inc. Obligated Group), 6.625%, 2/15/39(1)
  
 300,000
 313,809
 
Wisconsin Transportation Rev., Series 2008 A, 5.00%, 7/1/18(1)
  
 250,000
 284,585
       
 1,139,077
 
TOTAL MUNICIPAL SECURITIES
  
 
(Cost $31,550,197)
    
 33,086,803
 
MUNICIPAL DERIVATIVES — 1.3%
  
TEXAS — 1.3%
  
 
Texas GO, VRN, Inverse Floater, 8.66%, 9/30/11(1)(5)
      
 
(Cost $386,929)
  
 360,000
 434,689
 
TOTAL INVESTMENT SECURITIES —  101.8%
    
 
(Cost $31,937,126)
    
 33,521,492
 
OTHER ASSETS AND LIABILITIES — (1.8)%
  
 (581,119)
 
TOTAL NET ASSETS —  100.0%
  
$32,940,373

FUTURES CONTRACTS
 
Contracts Sold
Expiration
Date
Underlying Face
Amount at Value
Unrealized
Gain (Loss)
6
U.S. Long Bond
December 2009
$718,500
$(13,279)
 
 

 

 
Long-Term Tax-Free – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
Notes to Schedule of Investments
 
AGC
-
Assured Guaranty Corporation
 
Ambac
-
Ambac Assurance Corporation
 
COP
-
Certificates of Participation
 
FGIC
-
Financial Guaranty Insurance Company
 
FSA
-
Financial Security Assurance, Inc.
 
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, or a portion thereof, has been segregated for when-issued securities and/or futures contracts. At the period end, the aggregate value of securities pledged was $1,610,000.
(2)
Security is a zero-coupon municipal bond. The rate indicated is the yield to maturity at purchase. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(3)
When-issued security.
(4)
Escrowed to maturity in U.S. government securities or state and local government securities.
(5)
Inverse floaters have interest rates that move inversely to market interest rates. Inverse floaters typically have durations longer than long-term bonds, which may cause their value to be more volatile than long-term bonds when interest rates change. Final maturity is indicated.
 

 
 
 
 
Long-Term Tax-Free – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
   
 
 
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Debt securities maturing in greater than 60 days at the time of purchase are valued at current market value as provided by a commercial pricing service or at the mean of the most recent bid and asked prices. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Trustees. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security's fair value, such security is valued as determined by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees, if such determination would materially impact a fund's net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of August 31, 2009:
 
Level 1
Level 2
Level 3
Investment Securities
Municipal Securities
–
$  33,086,803
–
Municipal Derivatives
–
 434,689
–
Total Value of Investment Securities
–
$  33,521,492
–
Other Financial Instruments
Futures Contracts
$  (13,279)
–
–
Total Unrealized Gain (Loss) on Other Financial Instruments
$  (13,279)
–
–
 
3. Federal Tax Information
 
As of August 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$ 31,937,126
    
Gross tax appreciation of investments
$   1,621,960
    
Gross tax depreciation of investments
(37,594)
    
Net tax appreciation (depreciation) of investments
$   1,584,366
    
 
The cost of investment 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
 
Tax-Free Bond Fund
 
August 31, 2009
 
 
 
 
 
 
 
 
 

 

 

 

 
 
GRAPHIC

 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value

 
MUNICIPAL SECURITIES — 98.8%
  
ALABAMA — 0.4%
  
 
Alabama Water Pollution Control Auth. Rev., 5.75%, 8/15/18 (Ambac)(1)
  
$   765,000
$         792,900
 
East Central Industrial Development Auth. Rev., 5.25%, 9/1/13 (Ambac)(1)
  
 810,000
 812,049
 
Helena Utilities Board Rev., 5.75%, 4/1/12, Prerefunded at 101% of Par (NATL)(1)(2)
  
 645,000
 727,889
 
Helena Utilities Board Rev., 5.75%, 4/1/12, Prerefunded at 101% of Par (NATL)(1)(2)
  
 790,000
 891,523
 
Helena Utilities Board Rev., 5.75%, 4/1/12, Prerefunded at 101% of Par (NATL)(1)(2)
  
 840,000
 947,948
 
Helena Utilities Board Rev., 5.75%, 4/1/12, Prerefunded at 101% of Par (NATL)(1)(2)
  
 1,035,000
 1,168,008
       
 5,340,317
ALASKA — 0.1%
  
 
Aleutians East Borough Project Rev., (Aleutian Pribilof Islands, Inc.), 5.00%, 6/1/20 (ACA)(1)
  
 2,125,000
 1,694,390
   
ARIZONA — 5.2%
  
 
Arizona Health Facilities Auth. Rev., (Blood Systems, Inc.), 4.00%, 4/1/12(1)
  
 1,275,000
 1,300,551
 
Arizona Health Facilities Auth. Rev., (Blood Systems, Inc.), 5.00%, 4/1/21(1)
  
 1,000,000
 1,004,020
 
Arizona Health Facilities Auth. Rev., Series 2007 B, (Banner Health), VRN, 1.21%, 10/1/09 resets quarterly at 67% of the 3-month LIBOR plus 0.81% with no caps(1)
  
 7,500,000
 4,222,500
 
Arizona Health Facilities Auth. Rev., Series 2008 D, (Banner Health), 5.00%, 1/1/15(1)
  
 3,000,000
 3,261,180
 
Arizona School Facilities Board Rev., (State School Improvement), 5.50%, 7/1/11, Prerefunded at 100% of Par (1)(2)
  
 1,750,000
 1,899,870
 
Arizona State University COP, Series 2006 A, (University of Arizona), 5.00%, 6/1/18 (Ambac)(1)
  
 1,935,000
 2,084,421
 
Arizona Tourism & Sports Auth. Rev., (Baseball Training Facilities), 5.00%, 7/1/11(1)
  
 1,000,000
 1,021,360
 
Arizona Tourism & Sports Auth. Rev., (Baseball Training Facilities), 5.00%, 7/1/12(1)
  
 1,000,000
 1,028,370
 
Arizona Tourism & Sports Auth. Rev., (Baseball Training Facilities), 5.00%, 7/1/13(1)
  
 1,880,000
 1,935,986
 
Arizona Tourism & Sports Auth. Rev., Series 2003 A, (Multipurpose Stadium Facility), 5.25%, 7/1/17, Partially Prerefunded at 100% of Par (NATL)(1)(2)
  
 2,000,000
 2,090,100
 
Energy Management Services LLC Rev., (Arizona State University - Main Campus), 4.50%, 7/1/11 (NATL)(1)
  
 1,910,000
 2,035,812
 
Energy Management Services LLC Rev., (Arizona State University - Main Campus), 4.50%, 7/1/12 (NATL)(1)
  
 2,130,000
 2,323,319
 
Glendale Industrial Development Auth. Rev., Series 2001 A, (Midwestern University), 5.75%, 5/15/11, Prerefunded at 101% of Par(1)(2)
  
 500,000
 546,415
 
Maricopa County Gilbert Unified School District No. 41 GO, 5.75%, 7/1/11 (FSA)(1)
  
 1,155,000
 1,257,495
 
Maricopa County Phoenix Union High School District No. 210 GO, 4.75%, 7/1/11 (FSA)(1)
  
 1,445,000
 1,542,899
 
Maricopa County Saddle Mountain Unified School District No. 90 GO, Series 2003 A, (School Improvements), 5.00%, 7/1/10(1)
  
 1,955,000
 2,003,347
 
Maricopa County Saddle Mountain Unified School District No. 90 GO, Series 2003 A, (School Improvements), 5.25%, 7/1/11(1)
  
 2,415,000
 2,543,430
 
Maricopa County Saddle Mountain Unified School District No. 90 GO, Series 2003 A, (School Improvements), 5.25%, 7/1/12(1)
  
 2,000,000
 2,153,460
 
Maricopa County Scottsdale Unified School District No. 48 GO, 6.60%, 7/1/12(1)
  
 1,000,000
 1,147,610
 
Mohave County Community College District Rev., 5.75%, 3/1/14 (Ambac)(1)
  
 1,265,000
 1,288,769
 
 
 
 
 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Mohave County Community College District Rev., (State Board of Directors), 6.00%, 3/1/10, Prerefunded at 100% of Par (NATL)(1)(2)
  
$ 2,150,000
$       2,211,125
 
Mohave County Industrial Development Auth. Correctional Facilities Contract Rev., (Mohave Prison, LLC Expansion), 8.00%, 5/1/25(1)
  
 5,000,000
 5,632,850
 
Mohave County Industrial Development Auth. Rev., Series 2004 A, (Mohave Prison), 5.00%, 4/1/14 (XLCA)(1)(2)
  
 1,655,000
 1,881,487
 
Navajo County Unified School District No. 20 Rev., Series 2006 A, 5.00%, 7/1/17 (NATL)(1)
  
 1,815,000
 2,022,400
 
Phoenix Civic Improvement Corp. Waste System Rev., (Junior Lien), 6.25%, 7/1/10, Prerefunded at 101% of Par (FGIC)(1)(2)
  
 1,000,000
 1,059,150
 
Phoenix Civic Improvement Corp. Wastewater System Rev., (Senior Lien), 5.50%, 7/1/24(1)
  
 1,750,000
 1,935,395
 
Phoenix Civic Improvement Corp. Water System Rev., (Junior Lien), 5.50%, 7/1/19 (NATL/FGIC)(1)
  
 1,000,000
 1,087,690
 
Phoenix GO, Series 1995 A, 6.25%, 7/1/17(1)
  
 1,070,000
 1,323,740
 
Phoenix Industrial Development Auth. Government Office Lease Rev., (Capitol Mall LLC), 5.00%, 9/15/26 (Ambac)(1)
  
 1,750,000
 1,801,380
 
Pima County Indian Oasis-Baboquivari Unified School District No. 40 Rev., Series 2002 A, 4.60%, 7/1/13 (NATL)(1)
  
 1,200,000
 1,277,460
 
Pima County Marana Unified School District No. 6 GO, 5.50%, 7/1/15 (NATL/FGIC)(1)
  
 1,125,000
 1,169,032
 
Pima County Metropolitan Domestic Water Improvement District Rev., 5.25%, 7/1/18 (Ambac)(1)
  
 1,710,000
 1,919,731
 
Pima County Metropolitan Domestic Water Improvement District Rev., 5.25%, 7/1/19 (Ambac)(1)
  
 1,800,000
 2,013,966
 
Pima County Tucson Unified School District No. 1 GO, 4.625%, 7/1/13 (FSA)(1)
  
 2,600,000
 2,824,510
 
Pinal County Apache Junction Unified School District No. 43 GO, Series 2006 B, (School Improvements), 5.00%, 7/1/16, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 775,000
 910,609
 
Pinal County COP, 4.75%, 6/1/13 (Ambac)(1)
  
 820,000
 857,031
 
Pinal County COP, 5.00%, 12/1/25(1)
  
 3,920,000
 3,838,582
 
Queen Creek Improvement District No. 1 Special Tax Rev., 5.00%, 1/1/16(1)
  
 1,000,000
 975,570
 
South Tucson Municipal Property Corp. Rev., 5.50%, 6/1/11, Prerefunded at 100% of Par(1)(2)
  
 3,085,000
 3,319,645
 
University of Arizona COP, 5.50%, 6/1/12, Prerefunded at 100% of Par (Ambac)(1)(2)
  
 1,505,000
 1,680,167
       
 76,432,434
CALIFORNIA — 14.1%
  
 
California Department of Water Resources Power Supply Rev., Series 2005 F5, 5.00%, 5/1/22(1)
  
 6,215,000
 6,586,657
 
California Department of Water Resources Power Supply Rev., Series 2005 G4, 5.00%, 5/1/16(1)
  
 2,450,000
 2,709,210
 
California Department of Water Resources Power Supply Rev., Series 2008 H, 5.00%, 5/1/21(1)
  
 10,000,000
 10,700,800
 
California Department of Water Resources Rev., Series 2008 AE, (Central Valley), 5.00%, 12/1/22(1)
  
 3,000,000
 3,299,670
 
California Department of Water Resources Rev., Series 2009 AF, (Central Valley), 5.00%, 12/1/22(1)
  
 10,000,000
 11,096,800
 
California Educational Facilities Auth. Rev., Series 2009 A, (Pomona College), 5.00%, 1/1/24(1)
  
 3,500,000
 3,900,015
 
California GO, 5.75%, 4/1/31(1)
  
 16,630,000
 17,427,741
 
California GO, 6.00%, 4/1/38(1)
  
 5,000,000
 5,290,900
 
California Health Facilities Financing Auth. Rev., Series 2008 A3, (Stanford Hospital), VRDN, 3.45%, 6/15/11(1)
  
 2,300,000
 2,370,219
 
California Health Facilities Financing Auth. Rev., Series 2008 C, (Providence Health & Services), 6.50%, 10/1/38(1)
  
 2,125,000
 2,314,826
 
 
 
 
 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
California Health Facilities Financing Auth. Rev., Series 2008 I, (Catholic Healthcare West), 5.125%, 7/1/22(1)
  
$ 5,725,000
$       5,705,936
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (Adventist Health System West), 5.75%, 9/1/39(1)
  
 2,500,000
 2,461,375
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (Catholic Healthcare West), 5.50%, 7/1/22(1)
  
 5,000,000
 5,145,000
 
California Health Facilities Financing Auth. Rev., Series 2009 A, (Children's Hospital of Orange County), 6.50%, 11/1/38(1)
  
 10,000,000
 10,215,100
 
California Public Works Board Lease Rev., Series 2009 A, (Department General Services - Buildings 8 & 9), 6.25%, 4/1/34(1)
  
 4,000,000
 4,155,120
 
California Statewide Communities Development Auth. Rev., Series 2001 B, (Kaiser Permanente), VRDN, 3.90%, 7/1/14(1)
  
 2,000,000
 1,982,700
 
California Statewide Communities Development Auth. Rev., Series 2009 A, (Kaiser Permanente), 5.00%, 4/1/16(1)
  
 8,000,000
 8,754,080
 
California Statewide Communities Development Auth. Water & Waste Rev., Series 2004 A, (Pooled Financing Program), 5.00%, 10/1/12 (FSA)(1)(2)
  
 230,000
 256,857
 
California Statewide Communities Development Auth. Water & Waste Rev., Series 2004 A, (Pooled Financing Program), 5.00%, 10/1/12 (FSA)(1)
  
 845,000
 930,286
 
California Statewide Communities Development Auth. Water & Waste Rev., Series 2004 A, (Pooled Financing Program), 5.25%, 10/1/13, Prerefunded at 101% of Par (FSA)(1)(2)
  
 430,000
 500,937
 
California Statewide Communities Development Auth. Water & Waste Rev., Series 2004 A, (Pooled Financing Program), 5.25%, 10/1/19 (FSA)(1)
  
 1,570,000
 1,692,821
 
Foothill-De Anza Community College District GO, Series 2007 B, 5.00%, 8/1/17 (Ambac)(1)
  
 3,510,000
 3,955,981
 
Foothill-De Anza Community College District GO, Series 2007 B, (Election of 2006), 5.00%, 8/1/27 (Ambac)(1)
  
 1,875,000
 1,941,844
 
Golden State Tobacco Securitization Corp. Settlement Rev., Series 2007 A1, 5.75%, 6/1/47(1)
  
 5,000,000
 3,900,050
 
Hesperia Unified School District COP, (2007 Capital Improvement), 5.00%, 2/1/17 (Ambac)(1)
  
 1,070,000
 1,095,926
 
Imperial Irrigation District COP, (Water System), 5.50%, 7/1/29 (Ambac)(1)
  
 3,000,000
 3,030,690
 
Irvine Improvement Bond Act of 1915 Special Assessment Rev., (Limited Obligation Assessment District No. 93-14), VRDN, 0.16%, 9/1/09 (LOC: Bank of America N.A.)(1)
  
 8,700,000
 8,700,000
 
Irvine Improvement Bond Act of 1915 Special Assessment Rev., Series 2006 A, (Reassessment District No. 05-21), VRDN, 0.10%, 9/1/09 (LOC: Bank of New York and California State Teacher's Retirement)
  
 2,300,000
 2,300,000
 
Los Angeles Community College District GO, Series 2008 E1, (Election of 2001), 5.00%, 8/1/20(1)
  
 2,250,000
 2,456,617
 
Los Angeles Unified School District GO, Series 2009 D, 5.00%, 7/1/18(1)
  
 2,300,000
 2,526,159
 
Los Angeles Unified School District GO, Series 2009 D, 5.00%, 7/1/20(1)
  
 6,065,000
 6,605,270
 
Los Angeles Unified School District GO, Series 2009 I, 5.00%, 7/1/21(1)
  
 6,520,000
 7,004,240
 
Manteca Unified School District GO, 5.25%, 8/1/14, Prerefunded at 100% of Par (FSA)(1)(2)
  
 2,200,000
 2,568,104
 
Metropolitan Water District of Southern California Rev., Series 2009 C, 5.00%, 7/1/35(1)
  
 2,300,000
 2,368,310
 
Northern California Power Agency Rev., Series 2008 C, (Hydroelectric Project Number One), 5.00%, 7/1/19 (AGC)(1)
  
 2,300,000
 2,517,994
 
Northern California Power Agency Rev., Series 2008 C, (Hydroelectric Project Number One), 5.00%, 7/1/20 (AGC)(1)
  
 2,500,000
 2,699,825
 
Northern California Power Agency Rev., Series 2008 C, (Hydroelectric Project Number One), 5.00%, 7/1/21 (AGC)(1)
  
 5,000,000
 5,332,300
 
Plumas Unified School District GO, 5.25%, 8/1/20 (FSA)(1)
  
 1,000,000
 1,129,790
 
San Bernardino Community College District GO, Series 2008 A, (Election of 2002), 6.25%, 8/1/33(1)
  
 4,700,000
 5,264,329
 
 
 
 
 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
San Francisco City & County Airports Commission Rev., Series 2008-34F, 5.00%, 5/1/17 (AGC)(1)
  
$ 4,140,000
$       4,601,279
 
San Francisco Uptown Parking Corp. Rev., (Union Square), 5.50%, 7/1/15 (NATL)(1)
  
 2,145,000
 2,248,325
 
San Francisco Uptown Parking Corp. Rev., (Union Square), 6.00%, 7/1/20 (NATL)(1)
  
 1,000,000
 1,081,610
 
San Francisco Uptown Parking Corp. Rev., (Union Square), 6.00%, 7/1/31 (NATL)(1)
  
 2,000,000
 2,103,460
 
San Marcos Public Facilities Auth. Tax Allocation Rev., Series 2006 A, (Project Area No. 3), 5.00%, 8/1/20 (Ambac)(1)
  
 1,575,000
 1,519,072
 
Southern California Public Power Auth. Rev., Series 2008 A, (Transmission), 5.00%, 7/1/22(1)
  
 2,875,000
 3,033,355
 
Tuolumne Wind Project Auth. Rev., Series 2009 A, 5.625%, 1/1/29(1)
  
 2,800,000
 2,876,468
 
Vernon Electric System Rev., Series 2009 A, 5.125%, 8/1/21(1)
  
 10,000,000
 10,002,600
 
Vista COP, (Community Projects), 5.00%, 5/1/37 (NATL)(1)
  
 6,850,000
 6,265,832
       
 206,626,480
COLORADO — 1.8%
  
 
Arapahoe County Water & Wastewater Public Improvement District GO, Series 2002 B, 5.75%, 12/1/17 (NATL)(1)
  
 1,100,000
 1,185,943
 
Colorado Board of Governors University Enterprise System Rev., Series 2009 A, 5.00%, 3/1/39(1)
  
 1,350,000
 1,368,347
 
Colorado Educational & Cultural Facilities Auth. Rev., (Northwest Nazarene University Facilities), 4.60%, 11/1/10, Prerefunded at 102% of Par(1)(2)
  
 40,000
 42,644
 
Colorado Educational & Cultural Facilities Auth. Rev., (Northwest Nazarene University Facilities), 4.75%, 11/1/10(1)(2)
  
 170,000
 178,157
 
Colorado Educational & Cultural Facilities Auth. Rev., (Northwest Nazarene University Facilities), 4.75%, 11/1/10(1)
  
 730,000
 741,147
 
Colorado Educational & Cultural Facilities Auth. Rev., (Northwest Nazarene University Facilities), 4.60%, 11/1/16(1)
  
 760,000
 729,440
 
Colorado Educational & Cultural Facilities Auth. Rev., VRDN, Series 2005 A6, (Jewish Federation Bond), 0.18%, 9/1/09 (LOC: Bank of America N.A.)
  
 5,500,000
 5,500,000
 
Colorado Health Facilities Auth. Rev., (Catholic Health Initiatives), 6.00%, 10/1/23(1)
  
 1,500,000
 1,674,480
 
Colorado Health Facilities Auth. Rev., (Yampa Valley Medical Center), 5.00%, 9/15/11(1)
  
 1,280,000
 1,296,870
 
Colorado Health Facilities Auth. Rev., Series 2006 B, (Longmont United Hospital), 5.00%, 12/1/20 (Radian)(1)
  
 1,000,000
 920,490
 
Colorado Water Resources & Power Development Auth. Rev., Series 2000 A, 6.25%, 9/1/10, Prerefunded at 100% of Par(1)(2)
  
 450,000
 476,595
 
Colorado Water Resources & Power Development Auth. Rev., Series 2000 A, 6.25%, 9/1/16(1)
  
 50,000
 52,677
 
Compark Business Campus Metropolitan District GO, Series 2007 A, 5.30%, 12/1/22 (Radian)(1)
  
 1,350,000
 1,185,030
 
Douglas & Elbert Counties School District No. Re-1 GO, Series 2002 B, 5.75%, 12/15/12, Prerefunded at 100% of Par (FSA)(1)(2)
  
 1,000,000
 1,146,980
 
El Paso County School District No. 8 & Fountain-Fort Carson School District Finance Corp. COP, 4.25%, 12/15/13 (Ambac)(1)
  
 1,020,000
 1,028,915
 
Midcities Metropolitan District No. 2 GO, 5.125%, 12/1/30 (Radian)(1)
  
 1,250,000
 1,058,450
 
SBC Metropolitan District GO, 5.00%, 12/1/20 (ACA)(1)
  
 1,400,000
 1,435,378
 
University of Colorado Regents COP, 6.00%, 12/1/22 (NATL-IBC)(1)
  
 5,000,000
 5,204,050
 
University of Colorado Rev., Series 2009 A, 5.25%, 6/1/30(1)
  
 1,200,000
 1,272,264
       
 26,497,857
CONNECTICUT — 1.6%
  
 
Bridgeport GO, Series 2004 A, 5.25%, 8/15/14, Prerefunded at 100% of Par (NATL)(1)(2)
  
 2,150,000
 2,498,472
 
Connecticut GO, Series 2001 C, 5.50%, 12/15/13 (NATL-IBC)(1)
  
 4,000,000
 4,638,280
 
Connecticut GO, Series 2006 C, 5.00%, 6/1/14(1)
  
 5,000,000
 5,700,700
 
 
 
 
 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Connecticut GO, Series 2006 D, 5.00%, 11/1/15(1)
  
$ 1,595,000
$       1,849,482
 
Connecticut Health & Educational Facilities Auth. Rev., Series 2003 X3, (Yale University), 4.85%, 7/1/37(1)
  
 4,500,000
 4,628,475
 
Connecticut Health & Educational Facilities Auth. Rev., Series 2007 C, (Hospital for Special Care Issue), 5.25%, 7/1/27 (Radian)(1)
  
 1,000,000
 850,300
 
Connecticut Health & Educational Facilities Auth. Rev., Series 2007 I, (Quinnipiac University), 5.00%, 7/1/16 (NATL)(1)
  
 2,660,000
 2,965,501
       
 23,131,210
DISTRICT OF COLUMBIA — 0.9%
  
 
District of Columbia Rev., (Gonzaga College High School), 5.20%, 7/1/12 (FSA)(1)
  
 1,155,000
 1,168,259
 
District of Columbia Water & Sewer Auth. Public Utility Rev., Series 2008 A, (Subordinate Lien), 5.00%, 10/1/34 (AGC)(1)
  
 1,200,000
 1,220,100
 
Metropolitan Washington Airports Auth. Rev., Series 2009 A, (First Senior Lien), 5.00%, 10/1/39(1)
  
 5,000,000
 5,021,400
 
Metropolitan Washington Airports Auth. Rev., Series 2009 A, (First Senior Lien), 5.25%, 10/1/44(1)
  
 1,000,000
 1,005,320
 
Washington Metropolitan Area Transit Auth. Rev., Series 2009 A, 5.00%, 7/1/17(1)
  
 4,600,000
 5,179,692
       
 13,594,771
FLORIDA — 5.2%
  
 
Citizens Property Insurance Corp. Rev., Series 2008 A1, (Second High Risk Notes), 5.00%, 6/1/11(1)
  
 2,500,000
 2,565,525
 
Collier County School Board COP, 5.50%, 2/15/12 (FSA)(1)
  
 1,475,000
 1,595,434
 
Escambia County Solid Waste Disposal System Rev., (Gulf Power Co.), VRDN, 0.18%, 9/1/09(1)
  
 5,300,000
 5,300,000
 
Florida Hurricane Catastrophe Fund Financial Corp. Rev., Series 2008 A, 5.00%, 7/1/13(1)
  
 10,000,000
 10,564,500
 
Florida Municipal Loan Council Rev., Series 2002 C, 5.25%, 11/1/21 (NATL)(1)
  
 1,000,000
 1,016,820
 
Florida Municipal Power Agency Rev., Series 2009 A, (All Requirements Power), 5.25%, 10/1/20
  
 2,000,000
 2,169,400
 
Florida Municipal Power Agency Rev., Series 2009 A, (All Requirements Power), 5.25%, 10/1/21
  
 3,470,000
 3,722,026
 
Florida Rural Utility Financing Commission Rev., (Public Project Construction), 3.25%, 2/1/11(1)
  
 4,160,000
 4,167,030
 
Halifax Hospital Medical Center Rev., 5.375%, 6/1/31 (FSA)(1)
  
 2,000,000
 2,000,520
 
Halifax Hospital Medical Center Rev., Series 2006 A, 5.25%, 6/1/16(1)
  
 1,000,000
 1,003,970
 
Halifax Hospital Medical Center Rev., Series 2006 A, 5.25%, 6/1/18(1)
  
 900,000
 891,837
 
Halifax Hospital Medical Center Rev., Series 2006 B1, 5.50%, 6/1/38 (FSA)(1)
  
 1,000,000
 1,003,350
 
Indian River County Rev., (Spring Training Facility), 5.25%, 4/1/15 (NATL/FGIC)(1)
  
 1,235,000
 1,311,261
 
JEA Electric System Rev., Series 2009 A, 5.50%, 10/1/39(1)
  
 10,000,000
 10,142,800
 
Lee County Industrial Development Auth. Healthcare Facilities Rev., Series 1999 A, (Shell Point Village), 5.50%, 11/15/09(1)(2)
  
 850,000
 858,933
 
Miami Beach Stormwater Rev., 5.75%, 9/1/17 (NATL/FGIC)(1)
  
 1,000,000
 1,046,240
 
Miami Beach Water & Sewer Rev., 5.625%, 9/1/16 (Ambac)(1)
  
 1,910,000
 1,999,484
 
Miami Parking Facilities Rev., 5.25%, 10/1/15 (NATL)(1)
  
 650,000
 727,305
 
Miami-Dade County Aviation Department Rev., Series 2007 D, (Miami International Airport), 5.25%, 10/1/26 (FSA)(1)
  
 4,650,000
 4,785,501
 
Miami-Dade County School Board COP, Series 2001 C, 5.50%, 10/1/11, Prerefunded at 100% of Par (FSA)(1)(2)
  
 1,000,000
 1,096,140
 
Orange County School Board COP, Series 2002 A, 5.50%, 8/1/12, Prerefunded at 100% of Par (NATL)(1)(2)
  
 1,875,000
 2,110,275
 
Orlando & Orange County Expressway Auth. Rev., (Junior Lien), 6.50%, 7/1/11 (NATL/FGIC)(1)
  
 450,000
 487,364
 
Orlando Utilities Commission System Rev., Series 2009 B, 5.00%, 10/1/33(1)
  
 2,000,000
 2,036,520
 
 
 
 
 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Orlando Utilities Commission Water & Electric Rev., Series 1989 D, 6.75%, 10/1/17(1)(2)
  
$ 1,000,000
$       1,204,160
 
Putnam County Development Auth. Pollution Control Rev., Series 2007 B, (Seminole Electric Cooperative, Inc.), VRDN, 5.35%, 5/1/18 (Ambac)(1)
  
 1,500,000
 1,558,590
 
St. Petersburg Health Facilities Auth. Rev., Series 2009 A, (All Children's Health Facilities), 6.50%, 11/15/39
  
 4,700,000
 4,928,091
 
Sumter County School Board COP, 5.50%, 7/1/12, Prerefunded at 100% of Par (NATL)(1)(2)
  
 1,000,000
 1,122,630
 
Sunrise Utility System Rev., 5.20%, 10/1/22 (Ambac)(1)
  
 1,000,000
 1,047,350
 
Tampa Bay Water Utility System Rev., 5.00%, 10/1/38(1)
  
 1,690,000
 1,718,307
 
Tampa Guaranteed Entitlement Rev., 6.00%, 10/1/18 (Ambac)(1)
  
 400,000
 469,704
 
Tampa Water & Sewer Rev., 6.00%, 10/1/17 (FSA)(1)
  
 1,000,000
 1,190,950
       
 75,842,017
GEORGIA — 2.3%
  
 
Athens-Clarke County Unified Government Water & Sewer Rev., 5.625%, 1/1/28(1)
  
 1,200,000
 1,332,792
 
Atlanta Rev., Series 2009 A, 6.00%, 11/1/27(1)
  
 5,000,000
 5,223,950
 
Atlanta Rev., Series 2009 A, 6.00%, 11/1/28(1)
  
 3,000,000
 3,101,190
 
Burke County Development Auth. Pollution Control Rev., Series 2007 B, (Oglethorpe Power Corp. Vogtle), VRDN, 4.75%, 4/1/11 (NATL)(1)
  
 3,210,000
 3,329,252
 
Fulton County Development Auth. Rev., Series 2001 A, (TUFF/Atlanta Housing, LLC Project at Georgia State University), 5.50%, 9/1/18 (Ambac)(1)
  
 1,250,000
 1,315,950
 
Georgia Municipal Electric Auth. Rev., Series 2008 A, (Project One), 5.25%, 1/1/17(1)
  
 5,000,000
 5,640,650
 
Georgia Municipal Electric Auth. Rev., Series 2008 D, (General Resolution), 5.50%, 1/1/26(1)
  
 4,800,000
 5,131,920
 
Georgia Municipal Electric Power Auth. Rev., 6.50%, 1/1/12 (NATL-IBC) (Bank of New York)(1)
  
 505,000
 535,810
 
Georgia Municipal Electric Power Auth. Rev., Series 1991 V, 6.50%, 1/1/12 (NATL-IBC) (Bank of New York)(1)(2)
  
 110,000
 118,375
 
Georgia Municipal Electric Power Auth. Rev., Series 1991 V, 6.50%, 1/1/12, Prerefunded at 100% of Par (NATL-IBC) (Bank of New York)(1)(2)
  
 15,000
 15,695
 
Georgia Road & Tollway Auth. Rev., Series 2009 A, (Federal Highway Grant Antic Bonds), 5.00%, 6/1/21(1)
  
 4,000,000
 4,453,680
 
LaGrange Water & Sewerage Rev., 5.00%, 1/1/12 (Ambac)(1)
  
 2,000,000
 2,143,180
 
Marietta Development Auth. Rev., (Life University, Inc.), 6.25%, 6/15/20(1)
  
 1,130,000
 992,027
 
Private Colleges & Universities Auth. Rev., Series 2009 B, (Emory University), 5.00%, 9/1/35(1)
  
 1,000,000
 1,030,160
       
 34,364,631
GUAM — 0.2%
  
 
Guam Government GO, Series 2009 A, 6.75%, 11/15/29(1)
  
 2,850,000
 2,879,526
   
HAWAII — 0.3%
  
 
Honolulu City and County GO, Series 2009 A, 5.00%, 4/1/21(1)
  
 4,000,000
 4,478,960
 
Maui County GO, Series 2000 A, 6.50%, 3/1/10, Prerefunded at 101% of Par (FGIC)(1)(2)
  
 500,000
 520,380
       
 4,999,340
IDAHO — 0.1%
  
 
Blaine County Hailey School District No. 61 GO, 5.00%, 7/30/10 (School Bond Guarantee)(1)
  
 1,000,000
 1,042,300
   
ILLINOIS — 5.1%
  
 
Bedford Park GO, Series 2004 A, 5.25%, 12/15/20 (FSA)(1)
  
 2,000,000
 2,154,640
 
Chicago Board of Education GO, Series 2008 C, 5.25%, 12/1/23(1)
  
 5,000,000
 5,296,350
 
Chicago O'Hare International Airport Rev., Series 1993 A, (Senior Lien), 5.00%, 1/1/12 (NATL-IBC)(1)
  
 4,000,000
 4,297,760
 
 
 

 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Chicago O'Hare International Airport Rev., Series 2008 A, 5.00%, 1/1/12 (FSA)(1)
  
$ 2,550,000
$       2,710,268
 
Chicago O'Hare International Airport Rev., Series 2008 A, 5.00%, 1/1/13 (FSA)(1)
  
 2,500,000
 2,697,775
 
Chicago O'Hare International Airport Rev., Series 2008 A, 5.00%, 1/1/14 (FSA)(1)
  
 4,000,000
 4,343,000
 
Chicago O'Hare International Airport Rev., Series 2008 C, 4.00%, 1/1/17 (FSA)(1)
  
 600,000
 614,160
 
Chicago Rev., Series 2006 A, (Second Lien), 5.00%, 11/1/13 (Ambac)(1)
  
 1,015,000
 1,128,386
 
Cicero GO, Series 2005 A, 5.25%, 1/1/20 (XLCA)(1)
  
 1,250,000
 1,073,100
 
Cicero GO, Series 2005 A, 5.25%, 1/1/21 (XLCA)(1)
  
 1,000,000
 847,450
 
Cook County Township High School District No. 211 GO, (Palantine & Schaumburg Townships), 5.00%, 12/1/10 (FSA)(1)
  
 4,915,000
 5,177,264
 
Illinois Dedicated Tax Rev., (Civic Center), 6.25%, 12/15/20 (Ambac)(1)
  
 2,000,000
 2,251,420
 
Illinois Development Finance Auth. Rev., Series 2001 B, (Midwestern University), 5.125%, 5/15/10(1)
  
 655,000
 669,947
 
Illinois Development Finance Auth. Rev., Series 2001 B, (Midwestern University), 5.75%, 5/15/11, Prerefunded at 101% of Par(1)(2)
  
 400,000
 434,768
 
Illinois Finance Auth. Rev., (Central DuPage Health), 5.00%, 11/1/27
  
 2,500,000
 2,535,675
 
Illinois Finance Auth. Rev., Series 2008 D, (Advocate Health Care Network), 6.25%, 11/1/28(1)
  
 5,000,000
 5,504,900
 
Illinois Finance Auth. Rev., Series 2009 C, (Rush University Medical Center), 6.375%, 11/1/29(1)
  
 5,000,000
 5,135,500
 
Illinois Finance Auth. Student Housing Rev., Series 2006 B, (Educational Advancement Fund, Inc.), 5.00%, 5/1/11(1)
  
 2,785,000
 2,780,488
 
Illinois Health Facilities Auth. Rev., Series 1992 C, (Evangelical Hospital), 6.75%, 4/15/12(1)(2)
  
 730,000
 762,543
 
Kane County Community Unit School District No. 304 GO, 6.20%, 1/1/24 (FSA)(1)
  
 930,000
 1,023,577
 
Metropolitan Pier & Exposition Auth. Rev., Series 2002 A, (Capital Appreciation - McCormick Place Exposition), 5.73%, 12/15/31 (NATL)(1)(3)
  
 48,370,000
 13,524,736
 
Ogle Lee & De Kalb Counties Township High School District No. 212 GO, 6.00%, 12/1/11, Prerefunded at 100% of Par (NATL)(1)(2)
  
 1,035,000
 1,153,228
 
Ogle Lee & De Kalb Counties Township High School District No. 212 GO, 6.00%, 12/1/11, Prerefunded at 100% of Par (NATL)(1)(2)
  
 1,145,000
 1,275,793
 
Ogle Lee & De Kalb Counties Township High School District No. 212 GO, 6.00%, 12/1/18 (NATL)(1)
  
 75,000
 80,818
 
Regional Transportation Auth. Rev., Series 1990 A, 7.20%, 11/1/20 (Ambac)(1)
  
 1,000,000
 1,248,890
 
Rock Island-Mercer et al Counties Community College District No. 503 GO, Series 2008 A, (Black Hawk College), 4.00%, 12/1/11 (Ambac)(1)
  
 1,000,000
 1,058,950
 
Southwestern Illinois Development Auth. Rev., (Triad School District No. 2), 5.00%, 10/1/18 (NATL)(1)
  
 1,000,000
 1,090,600
 
University of Illinois COP, Series 2006 A, (Academic Facilities), 5.00%, 3/15/16 (Ambac)(1)
  
 3,270,000
 3,541,312
       
 74,413,298
INDIANA — 1.6%
  
 
Hamilton Southeastern Consolidated School Building Corp. Rev., (Hamilton County), 4.25%, 7/15/20 (FSA)(1)
  
 1,000,000
 1,006,060
 
Indiana Bond Bank Rev., Series 2006 A, 5.00%, 8/1/17 (FSA)(1)
  
 1,520,000
 1,703,540
 
Indiana Bond Bank Rev., Series 2006 A, 5.00%, 8/1/18 (FSA)(1)
  
 1,600,000
 1,772,160
 
Indiana Bond Bank Rev., Series 2006 A, 5.00%, 8/1/19 (FSA)(1)
  
 1,680,000
 1,842,439
 
Indiana Finance Auth. Lease Rev., Series 2008 A1, 5.00%, 11/1/16(1)
  
 5,000,000
 5,636,900
 
Indiana Municipal Power Agency Rev., Series 2009 B, (Power Supply System), 5.25%, 1/1/24(1)
  
 2,545,000
 2,673,166
 
Indiana Municipal Power Agency Rev., Series 2009 B, (Power Supply System), 5.375%, 1/1/25(1)
  
 1,600,000
 1,684,448
 
Indiana Transportation Finance Auth. Rev., Series 1990 A, 7.25%, 6/1/15(1)
  
 740,000
 863,291
 
 
 

 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Indiana Transportation Finance Auth. Rev., Series 1990 A, 7.25%, 6/1/15, Prerefunded at 100% of Par(1)(2)
  
$   145,000
$        155,995
 
Indianapolis Local Public Improvement Bond Bank Rev., Series 2002 A, (Water Works), 5.00%, 7/1/12 (NATL)(1)
  
 1,435,000
 1,575,458
 
Mount Vernon of Hancock County Multi-School Building Corp. Rev., Series 2001 B, (First Mortgage), 5.75%, 7/15/11, Prerefunded at 100% of Par (Ambac)(1)(2)
  
 1,500,000
 1,632,300
 
Valparaiso Middle Schools Building Corp. Rev., (First Mortgage), 5.75%, 7/15/11, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,650,000
 1,799,408
 
Zionsville Community Schools Building Corp. Rev., (First Mortgage), 5.75%, 1/15/12, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,000,000
 1,109,820
       
 23,454,985
IOWA — 0.5%
  
 
Iowa Finance Auth. Rev., Series 2006 A, (Development Care Initiatives), 5.25%, 7/1/13(1)
  
 1,485,000
 1,419,140
 
Iowa Finance Auth. Rev., Series 2006 A, (Development Care Initiatives), 5.25%, 7/1/14(1)
  
 1,950,000
 1,805,486
 
Iowa Finance Auth. Rev., Series 2006 A, (Development Care Initiatives), 5.25%, 7/1/16(1)
  
 1,690,000
 1,490,614
 
Iowa Rev., Series 2009 A, (I-Jobs Program), 5.00%, 6/1/22(1)
  
 2,500,000
 2,773,575
       
 7,488,815
KANSAS — 0.2%
  
 
Wichita Hospital Facilities Rev., Series 2001 III, 5.25%, 11/15/13(1)
  
 1,280,000
 1,356,480
 
Wichita Hospital Facilities Rev., Series 2001 III, 5.50%, 11/15/16(1)
  
 1,195,000
 1,248,775
       
 2,605,255
KENTUCKY — 0.4%
  
 
Kentucky Economic Development Finance Auth. Rev., Series 2009 A, (Baptist Healthcare System), 5.375%, 8/15/24
  
 3,000,000
 3,205,350
 
Kentucky Economic Development Finance Auth. Rev., Series 2009 A, (Baptist Healthcare System), 5.625%, 8/15/27
  
 1,250,000
 1,332,750
 
Louisville & Jefferson County Visitors and Convention Commission Rev., Series 2004 B, (Kentucky International Convention), VRDN, 0.20%, 9/1/09 (FSA) (SBBPA: JPMorgan Chase Bank N.A.)(1)
  
 1,600,000
 1,600,000
       
 6,138,100
LOUISIANA — 0.2%
  
 
Louisiana Public Facilities Auth. Rev., Series 2006 A, (Black & Gold Facilities), 4.00%, 7/1/13 (CIFG)(1)
  
 1,105,000
 1,066,082
 
Louisiana Public Facilities Auth. Rev., Series 2006 A, (Black & Gold Facilities), 5.00%, 7/1/15 (CIFG)(1)
  
 1,205,000
 1,175,188
 
Louisiana Public Facilities Auth. Rev., Series 2007 A, (Black & Gold Facilities), 5.00%, 7/1/22 (CIFG)(1)
  
 1,465,000
 1,335,670
       
 3,576,940
MARYLAND — 1.9%
  
 
Maryland GO, Series 2005 A, (Capital Improvement & Local Facilities), 5.25%, 2/15/15(1)
  
 10,000,000
 11,668,900
 
Maryland GO, Series 2005 A, (State & Local Facilities Loan), 5.00%, 8/1/11(1)
  
 10,000,000
 10,806,600
 
Maryland Health & Higher Educational Facilities Auth. Rev., (Johns Hopkins University), 5.25%, 7/1/38(1)
  
 1,645,000
 1,745,082
 
Maryland Health & Higher Educational Facilities Auth. Rev., (Johns Hopkins University), VRDN, 3.65%, 11/15/11(1)
  
 1,000,000
 1,028,040
 
Maryland Health & Higher Educational Facilities Auth. Rev., (Lifebridge Health Issue), 5.00%, 7/1/12(1)
  
 450,000
 476,140
 
Maryland Health & Higher Educational Facilities Auth. Rev., (Lifebridge Health Issue), 5.00%, 7/1/13(1)
  
 1,840,000
 1,961,937
       
 27,686,699
 
 
 

 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
MASSACHUSETTS — 3.3%
  
 
Commonwealth of Massachusetts GO, Series 2002 C, (Consolidated Loan of 2002), 5.50%, 11/1/12 (FSA)(1)
  
 $10,000,000
$     11,307,300
 
Massachusetts Bay Transportation Auth. Rev., Series 2008 A, 5.25%, 7/1/34(1)
  
 3,300,000
 3,510,705
 
Massachusetts Development Finance Agency Rev., Series 2007 C, (Wheelock College), 5.00%, 10/1/17(1)
  
 1,760,000
 1,700,882
 
Massachusetts GO, Series 2006 D, (Consolidated Loan of 2002), 5.00%, 8/1/14(1)
  
 2,500,000
 2,856,800
 
Massachusetts Health & Educational Facilities Auth. Rev., (Boston Medical Center), 5.25%, 7/1/38(1)
  
 5,000,000
 4,128,550
 
Massachusetts Health & Educational Facilities Auth. Rev., Series 1992 F, (Massachusetts General Hospital), 6.25%, 7/1/12 (Ambac)(1)
  
 490,000
 515,774
 
Massachusetts Health & Educational Facilities Auth. Rev., Series 2008 A, (Massachusetts Institute of Technology), 5.00%, 7/1/14(1)
  
 5,000,000
 5,742,350
 
Massachusetts Health & Educational Facilities Auth. Rev., Series 2009 A, (Harvard University), 5.50%, 11/15/36(1)
  
 6,800,000
 7,501,488
 
Massachusetts Health & Educational Facilities Auth. Rev., Series 2009 O, (Massachusetts Institute of Technology), 5.75%, 7/1/26(1)
  
 10,000,000
 11,581,100
       
 48,844,949
MICHIGAN — 2.7%
  
 
Detroit GO, Series 2004 A1, 5.25%, 4/1/23 (Ambac)(1)
  
 3,500,000
 2,700,285
 
Grand Valley State University Rev., 5.75%, 12/1/10, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,485,000
 1,581,584
 
Kalamazoo Public Schools GO, (Building & Site), 4.00%, 5/1/13 (FSA)(1)
  
 1,265,000
 1,361,899
 
Kalamazoo Public Schools GO, (Building & Site), 5.25%, 5/1/16 (FSA)(1)
  
 1,545,000
 1,767,928
 
Michigan Building Auth. Rev., Series 2003 I, (Facilities Program), 5.25%, 10/15/11 (FSA)(1)
  
 5,000,000
 5,371,400
 
Michigan Building Auth. Rev., Series 2009 I, (Facilities Program), 5.25%, 10/15/20(1)
  
 4,000,000
 4,213,920
 
Michigan Higher Education Facilities Auth. Rev., (Limited Obligation - Hillsdale College), 5.00%, 3/1/26(1)
  
 2,345,000
 2,334,565
 
Pontiac City School District GO, 5.00%, 5/1/13 (XLCA)(1)
  
 1,070,000
 1,163,165
 
Pontiac City School District GO, 5.00%, 5/1/14 (XLCA)(1)
  
 1,110,000
 1,213,552
 
Pontiac City School District GO, 5.00%, 5/1/15 (XLCA)(1)
  
 1,260,000
 1,384,173
 
Pontiac City School District GO, 5.00%, 5/1/16 (XLCA)(1)
  
 1,425,000
 1,566,161
 
Pontiac City School District GO, 5.00%, 5/1/17 (XLCA)(1)
  
 1,595,000
 1,731,149
 
Taylor GO, 5.00%, 9/1/11 (NATL)(1)
  
 575,000
 613,565
 
Wayne Charter County Airport Rev., Series 2002 C, 5.00%, 12/1/11 (NATL/FGIC)(1)
  
 2,010,000
 2,147,102
 
Wayne Charter County Airport Rev., Series 2002 C, 5.375%, 12/1/13 (NATL/FGIC)(1)
  
 2,215,000
 2,405,069
 
Wayne Charter County Airport Rev., Series 2002 C, 5.375%, 12/1/14 (NATL/FGIC)(1)
  
 2,335,000
 2,510,265
 
Wayne County Airport Auth. Rev., (Detroit Metropolitan Airport), 5.00%, 12/1/18 (NATL/FGIC)(1)
  
 3,000,000
 3,070,440
 
Wayne County Airport Auth. Rev., (Detroit Metropolitan Airport), 5.00%, 12/1/19 (NATL/FGIC)(1)
  
 2,000,000
 2,024,800
       
 39,161,022
MINNESOTA — 1.0%
  
 
Minnesota GO, Series 2008 A, 5.00%, 6/1/13(1)
  
 10,000,000
 11,302,700
 
Minnesota Higher Education Facilities Auth. Rev., Series 2005-6G, (Saint John University), 5.00%, 10/1/12(1)
  
 1,500,000
 1,628,955
 
St. Paul Housing and Redevelopment Auth. Rev., (Public Radio), VRDN, 0.43%, 9/1/09 (LOC: Allied Irish Bank plc)
  
 1,200,000
 1,200,000
         
 
 
 

 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
St. Paul Port Auth. Rev., Series 2005-7, (Public Radio), VRDN, 0.43%, 9/1/09 (LOC: Allied Irish Bank plc)
  
$    400,000
$         400,000
       
 14,531,655
MISSISSIPPI — 0.9%
  
 
Mississippi Development Bank Special Obligation Rev., Series 2006 A, 5.00%, 7/1/19 (Ambac)(1)
  
 4,620,000
 5,051,277
 
Mississippi Development Bank Special Obligation Rev., Series 2006 A, (Biloxi, Mississippi), 5.00%, 11/1/15 (Ambac)(1)
  
 1,565,000
 1,732,205
 
Mississippi Development Bank Special Obligation Rev., Series 2006 A, (Biloxi, Mississippi), 5.00%, 11/1/16 (Ambac)(1)
  
 1,645,000
 1,819,633
 
Mississippi Development Bank Special Obligation Rev., Series 2006 A, (Municipal Energy Agency Power Supply), 5.00%, 3/1/17 (XLCA)(1)
  
 1,000,000
 980,420
 
University of Southern Mississippi Educational Building Co. Rev., Series 2006 A, 5.00%, 3/1/17 (FSA)(1)
  
 1,195,000
 1,334,516
 
University of Southern Mississippi Educational Building Co. Rev., Series 2006 A, 5.00%, 3/1/18 (FSA)(1)
  
 1,940,000
 2,142,381
       
 13,060,432
MISSOURI — 1.0%
  
 
Jackson County Public Building Corp. Rev., Series 2006 A, (Capital Improvements), 5.00%, 12/1/15 (NATL)(1)
  
 1,425,000
 1,623,260
 
Missouri Development Finance Board Rev., Series 2000 A, (Midtown Redevelopment), 5.75%, 4/1/10, Prerefunded at 100% of Par (NATL)(1)(2)
  
 2,775,000
 2,862,496
 
Missouri Health & Educational Facilities Auth. Rev., Series 2008 A, (The Washington University), 5.375%, 3/15/39(1)
  
 2,000,000
 2,155,220
 
Missouri Joint Municipal Electric Utility Commission Rev., (Plum Point), 5.00%, 1/1/16 (NATL)(1)
  
 3,145,000
 3,242,872
 
Missouri State Highways & Transit Commission Rev., Series 2006 A, (First Lien), 5.00%, 5/1/13(1)
  
 3,030,000
 3,412,689
 
Platte County Industrial Development Auth. Rev., (Zona Rosa Retail), 5.00%, 12/1/32(1)
  
 1,000,000
 1,016,140
 
St. Louis Municipal Finance Corp. Rev., Series 2006 A, (Carnahan Courthouse), 4.00%, 2/15/17 (Ambac)(1)
  
 1,000,000
 1,031,870
       
 15,344,547
NEBRASKA — 0.7%
  
 
Lancaster County Hospital Auth. Health Facilities Rev., Series 2000 A, (Immanuel Health System), VRDN, 0.22%, 9/1/09 (LOC: Allied Irish Bank plc)(1)
  
 2,580,000
 2,580,000
 
Municipal Energy Agency Power Supply System Rev., Series 2009 A, 5.375%, 4/1/39 (BHAC)(1)
  
 105,000
 111,663
 
Nebraska Public Power District Rev., Series 2007 B, 5.00%, 1/1/13 (FSA)(1)
  
 2,000,000
 2,186,400
 
Nebraska Public Power District Rev., Series 2008 B, 5.00%, 1/1/20(1)
  
 2,500,000
 2,723,625
 
Omaha Public Power District Electric System Rev., Series 2007 A, 5.00%, 2/1/21(1)
  
 3,000,000
 3,265,860
       
 10,867,548
NEVADA — 0.3%
  
 
Clark County Economic Development Rev., (University of Southern Nevada), 5.00%, 4/1/22 (Radian)(1)
  
 1,000,000
 889,740
 
Reno Sales & Room Tax Rev., (ReTrac-Reno Transportation Rail Access Corridor), 5.50%, 6/1/12, Prerefunded at 100% of Par (Ambac)(1)(2)
  
 1,550,000
 1,732,063
 
Reno Sales & Room Tax Rev., (ReTrac-Reno Transportation Rail Access Corridor), 5.50%, 6/1/12, Prerefunded at 100% of Par (Ambac)(1)(2)
  
 1,865,000
 2,084,063
       
 4,705,866
NEW HAMPSHIRE — 0.5%
  
 
New Hampshire Health & Education Auth. Rev., VRDN, 0.20%, 9/1/09 (LOC: JPMorgan Chase Bank)(1)
  
 1,700,000
 1,700,000
 
 
 
 

 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
New Hampshire Health & Education Facilities Auth. Rev., Series 2004 A, (Kendal at Hanover), 5.00%, 10/1/11(1)
  
$ 1,660,000
$      1,680,219
 
New Hampshire Health & Education Facilities Auth. Rev., Series 2004 A, (Kendal at Hanover), 5.00%, 10/1/12(1)
  
 305,000
 309,026
 
New Hampshire Health & Education Facilities Auth. Rev., Series 2004 A, (Kendal at Hanover), 5.00%, 10/1/13(1)
  
 1,030,000
 1,035,994
 
New Hampshire Health & Education Facilities Auth. Rev., Series 2004 A, (Kendal at Hanover), 5.00%, 10/1/18(1)
  
 2,325,000
 2,309,841
       
 7,035,080
NEW JERSEY — 4.2%
  
 
New Jersey Economic Development Auth. Rev., Series 2008 Y, (School Facility Construction), 5.00%, 9/1/33(1)
  
 270,000
 273,713
 
New Jersey Sports & Exposition Auth. Rev., Series 2008 B, 5.00%, 9/1/18(1)
  
 7,300,000
 8,095,700
 
New Jersey Transit Corp. COP, 5.00%, 10/1/12 (FSA)(1)
  
 4,235,000
 4,621,232
 
New Jersey Transit Corp. COP, 5.00%, 10/1/13 (FSA)(1)
  
 5,595,000
 6,193,553
 
New Jersey Transportation Trust Fund Auth. Rev., Series 2003 B3, 5.00%, 9/24/09(1)
  
 10,000,000
 11,103,200
 
New Jersey Transportation Trust Fund Auth. Rev., Series 2004 B, 5.25%, 12/15/12 (NATL/FGIC)(1)
  
 7,400,000
 8,168,342
 
New Jersey Transportation Trust Fund Auth. Rev., Series 2006 A, 5.25%, 12/15/20(1)
  
 15,000,000
 16,651,500
 
New Jersey Transportation Trust Fund Auth. Rev., Series 2009 A, 6.29%, 12/15/39(1)(3)
  
 26,000,000
 4,045,340
 
Tobacco Settlement Financing Corp. Rev., Series 2007 1A, 5.00%, 6/1/41(1)
  
 3,500,000
 2,395,925
       
 61,548,505
NEW MEXICO — 0.7%
  
 
Clayton Rev., (Jail Project), 5.00%, 11/1/10 (CIFG)(1)
  
 2,240,000
 2,308,634
 
Los Alamos County, Inc. Utility System Rev., Series 2004 A, 5.00%, 7/1/11 (FSA)(1)
  
 6,675,000
 7,141,048
 
San Juan County Gross Receipts Tax Rev., Series 2001 A, 5.75%, 9/15/11, Prerefunded at 101% of Par (Ambac)(1)(2)
  
 1,415,000
 1,569,490
       
 11,019,172
NEW YORK — 9.9%
  
 
Metropolitan Transportation Auth. Rev., Series 2008 C, 6.25%, 11/15/23(1)
  
 5,000,000
 5,648,300
 
Metropolitan Transportation Auth. Rev., VRDN, 5.00%, 11/15/13(1)
  
 4,000,000
 4,383,280
 
Nassau County Interim Finance Auth. Rev., Series 2009 A, (Sales Tax), 5.00%, 11/15/21(1)
  
 1,800,000
 2,044,116
 
Nassau County Interim Finance Auth. Rev., Series 2009 A, (Sales Tax), 5.00%, 11/15/23(1)
  
 1,500,000
 1,672,485
 
New York City Municipal Water Finance Auth. Water & Sewer Rev., Series 2008 C, 5.00%, 6/15/17(1)
  
 1,350,000
 1,540,863
 
New York City Municipal Water Finance Auth. Water & Sewer Rev., Series 2009 EE, 5.00%, 6/15/39(1)
  
 10,000,000
 10,177,500
 
New York City Transitional Finance Auth. Rev., Series 2004 D2, 5.00%, 11/1/12(1)
  
 8,500,000
 9,475,290
 
New York City Transitional Finance Auth. Rev., Series 2005 A1, 5.00%, 11/1/10(1)
  
 2,000,000
 2,100,740
 
New York City Transitional Finance Auth. Rev., Series 2009 S4, 5.50%, 1/15/39(1)
  
 1,700,000
 1,782,331
 
New York GO, Series 2003 I, 5.75%, 3/1/13, Prerefunded at 101% of Par(1)(2)
  
 5,000,000
 5,753,150
 
New York GO, Series 2004 D, 5.00%, 11/1/17 (FSA)(1)
  
 5,195,000
 5,659,069
 
New York GO, Series 2006 J1, 5.00%, 6/1/18(1)
  
 4,000,000
 4,370,560
 
New York GO, Series 2008 J1, 5.00%, 8/1/13(1)
  
 5,855,000
 6,478,967
 
New York GO, Series 2009 A, 5.00%, 2/15/39(1)
  
 1,700,000
 1,752,938
 
New York GO, Series 2009 H1, 5.00%, 3/1/17(1)
  
 3,000,000
 3,345,690
 
New York GO, Series 2009 H1, 5.00%, 3/1/22(1)
  
 7,000,000
 7,548,730
 
 
 

 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
New York GO, Series 2009 J1, 5.00%, 5/15/22(1)
  
$ 6,570,000
$      7,093,760
 
New York Local Government Assistance Corp. Rev., Series 2003 A5/6, 5.00%, 4/1/18(1)
  
 10,000,000
 11,462,600
 
New York State Dormitory Auth. Rev., (Brooklyn Law School), 5.75%, 7/1/33(1)
  
 1,000,000
 1,013,400
 
New York State Dormitory Auth. Rev., (Columbia University), 4.00%, 7/1/13(1)
  
 3,500,000
 3,830,190
 
New York State Dormitory Auth. Rev., Series 1990 A, (UNIC Educational Facilities), 7.50%, 5/15/13 (NATL-IBC)(1)
  
 1,440,000
 1,686,255
 
New York State Dormitory Auth. Rev., Series 2005 F, 5.00%, 3/15/12 (FSA)(1)
  
 1,000,000
 1,094,530
 
New York State Dormitory Auth. Rev., Series 2008 B, 5.75%, 3/15/36(1)
  
 10,000,000
 10,985,000
 
New York State Dormitory Auth. Rev., Series 2009 A, 5.25%, 2/15/25(1)
  
 8,825,000
 9,736,711
 
New York State Dormitory Auth. Rev., Series 2009 A, 5.00%, 2/15/39(1)
  
 4,000,000
 4,090,680
 
New York State Dormitory Auth. Rev., Series 2009 A, (North Shore Long Island Jewish Health System), 5.50%, 5/1/37(4)
  
 1,200,000
 1,188,120
 
New York State Thruway Auth. Rev., Series 2009 A1, 5.00%, 4/1/23(1)
  
 3,000,000
 3,252,420
 
Niagara Falls Bridge Commission Toll Rev., Series 1993 B, 5.25%, 10/1/15 (NATL/FGIC)(1)
  
 1,000,000
 1,054,440
 
Triborough Bridge & Tunnel Auth. Rev., Series 2008 B3, VRDN, 5.00%, 11/15/15(1)
  
 5,000,000
 5,560,050
 
Triborough Bridge & Tunnel Auth. Rev., Series 2008 C, 5.00%, 11/15/38(1)
  
 10,000,000
 10,176,500
       
 145,958,665
NORTH CAROLINA — 1.5%
  
 
Charlotte GO, 5.00%, 8/1/19(1)
  
 2,000,000
 2,328,220
 
Charlotte Water & Sewer System Rev., 5.00%, 7/1/17(1)
  
 1,000,000
 1,168,680
 
Greensboro Rev., (Combined Enterprise System), 5.25%, 6/1/20(1)
  
 2,060,000
 2,432,613
 
North Carolina Eastern Municipal Power Agency Rev., Series 2009 A, 5.00%, 1/1/17(1)
  
 2,790,000
 2,954,750
 
North Carolina Eastern Municipal Power Agency Rev., Series 2009 A, 5.00%, 1/1/18(1)
  
 2,955,000
 3,104,759
 
North Carolina Medical Care Commission Retirement Facilities Rev., Series 2007 A, (Southminster), 5.625%, 10/1/27
  
 2,500,000
 1,966,275
 
North Carolina Municipal Power Agency No. 1 Catawba Electric Rev., 6.00%, 1/1/10 (NATL)(1)
  
 1,000,000
 1,015,830
 
North Carolina Municipal Power Agency No. 1 Catawba Electric Rev., Series 2003 A, 5.50%, 1/1/13(1)
  
 2,000,000
 2,188,000
 
North Carolina Municipal Power Agency No. 1 Catawba Electric Rev., Series 2008 C, 5.25%, 1/1/19(1)
  
 2,500,000
 2,725,025
 
North Carolina Municipal Power Agency No. 1 Catawba Electric Rev., Series 2008 C, 5.25%, 1/1/20(1)
  
 2,000,000
 2,153,540
       
 22,037,692
NORTH DAKOTA — 0.1%
  
 
Grand Forks Health Care System Rev., (Altru Health System Obligation Group), 7.125%, 8/15/10, Prerefunded at 101% of Par(1)(2)
  
 1,500,000
 1,608,120
   
OHIO — 1.8%
  
 
American Municipal Power-Ohio, Inc. Rev., Series 2008 A, (Prairie State Energy Campus), 5.00%, 2/15/17(1)
  
 1,000,000
 1,112,580
 
Buckeye Tobacco Settlement Financing Auth. Rev., Series 2007 A2, (Asset-Backed Senior Current Interest Turbo Term), 5.875%, 6/1/30(1)
  
 4,005,000
 3,395,479
 
Mad River Local School District GO, (Classroom Facilities), 5.75%, 12/1/12, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,150,000
 1,317,256
 
Milford Exempt Village School District GO, (School Improvements), 6.00%, 12/1/11, Prerefunded at 100% of Par (FSA)(1)(2)
  
 1,700,000
 1,891,369
 
Ohio GO, Series 2005 A, (Infrastructure Improvement), 5.00%, 9/1/11(1)
  
 1,005,000
 1,086,495
 
Ohio GO, Series 2005 A, (Infrastructure Improvement), 5.00%, 9/1/12(1)
  
 1,365,000
 1,515,519
 
Ohio Higher Educational Facility Commission Rev., Series 1990 B, (Case Western Reserve University), 6.50%, 10/1/20(1)
  
 750,000
 902,467
 
Ohio State University Rev., Series 2009 A, 5.00%, 12/1/27(1)
  
 2,000,000
 2,140,460
 
 
 

 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Ohio Water Development Auth. Rev., (Drinking Water Assistance Fund), 5.00%, 6/1/28(1)
  
$ 2,000,000
$      2,143,260
 
Ohio Water Development Auth. Rev., (Water Pollution Control Loan Fund), 5.00%, 12/1/13(1)
  
 5,895,000
 6,732,149
 
Summit County GO, 5.75%, 12/1/12, Prerefunded at 101% of Par (FGIC)(1)(2)
  
 1,505,000
 1,738,380
 
Tri Valley Local School District GO, 5.75%, 6/1/12, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,550,000
 1,745,223
       
 25,720,637
OKLAHOMA — 1.0%
  
 
Comanche County Hospital Auth. Rev., 5.00%, 7/1/11 (Radian)(1)
  
 1,000,000
 1,023,860
 
Comanche County Hospital Auth. Rev., 5.00%, 7/1/12 (Radian)(1)
  
 1,425,000
 1,465,812
 
Oklahoma County Finance Auth. Rev., (Western Heights Public Schools), 4.00%, 9/1/10 (AGC)(1)
  
 1,300,000
 1,337,986
 
Oklahoma Development Finance Auth. Health System Rev., Series 2008 C, 5.50%, 8/15/22 (Obligated Group Consisting of INTEGRIS Baptist Medical Center, Inc., INTEGRIS South Oklahoma City Hospital Corp. and INTEGRIS Rural Heath, Inc.)(1)
  
 3,000,000
 3,241,800
 
Pottawatomie County Facilities Auth. Rev., (Shawnee Public Schools), 5.00%, 9/1/13(1)
  
 1,610,000
 1,720,816
 
Pottawatomie County Facilities Auth. Rev., (Shawnee Public Schools), 5.00%, 9/1/14(1)
  
 1,730,000
 1,823,974
 
Pottawatomie County Facilities Auth. Rev., (Shawnee Public Schools), 5.00%, 9/1/15(1)
  
 1,710,000
 1,789,395
 
Pottawatomie County Facilities Auth. Rev., (Shawnee Public Schools), 5.00%, 9/1/16(1)
  
 2,130,000
 2,212,857
       
 14,616,500
OREGON — 0.6%
  
 
Clackamas County School District No. 62 GO, 5.50%, 6/15/10 (School Bond Guarantee)(1)
  
 2,015,000
 2,092,336
 
Oregon Health & Science University Rev., Series 2009 A, 5.75%, 7/1/39(1)
  
 2,900,000
 2,996,541
 
Oregon State Department of Administrative Services COP, Series 2008 A, 5.00%, 5/1/13 (FSA)(1)
  
 2,840,000
 3,163,135
       
 8,252,012
PENNSYLVANIA — 5.2%
  
 
Allegheny County Hospital Development Auth. Rev., Series 2008 A, (University of Pittsburgh Medical Center), 5.00%, 9/1/11(1)
  
 4,000,000
 4,228,120
 
Allegheny County Hospital Development Auth. Rev., Series 2008 A, (University of Pittsburgh Medical Center), 5.00%, 9/1/12(1)
  
 6,210,000
 6,723,443
 
Allegheny County Hospital Development Auth. Rev., Series 2008 A, (University of Pittsburgh Medical Center), 5.00%, 9/1/18(1)
  
 1,500,000
 1,628,970
 
Allegheny County Industrial Development Auth. Rev., (Residential Resources, Inc.), 4.75%, 9/1/14(1)
  
 2,250,000
 2,203,020
 
Central Dauphin School District GO, 7.00%, 2/1/16, Prerefunded at 100% of Par (NATL)(1)(2)
  
 1,150,000
 1,475,922
 
East Stroudsburg Area School District GO, 7.75%, 9/1/16, Prerefunded at 100% of Par (FSA)(1)(2)
  
 2,580,000
 3,479,981
 
Exeter Township GO, 5.25%, 7/15/15 (Ambac)(1)
  
 1,155,000
 1,322,209
 
Exeter Township GO, 5.30%, 7/15/19 (Ambac)(1)
  
 1,830,000
 2,107,172
 
Geisinger Auth. Health System Rev., VRN, 1.09%, 11/1/09 resets quarterly at 67% of the 3-month LIBOR plus 0.77% with no caps(1)
  
 5,000,000
 3,275,000
 
Oxford Area School District GO, Series 2001 A, 5.50%, 2/15/12, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,000,000
 1,106,560
 
Pennsylvania Economic Development Financing Auth. Rev., Series 2009 A, (Albert Einstein Healthcare Network), 6.25%, 10/15/23
  
 5,000,000
 5,104,800
 
Pennsylvania GO, 5.375%, 7/1/18 (FSA)(1)
  
 1,070,000
 1,267,693
 
 
 
 
 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Pennsylvania Higher Educational Facilities Auth. Rev., Series 2009 A, (University of Pennsylvania), 5.00%, 9/1/19(1)
  
$ 1,000,000
$      1,158,850
 
Pennsylvania Turnpike Commission Rev., Series 2009 B, 5.25%, 6/1/22(1)
  
 10,000,000
 10,609,500
 
Philadelphia Rev., Series 2009 A, (1998 General Ordinance), 5.25%, 8/1/17(1)
  
 1,000,000
 1,013,000
 
Philadelphia School District GO, Series 2002 A, 5.25%, 2/1/11 (FSA)(1)
  
 2,975,000
 3,151,477
 
Philadelphia Water & Wastewater Rev., Series 2009 A, 5.25%, 1/1/36(1)
  
 1,415,000
 1,424,240
 
Pittsburgh GO, Series 2006 B, 5.25%, 9/1/16 (FSA)(1)
  
 15,805,000
 17,141,313
 
Scranton Parking Auth. Rev., 5.00%, 6/1/22 (Radian)(1)
  
 2,270,000
 2,114,119
 
Westmoreland County Municipal Auth. Rev., 5.25%, 8/15/15, Prerefunded at 100% of Par (FSA)(1)(2)
  
 4,500,000
 5,297,310
       
 75,832,699
PUERTO RICO — 3.8%
  
 
Puerto Rico Aqueduct & Sewer Auth. Rev., Series 2008 A, (Senior Lien), 5.00%, 7/1/12(1)
  
 4,000,000
 4,193,920
 
Puerto Rico Aqueduct & Sewer Auth. Rev., Series 2008 A, (Senior Lien), 5.00%, 7/1/14(1)
  
 12,550,000
 13,163,444
 
Puerto Rico Aqueduct & Sewer Auth. Rev., Series 2008 A, (Senior Lien), 6.00%, 7/1/44(1)
  
 1,750,000
 1,754,585
 
Puerto Rico GO, Series 2006 A, (Public Improvement), 5.25%, 7/1/23(1)
  
 1,975,000
 1,936,824
 
Puerto Rico GO, Series 2006 B, (Public Improvement), 5.25%, 7/1/17(1)
  
 5,000,000
 5,066,900
 
Puerto Rico GO, Series 2008 A, 5.50%, 7/1/16(1)
  
 3,020,000
 3,117,727
 
Puerto Rico GO, Series 2008 A, 5.125%, 7/1/28(1)
  
 3,000,000
 2,756,670
 
Puerto Rico Government Development Bank Rev., Series 2006 B, (Senior Notes), 5.00%, 12/1/16(1)
  
 2,000,000
 2,005,160
 
Puerto Rico Highway & Transportation Auth. Rev., Series 2007 CC, 5.00%, 7/1/14(1)
  
 575,000
 583,832
 
Puerto Rico Infrastructure Financing Auth. Special Tax Rev., Series 2006 B, 5.00%, 7/1/13(1)
  
 2,000,000
 2,043,200
 
Puerto Rico Municipal Finance Agency GO, Series 2005 A, 5.00%, 8/1/11(1)
  
 3,700,000
 3,805,302
 
Puerto Rico Public Buildings Auth. Rev., Series 2004 I, (Government Facilities), 5.50%, 7/1/14, Prerefunded at 100% of Par(1)(2)
  
 5,000,000
 5,748,750
 
Puerto Rico Public Buildings Auth. Rev., Series 2007 M, (Government Facilities), 5.50%, 7/1/12(1)
  
 2,000,000
 2,077,320
 
Puerto Rico Public Buildings Auth. Rev., Series 2009 P, (Government Facilities), 6.75%, 7/1/36(1)
  
 6,700,000
 6,972,556
       
 55,226,190
RHODE ISLAND — 0.4%
  
 
Cranston GO, 6.375%, 11/15/09, Prerefunded at 101% of Par (FGIC)(1)(2)
  
 1,000,000
 1,022,390
 
Rhode Island Depositors Economic Protection Corp. Rev., Series 1993 A, 6.25%, 8/1/16 (NATL)(1)(2)
  
 2,000,000
 2,501,160
 
Rhode Island Health & Educational Building Corp. Rev., (Landmark Medical Center), 5.00%, 10/1/17 (Radian)(1)
  
 1,265,000
 1,266,265
 
Rhode Island Health & Educational Building Corp. Rev., (Portsmouth Abbey School), VRDN, 0.14%, 9/1/09 (LOC: Bank of America N.A.)(1)
  
 600,000
 600,000
       
 5,389,815
SOUTH CAROLINA — 1.5%
  
 
Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/19(1)
  
 5,455,000
 5,819,067
 
Florence Water & Sewer Rev., 7.50%, 3/1/18 (Ambac)(1)
  
 1,700,000
 1,764,447
 
Kershaw County Public Schools Foundation Installment Purchase Rev., (School Improvements), 5.00%, 12/1/17 (CIFG)(1)
  
 1,060,000
 1,153,895
 
Kershaw County Public Schools Foundation Installment Purchase Rev., (School Improvements), 5.00%, 12/1/18 (CIFG)(1)
  
 2,260,000
 2,430,178
 
Kershaw County Public Schools Foundation Installment Purchase Rev., (School Improvements), 5.00%, 12/1/19 (CIFG)(1)
  
 1,900,000
 2,025,590
 
 
 
 
 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Kershaw County Public Schools Foundation Installment Purchase Rev., (School Improvements), 5.00%, 12/1/20 (CIFG)(1)
  
$ 3,000,000
$      3,167,100
 
Piedmont Municipal Power Agency Rev., 6.75%, 1/1/19 (FGIC)(1)(2)
  
 625,000
 821,387
 
Piedmont Municipal Power Agency Rev., 6.75%, 1/1/19 (NATL/FGIC)(1)
  
 875,000
 1,039,570
 
Piedmont Municipal Power Agency Rev., Series 1991 A, 6.50%, 1/1/16 (FGIC)(1)(2)
  
 140,000
 175,449
 
Piedmont Municipal Power Agency Rev., Series 1991 A, 6.50%, 1/1/16 (FGIC)(1)
  
 375,000
 416,557
 
Piedmont Municipal Power Agency Rev., Series 1991 A, 6.50%, 1/1/16 (FGIC)(1)(2)
  
 485,000
 607,807
 
Spartanburg County Health Services District, Inc. Hospital Rev., 5.50%, 4/15/16 (FSA)(1)
  
 1,095,000
 1,144,527
 
Sumter Waterworks and Sewer System Improvement Rev., 5.00%, 12/1/22 (XLCA)(1)
  
 500,000
 525,265
 
Tobacco Settlement Revenue Management Auth. Rev., 5.00%, 6/1/18(1)
  
 1,450,000
 1,450,160
       
 22,540,999
TENNESSEE — 2.1%
  
 
Chattanooga Health Educational & Housing Facility Board Rev., Series 2005 A, (Campus Development Foundation, Inc. Phase I LLC), 5.00%, 10/1/15(1)
  
 2,930,000
 2,736,298
 
Clarksville Public Building Auth. Rev., VRDN, 0.14%, 9/1/09
  
 1,400,000
 1,400,000
 
Clarksville Public Building Auth. Rev., VRDN, 0.14%, 9/1/09 (LOC: Bank of America N.A.)
  
 24,000,000
 24,000,000
 
Tennessee State School Board Auth. Rev., Series 2008 B, (Higher Educational Facilities), 5.125%, 5/1/33(1)
  
 2,300,000
 2,414,195
       
 30,550,493
TEXAS — 5.3%
  
 
Allen Independent School District GO, 5.25%, 2/15/34(1)
  
 3,300,000
 3,499,254
 
Canadian River Municipal Water Auth. Rev., (Conjunctive Use Groundwater), 5.00%, 2/15/19 (Ambac)(1)
  
 1,000,000
 1,072,720
 
Cash Special Utility District Rev., 5.25%, 9/1/24 (NATL)(1)
  
 2,035,000
 2,039,436
 
Clint Independent School District GO, (Unlimited Tax School Building and Refunding Bonds), 6.00%, 2/15/11, Prerefunded at 100% of Par (PSF-GTD)(1)(2)
  
 340,000
 365,973
 
Clint Independent School District GO, (Unlimited Tax School Building and Refunding Bonds), 6.00%, 2/15/17 (PSF-GTD)(1)
  
 1,475,000
 1,575,536
 
Cypress-Fairbanks Independent School District GO, 5.00%, 2/15/16 (PSF-GTD)(1)
  
 1,000,000
 1,149,780
 
Cypress-Fairbanks Independent School District GO, 3.50%, 2/15/19 (PSF-GTD)(1)
  
 1,640,000
 1,675,539
 
Donna Independent School District GO, 5.00%, 2/15/15 (PSF-GTD)(1)
  
 2,000,000
 2,285,840
 
Edcouch-Elsa Independent School District GO, 5.00%, 2/15/14 (PSF-GTD)(1)
  
 1,115,000
 1,262,749
 
Garza County Public Facility Corp. Rev., 4.75%, 10/1/09(1)
  
 320,000
 320,416
 
Garza County Public Facility Corp. Rev., 4.75%, 10/1/10(1)
  
 585,000
 594,442
 
Garza County Public Facility Corp. Rev., 5.00%, 10/1/11(1)
  
 610,000
 627,098
 
Garza County Public Facility Corp. Rev., 5.00%, 10/1/13(1)
  
 2,015,000
 2,093,222
 
Garza County Public Facility Corp. Rev., 5.25%, 10/1/14(1)
  
 1,115,000
 1,152,575
 
Garza County Public Facility Corp. Rev., 5.25%, 10/1/15(1)
  
 1,225,000
 1,256,335
 
Garza County Public Facility Corp. Rev., 5.25%, 10/1/16(1)
  
 1,145,000
 1,170,751
 
Garza County Public Facility Corp. Rev., 5.50%, 10/1/16(1)
  
 1,000,000
 1,037,320
 
Gregg County Health Facilities Development Corp. Rev., Series 2006 A, (Good Shepherd Medical Center), 5.00%, 10/1/16(1)
  
 1,000,000
 967,530
 
Harris County Cultural Education Facilities Finance Corp. Rev., Series 2008 B, (The Methodist Hospital System), 5.50%, 12/1/18(1)
  
 2,500,000
 2,797,650
 
Hays Consolidated Independent School District GO, 6.24%, 8/15/11 (PSF-GTD)(1)(3)
  
 2,300,000
 2,239,188
 
Hays Consolidated Independent School District GO, 6.24%, 8/15/11 (PSF-GTD)(1)(2)(3)
  
 700,000
 683,480
 
 
 

 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Hidalgo County GO, 5.50%, 8/15/12, Prerefunded at 100% of Par (FGIC)(1)(2)
  
$ 1,295,000
$      1,455,645
 
Hidalgo County GO, 5.50%, 8/15/12, Prerefunded at 100% of Par (FGIC)(1)(2)
  
 1,750,000
 1,967,088
 
Houston GO, Series 2009 A, 5.00%, 3/1/21(4)
  
 10,000,000
 11,125,700
 
Houston Rev., Series 2009 A, (Senior Lien), 5.50%, 7/1/39(1)
  
 4,000,000
 4,109,480
 
Live Oak GO, 5.25%, 8/1/22 (NATL)(1)
  
 1,630,000
 1,665,371
 
Lone Star College System GO, 5.00%, 8/15/21(4)
  
 1,000,000
 1,121,320
 
Lone Star College System GO, 5.00%, 8/15/22(4)
  
 2,650,000
 2,942,375
 
Montgomery County GO, 5.50%, 3/1/14, Prerefunded at 100% of Par (Ambac)(1)(2)
  
 1,740,000
 2,011,301
 
North Texas Thruway Auth. Rev., Series 2008 H, (First Tier), VRDN, 5.00%, 1/1/13(1)
  
 9,500,000
 9,865,370
 
Pasadena Independent School District GO, Series 1996 A, 6.05%, 9/22/09 (PSF-GTD)(1)
  
 550,000
 661,908
 
Southside Independent School District GO, Series 2004 A, 5.25%, 8/15/25 (PSF-GTD)(1)
  
 2,120,000
 2,253,094
 
Southwest Higher Education Auth. Inc. Rev., (Southern Methodist University), VRDN, 0.15%, 9/1/09 (LOC: Landesbank Hessen - Thuringen Girozentrale)
  
 3,600,000
 3,600,000
 
Tarrant County Cultural Education Facilities Finance Corp. Retirement Facility Rev., (Air Force Village Obligated Group), 5.00%, 5/15/16(1)
  
 1,000,000
 926,590
 
Texas Public Finance Auth. Rev., Series 2006 A, (KIPP, Inc.), 5.25%, 2/15/14 (ACA)(1)
  
 400,000
 378,472
 
Travis County Health Facilities Development Corp. Rev., Series 1999 A, (Ascension Health Credit), 5.875%, 11/15/09, Prerefunded at 101% of Par (Ambac)(1)(2)
  
 1,000,000
 1,021,360
 
West Oso Independent School District GO, 5.50%, 8/15/13, Prerefunded at 100% of Par (PSF-GTD)(1)(2)
  
 1,265,000
 1,460,986
 
Williamson County GO, Series 2004 A, (Unlimited Tax Road & Refunding Bonds), 5.00%, 2/15/19 (NATL)(1)
  
 1,000,000
 1,129,130
       
 77,562,024
U.S. VIRGIN ISLANDS — 0.2%
  
 
Virgin Islands Public Finance Auth. Rev., Series 1998 A, (Senior Lien), 5.20%, 10/1/09(1)
  
 2,000,000
 2,005,500
 
Virgin Islands Water & Power Auth. Rev., Series 2007 A, 5.00%, 7/1/24(1)
  
 1,500,000
 1,411,455
       
 3,416,955
UTAH — 1.1%
  
 
Eagle Mountain City Gas & Electric Rev., 5.00%, 6/1/19 (Radian)(1)
  
 2,550,000
 2,478,906
 
Intermountain Power Agency Rev., Series 2008 A, 5.25%, 7/1/20(1)
  
 3,500,000
 3,690,750
 
Salt Lake City Hospital Rev., Series 1988 A, (Intermountain Health Corporation), 8.125%, 5/15/15(1)(2)
  
 775,000
 914,012
 
Utah County Municipal Building Auth. Lease Rev., 5.00%, 11/1/09 (Ambac)(1)(2)
  
 1,495,000
 1,506,601
 
Utah County Municipal Building Auth. Lease Rev., 5.25%, 11/1/11, Prerefunded at 100% of Par (Ambac)(1)(2)
  
 1,820,000
 1,991,171
 
Utah County Municipal Building Auth. Lease Rev., 5.25%, 11/1/11, Prerefunded at 100% of Par (Ambac)(1)(2)
  
 1,915,000
 2,095,106
 
Utah County Municipal Building Auth. Lease Rev., 5.50%, 11/1/11, Prerefunded at 100% of Par (Ambac)(1)(2)
  
 1,000,000
 1,099,400
 
West Valley City Municipal Building Auth. Lease Rev., Series 2002 A, 5.00%, 8/1/10 (Ambac)(1)
  
 1,130,000
 1,168,601
 
West Valley City Sales Tax Rev., Series 2001 A, 5.50%, 7/15/11, Prerefunded at 100% of Par (NATL)(1)(2)
  
 1,305,000
 1,419,422
       
 16,363,969
VERMONT — 0.3%
  
 
University of Vermont & State Agricultural College Rev., 5.00%, 10/1/19 (Ambac)(1)
  
 4,290,000
 4,690,557
   
VIRGINIA — 1.6%
  
 
Fairfax County COP, 5.30%, 4/15/23(1)
  
 1,500,000
 1,576,665
 
 
 

 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Norfolk Redevelopment & Housing Auth. Rev., (Old Dominion University), VRDN, 0.14%, 9/1/09 (LOC: Bank of America N.A.)(1)
  
$ 1,300,000
$      1,300,000
 
Pittsylvania County GO, Series 2001 B, 5.75%, 3/1/18 (NATL/School Bond Reserve Fund)(1)
  
 1,115,000
 1,193,596
 
Richmond Public Utility Rev., 5.00%, 1/15/35(1)
  
 2,500,000
 2,579,150
 
Virginia College Building & Education Facilities Auth. Rev., Series 2009 A, (Public Higher Education Financing Program), 5.00%, 9/1/28(1)
  
 5,100,000
 5,458,428
 
Virginia Resources Auth. Clean Water Rev., 5.00%, 10/1/16(1)
  
 5,120,000
 5,991,373
 
Virginia Resources Auth. Clean Water Rev., 5.00%, 10/1/22(1)
  
 4,150,000
 4,718,384
       
 22,817,596
WASHINGTON — 3.8%
  
 
Benton County Public Utility District No. 1 Electric Rev., Series 2001 A, 5.625%, 11/1/19 (FSA)(1)
  
 1,000,000
 1,068,600
 
Cowlitz County Kelso School District No. 458 GO, 5.75%, 6/1/12, Prerefunded at 100% of Par (FSA/School Bond Guarantee)(1)(2)
  
 1,000,000
 1,125,950
 
Energy Northwest Electric Rev., Series 2002 A, (Columbia Generating), 5.75%, 7/1/18 (NATL)(1)
  
 3,500,000
 3,839,885
 
Energy Northwest Electric Rev., Series 2002 B, (Columbia Generating), 6.00%, 7/1/18 (Ambac)(1)
  
 10,000,000
 11,065,500
 
Energy Northwest Electric Rev., Series 2008 D, (Columbia Generating), 5.00%, 7/1/12(1)
  
 2,375,000
 2,608,866
 
Energy Northwest Electric Rev., Series 2009 A, (Project 3), 5.25%, 7/1/18(1)
  
 3,000,000
 3,452,400
 
Energy Northwest Wind Rev., 4.75%, 7/1/20 (NATL)(1)
  
 1,750,000
 1,798,545
 
King County Public Hospital District No. 2 GO, (Evergreen Healthcare), 5.00%, 12/1/14 (NATL)(1)
  
 1,000,000
 1,084,700
 
King County School District No. 414 Lake Washington GO, 5.75%, 12/1/12, Prerefunded at 100% of Par(1)(2)
  
 1,555,000
 1,781,159
 
Kitsap County School District No. 303 Bainbridge Island GO, 5.00%, 12/1/17 (NATL/School Bond Guarantee)(1)
  
 1,000,000
 1,118,750
 
Mason County School District No. 309 Shelton GO, 5.625%, 12/1/11, Prerefunded at 100% of Par (FGIC/School Bond Guarantee)(1)(2)
  
 1,260,000
 1,393,421
 
Metropolitan Park District of Tacoma GO, 6.00%, 12/1/11, Prerefunded at 100% of Par (Ambac)(1)(2)
  
 1,000,000
 1,114,230
 
Metropolitan Park District of Tacoma GO, 6.00%, 12/1/11, Prerefunded at 100% of Par (Ambac)(1)(2)
  
 1,120,000
 1,247,938
 
Snohomish County Edmonds School District No. 15 GO, 5.00%, 12/1/17 (NATL/FGIC/School Bond Guarantee)(1)
  
 6,715,000
 7,486,352
 
University of Washington Rev., (Student Facilities Fee), 5.875%, 6/1/10, Prerefunded at 101% of Par (FSA)(1)(2)
  
 1,720,000
 1,807,514
 
Washington GO, Series 1990 A, 6.75%, 2/1/15(1)
  
 1,000,000
 1,158,950
 
Washington Health Care Facilities Auth. Rev., Series 2006 D, (Providence Health & Services), 5.25%, 9/22/09 (FSA)(1)
  
 4,500,000
 4,658,760
 
Washington Health Care Facilities Auth. Rev., Series 2009 A, (Swedish Health Services), 6.50%, 11/15/33
  
 4,000,000
 4,131,080
 
Whitman County Pullman School District No. 267 GO, 5.625%, 12/1/16 (FSA/School Bond Guarantee)(1)
  
 1,500,000
 1,649,310
 
Yakima County School District No. 208 West Valley GO, 5.00%, 12/1/18 (NATL/School Bond Guarantee)(1)
  
 1,675,000
 1,873,220
       
 55,465,130
WEST VIRGINIA — 0.1%
  
 
West Virginia State Hospial Finance Auth. Rev., Series 2009 A, (Charleston), 5.625%, 9/1/32(4)
  
 1,500,000
 1,485,675
   
WISCONSIN — 1.1%
  
 
Wisconsin Clean Water Rev., 6.875%, 6/1/11(1)
  
 1,370,000
 1,459,256
 
Wisconsin Health & Educational Facilities Auth. Rev., (Aurora Medical Group), 6.00%, 11/15/10 (FSA)(1)
  
 2,590,000
 2,691,528
 
 
 

 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
 
Wisconsin Health & Educational Facilities Auth. Rev., (Blood Center Southeastern), 5.75%, 6/1/34(1)
  
$    600,000
$        589,836
 
Wisconsin Health & Educational Facilities Auth. Rev., (Luther Hospital), 5.50%, 11/15/22(1)
  
 4,655,000
 4,960,880
 
Wisconsin Health & Educational Facilities Auth. Rev., (Luther Hospital), 5.75%, 11/15/30(1)
  
 5,800,000
 6,080,778
 
Wisconsin Health & Educational Facilities Auth. Rev., VRDN, Series 2008 C, 0.18%, 9/1/09 (LOC: U.S. Bank N.A.)(1)
  
 300,000
 300,000
 
Wisconsin Transportation Rev., Series 2008 A, 5.00%, 7/1/18(1)
  
 500,000
 569,170
       
 16,651,448
 
TOTAL MUNICIPAL SECURITIES
  
 
(Cost $1,397,954,653)
    
 1,450,115,317
 
COMMERCIAL PAPER — 1.0%
  
CALIFORNIA — 1.0%
  
 
California GO, 1.15%, 9/2/09(1)
      
 
(Cost $15,000,000)
  
 15,000,000
 15,000,000
 
TOTAL INVESTMENT SECURITIES —  99.8%
    
 
(Cost $1,412,954,653)
    
 1,465,115,317
 
OTHER ASSETS AND LIABILITIES — 0.2%
  
 2,266,984
 
TOTAL NET ASSETS —  100.0%
  
$1,467,382,301
 

FUTURES CONTRACTS
 
Contracts Sold
Expiration
Date
Underlying Face
Amount at Value
Unrealized
Gain (Loss)
422
U.S. Long Bond
December 2009
$ 50,534,500
$ (933,965)
     
 

Notes to Schedule of Investments
 
ACA
-
American Capital Access
 
AGC
-
Assured Guaranty Corporation
 
Ambac
-
Ambac Assurance Corporation
 
BHAC
-
Berkshire Hathaway Assurance Corporation
 
CIFG
-
CDC IXIS Financial Guaranty North America
 
COP
-
Certificates of Participation
 
FGIC
-
Financial Guaranty Insurance Company
 
FSA
-
Financial Security Assurance, Inc.
 
GO
-
General Obligation
 
LIBOR
-
London Interbank Offered Rate
 
LOC
-
Letter of Credit
 
NATL
-
National Public Finance Guarantee Corporation
 
NATL-IBC
-
National Public Finance Guarantee Corporation - Insured Bond Certificates
 
PSF-GTD
-
Permanent School Fund Guaranteed
 
Radian
-
Radian Asset Assurance, Inc.
 
resets
-
The frequency with which a security's coupon changes, based on current market conditions or an underlying index. The more frequently a security resets, the less risk the investor is taking that the coupon will vary significantly from current market rates.
 
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.
 





 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)

(1)
Security, or a portion thereof, has been segregated for when-issued securities and/or futures contracts. At the period end, the aggregate value of securities pledged was $68,398,000.
(2)
Escrowed to maturity in U.S. government securities or state and local government securities.
(3)
Security is a zero-coupon municipal bond. The rate indicated is the yield to maturity at purchase. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(4)
When-issued security.
 
 

 
 
 
Tax-Free Bond – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities are valued at current market value as provided by a commercial pricing service or at the mean of the most recent bid and asked prices. Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Debt securities maturing in greater than 60 days at the time of purchase are valued at current market value as provided by a commercial pricing service or at the mean of the most recent bid and asked prices. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Trustees. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security's fair value, such security is valued as determined by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees, if such determination would materially impact a fund's net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of August 31, 2009:
 
 
Level 1
Level 2
Level 3
Investment Securities
Municipal Securities
–
$1,450,115,317
–
Commercial Paper
–
 15,000,000
–
Total Value of Investment Securities
–
$1,465,115,317
–
Other Financial Instruments
Futures Contracts
$(933,965)
–
–
Total Unrealized Gain (Loss) on Other Financial Instruments
$(933,965)
–
–
 
 
3. Federal Tax Information
 
As of August 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$  1,412,954,653
    
Gross tax appreciation of investments
$       65,130,700
    
Gross tax depreciation of investments
  (12,970,036)
    
Net tax appreciation (depreciation) of investments
$       52,160,664
    
 
The cost of investment 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
 
Tax-Free Money Market Fund
 
August 31, 2009
 
 
 
 
 
 
 

 

 

 

 

 

GRAPHIC
 
 
 
Tax-Free Money Market – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value

 
MUNICIPAL SECURITIES — 99.1%
  
CALIFORNIA — 7.2%
  
 
ABAG Finance Auth. for Nonprofit Corps. Rev., (899 Charleston LLC), VRDN, 0.20%, 9/1/09 (LOC: LaSalle Bank N.A.)
  
$ 1,000,000
$    1,000,000
 
Alameda County Industrial Development Auth. Rev., (BAT Properties LLC), VRDN, 0.67%, 9/3/09 (LOC: Bank of the West)(1)
  
 4,300,000
 4,300,000
 
California Economic Development Financing Auth. Rev., (Wesflex Pipe Manufacturing), VRDN, 0.70%, 9/3/09 (LOC: Wells Fargo Bank N.A.)(1)
  
 853,364
 853,364
 
California Statewide Communities Development Auth. Rev., (Marin Horizon School), VRDN, 0.55%, 9/3/09 (LOC: Allied Irish Bank plc)(1)
  
 1,150,000
 1,150,000
 
Highland Redevelopment Agency Multi-Family Housing Rev., (Jeffrey Court Senior Apartments), VRDN, 0.80%, 9/3/09 (LOC: East West Bank and FHLB)(1)
  
 3,500,000
 3,500,000
 
Los Angeles Unified School District Tax & Rev. Anticipation Notes GO, 2.00%, 8/12/10
  
 5,070,000
 5,135,689
 
San Diego County COP, VRDN, 0.45%, 9/3/09 (LOC: Allied Irish Bank plc)
  
 1,495,000
 1,495,000
 
Santa Rosa Wastewater Rev., Series 2004 A, VRDN, 1.10%, 9/3/09 (LOC: Landesbank Baden-Wurttemberg)(1)
  
 5,900,000
 5,900,000
       
 23,334,053
COLORADO — 5.0%
  
 
Adams & Arapahoe Counties Joint School District No. 28J GO, 4.00%, 12/1/09(1)
  
 1,010,000
 1,015,589
 
Avon Industrial Development Rev., (Kroger Co.), VRDN, 0.49%, 9/3/09 (LOC: U.S. Bank N.A.)
  
 2,745,000
 2,745,000
 
Colorado Educational & Cultural Facilities Auth. Rev., (Capital Christian School), VRDN, 0.43%, 9/3/09 (LOC: Stockmans Bank and Union Bank of California N.A.)(1)
  
 5,250,000
 5,250,000
 
Colorado Springs School District No. 11 Facilities Corp. COP, VRDN, 0.65%, 9/3/09 (FSA) (SBBPA: JPMorgan Chase Bank)
  
 3,015,000
 3,015,000
 
Hotchkiss Industrial Development Rev., (Kroger Co.), VRDN, 0.49%, 9/3/09 (LOC: U.S. Bank N.A.)
  
 1,500,000
 1,500,000
 
Thornton Industrial Development Rev., (Kroger Co.), VRDN, 0.49%, 9/3/09 (LOC: U.S. Bank N.A.)
  
 2,900,000
 2,900,000
       
 16,425,589
FLORIDA — 10.0%
  
 
Austin Trust Various States Rev., Series 2008-3029X, VRDN, 0.64%, 9/3/09 (NATL) (LIQ FAC: Bank of America N.A.)(2)
  
 5,400,000
 5,400,000
 
Escambia County Solid Waste Disposal System Rev., (Gulf Power Co.), VRDN, 0.18%, 9/1/09(1)
  
 9,725,000
 9,725,000
 
JP Morgan Chase Trust COP, Series 2009-3441, (PUTTERs/DRIVERs), VRDN, 0.54%, 9/3/09 (Ambac) (LIQ FAC: JPMorgan Chase Bank)(1)(2)
  
 4,000,000
 4,000,000
 
JP Morgan Chase Trust Rev., Series 2009-3359, (PUTTERs/DRIVERs), VRDN, 0.54%, 9/3/09 (NATL/FGIC) (LIQ FAC: JPMorgan Chase Bank)(1)(2)
  
 9,890,000
 9,890,000
 
JP Morgan Chase Trust Rev., Series 2009-3439, (PUTTERs/DRIVERs), VRDN, 0.89%, 9/3/09 (FSA-CR/XLCA) (LIQ FAC: JPMorgan Chase Bank)(2)
  
 3,695,000
 3,695,000
       
 32,710,000
GEORGIA — 5.0%
  
 
Clayton County Multi-Family Housing Auth. Rev., Series 1990 B, (Kimberly Forest), VRDN, 2.24%, 9/2/09 (FSA) (SBBPA: Societe Generale)(1)
  
 6,155,000
 6,155,000
 
Clayton County Multi-Family Housing Auth. Rev., Series 1990 C, (Villa Rouge Apartments), VRDN, 2.24%, 9/2/09 (FSA) (SBBPA: Societe Generale)(1)
  
 6,955,000
 6,955,000
 
Clayton County Multi-Family Housing Auth. Rev., Series 1990 D, (Kings Arms Apartments), VRDN, 2.24%, 9/2/09 (FSA) (SBBPA: Societe Generale)(1)
  
 3,315,000
 3,315,000
       
 16,425,000
         
 
 
 
 
 
 
Tax-Free Money Market – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
HAWAII — 0.6%
  
 
Hawaii Pacific Health Special Purpose Rev., Series 2004 B2, (Department Budget & Finance), VRDN, 0.43%, 9/2/09 (Radian) (LOC: Bank of Nova Scotia)(1)
  
$ 2,000,000
$    2,000,000
   
ILLINOIS — 4.0%
  
 
Illinois GO, 3.00%, 4/1/10(1)
  
 6,000,000
 6,055,144
 
Illinois GO, 4.00%, 5/20/10
  
 5,000,000
 5,098,788
 
Illinois Housing Development Auth. Multi-Family Housing Rev., (Rome Meadows), VRDN, 0.84%, 9/3/09 (LOC: First National Bank and FHLB)(1)
  
 1,970,000
 1,970,000
       
 13,123,932
INDIANA — 1.6%
  
 
Indiana Development Finance Auth. Rev., VRDN, 0.60%, 9/3/09 (LOC: LaSalle Bank N.A.)(1)(2)
  
 2,275,000
 2,275,000
 
Jasper County Industrial Development Rev., (Newberry Farms LLC), VRDN, 0.74%, 9/3/09 (LOC: Farm Credit Services of America and Bank of the West)(1)
  
 2,800,000
 2,800,000
       
 5,075,000
IOWA — 4.9%
  
 
Buffalo Pollution Control Rev., Series 1991 B, (Lafarge Corp.), VRDN, 0.58%, 9/3/09 (LOC: BNP Paribas)
  
 5,250,000
 5,250,000
 
Iowa Finance Auth. Rev., Series 2009 B, (Midwestern Disaster Area), VRDN, 1.00%, 9/1/09(3)
  
 8,000,000
 8,000,000
 
Orange City Industrial Development Rev., (Vogel Enterprises Ltd.), VRDN, 0.62%, 9/3/09 (LOC: U.S. Bank N.A.)(1)
  
 2,600,000
 2,600,000
       
 15,850,000
KANSAS — 0.8%
  
 
Hutchinson Industrial Development Rev., (Kroger Co.), VRDN, 0.49%, 9/3/09 (LOC: U.S. Bank N.A.)
  
 1,000,000
 1,000,000
 
Shawnee Private Activity Rev., (Simmons Co.), VRDN, 0.58%, 9/2/09 (LOC: Deutsche Bank AG)(2)
  
 1,510,000
 1,510,000
       
 2,510,000
KENTUCKY — 0.6%
  
 
Murray Industrial Building Rev., (Kroger Co.), VRDN, 0.49%, 9/3/09 (LOC: U.S. Bank N.A.)
  
 1,000,000
 1,000,000
 
Winchester Industrial Building Rev., (Kroger Co.), VRDN, 0.49%, 9/3/09 (LOC: U.S. Bank N.A.)
  
 1,000,000
 1,000,000
       
 2,000,000
LOUISIANA — 0.6%
  
 
Louisiana Local Government Environmental Facilities & Community Development Auth. Rev., (Hollybrook Enterprises LLC), VRDN, 0.74%, 9/3/09 (LOC: First South Farm Credit and Wells Fargo Bank N.A.)(1)
  
 2,080,000
 2,080,000
   
MAINE — 0.4%
  
 
Dover & Foxcroft Rev., (Pleasant River), VRDN, 0.77%, 9/3/09 (LOC: CoBANK ACB and Wells Fargo Bank N.A.)(1)
  
 1,450,000
 1,450,000
   
MARYLAND — 0.9%
  
 
Baltimore Industrial Development Auth. Rev., (Baltimore Capital Acquisition), VRDN, 0.42%, 9/2/09 (LOC: Bayerische Landesbank)(1)
  
 3,050,000
 3,050,000
   
MASSACHUSETTS — 3.9%
  
 
Macon Trust Various States Rev., Series 2007-344, VRDN, 0.89%, 9/3/09 (LOC: Bank of America N.A.) (LIQ FAC: Bank of America N.A.)(2)
  
 12,550,000
 12,550,000
   
MICHIGAN — 4.3%
  
 
Michigan Anticipation Notes GO, Series 2008 A, 3.00%, 9/30/09
  
 12,000,000
 12,008,901
 
Michigan GO, Series 2008 B, 3.00%, 9/30/09
  
 2,000,000
 2,002,116
       
 14,011,017
 
 
 
 
 
 
Tax-Free Money Market – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
MINNESOTA — 1.7%
  
 
Owatonna Housing Rev., Series 2003 A, (Second Century Housing), VRDN, 0.59%, 9/3/09 (LOC: American Bank of St. Paul and FHLB)
  
$ 3,430,000
$    3,430,000
 
St. Paul Port Auth. Rev., Series 2005-7, (Public Radio), VRDN, 0.43%, 9/1/09 (LOC: Allied Irish Bank plc)
  
 1,955,000
 1,955,000
       
 5,385,000
MISSISSIPPI — 1.7%
  
 
Mississippi Business Finance Corp. Rev., (St. Andrews Episcopal School), VRDN, 0.50%, 9/3/09 (LOC: Allied Irish Bank plc)
  
 3,820,000
 3,820,000
 
Mississippi Business Finance Corp. Rev., Series 2004 B, VRDN, 0.51%, 9/3/09 (LOC: Wells Fargo Bank N.A.)
  
 1,845,000
 1,845,000
       
 5,665,000
MISSOURI — 6.7%
  
 
Jackson County Industrial Development Auth. Rev., (Linda Hall Library), VRDN, 0.44%, 9/3/09 (LOC: Commerce Bank N.A.)(1)
  
 11,000,000
 11,000,000
 
Missouri Health & Educational Facilities Auth. Rev., (Pembroke Hill School), VRDN, 0.44%, 9/3/09 (LOC: Commerce Bank N.A.)(1)
  
 8,800,000
 8,800,000
 
University City Industrial Development Rev., (Winco Redevelopment Corp., Inc.), VRDN, 0.65%, 9/3/09 (LOC: Commerce Bank N.A.)
  
 1,940,000
 1,940,000
       
 21,740,000
NEBRASKA — 0.3%
  
 
Sarpy County Hospital Auth. No. 1 Health Facilities Rev., Series 2000 B, (Immanuel Health System), VRDN, 0.22%, 9/1/09 (LOC: Allied Irish Bank plc)(1)
  
 905,000
 905,000
   
NEVADA — 0.5%
  
 
Nevada Housing Division Multi-Family Housing Rev., (Golden Apartments), VRDN, 0.80%, 9/3/09 (Freddie Mac) (LIQ FAC: Freddie Mac)(1)
  
 1,600,000
 1,600,000
   
NEW HAMPSHIRE — 0.4%
  
 
New Hampshire Health & Education Facilities Auth. Rev., (Proctor Academy), VRDN, 0.55%, 9/3/09 (LOC: Allied Irish Bank plc)
  
 1,200,000
 1,200,000
   
NEW YORK — 0.4%
  
 
New York City Industrial Development Agency Civic Facility Rev., (1998 Peninsula Hospital Center), VRDN, 2.32%, 9/3/09 (LOC: JPMorgan Chase Bank)
  
 1,195,000
 1,195,000
   
NORTH CAROLINA — 0.4%
  
 
North Carolina Educational Facilities Finance Agency Rev., (Cape Fear Academy), VRDN, 0.48%, 9/3/09 (LOC: Wachovia Bank N.A.)
  
 1,200,000
 1,200,000
   
PENNSYLVANIA — 8.4%
  
 
Berks County Municipal Auth. Rev., Series 2009 A5, (Reading Hospital & Medical Center), VRDN, 0.66%, 9/3/09(1)
  
 10,000,000
 10,000,000
 
Bermudian Springs School District GO, VRDN, 0.45%, 9/3/09 (FSA) (SBBPA: Royal Bank of Canada)
  
 2,415,000
 2,415,000
 
JP Morgan Chase Trust GO, Series 2009-3405, (PUTTERs/DRIVERs), VRDN, 0.54%, 9/3/09 (FSA) (LIQ FAC: JPMorgan Chase Bank)(2)
  
 3,000,000
 3,000,000
 
RBC Municipal Products, Inc. Trust Rev., Series 2008 C13, VRDN, 0.39%, 9/3/09 (LOC: Royal Bank of Canada) (LIQ FAC: Royal Bank of Canada)(2)
  
 7,000,000
 7,000,000
 
RBC Municipal Products, Inc. Trust Rev., Series 2008 E11, VRDN, 0.39%, 9/3/09 (LOC: Royal Bank of Canada) (LIQ FAC: Royal Bank of Canada)(2)
  
 4,995,000
 4,995,000
       
 27,410,000
PUERTO RICO — 2.5%
  
 
Austin Trust Various States, Series 2008-355, VRDN, 0.79%, 9/3/09 (LOC: Bank of America N.A.) (SBBPA: Bank of America N.A.)(2)
  
 8,000,000
 8,000,000
 
 
 

 
 
Tax-Free Money Market – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Principal Amount
Value
TENNESSEE — 2.7%
  
 
Bradley County Industrial Development Board Rev., (Kroger Co.), VRDN, 0.49%, 9/3/09 (LOC: U.S. Bank N.A.)
  
$ 7,880,000
$    7,880,000
 
Greeneville Industrial Development Board Rev., (Pet, Inc.), VRDN, 0.54%, 9/3/09 (LOC: BNP Paribas)
  
 1,000,000
 1,000,000
       
 8,880,000
TEXAS — 17.0%
  
 
Brazos Harbor Industrial Development Corp. Rev., (BASF Corp.), VRDN, 0.73%, 9/2/09(1)
  
 14,400,000
 14,400,000
 
Crawford Education Facilities Corp. Rev., Series 2004 A, (University Parking System), VRDN, 1.10%, 9/3/09 (LOC: BNP Paribas)
  
 10,000,000
 10,000,000
 
Hale County Industrial Development Corp. Rev., (Struikmans), VRDN, 0.74%, 9/3/09 (LOC: Farm Credit Services of America and Bank of the West)
  
 3,000,000
 3,000,000
 
Hunt Memorial Hospital District Rev., VRDN, 0.40%, 9/3/09 (FSA) (SBBPA: Chase Bank of Texas N.A.)(1)
  
 3,250,000
 3,250,000
 
JP Morgan Chase Trust Rev., Series 2009-3418, (PUTTERs/DRIVERs), VRDN, 0.54%, 9/3/09 (FSA) (LIQ FAC: JPMorgan Chase Bank)(2)
  
 2,025,000
 2,025,000
 
Muleshoe Economic Development Corp. Rev., (John Lyle & Grace Ajean), VRDN, 0.69%, 9/3/09 (LOC: Wells Fargo Bank N.A.)(1)
  
 5,090,000
 5,090,000
 
Port of Corpus Christi Auth. of Nueces County Solid Waste Disposal Rev., (Flint Hills Resources, LP), VRDN, 0.73%, 9/2/09(1)
  
 4,500,000
 4,500,000
 
Port of Corpus Christi Auth. of Nueces County Solid Waste Disposal Rev., (Flint Hills Resources, LP), VRDN, 0.73%, 9/2/09(1)
  
 6,000,000
 6,000,000
 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Baylor Health Care System), 5.00%, 11/15/09(1)
  
 1,000,000
 1,006,409
 
Texas Tax & Anticipation Notes Rev., 2.50%, 8/31/10(3)
  
 6,000,000
 6,122,700
       
 55,394,109
WASHINGTON — 3.8%
  
 
King County School District No. 210 GO, 4.00%, 12/1/09 (School Bond Guarantee)(1)
  
 3,175,000
 3,196,149
 
King County School District No. 414 GO, 4.00%, 12/1/09 (School Bond Guarantee)(1)
  
 1,500,000
 1,508,228
 
Metropolitan Park District of Tacoma GO, 3.50%, 12/1/09(1)
  
 1,650,000
 1,656,485
 
Snohomish & Island Counties School District No. 401 GO, 3.00%, 12/15/09 (School Bond Guarantee)
  
 1,945,000
 1,954,713
 
Washington Economic Development Finance Auth. Rev., Series 2007 E, (Mesa Dairy LLC.), VRDN, 0.74%, 9/3/09 (LOC: Citizens Business Bank and Wells Fargo Bank N.A.)(1)
  
 3,990,000
 3,990,000
       
 12,305,575
WISCONSIN — 2.8%
  
 
Verona Industrial Development Rev., (Latitude Corp.), VRDN, 0.62%, 9/3/09 (LOC: U.S. Bank N.A.)(1)
  
 4,175,000
 4,175,000
 
Wisconsin Health & Educational Facilities Auth. Rev., (Edgewood College), VRDN, 0.18%, 9/1/09 (LOC: U.S. Bank N.A.)(1)
  
 1,850,000
 1,850,000
 
Wisconsin Housing & Economic Development Auth. Rev., Series 2003 A, VRDN, 0.70%, 9/2/09 (FSA) (SBBPA: FHLB)(1)
  
 3,060,000
 3,060,000
       
 9,085,000
 
TOTAL INVESTMENT SECURITIES —  99.1%
  
 322,559,275
 
OTHER ASSETS AND LIABILITIES — 0.9%
  
 2,985,276
 
TOTAL NET ASSETS —  100.0%
  
$325,544,551
 
 
 
 

 
 
Tax-Free Money Market – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)
 
Notes to Schedule of Investments
 
ABAG
-
Association of  Bay Area Governments
 
Ambac
-
Ambac Assurance Corporation
 
COP
-
Certificates of Participation
 
DRIVERs
-
Derivative Inverse Tax-Exempt Receipts
 
FHLB
-
Federal Home Loan Bank
 
FGIC
-
Financial Guaranty Insurance Company
 
FSA
-
Financial Security Assurance, Inc.
 
FSA-CR
-
Financial Security Assurance, Inc. - Custodian Receipts
 
GO
-
General Obligation
 
LIQ FAC
-
Liquidity Facilities
 
LOC
-
Letter of Credit
 
NATL
-
National Public Finance Guarantee Corporation
 
PUTTERs
-
Puttable Tax-Exempt Receipts
 
Radian
-
Radian Asset Assurance, Inc.
 
SBBPA
-
Standby Bond Purchase Agreement
 
VRDN
-
Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
 
XLCA
-
XL Capital Ltd.
 
(1)
Security, or a portion thereof, has been segregated for when-issued securities. At the period end, the aggregate value of securities pledged was $14,123,000.
(2)
Security was purchased under Rule 144A or Section 4(2) of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $64,340,000, which represented 19.8% of total net assets. None of these securities were considered illiquid.
(3)
When-issued security.



 
 
 
Tax-Free Money Market – Schedule of Investments

AUGUST 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities are valued at amortized cost, which approximates current market value. Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Debt securities maturing in greater than 60 days at the time of purchase are valued at current market value as provided by a commercial pricing service or at the mean of the most recent bid and asked prices. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Trustees. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security's fair value, such security is valued as determined by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees, if such determination would materially impact a fund's net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
As of August 31, 2009, the valuation inputs used to determine the fair value of the fund's securities were classified as Level 2.
 
3. Federal Tax Information
 
As of August 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$322,559,275
    
 
The cost of investment 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.
 
 
 
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 MUNICIPAL TRUST   
       
       
By:
 /s/  Jonathan S. Thomas  
 
Name:
Jonathan S. Thomas
  
 
Title:
President
  
       
Date:
 October 28, 2009   
       


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:
 October 28, 2009   



By:
 /s/  Robert J. Leach   
 
Name:
Robert J. Leach
  
 
Title:
Vice President, Treasurer, and
  
   
Chief Financial Officer
  
   
(principal financial officer)
  
     
Date:
 October 28, 2009