UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
Certified Shareholder Report of
Registered Management Investment Companies
Investment Company Act File Number: 811-22349
Capital Private Client Services Funds
(Exact Name of Registrant as Specified in Charter)
6455 Irvine Center Drive
Irvine, California 92618
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (949) 975-5000
Date of fiscal year end: October 31
Date of reporting period: October 31, 2010
Courtney R. Taylor
Capital Research and Management Company
6455 Irvine Center Drive
Irvine, California 92618
(Name and Address of Agent for Service)
Copies to:
Michael Glazer
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, California 90071
(Counsel for the Registrant)
ITEM 1 – Reports to Stockholders
Annual report
October 31, 2010
Capital Core Municipal Fund
Capital Short-Term Municipal Fund
Capital California Core Municipal Fund
Capital California Short-Term Municipal Fund
Capital Core Bond Fund
Capital Private Client Services Funds | |
Investment Adviser’s Report | |
October 31, 2010 (unaudited) |
Dear Shareholder:
We are pleased to present this first annual report for the Capital Private Client Services Funds. Given that all five funds were launched last April, we don’t have a full year of results just yet. However, we will use this opportunity to discuss our overall outlook on the fixed-income markets and talk about how we are currently positioning the portfolios.
Demand for fixed-income securities remained strong during the period, driving prices modestly higher and yields lower across both the taxable and municipal markets. This has been a consistent trend over the past year, with investors looking for higher yields than cash provides and shunning what they consider to be riskier assets for the perceived safety of bonds.
Though results over such a short period really aren’t that meaningful, all five of the Capital Private Client Services Funds have shown gains since inception. You will find more detailed numbers elsewhere in this report. It is worth noting that most funds looked different from their underlying indexes during the period, as we have been patient in getting the portfolios invested, defensive in our positioning, shorter in duration and very selective in adding new issues.
We continue to structure portfolios opportunistically along the yield curve to manage risk, in an effort to achieve optimal results in the current environment. Although interest rates may remain low for some time, we are keeping portfolio durations at levels below our normal targets. In our view, the negative impact of a potential rise in rates would be more damaging than the incremental yield is worth. We don’t believe investors are being compensated enough to go out longer on the yield curve right now. At the same time, we are only interested in holding higher-quality issues and are willing to maintain elevated levels of cash if such securities are unavailable.
Holdings in the municipal portfolios generally must be backed by clearly identifiable revenue streams, such as airports, hospitals, water districts and other utilities. Many municipalities and state governments have been addressing fiscal imbalances through tough adjustments in spending and taxes. We believe these measures should burnish the prospects for municipal bonds. Still, we have largely been avoiding local general obligation bonds.
In terms of corporate securities, we favor issues from companies with strong underlying balance sheets and sustainable, positive cash flows. The portfolio is highly diversified among issuers and sectors, because we view this as essential to managing risk exposure.
Our research led us to make subtle shifts during the quarter. For instance, we moved some holdings in the Capital Core Bond Fund into 15-year mortgage-backed securities, which should perform better if interest rates do move higher. We have a modest weighting in corporate bonds and instead favored Treasury, agency and mortgage-backed securities.
Though yields seem awfully low right now, when measured against inflation they are actually in a relatively normal range. What’s more, it’s important to remember the purpose of bonds in a balanced portfolio: to seek to preserve capital, provide readily available liquidity, generate income and offset equity volatility. As a result, from our perspective, even at lower yields, fixed-income securities remain attractive.
Thank you for being a shareholder in the funds.
Sincerely yours,
/s/ John B. Emerson
John B. Emerson
President
/s/ John R. Queen
John R. Queen
Senior Vice President and Portfolio Manager
Capital Core Municipal Fund | |
October 31, 2010 |
Growth of $10,000 investment
Here’s how a $10,000 investment in the Capital Core Municipal Fund grew between April 13, 2010, when the fund began operations, and October 31, 2010, the end of the fund’s fiscal year.
[begin mountain chart]
Date | Capital Core Municipal Fund2 | Barclays Capital 1-10 Year Inter-Short Muni Index1 | ||||||
4/13/2010 | $ | 10,000 | $ | 10,000 | ||||
4/30/2010 | 10,042 | 10,063 | ||||||
5/31/2010 | 10,112 | 10,131 | ||||||
6/30/2010 | 10,127 | 10,159 | ||||||
7/31/2010 | 10,252 | 10,280 | ||||||
8/31/2010 | 10,438 | 10,421 | ||||||
9/30/2010 | 10,396 | 10,380 | ||||||
10/31/2010 | 10,363 | 10,379 |
[end mountain chart]
1 The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses.
2 Includes reinvested dividends.
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.
Investment portfolio – quality ratings*
[begin pie chart]
Investment portfolio - quality ratings* | ||||||
AAA/Aaa | 23.22 | % | ||||
AA/Aa | 50.66 | |||||
A/A2 | 20.91 | |||||
BAA/Baa | 4.01 | |||||
Unrated | 1.20 | |||||
*Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody's Standard & Poor's and/or Fitch as an indication of an issuer's credit-worthiness. If agency ratings differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in "unrated" at left), the investment advisor performs its own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm. |
Capital Core Municipal Fund | |
Schedule of Investments October 31, 2010 |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||||||||
Bonds & notes - 97.27% | |||||||||||||||
Alabama - 2.56% | |||||||||||||||
Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A: | |||||||||||||||
5.00%, 05/01/15 | $ | 1,000 | $ | 1,159 | .43 | % | |||||||||
5.00%, 05/01/17 | 1,000 | 1,181 | .44 | ||||||||||||
Courtland Industrial Dev. Board, Ind. Rev. Ref. Bonds, Series A, 5.00%, 11/01/13 | 2,000 | 2,130 | .79 | ||||||||||||
Mobile Ind. Dev. Board, Pollution Control, Industrial Imps. Rev. Bonds (Mandatory Put 03/19/15 @ 100), 5.00%, 06/01/341 | 2,000 | 2,240 | .84 | ||||||||||||
Univ. of Alabama, Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 09/01/18 | 150 | 164 | .06 | ||||||||||||
6,874 | 2.56 | ||||||||||||||
Alaska - 0.08% | |||||||||||||||
Alaska Ind. Dev. & Export Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, 04/01/13 | 100 | 110 | .04 | ||||||||||||
City of Anchorage, G.O. Public Imps. Prop. Tax Bonds, Series A, 4.00%, 08/01/12 | 100 | 106 | .04 | ||||||||||||
216 | .08 | ||||||||||||||
Arizona - 4.13% | |||||||||||||||
Arizona Health Facs. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 02/02/15 @ 100), 1.13%, 02/01/421 | 140 | 128 | .05 | ||||||||||||
Arizona School Facs. Board, School Imps. Certs. of Part., Lease Rev. Bonds, 5.00%, 09/01/14 | 200 | 224 | .08 | ||||||||||||
Arizona Water Infrastructure Fin. Auth., Water Util. Imps. Rev. Bonds, Series A, 4.00%, 10/01/11 | 100 | 103 | .04 | ||||||||||||
City of Phoenix, G.O. Public Imps. Prop. Tax Rev. Bonds, Series B (Pre-refunded with St. & Loc. Govt. Series to 07/01/12 @ 100), 5.375%, 07/01/13 | 300 | 325 | .12 | ||||||||||||
Glendale Industrial Dev. Auth., College & Univ. Rev. Ref. Bonds, 5.25%, 05/15/18 | 1,000 | 1,124 | .42 | ||||||||||||
Maricopa County Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 07/02/12@ 100), 5.00%, 07/01/251 | 100 | 105 | .04 | ||||||||||||
Phoenix Civic Imps. Corp., Port, Airport, & Marina Rev. Ref. Bonds, Series A: | |||||||||||||||
5.00%, 07/01/16 | 1,000 | 1,143 | .42 | ||||||||||||
5.00%, 07/01/20 | 2,800 | 3,181 | 1.18 | ||||||||||||
Phoenix Civic Imps. Corp., Port, Airport, & Marina Rev. Ref. Bonds, Series C, 4.50%, 07/01/22 | 300 | 319 | .12 | ||||||||||||
Phoenix Civic Imps. Corp., Solid Waste Mgmt. Disposal Rev. Ref. Bonds, 5.50%, 07/01/24 | 125 | 143 | .05 | ||||||||||||
Phoenix Civic Imps. Corp., Water Util. Imps. Rev. Bond, Series A, 5.00%, 07/01/23 | 300 | 340 | .13 | ||||||||||||
Salt River Project Agricultural Imps. & Power Dist., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 01/01/20 | 500 | 584 | .22 | ||||||||||||
Salt River Project Agricultural Imps. & Power Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 12/01/17 | 2,650 | 3,186 | 1.19 | ||||||||||||
Tangerine Farms Road Imps. Dist, Public Imps. Special Assessment Bonds, 4.60%, 01/01/26 | 200 | 199 | .07 | ||||||||||||
11,104 | 4.13 | ||||||||||||||
California - 7.65% | |||||||||||||||
ABAG Fin. Auth. For Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 05/15/16 | 1,500 | 1,515 | .56 | ||||||||||||
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, 10/01/17 | 100 | 111 | .04 | ||||||||||||
Bay Area Toll Auth., Highway Rev. Ref. Bonds, Series F, 5.00%, 04/01/22 | 125 | 136 | .05 | ||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 11/15/19 | 750 | 851 | .32 | ||||||||||||
California Muni. Fin. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 07/01/18 | 1,000 | 1,054 | .39 | ||||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G-11, 5.00%, 05/01/18 | 1,665 | 1,948 | .73 | ||||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 05/01/17 | 2,000 | 2,336 | .87 | ||||||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds (Escrowed to Maturity) (FGIC Insured), 5.00%, 12/01/12 | 5 | 5 | — | ||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 04/01/13 | 100 | 109 | .04 | ||||||||||||
California Statewide Comms. Dev. Auth., Misc. Rev. Bonds, 5.00%, 06/15/13 | 2,100 | 2,291 | .85 | ||||||||||||
City & County of San Francisco, Health Care Imps. Certs. of Part. Lease Bonds, Series A, 5.00%, 04/01/17 | 100 | 115 | .04 | ||||||||||||
City of Los Angeles, Solid Waste Disposal Rev. Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 06/01/27 | 1,000 | 1,063 | .40 | ||||||||||||
City of Los Angeles, Solid Waste Mgmt. Rev. Ref. Bonds, Rev. Bonds, Series A, 5.00%, 06/01/11 | 100 | 103 | .04 | ||||||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 05/15/22 | 200 | 227 | .09 | ||||||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Bonds, Series A-1 (AGM Insured), 5.00%, 07/01/12 | 100 | 107 | .04 | ||||||||||||
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series B, 5.00%, 07/01/20 | 100 | 117 | .04 | ||||||||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, 07/01/14 | 100 | 113 | .04 | ||||||||||||
Metropolitan Water Dist. of Southern California, Water Util. Imps. Rev. Bonds, Series A, 5.00%, 07/01/25 | 100 | 111 | .04 | ||||||||||||
Northern California Gas Auth., Natural Gas Util. Imps. Rev. Bonds, 0.824%, 07/01/191 | 100 | 78 | .03 | ||||||||||||
Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A, 4.00%, 06/01/14 | 2,015 | 2,166 | .81 | ||||||||||||
Roseville City School Dist., G.O. School Imps. Prop. Tax Bonds, Series B (NATL-RE FGIC Insured), 5.00%, 08/01/12 | 100 | 107 | .04 | ||||||||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (NATL-RE Insured), 5.00%, 08/15/17 | 2,000 | 2,188 | .82 | ||||||||||||
Sacramento Regional County Sanitation Dist., Solid Waste Mgmt. Disposal Rev. Ref. Bonds, Series A, 5.40%, 12/01/13 | 500 | 507 | .19 | ||||||||||||
San Francisco City & County Public Util. Commission, Water Rev. Ref. Bonds, Series C, 5.00%, 11/01/14 | 2,000 | 2,309 | .86 | ||||||||||||
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series B, 5.00%, 06/15/18 | 100 | 117 | .04 | ||||||||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, 08/01/18 | 200 | 206 | .08 | ||||||||||||
State of California, G.O. Public Imps. Misc. Tax Ref. Bonds (NATL-RE Insured), 5.00%, 06/01/15 | 100 | 113 | .04 | ||||||||||||
State of California, G.O. Sales Tax Rev. Bonds, Series A, 5.25%, 07/01/21 | 100 | 116 | .04 | ||||||||||||
State of California, G.O. School Imps. General Fund, Ref. Notes (Pre-refunded with St. & Loc. Govt. Series to 02/01/12 @ 100), 5.00%, 02/01/27 | 100 | 106 | .04 | ||||||||||||
Tuolumne Wind Project Auth., Energy Res. Auth. Rev. Bonds, Series A, 5.25%, 01/01/24 | 200 | 220 | .08 | ||||||||||||
20,545 | 7.65 | ||||||||||||||
Colorado - 1.27% | |||||||||||||||
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A: | |||||||||||||||
5.00%, 11/15/16 | 200 | 231 | .09 | ||||||||||||
5.25%, 11/15/28 | 200 | 218 | .08 | ||||||||||||
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 11/15/17 | 200 | 228 | .08 | ||||||||||||
Colorado Health Facs. Auth. Rev. Ref. Bonds, 5.00%, 11/15/13 | 150 | 163 | .06 | ||||||||||||
Colorado Health Facs. Auth., Health Care Facs. Imps. Rev. Bonds (Escrowed to Maturity), 5.00%, 03/01/11 | 100 | 102 | .04 | ||||||||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S. Treasury Obligations to 11/15/16 @ 100), 5.125%, 11/15/171 | 115 | 139 | .05 | ||||||||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 01/01/17 | 2,000 | 2,239 | .83 | ||||||||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series C-6 (Mandatory Put 11/10/10 @ 100), 3.95%, 09/01/361 | 100 | 100 | .04 | ||||||||||||
3,420 | 1.27 | ||||||||||||||
Connecticut - 0.97% | |||||||||||||||
Connecticut State Health & Edu. Fac. Auth., College & Univ. Imps. Rev. Bonds, Series A-3 (Mandatory Put 02/07/13 @ 100), 4.00%, 07/01/491 | 700 | 753 | .28 | ||||||||||||
State of Connecticut, G.O. Public Imps. Prop. Tax Rev. Bonds, Series C, 4.50%, 06/01/22 | 300 | 327 | .12 | ||||||||||||
State of Connecticut, G.O. School Imps. Prop. Tax Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 04/15/12 @ 100), 5.375%, 04/15/20 | 775 | 831 | .31 | ||||||||||||
State of Connecticut, Misc. Rev. Ref. Bonds, Series C: | |||||||||||||||
5.00%, 10/01/11 | 100 | 104 | .04 | ||||||||||||
5.00%, 10/01/22 | 500 | 582 | .22 | ||||||||||||
2,597 | .97 | ||||||||||||||
District of Columbia - 1.90% | |||||||||||||||
Dist. of Columbia, Income Tax Rev. Ref. Bonds, Series A, 5.00%, 12/01/23 | 1,250 | 1,433 | .53 | ||||||||||||
Dist. of Columbia, Income Tax Rev. Ref. Bonds, Series C, 5.00%, 12/01/13 | 100 | 113 | .04 | ||||||||||||
Metropolitan Washington Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C: | |||||||||||||||
5.00%, 10/01/12 | 200 | 216 | .08 | ||||||||||||
5.00%, 10/01/17 | 200 | 235 | .09 | ||||||||||||
Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A: | |||||||||||||||
3.50%, 10/01/18 | 2,500 | 2,647 | .99 | ||||||||||||
5.00%, 10/01/20 | 200 | 232 | .09 | ||||||||||||
Washington Convention Center Auth., Hotel Occupancy Tax, Rev. Bonds, Series A (AMBAC Insured), 5.00%, 10/01/15 | 200 | 226 | .08 | ||||||||||||
5,102 | 1.90 | ||||||||||||||
Florida - 15.31% | |||||||||||||||
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, 5.00%, 06/01/15 | 700 | 753 | .28 | ||||||||||||
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1, 5.00%, 06/01/16 | 635 | 682 | .25 | ||||||||||||
Citizens Prop. Insurance Corp., Misc. Cash Flow Mgmt. Rev. Bonds: | |||||||||||||||
5.00%, 06/01/13 | 850 | 899 | .34 | ||||||||||||
6.00%, 06/01/16 | 300 | 337 | .13 | ||||||||||||
Citizens Prop. Insurance Corp., Misc. Rev. Bonds, Series A-1, 5.25%, 06/01/17 | 2,000 | 2,163 | .81 | ||||||||||||
City of Clearwater, Water Rev. Ref. Bonds, Series B, 5.00%, 12/01/18 | 100 | 117 | .04 | ||||||||||||
City of Fort Lauderdale, Water Util. Imps. Rev. Bonds (NATL-RE Insured), 4.00%, 09/01/16 | 100 | 112 | .04 | ||||||||||||
City of Tampa, Health Care Facs. Rev. Ref. Bonds: | |||||||||||||||
5.00%, 11/15/16 | 1,200 | 1,353 | .50 | ||||||||||||
5.00%, 11/15/17 | 2,000 | 2,251 | .84 | ||||||||||||
County of Broward, Water & Solid Waste Mgmt. Rev. Ref. Bonds, Series A, 2.40%, 10/01/14 | 100 | 104 | .04 | ||||||||||||
County of Miami-Dade, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 10/01/18 | 1,100 | 1,241 | .46 | ||||||||||||
County of Miami-Dade, Water Rev. Ref. Bonds, Series C, 4.00%, 10/01/13 | 300 | 325 | .12 | ||||||||||||
County of Polk, Misc. Fuel Sales Tax Rev. Ref. Bonds (AGM Insured), 5.00%, 12/01/251 | 250 | 251 | .09 | ||||||||||||
County of St. Johns, Water Rev. Ref. Bonds (AGM Insured), 5.00%, 06/01/16 | 100 | 116 | .04 | ||||||||||||
Florida Housing Fin. Corp., GTD Rev. Bonds, Series B, 4.50%, 01/01/29 | 1,350 | 1,458 | .54 | ||||||||||||
Florida Housing Fin. Corp., State Funded Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 5.00%, 07/01/28 | 1,000 | 1,086 | .40 | ||||||||||||
Florida Hurricane Catastrophe Fund Fin. Corp., 5.00%, 07/01/16 | 2,000 | 2,203 | .82 | ||||||||||||
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Imps. Rev. Bonds, Series A: | |||||||||||||||
5.00%, 07/01/14 | 150 | 163 | .06 | ||||||||||||
5.00%, 07/01/15 | 1,400 | 1,540 | .57 | ||||||||||||
Florida State Board of Edu., G.O. Misc. Rev. Ref. Bonds, Series 2008 C, 5.00%, 06/01/22 | 2,000 | 2,267 | .84 | ||||||||||||
Florida State Board of Edu., G.O. School Imps. Rev. Bonds, Series D, 5.00%, 06/01/12 | 380 | 406 | .15 | ||||||||||||
Florida State Board of Edu., Misc. Rev. Ref. Bonds, Series E: | |||||||||||||||
5.00%, 07/01/15 | 525 | 606 | .23 | ||||||||||||
5.00%, 07/01/16 | 2,000 | 2,333 | .87 | ||||||||||||
Florida State Dept. of Environmental Protection, Public Imps. Misc. Taxes Bonds, Series B, 5.00%, 07/01/19 | 1,450 | 1,666 | .62 | ||||||||||||
Florida State Dept. of Environmental Protection, Sales Tax Rev. Ref. Bonds, Series A (AGM Insured), 5.50%, 07/01/12 | 1,000 | 1,079 | .40 | ||||||||||||
Florida State Dept. of Environmental Protection, Sales Tax Rev. Ref. Bonds, Series B (NATL-RE Insured), 5.00%, 07/01/11 | 100 | 103 | .04 | ||||||||||||
Florida State Dept. of Transportation, Highway Imps. Rev. Bonds, Series B, 5.00%, 07/01/14 | 1,000 | 1,140 | .43 | ||||||||||||
Florida Water Pollution Control Fncg. Corp., Pollution Control Misc. Rev. Bonds, Series A: | |||||||||||||||
3.00%, 01/15/13 | 100 | 105 | .04 | ||||||||||||
3.00%, 01/15/14 | 100 | 106 | .04 | ||||||||||||
5.00%, 01/15/20 | 300 | 349 | .13 | ||||||||||||
5.00%, 01/15/23 | 200 | 226 | .08 | ||||||||||||
Fort Pierce Util. Auth., Energy Res. Auth. Rev. Ref. Bonds (AMBAC Insured), 5.00%, 10/01/14 | 200 | 220 | .08 | ||||||||||||
Hillsborough County Ind. Dev. Auth., Res. Recovery Rev. Ref. Bonds (Mandatory Put 03/15/12 @ 100) (AMBAC Insured), 5.00%, 12/01/341 | 2,000 | 2,086 | .78 | ||||||||||||
JEA, Energy Res. Auth. Imps. Rev. Bonds, 5.50%, 10/01/29 | 200 | 218 | .08 | ||||||||||||
JEA, Energy Res. Auth. Rev. Ref. Bonds, Series D-1, 3.00%, 10/01/19 | 2,650 | 2,639 | .98 | ||||||||||||
JEA, Water Util. Imps. Rev. Bonds, Series A, 5.00%, 10/01/26 | 400 | 419 | .16 | ||||||||||||
Miami Dade County Expressway Auth., Highway Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.125%, 07/01/25 | 1,500 | 1,529 | .57 | ||||||||||||
Miami Dade County Expressway Auth., Highway Rev. Ref. Bonds, Series A (Assured GTY Insured): | |||||||||||||||
3.00%, 07/01/15 | 425 | 444 | .17 | ||||||||||||
3.00%, 07/01/16 | 2,050 | 2,126 | .79 | ||||||||||||
Miami-Dade County School Board, School Imps. Certs. of Part. Rev. Bonds, Series B (AMBAC Insured), 4.00%, 11/01/15 | 100 | 107 | .04 | ||||||||||||
Orange County Health Facs. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, 5.00%, 10/01/12 | 100 | 106 | .04 | ||||||||||||
Orlando Utils. Commission, Multiple Util. Rev. Ref. Bonds, Series C: | |||||||||||||||
5.00%, 10/01/12 | 100 | 108 | .04 | ||||||||||||
5.00%, 10/01/13 | 1,000 | 1,122 | .42 | ||||||||||||
5.00%, 10/01/13 | 500 | 561 | .21 | ||||||||||||
5.00%, 10/01/17 | 1,000 | 1,185 | .44 | ||||||||||||
Orlando Utils. Commission, Water Rev. Ref. Bonds, Series B, 5.00%, 10/01/23 | 200 | 225 | .08 | ||||||||||||
South Broward Hospital Dist., Health Care Facs. Rev. Ref. Bonds (NATL-RE Insured), 5.00%, 05/01/21 | 275 | 292 | .11 | ||||||||||||
St. Johns County School Board, Certs. of Part. Lease Bonds (NATL-RE Insured), 4.50%, 07/01/12 | 200 | 210 | .08 | ||||||||||||
41,137 | 15.31 | ||||||||||||||
Georgia - 4.00% | |||||||||||||||
Burke County Dev. Auth., Ind. Rev. Ref. Bonds (Mandatory Put 04/01/11 @ 100), 4.95%, 11/01/481 | 200 | 203 | .08 | ||||||||||||
Burke County Dev. Auth., Pollution Control Res. Recovery Rev. Bonds, 7.00%, 01/01/23 | 300 | 361 | .13 | ||||||||||||
DeKalb County Hospital Auth., Health Care Facs. Imps. Rev. Bonds, 5.25%, 09/01/20 | 2,000 | 2,082 | .77 | ||||||||||||
DeKalb Private Hospital Auth., Health Care Rev. Ref. Bonds, 5.00%, 11/15/24 | 200 | 215 | .08 | ||||||||||||
Georgia Higher Edu. Facs. Auth., College & Univ. Imps Rev. Bonds, 6.00%, 06/15/28 | 300 | 339 | .13 | ||||||||||||
Georgia State Road & Tollway Auth., Fuel Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 06/01/12 | 600 | 642 | .24 | ||||||||||||
Georgia State Road & Tollway Auth., Highway Imps. Misc. Taxes Rev. Bonds, Series A: | |||||||||||||||
5.00%, 06/01/12 | 100 | 107 | .04 | ||||||||||||
5.00%, 06/01/18 | 400 | 475 | .18 | ||||||||||||
Gwinnett County Dev. Auth., Lease, Ref. Bonds, Certs. of Part. Lease Bonds (NATL-RE Insured), 5.00%, 01/01/16 | 100 | 116 | .04 | ||||||||||||
Main Street Natural Gas Inc., Rev. Bonds, Series B, 5.00%, 03/15/12 | 125 | 130 | .05 | ||||||||||||
Milledgeville & Baldwin County Dev. Auth. College & Univ. Imps. Rev. Bonds (Escrowed to Maturity), 4.50%, 09/01/11 | 375 | 388 | .14 | ||||||||||||
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 11/01/19 | 1,000 | 1,159 | .43 | ||||||||||||
Muni. Electric Auth. of Georgia, Energy Res. Auth. Imps. Rev. Ref. Bonds, Series D, 4.00%, 01/01/12 | 300 | 311 | .12 | ||||||||||||
Public Gas Partners Inc., Natural Gas Rev. Ref. Bonds, Series A, 5.00%, 10/01/13 | 100 | 110 | .04 | ||||||||||||
State of Georgia, G.O. College & Univ. Imps. Bonds, Series D, 5.00%, 05/01/27 | 100 | 113 | .04 | ||||||||||||
State of Georgia, G.O. General Fund, Public Imps. Bonds, Series B, 5.00%, 07/01/24 | 250 | 285 | .11 | ||||||||||||
State of Georgia, G.O. Prop. Tax Ref. Bonds, Series I: | |||||||||||||||
5.00%, 07/01/18 | 500 | 606 | .22 | ||||||||||||
5.00%, 07/01/21 | 2,000 | 2,433 | .91 | ||||||||||||
State of Georgia, G.O. Prop. Tax, College & Univ. Imps. Bonds, Series D, 4.00%, 05/01/11 | 100 | 102 | .04 | ||||||||||||
Thomasville Hospital Auth. Rev. Bonds, 3.25%, 11/01/14 | 540 | 558 | .21 | ||||||||||||
10,735 | 4.00 | ||||||||||||||
Hawaii - 0.76% | |||||||||||||||
City & County of Honolulu, G.O., Prop. Tax, Ref. Bonds, Series A, 2.75%, 04/01/14 | 200 | 212 | .08 | ||||||||||||
State of Hawaii, G.O. Prop. Tax Ref. Bonds, Series DT, 5.00%, 11/01/19 | 600 | 719 | .27 | ||||||||||||
State of Hawaii, Port, Airport & Marina Rev. Ref. Bonds, Series A: | |||||||||||||||
5.00%, 07/01/22 | 300 | 333 | .12 | ||||||||||||
5.25%, 07/01/23 | 700 | 792 | .29 | ||||||||||||
2,056 | .76 | ||||||||||||||
Illinois - 4.94% | |||||||||||||||
Chicago Board of Edu., G.O., Prop. Tax, Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 12/01/16 | 100 | 112 | .04 | ||||||||||||
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 01/01/17 | 1,675 | 1,805 | .67 | ||||||||||||
City of Chicago, Port, Airport & Marina Imps., Series C (Assured GTY Insured), 5.25%, 01/01/22 | 1,000 | 1,122 | .42 | ||||||||||||
Cook Kane Lake & McHenry Counties Comm. College Dist. No. 512, G.O. College & Univ. Imps. Bonds, Series A, 5.00%, 12/01/24 | 500 | 563 | .21 | ||||||||||||
County of Cook, G.O., Prop. Tax, Ref. Bonds, Series A, 4.50%, 11/15/13 | 100 | 109 | .04 | ||||||||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, Series B-2 (Mandatory Put 02/12/15 @ 100), 1.875%, 07/01/361 | 300 | 304 | .11 | ||||||||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 10/01/22 | 200 | 212 | .08 | ||||||||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Ref. Bonds (Mandatory Put 04/01/11 @ 100) (XLCA Insured), 3.50%, 10/01/271 | 200 | 201 | .07 | ||||||||||||
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 07/01/14 @ 100), 4.375%, 11/15/221 | 200 | 212 | .08 | ||||||||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/15 | 100 | 114 | .04 | ||||||||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds (NATL-RE Insured), 5.00%, 08/15/11 | 100 | 103 | .04 | ||||||||||||
Illinois Fin. Auth., Health Care Facs., Rev. Ref. Bonds, Series B, 4.70%, 08/15/12 | 50 | 50 | .02 | ||||||||||||
Illinois Fin. Auth., Rec. Facs. Imps. Rev. Bonds (Mandatory Put 11/01/11 @ 100), 4.05%, 11/01/361 | 250 | 256 | .10 | ||||||||||||
Illinois Housing Dev. Auth., Housing Rev. Ref. Bonds, Series G: | |||||||||||||||
4.10%, 01/01/13 | 95 | 100 | .04 | ||||||||||||
4.10%, 07/01/13 | 330 | 350 | .13 | ||||||||||||
Illinois State Toll Highway Auth., Highway Imps., Rev. Bonds, Series A (AGM Insured), 5.00%, 01/01/15 | 1,000 | 1,144 | .43 | ||||||||||||
Illinois State Toll Highway Auth., Highway Rev. Tolls Ref. Bonds, Series A, 5.50%, 01/01/15 | 1,950 | 2,273 | .85 | ||||||||||||
Metropolitan Pier & Exposition Auth., Port Airport & Marina Imps. Hotel Occupancy Tax Rev. Bonds (NATL-RE FGIC Insured): | |||||||||||||||
5.375%, 06/01/12 | 100 | 107 | .04 | ||||||||||||
5.375%, 06/01/13 | 100 | 111 | .04 | ||||||||||||
State of Illinois, G.O. Misc. Rev. Ref. Bonds, Series B, 5.25%, 01/01/21 | 2,000 | 2,179 | .81 | ||||||||||||
State of Illinois, Sales Tax Rev. Ref. Bonds, 5.00%, 06/15/17 | 1,500 | 1,730 | .64 | ||||||||||||
University of Illinois, Certs. of Part., Rev. Ref. Bonds, Series A (AGM Insured), 5.25%, 10/01/24 | 100 | $ | 108 | .04 | |||||||||||
13,265 | 4.94 | ||||||||||||||
Indiana - 1.49% | |||||||||||||||
Indiana Bond Bank, Misc. Rev. Ref. Bonds, Series A: | |||||||||||||||
4.00%, 02/01/11 | 200 | 202 | .08 | ||||||||||||
5.50%, 08/01/11 | 100 | 104 | .04 | ||||||||||||
Indiana Fin. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 04/01/11), 5.00%, 10/01/271 | 125 | 127 | .05 | ||||||||||||
Indiana Fin. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, 5.25%, 11/01/28 | 100 | 106 | .04 | ||||||||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.50%, 05/01/24 | 100 | 107 | .04 | ||||||||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 02/15/20 | 1,400 | 1,455 | .54 | ||||||||||||
Indiana Fin. Auth., Health Care Facs., Series D, 5.50%, 11/15/11 | 100 | 101 | .04 | ||||||||||||
Indiana Fin. Auth., Lease Rev. Ref. Bonds, Series A-1, 5.00%, 11/01/12 | 300 | 325 | .12 | �� | |||||||||||
Indiana Univ., College & Univ. Imps. Rev. Bonds, Series A: | |||||||||||||||
5.00%, 06/01/11 | 100 | 103 | .04 | ||||||||||||
5.00%, 06/01/12 | 400 | 429 | .16 | ||||||||||||
5.25%, 06/01/20 | 100 | 119 | .04 | ||||||||||||
Indiana Univ., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 06/01/38 | 200 | 212 | .08 | ||||||||||||
Indianapolis Local Public Imps. Bond Bank, Water Util. Imps. Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/12 @ 100) (NATL-RE Insured), 5.50%, 07/01/14 | 300 | 325 | .12 | ||||||||||||
Purdue Univ., Certs. of Part., Rev. Ref. Bonds, 5.00%, 07/01/15 | 150 | 174 | .06 | ||||||||||||
Southwest Allen Multi School Building Corp., School Imps. Lease Rev. Ref. Bonds, Series A (NATL-RE Insured), 4.00%, 07/15/11 | 100 | 102 | .04 | ||||||||||||
3,991 | 1.49 | ||||||||||||||
Iowa - 0.30% | |||||||||||||||
City of Iowa City, Sewer Rev. Ref. Bonds, Series A (FSA Insured), 4.50%, 07/01/19 | 100 | 111 | .04 | ||||||||||||
City of Sioux City, G.O. Public Imps. Prop. Tax Rev. Bonds, Series A, 4.00%, 06/01/18 | 100 | 110 | .04 | ||||||||||||
Iowa Fin. Auth., Water Util. Imps. Misc. Rev. Bonds, 5.00%, 08/01/19 | 300 | 359 | .14 | ||||||||||||
State of Iowa, General Fund, Public Imps. Rev. Bonds, Series A, 5.00%, 06/01/27 | 200 | 219 | .08 | ||||||||||||
799 | .30 | ||||||||||||||
Kansas - 0.12% | |||||||||||||||
Kansas Dev. Fin. Auth., New Jobs Training Misc. Rev. Bonds, Series F (NATL-RE Insured), 5.00%, 06/01/12 | 200 | 214 | .08 | ||||||||||||
Kansas State Dept. of Transportation, Highway Fuel Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 09/01/15 | 100 | 118 | .04 | ||||||||||||
332 | .12 | ||||||||||||||
Kentucky - 1.19% | |||||||||||||||
Kentucky Higher Edu. Student Loan Corp., Rev. Bonds, Series 1-Class A-1 (GTD St. Lns. Insured), 1.1127%, 05/01/201 | 2,000 | 2,003 | .74 | ||||||||||||
Kentucky Housing Corp., State Safe Housing Rev. Bonds, Series B, 5.00%, 07/01/27 | 1,100 | 1,200 | .45 | ||||||||||||
3,203 | 1.19 | ||||||||||||||
Louisiana - 0.67% | |||||||||||||||
City of Baton Rouge, Sales Tax Rev. Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 08/01/11 | 200 | 207 | .08 | ||||||||||||
Louisiana Office Facs. Corp., Lease Rev. Ref. Bonds, 5.00%, 03/01/16 | 300 | 338 | .13 | ||||||||||||
Louisiana Public Facs. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, Series B, 5.25%, 05/15/27 | 250 | 251 | .09 | ||||||||||||
State of Louisiana, Highway Imps. Fuel Sales Tax Rev. Bonds, Series A-1 (Mandatory Put 06/01/13 @ 100), 1.03%, 05/01/431 | 1,000 | 1,001 | .37 | ||||||||||||
1,797 | .67 | ||||||||||||||
Maryland - 0.34% | |||||||||||||||
State of Maryland, G.O. College & Univ. Imps. Bonds, Series C, 5.00%, 03/01/15 | 100 | 117 | .04 | ||||||||||||
State of Maryland, G.O. Public Imps. Misc. Tax Rev. Bonds, 5.00%, 03/01/15 | 100 | 117 | .04 | ||||||||||||
State of Maryland, G.O. Public Imps. Prop. Tax Rev. Bonds, Series A, 5.00%, 11/01/19 | 300 | 365 | .14 | ||||||||||||
Univ. System of Maryland, College & Univ. Imps. Rev. Ref. Bonds, Series D, 3.00%, 04/01/13 | 100 | 106 | .04 | ||||||||||||
Washington Suburban Sanitation Dist., G.O. Water Util. Imps. Rev. Ref. Bonds, Series A, 4.00%, 06/01/13 | 200 | 217 | .08 | ||||||||||||
922 | .34 | ||||||||||||||
Massachusetts - 1.86% | |||||||||||||||
City of Boston, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, 04/01/16 | 160 | 189 | .07 | ||||||||||||
Commonwealth of Massachusetts, G.O. Misc. Taxes Ref. Bonds, Series A, 5.00%, 09/01/14 | 400 | 460 | .17 | ||||||||||||
Commonwealth of Massachusetts, G.O. Public Imps. Prop. Tax Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 03/01/15 @ 100), 5.00%, 03/01/22 | 100 | 117 | .04 | ||||||||||||
Massachusetts Bay Transportation Auth. Transit Imps. Sales Tax Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/15 @ 100), 5.00%, 07/01/25 | 100 | 118 | .05 | ||||||||||||
Massachusetts Dev. Fin. Agcy., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 01/01/15 | 1,000 | 1,111 | .41 | ||||||||||||
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Bonds, 5.25%, 08/15/23 | 100 | 115 | .04 | ||||||||||||
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series O, 6.00%, 07/01/36 | 1,000 | 1,175 | .44 | ||||||||||||
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A: | |||||||||||||||
5.00%, 11/15/14 | 200 | 232 | .09 | ||||||||||||
5.00%, 12/15/25 | 100 | 116 | .04 | ||||||||||||
Massachusetts Health & Edu. Facs. Auth., Rev. Bonds, Series K (Mandatory Put 07/01/13 @ 100), 5.00%, 07/01/391 | 100 | 107 | .04 | ||||||||||||
Massachusetts Housing Fin. Agcy., Housing Rev. Ref. Bonds, Series A, 2.00%, 06/01/13 | 900 | 912 | .34 | ||||||||||||
Massachusetts Water Pollution Abatement, Water Rev. Ref. Bonds, 5.00%, 08/01/14 | 100 | 115 | .04 | ||||||||||||
Massachusetts Water Pollution Abatement, Water Util. Imps. Rev. Bonds, Series 14, 5.00%, 08/01/20 | 100 | 119 | .05 | ||||||||||||
Massachusetts Water Res. Auth. Water Rev. Ref. Bonds, Series B, 5.00%, 08/01/22 | 100 | 114 | .04 | ||||||||||||
5,000 | 1.86 | ||||||||||||||
Michigan - 1.35% | |||||||||||||||
Kent Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (Mandatory Put 01/15/12 @ 100), 5.00%, 01/15/471 | 400 | 420 | .16 | ||||||||||||
Michigan State Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds: | |||||||||||||||
4.00%, 11/15/13 | 100 | 104 | .04 | ||||||||||||
5.25%, 11/15/24 | 200 | 208 | .08 | ||||||||||||
Michigan State Univ., College & Univ. Imps. Rev. Ref. Bonds, Series C, 5.00%, 08/15/17 | 1,500 | 1,782 | .66 | ||||||||||||
State of Michigan, G.O. Misc. Rev. Ref. Bonds, Series A, 5.00%, 05/01/13 | 300 | 330 | .12 | ||||||||||||
Univ. of Michigan, College & Univ. Imps. Rev. Ref. Bonds, Series A: | |||||||||||||||
4.00%, 04/01/12 | 100 | 105 | .04 | ||||||||||||
5.00%, 04/01/16 | 300 | 353 | .13 | ||||||||||||
Univ. of Michigan, College & Univ. Imps. Rev. Ref. Bonds, Series C, 4.00%, 04/01/15 | 200 | 224 | .08 | ||||||||||||
Wayne State University, College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, 11/15/16 | 100 | 115 | .04 | ||||||||||||
3,641 | 1.35 | ||||||||||||||
Minnesota - 0.61% | |||||||||||||||
Minnesota Housing Finance Agcy., Housing Rev. Bonds (GNMA/FNMA/FHLMC COLL Insured), 4.25%, 07/01/28 | 1,000 | 1,073 | .40 | ||||||||||||
State of Minnesota, G.O. Public Imps. Prop. Tax Bonds, Series H: | |||||||||||||||
5.00%, 11/01/13 | 400 | 451 | .17 | ||||||||||||
5.00%, 11/01/16 | 100 | 120 | .04 | ||||||||||||
1,644 | .61 | ||||||||||||||
Mississippi - 0.94% | |||||||||||||||
Jackson State Univ. Educ. Building Corp., College & Univ. Imps. Lease Rev. Ref. Bonds (Mandatory Put 03/01/15 @ 100) (AGM Insured), 5.00%, 03/01/341 | 2,250 | 2,532 | .94 | ||||||||||||
2,532 | .94 | ||||||||||||||
Missouri - 0.32% | |||||||||||||||
I-470 & 350 Transportation Dev. Dist., Sales Tax Rev. Ref. Bonds (RADIAN Insured), 4.60%, 06/01/29 | 80 | 77 | .03 | ||||||||||||
Lees Summit Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/14 | 200 | 209 | .08 | ||||||||||||
Missouri Highway & Transportation Commission, Highway Imps. Rev. Bonds, Series A, 5.00%, 05/01/24 | 300 | 343 | .13 | ||||||||||||
Missouri State Environment & Energy Res. Auth, Water Rev. Ref. Bonds, Series A, 5.00%, 01/01/19 | 100 | 121 | .04 | ||||||||||||
Missouri State Health & Edu. Fac. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 06/01/11 | 100 | 103 | .04 | ||||||||||||
853 | .32 | ||||||||||||||
Nevada - 3.47% | |||||||||||||||
Clark County School Dist., G.O. Public Imps. Rev. Bonds (AGM Insured), 5.50%, 06/15/15 | 100 | 118 | .04 | ||||||||||||
County of Clark, Port Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 07/01/16 | 325 | 373 | .14 | ||||||||||||
County of Clark, Port Airport & Marina Imps. Rev. Ref. Bonds, 5.00%, 07/01/17 | 1,400 | 1,600 | .60 | ||||||||||||
County of Clark, Port Airport & Marina Rev. Ref. Notes, Series E-2, 5.00%, 07/01/12 | 3,350 | 3,545 | 1.32 | ||||||||||||
County of Clark, Sales Tax Rev. Ref. Bonds, Series B, 4.00%, 07/01/18 | 2,000 | 2,195 | .82 | ||||||||||||
Nevada System of Higher Edu., College & Univ. Imps. Rev. Ref. Bonds, Series B (AMBAC Insured), 5.00%, 07/01/14 | 1,325 | 1,489 | .55 | ||||||||||||
9,320 | 3.47 | ||||||||||||||
New Jersey - 3.34% | |||||||||||||||
New Jersey Econ. Dev. Auth., Lease Rev. Ref. Bonds: | |||||||||||||||
4.00%, 12/15/15 | 1,000 | 1,099 | .41 | ||||||||||||
5.00%, 12/15/17 | 2,000 | 2,310 | .86 | ||||||||||||
New Jersey Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series K: | |||||||||||||||
5.00%, 07/01/13 | 100 | 112 | .04 | ||||||||||||
5.00%, 07/01/14 | 100 | 115 | .04 | ||||||||||||
New Jersey Educ. Facs. Auth., Lease Rev. Ref. Bonds, Series A, 4.00%, 09/01/14 | 100 | 109 | .04 | ||||||||||||
New Jersey Higher Edu. Assistance Auth., Student Loan Rev. Ref. Bonds, Series 1A: | |||||||||||||||
5.00%, 12/01/15 | 1,000 | 1,111 | .41 | ||||||||||||
5.00%, 12/01/17 | 1,420 | 1,572 | .59 | ||||||||||||
New Jersey State Turnpike Auth, Highway Imps. Rev. Bonds, Series E, 5.00%, 01/01/28 | 100 | 104 | .04 | ||||||||||||
New Jersey Transportation Trust Fund Auth., Transit Imps. Rev. Ref. Bonds, Series A, 5.375%, 12/15/25 | 100 | 109 | .04 | ||||||||||||
New Jersey Transportation Trust Fund Auth., Transit. Imps. Rev. Ref. Bonds, Series A (AMBAC Insured), 5.50%, 12/15/15 | 2,000 | 2,336 | .87 | ||||||||||||
8,977 | 3.34 | ||||||||||||||
New Mexico - 0.58% | |||||||||||||||
Albuquerque Muni. School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (St. Aid Withhldg. Insured), 4.00%, 08/01/11 | 100 | 103 | .04 | ||||||||||||
New Mexico Educ. Assistance Foundation, Rev. Bonds, Series A-2 (GTD St. Lns. Insured), 0.928%, 12/01/281 | 1,450 | 1,448 | .54 | ||||||||||||
1,551 | .58 | ||||||||||||||
New York - 5.25% | |||||||||||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Series B, 5.00%, 08/01/17 | 2,000 | 2,339 | .87 | ||||||||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Series G, 5.00%, 08/01/22 | 2,000 | 2,200 | .82 | ||||||||||||
City of New York, G.O. Public Imps. Prop. Tax Rev. Bonds, Series H-1, 4.00%, 03/01/17 | 100 | 110 | .04 | ||||||||||||
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series 2010 A, 5.00%, 05/01/14 | 1,250 | 1,408 | .52 | ||||||||||||
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series F (NATL-RE Insured), 5.00%, 05/01/16 | 1,830 | 2,109 | .79 | ||||||||||||
New York City Health & Hospital Corp., Health Care Rev. Ref. Bonds, Series A, 5.00%, 02/15/17 | 2,000 | 2,286 | .85 | ||||||||||||
New York City Transitional Fin. Auth. School Imps. Misc. Rev. Ref. Bonds, Series S-5 (St. Aid Withhldg. Insured), 5.00%, 01/15/19 | 100 | 115 | .04 | ||||||||||||
New York City Transitional Fin. Auth., Income Tax Rev. Ref. Bonds, Series B: | |||||||||||||||
5.00%, 11/01/18 | 100 | 119 | .05 | ||||||||||||
5.25%, 02/01/29 | 125 | 126 | .05 | ||||||||||||
New York State Dormitory Auth., Health Care Facs. Imps. Rev. Bonds, 5.00%, 02/15/13 | 2,460 | 2,679 | 1.00 | ||||||||||||
New York State Dormitory Auth., Health Care Facs. Rev. Bonds, Series A, 5.00%, 02/15/16 | 300 | 350 | .13 | ||||||||||||
New York State Dormitory Auth., Misc. Rev. Ref. Bonds, Rev Bonds (NATL-RE FGIC Insured), 5.00%, 07/01/14 | 100 | 113 | .04 | ||||||||||||
New York State Urban Dev. Corp., Correctional Facs. Imps. Misc. Rev. Ref. Bonds, Series A (Mandatory Put 01/01/11 @ 100 / Pre-refunded with St. & Loc. Govt. Series to 01/01/11 @ 100), 5.50%, 01/01/171 | 140 | 141 | .05 | ||||||||||||
14,095 | 5.25 | ||||||||||||||
North Carolina - 1.76% | |||||||||||||||
Board of Governors of the Univ. of North Carolina, College & Univ. Imps. Rev. Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 10/01/15 | 110 | 127 | .05 | ||||||||||||
City of Charlotte, Water & Solid Waste Mgmt. Rev. Ref. Bonds, Series B, 5.00%, 07/01/23 | 200 | 233 | .09 | ||||||||||||
County of Wake, G.O. Prop. Tax Ref. Bonds, Series D, 4.00%, 02/01/13 | 400 | 431 | .16 | ||||||||||||
North Carolina Eastern Muni. Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.50%, 01/01/11 | 125 | 126 | .05 | ||||||||||||
North Carolina Muni. Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.25%, 01/01/20 | 175 | 200 | .07 | ||||||||||||
Raleigh Durham Airport Authority, Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 05/01/19 | 2,500 | 2,935 | 1.09 | ||||||||||||
State of North Carolina, Highway Imps. Rev. Bond, 5.00%, 03/01/13 | 100 | 110 | .04 | ||||||||||||
State of North Carolina, Highway Imps. Rev. Bonds, 5.00%, 03/01/17 | 300 | 356 | .13 | ||||||||||||
State of North Carolina, Public Imps. Misc. Rev. Bonds, Series A, 5.00%, 05/01/12 | 200 | 213 | .08 | ||||||||||||
4,731 | 1.76 | ||||||||||||||
Ohio - 3.17% | |||||||||||||||
Buckeye Tobacco Settlement Fncg. Auth., Misc. Purposes Rev. Bonds, Series A-2, 5.125%, 06/01/24 | 395 | 345 | .13 | ||||||||||||
County of Allen, Lease Rev. Ref. Bonds, Series B: | |||||||||||||||
5.00%, 09/01/18 | 1,000 | 1,128 | .42 | ||||||||||||
5.00%, 09/01/19 | 2,000 | 2,252 | .84 | ||||||||||||
5.00%, 09/01/20 | 1,030 | 1,148 | .42 | ||||||||||||
Ohio Air Quality Dev. Auth., Res. Recovery Imps. Rev. Bonds, Series A, 5.70%, 08/01/20 | 1,000 | 1,129 | .42 | ||||||||||||
Ohio Higher Educ. Fac. Commission, Health Care Facs. Rev. Ref. Bonds, Series A, 2.25%, 01/15/12 | 100 | 101 | .04 | ||||||||||||
Ohio State Building Auth., Rev. Ref. Bonds, Series A, 5.00%, 10/01/17 | 1,500 | 1,771 | .66 | ||||||||||||
Ohio State Turnpike Commission, Misc. Highway Rev. Ref. Bonds, Series A: | |||||||||||||||
3.00%, 02/15/11 | 100 | 101 | .04 | ||||||||||||
5.00%, 02/15/13 | 500 | 548 | .20 | ||||||||||||
8,523 | 3.17 | ||||||||||||||
Oklahoma - 0.08% | |||||||||||||||
Oklahoma Dev. Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/24 | 200 | 215 | .08 | ||||||||||||
215 | .08 | ||||||||||||||
Oregon - 0.42% | |||||||||||||||
Oregon State Dept. of Administrative Services., Health Care Facs. Imps. Certs. of Part. Bonds, Series A, 5.00%, 05/01/14 | 1,000 | 1,129 | .42 | ||||||||||||
1,129 | .42 | ||||||||||||||
Pennsylvania - 3.71% | |||||||||||||||
City of Philadelphia, Water Rev. Ref. Bonds, Series A, 5.00%, 06/15/15 | 3,000 | 3,406 | 1.27 | ||||||||||||
Pennsylvania Higher Educ. Facs. Auth., College & Univ. Imps Rev. Bonds, Series AJ, 3.00%, 06/15/11 | 200 | 203 | .08 | ||||||||||||
Pennsylvania Higher Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AMBAC Insured), 5.00%, 08/15/15 | 200 | 229 | .08 | ||||||||||||
Pennsylvania Housing Fin. Agcy., Residential Dev. Rev. Ref. Bonds, 4.40%, 07/01/12 | 100 | 104 | .04 | ||||||||||||
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds: | |||||||||||||||
5.00%, 06/15/12 | 750 | 804 | .30 | ||||||||||||
5.00%, 06/15/17 | 1,500 | 1,773 | .66 | ||||||||||||
5.00%, 06/15/20 | 200 | 232 | .09 | ||||||||||||
Pennsylvania State Univ., College & Univ. Imps. Rev. Bonds, Series A: | |||||||||||||||
4.00%, 03/01/12 | 100 | 105 | .04 | ||||||||||||
5.00%, 03/01/14 | 200 | 227 | .08 | ||||||||||||
Philadelphia School Dist., G.O. School Imps. Prop. Tax Rev. Bonds, Series A (St. Aid Withhldg. Insured), 5.00%, 06/01/15 | 1,745 | 1,949 | .72 | ||||||||||||
Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds (Mandatory Put 09/15/13 @ 100), 5.50%, 09/15/311 | 300 | 334 | .12 | ||||||||||||
Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.50%, 09/15/20 | 300 | 363 | .14 | ||||||||||||
Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.25%, 09/15/24 | 200 | 232 | .09 | ||||||||||||
9,961 | 3.71 | ||||||||||||||
Puerto Rico - 0.21% | |||||||||||||||
Puerto Rico Electric Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series JJ (NATL-RE Insured), 5.25%, 07/01/13 | 100 | 109 | .04 | ||||||||||||
Puerto Rico Public Buildings Auth., Public Imps. Lease Rev. Ref. Bonds, Series D (Pre-refunded with FNMA, FHL Banks & FHLMC to 07/01/12 @ 100), 5.25%, 07/01/36 | 125 | 135 | .05 | ||||||||||||
Puerto Rico Sales Tax Fncg. Auth. Corp., Public Imps. Sales Tax Rev. Bonds, Series A, 5.25%, 08/01/27 | 300 | 319 | .12 | ||||||||||||
563 | .21 | ||||||||||||||
Rhode Island - 0.95% | |||||||||||||||
Rhode Island Clean Water Fin. Agcy., Misc. Rev. Ref. Bonds, Series A, 4.00%, 10/01/12 | 500 | 534 | .20 | ||||||||||||
State of Rhode Island, G.O. Cash Flow Mgmt. Prop. Tax Rev. Notes, 2.00%, 06/30/11 | 2,000 | 2,021 | .75 | ||||||||||||
2,555 | .95 | ||||||||||||||
South Carolina - 1.27% | |||||||||||||||
Greenville County Public Facs. Corp., Certs. of Part. Ref. Bonds (AMBAC Insured), 4.90%, 04/01/16 | 100 | 103 | .04 | ||||||||||||
Greenville County School Dist., School Imps. Lease Rev. Bonds (Pre-refunded with St. & Loc. Govt. Series to 12/01/12 @ 1010), 5.50%, 12/01/28 | 300 | 334 | .12 | ||||||||||||
South Carolina Jobs-Econ. Dev. Auth., Health Care Facs. Imps. Rev. Ref. Bonds: | |||||||||||||||
3.50%, 08/01/13 | 125 | 128 | .05 | ||||||||||||
5.00%, 08/01/18 | 1,025 | 1,092 | .41 | ||||||||||||
South Carolina State Public Service Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series A, 5.00%, 01/01/12 | 125 | 132 | .05 | ||||||||||||
South Carolina State Public Service Auth., Energy Res. Rev. Ref. Bonds, Series B, 5.00%, 01/01/16 | 1,300 | 1,517 | .56 | ||||||||||||
South Carolina Transportation Infrastructure Bank, Transit Rev. Ref. Bonds, Series A, 5.00%, 10/01/14 | 100 | 113 | .04 | ||||||||||||
3,419 | 1.27 | ||||||||||||||
South Dakota - 0.05% | |||||||||||||||
South Dakota Housing Dev. Auth., Multiple Purpose Rev. Ref. Bonds, Series A (AGM Insured), 4.30%, 11/01/10 | 145 | 145 | .05 | ||||||||||||
145 | .05 | ||||||||||||||
Tennessee - 0.74% | |||||||||||||||
City of Memphis, Elec., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 12/01/18 | 100 | 119 | .04 | ||||||||||||
City of Memphis, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 12/01/14 | 125 | 144 | .05 | ||||||||||||
State of Tennessee, G.O. Fuel Sales Tax Rev. Ref. Notes, Series A, 3.00%, 05/01/11 | 200 | 203 | .08 | ||||||||||||
State of Tennessee, G.O. Fuel Sales Tax Rev. Ref. Notes, Series B, 3.00%, 11/01/19 | 200 | 210 | .08 | ||||||||||||
State of Tennessee, G.O. Property Tax, Rev. Ref. Notes, Series C, 5.00%, 05/01/21 | 100 | 115 | .04 | ||||||||||||
Tennessee Housing Dev. Agcy., State Funded Housing Rev. Bonds, Series A-1, 5.00%, 01/01/27 | 1,000 | 1,088 | .41 | ||||||||||||
Tennessee State School Bond Auth., College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.00%, 05/01/11 | 100 | 102 | .04 | ||||||||||||
1,981 | .74 | ||||||||||||||
Texas - 9.88% | |||||||||||||||
Aldine Independent School Dist., G.O. School Imps. Prop. Tax Bonds (PSF-GTD Insured), 4.50%, 02/15/16 | 445 | 512 | .19 | ||||||||||||
Austin Comm. College Dist., College & Univ. Imps. Rev. Bonds, 5.25%, 08/01/18 | 250 | 296 | .11 | ||||||||||||
Bexar Metropolitan Water Dist., Water Rev. Ref. Bonds., 5.00%, 05/01/17 | 200 | 224 | .08 | ||||||||||||
City of Dallas, Water & Waste Mgmt. Rev. Ref. Bonds, 4.00%, 10/01/12 | 400 | 427 | .16 | ||||||||||||
City of Houston, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.125%, 07/01/27 | 200 | 216 | .08 | ||||||||||||
City of Houston, Port, Airport & Marina Rev. Ref. Bonds, Series B (NATL-RE FGIC Insured), 5.00%, 07/01/25 | 150 | 159 | .06 | ||||||||||||
City of Houston, Water Rev. Ref. Bonds, Series C, 5.00%, 11/15/18 | 1,500 | 1,787 | .67 | ||||||||||||
City of Plano, G.O. Public Imps. Rev. Bonds, 4.00%, 09/01/17 | 100 | 111 | .04 | ||||||||||||
City of San Antonio, Energy Res. Auth. Imps. Rev. Ref. Bonds: | |||||||||||||||
5.00%, 02/01/18 | 100 | 117 | .04 | ||||||||||||
5.375%, 02/01/15 | 100 | 117 | .05 | ||||||||||||
City of San Antonio, Energy Res. Auth. Rev. Ref. Bonds: | |||||||||||||||
5.00%, 02/01/17 | 2,000 | 2,369 | .88 | ||||||||||||
5.25%, 02/01/11 | 100 | 101 | .04 | ||||||||||||
City of San Antonio, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 02/01/19 | 300 | 357 | .13 | ||||||||||||
City of San Antonio, Natural Gas Util. Imps. Energy Res. Auth. Rev. Bonds, Series A, 5.00%, 02/01/21 | 220 | 246 | .09 | ||||||||||||
City of San Antonio, Water Util. Imps. Rev. Bonds, 3.00%, 05/15/13 | 100 | 106 | .04 | ||||||||||||
County of Dallas, G.O. Public Imps. Prop. Tax Rev. Bonds, 5.00%, 08/15/16 | 100 | 119 | .05 | ||||||||||||
County of Harris, Highway Rev. Ref. Bonds, Series B-1 (NATL-RE FGIC Insured), 5.00%, 08/15/16 | 100 | 113 | .04 | ||||||||||||
Dallas Independent School Dist., G.O. School Imps. Prop. Tax Bonds (PSF-GTD Insured), 6.00%, 02/15/27 | 500 | 590 | .22 | ||||||||||||
Dallas Tex Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series A: | |||||||||||||||
3.00%, 12/01/17 | 1,695 | 1,805 | .67 | ||||||||||||
4.00%, 12/01/16 | 955 | 1,081 | .40 | ||||||||||||
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 11/01/23 | 100 | 109 | .04 | ||||||||||||
Harris County Cultural Educ. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds: | |||||||||||||||
5.00%, 11/15/17 | 445 | 517 | .19 | ||||||||||||
5.00%, 11/15/18 | 275 | 320 | .12 | ||||||||||||
Harris County Flood Control Dist., G.O. Prop. Tax Ref. Bonds, Series C, 3.25%, 10/01/12 | 100 | 105 | .04 | ||||||||||||
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.975%, 07/01/311 | 325 | 325 | .12 | ||||||||||||
Houston Comm. College System, College & Univ. Imps. Rev. Ref. Bonds (AGM Insured), 5.25%, 04/15/15 | 100 | 117 | .04 | ||||||||||||
Hurst-Euless-Bedford Independent School Dist., G.O. Prop. Tax Ref. Bonds (PSF-GTD Insured), 5.00%, 08/15/20 | 300 | 360 | .14 | ||||||||||||
Lower Colorado River Auth., Energy Res. Auth. Rev. Ref. Bonds: | |||||||||||||||
5.00%, 05/15/14 | 100 | 113 | .04 | ||||||||||||
5.00%, 05/15/18 | 1,000 | 1,166 | .44 | ||||||||||||
Mesquite Independent School Dist., G.O. Ref. Bonds (PSF-GTD Insured), 5.00%, 08/15/14 | 50 | 57 | .02 | ||||||||||||
North Texas Tollway Auth., Highway Imps. Misc. Rev. Ref. Bonds, Series A, 6.00%, 01/01/19 | 100 | 117 | .04 | ||||||||||||
North Texas Tollway Auth., Highway Imps. Rev. Bonds, Series A (Escrowed to Maturity) (AGM Insured), 5.00%, 01/01/151 | 100 | 116 | .04 | ||||||||||||
North Texas Tollway Auth., Highway Rev. Ref. Bonds, Series C, 6.00%, 01/01/23 | 100 | 114 | .04 | ||||||||||||
North Texas Tollway Auth., Misc. Rev. Ref. Bonds, Series A, 6.00%, 01/01/21 | 100 | 114 | .04 | ||||||||||||
Plano Independent School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 02/15/13 | 100 | 110 | .04 | ||||||||||||
State of Texas, Cash Flow Mgmt. Misc. Rev. Note, 2.00%, 08/31/11 | 4,000 | 4,056 | 1.51 | ||||||||||||
State of Texas, G.O. Highway Imps. Prop. Tax Rev. Bonds, Series A, 5.00%, 04/01/13 | 100 | 110 | .04 | ||||||||||||
State of Texas, G.O. Water Util. Imps. Misc. Rev. Bonds, Series A, 3.00%, 08/01/14 | 100 | 107 | .04 | ||||||||||||
State of Texas, G.O., Prop. Tax Ref. Bonds, Series A, 5.00%, 10/01/15 | 2,250 | 2,647 | .99 | ||||||||||||
Tarrant County Cultural Educ. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds: | |||||||||||||||
5.00%, 11/15/11 | 175 | 180 | .07 | ||||||||||||
5.00%, 02/15/14 | 100 | 110 | .04 | ||||||||||||
5.00%, 02/15/23 | 180 | 187 | .07 | ||||||||||||
5.00%, 08/15/23 | 100 | 104 | .04 | ||||||||||||
Texas A&M Univ., College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.00%, 05/15/17 | 1,350 | 1,606 | .60 | ||||||||||||
Texas State Univ. Systems, College & Univ. Imps. Rev. Ref. Bonds: | |||||||||||||||
5.00%, 03/15/16 | 650 | 763 | .29 | ||||||||||||
5.00%, 03/15/22 | 100 | 112 | .04 | ||||||||||||
Texas Water Dev. Board, Water Rev. Ref. Bonds, 5.00%, 07/15/15 | 300 | 352 | .13 | ||||||||||||
Texas Water Dev. Board, Water Ultil. Imps. Rev. Bonds, Series A-1, 5.00%, 07/15/21 | 100 | 117 | .04 | ||||||||||||
Texas Water Dev. Board, Water Util. Imps. Rev. Bonds, Series B: | |||||||||||||||
5.25%, 07/15/22 | 600 | 686 | .26 | ||||||||||||
5.25%, 07/15/25 | 175 | 197 | .07 | ||||||||||||
Univ. of Texas, College & Univ. Imps. Rev. Ref. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 08/15/13 @ 100), 5.375%, 08/15/14 | 100 | 113 | .04 | ||||||||||||
Univ. of Texas, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 08/15/12 | 100 | 108 | .04 | ||||||||||||
Univ. of Texas, College & Univ. Rev. Ref. Bonds, Series C, 5.00%, 07/01/15 | 135 | 158 | .06 | ||||||||||||
Univ. of Texas, College & Univ. Rev. Ref. Bonds, Series D, 5.00%, 08/15/14 | 100 | 115 | .04 | ||||||||||||
Weslaco Independent School Dist., G.O. Prop. Tax, Ref. Bonds (PSF-GTD Insured), 5.00%, 02/15/20 | 100 | 112 | .04 | ||||||||||||
26,553 | 9.88 | ||||||||||||||
Utah - 1.01% | |||||||||||||||
Intermountain Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A: | |||||||||||||||
5.00%, 07/01/14 | 100 | 113 | .04 | ||||||||||||
5.00%, 07/01/16 | 200 | 225 | .08 | ||||||||||||
State of Utah, G.O. Highway Imps. Prop. Tax Bonds, Series A, 5.00%, 07/01/16 | 1,300 | 1,553 | .58 | ||||||||||||
State of Utah, G.O. Highway Imps. Prop. Tax Rev. Bonds, Series A, 5.00%, 07/01/15 | 400 | 471 | .18 | ||||||||||||
Utah Transit Auth., Sales Tax Rev. Bonds, Series A, 5.00%, 06/15/20 | 300 | 348 | .13 | ||||||||||||
2,710 | 1.01 | ||||||||||||||
Virginia - 2.49% | |||||||||||||||
City of Richmond, Multiple Util. Imps. Rev. Ref. Bonds, 4.30%, 01/15/24 | 300 | 319 | .12 | ||||||||||||
County of Fairfax, G.O. Prop. Tax Ref. Bonds, Series C (St. Aid Withhldg. Insured), 5.00%, 10/01/17 | 200 | 242 | .09 | ||||||||||||
County of Loudoun, G.O. Prop. Tax Ref. Bonds, Series. A, 5.00%, 12/01/21 | 700 | 843 | .31 | ||||||||||||
Fairfax County Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, 10/01/15 | 275 | 287 | .11 | ||||||||||||
Fairfax County Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 3.00%, 05/15/11 | 200 | 203 | .08 | ||||||||||||
Virginia College Building Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 09/01/12 | 200 | 216 | .08 | ||||||||||||
Virginia College Building Auth., College & Univ. Imps. Rev. Bonds, Series A: | |||||||||||||||
5.00%, 09/01/14 | 100 | 115 | .04 | ||||||||||||
5.00%, 09/01/23 | 200 | 227 | .08 | ||||||||||||
Virginia Public Building Auth., Correctional Fac. Imps. Misc. Rev. Bonds, Series C, 5.00%, 08/01/12 | 100 | 108 | .04 | ||||||||||||
Virginia Public Building Auth., Public Imps. Misc. Rev. Bonds, Series B, 5.25%, 08/01/23 | 300 | 347 | .13 | ||||||||||||
Virginia Public School Auth., School Imps. Misc. Rev. Bonds, Series A, 3.00%, 08/01/11 | 1,000 | 1,020 | .38 | ||||||||||||
Virginia Ress. Auth., Misc. Purpose Water Rev. Bonds, Series B, 5.00%, 10/01/23 | 2,055 | 2,416 | .90 | ||||||||||||
Virginia Ress. Auth., Misc. Rev. Ref. Bonds, Series A, 4.00%, 10/01/13 | 100 | 110 | .04 | ||||||||||||
Virginia Ress. Auth., Res. Recovery Imps. Misc. Rev. Bonds, 5.00%, 11/01/14 | 200 | 232 | .09 | ||||||||||||
6,685 | 2.49 | ||||||||||||||
Washington - 4.89% | |||||||||||||||
City of Seattle, Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B: | |||||||||||||||
4.00%, 02/01/13 | 1,000 | 1,075 | .40 | ||||||||||||
5.00%, 02/01/15 | 2,000 | 2,310 | .86 | ||||||||||||
Clark County Public Util. Dist. No. 1, Energy Res. Auth. Imps. Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.00%, 01/01/11 | 200 | 201 | .08 | ||||||||||||
County of King, G.O. Solid Waste Mgmt. Imps. Prop. Tax Rev. Bonds, 5.00%, 01/01/15 | 300 | 347 | .13 | ||||||||||||
Energy Northwest Wash Elec. Rev, Series C, 5.00%, 07/01/22 | 100 | 110 | .04 | ||||||||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series A: | |||||||||||||||
5.00%, 07/01/14 | 450 | 515 | .19 | ||||||||||||
5.00%, 07/01/14 | 300 | 343 | .13 | ||||||||||||
5.00%, 07/01/14 | 100 | 114 | .04 | ||||||||||||
5.00%, 07/01/18 | 300 | 359 | .13 | ||||||||||||
5.25%, 07/01/18 | 175 | 212 | .08 | ||||||||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 07/01/17 | 1,350 | 1,609 | .60 | ||||||||||||
Grays Harbor County Public Util. Dist. No. 1, Energy Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.00%, 07/01/20 | 155 | 170 | .06 | ||||||||||||
King County Public Hospital Dist. No. 2, G.O. Health Care Facs. Imps. Prop. Tax Ref. Bonds (NATL-RE Insured), 5.00%, 12/01/18 | 200 | 223 | .08 | ||||||||||||
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, Series A-1, 5.25%, 05/01/27 | 100 | 109 | .04 | ||||||||||||
Port of Seattle, Port, Airport & Marina Imps. Rev. Ref. Bonds, 5.00%, 06/01/16 | 1,500 | 1,736 | .65 | ||||||||||||
Snohomish County Public Util. Dist. No 1, Energy Res. Auth. Rev. Ref. Bonds (AGM Insured), 5.25%, 12/01/11 | 100 | 105 | .04 | ||||||||||||
Snohomish County Public Util. Dist. No. 1, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 12/01/13 | 1,500 | 1,692 | .63 | ||||||||||||
State of Washington, G.O. Highway Imps. Fuel Sales Tax Bonds, Series E (NATL-RE Insured), 5.00%, 01/01/14 | 100 | 113 | .04 | ||||||||||||
State of Washington, G.O. Highway Imps. Sales Tax Rev. Bonds, Series 2010 B, 5.00%, 08/01/28 | 100 | 111 | .04 | ||||||||||||
State of Washington, G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 07/01/22 | 300 | 340 | .13 | ||||||||||||
State of Washington, G.O. Transit Imps. Prop. Sales Tax Rev. Bonds, Series C, 5.00%, 02/01/26 | 100 | 111 | .04 | ||||||||||||
Washington Health Care Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 10/01/20 | 1,100 | 1,248 | .46 | ||||||||||||
13,153 | 4.89 | ||||||||||||||
Wisconsin - 1.24% | |||||||||||||||
County of Milwaukee, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 12/01/18 | 1,145 | 1,316 | .49 | ||||||||||||
State of Wisconsin, G.O. Public Imps. Prop. Tax Bonds, Series C, 4.00%, 05/01/15 | 100 | 112 | .04 | ||||||||||||
State of Wisconsin, General Fund, Ref. Bonds, Series A (St. Approp. Insured): | |||||||||||||||
3.00%, 05/01/11 | 200 | 202 | .07 | ||||||||||||
5.00%, 05/01/18 | 700 | 821 | .31 | ||||||||||||
State of Wisconsin, Highway Imps. Rev. Bonds, Series A, 5.00%, 07/01/28 | 100 | 109 | .04 | ||||||||||||
State of Wisconsin, Misc. Rev. Ref. Bonds (AGM Insured), 5.25%, 07/01/14 | 200 | 230 | .09 | ||||||||||||
State of Wisconsin, Solid Waste Mgmt. Disposal Imps. Rev. Bonds, Series 3: | |||||||||||||||
5.00%, 06/01/11 | 100 | 103 | .04 | ||||||||||||
5.125%, 06/01/26 | 300 | 336 | .12 | ||||||||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, 08/15/18 | 100 | 106 | .04 | ||||||||||||
3,335 | 1.24 | ||||||||||||||
Total bonds & notes (cost: $ 256,199) | 261,366 | 97.27 | |||||||||||||
Short-term securities - 3.26% | |||||||||||||||
State of California, California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds (NATL-RE Insured), 0.35%, 06/01/341 | 500 | 500 | .19 | ||||||||||||
State of Colorado, Colorado Educ. & Cultural Facs. Auth., Recreational Rev. Ref. Bonds, 0.28%, 07/01/361 | 200 | 200 | .08 | ||||||||||||
State of Florida, Jacksonville Health Facs. Auth., Health Care Facs. Auth. Imps. Rev. Bonds, 0.27%, 08/15/331 | 800 | 800 | .30 | ||||||||||||
State of Florida, Lee Memorial Health System, Health Care Facs. Auth. Imps. Rev. Bonds, Series B, 0.30%, 04/01/331 | 3,340 | 3,340 | 1.24 | ||||||||||||
State of North Carolina, North Carolina Medical Care Commission, Health Care Facs. Rev. Ref. Bonds: | |||||||||||||||
0.33%, 10/01/371 | 1,665 | 1,665 | .62 | ||||||||||||
0.30%, 10/01/371 | 245 | 245 | .09 | ||||||||||||
State of Ohio, College & Univ. Rev. Ref. Bonds, 0.29%, 12/01/441 | 600 | 600 | .22 | ||||||||||||
State of Oregon, G.O. Property Tax Ref. Bonds, Series 85, 0.27%, 06/01/411 | 1,000 | 1,000 | .37 | ||||||||||||
State of Rhode Island, Rhode Island Health & Educ. Bldg. Corp., Private Schools Rev. Bonds, 0.40%, 10/01/311 | 400 | 400 | .15 | ||||||||||||
Total short-term securities (cost: $ 8,750) | 8,750 | 3.26 | |||||||||||||
Total investment securities (cost: $264,949) | 270,116 | 100.53 | |||||||||||||
Other assets less liabilities | (1,414) | (0.53) | |||||||||||||
Net assets | $ | 268,702 | 100.00 | % | |||||||||||
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. | ||||||||||||||
Key to abbreviations | |||||||||||||||
Agcy. | = Agency | ||||||||||||||
AGM | = Assured Guaranty Municipal Corporation | ||||||||||||||
AMBAC | = American Municipal Bond Assurance Corporation | ||||||||||||||
Approp. | = Appropriation | ||||||||||||||
Auth. | = Authority | ||||||||||||||
CA Mtg. Ins. | = California Mortgage Insurance | ||||||||||||||
Certs. of Part. | = Certificates of Participation | ||||||||||||||
COLL | = Collateral | ||||||||||||||
Comm. | = Community | ||||||||||||||
Comms. | = Communities | ||||||||||||||
Corp. | = Corporation | ||||||||||||||
Dept. | = Department | ||||||||||||||
Dev. | = Development | ||||||||||||||
Dist. | = District | ||||||||||||||
Econ. | = Economic | ||||||||||||||
Edu. | = Education | ||||||||||||||
Educ. | = Educational | ||||||||||||||
Elec. | = Electricity | ||||||||||||||
Fac. | = Facility | ||||||||||||||
Facs. | = Facilities | ||||||||||||||
FGIC | = Financial Guaranty Insurance Company | ||||||||||||||
FHL | = Federal Home Loan | ||||||||||||||
FHLMC | = Federal Home Loan Mortgage Corporation | ||||||||||||||
Fin. | = Finance | ||||||||||||||
Fncg. | = Financing | ||||||||||||||
FNMA | = Federal National Mortgage Association | ||||||||||||||
GNMA | = Government National Mortgage Association | ||||||||||||||
G.O. | = General Obligation | ||||||||||||||
Govt. | = Government | ||||||||||||||
GTD | = Guaranteed | ||||||||||||||
GTY | = Guaranty | ||||||||||||||
Imps. | = Improvements | ||||||||||||||
Inc. | = Incorporated | ||||||||||||||
Ind. | = Industrial | ||||||||||||||
Intl. | = International | ||||||||||||||
Lns. | = Loans | ||||||||||||||
Loc. | = Local | ||||||||||||||
Mgmt. | = Management | ||||||||||||||
Misc. | = Miscellaneous | ||||||||||||||
Muni. | = Municipal | ||||||||||||||
NATL-RE | = National Reinsurance | ||||||||||||||
No. | = Number | ||||||||||||||
Prop. | = Property | ||||||||||||||
PSF | = Permanent School Fund | ||||||||||||||
Ref. | = Refunding | ||||||||||||||
Res. | = Resource | ||||||||||||||
Ress. | = Resources | ||||||||||||||
Redev. | = Redevelopment | ||||||||||||||
Rev. | = Revenue | ||||||||||||||
St. | = State | ||||||||||||||
Univ. | = University | ||||||||||||||
Util. | = Utility | ||||||||||||||
Utils. | = Utilities | ||||||||||||||
Withhldg. | = Withholding | ||||||||||||||
XLCA | = Xl Capital Assurance |
Capital Short-Term Municipal Fund | |
October 31, 2010 |
Growth of $10,000 investment
Here’s how a $10,000 investment in the Capital Short-Term Municipal Fund grew between April 13, 2010, when the fund began operations, and October 31, 2010, the end of the fund’s fiscal year.
[begin mountain chart]
Date | Capital Short-Term Municipal Fund2 | Barclays Capital 1-5 Year Short Municipal Index1 | ||||||
4/13/2010 | $ | 10,000 | $ | 10,000 | ||||
4/30/2010 | 10,021 | 10,036 | ||||||
5/31/2010 | 10,066 | 10,078 | ||||||
6/30/2010 | 10,083 | 10,102 | ||||||
7/31/2010 | 10,160 | 10,182 | ||||||
8/31/2010 | 10,238 | 10,234 | ||||||
9/30/2010 | 10,218 | 10,210 | ||||||
10/31/2010 | 10,217 | 10,218 |
1 The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses.
2 Includes reinvested dividends.
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.
Investment portfolio – quality ratings*
[begin pie chart]
Investment portfolio - quality ratings* | ||||||
AAA/Aaa | 30.05 | % | ||||
AA/Aa | 48.34 | |||||
A/A2 | 16.56 | |||||
Unrated | 5.05 | |||||
*Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody's Standard & Poor's and/or Fitch as an indication of an issuer's credit-worthiness. If agency ratings differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in "unrated" at left), the investment advisor performs its own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm. |
Capital Short-Term Municipal Fund | ||||||||||||||
Schedule of Investments October 31, 2010 | ||||||||||||||
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||||||
Bonds & notes - 86.69% | ||||||||||||||
Alabama - 2.55% | ||||||||||||||
Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 05/01/15 | $ | 1,000 | $ | 1,159 | 1.30 | % | ||||||||
Mobile Ind. Dev. Board, Pollution Control, Industrial Imps. Rev. Bonds (Mandatory Put 03/19/15 @ 100), 5.00%, 06/01/341 | 1,000 | 1,120 | 1.25 | |||||||||||
2,279 | 2.55 | |||||||||||||
Arizona - 5.32% | ||||||||||||||
Arizona School Facs. Board, Certs of Part., Lease Ref. Bonds, Series A-1 (NATL-RE FGIC Insured), 5.00%, 09/01/15 | 365 | 413 | .46 | |||||||||||
Arizona School Facs. Board, School Imps. Certs. of Part., Lease Rev. Bonds, 5.00%, 09/01/14 | 100 | 112 | .13 | |||||||||||
Arizona School Facs. Board, School Imps. Misc. Rev. Bonds (Pre-refunded with St. & Loc. Govt. Series to 07/01/12 @ 100), 5.25%, 07/01/14 | 400 | 432 | .48 | |||||||||||
Phoenix Civic Imp. Corp., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 07/01/14 | 2,465 | 2,759 | 3.08 | |||||||||||
Salt River Project Agricultural Imps. & Power Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 12/01/16 | 875 | 1,045 | 1.17 | |||||||||||
4,761 | 5.32 | |||||||||||||
California - 5.43% | ||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 4.00%, 11/15/13 | 450 | 484 | .54 | |||||||||||
California State Dept. of Water Res., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 05/01/15 | 1,000 | 1,149 | 1.28 | |||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 04/01/13 | 600 | 652 | .73 | |||||||||||
Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A, 4.00%, 06/01/14 | 500 | 537 | .60 | |||||||||||
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, 5.00%, 12/01/14 | 450 | 519 | .58 | |||||||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (NATL-RE Insured), 5.00%, 08/15/17 | 600 | 656 | .73 | |||||||||||
State of California, G.O. Sales Tax Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/14 @ 100), 5.00%, 07/01/15 | 750 | 864 | .97 | |||||||||||
4,861 | 5.43 | |||||||||||||
Colorado - 1.98% | ||||||||||||||
Arapahoe County School Dist., G.O. School Imps. Prop. Tax Bonds (St. Aid Withhldg. Insured), 3.00%, 12/15/12 | 100 | 105 | .12 | |||||||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 01/01/15 | 1,000 | 1,115 | 1.25 | |||||||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series C-2 (Mandatory Put 11/12/15 @ 100), 4.00%, 10/01/401 | 500 | 549 | .61 | |||||||||||
1,769 | 1.98 | |||||||||||||
Connecticut - 0.55% | ||||||||||||||
State of Connecticut, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, 04/01/15 | 425 | 495 | .55 | |||||||||||
495 | .55 | |||||||||||||
District of Columbia - 1.60% | ||||||||||||||
Dist. of Columbia Housing Fin. Agcy., Housing Rev. Bonds (AGM HUD Ln. Insured), 5.00%, 07/01/16 | 100 | 110 | .12 | |||||||||||
Dist. of Columbia, Misc. Imps. Rev. Bonds, Series A, 5.00%, 12/01/12 | 100 | 109 | .12 | |||||||||||
Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Ref. Rev. Bonds, Series B, 3.00%, 10/01/13 | 100 | 106 | .12 | |||||||||||
Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 10/01/15 | 1,000 | 1,108 | 1.24 | |||||||||||
1,433 | 1.60 | |||||||||||||
Florida - 11.66% | ||||||||||||||
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, 5.00%, 06/01/15 | 300 | 323 | .36 | |||||||||||
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1: | ||||||||||||||
5.00%, 06/01/14 | 1,000 | 1,065 | 1.19 | |||||||||||
5.00%, 06/01/16 | 750 | 805 | .90 | |||||||||||
City of Tampa, Health Care Facs. Rev. Ref. Bonds: | ||||||||||||||
5.00%, 11/15/11 | 400 | 416 | .47 | |||||||||||
5.00%, 11/15/15 | 750 | 841 | .94 | |||||||||||
County of Miami-Dade Florida, Port, Airport & Marina Imps., Rev. Bonds, Series B, 4.00%, 10/01/14 | 250 | 270 | .30 | |||||||||||
County of Miami-Dade, Public Imps. Misc. Rev. Bonds, Series A (AGM Insured), 5.00%, 04/01/13 | 1,500 | 1,626 | 1.82 | |||||||||||
Florida Hurricane Catastrophe Fund Fin. Corp., 5.00%, 07/01/16 | 190 | 209 | .23 | |||||||||||
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Imps. Rev. Bonds, Series A, 5.00%, 07/01/15 | 1,450 | 1,595 | 1.78 | |||||||||||
Florida State Board of Edu., Misc. Rev. Ref. Bonds, Series E, 5.00%, 07/01/15 | 450 | 519 | .58 | |||||||||||
Florida State Dept. of Transportation, Highway Imps. Rev. Bonds, Series B, 5.00%, 07/01/14 | 1,000 | 1,140 | 1.27 | |||||||||||
Florida Water Pollution Control Fncg. Corp., Pollution Control Misc. Rev. Bonds, Series A, 3.00%, 01/15/14 | 100 | 106 | .12 | |||||||||||
JEA, Energy Res. Auth. Imps. Rev. Bonds, Sub-Series A, 3.00%, 10/01/14 | 100 | 105 | .12 | |||||||||||
Miami-Dade County Expressway Auth., Highway Imps. Ref. Rev. Bonds, Series A (AGM Insured), 2.00%, 07/01/13 | 825 | 841 | .94 | |||||||||||
Orlando Utils. Commission, Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 10/01/14 | 500 | 575 | .64 | |||||||||||
10,436 | 11.66 | |||||||||||||
Georgia - 0.43% | ||||||||||||||
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Series X (NATL-RE IBC Insured), 6.50%, 01/01/12 | 40 | 41 | .05 | |||||||||||
State of Georgia, G.O. Prop. Tax, College & Univ. Imps. Bonds, Series D, 4.00%, 05/01/11 | 125 | 128 | .14 | |||||||||||
Thomasville Hospital Auth., Heath Care Facs. Imps. Rev. Ref. Bonds, 3.00%, 11/01/13 | 210 | 215 | .24 | |||||||||||
384 | .43 | |||||||||||||
Hawaii - 0.13% | ||||||||||||||
State of Hawaii, G.O. Prop. Tax Ref. Bonds, Series DT, 5.00%, 11/01/14 | 100 | 115 | .13 | |||||||||||
115 | .13 | |||||||||||||
Idaho - 1.30% | ||||||||||||||
State of Idaho, G.O. Prop. Tax Rev. Bonds, 2.00%, 06/30/11 | 1,150 | 1,163 | 1.30 | |||||||||||
1,163 | 1.30 | |||||||||||||
Illinois - 7.40% | ||||||||||||||
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A: | ||||||||||||||
4.00%, 01/01/13 | 350 | 371 | .41 | |||||||||||
4.00%, 01/01/16 | 1,000 | 1,083 | 1.21 | |||||||||||
City of Chicago, Port, Airport & Marina Rev. Ref. Notes, Series B (Mandatory Put 01/01/15 @100), 5.00%, 01/01/341 | 450 | 497 | .56 | |||||||||||
Illinois Fin. Auth., College & Univ. Imps. Ref. Rev. Bonds, Series B-1 (Mandatory Put 02/14/13 @ 100), 1.125%, 07/01/361 | 1,000 | 1,004 | 1.12 | |||||||||||
Illinois State Toll Highway Auth., Highway Imps. Rev. Bonds, Series A (AGM Insured), 5.00%, 01/01/14 | 1,000 | 1,121 | 1.25 | |||||||||||
Illinois State Toll Highway Auth., Highway Rev. Tolls Ref. Bonds, Series A, 5.50%, 01/01/15 | 700 | 816 | .91 | |||||||||||
Regional Trans. Auth., Sales Tax Rev. Ref. Bonds (AGM G.O. of Auth. Insured), 5.75%, 06/01/13 | 100 | 112 | .13 | |||||||||||
State of Illinois, Misc. Taxes, Rec. Fac. Imps. Misc. Taxes Rev. Bonds (AMBAC Insured), 6.25%, 12/15/11 | 80 | 82 | .09 | |||||||||||
State of Illinois, Public Imps. Sales Tax Rev. Ref. Bonds, 5.00%, 06/15/14 | 1,375 | 1,539 | 1.72 | |||||||||||
6,625 | 7.40 | |||||||||||||
Indiana - 0.39% | ||||||||||||||
Indiana Fin. Auth., Lease Rev. Ref. Bonds, Series A-1, 5.00%, 11/01/12 | 225 | 243 | .27 | |||||||||||
Indiana Univ., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 06/01/11 | 100 | 103 | .12 | |||||||||||
346 | .39 | |||||||||||||
Kansas - 0.56% | ||||||||||||||
Kansas Dev. Fin. Auth., New Jobs Training Misc. Rev. Bonds, Series F (NATL-RE Insured), 5.00%, 06/01/12 | 250 | 268 | .30 | |||||||||||
Kansas State Dept. of Transportation, Highway Fuel Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 09/01/15 | 200 | 235 | .26 | |||||||||||
503 | .56 | |||||||||||||
Kentucky - 1.05% | ||||||||||||||
Kentucky Higher Edu. Student Loan Corp., Rev. Bonds, Series 1-Class A-1 (GTD St. Lns. Insured), 0.95%, 05/01/201 | 500 | 501 | .56 | |||||||||||
Kentucky Housing Corp., State Safe Housing Rev. Bonds, Series B, 5.00%, 07/01/27 | 400 | 436 | .49 | |||||||||||
937 | 1.05 | |||||||||||||
Louisiana - 0.68% | ||||||||||||||
Louisiana Office Facs. Corp., Lease Ref. Rev. Bonds, 5.00%, 03/01/14 | 100 | 110 | .12 | |||||||||||
State of Louisiana, Highway Imps. Fuel Sales Tax Rev. Bonds, Series A-1 (Mandatory Put 06/01/13 @ 100), 1.03%, 05/01/431 | 500 | 501 | .56 | |||||||||||
611 | .68 | |||||||||||||
Massachusetts - 0.79% | ||||||||||||||
Commonwealth of Massachusetts, G.O. Misc. Taxes Ref. Bonds, Series A, 5.00%, 09/01/14 | 100 | 115 | .13 | |||||||||||
Commonwealth of Massachusetts, G.O. Misc. Taxes, Public Imps. Bonds, Series B, 5.00%, 07/01/13 | 100 | 112 | .12 | |||||||||||
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 11/15/14 | 100 | 116 | .13 | |||||||||||
Massachusetts Housing Fin. Agcy., Housing Rev. Ref. Bonds, Series A, 2.00%, 06/01/13 | 250 | 253 | .28 | |||||||||||
Massachusetts Water Pollution Abatement, Water Util. Imps. Rev. Bonds, Series 14, 5.00%, 08/01/14 | 100 | 115 | .13 | |||||||||||
711 | .79 | |||||||||||||
Michigan - 1.87% | ||||||||||||||
Michigan State Hospital Fin. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 08/01/14 @ 100), 2.00%, 11/15/331 | 500 | 504 | .57 | |||||||||||
Michigan State Univ., College & Univ. Rev. Ref. Bonds, Series C, 5.00%, 08/15/15 | 1,000 | 1,166 | 1.30 | |||||||||||
1,670 | 1.87 | |||||||||||||
Minnesota - 0.60% | ||||||||||||||
State of Minnesota, G.O. Prop. Tax Ref. Bonds, Series D, 5.00%, 08/01/16 | 450 | 537 | .60 | |||||||||||
537 | .60 | |||||||||||||
Nevada - 3.08% | ||||||||||||||
County of Clark, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 07/01/15 | 450 | 510 | .57 | |||||||||||
Nevada System of Higher Edu., College & Univ. Imps. Rev. Ref. Bonds, Series B (AMBAC Insured), 5.00%, 07/01/14 | 2,000 | 2,248 | 2.51 | |||||||||||
2,758 | 3.08 | |||||||||||||
New Jersey - 5.17% | ||||||||||||||
New Jersey Econ. Dev. Auth., School Fac. Construction Lease Rev. Ref. Bonds, Series DD-1, 5.00%, 12/15/16 | 1,000 | 1,155 | 1.29 | |||||||||||
New Jersey Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series K, 5.00%, 07/01/14 | 100 | 115 | .13 | |||||||||||
New Jersey Health Care Facs. Fncg. Auth., Ref. Rev. Bonds, 4.00%, 07/01/14 | 500 | 534 | .60 | |||||||||||
New Jersey Higher Edu. Assistance Auth., Student Loan Rev. Bonds, Series 2, 5.00%, 12/01/14 | 1,000 | 1,099 | 1.23 | |||||||||||
New Jersey Higher Edu. Assistance Auth., Student Loan Rev. Ref. Bonds, Series 1A, 5.00%, 12/01/15 | 500 | 555 | .62 | |||||||||||
New Jersey Transportation Trust Fund Auth., Transit. Imps. Rev. Ref. Bonds, Series A (AMBAC Insured), 5.50%, 12/15/15 | 1,000 | 1,168 | 1.30 | |||||||||||
4,626 | 5.17 | |||||||||||||
New Mexico - 0.56% | ||||||||||||||
New Mexico Educ. Assistance Foundation, Rev. Bonds, Series A-2 (GTD St. Lns. Insured), 0.928%, 12/01/281 | 500 | 499 | .56 | |||||||||||
499 | .56 | |||||||||||||
New York - 3.76% | ||||||||||||||
City of New York, G.O. Prop. Tax, Ref. Bonds, Series B, 5.00%, 08/01/15 | 1,000 | 1,156 | 1.29 | |||||||||||
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series F (NATL-RE Insured), 5.00%, 05/01/16 | 1,000 | 1,152 | 1.29 | |||||||||||
New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 02/15/16 | 400 | 455 | .51 | |||||||||||
New York State Dormitory Auth., College & Univ. Rev. Ref. Bonds, 4.00%, 07/01/13 | 200 | 218 | .24 | |||||||||||
New York State Dormitory Auth., Health Care Facs. Imps. Rev. Bonds, 5.00%, 02/15/13 | 350 | 381 | .43 | |||||||||||
3,362 | 3.76 | |||||||||||||
North Carolina - 1.85% | ||||||||||||||
City of Fayetteville, Multiple Util. Imps. Ref. Rev. Bonds, Series A, 5.00%, 03/01/14 | 100 | 113 | .13 | |||||||||||
County of Wake, G.O. Prop. Tax Ref. Bonds, Series D, 4.00%, 02/01/13 | 150 | 162 | .18 | |||||||||||
North Carolina Eastern Municipal Power Agency, Energy Res. Auth. Ref. Rev. Bonds, Series A, 5.00%, 01/01/16 | 425 | 486 | .54 | |||||||||||
Raleigh Durham Airport Auth., Port, Airport & Marina Ref. Rev. Bonds, Series A, 3.00%, 05/01/13 | 600 | 631 | .70 | |||||||||||
State of North Carolina, Public Imps. Misc. Rev. Bonds, Series A, 5.00%, 05/01/12 | 250 | 266 | .30 | |||||||||||
1,658 | 1.85 | |||||||||||||
Ohio - 2.44% | ||||||||||||||
County of Allen, Health Care Imps., Lease Rev. Ref. Bonds, Series B: | ||||||||||||||
5.00%, 09/01/14 | 1,000 | 1,117 | 1.25 | |||||||||||
5.00%, 09/01/15 | 500 | 561 | .63 | |||||||||||
Ohio State Turnpike Commission, Misc. Highway Rev. Ref. Bonds, Series A, 3.00%, 02/15/11 | 500 | 504 | .56 | |||||||||||
2,182 | 2.44 | |||||||||||||
Oklahoma - 0.58% | ||||||||||||||
Oklahoma Muni. Power Auth., Energy Res. Auth. Ref. Rev. Bonds, Series A (Mandatory Put 08/01/13 @ 100), 1.03%, 01/01/231 | 525 | 519 | .58 | |||||||||||
519 | .58 | |||||||||||||
Pennsylvania - 4.37% | ||||||||||||||
City of Philadelphia, Water Rev. Ref. Bonds, Series A, 5.00%, 06/15/15 | 1,000 | 1,135 | 1.27 | |||||||||||
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Ref. Bonds, 5.00%, 06/15/15 | 750 | 871 | .97 | |||||||||||
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds, 5.00%, 06/15/12 | 250 | 268 | .30 | |||||||||||
Pennsylvania State Univ., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 03/01/14 | 225 | 255 | .29 | |||||||||||
Philadelphia Hospitals & Higher Edu. Facs. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 4.25%, 07/01/12 | 250 | 263 | .29 | |||||||||||
Philadelphia School Dist., G.O. School Imps. Prop. Tax Rev. Bonds, Series A (St. Aid Withhldg. Insured), 5.00%, 06/01/15 | 1,000 | 1,117 | 1.25 | |||||||||||
3,909 | 4.37 | |||||||||||||
Puerto Rico - 0.69% | ||||||||||||||
Puerto Rico Electric Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series NN (Pre-refunded with St. & Loc. Govt. Series to 07/01/13 @ 100), 5.50%, 07/01/18 | 550 | 621 | .69 | |||||||||||
621 | .69 | |||||||||||||
Rhode Island - 1.13% | ||||||||||||||
State of Rhode Island, G.O. Cash Flow Mgmt. Prop. Tax Rev. Notes, 2.00%, 06/30/11 | 1,000 | 1,010 | 1.13 | |||||||||||
1,010 | 1.13 | |||||||||||||
South Carolina - 0.85% | ||||||||||||||
South Carolina State Public Service Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series A, 5.00%, 01/01/12 | 125 | 132 | .15 | |||||||||||
South Carolina State Public Service Auth., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 01/01/15 | 450 | 518 | .58 | |||||||||||
South Carolina Transportation Infrastructure Bank, Transit Rev. Ref. Bonds, Series A, 5.00%, 10/01/14 | 100 | 113 | .12 | |||||||||||
763 | .85 | |||||||||||||
Tennessee - 0.38% | ||||||||||||||
City of Memphis, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 12/01/14 | 100 | 116 | .13 | |||||||||||
State of Tennessee, G.O. Fuel Sales Tax Rev. Ref. Notes, Series A, 3.00%, 05/01/11 | 125 | 127 | .14 | |||||||||||
Tennessee State School Bond Auth., College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.00%, 05/01/11 | 100 | 102 | .11 | |||||||||||
345 | .38 | |||||||||||||
Texas - 10.33% | ||||||||||||||
Bexar County Hospital Dist., G.O. Prop. Tax, Health Care Facs. Imps. Rev. Bonds, 3.50%, 02/15/13 | 200 | 212 | .24 | |||||||||||
City of San Antonio, Water Util. Imps. Ref. Rev. Bonds, 3.00%, 05/15/14 | 100 | 107 | .12 | |||||||||||
County of Harris, Highway Imps. Toll Prop. Tax Rev. Ref. Bonds (Pre-refunded with St. & Loc. Govt. Series to 08/15/12 @ 100) (AGM Insured), 5.375%, 08/15/24 | 500 | 544 | .61 | |||||||||||
Dallas Area Rapid Transit, Sales Tax Ref. Rev. Bonds, Series A, 5.00%, 12/01/14 | 875 | 1,012 | 1.13 | |||||||||||
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.975%, 07/01/311 | 200 | 200 | .22 | |||||||||||
Lower Colorado River Auth., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 05/15/14 | 300 | 338 | .38 | |||||||||||
Lower Colorado River Auth., Energy Res. Auth. Rev. Ref. Notes, 5.00%, 05/15/15 | 500 | 572 | .64 | |||||||||||
North Texas Tollway Auth., Highway Rev. Tolls, Ref. Rev. Bonds, Series A, 5.00%, 01/01/12 | 200 | 209 | .23 | |||||||||||
Plano Independent School Dist., G.O. Prop. Tax, School Imps. Bonds, Series A, 5.00%, 02/15/14 | 100 | 113 | .13 | |||||||||||
State of Texas, Cash Flow Mgmt. Misc. Rev. Note, 2.00%, 08/31/11 | 2,500 | 2,535 | 2.83 | |||||||||||
State of Texas, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 10/01/14 | 650 | 750 | .84 | |||||||||||
Texas State Univ. Systems, College & Univ. Rev. Ref. Bonds: | ||||||||||||||
5.00%, 03/15/13 | 200 | 220 | .25 | |||||||||||
5.00%, 03/15/15 | 715 | 828 | .92 | |||||||||||
Texas Water Dev. Board, Water Rev. Ref. Bonds, 5.00%, 07/15/15 | 225 | 264 | .29 | |||||||||||
Univ. of Texas, College & Univ. Imps. Rev. Ref. Notes, Series B (Pre-refunded with St. & Loc. Govt. Series to 08/15/13 @ 100), 5.00%, 08/15/22 | 1,000 | 1,119 | 1.25 | |||||||||||
Univ. of Texas, College & Univ. Imps. Rev. Ref. Bonds, Series E, 4.00%, 08/15/15 | 200 | 226 | .25 | |||||||||||
9,249 | 10.33 | |||||||||||||
Utah - 0.71% | ||||||||||||||
State of Utah, G.O. Prop. Tax, Highway Imps. Bonds, Series A: | ||||||||||||||
5.00%, 07/01/11 | 100 | 103 | .12 | |||||||||||
5.00%, 07/01/15 | 450 | 530 | .59 | |||||||||||
633 | .71 | |||||||||||||
Virginia - 0.75% | ||||||||||||||
Fairfax County Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 3.00%, 05/15/11 | 250 | 254 | .29 | |||||||||||
Virginia Public Building Auth., Correctional Fac. Imps. Misc. Rev. Bonds, Series C, 5.00%, 08/01/12 | 100 | 108 | .12 | |||||||||||
Virginia Public School Auth., School Imps. Misc. Rev. Bonds, Series A, 3.00%, 08/01/11 | 300 | 306 | .34 | |||||||||||
668 | .75 | |||||||||||||
Washington - 3.69% | ||||||||||||||
Port of Seattle Washington, Port, Airport & Marina Ref. Rev. Bonds, 5.00%, 06/01/14 | 750 | 845 | .94 | |||||||||||
Snohomish County Public Util. Dist. No. 1, Energy Res. Auth. Rev. Ref. Bonds: | ||||||||||||||
5.00%, 12/01/13 | 500 | 564 | .63 | |||||||||||
5.00%, 12/01/15 | 1,000 | 1,174 | 1.31 | |||||||||||
Washington Health Care Facs. Auth., Health Care Facs. Ref. Rev. Bonds, Series B, 5.00%, 10/01/14 | 640 | 722 | .81 | |||||||||||
3,305 | 3.69 | |||||||||||||
Wisconsin - 2.06% | ||||||||||||||
State of Wisconsin, G.O. Bonds, 2.00%, 06/15/11 | 1,000 | 1,011 | 1.13 | |||||||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 3.00%, 06/01/12 | 810 | 833 | .93 | |||||||||||
1,844 | 2.06 | |||||||||||||
Total bonds & notes (cost: $ 76,506) | 77,587 | 86.69 | ||||||||||||
Short-term securities - 19.56% | ||||||||||||||
Broward County Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, 0.31%, 04/01/381 | 1,300 | 1,300 | 1.45 | |||||||||||
City of Quincy, Health Care Facs. Imps. Ref. Rev. Bonds, 0.28%, 11/15/291 | 1,300 | 1,300 | 1.45 | |||||||||||
Colorado Educ. & Cultural Facs. Auth., Misc. Rev. Bonds, 0.28%, 02/01/351 | 600 | 600 | .67 | |||||||||||
Colorado Educ. & Cultural Facs. Auth., Misc. Rev. Ref. Bonds, 0.28%, 09/01/331 | 940 | 940 | 1.05 | |||||||||||
Dallas Performing Arts Cultural Facs. Corp., Rec. Rev. Ref. Bonds, Series B, 0.27%, 09/01/411 | 1,000 | 1,000 | 1.12 | |||||||||||
Indiana Dev. Fin. Auth., Res. Recovery Imps. Rev. Bonds, 0.27%, 11/01/351 | 1,000 | 1,000 | 1.12 | |||||||||||
Jacksonville Health Facs. Auth., Health Care Fac. Imps. Rev. Bonds, 0.27%, 08/15/331 | 300 | 300 | .33 | |||||||||||
Kentucky Econ. Dev. Fin. Auth. Rev., Health Care Facs. Imps. Rev. Ref. Bonds, 0.27%, 08/15/381 | 900 | 900 | 1.00 | |||||||||||
Kentucky, County of Christian, Lease Public Imps. Rev. Bonds, Series A, 0.27%, 06/01/381 | 1,500 | 1,500 | 1.68 | |||||||||||
Montgomery County Public Building Auth., Public Imps. Misc. Rev. Bonds, 0.30%, 07/01/381 | 1,350 | 1,350 | 1.51 | |||||||||||
Orange County School Board, Lease Certs. of Part. Ref. Bonds, Series E, 0.30%, 08/01/221 | 1,500 | 1,500 | 1.68 | |||||||||||
Pennsylvania, Lancaster County Hospital Auth., Health Care Facs. Rev. Ref. Bonds, Series D, 0.30%, 07/01/341 | 2,180 | 2,180 | 2.44 | |||||||||||
State of California, California Infrastructure & Econ. Dev. Bank, Energy Res. Auth. Rev. Ref. Bonds, 0.26%, 11/01/261 | 1,000 | 1,000 | 1.12 | |||||||||||
State of Ohio, College & Univ. Rev. Ref. Bonds, 0.29%, 12/01/441 | 1,900 | 1,900 | 2.12 | |||||||||||
Virginia College Building Auth., College & Univ. Imps. Rev. Bonds, Series C, 0.30%, 02/01/261 | 735 | 735 | .82 | |||||||||||
Total short-term securities (cost: $ 17,505) | 17,505 | 19.56 | ||||||||||||
Total investment securities (cost: $94,011) | 95,092 | 106.25 | ||||||||||||
Other assets less liabilities | (5,595) | (6.25) | ||||||||||||
Net assets | $ | 89,497 | 100.00 | % | ||||||||||
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. | |||||||||||||
Key to abbreviations | ||||||||||||||
Agcy. | = Agency | |||||||||||||
AGM | = Assured Guaranty Municipal Corporation | |||||||||||||
AMBAC | = American Municipal Bond Assurance Corporation | |||||||||||||
Auth. | = Authority | |||||||||||||
Certs. of Part. | = Certificates of Participation | |||||||||||||
Comms. | = Communities | |||||||||||||
Corp. | = Corporation | |||||||||||||
Dept. | = Department | |||||||||||||
Dev. | = Development | |||||||||||||
Dist. | = District | |||||||||||||
Econ. | = Economic | |||||||||||||
Edu. | = Education | |||||||||||||
Educ. | = Educational | |||||||||||||
Fac. | = Facility | |||||||||||||
Facs. | = Facilities | |||||||||||||
FGIC | = Financial Guaranty Insurance Company | |||||||||||||
Fin. | = Finance | |||||||||||||
Fncg. | = Financing | |||||||||||||
G.O. | = General Obligation | |||||||||||||
Govt. | = Government | |||||||||||||
GTD | = Guaranteed | |||||||||||||
HUD | = Housing and Urban Development | |||||||||||||
IBC | = Insured Bond Certificate | |||||||||||||
Imps. | = Improvements | |||||||||||||
Ind. | = Industrial | |||||||||||||
Ln. | = Loan | |||||||||||||
Lns. | = Loans | |||||||||||||
Loc. | = Local | |||||||||||||
Mgmt. | = Management | |||||||||||||
Misc. | = Miscellaneous | |||||||||||||
Muni. | = Municipal | |||||||||||||
NATL-RE | = National Reinsurance | |||||||||||||
Prop. | = Property | |||||||||||||
Ref. | = Refunding | |||||||||||||
Res. | = Resource | |||||||||||||
Rev. | = Revenue | |||||||||||||
St. | = State | |||||||||||||
Trans. | = Transportation | |||||||||||||
Univ. | = University | |||||||||||||
Util. | = Utility | |||||||||||||
Utils. | = Utilities | |||||||||||||
Withhldg | = Withholding |
Capital California Core Municipal Fund | |
October 31, 2010 |
Growth of $10,000 investment
Here’s how a $10,000 investment in the Capital California Core Municipal Fund grew between April 13, 2010, when the fund began operations, and October 31, 2010, the end of the fund’s fiscal year.
[begin mountain chart]
Date | Capital California Core Municipal Fund2 | Barclays Capital CA 1-10 Yr Inter-Short Muni Index1 | ||||||
4/13/2010 | $ | 10,000 | $ | 10,000 | ||||
4/30/2010 | 10,031 | 10,097 | ||||||
5/31/2010 | 10,068 | 10,142 | ||||||
6/30/2010 | 10,089 | 10,172 | ||||||
7/31/2010 | 10,181 | 10,311 | ||||||
8/31/2010 | 10,323 | 10,461 | ||||||
9/30/2010 | 10,286 | 10,417 | ||||||
10/31/2010 | 10,261 | 10,408 |
1 The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses.
2 Includes reinvested dividends.
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.
Investment portfolio – quality ratings*
[begin pie chart]
Investment portfolio - quality ratings* | ||||||
AAA/Aaa | 34.36 | % | ||||
AA/Aa | 35.86 | |||||
A/A2 | 24.50 | |||||
BAA/Baa | 3.38 | |||||
Unrated | 1.90 | |||||
*Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody's Standard & Poor's and/or Fitch as an indication of an issuer's credit-worthiness. If agency ratings differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in "unrated" at left), the investment advisor performs its own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm. |
Capital California Core Municipal Fund | ||||||||||||||
Schedule of Investments October 31, 2010 | ||||||||||||||
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||||||
Bonds & notes - 80.40% | ||||||||||||||
California - 78.40% | ||||||||||||||
ABAG Fin. Auth. For Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 05/15/16 | $ | 1,500 | $ | 1,515 | .90 | % | ||||||||
ABAG Fin. Auth. For Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured), 5.00%, 09/02/22 | 225 | 225 | .13 | |||||||||||
ABAG Fin. Auth. For Nonprofit Corps., Public Imps. Special Tax Ref. Bonds, Series A (CIFG Insured), 4.00%, 09/02/14 | 450 | 465 | .28 | |||||||||||
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, 10/01/17 | 575 | 636 | .38 | |||||||||||
Azusa Redev. Agcy., Loc. or GTD Housing, Rev. Ref. Bonds, Series A (Escrowed to Maturity) (FNMA Insured), 6.875%, 10/01/12 | 1,100 | 1,232 | .73 | |||||||||||
Bay Area Toll Auth., Highway Imps. Toll Rev. Ref. Bonds, Series F, 5.00%, 04/01/24 | 800 | 881 | .52 | |||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, 5.00%, 04/01/34 | 125 | 131 | .08 | |||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F, 5.00%, 04/01/24 | 300 | 322 | .19 | |||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F-1, 5.00%, 04/01/21 | 100 | 115 | .07 | |||||||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A: | ||||||||||||||
5.00%, 10/01/15 | 500 | 568 | .34 | |||||||||||
5.00%, 01/01/18 | 125 | 150 | .09 | |||||||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds: | ||||||||||||||
5.00%, 02/01/21 | 550 | 631 | .37 | |||||||||||
5.00%, 11/01/21 | 525 | 562 | .33 | |||||||||||
5.50%, 04/01/29 | 300 | 324 | .19 | |||||||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 01/01/24 | 100 | 114 | .07 | |||||||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series T-4, 5.00%, 03/15/14 | 225 | 256 | .15 | |||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series A: | ||||||||||||||
5.00%, 10/01/18 | 275 | 308 | .18 | |||||||||||
5.00%, 10/01/22 | 770 | 824 | .49 | |||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series G, 5.50%, 07/01/25 | 100 | 107 | .06 | |||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||||||||
5.00%, 11/15/11 | 100 | 104 | .06 | |||||||||||
5.00%, 11/15/21 | 1,000 | 1,053 | .62 | |||||||||||
5.375%, 07/01/21 | 1,500 | 1,570 | .93 | |||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/271 | 300 | 329 | .19 | |||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||||||||
5.00%, 11/15/19 | 1,350 | 1,532 | .91 | |||||||||||
5.00%, 11/15/20 | 500 | 565 | .34 | |||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 6.25%, 10/01/28 | 200 | 231 | .14 | |||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/16/14 @ 100), 5.00%, 07/01/341 | 100 | 111 | .07 | |||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series I (Mandatory Put 07/01/14 @ 100), 4.95%, 07/01/261 | 100 | 109 | .06 | |||||||||||
California Infrastructure & Econ. Dev. Bank, Econ. Imps. Rev. Bonds (Mandatory Put 12/01/11 @ 100), 3.90%, 04/01/331 | 200 | 207 | .12 | |||||||||||
California Infrastructure & Econ. Dev. Bank, Highway Imps. Rev. Bonds (Escrowed to Maturity) (AGM Insured), 4.10%, 07/01/12 | 200 | 213 | .13 | |||||||||||
California Infrastructure & Econ. Dev. Bank, Highway Imps. Rev. Bonds (Pre-refunded with St. & Loc. Govt. Series to 01/01/28 @ 100) (AMBAC Insured), 5.00%, 07/01/36 | 200 | 249 | .15 | |||||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds (Mandatory Put 12/01/11 @ 100), 3.90%, 04/01/331 | 125 | 129 | .08 | |||||||||||
California Infrastructure & Econ. Dev. Bank, Public Imps. Misc. Rev. Bonds: | ||||||||||||||
4.50%, 10/01/25 | 100 | 104 | .06 | |||||||||||
4.50%, 10/01/26 | 100 | 103 | .06 | |||||||||||
California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds: | ||||||||||||||
5.00%, 02/01/18 | 100 | 113 | .07 | |||||||||||
5.00%, 02/01/19 | 100 | 111 | .07 | |||||||||||
California Infrastructure & Econ. Dev. Bank, Rec. Rev. Ref. Bonds (Mandatory Put 04/01/13 @ 100), 2.50%, 10/01/471 | 1,300 | 1,347 | .80 | |||||||||||
California Muni. Fin. Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.625%, 10/01/23 | 265 | 284 | .17 | |||||||||||
California Muni. Fin. Auth., Res. Recovery Imps. Rev. Bonds, Series A (Mandatory Put 09/01/11 @ 100), 1.625%, 02/01/191 | 1,390 | 1,390 | .82 | |||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Series A (AGM Insured), 5.25%, 05/01/11 | 150 | 154 | .09 | |||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Series A (NATL-RE IBC Insured), 5.50%, 05/01/11 | 225 | 231 | .14 | |||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 05/01/12 @ 101): | ||||||||||||||
5.125%, 05/01/19 | 500 | 540 | .32 | |||||||||||
5.375%, 05/01/22 | 100 | 108 | .06 | |||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 05/01/12 @ 101) (AMBAC Insured): | ||||||||||||||
5.375%, 05/01/18 | 535 | 580 | .34 | |||||||||||
5.50%, 05/01/15 | 875 | 950 | .56 | |||||||||||
5.50%, 05/01/16 | 125 | 136 | .08 | |||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 05/01/12 @101), 6.00%, 05/01/14 | 1,425 | 1,559 | .92 | |||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G, 4.875%, 05/01/18 | 200 | 232 | .14 | |||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G-11, 5.00%, 05/01/18 | 2,000 | 2,340 | 1.39 | |||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 5.00%, 05/01/17 | 100 | 118 | .07 | |||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series K, 5.00%, 05/01/18 | 225 | 263 | .16 | |||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L: | ||||||||||||||
5.00%, 05/01/16 | 500 | 581 | .34 | |||||||||||
5.00%, 05/01/21 | 200 | 231 | .14 | |||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series M, 5.00%, 05/01/17 | 500 | 584 | .35 | |||||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, 5.00%, 05/01/21 | 100 | 113 | .07 | |||||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds (Escrowed to Maturity) (FGIC Insured), 5.00%, 12/01/12 | 10 | 11 | .01 | |||||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE: | ||||||||||||||
5.00%, 12/01/16 | 200 | 239 | .14 | |||||||||||
5.00%, 12/01/22 | 1,010 | 1,145 | .68 | |||||||||||
5.00%, 12/01/23 | 200 | 226 | .13 | |||||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series X (NATL-RE FGIC Insured), 5.50%, 12/01/15 | 100 | 120 | .07 | |||||||||||
California State Public Works Board, College & Univ. Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 03/01/14 | 200 | 221 | .13 | |||||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, 5.00%, 04/01/20 | 200 | 218 | .13 | |||||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B (NATL-RE FGIC Insured), 4.00%, 03/01/14 | 200 | 210 | .12 | |||||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 5.00%, 03/01/18 | 1,350 | 1,476 | .88 | |||||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series C-1, 5.00%, 03/01/19 | 1,100 | 1,287 | .76 | |||||||||||
California State Public Works Board, Health Care Facs. Imps. Lease Rev. Bonds, Series E, 5.00%, 04/01/15 | 1,315 | 1,507 | .89 | |||||||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 06/01/15 | 200 | 230 | .14 | |||||||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series C (NATL-RE FGIC Insured), 4.00%, 09/01/13 | 200 | 217 | .13 | |||||||||||
California State Public Works Board, Public Imps. Lease Rev. Bonds, Subseries A-1, 5.00%, 03/01/14 | 1,000 | 1,084 | .64 | |||||||||||
California State Univ., College & Univ. Imps. Rev. Bonds, Series C (NATL-RE Insured), 5.00%, 11/01/21 | 2,600 | 2,834 | 1.68 | |||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, 4.625%, 07/01/21 | 100 | 102 | .06 | |||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds (NATL-RE FHA Insured), 5.00%, 08/01/20 | 340 | 358 | .21 | |||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 04/01/13 | 1,800 | 1,956 | 1.16 | |||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, 07/01/16 | 1,100 | 1,259 | .75 | |||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (Mandatory Put 06/01/12 @ 100), 3.85%, 11/01/291 | 500 | 520 | .31 | |||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series I (Mandatory Put 05/01/11 @ 100), 3.45%, 04/01/351 | 1,100 | 1,116 | .66 | |||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 07/01/16 | 100 | 108 | .06 | |||||||||||
5.00%, 11/01/19 | 1,000 | 1,084 | .64 | |||||||||||
California Statewide Comms. Dev. Auth., Misc. Rev. Bonds: | ||||||||||||||
4.00%, 06/15/13 | 875 | 932 | .55 | |||||||||||
5.00%, 06/15/13 | 2,100 | 2,291 | 1.36 | |||||||||||
Calleguas-Las Virgenes Public Fncg. Auth., Water Util. Imps. Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/13 @ 100) (NATL-RE Insured), 5.00%, 07/01/33 | 100 | 112 | .07 | |||||||||||
Carlsbad Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (NATL-RE Insured), 4.125%, 08/01/11 | 100 | 103 | .06 | |||||||||||
Central Valley Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, 3.50%, 07/01/14 | 250 | 266 | .16 | |||||||||||
Cerritos Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds, Series A (AMBAC Insured), 5.00%, 11/01/19 | 2,000 | 2,153 | 1.28 | |||||||||||
City & County of San Francisco, Certs. of Part., Lease Ref. Bonds, Series A, 5.00%, 10/01/16 | 500 | 580 | .34 | |||||||||||
City & County of San Francisco, Health Care Imps. Certs. of Part. Lease Bonds, Series A, 5.00%, 04/01/17 | 200 | 230 | .14 | |||||||||||
City of Bakersfield, Solid Waste Mgmt. Disposal Rev. Bonds, Series A (AGM Insured), 4.125%, 09/15/14 | 200 | 219 | .13 | |||||||||||
City of Long Beach, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 05/15/21 | 100 | 116 | .07 | |||||||||||
City of Long Beach, Port, Airport & Marina Imps. Rev. Ref. Bonds, Series B: | ||||||||||||||
5.00%, 05/15/13 | 1,250 | 1,382 | .82 | |||||||||||
5.00%, 05/15/16 | 555 | 654 | .39 | |||||||||||
5.00%, 05/15/20 | 500 | 590 | .35 | |||||||||||
City of Los Angeles, Solid Waste Disposal Rev. Ref. Bonds, Series A, 4.00%, 06/01/17 | 1,000 | 1,123 | .67 | |||||||||||
City of Los Angeles, Solid Waste Disposal Rev. Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 06/01/27 | 1,100 | 1,169 | .69 | |||||||||||
City of Manhattan Beach, Public Imps. Special Assessment Bonds, 4.375%, 09/02/17 | 120 | 124 | .07 | |||||||||||
City of Roseville, Energy Res. Auth., Certs. of Part. Lease Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 02/01/17 | 100 | 108 | .06 | |||||||||||
City of Roseville, Special Tax Ref. Bonds: | ||||||||||||||
3.50%, 09/01/15 | 1,000 | 1,016 | .60 | |||||||||||
4.00%, 09/01/16 | 1,000 | 1,028 | .61 | |||||||||||
Contra Costa County Public Fncg. Auth., Public Imps. Lease Rev. Bonds, Series A (NATL-RE Insured), 5.00%, 06/01/21 | 275 | 293 | .17 | |||||||||||
Contra Costa Water Dist., Water Util. Imps. Rev. Bonds, Series A: | ||||||||||||||
3.50%, 10/01/13 | 1,500 | 1,621 | .96 | |||||||||||
4.00%, 10/01/15 | 1,000 | 1,128 | .67 | |||||||||||
County of Alameda, Certs. of Part. Lease Rev. Ref. Bonds, Series A (NATL-RE Insured), 4.25%, 12/01/11 | 200 | 207 | .12 | |||||||||||
County of Orange, Port, Airport, & Marina Imps. Rev. Bonds, Series B, 5.00%, 07/01/15 | 200 | 230 | .14 | |||||||||||
County of San Diego, College & Univ. Imps. Certs. of Part. Lease Rev. Bonds, 4.00%, 07/01/16 | 490 | 528 | .31 | |||||||||||
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds (Pre-refunded with St. & Loc. Govt. Series to 06/01/11 @ 100) (NATL-RE Insured), 5.25%, 06/01/14 | 100 | 103 | .06 | |||||||||||
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A, 4.00%, 06/01/14 | 100 | 111 | .07 | |||||||||||
East Bay Regional Park Dist., G.O., Prop. Tax, Ref. Bonds, 5.00%, 09/01/14 | 100 | 115 | .07 | |||||||||||
Eastern Muni. Water Dist., Water Util. Imps. Solid Waste Mgmt. Certs. of Part. Lease Rev. Bonds, Series H, 5.00%, 07/01/33 | 100 | 105 | .06 | |||||||||||
Escondido Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 4.00%, 09/01/11 | 110 | 112 | .07 | |||||||||||
Golden State Tobacco Securitization Corp., Tobacco Settlement Funded, Misc. Purposes Rev. Bonds (Pre-refunded with FHMLC and St. & Loc. Govt. Series to 06/01/13 @ 100) (AGM Insured), 5.00%, 06/01/43 | 150 | 167 | .10 | |||||||||||
Grossmont-Cuyamaca Comm. College Dist., G.O. College & Univ. Imps. Bonds, Series A (NATL-RE Insured), 5.00%, 08/01/16 | 40 | 44 | .03 | |||||||||||
Grossmont-Cuyamaca Comm. College Dist., G.O. College & Univ. Imps. Bonds, Series A (Pre-refunded with Aid U.S. Treasury Obligations and U.S. Treasury Strips to 08/01/13 @ 100) (NATL-RE Insured), 5.00%, 08/01/16 | 210 | 234 | .14 | |||||||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds: | ||||||||||||||
5.00%, 11/01/17 | 100 | 117 | .07 | |||||||||||
5.25%, 11/01/25 | 100 | 111 | .07 | |||||||||||
Irvine Ranch Water Dist., Water Rev., Certs. of Part. Lease Rev. Ref. Bonds, 5.00%, 03/01/17 | 100 | 119 | .07 | |||||||||||
Las Virgenes Unified School Dist., G.O. School Imps. Prop. Tax Bonds (AGM Insured), 4.25%, 08/01/15 | 100 | 113 | .07 | |||||||||||
Long Beach Comm. College Dist., G.O. Prop. Tax College & Univ. Imps. Bonds, Series A, 5.00%, 06/01/22 | 100 | 111 | .07 | |||||||||||
Los Angeles County Metropolitan Transportation Auth., Sales Tax Rev. Ref. Bonds, Series B, 5.00%, 07/01/18 | 1,650 | 1,969 | 1.17 | |||||||||||
Los Angeles County Metropolitan Transportation Auth., Sales Tax Rev. Ref. Bonds, Series D, 5.00%, 07/01/17 | 200 | 238 | .14 | |||||||||||
Los Angeles County Public Works Fncg. Auth., Calabasas Landfill, Res. Recovery Imps. Lease Rev. Bonds (AMBAC Insured), 5.00%, 06/01/21 | 305 | 312 | .18 | |||||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 05/15/29 | 200 | 216 | .13 | |||||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 05/15/22 | 1,200 | 1,362 | .81 | |||||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Bonds, Series B (AGM Insured), 5.125%, 07/01/20 | 250 | 272 | .16 | |||||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series B: | ||||||||||||||
5.00%, 07/01/19 | 500 | 586 | .35 | |||||||||||
5.25%, 07/01/23 | 200 | 235 | .14 | |||||||||||
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series B, 5.00%, 07/01/20 | 200 | 234 | .14 | |||||||||||
Los Angeles Harbor Dept., Port, Airport & Marina Rev. Ref. Bonds, Series C: | ||||||||||||||
5.00%, 08/01/13 | 100 | 111 | .07 | |||||||||||
5.00%, 08/01/26 | 100 | 110 | .07 | |||||||||||
Los Angeles State Building Auth., Lease Rev. Ref. Bonds (NATL-RE IBC Insured), 5.625%, 05/01/11 | 200 | 204 | .12 | |||||||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/13 @ 100) (AGM Insured), 5.25%, 07/01/20 | 100 | 112 | .07 | |||||||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/13 @ 100) (NATL-RE Insured), 5.00%, 01/01/28 | 2,035 | 2,268 | 1.35 | |||||||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series F (AGM Insured), 4.50%, 07/01/12 | 50 | 53 | .03 | |||||||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I: | ||||||||||||||
5.00%, 07/01/14 | 200 | 226 | .13 | |||||||||||
5.00%, 07/01/24 | 200 | 219 | .13 | |||||||||||
Metropolitan Water Dist. of Southern California, G.O., Prop. Tax, Ref. Bonds, Series A, 5.00%, 03/01/17 | 100 | 113 | .07 | |||||||||||
Metropolitan Water Dist. of Southern California, G.O., Prop. Tax, Ref. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 03/01/11 @ 101), 5.25%, 03/01/18 | 100 | 103 | .06 | |||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series A (Escrowed to Maturity), 5.25%, 07/01/11 | 30 | 31 | .02 | |||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B, 4.00%, 07/01/20 | 200 | 219 | .13 | |||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series C, 5.00%, 07/01/23 | 250 | 283 | .17 | |||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Rev. Bonds, 5.00%, 07/01/20 | 1,000 | 1,202 | .71 | |||||||||||
Metropolitan Water Dist. of Southern California, Water Util. Imps. Rev. Bonds, Series A: | ||||||||||||||
4.00%, 01/01/14 | 100 | 110 | .07 | |||||||||||
5.00%, 07/01/24 | 925 | 1,029 | .61 | |||||||||||
5.00%, 01/01/27 | 200 | 223 | .13 | |||||||||||
Metropolitan Water Dist. of Southern California, Water Util. Imps. Rev. Bonds, Series C, 5.00%, 07/01/29 | 100 | 108 | .06 | |||||||||||
Moreno Valley Unified School Dist., G.O. School Imps. Prop. Tax Ref. Bonds (NATL-RE Insured), 5.25%, 08/01/19 | 380 | 442 | .26 | |||||||||||
Napa Valley Comm. College Dist., G.O. School Imps. Prop. Tax Bonds, Series B (Pre-refunded with St. & Loc. Govt. Series 08/01/15 @ 100) (NATL-RE Insured), 5.00%, 08/01/18 | 150 | 177 | .11 | |||||||||||
North Orange County Comm. College Dist., G.O. College & Univ. Imps. Bonds, Series A (Pre-refunded with U.S. Treasury Strips, Aid, U.S. Treasury Obligations and REFCORP to 08/01/12 @ 101) (NATL-RE Insured), 5.25%, 08/01/15 | 100 | 109 | .06 | |||||||||||
Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A: | ||||||||||||||
5.00%, 07/01/23 | 745 | 821 | .49 | |||||||||||
5.50%, 07/01/21 | 1,000 | 1,164 | .69 | |||||||||||
Northern California Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/17 | 200 | 233 | .14 | |||||||||||
Northern California Power Agcy., Rev. Bonds, Series A, 5.00%, 06/01/16 | 750 | 857 | .51 | |||||||||||
Oceanside Comm. Dev. Commission, Housing Rev. Ref. Bonds (Mandatory Put 04/01/11 @ 100), 4.45%, 04/01/311 | 200 | 201 | .12 | |||||||||||
Rancho Mirage Joint Powers Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 07/01/27 | 100 | 97 | .06 | |||||||||||
Rancho Water Dist. Fncg. Auth, Water Rev. Ref. Bonds, Series D (RADIAN Insured), 4.20%, 09/02/17 | 100 | 104 | .06 | |||||||||||
Roseville Natural Gas Fin. Auth., Gas Util. Imps. Rev. Bonds, 5.00%, 02/15/14 | 100 | 107 | .06 | |||||||||||
Sacramento County Water Fin. Auth., Water Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 4.50%, 06/01/11 | 200 | 204 | .12 | |||||||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (NATL-RE Insured): | ||||||||||||||
5.00%, 08/15/12 | 125 | 134 | .08 | |||||||||||
5.00%, 08/15/17 | 2,500 | 2,735 | 1.62 | |||||||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series O (NATL-RE Insured), 5.25%, 08/15/13 | 200 | 207 | .12 | |||||||||||
Sacramento Regional County Sanitation Dist., Solid Waste Mgmt. Disposal Rev. Ref. Bonds, Series A, 5.40%, 12/01/13 | 625 | 634 | .38 | |||||||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Ref. Bonds, Sub-Series A: | ||||||||||||||
5.00%, 07/01/18 | 850 | 974 | .58 | |||||||||||
5.00%, 07/01/20 | 700 | 795 | .47 | |||||||||||
San Diego County Water Auth., Certs. of Part. Water Rev. Ref. Bonds, Series 2008 A (AGM Insured), 5.00%, 05/01/14 | 560 | 635 | .38 | |||||||||||
San Diego Public Facs. Fncg. Auth., Solid Waste Mgmt. Disposal Imps. Rev. Bonds, Series A: | ||||||||||||||
4.50%, 05/15/14 | 1,000 | 1,117 | .66 | |||||||||||
5.125%, 05/15/29 | 100 | 110 | .06 | |||||||||||
San Diego Public Facs. Fncg. Auth., Solid Waste Mgmt. Disposal Rev. Ref. Bonds, Series A, 5.25%, 05/15/25 | 375 | 430 | .25 | |||||||||||
San Diego Public Facs. Fncg. Auth., Solid Waste Mgmt. Disposal Rev. Ref. Bonds, Series B: | ||||||||||||||
5.00%, 05/15/15 | 200 | 231 | .14 | |||||||||||
5.00%, 05/15/22 | 100 | 114 | .07 | |||||||||||
San Diego Public Facs. Fncg. Auth., Water Rev. Ref. Bonds, Series A: | ||||||||||||||
4.00%, 08/01/14 | 100 | 111 | .07 | |||||||||||
4.00%, 08/01/20 | 100 | 108 | .06 | |||||||||||
San Francisco Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds: | ||||||||||||||
5.00%, 07/01/20 | 500 | 594 | .35 | |||||||||||
5.00%, 07/01/22 | 800 | 927 | .55 | |||||||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.90%, 05/01/29 | 2,500 | 2,588 | 1.54 | |||||||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Imps. Rev. Bonds, Series E, 5.25%, 05/01/24 | 100 | 111 | .07 | |||||||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C2, 5.00%, 05/01/21 | 300 | 338 | .20 | |||||||||||
San Francisco City & County Public Util. Commission, Water Rev. Ref. Bonds, Series B (XLCA Insured), 4.00%, 11/01/17 | 200 | 220 | .13 | |||||||||||
San Francisco City & County Public Util. Commission, Water Rev. Ref. Bonds, Series C, 5.00%, 11/01/14 | 1,450 | 1,674 | .99 | |||||||||||
San Francisco City & County Public Util. Commission, Water Rev. Ref. Bonds, Sub-Series D, 5.00%, 11/01/20 | 800 | 953 | .57 | |||||||||||
San Francisco City & County Public Util. Commission, Water Util. Imps. Rev. Bonds, Sub-Series A: | ||||||||||||||
3.00%, 11/01/12 | 100 | 105 | .06 | |||||||||||
5.00%, 11/01/16 | 1,500 | 1,784 | 1.06 | |||||||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, 08/01/22 | 500 | 526 | .31 | |||||||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, 08/01/18 | 400 | 413 | .24 | |||||||||||
San Mateo County Comm. College Dist., Certs. of Part. College & Univ. Imps. Lease Bonds (Pre-refunded with St. & Loc. Govt. Series to 10/01/14 @ 100) (NATL-RE Insured), 5.25%, 10/01/20 | 1,000 | 1,170 | .69 | |||||||||||
San Mateo County Transit Dist., Transit Imps. Sales Tax Rev. Bonds, Series A (Escrowed to Maturity) (NATL-RE Insured), 5.00%, 06/01/12 | 50 | 54 | .03 | |||||||||||
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A, 5.25%, 07/15/23 | 400 | 454 | .27 | |||||||||||
Santa Clara County Fncg. Auth., Multiple Facs. Project, Lease Rev. Ref. Bonds, 5.00%, 11/15/22 | 285 | 315 | .19 | |||||||||||
Santa Clara Valley Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (AMBAC Insured), 4.00%, 04/01/12 | 100 | 105 | .06 | |||||||||||
South Orange County Public Fncg. Auth., Special Tax Ref. Bond, Series A (AMBAC Insured), 5.00%, 08/15/20 | 1,000 | 1,031 | .61 | |||||||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, 5.00%, 07/01/20 | 1,550 | 1,815 | 1.08 | |||||||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series A, 4.00%, 07/01/21 | 500 | 534 | .32 | |||||||||||
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, 5.00%, 07/01/23 | 100 | 112 | .07 | |||||||||||
State of California, G.O. Correctional Facs. Imps. Prop. Tax Bonds: | ||||||||||||||
5.00%, 10/01/29 | 300 | 309 | .18 | |||||||||||
5.25%, 10/01/20 | 100 | 114 | .07 | |||||||||||
State of California, G.O. General Fund, Prop. Tax Bond, Series CF, 2.25%, 12/01/13 | 2,950 | 3,001 | 1.78 | |||||||||||
State of California, G.O. General Fund, Ref. Bonds, 5.00%, 11/01/13 | 300 | 333 | .20 | |||||||||||
State of California, G.O. Housing Imps. Prop. Tax Bonds, 5.125%, 11/01/11 | 100 | 105 | .06 | |||||||||||
State of California, G.O. Prop. Tax, Ref. Bonds, Series B (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/231 | 100 | 113 | .07 | |||||||||||
State of California, G.O. Public Imps. General Fund Bonds, 5.00%, 04/01/13 | 1,360 | 1,484 | .88 | |||||||||||
State of California, G.O. Public Imps. General Fund, Ref. Notes: | ||||||||||||||
5.00%, 03/01/12 | 140 | 148 | .09 | |||||||||||
5.00%, 08/01/20 | 375 | 414 | .25 | |||||||||||
State of California, G.O. Public Imps. Misc. Tax Bonds, 5.50%, 04/01/18 | 100 | 118 | .07 | |||||||||||
State of California, G.O. Public Imps. Misc. Tax Ref. Bonds (NATL-RE Insured), 5.00%, 06/01/15 | 200 | 227 | .13 | |||||||||||
State of California, G.O. Public Imps. Prop. Tax Bonds: | ||||||||||||||
4.50%, 02/01/11 | 200 | 202 | .12 | |||||||||||
5.00%, 04/01/12 | 300 | 318 | .19 | |||||||||||
State of California, G.O. Public Imps. Prop. Tax Bonds (Pre-refunded with St. & Loc. Govt. Series to 02/01/14 @ 100), 5.00%, 02/01/33 | 2,000 | 2,274 | 1.35 | |||||||||||
State of California, G.O. Public Imps. Prop. Tax Bonds (Pre-refunded with St. & Loc. Govt. Series to 04/01/14 @ 100), 5.50%, 04/01/30 | 2,000 | 2,317 | 1.37 | |||||||||||
State of California, G.O. Sales Tax Rev. Bonds, Series A: | ||||||||||||||
5.00%, 07/01/17 | 950 | 1,116 | .66 | |||||||||||
5.25%, 07/01/13 | 125 | 140 | .08 | |||||||||||
5.25%, 07/01/21 | 1,060 | 1,230 | .73 | |||||||||||
State of California, G.O. Sales Tax Rev. Bonds, Series A (Escrowed to Maturity), 5.25%, 07/01/14 | 1,115 | 1,293 | .77 | |||||||||||
State of California, G.O. Sales Tax Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/14 @ 100), 5.00%, 07/01/15 | 1,800 | 2,073 | 1.23 | |||||||||||
State of California, G.O. Sales Tax Rev. Bonds, Series B (Pre-refunded with St. & Loc. Govt. Series to 03/01/11 @ 100), 5.00%, 07/01/23 | 650 | 661 | .39 | |||||||||||
State of California, G.O. Sales Tax Rev. Cash Flow Mgmt. General Fund, Series A, 5.25%, 07/01/14 | 1,175 | 1,339 | .79 | |||||||||||
State of California, G.O. School Imps. General Fund, Ref. Bonds, 5.25%, 02/01/14 | 400 | 442 | .26 | |||||||||||
State of California, G.O. School Imps. General Fund, Ref. Notes (Pre-refunded with St. & Loc. Govt. Series to 02/01/12 @ 100), 5.00%, 02/01/27 | 100 | 106 | .06 | |||||||||||
State of California, G.O. Water Util. Imps. Misc. Tax Bonds (NATL-RE Insured), 6.00%, 08/01/20 | 5 | 5 | — | |||||||||||
State of California, G.O. Water Util. Imps. Prop. Tax Bonds, 5.00%, 03/01/14 | 300 | 334 | .20 | |||||||||||
State of California, G.O. Water Util. Imps. Prop. Tax Bonds, Series C, 3.65%, 11/01/10 | 30 | 30 | .02 | |||||||||||
Tuolumne Wind Project Auth., Energy Res. Auth. Rev. Bonds, Series A: | ||||||||||||||
5.00%, 01/01/15 | 100 | 113 | .07 | |||||||||||
5.00%, 01/01/22 | 1,000 | 1,095 | .65 | |||||||||||
5.25%, 01/01/24 | 100 | 110 | .07 | |||||||||||
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A: | ||||||||||||||
2.00%, 01/01/12 | 700 | 710 | .42 | |||||||||||
3.00%, 01/01/13 | 1,000 | 1,044 | .62 | |||||||||||
Univ. of California, College & Univ. Imps. Rev. Bonds, Series D (NATL-RE FGIC Insured), 5.00%, 05/15/23 | 130 | 145 | .09 | |||||||||||
Univ. of California, College & Univ. Imps. Rev. Bonds, Series G (NATL-RE FGIC Insured), 5.00%, 05/15/24 | 200 | 213 | .13 | |||||||||||
Univ. of California, College & Univ. Imps. Rev. Bonds, Series G (NATL-RE Insured), 4.00%, 05/15/14 | 200 | 217 | .13 | |||||||||||
Univ. of California, College & Univ. Imps. Rev. Ref. Bonds, Series K, 4.45%, 05/15/25 | 825 | 861 | .51 | |||||||||||
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E: | ||||||||||||||
4.00%, 05/15/17 | 500 | 553 | .33 | |||||||||||
5.00%, 05/15/20 | 500 | 580 | .34 | |||||||||||
Vallejo Sanitation & Flood Control Dist., Solid Waste Mgmt. Certs. of Part. Ref. Bonds (AMBAC Insured), 4.00%, 05/01/18 | 200 | 199 | .12 | |||||||||||
132,141 | 78.40 | |||||||||||||
District of Columbia - 0.58% | ||||||||||||||
Dist. of Columbia, Income Tax Rev. Ref. Bonds, Series A, 5.00%, 12/01/23 | 750 | 860 | .51 | |||||||||||
Metropolitan Washington Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 10/01/17 | 100 | 117 | .07 | |||||||||||
977 | .58 | |||||||||||||
Georgia - 0.13% | ||||||||||||||
DeKalb Private Hospital Auth., Health Care Rev. Ref. Bonds, 5.00%, 11/15/24 | 100 | 108 | .06 | |||||||||||
Public Gas Partners Inc., Natural Gas Rev. Ref. Bonds, Series A, 5.00%, 10/01/13 | 100 | 110 | .07 | |||||||||||
218 | .13 | |||||||||||||
Iowa - 0.07% | ||||||||||||||
State of Iowa, General Fund, Public Imps. Rev. Bonds, Series A, 5.00%, 06/01/27 | 100 | 110 | .07 | |||||||||||
110 | .07 | |||||||||||||
Michigan - 0.06% | ||||||||||||||
Michigan State Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.25%, 11/15/24 | 100 | 104 | .06 | |||||||||||
104 | .06 | |||||||||||||
Minnesota - 0.07% | ||||||||||||||
State of Minnesota, G.O. Public Imps. Prop. Tax Bonds, Series H, 5.00%, 11/01/13 | 100 | 113 | .07 | |||||||||||
113 | .07 | |||||||||||||
Puerto Rico - 0.96% | ||||||||||||||
Puerto Rico Electric Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series NN (Pre-refunded with St. & Loc. Govt. Series to 07/01/13 @ 100), 5.50%, 07/01/18 | 1,435 | 1,620 | .96 | |||||||||||
1,620 | .96 | |||||||||||||
Texas - 0.13% | ||||||||||||||
City of San Antonio, Natural Gas Util. Imps. Energy Res. Auth. Rev. Bonds, Series A, 5.00%, 02/01/24 | 100 | 111 | .06 | |||||||||||
North Texas Tollway Auth., Highway Rev. Ref. Bonds, Series C, 6.00%, 01/01/23 | 100 | 114 | .07 | |||||||||||
225 | .13 | |||||||||||||
Total bonds & notes (cost: $ 132,992) | 135,508 | 80.40 | ||||||||||||
Short-term securities - 18.66% | ||||||||||||||
State of California, California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A, 0.35%, 10/01/361 | 1,230 | 1,230 | .73 | |||||||||||
State of California, California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, 0.28%, 09/01/281 | 1,440 | 1,440 | .86 | |||||||||||
State of California, California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, Series C, 0.24%, 11/01/381 | 2,000 | 2,000 | 1.19 | |||||||||||
State of California, California Infrastructure & Econ. Dev. Bank, Energy Res. Auth. Rev. Ref. Bonds, 0.26%, 11/01/261 | 2,220 | 2,220 | 1.32 | |||||||||||
State of California, California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series F, 0.25%, 09/01/381 | 200 | 200 | .12 | |||||||||||
State of California, California Infrastructure & Econ. Dev. Bank, Recreational Facs. Imps. Rev. Bonds, 0.31%, 12/01/361 | 1,000 | 1,000 | .59 | |||||||||||
State of California, California Infrastructure & Econ. Dev. Bank, Recreational Rev. Ref. Bonds, 0.24%, 04/01/331 | 4,000 | 4,000 | 2.37 | |||||||||||
State of California, California Pollution Control Fncg. Auth., Energy Res. Industrial Rev. Ref. bonds, 0.26%, 11/01/261 | 1,200 | 1,200 | .71 | |||||||||||
State of California, California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 0.24%, 08/15/361 | 1,100 | 1,100 | .65 | |||||||||||
State of California, California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 0.26%, 08/15/271 | 2,500 | 2,500 | 1.48 | |||||||||||
State of California, California Statewide Comms. Dev. Auth., Misc. Purposes Rev. Bonds, 0.31%, 07/01/341 | 1,070 | 1,070 | .64 | |||||||||||
State of California, City of Irvine, Special Assessment Public Imps. Bonds, 0.23%, 09/02/251 | 900 | 900 | .53 | |||||||||||
State of California, City of Irvine, Special Assessment Public Imps. Bonds, Series A, 0.28%, 09/02/311 | 995 | 995 | .59 | |||||||||||
State of California, G.O. Sales Tax Rev. Bonds, Series C, 0.25%, 07/01/231 | 600 | 600 | .36 | |||||||||||
State of California, G.O. Sales Tax Rev. Bonds, Series C-3, 0.22%, 07/01/231 | 1,800 | 1,800 | 1.07 | |||||||||||
State of California, G.O. School Imps. Bonds, Series A-1, 0.24%, 05/01/331 | 3,000 | 3,000 | 1.78 | |||||||||||
State of California, Irvine Ranch Water Dist., G.O. Prop. Tax Water Util. Imps. Bonds, Series B, 0.25%, 10/01/411 | 1,000 | 1,000 | .59 | |||||||||||
State of California, Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Subseries B-3, 0.26%, 07/01/341 | 2,900 | 2,900 | 1.72 | |||||||||||
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series A-1, 0.29%, 07/01/371 | 1,295 | 1,295 | .77 | |||||||||||
State of California, Sacramento County Sanitation Dist. Fncg. Auth., Solid Waste Mgmt. Disposal Rev. Ref. Bonds, Series C, 0.28%, 12/01/381 | 1,000 | 1,000 | .59 | |||||||||||
Total short-term securities (cost: $ 31,450) | 31,450 | 18.66 | ||||||||||||
Total investment securities (cost: $164,442) | 166,958 | 99.06 | ||||||||||||
Other assets less liabilities | 1,584 | 0.94 | ||||||||||||
Net assets | $ | 168,542 | 100.00 | % | ||||||||||
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. | |||||||||||||
Key to abbreviations | ||||||||||||||
Agcy. | = Agency | |||||||||||||
AGM | = Assured Guaranty Municipal Corporation | |||||||||||||
AMBAC | = American Municipal Bond Assurance Corporation | |||||||||||||
Auth. | = Authority | |||||||||||||
CA Mtg. Ins. | = California Mortgage Insurance | |||||||||||||
Certs. of Part. | = Certificates of Participation | |||||||||||||
CIFG | = CDC IXIS Financial Guaranty | |||||||||||||
Comm. | = Community | |||||||||||||
Comms. | = Communities | |||||||||||||
Corp. | = Corporation | |||||||||||||
Dept. | = Department | |||||||||||||
Dev. | = Development | |||||||||||||
Dist. | = District | |||||||||||||
Econ. | = Economic | |||||||||||||
Educ. | = Educational | |||||||||||||
Facs. | = Facilities | |||||||||||||
FGIC | = Financial Guaranty Insurance Company | |||||||||||||
FHA | = Federal Housing Administration | |||||||||||||
FHLMC | = Federal Home Loan Mortgate Corporation | |||||||||||||
Fin. | = Finance | |||||||||||||
Fncg. | = Financing | |||||||||||||
FNMA | = Federal National Mortgage Association | |||||||||||||
G.O. | = General Obligation | |||||||||||||
Govt. | = Government | |||||||||||||
GTD | = Guaranteed | |||||||||||||
IBC | = Insured Bond Certificate | |||||||||||||
Imps. | = Improvements | |||||||||||||
Inc. | = Incorporated | |||||||||||||
Loc. | = Local | |||||||||||||
Mgmt. | = Management | |||||||||||||
Misc. | = Miscellaneous | |||||||||||||
Muni. | = Municipal | |||||||||||||
NATL-RE | = National Reinsurance | |||||||||||||
Prop. | = Property | |||||||||||||
Rec. | = Recreational | |||||||||||||
Redev. | = Redevelopment | |||||||||||||
Ref. | = Refunding | |||||||||||||
Res. | = Resource | |||||||||||||
Ress. | = Resources | |||||||||||||
Rev. | = Revenue | |||||||||||||
St. | = State | |||||||||||||
Trans. | = Transportation | |||||||||||||
Univ. | = University | |||||||||||||
Util. | = Utility | |||||||||||||
XLCA | = Xl Capital Assurance |
Capital California Short-Term Municipal Fund | |
October 31, 2010 |
Growth of $10,000 investment
Here’s how a $10,000 investment in the Capital California Short-Term Municipal Fund grew between April 13, 2010, when the fund began operations, and October 31, 2010, the end of the fund’s fiscal year.
[begin mountain chart]
Date | Capital California Short-Term Municipal Fund2 | Barclays Capital CA Short Municipal Bond Index1 | ||||||
4/13/2010 | $ | 10,000 | $ | 10,000 | ||||
4/30/2010 | 10,020 | 10,052 | ||||||
5/31/2010 | 10,054 | 10,086 | ||||||
6/30/2010 | 10,059 | 10,113 | ||||||
7/31/2010 | 10,136 | 10,201 | ||||||
8/31/2010 | 10,191 | 10,264 | ||||||
9/30/2010 | 10,169 | 10,238 | ||||||
10/31/2010 | 10,167 | 10,244 |
[end mountain chart]
1 The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses.
2 Includes reinvested dividends.
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.
[begin pie chart]
Investment portfolio - quality ratings* | |||||||
AAA/Aaa | 37.24 | % | |||||
AA/Aa | 43.52 | ||||||
A/A2 | 17.26 | ||||||
Unrated | 1.97 | ||||||
*Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody's Standard & Poor's and/or Fitch as an indication of an issuer's credit-worthiness. If agency ratings differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in "unrated" at left), the investment advisor performs its own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm. |
[end pie chart]
Capital California Short-Term Municipal Fund | ||||||||||||||
Schedule of Investments October 31, 2010 | ||||||||||||||
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||||||
Bonds & notes - 78.88% | ||||||||||||||
California - 74.17% | ||||||||||||||
ABAG Fin. Auth. For Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 05/15/16 | $ | 500 | $ | 505 | 1.00 | % | ||||||||
Azusa Redev. Agcy., Loc. or GTD Housing, Rev. Ref. Bonds, Series A (Escrowed to Maturity) (FNMA Insured), 6.875%, 10/01/12 | 500 | 560 | 1.11 | |||||||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, 4.00%, 02/01/17 | 100 | 112 | .22 | |||||||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A: | ||||||||||||||
3.50%, 03/01/11 | 105 | 106 | .21 | |||||||||||
5.00%, 10/01/15 | 500 | 568 | 1.12 | |||||||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 04/01/14 | 100 | 110 | .22 | |||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||||||||
4.00%, 11/15/13 | 300 | 323 | .64 | |||||||||||
5.00%, 08/15/14 | 100 | 111 | .22 | |||||||||||
5.00%, 11/15/16 | 250 | 285 | .56 | |||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/16/14 @ 100), 5.00%, 07/01/341 | 200 | 223 | .44 | |||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series I (Mandatory Put 07/01/14 @ 100), 4.95%, 07/01/261 | 100 | 109 | .22 | |||||||||||
California Infrastructure & Econ. Dev. Bank, Econ. Imps. Rev. Bonds (Mandatory Put 12/01/11 @ 100), 3.90%, 04/01/331 | 100 | 103 | .20 | |||||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds (Mandatory Put 12/01/11 @ 100), 3.90%, 04/01/331 | 500 | 516 | 1.02 | |||||||||||
California Infrastructure & Econ. Dev. Bank, Rec. Rev. Ref. Bonds (Mandatory Put 04/01/13 @ 100), 2.50%, 10/01/471 | 400 | 414 | .82 | |||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 05/01/12 @ 101): | ||||||||||||||
5.125%, 05/01/19 | 500 | 540 | 1.07 | |||||||||||
5.875%, 05/01/16 | 100 | 109 | .22 | |||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 05/01/12 @ 101) (AMBAC Insured): | ||||||||||||||
5.375%, 05/01/18 | 250 | 271 | .53 | |||||||||||
5.50%, 05/01/16 | 400 | 434 | .86 | |||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 05/01/14 | 300 | 337 | .67 | |||||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE, 4.00%, 12/01/11 | 500 | 520 | 1.03 | |||||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Subseries G-4, 5.00%, 05/01/16 | 1,000 | 1,162 | 2.29 | |||||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 4.00%, 03/01/16 | 400 | 422 | .83 | |||||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series C-1, 5.00%, 03/01/16 | 500 | 579 | 1.14 | |||||||||||
California State Public Works Board, Health Care Facs. Imps. Lease Rev. Bonds, Series E, 3.00%, 04/01/11 | 225 | 227 | .45 | |||||||||||
California State Public Works Board, Health Care Facs. Imps. Rev. Bonds, 5.50%, 06/01/15 | 400 | 438 | .86 | |||||||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 06/01/15 | 100 | 115 | .23 | |||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, 3.00%, 07/01/11 | 200 | 202 | .40 | |||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 04/01/13 | 500 | 543 | 1.07 | |||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, 07/01/16 | 500 | 572 | 1.13 | |||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||||||||
4.00%, 11/01/14 | 400 | 426 | .84 | |||||||||||
5.00%, 11/01/15 | 300 | 333 | .66 | |||||||||||
California Statewide Comms. Dev. Auth., Misc. Rev. Bonds: | ||||||||||||||
4.00%, 06/15/13 | 240 | 256 | .50 | |||||||||||
5.00%, 06/15/13 | 1,020 | 1,113 | 2.20 | |||||||||||
City & County of San Francisco, Certs. of Part., Lease Ref. Bonds, Series A: | ||||||||||||||
5.00%, 10/01/15 | 500 | 576 | 1.14 | |||||||||||
5.00%, 10/01/16 | 500 | 580 | 1.14 | |||||||||||
City & County of San Francisco, G.O., Health Care Facs. Imps. Tax Bonds, Series A, 5.00%, 06/15/11 | 125 | 129 | .25 | |||||||||||
City & County of San Francisco, Health Care Imps. Certs. of Part. Lease Bonds, Series A, 5.00%, 04/01/12 | 350 | 371 | .73 | |||||||||||
City of Long Beach, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 05/15/13 | 160 | 177 | .35 | |||||||||||
City of Long Beach, Port, Airport & Marina Imps. Rev. Ref. Bonds, Series B, 5.00%, 05/15/16 | 445 | 524 | 1.03 | |||||||||||
City of Los Angeles, Sewer Rev. Ref. Bonds, Series A, 3.00%, 06/01/14 | 150 | 160 | .32 | |||||||||||
Contra Costa Water Dist., Water Util. Imps. Rev. Bonds, Series A: | ||||||||||||||
2.00%, 10/01/11 | 400 | 406 | .80 | |||||||||||
3.50%, 10/01/13 | 500 | 540 | 1.07 | |||||||||||
Golden State Tobacco Securitization Corp., Misc. Purpose, Rev. Bonds, Series 2003 A-1 (Pre-refunded with Agencies to 06/01/13 @ 100), 6.75%, 06/01/39 | 875 | 1,011 | 2.00 | |||||||||||
Imperial Irrigation Dist., Energy Res. Auth. Ref. Rev. Bonds, 5.00%, 11/01/13 | 125 | 140 | .28 | |||||||||||
Irvine Ranch Water Dist., Certs. of Part. Water Rev. Ref. Bonds, 5.00%, 03/01/13 | 200 | 220 | .43 | |||||||||||
Los Angeles County, Metropolitan Transportation Auth., Sales Tax Rev. Ref. Bonds, Series D, 5.00%, 07/01/11 | 375 | 387 | .76 | |||||||||||
Los Angeles County, Metropolitan Transportation Auth., Sales Tax Rev. Ref. Bonds, Series E, 4.00%, 07/01/11 | 200 | 205 | .40 | |||||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 3.00%, 05/15/15 | 700 | 752 | 1.48 | |||||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, Series E, 4.00%, 05/15/15 | 200 | 221 | .44 | |||||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 3.00%, 07/01/14 | 200 | 214 | .42 | |||||||||||
Los Angeles Harbor Dept., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 08/01/13 | 200 | 223 | .44 | |||||||||||
Los Angeles Muni. Imp. Corp., Lease Rev. Ref. Bonds, Series A, 3.50%, 09/01/12 | 100 | 104 | .20 | |||||||||||
Los Angeles State Building Auth., Lease Rev. Ref. Bonds (NATL-RE IBC Insured), 5.625%, 05/01/11 | 300 | 307 | .61 | |||||||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/13 @ 100) (NATL-RE Insured), 5.00%, 01/01/28 | 250 | 279 | .55 | |||||||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, 07/01/14 | 500 | 565 | 1.11 | |||||||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series KY, 5.00%, 07/01/16 | 500 | 582 | 1.15 | |||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, 5.00%, 07/01/14 | 100 | 114 | .23 | |||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B: | ||||||||||||||
4.00%, 07/01/14 | 100 | 111 | .22 | |||||||||||
4.00%, 07/01/16 | 200 | 227 | .45 | |||||||||||
Metropolitan Water Dist. of Southern California, Water Util. Imps. Rev. Bonds, Series A, 4.00%, 01/01/14 | 400 | 440 | .87 | |||||||||||
Northern California Power Agcy., Rev. Bonds, Series A: | ||||||||||||||
3.00%, 06/01/13 | 200 | 208 | .41 | |||||||||||
4.00%, 07/01/11 | 125 | 128 | .25 | |||||||||||
Port of Oakland, Port, Airport & Marina Imps. Misc. Rev. Ref. Bonds, Series M (Pre-refunded with St. & Loc. Govt. Series to 11/01/12 @ 100) (FGIC Insured), 5.25%, 11/01/19 | 500 | 548 | 1.08 | |||||||||||
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, 5.00%, 12/01/14 | 250 | 288 | .57 | |||||||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (NATL-RE Insured), 5.00%, 08/15/17 | 400 | 437 | .86 | |||||||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 07/01/15 | 100 | 114 | .23 | |||||||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Ref., Subseries A: | ||||||||||||||
5.00%, 07/01/16 | 250 | 287 | .57 | |||||||||||
5.00%, 07/01/17 | 300 | 345 | .68 | |||||||||||
San Diego County Water Auth., Certs. of Part. Water Rev. Ref. Bonds, Series 2008 A (AGM Insured), 5.00%, 05/01/14 | 500 | 567 | 1.12 | |||||||||||
San Diego Public Facs. Fncg. Auth., Solid Waste Mgmt. Disposal Imps. Rev. Bonds, Series A: | ||||||||||||||
4.00%, 05/15/12 | 200 | 210 | .41 | |||||||||||
4.50%, 05/15/14 | 500 | 558 | 1.10 | |||||||||||
San Diego Public Facs. Fncg. Auth., Solid Waste Mgmt. Disposal Rev. Ref. Bonds, Series B, 5.00%, 05/15/15 | 300 | 347 | .68 | |||||||||||
San Francisco Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds, 3.00%, 07/01/13 | 125 | 132 | .26 | |||||||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C (AGM Insured), 5.00%, 05/01/14 | 500 | 562 | 1.11 | |||||||||||
San Francisco City & County Public Utils. Commission, Water Rev. Ref. Bonds, Series C: | ||||||||||||||
5.00%, 11/01/12 | 100 | 109 | .21 | |||||||||||
5.00%, 11/01/13 | 400 | 451 | .89 | |||||||||||
San Francisco City & County Public Utils. Commission, Water Util. Imps. Ref. Rev. Bonds, Series D, 5.00%, 11/01/15 | 400 | 469 | .92 | |||||||||||
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series B, 5.00%, 06/15/15 | 100 | 115 | .23 | |||||||||||
San Jose Redev. Agcy., Tax Increment Allocation Ref. Bonds, 4.00%, 08/01/16 | 300 | 316 | .62 | |||||||||||
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A: | ||||||||||||||
3.00%, 07/15/13 | 100 | 106 | .21 | |||||||||||
4.00%, 07/15/13 | 125 | 135 | .27 | |||||||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds: | ||||||||||||||
4.00%, 07/01/15 | 225 | 250 | .49 | |||||||||||
5.00%, 07/01/16 | 200 | 235 | .46 | |||||||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A: | ||||||||||||||
4.00%, 07/01/16 | 150 | 168 | .33 | |||||||||||
5.00%, 07/01/17 | 775 | 915 | 1.81 | |||||||||||
State of California, G.O. General Fund, Prop. Tax Bond, Series CF, 2.25%, 12/01/13 | 975 | 992 | 1.96 | |||||||||||
State of California, G.O. Prop. Tax Ref. Bonds, 5.00%, 06/01/15 | 200 | 227 | .45 | |||||||||||
State of California, G.O. Prop. Tax, Ref. Bonds, Series B (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/231 | 200 | 226 | .45 | |||||||||||
State of California, G.O. Public Imps. General Fund Bonds, 5.00%, 04/01/13 | 700 | 764 | 1.51 | |||||||||||
State of California, G.O. Public Imps. Misc. Tax Ref. Bonds (NATL-RE Insured), 5.00%, 06/01/15 | 250 | 284 | .56 | |||||||||||
State of California, G.O. Public Imps. Prop. Tax Bonds, 5.00%, 04/01/12 | 100 | 106 | .21 | |||||||||||
State of California, G.O. Public Imps. Prop. Tax Bonds (Pre-refunded with St. & Loc. Govt. Series to 02/01/14 @ 100), 5.00%, 02/01/33 | 600 | 682 | 1.35 | |||||||||||
State of California, G.O. Public Imps. Prop. Tax Rev. Bonds (Pre-refunded with St. & Loc. Govt. Series to 04/01/14 @ 100), 5.30%, 04/01/29 | 695 | 801 | 1.58 | |||||||||||
State of California, G.O. Sales Tax Rev. Bonds, Series A: | ||||||||||||||
5.25%, 07/01/12 | 100 | 108 | .21 | |||||||||||
5.25%, 07/01/13 | 225 | 251 | .50 | |||||||||||
State of California, G.O. Sales Tax Rev. Bonds, Series A (Escrowed to Maturity), 5.25%, 07/01/14 | 250 | 290 | .57 | |||||||||||
State of California, G.O. Sales Tax Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 07/01/14 | 500 | 570 | 1.12 | |||||||||||
State of California, G.O. Sales Tax Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/14 @ 100), 5.00%, 07/01/15 | 500 | 576 | 1.14 | |||||||||||
State of California, G.O. Sales Tax Rev. Bonds, Series B (Pre-refunded with St. & Loc. Govt. Series to 03/01/11 @ 100), 5.00%, 07/01/23 | 350 | 356 | .70 | |||||||||||
State of California, G.O. Sales Tax Rev. Cash Flow Mgmt. General Fund, Series A, 5.25%, 07/01/14 | 600 | 684 | 1.35 | |||||||||||
Tuolumne Wind Project Auth., Energy Res. Auth. Rev. Bonds, Series A, 5.00%, 01/01/15 | 100 | 113 | .22 | |||||||||||
Univ. of California, College & Univ. Rev. Ref., Series E, 5.00%, 05/15/16 | 200 | 232 | .46 | |||||||||||
West Basin Municipal Water Dist., Certs. of Part. Water Rev. Ref. Bonds, Series B (Assured GTY Insured), 4.50%, 08/01/12 | 100 | 107 | .21 | |||||||||||
37,578 | 74.17 | |||||||||||||
Florida - 2.60% | ||||||||||||||
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, 5.00%, 06/01/15 | 100 | 107 | .21 | |||||||||||
Florida Hurricane Catastrophe Fund Fin. Corp., 5.00%, 07/01/16 | 1,100 | 1,212 | 2.39 | |||||||||||
1,319 | 2.60 | |||||||||||||
Georgia - 0.22% | ||||||||||||||
Public Gas Partners Inc., Natural Gas Rev. Ref. Bonds, Series A, 5.00%, 10/01/13 | 100 | 110 | .22 | |||||||||||
110 | .22 | |||||||||||||
Mississippi - 1.11% | ||||||||||||||
Jackson State Univ. Educ. Building Corp., College & Univ. Imps. Lease Rev. Ref. Bonds (Mandatory Put 03/01/15 @ 100) (AGM Insured), 5.00%, 03/01/341 | 500 | 563 | 1.11 | |||||||||||
563 | 1.11 | |||||||||||||
Puerto Rico - 0.78% | ||||||||||||||
Puerto Rico Electric Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series NN (Pre-refunded with St. & Loc. Govt. Series to 07/01/13 @ 100), 5.50%, 07/01/18 | 350 | 395 | .78 | |||||||||||
395 | .78 | |||||||||||||
Total bonds & notes (cost: $ 39,532) | 39,965 | 78.88 | ||||||||||||
Short-term securities - 19.82% | ||||||||||||||
State of California, California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series C, 0.35%, 10/01/261 | 300 | 300 | .59 | |||||||||||
State of California, California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, 0.28%, 09/01/281 | 575 | 575 | 1.14 | |||||||||||
State of California, California Infrastructure & Econ. Dev. Bank, Energy Res. Auth. Rev. Ref. Bonds, 0.26%, 11/01/261 | 300 | 300 | .59 | |||||||||||
State of California, California Infrastructure & Econ. Dev. Bank, Energy Res. Auth. Rev. Ref. Bonds, 0.23%, 12/01/161 | 700 | 700 | 1.38 | |||||||||||
State of California, California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series F, 0.25%, 09/01/381 | 1,000 | 1,000 | 1.97 | |||||||||||
State of California, California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds (NATL-RE Insured), 0.35%, 06/01/341 | 1,300 | 1,300 | 2.57 | |||||||||||
State of California, California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds, 0.31%, 12/01/361 | 500 | 500 | .99 | |||||||||||
State of California, California Infrastructure & Econ. Dev. Bank, Rec. Rev. Ref. Bonds, 0.24%, 04/01/331 | 600 | 600 | 1.19 | |||||||||||
State of California, California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 0.26%, 08/15/271 | 600 | 600 | 1.18 | |||||||||||
State of California, G.O. Sales Tax Rev. Bonds, Series C-4, 0.25%, 07/01/231 | 800 | 800 | 1.58 | |||||||||||
State of California, G.O. School Imps. Bonds, Series A-1, 0.24%, 05/01/331 | 1,000 | 1,000 | 1.97 | |||||||||||
State of California, Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A, 0.31%, 12/01/311 | 1,000 | 1,000 | 1.97 | |||||||||||
State of California, Irvine Ranch Water Dist., Water Util. Imps. Rev. Bonds, 0.28%, 04/01/331 | 500 | 500 | .99 | |||||||||||
State of California, Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Subseries B-3, 0.26%, 07/01/341 | 300 | 300 | .59 | |||||||||||
State of California, Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 0.24%, 08/15/361 | 565 | 565 | 1.12 | |||||||||||
Total short-term securities (cost: $ 10,040) | 10,040 | 19.82 | ||||||||||||
Total investment securities (cost: $49,572) | 50,005 | 98.70 | ||||||||||||
Other assets less liabilities | 660 | 1.30 | ||||||||||||
Net assets | $ | 50,665 | 100.00 | % | ||||||||||
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. | |||||||||||||
Capital California Short-Term Municipal Fund | ||||||||||||||
Schedule of Investments October 31, 2010 | ||||||||||||||
Key to abbreviations | ||||||||||||||
Agcy. | = Agency | |||||||||||||
AGM | = Assured Guaranty Municipal Corporation | |||||||||||||
AMBAC | = American Municipal Bond Assurance Corporation | |||||||||||||
Auth. | = Authority | |||||||||||||
CA Mtg. Ins. | = California Mortgage Insurance | |||||||||||||
Certs. of Part. | = Certificates of Participation | |||||||||||||
Comms. | = Communities | |||||||||||||
Corp. | = Corporation | |||||||||||||
Corps. | = Corporations | |||||||||||||
Dept. | = Department | |||||||||||||
Dev. | = Development | |||||||||||||
Dist. | = District | |||||||||||||
Econ. | = Economic | |||||||||||||
Educ. | = Educational | |||||||||||||
Facs. | = Facilities | |||||||||||||
FGIC | = Financial Guaranty Insurance Company | |||||||||||||
Fin. | = Finance | |||||||||||||
Fncg. | = Financing | |||||||||||||
FNMA | = Federal National Mortgage Association | |||||||||||||
G.O. | = General Obligation | |||||||||||||
Govt. | = Government | |||||||||||||
GTD | = Guaranteed | |||||||||||||
GTY | = Guaranty | |||||||||||||
IBC | = Insured Bond Certificate | |||||||||||||
Imp. | = Improvement | |||||||||||||
Imps. | = Improvements | |||||||||||||
Inc. | = Incorporated | |||||||||||||
Loc. | = Local | |||||||||||||
Mgmt. | = Management | |||||||||||||
Misc. | = Miscellaneous | |||||||||||||
Muni. | = Municipal | |||||||||||||
NATL-RE | = National Reinsurance | |||||||||||||
Prop. | = Property | |||||||||||||
Rec. | = Recreational | |||||||||||||
Redev. | = Redevelopment | |||||||||||||
Ref. | = Refunding | |||||||||||||
Res. | = Resource | |||||||||||||
Ress. | = Resources | |||||||||||||
Rev. | = Revenue | |||||||||||||
St. | = State | |||||||||||||
Univ. | = University | |||||||||||||
Util. | = Utility | |||||||||||||
Utils. | = Utilities |
Capital Core Bond Fund | |
October 31, 2010 |
Growth of $10,000 investment
Here’s how a $10,000 investment in the Capital Core Bond Fund grew between April 13, 2010, when the fund began operations, and October 31, 2010, the end of the fund’s fiscal year.
[begin mountain chart]
Date | Capital Core Bond Fund2 | Barclays Capital U.S. Government/Credit 1-10 years ex. BBB Index1 | ||||||
4/13/2010 | $ | 10,000 | $ | 10,000 | ||||
4/30/2010 | 10,044 | 10,060 | ||||||
5/31/2010 | 10,147 | 10,146 | ||||||
6/30/2010 | 10,282 | 10,283 | ||||||
7/31/2010 | 10,378 | 10,385 | ||||||
8/31/2010 | 10,486 | 10,504 | ||||||
9/30/2010 | 10,504 | 10,545 | ||||||
10/31/2010 | 10,552 | 10,597 |
[end mountain chart]
1 The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses.
2 Includes reinvested dividends.
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.
[begin pie chart]
Investment portfolio - quality ratings* | ||||||
AAA/Aaa | 78.30 | % | ||||
AA/Aa | 6.91 | |||||
A/A2 | 10.25 | |||||
BAA/Baa | 4.55 | |||||
Unrated | 0 | |||||
*Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody's Standard & Poor's and/or Fitch as an indication of an issuer's credit-worthiness. If agency ratings differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in "unrated" at left), the investment advisor performs its own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm. |
[end pie chart]
Capital Core Bond Fund | ||||||||||||
Schedule of Investments October 31, 2010 | ||||||||||||
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||||
Bonds & notes - 94.91% | ||||||||||||
U.S. government & government agency bonds & notes - 45.83% | ||||||||||||
Fannie Mae: | ||||||||||||
1.75%, 05/07/13 | $ | 2,000 | $ | 2,062 | .90 | % | ||||||
1.00%, 09/23/13 | 2,500 | 2,528 | 1.10 | |||||||||
2.375%, 07/28/15 | 2,435 | 2,554 | 1.11 | |||||||||
Federal Home Loan Banks: | ||||||||||||
1.125%, 05/18/12 | 4,000 | 4,049 | 1.76 | |||||||||
1.75%, 08/22/12 | 835 | 856 | .37 | |||||||||
Freddie Mac, 4.75%, 01/19/16 | 2,000 | 2,326 | 1.01 | |||||||||
U.S. Treasury Inflation Indexed Bonds: | ||||||||||||
2.00%, 01/15/14 | 1,477 | 1,599 | .70 | |||||||||
2.375%, 01/15/17 | 357 | 410 | .18 | |||||||||
U.S. Treasury Note: | ||||||||||||
1.125%, 12/15/11 | 1,960 | 1,979 | .86 | |||||||||
3.625%, 05/15/13 | 2,750 | 2,979 | 1.29 | |||||||||
3.125%, 09/30/13 | 3,000 | 3,230 | 1.40 | |||||||||
2.375%, 09/30/14 | 10,000 | 10,605 | 4.61 | |||||||||
2.375%, 10/31/14 | 455 | 482 | .21 | |||||||||
4.00%, 02/15/15 | 5,000 | 5,641 | 2.45 | |||||||||
2.625%, 02/29/16 | 5,000 | 5,340 | 2.32 | |||||||||
5.125%, 05/15/16 | 5,300 | 6,365 | 2.77 | |||||||||
7.25%, 05/15/16 | 690 | 907 | .39 | |||||||||
4.625%, 02/15/17 | 4,000 | 4,711 | 2.05 | |||||||||
4.50%, 05/15/17 | 14,475 | 16,928 | 7.35 | |||||||||
8.75%, 05/15/17 | 6,590 | 9,458 | 4.11 | |||||||||
1.875%, 08/31/17 | 5,515 | 5,523 | 2.40 | |||||||||
3.875%, 05/15/18 | 1,000 | 1,127 | .49 | |||||||||
4.00%, 08/15/18 | 4,000 | 4,542 | 1.97 | |||||||||
8.125%, 08/15/19 | 4,130 | 6,017 | 2.61 | |||||||||
3.625%, 02/15/20 | 2,995 | 3,270 | 1.42 | |||||||||
Total U.S. government & government agency bonds & notes | 105,488 | 45.83 | ||||||||||
Mortgage-backed obligations - 23.30% | ||||||||||||
Federal agency mortgage-backed obligations - 20.48% | ||||||||||||
Fannie Mae: | ||||||||||||
4.50%, 07/01/19 | 509 | 543 | .24 | |||||||||
4.50%, 03/01/20 | 1,861 | 1,986 | .86 | |||||||||
4.00%, 05/01/20 | 1,819 | 1,926 | .84 | |||||||||
4.00%, 02/01/24 | 2,000 | 2,097 | .91 | |||||||||
4.00%, 03/01/24 | 167 | 175 | .08 | |||||||||
4.00%, 05/01/24 | 49 | 51 | .02 | |||||||||
4.00%, 06/01/24 | 229 | 241 | .11 | |||||||||
4.50%, 03/01/25 | 2,060 | 2,183 | .95 | |||||||||
4.00%, 04/01/25 | 4,567 | 4,797 | 2.08 | |||||||||
3.50%, 11/01/25 | 11,720 | 12,132 | 5.27 | |||||||||
5.50%, 04/25/37 | 196 | 218 | .09 | |||||||||
6.00%, 08/01/37 | 240 | 261 | .11 | |||||||||
5.50%, 09/01/38 | 6,963 | 7,482 | 3.25 | |||||||||
6.50%, 10/01/38 | 3,793 | 4,189 | 1.82 | |||||||||
Freddie Mac, 6.00%, 02/15/37 | 175 | 193 | .08 | |||||||||
Freddie Mac Gold, 6.00%, 12/01/39 | 73 | 79 | .03 | |||||||||
Ginnie Mae: | ||||||||||||
3.50%, 09/15/25 | 2,677 | 2,792 | 1.21 | |||||||||
4.50%, 10/20/39 | 1,900 | 2,022 | .88 | |||||||||
4.50%, 01/20/40 | 313 | 333 | .15 | |||||||||
4.00%, 11/01/40 | 3,310 | 3,441 | 1.50 | |||||||||
47,141 | 20.48 | |||||||||||
Commercial mortgage-backed securities - 2.82% | ||||||||||||
Bear Stearns Commercial Mortgage Securities: | ||||||||||||
5.53%, 09/11/41 | 1,330 | 1,450 | .63 | |||||||||
5.54%, 09/11/41 | 250 | 274 | .12 | |||||||||
Citigroup/Deutsche Bank Commercial Mortgage Trust: | ||||||||||||
5.222%, 07/15/441 | 1,035 | 1,142 | .50 | |||||||||
5.617%, 10/15/48 | 500 | 542 | .23 | |||||||||
JP Morgan Chase Commercial Mortgage Securities Corp., 5.8721%, 04/15/451 | 500 | 555 | .24 | |||||||||
Wachovia Bank Commercial Mortgage Trust: | ||||||||||||
5.118%, 07/15/421 | 1,045 | 1,153 | .50 | |||||||||
5.269%, 12/15/441 | 1,250 | 1,378 | .60 | |||||||||
6,494 | 2.82 | |||||||||||
Total mortgage-backed obligations | 53,635 | 23.30 | ||||||||||
Corporate bonds & notes - 22.72% | ||||||||||||
Banks - 4.70% | ||||||||||||
Ally Financial, Inc., 2.20%, 12/19/12 | 2,205 | 2,285 | .99 | |||||||||
Bank Of America Corp.: | ||||||||||||
6.50%, 08/01/16 | 410 | 458 | .20 | |||||||||
5.625%, 07/01/20 | 250 | 260 | .11 | |||||||||
Barclays Bank PLC, 2.50%, 01/23/13 | 560 | 576 | .25 | |||||||||
BNP Paribas, 0.6897%, 04/08/131 | 685 | 683 | .30 | |||||||||
Citigroup, Inc., 6.00%, 12/13/13 | 520 | 576 | .25 | |||||||||
HSBC Bank PLC, Series 144A, 3.50%, 06/28/152 | 300 | 318 | .14 | |||||||||
JP Morgan Chase & Co.: | ||||||||||||
3.40%, 06/24/15 | 915 | 958 | .42 | |||||||||
4.25%, 10/15/20 | 250 | 252 | .11 | |||||||||
Morgan Stanley, 2.25%, 03/13/12 | 1,110 | 1,138 | .49 | |||||||||
Northern Trust Corp., 4.625%, 05/01/14 | 300 | 335 | .15 | |||||||||
Sovereign Bank, 8.75%, 05/30/18 | 300 | 353 | .15 | |||||||||
The Goldman Sachs Group, Inc.: | ||||||||||||
3.25%, 06/15/12 | 500 | 523 | .23 | |||||||||
6.15%, 04/01/18 | 505 | 566 | .25 | |||||||||
The Royal Bank of Scotland PLC, 3.95%, 09/21/15 | 845 | 872 | .38 | |||||||||
Wells Fargo & Co., 0.4884%, 10/28/151 | 250 | 237 | .10 | |||||||||
Wells Fargo & Co., Series I, 3.75%, 10/01/14 | 390 | 418 | .18 | |||||||||
10,808 | 4.70 | |||||||||||
Electric - 2.04% | ||||||||||||
Alabama Power Co., 4.85%, 12/15/12 | 55 | 59 | .03 | |||||||||
Appalachian Power Co., Series S, 3.40%, 05/24/15 | 250 | 265 | .12 | |||||||||
Carolina Power & Light Co., 6.50%, 07/15/12 | 520 | 569 | .25 | |||||||||
Cleveland Electric Illuminating Co., 8.875%, 11/15/18 | 40 | 53 | .02 | |||||||||
Consolidated Edison Co. of New York Inc., 4.45%, 06/15/20 | 300 | 329 | .14 | |||||||||
Consumers Energy Co., 5.65%, 09/15/18 | 355 | 410 | .18 | |||||||||
Duke Energy Indiana, Inc., 3.75%, 07/15/20 | 300 | 310 | .13 | |||||||||
Duke Energy Ohio, Inc., 2.10%, 06/15/13 | 710 | 731 | .32 | |||||||||
Midamerican Energy Holdings Co., 5.75%, 04/01/18 | 300 | 348 | .15 | |||||||||
National Grid PLC, 6.30%, 08/01/16 | 35 | 42 | .02 | |||||||||
Pacificorp, 5.65%, 07/15/18 | 735 | 874 | .38 | |||||||||
Virginia Electric And Power Co., 5.40%, 04/30/18 | 601 | 699 | .30 | |||||||||
4,689 | 2.04 | |||||||||||
Diversified financial services - 1.74% | ||||||||||||
Citigroup Funding, Inc., 1.875%, 10/22/12 | 2,225 | 2,286 | .99 | |||||||||
General Electric Capital Corp., 2.20%, 06/08/12 | 750 | 772 | .34 | |||||||||
National Rural Utilities Cooperative Finance Corp., 1.125%, 11/01/13 | 600 | 602 | .26 | |||||||||
Paribas, 6.95%, 07/22/13 | 300 | 340 | .15 | |||||||||
4,000 | 1.74 | |||||||||||
Media - 1.72% | ||||||||||||
Comcast Corp., 5.30%, 01/15/14 | 405 | 453 | .20 | |||||||||
NBC Universal, Inc., Series 144A, 5.15%, 04/30/202 | 350 | 380 | .16 | |||||||||
News America, Inc., 5.30%, 12/15/14 | 760 | 867 | .38 | |||||||||
Time Warner Cable, Inc., 3.50%, 02/01/15 | 820 | 867 | .38 | |||||||||
Time Warner, Inc., 5.875%, 11/15/16 | 300 | 352 | .15 | |||||||||
Walt Disney Co.: | ||||||||||||
4.50%, 12/15/13 | 615 | 684 | .30 | |||||||||
5.50%, 03/15/19 | 300 | 357 | .15 | |||||||||
3,960 | 1.72 | |||||||||||
Retail - 1.67% | ||||||||||||
CVS Caremark Corp., 6.60%, 03/15/19 | 300 | 365 | .16 | |||||||||
Home Depot, Inc., 3.95%, 09/15/20 | 300 | 308 | .13 | |||||||||
Lowe's Cos., Inc.: | ||||||||||||
5.00%, 10/15/15 | 610 | 705 | .31 | |||||||||
4.625%, 04/15/20 | 350 | 388 | .17 | |||||||||
McDonald's Corp., 4.30%, 03/01/13 | 525 | 569 | .25 | |||||||||
Target Corp., 6.00%, 01/15/18 | 350 | 423 | .18 | |||||||||
Wal-Mart Stores, Inc.: | ||||||||||||
1.50%, 10/25/15 | 720 | 718 | .31 | |||||||||
5.80%, 02/15/18 | 300 | 359 | .16 | |||||||||
3,835 | 1.67 | |||||||||||
Oil & gas - 1.60% | ||||||||||||
Apache Corp., 6.25%, 04/15/12 | 525 | 566 | .25 | |||||||||
Chevron Corp., 3.95%, 03/03/14 | 545 | 598 | .26 | |||||||||
Devon Energy Corp.: | ||||||||||||
5.625%, 01/15/14 | 300 | 339 | .15 | |||||||||
6.30%, 01/15/19 | 315 | 385 | .17 | |||||||||
Shell International Finance BV: | ||||||||||||
4.00%, 03/21/14 | 350 | 382 | .16 | |||||||||
3.10%, 06/28/15 | 600 | 637 | .28 | |||||||||
Statoil ASA: | ||||||||||||
2.90%, 10/15/14 | 435 | 461 | .20 | |||||||||
3.125%, 08/17/17 | 300 | 309 | .13 | |||||||||
3,677 | 1.60 | |||||||||||
Pharmaceuticals - 1.50% | ||||||||||||
Abbott Laboratories, 4.125%, 05/27/20 | 300 | 324 | .14 | |||||||||
AstraZeneca PLC, 5.90%, 09/15/17 | 355 | 426 | .18 | |||||||||
Medco Health Solutions, Inc., 2.75%, 09/15/15 | 415 | 426 | .19 | |||||||||
Novartis Capital Corp.: | ||||||||||||
4.125%, 02/10/14 | 380 | 416 | .18 | |||||||||
2.90%, 04/24/15 | 545 | 578 | .25 | |||||||||
Novartis Securities Investment Ltd., 5.125%, 02/10/19 | 300 | 345 | .15 | |||||||||
Pfizer, Inc.: | ||||||||||||
4.45%, 03/15/12 | 540 | 568 | .25 | |||||||||
6.20%, 03/15/19 | 300 | 369 | .16 | |||||||||
3,452 | 1.50 | |||||||||||
Telecommunications - 1.49% | ||||||||||||
AT&T, Inc.: | ||||||||||||
5.875%, 02/01/12 | 535 | 568 | .25 | |||||||||
4.95%, 01/15/13 | 300 | 326 | .14 | |||||||||
Cellco Partnership/Verizon Wireless Capital LLC, 7.375%, 11/15/13 | 480 | 568 | .25 | |||||||||
Cisco Systems, Inc., 2.90%, 11/17/14 | 810 | 863 | .37 | |||||||||
France Telecom SA, 4.375%, 07/08/14 | 300 | 332 | .14 | |||||||||
Vodafone Group PLC: | ||||||||||||
5.00%, 09/15/15 | 300 | 340 | .15 | |||||||||
5.625%, 02/27/17 | 375 | 434 | .19 | |||||||||
3,431 | 1.49 | |||||||||||
Beverages - 1.36% | ||||||||||||
Anheuser-Busch InBev Worldwide, Inc., 4.125%, 01/15/15 | 300 | 326 | .14 | |||||||||
Coca-Cola Co.: | ||||||||||||
3.625%, 03/15/14 | 360 | 389 | .17 | |||||||||
4.875%, 03/15/19 | 350 | 400 | .17 | |||||||||
Diageo Capital PLC: | ||||||||||||
7.375%, 01/15/14 | 300 | 356 | .16 | |||||||||
5.75%, 10/23/17 | 300 | 355 | .15 | |||||||||
Pepsi Co., Inc., 0.875%, 10/25/13 | 1,295 | 1,299 | .57 | |||||||||
3,125 | 1.36 | |||||||||||
Aerospace/defense - 1.06% | ||||||||||||
Northrop Grumman Systems Corp., 7.75%, 03/01/16 | 305 | 387 | .17 | |||||||||
Raytheon Co.: | ||||||||||||
5.375%, 04/01/13 | 300 | 333 | .14 | |||||||||
6.75%, 03/15/18 | 5 | 6 | — | |||||||||
6.40%, 12/15/18 | 465 | 571 | .25 | |||||||||
4.40%, 02/15/20 | 15 | 16 | .01 | |||||||||
United Technologies Corp.: | ||||||||||||
4.875%, 05/01/15 | 695 | 799 | .35 | |||||||||
4.50%, 04/15/20 | 300 | 334 | .14 | |||||||||
2,446 | 1.06 | |||||||||||
REITS - 0.85% | ||||||||||||
ERP Operating LP, 5.25%, 09/15/14 | 300 | 335 | .14 | |||||||||
ProLogis, 7.625%, 08/15/14 | 780 | 893 | .39 | |||||||||
Simon Property Group LP: | ||||||||||||
4.20%, 02/01/15 | 300 | 325 | .14 | |||||||||
5.25%, 12/01/16 | 365 | 411 | .18 | |||||||||
1,964 | .85 | |||||||||||
Pipelines - 0.64% | ||||||||||||
Enbridge Inc., 5.60%, 04/01/17 | 50 | 57 | .02 | |||||||||
Kinder Morgan Energy Partners LP: | ||||||||||||
5.125%, 11/15/14 | 265 | 296 | .13 | |||||||||
5.625%, 02/15/15 | 250 | 282 | .12 | |||||||||
9.00%, 02/01/19 | 250 | 327 | .14 | |||||||||
TransCanada PipeLines Ltd., 3.40%, 06/01/15 | 190 | 204 | .09 | |||||||||
Williams Partners LP, 3.80%, 02/15/15 | 300 | 318 | .14 | |||||||||
1,484 | .64 | |||||||||||
Healthcare-services - 0.49% | ||||||||||||
Howard Hughes Medical Institute, 3.45%, 09/01/14 | 110 | 120 | .05 | |||||||||
UnitedHealth Group, Inc., 3.875%, 10/15/20 | 300 | 300 | .13 | |||||||||
WellPoint, Inc.: | ||||||||||||
7.00%, 02/15/19 | 330 | 402 | .17 | |||||||||
4.35%, 08/15/20 | 300 | 310 | .14 | |||||||||
1,132 | .49 | |||||||||||
Transportation - 0.45% | ||||||||||||
Burlington Northern Santa Fe LLC: | ||||||||||||
7.00%, 02/01/14 | 585 | 686 | .30 | |||||||||
3.60%, 09/01/20 | 300 | 302 | .13 | |||||||||
Canadian National Railway Co., 5.55%, 05/15/18 | 50 | 59 | .02 | |||||||||
1,047 | .45 | |||||||||||
Food - 0.45% | ||||||||||||
The Kroger Co.: | ||||||||||||
7.50%, 01/15/14 | 580 | 687 | .30 | |||||||||
6.40%, 08/15/17 | 300 | 356 | .15 | |||||||||
1,043 | .45 | |||||||||||
Insurance - 0.32% | ||||||||||||
Berkshire Hathaway, Inc., 0.8344%, 02/11/131 | 730 | 734 | .32 | |||||||||
734 | .32 | |||||||||||
Biotechnology - 0.30% | ||||||||||||
Biogen Idec, Inc., 6.00%, 03/01/13 | 625 | 685 | .30 | |||||||||
685 | .30 | |||||||||||
Computers - 0.20% | ||||||||||||
Electronic Data Systems LLC, Series B, 6.00%, 08/01/13 | 45 | 51 | .02 | |||||||||
International Business Machines Corp., 5.70%, 09/14/17 | 350 | 419 | .18 | |||||||||
470 | .20 | |||||||||||
Miscellaneous manufacturing - 0.14% | ||||||||||||
Honeywell International, Inc., 3.875%, 02/15/14 | 300 | 327 | .14 | |||||||||
327 | .14 | |||||||||||
Total corporate bonds & notes | 52,309 | 22.72 | ||||||||||
Municipals - 1.62% | ||||||||||||
California State Department of Water Resources, Energy Res. Auth. Ref. Rev. Bonds, Series M, 5.00%, 05/01/14 | 500 | 563 | .25 | |||||||||
Chicago Public Building Commission, Spl. O. Ref. Bonds, 7.125%, 01/01/11 | 300 | 303 | .13 | |||||||||
Florida Hurricane Catastrophe Fund Finance Corp., Misc. Rev. Bonds, Series A, 5.00%, 07/01/16 | 650 | 716 | .31 | |||||||||
State of California, G.O. School Imps. Property Tax Bonds, 5.75%, 03/01/17 | 400 | 439 | .19 | |||||||||
State of Illinois, G.O. School Imps. Misc. Rev. Bonds: | ||||||||||||
4.422%, 04/01/15 | 300 | 314 | .14 | |||||||||
5.947%, 04/01/22 | 835 | 859 | .37 | |||||||||
University of Texas System, College & Univ. Rev. Ref. Bonds, Series D, 2.616%, 08/15/15 | 500 | 529 | .23 | |||||||||
Total municipals | 3,723 | 1.62 | ||||||||||
Government & government agency bonds & notes outside the U.S. - 0.88% | ||||||||||||
Canadian National Railway Co., 4.95%, 01/15/14 | 670 | 749 | .33 | |||||||||
European Investment Bank, 3.125%, 06/04/14 | 1,180 | 1,273 | .55 | |||||||||
Total government & government agency bonds & notes outside the U.S. | 2,022 | .88 | ||||||||||
Asset-backed obligations - 0.56% | ||||||||||||
AEP Texas Central Transition Funding LLC, 5.09%, 07/01/17 | 75 | 85 | .04 | |||||||||
Americredit Automobile Receivables Trust, 5.56%, 06/06/14 | 152 | 160 | .07 | |||||||||
Honda Auto Receivables Owner Trust, 1.34%, 03/18/14 | 955 | 966 | .42 | |||||||||
Long Beach Auto Receivables Trust, 5.025%, 01/15/14 | 78 | 80 | .03 | |||||||||
Total asset-backed obligations | 1,291 | .56 | ||||||||||
Total bonds & notes (cost: $ 212,577) | 218,468 | 94.91 | ||||||||||
Short-term securities - 11.16% | ||||||||||||
Bank of America Corp., 0.223%, 11/01/10 | 6,100 | 6,100 | 2.65 | |||||||||
Deutsche Bank Funding LLC: | ||||||||||||
0.22%, 11/03/10 | 4,800 | 4,800 | 2.08 | |||||||||
0.203%, 11/05/10 | 1,600 | 1,600 | .69 | |||||||||
Hewlett Packard Co.: | ||||||||||||
0.193%, 11/08/10 | 4,800 | 4,800 | 2.08 | |||||||||
0.22%, 11/15/10 | 2,200 | 2,200 | .96 | |||||||||
Straight A Funding LLC, 0.30%, 11/18/10 | 4,300 | 4,299 | 1.87 | |||||||||
Wal-Mart Stores, Inc., 0.22%, 11/08/10 | 1,900 | 1,900 | .83 | |||||||||
Total short-term securities (cost: $ 25,699) | 25,699 | 11.16 | ||||||||||
Total investment securities (cost: $238,276) | 244,167 | 106.07 | ||||||||||
Other assets less liabilities | (13,982) | (6.07) | ||||||||||
Net assets | $ | 230,185 | 100.00 | % | ||||||||
1 | Indicates a variable rate security. The interest rate shown reflects the rate in effect at October 31, 2010. | |||||||||||
2 | Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At October 31, 2010, the aggregate market value of these securities amounted to $698,525, representing 0.30% of net assets of which $698,525 have been deemed liquid by the investment adviser pursuant to the Fund's liquidity precedures approved by the Board of Trustees. | |||||||||||
Key to abbreviations | ||
Auth. | = Authority | |
G.O. | = General Obligation | |
Imps. | = Improvements | |
Misc. | = Miscellaneous | |
REITS | = Real Estate Investment Trust | |
Ref. | = Refunding | |
Res. | = Resource | |
Rev. | = Revenue | |
Spl. O. | = Special Obligation | |
Univ. | = University |
Capital Private Client Services Funds | ||||||||
Statements of assets and liabilities | ||||||||
at October 31, 2010 | (dollars and shares in thousands) (except per share amounts) | |||||||
Capital Core Municipal Fund | Capital Short-Term Municipal Fund | |||||||
Assets: | ||||||||
Investment securities, at value (cost: $256,199 and $76,506, respectively) | $ | 261,366 | $ | 77,587 | ||||
Short-term investments, at value (cost: $8,750 and $17,505, respectively) | 8,750 | 17,505 | ||||||
Cash | 67 | 122 | ||||||
Receivables for: | ||||||||
Sales of investments | – | – | ||||||
Interest receivable | 3,280 | 905 | ||||||
Receivable from investment adviser | 45 | 34 | ||||||
Total assets | 273,508 | 96,153 | ||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 4,572 | 1,027 | ||||||
Repurchases of fund's shares | 10 | 5,532 | ||||||
Investment advisory services | 157 | 55 | ||||||
Other accrued expenses | 67 | 42 | ||||||
Total liabilities | 4,806 | 6,656 | ||||||
Net assets at October 31, 2010: | $ | 268,702 | $ | 89,497 | ||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 262,960 | $ | 88,317 | ||||
Accumulated undistributed net investment income | – | – | ||||||
Accumulated net realized gain | 575 | 99 | ||||||
Net unrealized appreciation | 5,167 | 1,081 | ||||||
Net assets at October 31, 2010 | $ | 268,702 | $ | 89,497 | ||||
Shares outstanding: | 26,153 | 8,799 | ||||||
Net asset value per share: | $ | 10.27 | $ | 10.17 | ||||
Capital Private Client Services Funds | ||||||||
Statements of assets and liabilities | ||||||||
at October 31, 2010 | (dollars and shares in thousands) (except per share amounts) | |||||||
Capital California Core Municipal Fund | Capital California Short-Term Municipal Fund | |||||||
Assets: | ||||||||
Investment securities, at value (cost: $132,992 and $39,532, respectively) | $ | 135,508 | $ | 39,965 | ||||
Short-term investments, at value (cost: $31,450 and $10,040, respectively) | 31,450 | 10,040 | ||||||
Cash | 5 | 182 | ||||||
Receivables for: | ||||||||
Sales of investments | – | – | ||||||
Interest receivable | 1,730 | 511 | ||||||
Receivable from investment adviser | 38 | 31 | ||||||
Total assets | 168,731 | 50,729 | ||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | – | – | ||||||
Repurchases of fund's shares | 38 | – | ||||||
Investment advisory services | 99 | 29 | ||||||
Other accrued expenses | 52 | 35 | ||||||
Total liabilities | 189 | 64 | ||||||
Net assets at October 31, 2010: | $ | 168,542 | $ | 50,665 | ||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 166,025 | $ | 50,241 | ||||
Accumulated undistributed net investment income | – | – | ||||||
Accumulated net realized gain (loss) | 1 | (9 | ||||||
Net unrealized appreciation | 2,516 | 433 | ||||||
Net assets at October 31, 2010 | $ | 168,542 | $ | 50,665 | ||||
Shares outstanding: | 16,534 | 4,999 | ||||||
Net asset value per share: | $ | 10.19 | $ | 10.13 | ||||
1 Amount rounds to less than $1,000. |
Capital Private Client Services Funds | ||||
Statement of assets and liabilities | ||||
at October 31, 2010 | (dollars and shares in thousands) (except per share amounts) | |||
Capital Core Bond Fund | ||||
Assets: | ||||
Investment securities, at value (cost: $212,577) | $ | 218,468 | ||
Short-term investments, at value (cost: $25,699) | 25,699 | |||
Cash | 1,689 | |||
Receivables for: | ||||
Sales of investments | 3,315 | |||
Interest receivable | 1,894 | |||
Receivable from investment adviser | 43 | |||
Total assets | 251,108 | |||
Liabilities: | ||||
Payables for: | ||||
Purchases of investments | 20,705 | |||
Repurchases of fund's shares | 21 | |||
Investment advisory services | 135 | |||
Other accrued expenses | 62 | |||
Total liabilities | 20,923 | |||
Net assets at October 31, 2010: | $ | 230,185 | ||
Net assets consist of: | ||||
Capital paid in on shares of beneficial interest | $ | 221,347 | ||
Accumulated undistributed net investment income | – | |||
Accumulated net realized gain | 2,947 | |||
Net unrealized appreciation | 5,891 | |||
Net assets at October 31, 2010 | $ | 230,185 | ||
Shares outstanding: | 22,021 | |||
Net asset value per share: | $ | 10.45 |
Capital Private Client Services Funds | |||||||||
Statements of operations | |||||||||
for the period ended October 31, 20101 | (dollars in thousands) | ||||||||
Capital Core Municipal Fund | Capital Short-Term Municipal Fund | ||||||||
Investment income: | |||||||||
Income: | |||||||||
Interest | $ | 2,752 | $ | 554 | |||||
Fees and expenses: | |||||||||
Investment advisory services | 436 | 144 | |||||||
Administrative and accounting services | 39 | 13 | |||||||
Registration fees | 38 | 14 | |||||||
Auditing | 16 | 16 | |||||||
Transfer agent services | 6 | 6 | |||||||
Trustees' compensation | 5 | 5 | |||||||
Other | 4 | 2 | |||||||
Total fees and expenses | 544 | 200 | |||||||
Reimbursement of fees | (45 | ) | (35 | ) | |||||
Net fees and expenses | 499 | 165 | |||||||
Net investment income | 2,253 | 389 | |||||||
Net realized gain (loss) and unrealized appreciation (depreciation) on investments: | |||||||||
Net realized gain on investments | 576 | 100 | |||||||
Net unrealized appreciation on investments | 5,167 | 1,081 | |||||||
Net realized gain and unrealized appreciation on investments | 5,743 | 1,181 | |||||||
Net increase in net assets resulting from operations | $ | 7,996 | $ | 1,570 | |||||
1 The Fund commenced operations on April 13, 2010. |
Capital Private Client Services Funds | |||||||||
Statements of operations | |||||||||
for the period ended October 31, 20101 | (dollars in thousands) | ||||||||
Capital California Core Municipal Fund | Capital California Short-Term Municipal Fund | ||||||||
Investment income: | |||||||||
Income: | |||||||||
Interest | $ | 1,406 | $ | 249 | |||||
Fees and expenses: | |||||||||
Investment advisory services | 272 | 73 | |||||||
Administrative and accounting services | 24 | 6 | |||||||
Registration fees | 23 | 7 | |||||||
Auditing | 16 | 16 | |||||||
Transfer agent services | 6 | 5 | |||||||
Trustees' compensation | 5 | 5 | |||||||
Other | 2 | 3 | |||||||
Total fees and expenses | 348 | 115 | |||||||
Reimbursement of fees | (38 | ) | (31 | ) | |||||
Net fees and expenses | 310 | 84 | |||||||
Net investment income | 1,096 | 165 | |||||||
Net realized gain (loss) and unrealized appreciation (depreciation) on investments: | |||||||||
Net realized gain (loss) on investments | 3 | (9 | ) | ||||||
Net unrealized appreciation on investments | 2,516 | 433 | |||||||
Net realized gain and unrealized appreciation on investments | 2,519 | 424 | |||||||
Net increase in net assets resulting from operations | $ | 3,615 | $ | 589 | |||||
1 The Fund commenced operations on April 13, 2010. |
Capital Private Client Services Funds | |||||
Statement of operations | |||||
for the period ended October 31, 20101 | (dollars in thousands) | ||||
Capital Core Bond Fund | |||||
Investment income: | |||||
Income: | |||||
Interest | $ | 2,330 | |||
Fees and expenses: | |||||
Investment advisory services | 398 | ||||
Administrative and accounting services | 36 | ||||
Registration fees | 34 | ||||
Auditing | 16 | ||||
Transfer agent services | 6 | ||||
Trustees' compensation | 5 | ||||
Other | 3 | ||||
Total fees and expenses | 498 | ||||
Reimbursement of fees | (43 | ) | |||
Net fees and expenses | 455 | ||||
Net investment income | 1,875 | ||||
Net realized gain (loss) and unrealized appreciation (depreciation) on investments: | |||||
Net realized gain on investments | 3,178 | ||||
Net unrealized appreciation on investments | 5,891 | ||||
Net realized gain and unrealized appreciation on investments | 9,069 | ||||
Net increase in net assets resulting from operations | $ | 10,944 | |||
1 The Fund commenced operations on April 13, 2010. |
Capital Private Client Services Funds | ||||||||
Statements of changes in net assets | ||||||||
for the period ended October 31, 20101 | (dollars in thousands) | |||||||
Capital Core Municipal Fund | Capital Short-Term Municipal Fund | |||||||
Operations: | ||||||||
Net investment income | $ | 2,253 | $ | 389 | ||||
Net realized gain on investments | 576 | 100 | ||||||
Net unrealized appreciation on investments | 5,167 | 1,081 | ||||||
Net increase in net assets resulting from operations | 7,996 | 1,570 | ||||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (2,253 | (389 | ) | |||||
Distributions from capital gain | (1 | (1 | ) | |||||
Total dividends and distributions | (2,254 | (390 | ) | |||||
Net capital share transactions | 262,960 | 88,317 | ||||||
Total increase in net assets | 268,702 | 89,497 | ||||||
Net assets: | ||||||||
Beginning of period | – | – | ||||||
End of period (including undistributed net investment income: $– and $–, respectively) | $ | 268,702 | $ | 89,497 | ||||
1 The Fund commenced operations on April 13, 2010. |
Capital Private Client Services Funds | ||||||||
Statements of changes in net assets | ||||||||
for the period ended October 31, 20101 | (dollars in thousands) | |||||||
Capital California Core Municipal Fund | Capital California Short-Term Municipal Fund | |||||||
Operations: | ||||||||
Net investment income | $ | 1,096 | $ | 165 | ||||
Net realized gain (loss) on investments | 3 | (9 | ) | |||||
Net unrealized appreciation on investments | 2,516 | 433 | ||||||
Net increase in net assets resulting from operations | 3,615 | 589 | ||||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investments income | (1,096 | (165 | ) | |||||
Distributions from capital gain | (2 | – | ||||||
Total dividends and distributions | (1,098 | (165 | ) | |||||
Net capital share transactions | 166,025 | 50,241 | ||||||
Total increase in net assets | 168,542 | 50,665 | ||||||
Net assets: | ||||||||
Beginning of period | – | – | ||||||
End of period (including undistributed net investment income: $– and $– 2, respectively) | $ | 168,542 | $ | 50,665 | ||||
1 The Fund commenced operations on April 13, 2010. | ||||||||
2 Amount rounds to less than $1,000. |
Capital Private Client Services Funds | |||||
Statement of changes in net assets | |||||
for the period ended October 31, 20101 | (dollars in thousands) | ||||
Capital Core Bond Fund | |||||
Operations: | |||||
Net investment income | $ | 1,875 | |||
Net realized gain on investments | 3,178 | ||||
Net unrealized appreciation on investments | 5,891 | ||||
Net increase in net assets resulting from operations | 10,944 | ||||
Dividends and distributions to shareholders: | |||||
Dividends from net investment income | (1,875 | ) | |||
Distributions from capital gain | (231 | ) | |||
Total dividends and distributions | (2,106 | ) | |||
Net capital share transactions | 221,347 | ||||
Total increase in net assets | 230,185 | ||||
Net assets: | |||||
Beginning of period | – | ||||
End of period (including undistributed net investment income: $–) | $ | 230,185 | |||
1 The Fund commenced operations on April 13, 2010. |
Capital Private Client Services Funds |
Notes to financial statements |
1. Organization
Capital Private Client Services Funds (the “Trust”) was organized on October 22, 2009 as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The Trust has five different funds; Capital Core Municipal Fund, Capital Short-Term Municipal Fund, Capital California Core Municipal Fund, Capital California Short-Term Municipal Fund and Capital Core Bond Fund (each a “Fund,” collectively the “Funds”). On March 26, 2010, each Fund in the Trust obtained its initial capitalization of $100,000 from the sale of shares of beneficial interest to Capital Group International, Inc., the parent company of the Funds’ investment adviser. Operations commenced on April 13, 2010, u pon the initial purchase of investment securities. The Trust’s fiscal year ends on October 31. Each Fund offers one class of shares.
Capital Core Municipal Fund seeks to provide current income exempt from federal income tax and to preserve capital. Capital Short-Term Municipal Fund seeks to preserve capital and secondarily to provide current income exempt from federal income tax. Capital California Core Municipal Fund seeks to provide current income exempt from federal and California income taxes and to preserve capital. Capital California Short-Term Municipal Fund seeks to preserve capital and secondarily to provide current income exempt from federal and California income taxes. Capital Core Bond Fund seeks to provide current income and to preserve capital.
2. Significant accounting policies
The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the Funds:
Security transactions and related investment income – Security transactions are recorded by the Funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the Funds will segregate liquid assets sufficient to meet its payment obligations. Interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Dividends and distributions to shareholders – Dividends paid to shareholders are declared and paid monthly after the determination of each Fund’s net investment income. Distributions paid to shareholders are recorded on the ex-dividend date.
3. Valuation
The Funds’ investments are reported at fair value as defined by accounting principles generally accepted in the United States of America. The Funds generally determine their net asset values as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.
Methods and inputs – The Funds use the following methods and inputs to establish the fair value of their assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market in which the security trades.
Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are generally valued at prices obtained as of approximately 3:00 p.m. New York time from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the Funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.
Fixed-income class | Examples of standard inputs |
All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
Corporate bonds & notes; convertible securities | Standard inputs and underlying equity of the issuer |
Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |
Where the investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and asked prices that are reasonably and timely available (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Some securities may be valued based on their effective maturity or average life, which may be shorter than the stated maturity.
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates fair value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under guidelines adopted by authority of the Funds’ Board of Trustees. Various inputs may be reviewed in order to make a good faith determination of a security’s fair value. These inputs include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Classifications – The Funds classify their assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the Funds’ determinations of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessa rily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the Funds’ valuation levels as of October 31, 2010 (dollars in thousands):
Investment Securities | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Capital Core Municipal Fund | |||||||||||||||||
Long-term investments | |||||||||||||||||
Bonds & notes | $ | – | $ | 261,366 | $ | – | $ | 261,366 | |||||||||
Short-term investments | – | 8,750 | – | 8,750 | |||||||||||||
Total investments | $ | – | $ | 270,116 | $ | – | $ | 270,116 | |||||||||
Capital Short-Term Municipal Fund | |||||||||||||||||
Long-term investments | |||||||||||||||||
Bonds & notes | $ | – | $ | 77,587 | $ | – | $ | 77,587 | |||||||||
Short-term investments | – | 17,505 | – | 17,505 | |||||||||||||
Total investments | $ | – | $ | 95,092 | $ | – | $ | 95,092 | |||||||||
Capital California Core Municipal Fund | |||||||||||||||||
Long-term investments | |||||||||||||||||
Bonds & notes | $ | – | $ | 135,508 | $ | – | $ | 135,508 | |||||||||
Short-term investments | – | 31,450 | – | 31,450 | |||||||||||||
Total investments | $ | – | $ | 166,958 | $ | – | $ | 166,958 | |||||||||
Capital California Short-Term Municipal Fund | |||||||||||||||||
Long-term investments | |||||||||||||||||
Bonds & notes | $ | – | $ | 39,965 | $ | – | $ | 39,965 | |||||||||
Short-term investments | – | 10,040 | – | 10,040 | |||||||||||||
Total investments | $ | – | $ | 50,005 | $ | – | $ | 50,005 | |||||||||
Capital Core Bond Fund | |||||||||||||||||
Bonds, notes and other debt investments: | |||||||||||||||||
U.S. government & government agency bonds & notes | $ | – | $ | 105,488 | $ | – | $ | 105,488 | |||||||||
Mortgage-backed obligations | – | 53,635 | – | 53,635 | |||||||||||||
Corporate bonds & notes | – | 52,309 | – | 52,309 | |||||||||||||
Municipals | – | 3,723 | – | 3,723 | |||||||||||||
Government agency bonds & notes outside the U.S. | – | 2,022 | – | 2,022 | |||||||||||||
Asset-backed obligations | – | 1,291 | – | 1,291 | |||||||||||||
Short-term investments | – | 25,699 | – | 25,699 | |||||||||||||
Total investments | $ | – | $ | 244,167 | $ | – | $ | 244,167 | |||||||||
At October 31, 2010, there were no significant transfers between Level 1 and Level 2. There were no Level 3 securities held in the Funds during the period ended October 31, 2010.
4. Risk factors
Investing in the Funds may involve certain risks including, but not limited to, those described below.
The prices of, and the income generated by, the securities held by the Funds may decline in response to certain events taking place around the world, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency, interest rate and commodity price fluctuations.
The prices of, and the income generated by, most debt securities held by the Funds may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities. For example, the prices of debt securities in the Fund’s portfolio generally will decline when interest rates rise and increase when interest rates fall. In addition, falling interest rates may cause an issuer to redeem, “call” or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities.
Debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. In addition, longer maturity debt securities generally have higher rates of interest and may be subject to greater price fluctuations than shorter maturity debt securities. There may be little trading in the secondary market for particular debt securities, which may make them more difficult to value or sell.
Changes in the credit quality of banks and financial institutions providing credit and liquidity enhancements could cause the Fund to experience a loss and may affect its share price.
Because the Capital California Core Municipal Fund and Capital California Short-Term Municipal Fund invest in securities of issuers within the state of California, these funds are more susceptible to factors adversely affecting issuers of California than comparable municipal bond mutual funds that do not concentrate in a single state. For example, in the past, California voters have passed amendments to the state’s constitution and other measures that limit the taxing and spending authority of California governmental entities, and future voter initiatives may adversely affect California municipal bonds.
The following additional risk factors are applicable to Capital Core Bond Fund:
A security backed by the U.S. Treasury or the full faith and credit of the U.S. government is guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market prices for these securities will fluctuate with changes in interest rates.
Falling interest rates may cause an issuer to redeem, "call" or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. This is known as prepayment risk. Many types of debt securities, including mortgage-related securities, are subject to prepayment risk. For example, when interest rates fall, homeowners are more likely to refinance their home mortgages and "prepay" their principal earlier than expected. The Fund must then reinvest the prepaid principal in new securities when interest rates on new mortgage investments are falling, thus reducing the Fund’s income. Conversely, if interest rates increase, homeowners may not make prepayments to the extent expected, resulting in an extension of the term of the se curity backed by such mortgages.
The loans underlying asset-backed securities are subject to prepayments that can decrease maturities and returns. In addition, the values of the securities ultimately depend upon payment of the underlying loans by individuals.
5. Taxation and distributions
Federal income taxation – The Funds comply with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intend to distribute substantially all of their net income and net capital gains each year. The Funds are not subject to income taxes to the extent taxable income and net capital gains are distributed. Generally, income earned by Capital Core Municipal Fund, Capital Short-Term Municipal Fund, Capital California Core Municipal Fund and Capital California Short-Term Municipal Fund is exempt from federal income taxes; however, these funds may earn taxable income from certain investments.
As of and during the period ended October 31, 2010, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of operations. During the period, the Funds did not incur any interest or penalties.
Distributions – Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; net capital losses; capital losses related to sales of certain securities within 30 days of purchase; deferred expenses; cost of investments sold; pay downs on fixed income securities; income on certain investments; and amortization of market discounts. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are reco rded by the Funds for financial reporting purposes.
The tax character of distributions paid during the period ended October 31, 2010 were as follows (dollars in thousands):
Tax-exempt income | Ordinary income | |||||||
Capital Core Municipal Fund | $ | 2,249 | $ | 5 | ||||
Capital Short-Term Municipal Fund | 387 | 3 | ||||||
Capital California Core Municipal Fund | 1,095 | 3 | ||||||
Capital California Short-Term Municipal Fund | 164 | 1 | ||||||
Capital Core Bond Fund | – | 2,106 |
At October 31, 2010, the components of accumulated earnings (deficit) on a tax basis were as follows (dollars in thousands):
Undistributed ordinary income | Capital Loss Carryover | Unrealized appreciation (depreciation) | Total | |||||||||||||
Capital Core Municipal Fund | $ | 576 | $ | – | $ | 5,167 | $ | 5,743 | ||||||||
Capital Short-Term Municipal Fund | 100 | – | 1,080 | 1,180 | ||||||||||||
Capital California Core Municipal Fund | 1 | – | 2,516 | 2,517 | ||||||||||||
Capital California Short-Term Municipal Fund | – | 1 | (9 | ) | 433 | 424 | ||||||||||
Capital Core Bond Fund | 2,947 | – | 5,891 | 8,838 | ||||||||||||
1 Amount rounds to less than $1,000. |
During the period ended October 31, 2010, the Funds did not utilize capital loss carryovers.
Capital loss carryovers available to the Funds at October 31, 2010 were as follows (dollars in thousands):
Expiring 2018 | ||||
Capital Core Municipal Fund | $ | – | ||
Capital Short-Term Municipal Fund | – | |||
Capital California Core Municipal Fund | – | |||
Capital California Short-Term Municipal Fund | 9 | |||
Capital Core Bond Fund | – |
For federal income tax purposes, the tax cost of investments and the components of net unrealized appreciation (depreciation) of investments at October 31, 2010 were as follows (dollars in thousands) :
Tax cost of investments | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation | |||||||||||||
Capital Core Municipal Fund | $ | 264,949 | $ | 5,298 | $ | (131 | ) | $ | 5,167 | |||||||
Capital Short-Term Municipal Fund | 94,011 | 1,108 | (27 | ) | 1,081 | |||||||||||
Capital California Core Municipal Fund | 164,442 | 2,660 | (144 | ) | 2,516 | |||||||||||
Capital California Short-Term Municipal Fund | 49,572 | 457 | (24 | ) | 433 | |||||||||||
Capital Core Bond Fund | 238,276 | 5,929 | (38 | ) | 5,891 |
6. Fees and transactions with related parties
Capital Guardian Trust Company (“CGTC”) serves as investment adviser to the Funds and other funds. CGTC is a wholly owned subsidiary of Capital Group International, Inc. Expense limitations have been imposed through April 11, 2011, to limit the Funds’ total annual fund operating expenses to the following rates:
Expense Limitation | ||||
Capital Core Municipal Fund | 0.40 | % | ||
Capital Short-Term Municipal Fund | 0.40 | % | ||
Capital California Core Municipal Fund | 0.40 | % | ||
Capital California Short-Term Municipal Fund | 0.40 | % | ||
Capital Core Bond Fund | 0.40 | % |
CGTC does not intend to recoup any reimbursed expenses or waived fees from a prior year under expense limitations then in effect for the Funds.
Investment advisory services –The Investment Advisory and Service Agreement with CGTC provides for monthly fees accrued daily. The fee for each Fund is 0.35% of the average daily net assets of the Fund.
Distribution services – American Funds Distributors,® Inc. (the "Distributor") is the principal underwriter of each Fund's shares. The Distributor does not receive any compensation related to the sale of shares of the Funds.
Affiliated officers and trustees – Officers and certain trustees of the Trust are or may be considered to be affiliated with CGTC. No affiliated officers or directors received any compensation directly from the Trust.
7. Capital share transactions
Capital share transactions in the Funds were as follows (dollars and shares in thousands):
Sales | Reinvestment of dividends and distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Fund | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Capital Core Municipal Fund* | $ | 278,391 | 27,671 | $ | 1,156 | 113 | $ | (16,587 | ) | (1,631 | ) | $ | 262,960 | 26,153 | ||||||||||||||||||
Capital Short-Term Municipal Fund* | 101,792 | 10,126 | 346 | 34 | (13,821 | ) | (1,361 | ) | 88,317 | 8,799 | ||||||||||||||||||||||
Capital California Core Municipal Fund* | 172,980 | 17,220 | 518 | 51 | (7,473 | ) | (737 | ) | 166,025 | 16,534 | ||||||||||||||||||||||
Capital California Short-Term Municipal Fund* | 57,503 | 5,716 | 128 | 13 | (7,390 | ) | (730 | ) | 50,241 | 4,999 | ||||||||||||||||||||||
Capital Core Bond Fund* | 246,958 | 24,519 | 1,457 | 141 | (27,068 | ) | (2,639 | ) | 221,347 | 22,021 |
*Commencement of operations was 4/13/10.
8. Investment transactions
The Funds made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, during the period ended October 31, 2010 as follows (dollars in thousands):
Cost of Investments Purchased | Proceeds from Investments Sold | |||||||||||||||
Fund | Investments | U.S. Government Agency Obligations | Investments | U.S. Government Agency Obligations | ||||||||||||
Capital Core Municipal Fund | $ | 229,109 | $ | – | $ | 46,892 | $ | – | ||||||||
Capital Short-Term Municipal Fund | 89,613 | – | 18,225 | – | ||||||||||||
Capital California Core Municipal Fund | 107,585 | – | 12,208 | – | ||||||||||||
Capital California Short-Term Municipal Fund | 33,540 | – | 9,004 | – | ||||||||||||
Capital Core Bond Fund | 68,539 | 356,305 | 14,373 | 207,815 |
Capital Private Client Services Funds | |||||||||||
Financial highlights | |||||||||||
for the period ended October 31, 20101 (for a share outstanding throughout each period) | |||||||||||
Capital Core Municipal Fund | Capital Short-Term Municipal Fund | ||||||||||
Selected per share data: | |||||||||||
Net asset value, beginning of period | $ | 10.00 | $ | 10.00 | |||||||
Income from investment operations: | |||||||||||
Net investment income2 | 0.10 | 0.05 | |||||||||
Net realized and unrealized gains on securities | 0.26 | 0.17 | |||||||||
Total from investment operations | 0.36 | 0.22 | |||||||||
Dividends and distributions: | |||||||||||
Dividends from net investment income2 | (0.09) | (0.05) | |||||||||
Distributions from capital gain2 | – | 5 | – | 5 | |||||||
Total dividends and distributions | (0.09) | (0.05) | |||||||||
Net asset value, end of period | $ | 10.27 | $ | 10.17 | |||||||
Total Return3 | 3.63 | % | 2.17 | % | |||||||
Net assets, end of period (in millions) | $ | 269 | $ | 89 | |||||||
Ratios / Supplemental Data: | |||||||||||
Ratio of expenses to average net assets before reimbursement4 | 0.43 | % | 0.48 | % | |||||||
Ratio of expenses to average net assets after reimbursement3,4 | 0.40 | % | 0.40 | % | |||||||
Ratio of net investment income to average net assets3,4 | 1.81 | % | 0.95 | % | |||||||
Portfolio turnover rate | 25 | % | 36 | % | |||||||
1 | The Fund commenced operations on April 13, 2010. | ||||||||||
2 | Based on average shares outstanding. | ||||||||||
3 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | ||||||||||
4 | Annualized. | ||||||||||
5 | Rounds to less than $0.00. |
Capital Private Client Services Funds | ||||||||||||
Financial highlights | ||||||||||||
for the period ended October 31, 20101 (for a share outstanding throughout each period) | ||||||||||||
Capital California Core Municipal Fund | Capital California Short-Term Municipal Fund | |||||||||||
Selected per share data: | ||||||||||||
Net asset value, beginning of period | $ | 10.00 | $ | 10.00 | ||||||||
Income from investment operations: | ||||||||||||
Net investment income2 | 0.08 | 0.04 | ||||||||||
Net realized and unrealized gains on securities | 0.18 | 0.13 | ||||||||||
Total from investment operations | 0.26 | 0.17 | ||||||||||
Dividends and distributions: | ||||||||||||
Dividends from net investment income2 | (0.07) | (0.04) | ||||||||||
Distributions from capital gain2 | – | 5 | – | |||||||||
Total dividends and distributions | (0.07) | (0.04) | ||||||||||
Net asset value, end of period | $ | 10.19 | $ | 10.13 | ||||||||
Total Return3 | 2.61 | % | 1.67 | % | ||||||||
Net assets, end of period (in millions) | $ | 169 | $ | 51 | ||||||||
Ratios / Supplemental Data: | ||||||||||||
Ratio of expenses to average net assets before reimbursement4 | 0.45 | % | 0.55 | % | ||||||||
Ratio of expenses to average net assets after reimbursement3,4 | 0.40 | % | 0.40 | % | ||||||||
Ratio of net investment income to average net assets3,4 | 1.41 | % | 0.79 | % | ||||||||
Portfolio turnover rate | 13 | % | 35 | % | ||||||||
1 | The Fund commenced operations on April 13, 2010. | |||||||||||
2 | Based on average shares outstanding. | |||||||||||
3 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | |||||||||||
4 | Annualized. | |||||||||||
5 | Rounds to less than $0.00. |
Capital Private Client Services Funds | |||||||||
Financial highlights | |||||||||
for the period ended October 31, 20101 (for a share outstanding throughout each period) | |||||||||
Capital Core Bond Fund | |||||||||
Selected per share data: | |||||||||
Net asset value, beginning of period | $ | 10.00 | |||||||
Income from investment operations: | |||||||||
Net investment income2 | 0.09 | ||||||||
Net realized and unrealized gains on securities | 0.46 | ||||||||
Total from investment operations | 0.55 | ||||||||
Dividends and distributions: | |||||||||
Dividends from net investment income2 | (0.09) | ||||||||
Distributions from capital gain2 | (0.01) | ||||||||
Total dividends and distributions | (0.10) | ||||||||
Net asset value, end of period | $ | 10.45 | |||||||
Total Return3 | 5.52 | % | |||||||
Net assets, end of period (in millions) | $ | 230 | |||||||
Ratios / Supplemental Data: | |||||||||
Ratio of expenses to average net assets before reimbursement4 | 0.44 | % | |||||||
Ratio of expenses to average net assets after reimbursement3,4 | 0.40 | % | |||||||
Ratio of net investment income to average net assets3,4 | 1.65 | % | |||||||
Portfolio turnover rate | 123 | % | |||||||
1 | The Fund commenced operations on April 13, 2010. | ||||||||
2 | Based on average shares outstanding. | ||||||||
3 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | ||||||||
4 | Annualized. |
Capital Private Client Services Funds | |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of Capital Private Client Services Funds:
We have audited the accompanying statements of assets and liabilities, including the schedules of investments of Capital Private Client Service Funds (the "Trust”) comprising the Capital Core Municipal Fund, Capital Short-Term Municipal Fund, Capital California Core Municipal Fund, Capital California Short-Term Municipal Fund, and Capital Core Bond Fund as of October 31, 2010, and the related statements of operations, statements of changes in net assets, and the financial highlights for the period April 13, 2010 (commencement of operations) to October 31, 2010. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2010, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the funds comprising the Capital Private Client Service Funds as of October 31, 2010, the results of their operations, changes in their net assets, and the financial highlights for the period April 13, 2010 (commencement of operations) to October 31, 2010, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Costa Mesa, California
December 23, 2010
Capital Private Client Services Funds | |
Tax Information (unaudited) |
We are required to advise you within 60 days of the Funds’ fiscal year-end regarding the federal tax status of certain distributions received by shareholders during such fiscal year. The Funds hereby designate the following amounts for the Funds’ fiscal year ended October 31, 2010:
Exempt Interest Dividends | ||||
Capital Core Municipal Fund | 99.79 | % | ||
Capital Short-Term Municipal Fund | 99.30 | % | ||
Capital California Core Municipal Fund | 99.68 | % | ||
Capital California Short-Term Municipal Fund | 98.99 | % |
Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2011, to determine the calendar year amounts to be included on their 2010 tax returns. Shareholders should consult their tax advisers.
Capital Private Client Services Funds
Expense example (unaudited)
As a shareholder of the Funds, you incur ongoing costs, including management fees and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2010 through October 31, 2010).
Actual expenses:
The first line of each Fund in the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each Fund in the table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the Funds and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the Funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
Shareholders of the Funds may be subject to an additional fee charged by Capital Guardian Trust Company’s Capital Group Private Client Services division for the ongoing services provided to the shareholder. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees. Note that the expenses shown in the table are meant to highlight your ongoing costs only. The second line of each Fund in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
Beginning account value 5/1/2010 | Ending account value 10/31/2010 | Expenses paid during period* | Annualized expense ratio | |||||||||||||
Capital Core Municipal Fund actual return | $ | 1,000.00 | $ | 1,032.00 | $ | 2.05 | .40 | % | ||||||||
assumed 5% return | 1,000.00 | 1,023.19 | 2.04 | .40 | % | |||||||||||
Capital Short-Term Municipal Fund actual return | 1,000.00 | 1,019.60 | 2.04 | .40 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,023.19 | 2.04 | .40 | % | |||||||||||
Capital California Core Municipal Fund actual return | 1,000.00 | 1,022.80 | 2.04 | .40 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,023.19 | 2.04 | .40 | % | |||||||||||
Capital California Short-Term Municipal Fund actual return | 1,000.00 | 1,014.60 | 2.03 | .40 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,023.19 | 2.04 | .40 | % | |||||||||||
Capital Core Bond Fund actual return | 1,000.00 | 1,050.50 | 2.07 | .40 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,023.19 | 2.04 | .40 | % |
* | Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the period). |
Capital Private Client Services Funds | |
Trustees and other officers |
“Independent” Trustees1 |
Name and age | Year first elected a trustee of the fund1 | Principal occupation(s) during past five years | Number of Portfolios in fund complex overseen by trustee | Other directorships2 held by trustee |
Ambassador Richard G. Capen, Jr., 76 | 2009 | Corporate director and author; former U.S. Ambassador to Spain; former Vice Chairman, Knight-Ridder, Inc. (communications company); former Chairman and Publisher, The Miami Herald | 5 | Carnival Corporation |
H. Frederick Christie, 77 | 2009 | Private investor; former President and CEO, The Mission Group (non-utility holding company, subsidiary of Southern California Edison Company) | 5 | AECOM Technology Corporation; DineEquity, Inc.; Ducommun Incorporated; SouthWest Water Company |
Martin Fenton, 75 | 2009 | Chairman of the Board, Senior Resource Group LLC (development and management of senior living communities) | 5 | 40 American Funds portfolios |
Richard G. Newman, 76 | 2009 | Chairman of the Board, AECOM Technology Corporation (engineering, consulting and professional technical services) | 5 | Sempra Energy; SouthWest Water Company |
“Interested” Trustees3 |
Name, age and position with fund | Year first elected a trustee or officer of the fund1 | Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund | Number of portfolios in fund complex overseen by trustee | Other directorships2 held by trustee | ||
Paul F. Roye, 57 Chairman of the Board | 2009 | Senior Vice President – Fund Business Management Group, Capital Research and Management Company; Director, American Funds Service Company*; former Director, Division of Investment Management, United States Securities and Exchange Commission | 5 | None |
Other Officers |
Name, age and position with fund | Year first elected an officer of the fund1 | Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the Trust |
John B. Emerson, 56 President | 2010 | Senior Vice President and Director – Capital Guardian Trust Company; Chairman of the Board and President, Capital Guardian Trust Company, a Nevada Corporation4; President – Capital Group Private Client Services, Capital Guardian Trust Company |
Shelby Notkin, 69 Senior Vice President | 2010 | Chairman of the Board – Capital Group Private Client Services, Capital Guardian Trust Company; Senior Vice President, Capital Guardian Trust Company |
John R. Queen, 45 Senior Vice President | 2009 | Senior Vice President – Capital Group Private Client Services, Capital Guardian Trust Company |
Timothy W. McHale, 32 Vice President | 2009 | Counsel – Fund Business Management Group, Capital Research and Management Company4 |
Kevin M. Saks, 38 Treasurer | 2009 | Vice President – Capital Group Private Client Services, Capital Guardian Trust Company |
Courtney R. Taylor, 35 Secretary | 2009 | Assistant Vice President – Fund Business Management Group, Capital Research and Management Company4 |
1 Trustees and officers of the fund serve until their resignation, removal or retirement.
2 This includes all directorships (other than those in the Capital Private Client Services Funds or other funds managed by Capital Guardian Trust Company) that are held by each trustee as a trustee of a public company or a registered investment company.
3 ”Interested persons” within the meaning of the 1940 Act, as amended, on the basis of their affiliation with fund’s investment adviser, Capital Guardian Trust Company, or affiliated entities (including the fund’s principal underwriter).
4 Company affiliated with Capital Guardian Trust Company.
Capital Private Client Services Funds
Offices of the funds and of the investment adviser Capital Guardian Trust Company 6455 Irvine Center Drive Irvine, CA 92618 333 South Hope Street Los Angeles, CA 90071-1406 | Transfer agent State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 |
Custodian of assets State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 | Counsel Bingham McCutchen LLP 355 South Grand Avenue, Suite 4400 Los Angeles, CA 90071-3106 |
Fund accounting and administration State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 | Principal underwriter American Funds Distributors, Inc. 333 South Hope Street Los Angeles, CA 90071-1406 |
Independent registered public accounting firm Deloitte & Touche LLP 695 Town Center Drive Costa Mesa, CA 92626 |
Investors should carefully consider the investment objectives, risks, charges and expenses of Capital Private Client Services Funds. This and other important information is contained in the Funds’ prospectus, which can be obtained from your Capital Group Private Client Services representative and should be read carefully before investing. You may also call Capital Group Private Client Services at 866-421-2166 to obtain a copy of the prospectus.
The proxy voting procedures and principles of Capital Private Client Services Funds which describe how we vote proxies relating to portfolio securities is available upon request by calling Capital Group Private Client Services at 866-421-2166. The Funds file their proxy voting records with the SEC for the 12 months ended June 30 by August 31. The report also is available on the SEC website at http://www.sec.gov or by calling Capital Group Private Client Services at 866-421-2166.
Capital Private Client Services Funds files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ forms N-Q are available on the SEC’s website at http://www.sec.gov. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at 800-SEC-0330. Additionally, the list of portfolio holdings is available by calling Capital Group Private Client Services at 866-421-2166.
ITEM 2 – Code of Ethics
The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made to the Secretary of the Registrant, 6455 Irvine Center Drive, Irvine, California 92618.
ITEM 3 – Audit Committee Financial Expert
The Registrant’s board has determined that Martin Fenton, a member of the Registrant’s audit committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial stat ements and condition.
ITEM 4 – Principal Accountant Fees and Services
Registrant: | ||||
a) Audit Fees: | ||||
2009 | None | |||
2010 | $59,000 | |||
b) Audit-Related Fees: | ||||
2009 | None | |||
2010 | None | |||
The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s investment adviser conducted in accordance with Statement on Auditing Standards Number 70 issued by the American Institute of Certified Public Accountants. | ||||
c) Tax Fees: | ||||
2009 | None | |||
2010 | 16,750 | |||
The tax fees consist of professional services relating to the review of the Registrant’s tax returns. | ||||
d) All Other Fees: | ||||
2009 | None | |||
2010 | 3,250 | |||
The other fees consist of the review of the N1A annual update. | ||||
Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below): | ||||
a) Audit Fees: | ||||
Not Applicable | ||||
b) Audit-Related Fees: | ||||
Not Applicable | ||||
c) Tax Fees: | ||||
Not Applicable | ||||
d) All Other Fees: | ||||
Not Applicable |
All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audi t services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.
ITEM 5 – Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 – Schedule of Investments
Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 10 – Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees. The procedures are as follows. The Registrant has a nominating committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future va cancies on the board. Such suggestions must be sent in writing to the nominating committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating committee.
ITEM 11 – Controls and Procedures
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. |
(b) | There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12 – Exhibits
(a)(1) | The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto. |
(a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |
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.
CAPITAL PRIVATE CLIENT SERVICES FUNDS | |
By /s/ John B. Emerson | |
John B. Emerson, President and Principal Executive Officer | |
Date: January 7, 2011 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By /s/ John B. Emerson |
John B. Emerson, President and Principal Executive Officer |
Date: January 7, 2011 |
By /s/ Kevin M. Saks |
Kevin M. Saks, Treasurer and Principal Financial Officer |
Date: January 7, 2011 |