Capital Group Private Client Services Funds N-CSRS Certified semi-annual shareholder report (management investment company)

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: April 30, 2012

Courtney R. Taylor

Capital Private Client Services Funds

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

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 Global Equity Fund

Capital Non-U.S. Equity Fund

Capital U.S. Equity Fund

Semi-annual report for the period November 1, 2011 through April 30, 2012 (unaudited)

Capital Private Client Services Funds

Investment Adviser’s Report

April 30, 2012 (unaudited)

Dear Shareholder:

I am pleased to present the semi-annual report for the Capital Private Client Services Funds for the six month period ending April 30, 2012.

We recently celebrated the one-year anniversary of our three equity funds: Capital U.S. Equity, Capital Non-U.S. Equity and Capital Global Equity. Meanwhile, our five bond funds—Capital Core Municipal, Capital Short-Term Municipal, Capital California Core Municipal, Capital California Short-Term Municipal and Capital Core Bond—just passed the two year mark.

A slightly more upbeat economic outlook encouraged investors to take on additional risk during the period, dampening demand for safe-haven securities. Investors spent much of 2011 worrying about the disintegration of Europe, only to witness Greece undertake the largest sovereign debt restructuring effort in history during the first quarter of 2012. The process was orderly and established a framework for how European leaders might handle similar cases should they arise in the future.

This event restored confidence in the European Union’s ability to work through the complicated issues at the heart of its current troubles. The most significant development was the European Central Bank’s Long Term Refinancing Operation (LTRO), which infused the European banking system with liquidity and dissolved fears of a devastating—and potentially far-reaching—credit crisis.

The portfolio managers working on your funds are fully aware of the remaining risks that Europe faces and many continue to exercise caution in this region. Chief among their concerns is the fact that Greece and other peripheral Eurozone countries will require additional funding if government-imposed austerity measures fail. Moreover, Europe is still likely several years away from a robust recovery. However, with risks of a financial meltdown mitigated by the European Central Bank’s liquidity, firm analysts do not expect that the slowdown in Europe will have a major global impact.

In the U.S., data continues to indicate that the economy is more resilient than many had expected. Corporate profits have nearly doubled since the period of maximum stress endured during the financial crisis, and corporate balance sheets are brimming with cash. As the global recovery takes hold, this ample liquidity should support increased hiring, spending on capital equipment and other expansionary measures, such as mergers and acquisitions. These actions, in turn, could fuel further economic growth.

Although signs seem to indicate that the U.S. recovery will be sustainable, lingering global and economic uncertainties are likely to dampen the pace of expansion. Following a financial crisis, it is not uncommon to see slower growth as households, businesses and governments rebuild weak balance sheets by curtailing spending and repaying debt. Corporations and, to a lesser extent, consumers have made significant progress in reducing their leverage and are once again able to spend and invest, thus enabling them to potentially contribute to an acceleration in the economic expansion. However, the U.S. government’s aggressive rescue efforts during the crisis resulted in a bloated balance sheet that may continue to curtail growth for years to come as politicians grapple with how to rationalize both spending and taxes without unnecessarily stifling growth. The strength and sustainability of economic expansion will depend on how quickly these issues are resolved and on how consumers and businesses react to other structural challenges, such as the slowdown in China, the European debt situation, and the escalation in gasoline prices.

Although a recession in Europe poses minimal direct risk to the U.S., as European exports represent such a small segment of the American economy, an unexpected worsening of Europe’s situation could trigger heightened volatility and prompt a return to defensive trading patterns. Oil prices are another factor to watch, as higher gasoline prices dampen consumer purchasing power.

The threat that U.S. fiscal policy poses to growth this year diminished after lawmakers extended the payroll tax cut and emergency unemployment insurance programs through the end of December. But these actions merely add to the list of potential impediments to economic growth in 2013. Furthermore, because 2012 is a presidential election year, a high level of uncertainty about how fiscal restraints might affect the U.S. economy will likely prevail until after Americans cast their votes in November.

You will find a more detailed discussion about the results for each fund during the six month period ending April 30, 2012, below. I am also pleased to report that you will soon have online access to your account information, as we continue to enhance the offerings for these funds. Look for additional details on this new service in the coming weeks.

EQUITY DISCUSSION

Stocks around the world rose as an improved global economic outlook encouraged investors to increase their net exposure to riskier assets. Progress toward resolving the European sovereign debt crisis and continued signs that the recovery is taking hold in the U.S. spurred a widespread rally. The euro strengthened, more conservative assets lost some of their appeal and economically sensitive equity sectors outperformed defensive areas.

During the period, the Capital U.S. Equity Fund rose 9.43%, lagging the 12.77% return of the Standard & Poor’s 500 Index. This shortfall was largely due to the portfolio’s comparatively lower weighting in Apple, a major contributor to the benchmark’s return. The Capital Non-U.S. Equity did much better than its benchmark, advancing 6.03% compared to 2.44% for the MSCI EAFE Index. The Capital Global Equity Fund was up 7.33%, slightly below the 7.54% rise for the MSCI World Index.

Diminished concerns about collateral risk to Europe’s banking system gave a significant boost to financial stocks. Technology holdings were also generally strong. Conversely, concerns that economic tightening efforts in China would negatively affect demand for commodities pressured materials companies, including Barrick Gold, a company held in all three funds.

Several new holdings were initiated during the period. Capital U.S. Equity and Capital Global Equity added Jabil Circuit, a contract manufacturer that provides electronic production, design and product management services to a variety of industries. Ensco, which offers exposure to the oil services industry, is another new addition to both funds. The company’s offshore contract drilling services should benefit from an increasing reliance on hard-to-reach hydrocarbon reserves. Capital Non-U.S. Equity Fund managers initiated an investment in Svenska Handelsbanken during the period. This Swedish bank, which offers a wide range of banking services, is known for providing a superior customer experience and emerged from the global financial crisis largely unscathed.

FIXED-INCOME DISCUSSION

Investors viewed the economic environment with more optimism over the six month period ending April 30, 2012, coaxing some money out of fixed-income securities and into riskier assets. The shift occurred amid easing concerns surrounding the European sovereign debt crisis and a continued strengthening of the U.S. economic recovery.

U.S. Treasury yields have inched higher, while the rate on 10-year bonds moved up to just above 2%. In our view, this level is more in line with the average 2.5% GDP growth that we have seen in the U.S. since the recession ended in 2009. Higher Treasury yields also indicate that the market is stabilizing after the fear-driven trading of prior quarters prompted a flood of investors to seek shelter in low-yielding government debt.

The Capital Core Bond Fund did well during the period, rising 2%. Your portfolio managers remain focused on holding corporate bonds and mortgage-backed securities that are exposed to positive cyclical forces.

Signs of pressure in the municipal market intensified as Stockton, California, became the most visible example of the financial difficulties many local governments face. Across the country, certain cities with budgets strained by lower tax revenues and rising pension costs are considering options for some kind of strategic default. The Funds did not hold these troubled municipal issues.

Capital Core Municipal, Capital Short-Term Municipal, Capital California Core Municipal and Capital California Short-Term Municipal funds all rose during the period, up 3.43%, 1.73%, 3.89% and 2.1%, respectively.

More recently, fund managers have used the firm’s extensive credit research capabilities in an effort to capitalize on the general uncertainty that prevails in municipal markets. There is a vast disparity between the credit risk associated with cities that are economically struggling and those where property has largely retained its value and revenues remain relatively solid.

The funds’ portfolio management team has selectively added more to local general obligation and school district bonds during the period, which (depending on state laws) can carry ad valorem tax pledges authorized by voters or local governments to provide specific revenue streams dedicated to repay bondholders. These bonds are supported by reliable sources of income that are not dependent on the overall health of the municipality.

The recent financial crisis created a very challenging environment for local governments. Municipal bond analysts and portfolio managers conduct extremely thorough research seeking to identify attractive investment opportunities in this sector. They carefully study the fundamentals of each municipality and gauge the credit risks associated with each underlying investment.

Yield curve management is another way that the funds’ managers seek to unlock additional value for shareholders. They are mindful of the effect that a rise in interest rates would have on returns. However, guidance provided by the Federal Reserve in January suggested that target short-term rates would likely remain at extremely low levels until late 2014. Because rates are not expected to rise significantly any time soon, managers are focused on finding the best positions on the yield curve to increase returns without increasing overall volatility, always remaining nimble enough to adjust to new opportunities and risks as appropriate.

As always, we appreciate the trust and confidence you have placed in Capital Private Client Services Funds. We look forward to reporting to you again in six months.

Sincerely yours,

/s/ John B. Emerson                                

John B. Emerson

President                                

/s/ Shelby Notkin                                                      

Shelby Notkin

Equity Portfolio Manager     

/s/ John R. Queen

John R. Queen

Fixed-Income Portfolio Manager

Capital Core Municipal Fund
Statement of assets and liabilities
at April 30, 2012 (unaudited)					(dollars and shares in thousands) (except per share amounts)
Assets:
	Investment securities, at value (cost: $260,312)					$	272,472
	Short-term investments, at value (cost: $14,845)						14,845
	Cash						291
	Receivables for:
			Sales of investments	–
			Sales of fund's shares	100
			Interest	3,503
			Reimbursement from investment adviser	4
			Prepaid expenses	4
							3,611
	Total assets						291,219
Liabilities:
	Payables for:
			Purchases of investments	–
			Repurchases of fund's shares	53
			Investment advisory services	83
			Other accrued expenses	41
	Total liabilities						177
Net assets at April 30, 2012:						$	291,042
Net assets consist of:
	Capital paid in on shares of beneficial interest					$	279,447
	Distributions in excess of net investment income						(–)	1
	Accumulated net realized loss						(565)
	Net unrealized appreciation						12,160
Net assets at April 30, 2012						$	291,042
Shares outstanding:							27,616
Net asset value per share:						$	10.54
1		Amount rounds to less than $1,000.

Capital Short-Term Municipal Fund
Statement of assets and liabilities
at April 30, 2012 (unaudited)					(dollars and shares in thousands) (except per share amounts)
Assets:
	Investment securities, at value (cost: $117,062)					$	120,194
	Short-term investments, at value (cost: $7,675)						7,675
	Cash						78
	Receivables for:
			Sales of investments	–
			Sales of fund's shares	54
			Interest	1,518
			Reimbursement from investment adviser	7
			Prepaid expenses	3
							1,582
	Total assets						129,529
Liabilities:
	Payables for:
			Purchases of investments	688
			Repurchases of fund's shares	1,475
			Investment advisory services	39
			Other accrued expenses	34
	Total liabilities						2,236
Net assets at April 30, 2012:						$	127,293
Net assets consist of:
	Capital paid in on shares of beneficial interest					$	123,847
	Distributions in excess of net investment income						(–)	1
	Accumulated net realized gain						314
	Net unrealized appreciation						3,132
Net assets at April 30, 2012						$	127,293
Shares outstanding:							12,358
Net asset value per share:						$	10.30
1		Amount rounds to less than $1,000.

Capital California Core Municipal Fund
Statement of assets and liabilities
at April 30, 2012 (unaudited)				(dollars and shares in thousands) (except per share amounts)
Assets:
	Investment securities, at value (cost: $165,355)				$	172,199
	Short-term investments, at value (cost: $15,195)					15,195
	Cash					803
	Receivables for:
		Sales of investments	–
		Sales of fund's shares	1,000
		Interest	2,045
		Reimbursement from investment adviser	3
		Prepaid expenses	1
						3,049
	Total assets					191,246
Liabilities:
	Payables for:
		Purchases of investments	2,770
		Repurchases of fund's shares	48
		Investment advisory services	53
		Other accrued expenses	36
	Total liabilities					2,907
Net assets at April 30, 2012:					$	188,339
Net assets consist of:
	Capital paid in on shares of beneficial interest				$	180,751
	Distributions in excess of net investment income					(1)
	Accumulated net realized gain					745
	Net unrealized appreciation					6,844
Net assets at April 30, 2012					$	188,339
Shares outstanding:						17,870
Net asset value per share:					$	10.54

Capital California Short-Term Municipal Fund
Statement of assets and liabilities
at April 30, 2012 (unaudited)					(dollars and shares in thousands) (except per share amounts)
Assets:
	Investment securities, at value (cost: $76,822)					$	78,375
	Short-term investments, at value (cost: $26,488)						26,488
	Cash						81
	Receivables for:
			Sales of investments	1,461
			Sales of fund's shares	1,000
			Interest	864
			Reimbursement from investment adviser	4
			Prepaid expenses	1
							3,330
	Total assets						108,274
Liabilities:
	Payables for:
			Purchases of investments	3,126
			Repurchases of fund's shares	–
			Investment advisory services	30
			Other accrued expenses	31
	Total liabilities						3,187
Net assets at April 30, 2012:						$	105,087
Net assets consist of:
	Capital paid in on shares of beneficial interest					$	103,491
	Distributions in excess of net investment income						(–)	1
	Accumulated net realized gain						43
	Net unrealized appreciation						1,553
Net assets at April 30, 2012						$	105,087
Shares outstanding:							10,226
Net asset value per share:						$	10.28
1		Amount rounds to less than $1,000.

Capital Core Bond Fund
Statement of assets and liabilities
at April 30, 2012 (unaudited)				(dollars and shares in thousands) (except per share amounts)
Assets:
	Investment securities, at value (cost: $273,519)				$	283,350
	Short-term investments, at value (cost: $26,099)					26,099
	Cash					64
	Receivables for:
		Sales of investments	12,697
		Sales of fund's shares	–
		Interest	1,714
		Reimbursement from investment adviser	5
		Prepaid expenses	4
						14,420
	Total assets					323,933
Liabilities:
	Payables for:
		Purchases of investments	28,520
		Repurchases of fund's shares	49
		Investment advisory services	83
		Other accrued expenses	40
	Total liabilities					28,692
Net assets at April 30, 2012:					$	295,241
Net assets consist of:
	Capital paid in on shares of beneficial interest				$	283,945
	Distributions in excess of net investment income					(140)
	Accumulated net realized gain					1,605
	Net unrealized appreciation					9,831
Net assets at April 30, 2012					$	295,241
Shares outstanding:						28,123
Net asset value per share:					$	10.50

Capital Global Equity Fund
Statement of assets and liabilities
at April 30, 2012 (unaudited)				(dollars and shares in thousands) (except per share amounts)
Assets:
	Investment securities, at value (cost: $166,306)				$	175,988
	Short-term investments, at value (cost: $15,198)					15,197
	Cash					52
	Foreign currency, at value (cost: $49)					49
	Receivables for:
		Sales of investments	18
		Sales of fund's shares	13
		Dividends	342
		Reimbursement from investment adviser	1
						374
	Total assets					191,660
Liabilities:
	Payables for:
		Purchases of investments	3,078
		Repurchases of fund's shares	27
		Unified fees	123
		Other accrued expenses	1
	Total liabilities					3,229
Net assets at April 30, 2012:					$	188,431
Net assets consist of:
	Capital paid in on shares of beneficial interest				$	183,539
	Accumulated undistributed net investment income					708
	Accumulated net realized loss					(5,504)
	Net unrealized appreciation					9,688
Net assets at April 30, 2012					$	188,431
Shares outstanding:						19,218
Net asset value per share:					$	9.81

Capital Non-U.S. Equity Fund
Statement of assets and liabilities
at April 30, 2012 (unaudited)				(dollars and shares in thousands) (except per share amounts)
Assets:
	Investment securities, at value (cost: $67,225)				$	68,302
	Short-term investments, at value (cost: $4,900)					4,900
	Cash					79
	Foreign currency, at value (cost: $43)					43
	Receivables for:
		Sales of investments	7
		Sales of fund's shares	60
		Dividends	308
		Reimbursement from investment adviser	1
						376
	Total assets					73,700
Liabilities:
	Payables for:
		Purchases of investments	61
		Repurchases of fund's shares	2
		Unified fees	50
		Other accrued expenses	1
	Total liabilities					114
Net assets at April 30, 2012:					$	73,586
Net assets consist of:
	Capital paid in on shares of beneficial interest				$	75,072
	Accumulated undistributed net investment income					535
	Accumulated net realized loss					(3,102)
	Net unrealized appreciation					1,081
Net assets at April 30, 2012					$	73,586
Shares outstanding:						7,686
Net asset value per share:					$	9.57

Capital U.S. Equity Fund
Statement of assets and liabilities
at April 30, 2012 (unaudited)				(dollars and shares in thousands) (except per share amounts)
Assets:
	Investment securities, at value (cost: $72,731)				$	82,644
	Short-term investments, at value (cost: $3,399)					3,399
	Cash					917
	Receivables for:
		Sales of investments	–
		Sales of fund's shares	–
		Dividends	80
		Reimbursement from investment adviser	1
						81
	Total assets					87,041
Liabilities:
	Payables for:
		Purchases of investments	164
		Repurchases of fund's shares	21
		Unified fees	45
		Other accrued expenses	1
	Total liabilities					231
Net assets at April 30, 2012:					$	86,810
Net assets consist of:
	Capital paid in on shares of beneficial interest				$	77,909
	Accumulated undistributed net investment income					63
	Accumulated net realized loss					(1,075)
	Net unrealized appreciation					9,913
Net assets at April 30, 2012					$	86,810
Shares outstanding:						5,922
Net asset value per share:					$	14.66

Capital Core Municipal Fund
Statement of operations
for the six months ended April 30, 2012 (unaudited)					(dollars in thousands)
Investment income:
	Income:
		Interest				$	3,262
	Fees and expenses:
		Investment advisory services		481
		Administrative and accounting services		41
		Registration fees		18
		Audit and tax fees		20
		Transfer agent services		8
		Trustees' compensation		6
		Other		5
		Total fees and expenses					579
			Reimbursement of fees				(29)
		Net fees and expenses					550
	Net investment income						2,712
Net realized gain (loss) and unrealized appreciation (depreciation) on investments:
	Net realized gain on investments						50
	Net unrealized appreciation on investments						6,436
		Net realized gain and unrealized appreciation on investments					6,486
Net increase in net assets resulting from operations						$	9,198

Capital Short-Term Municipal Fund
Statement of operations
for the six months ended April 30, 2012 (unaudited)					(dollars in thousands)
Investment income:
	Income:
		Interest				$	1,221
	Fees and expenses:
		Investment advisory services		255
		Administrative and accounting services		22
		Registration fees		18
		Audit and tax fees		20
		Transfer agent services		7
		Trustees' compensation		6
		Other		3
		Total fees and expenses					331
			Reimbursement of fees				(39)
		Net fees and expenses					292
	Net investment income						929
Net realized gain (loss) and unrealized appreciation (depreciation) on investments:
	Net realized gain on investments						328
	Net unrealized appreciation on investments						1,273
		Net realized gain and unrealized appreciation on investments					1,601
Net increase in net assets resulting from operations						$	2,530

Capital California Core Municipal Fund
Statement of operations
for the six months ended April 30, 2012 (unaudited)					(dollars in thousands)
Investment income:
	Income:
		Interest				$	2,148
	Fees and expenses:
		Investment advisory services		305
		Administrative and accounting services		26
		Registration fees		3
		Audit and tax fees		20
		Transfer agent services		7
		Trustees' compensation		6
		Other		4
		Total fees and expenses					371
			Reimbursement of fees				(22)
		Net fees and expenses					349
	Net investment income						1,799
Net realized gain (loss) and unrealized appreciation (depreciation) on investments:
	Net realized gain on investments						745
	Net unrealized appreciation on investments						3,904
		Net realized gain and unrealized appreciation on investments					4,649
Net increase in net assets resulting from operations						$	6,448

Capital California Short-Term Municipal Fund
Statement of operations
for the six months ended April 30, 2012 (unaudited)					(dollars in thousands)
Investment income:
	Income:
		Interest				$	575
	Fees and expenses:
		Investment advisory services		149
		Administrative and accounting services		13
		Registration fees		3
		Audit and tax fees		20
		Transfer agent services		7
		Trustees' compensation		6
		Other		3
		Total fees and expenses					201
			Reimbursement of fees				(30)
		Net fees and expenses					171
	Net investment income						404
Net realized gain (loss) and unrealized appreciation (depreciation) on investments:
	Net realized gain on investments						43
	Net unrealized appreciation on investments						1,036
		Net realized gain and unrealized appreciation on investments					1,079
Net increase in net assets resulting from operations						$	1,483

Capital Core Bond Fund
Statement of operations
for the six months ended April 30, 2012 (unaudited)					(dollars in thousands)
Investment income:
	Income:
		Interest				$	3,033
	Fees and expenses:
		Investment advisory services		501
		Administrative and accounting services		43
		Registration fees		18
		Audit and tax fees		20
		Transfer agent services		7
		Trustees' compensation		6
		Other		5
		Total fees and expenses					600
			Reimbursement of fees				(27)
		Net fees and expenses					573
	Net investment income						2,460
Net realized gain (loss) and unrealized appreciation (depreciation) on investments:
	Net realized gain on investments						1,617
	Net unrealized appreciation on investments						1,626
		Net realized gain and unrealized appreciation on investments					3,243
Net increase in net assets resulting from operations						$	5,703

Capital Global Equity Fund
Statement of operations
for the six months ended April 30, 2012 (unaudited)							(dollars in thousands)
Investment income:
	Income:
			Dividends (net of non-U.S. taxes of $100)		$	1,483
			Interest			5			1,488
	Fees and expenses:
			Unified fees			625
			Trustees' compensation			6
			Legal fees			2
			Other			–	1
			Total fees and expenses						633
				Reimbursement of fees					(8)
			Net fees and expenses						625
	Net investment income								863
Net realized gain (loss) and unrealized appreciation (depreciation) on investments and currency:
	Net realized loss on investments								(2,367)
	Net realized loss on currency								(22)
	Net unrealized appreciation on investments								12,293
	Net unrealized appreciation on currency translations								7
			Net realized loss and unrealized appreciation on investments and currency						9,911
Net increase in net assets resulting from operations								$	10,774
1		Amount rounds to less than $1,000.

Capital Non-U.S. Equity Fund
Statement of operations
for the six months ended April 30, 2012 (unaudited)							(dollars in thousands)
Investment income:
	Income:
			Dividends (net of non-U.S. taxes of $91)		$	829
			Interest			2			831
	Fees and expenses:
			Unified fees			240
			Trustees' compensation			6
			Legal fees			2
			Other			–	1
			Total fees and expenses						248
				Reimbursement of fees					(8)
			Net fees and expenses						240
	Net investment income								591
Net realized gain (loss) and unrealized appreciation (depreciation) on investments and currency:
	Net realized loss on investments								(1,274)
	Net realized loss on currency								(21)
	Net unrealized appreciation on investments								4,041
	Net unrealized appreciation on currency translations								6
			Net realized loss and unrealized appreciation on investments and currency						2,752
Net increase in net assets resulting from operations								$	3,343
1		Amount rounds to less than $1,000.

Capital U.S. Equity Fund
Statement of operations
for the six months ended April 30, 2012 (unaudited)							(dollars in thousands)
Investment income:
	Income:
			Dividends (net of non-U.S. taxes of $12)		$	696
			Interest			2			698
	Fees and expenses:
			Unified fees			242
			Trustees' compensation			6
			Legal fees			2
			Other			–	1
			Total fees and expenses						250
				Reimbursement of fees					(8)
			Net fees and expenses						242
	Net investment income								456
Net realized gain (loss) and unrealized appreciation (depreciation) on investments:
	Net realized loss on investments								(945)
	Net unrealized appreciation on investments								6,988
			Net realized loss and unrealized appreciation on investments						6,043
Net increase in net assets resulting from operations								$	6,499
1		Amount rounds to less than $1,000.

Capital Core Municipal Fund
Statements of changes in net assets
				(dollars in thousands)
				For the six months ended 4/30/121		For the year ended 10/31/11
Operations:
	Net investment income			$	2,712	$	5,210
	Net realized gain (loss) on investments				50		(615)
	Net unrealized appreciation on investments				6,436		557
			Net increase in net assets resulting from operations		9,198		5,152
Dividends and distributions to shareholders:
	Dividends from net investment income				(2,713)		(5,209)
	Distributions from capital gain				–		(576)
			Total dividends and distributions		(2,713)		(5,785)
Net capital share transactions					35,011		(18,523)
Total increase (decrease) in net assets					41,496		(19,156)
Net assets:
	Beginning of period				249,546		268,702
	End of period (including distributions in excess of and undistributed net investment income: $(-)2 and $1, respectively.)			$	291,042	$	249,546
1		Unaudited.
2		Amount rounds to less than $1,000.

Capital Short-Term Municipal Fund
Statements of changes in net assets
				(dollars in thousands)
				For the six months ended 4/30/121		For the year ended 10/31/11
Operations:
	Net investment income			$	929	$	1,312
	Net realized gain (loss) on investments				328		(13)
	Net unrealized appreciation on investments				1,273		778
			Net increase in net assets resulting from operations		2,530		2,077
Dividends and distributions to shareholders:
	Dividends from net investment income				(929)		(1,315)
	Distributions from capital gain				–		(100)
			Total dividends and distributions		(929)		(1,415)
Net capital share transactions					(12,272)		47,805
Total increase (decrease) in net assets					(10,671)		48,467
Net assets:
	Beginning of period				137,964		89,497
	End of period (including distributions in excess of and undistributed net investment income: $(-)2 and $-2, respectively.)			$	127,293	$	137,964
1		Unaudited.
2		Amount rounds to less than $1,000.

Capital California Core Municipal Fund
Statements of changes in net assets
				(dollars in thousands)
				For the six months ended 4/30/121		For the year ended 10/31/11
Operations:
	Net investment income			$	1,799	$	2,971
	Net realized gain on investments				745		33
	Net unrealized appreciation on investments				3,904		424
			Net increase in net assets resulting from operations		6,448		3,428
Dividends and distributions to shareholders:
	Dividends from net investment income				(1,801)		(2,970)
	Distributions from capital gain				(32)		(1)
			Total dividends and distributions		(1,833)		(2,971)
Net capital share transactions					25,929		(11,204)
Total increase (decrease) in net assets					30,544		(10,747)
Net assets:
	Beginning of period				157,795		168,542
	End of period (including distributions in excess of and undistributed net investment income: $(1) and $1, respectively.)			$	188,339	$	157,795
1		Unaudited.

Capital California Short-Term Municipal Fund
Statements of changes in net assets
				(dollars in thousands)
				For the six months ended 4/30/121		For the year ended 10/31/11
Operations:
	Net investment income			$	404	$	510
	Net realized gain on investments				43		38
	Net unrealized appreciation on investments				1,036		84
			Net increase in net assets resulting from operations		1,483		632
Dividends and distributions to shareholders:
	Dividends from net investment income				(404)		(510)
	Distributions from capital gain				(29)		–
			Total dividends and distributions		(433)		(510)
Net capital share transactions					27,510		25,740
Total increase in net assets					28,560		25,862
Net assets:
	Beginning of period				76,527		50,665
	End of period (including distributions in excess of and undistributed net investment income: $(-)2 and $-, respectively.)			$	105,087	$	76,527
1		Unaudited.
2		Amount rounds to less than $1,000.

Capital Core Bond Fund
Statements of changes in net assets
				(dollars in thousands)
				For the six months ended 4/30/121		For the year ended 10/31/11
Operations:
	Net investment income			$	2,460	$	4,659
	Net realized gain on investments				1,617		741
	Net unrealized appreciation on investments				1,626		2,314
			Net increase in net assets resulting from operations		5,703		7,714
Dividends and distributions to shareholders:
	Dividends from net investment income				(2,600)		(5,055)
	Distributions from capital gain				(357)		(2,947)
			Total dividends and distributions		(2,957)		(8,002)
Net capital share transactions					12,456		50,142
Total increase in net assets					15,202		49,854
Net assets:
	Beginning of period				280,039		230,185
	End of period (including distributions in excess of and undistributed net investment income: $(140) and $-, respectively.)			$	295,241	$	280,039
1		Unaudited.

Capital Global Equity Fund
Statements of changes in net assets
				(dollars in thousands)
				For the six months ended 4/30/121		For the year ended 10/31/112
Operations:
	Net investment income			$	863	$	422
	Net realized loss on investments and currency				(2,389)		(3,141)
	Net unrealized appreciation (depreciation) on investments and currency				12,300		(2,612)
			Net increase (decrease) in net assets resulting from operations		10,774		(5,331)
Dividends and distributions to shareholders:
	Dividends from net investment income				(551)		–
	Distributions from capital gain				–		–
			Total dividends and distributions		(551)		–
Net capital share transactions					52,737		130,802
Total increase in net assets					62,960		125,471
Net assets:
	Beginning of period				125,471		–
	End of period (including undistributed net investment income: $708 and $396, respectively.)			$	188,431	$	125,471
1		Unaudited.
2		The Fund commenced operations on April 1, 2011.

Capital Non-U.S. Equity Fund
Statements of changes in net assets
				(dollars in thousands)
				For the six months ended 4/30/121		For the year ended 10/31/112
Operations:
	Net investment income			$	591	$	302
	Net realized loss on investments and currency				(1,295)		(1,875)
	Net unrealized appreciation (depreciation) on investments and currency				4,047		(2,966)
			Net increase (decrease) in net assets resulting from operations		3,343		(4,539)
Dividends and distributions to shareholders:
	Dividends from net investment income				(290)		–
	Distributions from capital gain				–		–
			Total dividends and distributions		(290)		–
Net capital share transactions					20,518		54,554
Total increase in net assets					23,571		50,015
Net assets:
	Beginning of period				50,015		–
	End of period (including undistributed net investment income: $535 and $234, respectively.)			$	73,586	$	50,015
1		Unaudited.
2		The Fund commenced operations on April 1, 2011.

Capital U.S. Equity Fund
Statements of changes in net assets
				(dollars in thousands)
				For the six months ended 4/30/121		For the year ended 10/31/112
Operations:
	Net investment income			$	456	$	522
	Net realized gain (loss) on investments and currency				(945)		9,587
	Net unrealized appreciation (depreciation) on investments				6,988		(15,313)
			Net increase (decrease) in net assets resulting from operations		6,499		(5,204)
Dividends and distributions to shareholders:
	Dividends from net investment income				(432)		(485)
	Distributions from capital gain				(3,822)		–
			Total dividends and distributions		(4,254)		(485)
Net capital share transactions					10,436		(5,991)
Total increase (decrease) in net assets					12,681		(11,680)
Net assets:
	Beginning of period				74,129		85,809
	End of period (including undistributed net investment income: $63 and $39, respectively.)			$	86,810	$	74,129
1		Unaudited.
2		Endowments - Growth and Income Portfolio (the "Predecessor Fund") was reorganized into the Capital U.S. Equity Fund at the close of business effective April 1, 2011. In connection with the reorganization, the Predecessor Fund transferred all of its assets and liabilities to the Capital U.S. Equity Fund and the fund changed its fiscal year-end from July to October.

Capital Core Municipal Fund

Schedule of Investments

at April 30, 2012 (unaudited)

					Principal amount (000)			Market value (000)	Percent of net assets
Bonds & notes - 93.62%
Alabama - 2.85%
Alabama 21st Century Auth., Rev. Ref. Bonds, Series A, 5.00%, 06/01/21				$	1,230		$	1,474	0.51	%
Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A:
		5.00%, 05/01/15			1,000			1,131	0.39
		5.00%, 05/01/17			1,000			1,191	0.41
Courtland Ind. Dev. Board, Ind. Rev. Ref. Bonds, Series A, 5.00%, 11/01/13					2,000			2,102	0.72
Mobile Ind. Dev. Board, Ind. Imps. Rev. Bonds (Mandatory Put 03/19/15 @ 100), 5.00%, 06/01/341					2,000			2,218	0.76
Univ. of Alabama, Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 09/01/18					150			172	0.06
								8,288	2.85
Alaska - 0.03%
City of Anchorage, G.O. Public Imps. Prop. Tax Bonds, Series A, 4.00%, 08/01/12					100			101	0.03
								101	0.03
Arizona - 3.25%
Arizona Health Facs. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 02/02/15 @ 100), 1.10%, 02/01/421					140			132	0.05
Arizona School Facs. Board, School Imps. Certs. of Part. Lease Rev. Bonds, 5.00%, 09/01/14					200			216	0.07
Glendale Ind. Dev. Auth., College & Univ. Rev. Ref. Bonds, 5.25%, 05/15/18					1,000			1,159	0.40
Maricopa County Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 07/02/12 @ 100), 5.00%, 07/01/251					100			101	0.04
Phoenix Civic Imp. Corp., Port, Airport, & Marina Rev. Ref. Bonds, Series A:
		5.00%, 07/01/16			1,000			1,142	0.39
		5.00%, 07/01/20			2,800			3,327	1.14
Phoenix Civic Imp. Corp., Sewer Rev. Ref. Bonds, 5.50%, 07/01/24					125			153	0.05
Salt River Project Agricultural Imps. & Power Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 12/01/17					2,650			3,230	1.11
								9,460	3.25
California - 8.10%
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 05/15/16					1,500			1,520	0.52
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured), 5.00%, 09/02/21					1,000			1,069	0.37
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, 10/01/17					100			114	0.04
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F, 5.00%, 04/01/22					125			143	0.05
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 11/15/19					750			891	0.31
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/14 @ 100), 0.75%, 04/01/381					1,250			1,250	0.43
California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series A-2 (Mandatory Put 04/01/14 @ 100), 0.75%, 04/01/381					1,700			1,700	0.58
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 05/01/17					2,000			2,392	0.82
California State Dept. of Water Ress., Water Rev. Ref. Bonds (Escrowed to Maturity) (FGIC Insured), 5.00%, 12/01/12					5			5	—
California State Public Works Board, Rev. Bonds, Series G, 5.00%, 12/01/20					1,000			1,224	0.42
California Statewide Comms. Dev. Auth., Misc. Rev. Bonds, 5.00%, 06/15/13					2,100			2,207	0.76
City & County of San Francisco, Health Care Imps. Certs. of Part. Lease Bonds, Series A, 5.00%, 04/01/17					100			115	0.04
City of Los Angeles, Sewer Rev. Ref. Bonds, Sub-Series A (NATL-RE Insured), 5.00%, 06/01/27					1,000			1,040	0.36
East Bay Muni. Util. Dist. Rev. Bonds, Series A-1 (Mandatory Put 07/01/14 @ 100), 0.60%, 06/01/251					1,000			1,000	0.34
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Bonds, Series A-1 (AGM Insured), 5.00%, 07/01/12					100			101	0.03
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/18					600			734	0.25
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, 07/01/14					100			110	0.04
Northern California Gas Auth. No. 1, Natural Gas Util. Imps. Rev. Bonds, 0.944%, 07/01/191					100			81	0.03
Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A, 4.00%, 06/01/14					2,015			2,145	0.74
Roseville City School Dist., G.O. School Imps. Prop. Tax Bonds, Series B (NATL-RE FGIC Insured), 5.00%, 08/01/12					100			101	0.03
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (NATL-RE Insured), 5.00%, 08/15/17					610			643	0.22
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (Pre-refunded with St. & Loc. Govt. Series to 08/15/2013 @ 100), (NATL-RE Insured), 5.00%, 08/15/17					1,390			1,475	0.51
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, 08/01/18					200			202	0.07
Santa Ana Comm. Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.25%, 09/01/19					600			662	0.23
State of California, G.O. General Fund Ref. Bonds, 5.00%, 02/01/20					1,500			1,799	0.62
State of California, G.O. General Fund Ref. Notes (NATL-RE Insured), 5.00%, 06/01/15					100			112	0.04
State of California, G.O. Sales Tax Rev. Bonds, Series A, 5.25%, 07/01/21					100			122	0.04
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 07/01/20					320			387	0.13
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.25%, 01/01/24					200			230	0.08
								23,574	8.10
Colorado - 1.50%
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.25%, 11/15/28					200			226	0.08
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 11/15/17					300			345	0.12
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 11/15/13					150			160	0.05
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			137	0.05
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 01/01/17					2,000			2,319	0.80
Regional Trans. Dist., Transit Imps. Cert. of Part. Lease Bonds, Series A, 5.00%, 06/01/18					1,000			1,164	0.40
								4,351	1.50
District of Columbia - 2.39%
Dist. of Columbia, Income Tax Secured, Rev. Ref. Bonds, Series E, 0.85%, 12/01/151					1,250			1,250	0.43
Dist. of Columbia, Water Util. Imps. Rev. Bonds (Mandatory Put 06/01/15 @ 100), 0.73%, 10/01/441					2,475			2,475	0.85
Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 3.50%, 10/01/18					2,500			2,787	0.96
Metropolitan Washington Airports Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 10/01/12					200			204	0.07
Washington Convention Center Auth., Hotel Occupancy Tax Rev. Bonds, Series A (AMBAC Insured), 5.00%, 10/01/15					200			224	0.08
								6,940	2.39
Florida - 12.69%
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1:
		5.00%, 06/01/13			850			892	0.31
		5.00%, 06/01/16			635			710	0.24
		5.25%, 06/01/17			3,100			3,539	1.22
		6.00%, 06/01/16			300			347	0.12
City of Cape Coral, Water Rev. Ref. Bonds, 5.00%, 10/01/18					1,000			1,173	0.40
City of Clearwater, Water Rev. Ref. Bonds, Series B, 5.00%, 12/01/18					100			121	0.04
City of Fort Lauderdale, Water Util. Imps. Rev. Bonds (NATL-RE Insured), 4.00%, 09/01/16					100			113	0.04
City of Jacksonville, Sales Tax Rev. Ref. Bonds, 5.00%, 10/01/19					1,000			1,172	0.40
City of Tampa, Health Care Facs. Rev. Ref. Bonds:
		5.00%, 11/15/16			1,200			1,382	0.47
		5.00%, 11/15/17			2,000			2,355	0.81
County of Broward, Water Util. Imps. Rev. Bonds, Series A, 2.40%, 10/01/14					100			104	0.04
County of Miami-Dade, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 10/01/18					1,100			1,275	0.44
County of Miami-Dade, Water Rev. Ref. Bonds, Series C, 4.00%, 10/01/13					300			314	0.11
County of Saint Johns, Water Rev. Ref. Bonds (AGM Insured), 5.00%, 06/01/16					100			117	0.04
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 5.00%, 07/01/28					940			1,016	0.35
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B, 4.50%, 01/01/29					1,320			1,427	0.49
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, 01/01/29					650			710	0.24
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A:
		5.00%, 07/01/14			150			163	0.06
		5.00%, 07/01/15			1,400			1,562	0.54
		5.00%, 07/01/16			2,100			2,380	0.82
Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 5.00%, 10/01/20					600			714	0.25
Florida State Board of Edu., Misc. Rev. Ref. Bonds, Series E:
		5.00%, 07/01/15			525			597	0.20
		5.00%, 07/01/16			2,000			2,340	0.80
Florida State Dept. of Environmental Protection, Public Imps. Misc. Taxes Rev. Bonds, Series B, 5.00%, 07/01/19					1,450			1,732	0.59
Florida State Dept. of Environmental Protection, Sales Tax Rev. Ref. Bonds, Series A (AGM Insured), 5.50%, 07/01/12					1,000			1,009	0.35
Florida State Dept. of Trans., Highway Imps. Rev. Bonds, Series B, 5.00%, 07/01/14					1,000			1,097	0.38
Florida Water Pollution Control Fncg. Corp., Pollution Control Misc. Rev. Bonds, Series A:
		3.00%, 01/15/14			100			104	0.04
		5.00%, 01/15/20			300			364	0.13
		5.00%, 01/15/23			300			352	0.12
Fort Pierce Utils. Auth., Energy Res. Auth. Rev. Ref. Bonds  (AMBAC Insured), 5.00%, 10/01/14					200			211	0.07
JEA, Energy Res. Auth. Imps. Rev. Bonds, 5.50%, 10/01/29					200			216	0.07
JEA, Water Util. Imps. Rev. Bonds, Series A, 5.00%, 10/01/26					200			212	0.07
Miami-Dade County Expressway Auth., Highway Tolls Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.125%, 07/01/25					1,500			1,503	0.52
Miami-Dade County Expressway Auth., Highway Tolls Rev. Ref. Bonds, Series A (Assured GTY Insured):
		3.00%, 07/01/15			425			448	0.15
		3.00%, 07/01/16			2,050			2,170	0.75
Miami-Dade County School Board, School Imps. Certs. of Part. Lease Bonds, Series B (AMBAC Insured), 4.00%, 11/01/15					100			107	0.04
Orange County Health Facs. Auth., Health Care Facs. Imps. Rev. Bonds, 5.00%, 10/01/12					100			102	0.03
Orlando Utils. Commission, Multiple Util. Rev. Ref. Bonds, Series C:
		5.00%, 10/01/12			100			102	0.03
		5.00%, 10/01/17			1,000			1,201	0.41
Orlando Utils. Commission, Water Rev. Ref. Bonds, Series B, 5.00%, 10/01/23					400			465	0.16
Saint Johns County School Board, School Imps. Certs. of Part. Lease Bonds (NATL-RE Insured), 4.50%, 07/01/12					200			201	0.07
South Broward Hospital Dist., Health Care Facs. Rev. Ref. Bonds (NAT-RE Insured), 5.00%, 05/01/21					275			299	0.10
Tampa Bay Water, Water Rev. Ref. Bonds, Series B, 5.00%, 10/01/18					430			525	0.18
								36,943	12.69
Georgia - 3.59%
Appling County Dev. Auth., Rev. Bonds (Mandatory Put 03/01/13 @ 100), Series A, 2.50%, 01/01/381					1,100			1,114	0.38
Burke County Dev. Auth., Pollution Control Res. Recovery Rev. Bonds, 7.00%, 01/01/23					300			359	0.12
City of Atlanta, Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 01/01/17					1,250			1,459	0.50
DeKalb County Hospital Auth., Health Care Facs. Imps. Rev. Bonds, 5.25%, 09/01/20					2,000			2,220	0.76
DeKalb Private Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 11/15/24					200			226	0.08
Georgia State Road & Tollway Auth., Fuel Sales Tax Rev. Ref. Bonds, Series A:
		5.00%, 06/01/12			600			602	0.21
		5.00%, 03/01/16			1,100			1,282	0.44
Georgia State Road & Tollway Auth., Highway Imps. Misc. Taxes Rev. Bonds, Series A:
		5.00%, 06/01/12			100			100	0.03
		5.00%, 06/01/18			400			486	0.17
Gwinnett County Dev. Auth., Certs. of Part. Lease Ref. Bonds (NATL-RE Insured), 5.00%, 01/01/16					100			115	0.04
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 11/01/19					1,000			1,209	0.42
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series A, 5.00%, 01/01/21					500			600	0.21
Public Gas Partners Inc., Natural Gas Rev. Ref. Bonds, Series A, 5.00%, 10/01/13					100			105	0.04
Thomasville Hospital Auth., Health Care Facs. Imps. Rev. Bonds, 3.25%, 11/01/14					540			563	0.19
								10,440	3.59
Hawaii - 1.07%
State of Hawaii, G.O. Prop. Tax Ref. Bonds, Series DT, 5.00%, 11/01/19					600			749	0.26
State of Hawaii, G.O. Public Imps. Bonds, Series DZ, 5.00%, 12/01/19					1,250			1,562	0.53
State of Hawaii, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 07/01/22					700			812	0.28
								3,123	1.07
Illinois - 6.73%
Chicago Board of Edu., G.O. Prop. Tax Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 12/01/16					100			110	0.04
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 01/01/17					1,675			1,870	0.64
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series C (Assured GTY Insured), 5.25%, 01/01/22					1,000			1,184	0.41
County of Cook, G.O. Prop. Tax Ref. Bonds, Series A, 5.25%, 11/15/22					2,000			2,351	0.81
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 10/01/22					200			220	0.08
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, Series B-2 (Mandatory Put 02/12/15 @ 100), 1.875%, 07/01/361					300			305	0.11
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 07/01/14 @ 100), 4.375%, 11/15/221					170			181	0.06
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/15					100			112	0.04
Illinois Housing Dev. Auth., Housing Rev. Ref. Bonds, Series G:
		4.10%, 01/01/13			70			70	0.02
		4.10%, 07/01/13			245			246	0.08
Illinois State Toll Highway Auth., Highway Imps. Rev. Bonds, Series A (AGM Insured), 5.00%, 01/01/15					1,000			1,102	0.38
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.50%, 01/01/15					1,950			2,160	0.74
Metropolitan Pier & Exposition Auth., Port, Airport & Marina Imps. Hotel Occupancy Tax Rev. Bonds (NATL-RE FGIC Insured):
		5.375%, 06/01/12			100			100	0.03
		5.375%, 06/01/13			100			105	0.04
Railsplitter Tobacco Settlement Auth., Public Imps. Rev. Bonds, 5.50%, 06/01/23					1,000			1,145	0.39
Regional Trans. Auth. Rev. Ref. Bonds (NATL-RE Insured), 6.00%, 06/01/20					2,000			2,506	0.86
Regional Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (AGM G.O. of Auth. Insured), 5.00%, 06/01/18					1,200			1,433	0.49
Regional Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.50%, 07/01/20					1,610			2,003	0.69
State of Illinois, G.O. Misc. Rev. Ref. Bonds, Series B, 5.25%, 01/01/21					2,000			2,262	0.78
Univ. of Illinois, Certs. of Part. Lease Rev. Ref. Bonds, Series A (AGM Insured), 5.25%, 10/01/24					100			109	0.04
								19,574	6.73
Indiana - 1.82%
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.50%, 05/01/24					100			112	0.04
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 02/15/20					1,400			1,531	0.52
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series N, 5.00%, 03/01/20					1,200			1,381	0.47
Indiana Fin. Auth., Lease Rev. Ref. Bonds, Series A-1, 5.00%, 11/01/12					900			920	0.32
Indiana Fin. Auth., Sewer Imps. Prop. Tax Bonds, Series A, 5.00%, 10/01/17					1,000			1,183	0.41
Purdue Univ., Certs. of Part. Lease Rev. Ref. Bonds, 5.00%, 07/01/15					150			169	0.06
								5,296	1.82
Iowa - 0.13%
Iowa Fin. Auth., Water Util. Imps. Misc. Rev. Bonds, 5.00%, 08/01/19					300			375	0.13
								375	0.13
Kansas - 0.04%
Kansas State Dept. of Trans., Highway Fuel Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 09/01/15					100			115	0.04
								115	0.04
Kentucky - 0.72%
Kentucky Higher Edu. Student Ln. Corp., Student Ln. Rev. Bonds, Series 1-Class A-1 (GTD St. Lns. Insured), 1.046%, 05/01/201					1,025			1,020	0.35
Kentucky Housing Corp., St. Single Family Housing Rev. Bonds, Series B, 5.00%, 07/01/27					995			1,081	0.37
								2,101	0.72
Louisiana - 0.55%
Louisiana Office Facs. Corp., Lease Rev. Ref. Bonds, 5.00%, 03/01/16					300			342	0.12
Louisiana Public Facs. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, Series B, 5.25%, 05/15/27					250			260	0.09
State of Louisiana, Highway Imps. Fuel Sales Tax Rev. Bonds, Series A-1 (Mandatory Put 06/01/13 @ 100), 1.00%, 05/01/431					1,000			1,001	0.34
								1,603	0.55
Maryland - 0.07%
State of Maryland, G.O. Public Imps. Misc. Tax Rev. Bonds, 5.00%, 03/01/15					100			113	0.04
Univ. System of Maryland, College & Univ. Imps. Rev. Ref. Bonds, Series D, 3.00%, 04/01/13					100			102	0.03
								215	0.07
Massachusetts - 2.17%
City of Boston, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, 04/01/16					160			187	0.06
Massachusetts Bay Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/15 @ 100), 5.00%, 07/01/25					100			115	0.04
Massachusetts Bay Trans. Auth., Sales Tax Rev. Ref. Bonds, Series C, 5.00%, 07/01/19					900			1,121	0.38
Massachusetts Dev. Fin. Agcy., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 01/01/15					1,000			1,078	0.37
Massachusetts Dev. Fin. Agcy., College & Univ. Rev. Ref. Bonds, Series B-3, 5.00%, 01/01/23					1,100			1,367	0.47
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 12/15/25					100			120	0.04
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series O, 6.00%, 07/01/36					1,000			1,227	0.42
Massachusetts Health & Edu. Facs. Auth., Health Care Facs. Imps. Rev. Bonds, Series K (Mandatory Put 07/01/13 @ 100), 5.00%, 07/01/391					100			104	0.04
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series A, 2.00%, 06/01/13					880			890	0.31
Massachusetts State Water Pollution Abatement, Water Rev. Ref. Bonds, 5.00%, 08/01/14					100			110	0.04
								6,319	2.17
Michigan - 2.56%
Detroit City School Dist., G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 05/01/19					1,400			1,638	0.56
Michigan State Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, 11/15/13					100			104	0.04
Michigan State Univ., College & Univ. Imps. Rev. Ref. Bonds, Series C, 5.00%, 08/15/17					1,500			1,804	0.62
Michigan Strategic Fund, Energy Res. Auth. Rev. Ref. Bonds, 5.625%, 07/01/20					1,160			1,390	0.48
State of Michigan, G.O. Misc. Rev. Ref. Bonds, Series A, 5.00%, 05/01/13					300			314	0.11
Univ. of Michigan, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 04/01/16					150			175	0.06
Univ. of Michigan, College & Univ. Imps. Rev. Ref. Bonds, Series C, 4.00%, 04/01/15					200			220	0.07
Wayne County Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 12/01/17					1,500			1,692	0.58
Wayne State Univ., College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, 11/15/16					100			115	0.04
								7,452	2.56
Minnesota - 0.65%
Minnesota Housing Fin. Agcy., Housing Rev. Bonds (GNMA/FNMA/FHLMC COLL Insured), 4.25%, 07/01/28					970			1,043	0.36
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, 4.00%, 07/01/40					800			856	0.29
								1,899	0.65
Mississippi - 1.05%
Jackson State Univ. Educ. Building Corp., College & Univ. Imps. Lease Rev. Bonds (Mandatory Put 03/01/15 @ 100) (AGM Insured), 5.00%, 03/01/341					2,220			2,457	0.84
Mississippi Business Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds, 0.85%, 05/01/371					600			600	0.21
								3,057	1.05
Missouri - 0.14%
I-470 & 350 Trans. Dev. Dist., Sales Tax Rev. Ref. Bonds (Radian Insured), 4.60%, 06/01/29					75			77	0.03
Lees Summit Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/14					200			209	0.07
Missouri State Environmental Imps. & Energy Ress. Auth, Water Rev. Ref. Bonds, Series A, 5.00%, 01/01/19					100			124	0.04
								410	0.14
Nebraska - 0.41%
Nebraska Public Power Dist., Misc. Rev. Ref. Bonds, Series A, 4.00%, 01/01/14					1,125			1,193	0.41
								1,193	0.41
Nevada - 2.70%
Clark County School Dist., G.O. Public Imps. Rev. Bonds (AGM Insured), 5.50%, 06/15/15					100			114	0.04
County of Clark, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 07/01/16					325			374	0.13
County of Clark, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 07/01/17					1,400			1,628	0.56
County of Clark, Port, Airport & Marina Rev. Ref. Bonds, Series E-2, 5.00%, 07/01/12					2,000			2,015	0.69
County of Clark, Sales Tax Rev. Bonds, Series B, 4.00%, 07/01/18					2,000			2,276	0.78
Nevada System of Higher Edu., College & Univ. Imps. Rev. Ref. Bonds, Series B (AMBAC Insured), 5.00%, 07/01/14					1,325			1,444	0.50
								7,851	2.70
New Jersey - 4.01%
Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A:
		5.00%, 11/01/20			1,000			1,256	0.43
		5.00%, 11/01/21			200			253	0.09
New Jersey Econ. Dev. Auth., Lease Rev. Ref. Bonds:
		4.00%, 12/15/15			1,000			1,106	0.38
		5.00%, 12/15/17			2,000			2,375	0.81
New Jersey Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series K, 5.00%, 07/01/14					100			110	0.04
New Jersey Educ. Facs. Auth., Lease Rev. Ref. Bonds, Series A, 4.00%, 09/01/14					100			107	0.04
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Ref. Bonds, Series 1A:
		5.00%, 12/01/15			1,000			1,114	0.38
		5.00%, 12/01/17			1,420			1,624	0.56
New Jersey Trans. Trust Fund Auth., Transit Imps. Misc. Rev. Bonds, Series A, 5.00%, 06/15/15					500			563	0.19
New Jersey Trans. Trust Fund Auth., Transit Imps. Rev. Bonds, Series C (Pre-refunded with St. & Loc. Govt. Series to 06/15/13 @100), 5.50%, 06/15/21					800			847	0.29
New Jersey Trans. Trust Fund Auth., Transit Rev. Ref. Bonds, Series A (AMBAC Insured), 5.50%, 12/15/15					2,000			2,321	0.80
								11,676	4.01
New Mexico - 0.37%
New Mexico Educ. Assistance Foundation, Rev. Bonds, Series A-2 (GTD St. Lns. Insured), 1.122%, 12/01/281					1,070			1,065	0.37
								1,065	0.37
New York - 6.71%
City of New York, G.O. Prop. Tax Ref. Bonds, Series B, 5.00%, 08/01/17					2,000			2,390	0.82
City of New York, G.O. Public Imps. Prop. Tax Rev. Bonds, Series H-1, 4.00%, 03/01/17					100			113	0.04
Erie County Ind. Dev. Agcy., Lease Rev. Ref. Bonds (St. Aid Withhldg. Insured), 5.00%, 05/01/20					1,000			1,215	0.42
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series 2010 A, 5.00%, 05/01/14					1,250			1,357	0.47
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series F (NATL-RE Insured), 5.00%, 05/01/16					1,830			2,104	0.72
Metropolitan Trans. Auth., Transit Imps. Rev. Bonds, Series D, 5.00%, 11/15/20					1,000			1,201	0.41
Metropolitan Transportation Auth., Misc. Rev. Ref. Bonds, Series B, 1.25%, 11/01/201					2,000			2,000	0.69
New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 02/15/17					2,000			2,326	0.80
New York City Transitional Fin. Auth., School Imps. Misc. Rev. Bonds, Series S-5 (St. Aid Withhldg. Insured), 5.00%, 01/15/19					100			121	0.04
New York State Dormitory Auth., College and Univ. Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.00%, 07/01/14					200			220	0.07
New York State Dormitory Auth., Health Care Facs. Imps. Income Tax Rev. Bonds, Series A, 5.00%, 02/15/16					500			579	0.20
New York State Dormitory Auth., Health Care Facs. Imps. Rev. Bonds, 5.00%, 02/15/13					2,460			2,549	0.88
New York State Dormitory Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, 10/01/17					1,000			1,178	0.40
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, 06/01/17					1,850			2,181	0.75
								19,534	6.71
North Carolina - 1.56%
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			126	0.04
City of Charlotte, Rev. Ref. Bonds, Series B, 5.00%, 07/01/23					400			489	0.17
North Carolina Muni. Power Agcy. No. 1, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.25%, 01/01/20					175			206	0.07
Raleigh Durham Airport Auth., Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 05/01/19					2,500			3,050	1.05
State of North Carolina, Highway Imps. Rev. Bonds:
		5.00%, 03/01/13			100			104	0.04
		5.00%, 03/01/17			300			357	0.12
State of North Carolina, Public Imps. Misc. Rev. Bonds, Series A, 5.00%, 05/01/12					200			200	0.07
								4,532	1.56
Ohio - 4.11%
City of Cleveland Airport System Rev., Port, Airport & Marina Imps. Rev. Bonds, Series C (AGM Insured), 5.00%, 01/01/17					1,250			1,429	0.49
City of Cleveland, Airport System, Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 01/01/25					1,000			1,103	0.38
County of Allen, Lease Rev. Ref. Bonds, Series B:
		5.00%, 09/01/18			1,000			1,189	0.41
		5.00%, 09/01/19			2,000			2,401	0.83
		5.00%, 09/01/20			1,030			1,236	0.42
Ohio Air Quality Dev. Auth., Ind. Rev. Ref. Bonds, 5.75%, 06/01/331					1,000			1,128	0.39
Ohio Air Quality Dev. Auth., Res. Recovery Imps. Rev. Bonds, Series A, 5.70%, 08/01/20					1,000			1,147	0.39
Ohio State Building Auth., Rev. Ref. Bonds, Series A, 5.00%, 10/01/17					1,500			1,797	0.62
Ohio State Turnpike Commission, Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 02/15/13					500			519	0.18
								11,949	4.11
Oklahoma - 0.08%
Oklahoma Dev. Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/24					200			223	0.08
								223	0.08
Oregon - 0.37%
Oregon State Dept. of Administrative Services, Health Care Facs. Imps. Certs. of Part. Bonds, Series A, 5.00%, 05/01/14					1,000			1,090	0.37
								1,090	0.37
Pennsylvania - 2.82%
City of Philadelphia, Water Rev. Ref. Bonds, Series A, 5.00%, 06/15/15					3,000			3,365	1.16
Pennsylvania Higher Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AMBAC Insured), 5.00%, 08/15/15					200			225	0.08
Pennsylvania Housing Fin. Agcy., Residential Dev. Rev. Ref. Bonds, 4.40%, 07/01/12					100			100	0.03
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds, 5.00%, 06/15/17					1,500			1,797	0.62
Pennsylvania State Univ., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 03/01/14					200			217	0.07
Philadelphia School Dist., G.O. School Imps. Prop. Tax Rev. Bonds, Series A (St. Aid Withhldg. Insured), 5.00%, 06/01/15					1,745			1,952	0.67
Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds (Mandatory Put 09/15/13 @ 100), 5.50%, 09/15/311					300			320	0.11
Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.25%, 09/15/24					200			239	0.08
								8,215	2.82
Puerto Rico - 0.08%
Puerto Rico Electric Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series JJ (NATL-RE Insured), 5.25%, 07/01/13					100			105	0.04
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			126	0.04
								231	0.08
South Carolina - 1.51%
Greenville County School Dist., School Imps. Lease Rev. Bonds (Pre-refunded with St. & Loc. Govt. Series to 12/01/12 @ 101), 5.50%, 12/01/28					300			312	0.11
South Carolina Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/01/18					1,025			1,161	0.40
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA/FNMA/FHLMC Insured), 4.50%, 07/01/30					1,200			1,307	0.45
South Carolina State Public Service Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B, 5.00%, 01/01/16					1,300			1,498	0.51
South Carolina Trans. Infrastructure Bank, Transit Rev. Ref. Bonds, Series A, 5.00%, 10/01/14					100			110	0.04
								4,388	1.51
Tennessee - 0.91%
City of Memphis, Energy Res. Auth. Rev. Ref. Bonds:
		5.00%, 12/01/14			125			139	0.05
		5.00%, 12/01/18			100			123	0.04
Metropolitan Govt. Nashville & Davidson County Health & Educ. Facs. Board, College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 10/01/17 @ 100), 0.85%, 10/01/381					1,400			1,400	0.48
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds, Series A-1, 5.00%, 01/01/27					920			995	0.34
								2,657	0.91
Texas - 8.72%
City of Houston, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 07/01/23					1,000			1,197	0.41
City of Houston, Port, Airport & Marina Rev. Ref. Bonds, Series B (NATL-RE FGIC Insured), 5.00%, 07/01/25					150			165	0.06
City of Houston, Water Rev. Ref. Bonds, Series C, 5.00%, 11/15/18					1,500			1,845	0.63
City of San Antonio, Energy Res. Auth. Imps. Rev. Bonds, 5.00%, 02/01/17					2,000			2,381	0.82
City of San Antonio, Water Rev. Bonds, 3.00%, 05/15/13					100			103	0.03
County of Dallas, G.O. Public Imps. Prop. Tax Rev. Bonds, 5.00%, 08/15/16					100			118	0.04
County of Harris, Highway Imps. Rev. Ref. Bonds, Series B-1 (NATL-RE FGIC Insured), 5.00%, 08/15/16					100			110	0.04
Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series A:
		3.00%, 12/01/17			1,695			1,873	0.64
		4.00%, 12/01/16			955			1,091	0.37
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 11/01/23					100			110	0.04
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 11/01/20					900			1,085	0.37
Harris County Cultural Educ. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds:
		5.00%, 11/15/17			445			537	0.18
		5.00%, 11/15/18			275			336	0.12
Harris County Flood Control Dist., G.O. Prop. Tax Ref. Bonds, Series C, 3.25%, 10/01/12					100			101	0.03
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.45%, 07/01/311					300			300	0.10
Houston Comm. College System, College & Univ. Imps. Rev. Ref. Bonds (AGM Insured), 5.25%, 04/15/15					100			113	0.04
Lower Colorado River Auth., Energy Res. Auth. Rev. Ref. Bonds:
		5.00%, 05/15/14			100			109	0.04
		5.00%, 05/15/18			1,000			1,196	0.41
North Texas Tollway Auth., Highway Imps. Rev. Bonds, Series A (Escrowed to Maturity) (AGM Insured), 5.00%, 01/01/15					100			112	0.04
North Texas Tollway Auth., Misc. Rev. Ref. Bonds, Series A:
		6.00%, 01/01/19			100			121	0.04
		6.00%, 01/01/21			100			120	0.04
Plano Independent School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 02/15/13					100			104	0.04
State of Texas, Cash Flow Mgmt. General Rev. Notes, Series A, 2.50%, 08/30/12					2,000			2,016	0.69
State of Texas, G.O. Highway Imps. Rev. Bonds, Series A, 5.00%, 04/01/13					100			104	0.04
State of Texas, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 10/01/15					2,250			2,587	0.89
State of Texas, G.O. Water Util. Imps. Bonds, Series A, 3.00%, 08/01/14					100			106	0.04
Tarrant County Cultural Educ. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds:
		5.00%, 02/15/14			100			107	0.04
		5.00%, 08/15/23			350			387	0.13
Texas A&M Univ., College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.00%, 05/15/17					1,350			1,619	0.56
Texas Public Fin. Auth., Unemployment & Welfare Fndg. Misc. Rev. Bonds, Series A, 5.00%, 01/01/16					1,500			1,734	0.60
Texas Public Fin. Auth., Unemployment & Welfare Fndg. Misc. Rev. Bonds, Series C, 2.60%, 07/01/20					615			621	0.21
Texas State Univ. Systems, College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 03/15/16					650			756	0.26
Texas Tech Univ., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 08/15/25					900			1,077	0.37
Texas Water Dev. Board, Water Util. Imps. Rev. Bonds, Series B, 5.25%, 07/15/22					600			716	0.25
Univ. of Texas System, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 08/15/12					100			101	0.03
Univ. of Texas System, College & Univ. Imps. Rev. Ref. Bonds, Series B (Pre-refunded with St. & Loc. Govt. Series to 08/15/13 @ 100), 5.375%, 08/15/14					100			107	0.04
Univ. of Texas System, College & Univ. Imps. Rev. Ref. Bonds, Series D, 5.00%, 08/15/14					100			110	0.04
								25,375	8.72
Utah - 0.11%
Intermountain Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A:
		5.00%, 07/01/14			100			110	0.04
		5.00%, 07/01/16			200			219	0.07
								329	0.11
Virginia - 0.33%
County of Fairfax, G.O. Prop. Tax Rev. Ref. Bonds, Series C (St. Aid Withhldg. Insured), 5.00%, 10/01/17					200			244	0.08
Fairfax County Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, 10/01/15					275			297	0.10
Virginia College Building Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 09/01/12					200			203	0.07
Virginia Public Building Auth., Public Imps. Misc. Rev. Bonds, Series C, 5.00%, 08/01/12					100			101	0.04
Virginia Ress. Auth., Misc. Rev. Ref. Bonds, Series A, 4.00%, 10/01/13					100			105	0.04
								950	0.33
Washington - 3.32%
City of Seattle, Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B, 5.00%, 02/01/15					2,000			2,245	0.77
Energy Northwest, Energy Res. Auth. Imps. Rev. Bonds, Series C, 5.00%, 07/01/22					100			114	0.04
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series A:
		5.00%, 07/01/14			100			110	0.04
		5.00%, 07/01/15			500			570	0.20
		5.00%, 07/01/17			1,000			1,201	0.41
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 07/01/17					1,650			1,982	0.68
Grays Harbor County Public Util. Dist. No. 1, Energy Res. Auth. Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.00%, 07/01/20					155			175	0.06
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, 5.00%, 06/01/16					1,500			1,732	0.59
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, Series A-1, 5.25%, 05/01/27					100			113	0.04
State of Washington, G.O. Highway Imps. Fuel Sales Tax Rev. Bonds, Series E, (NATL-RE Insured), 5.00%, 01/01/14					100			108	0.04
Washington Health Care Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 10/01/20					1,100			1,323	0.45
								9,673	3.32
Wisconsin - 3.40%
County of Milwaukee, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 12/01/18					1,145			1,341	0.46
State of Wisconsin, Cash Flow Mgmt. General Rev. Notes, 2.00%, 06/15/12					6,000			6,014	2.07
State of Wisconsin, General Fund Rev. Ref. Bonds, Series A (St. Approp. Insured), 5.00%, 05/01/18					700			847	0.29
State of Wisconsin, Misc. Rev. Ref. Bonds (AGM Insured), 5.25%, 07/01/14					200			221	0.07
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, 08/15/18					100			114	0.04
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 10/15/17					1,200			1,368	0.47
								9,905	3.40
Total bonds & notes  (cost: $260,311,678)								272,472	93.62
Short-term securities - 5.10%
Colorado Educ. & Cultural Facs. Auth., Econ. Imps. Misc. Rev. Bonds, 0.31%, 09/01/371					800			800	0.27
Fairfax County Ind. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A-2, 0.24%, 05/15/351					1,220			1,220	0.42
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds:1
		0.25%, 08/01/43			2,260			2,260	0.78
		0.27%, 08/01/43			600			600	0.21
Montgomery County Public Building Auth., Public Imps. Misc. Rev. Bonds:1
		0.33%, 04/01/32			900			900	0.31
		0.33%, 07/01/38			1,200			1,200	0.41
New Hampshire Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 0.26%, 06/01/311					5,800			5,800	1.99
Pinellas County Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 0.24%, 11/01/381					700			700	0.24
Virginia College Building Auth., College & Univ. Imps. Misc. Rev. Bonds, Series B, 0.28%, 02/01/261					1,365			1,365	0.47
Total Short-term securities  (cost: $14,845,000)								14,845	5.10
Total investment securities (cost: $275,156,678)								287,317	98.72
Other assets less liabilities							3,725		1.28
Net assets						$	291,042		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
CIFG			= CDC IXIS Financial Guaranty
COLL			= Collateral
Comm.			= Community
Comms.			= Communities
Corp.			= Corporation
Corps.			= Corporations
Dept.			= Department
Dev.			= Development
Dist.			= District
Econ.			= Economic
Edu.			= Education
Educ.			= Educational
Fac.			= Facility
Facs.			= Facilities
FGIC			= Financial Guaranty Insurance Company
FHL			= Federal Home Loan
FHLMC			= Federal Home Loan Mortgage Corporation
Fin.			= Finance
Fncg.			= Financing
Fndg.			= Funding
FNMA			= Federal National Mortgage Association
GNMA			= Government National Mortgage Association
G.O.			= General Obligation
Govt.			= Government
GTD			= Guaranteed
GTY			= Guaranty
Imp.			= Improvement
Imps.			= Improvements
Inc.			= Incorporated
Ind.			= Industrial
Intl.			= International
Ln.			= Loan
Lns.			= Loans
Loc.			= Local
Mgmt.			= Management
Misc.			= Miscellaneous
Muni.			= Municipal
NATL-RE			= National Reinsurance
No.			= Number
Prop.			= Property
Redev.			= Redevelopment
Ref.			= Refunding
Res.			= Resource
Ress.			= Resources
Rev.			= Revenue
St.			= State
Trans.			= Transportation
Univ.			= University
Util.			= Utility
Utils.			= Utilities
Withhldg.			= Withholding

Capital Short-Term Municipal Fund

Schedule of Investments

at April 30, 2012 (unaudited)

					Principal amount (000)			Market value (000)	Percent of net assets
Bonds & notes - 94.42%
Alabama - 1.76%
Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 05/01/15				$	1,000		$	1,131	0.89	%
Mobile Ind. Dev. Board, Ind. Imps. Rev. Bonds (Mandatory Put 03/19/15 @ 100), 5.00%, 06/01/341					1,000			1,109	0.87
								2,240	1.76
Arizona - 3.33%
Arizona School Facs. Board, Certs of Part. Lease Ref. Bonds, Series A-1 (NATL-RE FGIC Insured), 5.00%, 09/01/15					365			405	0.32
Arizona School Facs. Board, School Imps. Certs. of Part. Lease Rev. Bonds, 5.00%, 09/01/14					200			217	0.17
Phoenix Civic Imp. Corp, Sewer Rev. Ref. Bonds, 5.00%, 07/01/17					250			300	0.24
Phoenix Civic Imp. Corp., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 07/01/14					2,465			2,675	2.10
Salt River Project Agricultural Imps. & Power Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 4.00%, 12/01/17					550			641	0.50
								4,238	3.33
California - 5.41%
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 4.00%, 11/15/13					450			472	0.37
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/14 @ 100), 0.75%, 04/01/381					1,000			1,000	0.79
California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series A-2 (Mandatory Put 04/01/14 @ 100), 0.75%, 04/01/381					1,000			1,000	0.79
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 05/01/18					1,000			1,223	0.96
California State Public Works Board, Rev. Bonds, Series G, 4.00%, 12/01/16					600			677	0.53
East Bay Muni. Util. Dist. Rev. Bonds, Series A-1 (Mandatory Put 07/01/14 @ 100), 0.60%, 06/01/251					500			500	0.39
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/15					300			342	0.27
Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A, 4.00%, 06/01/14					500			532	0.42
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, 5.00%, 12/01/14					450			502	0.39
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (NATL-RE Insured), 5.00%, 08/15/17					185			195	0.15
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (Pre-refunded with St. & Loc. Govt. Series to 08/15/2013 @ 100), (NATL-RE Insured), 5.00%, 08/15/17					415			440	0.35
								6,883	5.41
Colorado - 3.46%
Arapahoe County School Dist. No. 5 Cherry Creek, G.O. School Imps. Prop. Tax Bonds (St. Aid Withhldg. Insured), 3.00%, 12/15/12					100			102	0.08
City & County of Denver, Port, Airport & Marina Imps. Rev. Bonds, Series C, 5.00%, 11/15/16					400			465	0.36
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B:
		5.00%, 01/01/15			1,000			1,105	0.87
		5.00%, 07/01/39			1,000			1,106	0.87
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			552	0.43
Regional Trans. Dist., Transit Imps. Certs of Part. Lease Rev. Bonds, Series A, 5.00%, 06/01/14					1,000			1,078	0.85
								4,408	3.46
Connecticut - 0.38%
State of Connecticut, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, 04/01/15					425			480	0.38
								480	0.38
District of Columbia - 3.55%
Dist. of Columbia Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (AGM HUD Ln. Insured), 5.00%, 07/01/16					100			110	0.09
Dist. of Columbia, Income Tax Secured, Rev. Ref. Bonds, Series E, 0.85%, 12/01/151					1,000			1,000	0.78
Dist. of Columbia, Water Util. Imps. Rev. Bonds (Mandatory Put 06/01/15 @ 100), 0.73%, 10/01/441					2,100			2,100	1.65
Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 10/01/15					1,100			1,212	0.95
Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Ref. Bonds, Series B, 3.00%, 10/01/13					100			103	0.08
								4,525	3.55
Florida - 10.03%
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1:
		5.00%, 06/01/14			1,000			1,080	0.85
		5.00%, 06/01/16			790			884	0.69
City of Cape Coral, Water Rev. Ref. Bonds, 3.00%, 10/01/17					600			634	0.50
City of Tampa Florida, Sewer Imps. Prop. Tax Bonds, 4.00%, 10/01/15					225			251	0.20
City of Tampa, Health Care Facs. Rev. Ref. Bonds, 5.00%, 11/15/15					750			845	0.66
City of Tampa, Water Rev. Ref. Bonds, Series A:
		5.00%, 10/01/16			1,250			1,475	1.16
		5.00%, 10/01/17			450			542	0.43
County of Miami-Dade, Port, Airport & Marina Imps. Rev. Bonds, Series B, 4.00%, 10/01/14					250			265	0.21
County of Miami-Dade, School Board Certs. of Part. Lease Rev. Ref. Bonds, Series A, 5.00%, 05/01/311					1,000			1,066	0.84
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA COLL Insured), 4.50%, 07/01/29					640			694	0.55
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, 01/01/29					350			382	0.30
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A:
		5.00%, 07/01/15			1,450			1,618	1.27
		5.00%, 07/01/16			190			215	0.17
Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 4.00%, 10/01/17					300			333	0.26
Florida State Board of Edu., Misc. Rev. Ref. Bonds, Series E, 5.00%, 07/01/15					550			625	0.49
Florida State Dept. of Trans., Highway Imps. Rev. Bonds, Series B, 5.00%, 07/01/14					1,000			1,097	0.86
Florida Water Pollution Control Fncg. Corp., Pollution Control Misc. Rev. Bonds, Series A, 3.00%, 01/15/14					100			104	0.08
JEA, Energy Res. Auth. Imps. Rev. Bonds, Sub-Series A, 3.00%, 10/01/14					100			104	0.08
Orlando Utils. Commission, Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 10/01/14					500			553	0.43
								12,767	10.03
Georgia - 1.77%
Burke County Dev. Auth., Energy Res. Auth. Pollution Control Rev. Bonds (Mandatory Put 04/01/14 @ 100), 1.20%, 10/01/321					750			755	0.59
City of Atlanta, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 01/01/17					500			584	0.46
Georgia State Road & Tollway Auth., Fuel Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 03/01/16					600			699	0.55
Thomasville Hospital Auth., Heath Care Facs. Imps. Rev. Ref. Bonds, 3.00%, 11/01/13					210			215	0.17
								2,253	1.77
Guam - 0.54%
Territory of Guam, Cash Flow Mgmt., Misc. Rev. Bonds, Series A, 5.00%, 01/01/17					600			684	0.54
								684	0.54
Hawaii - 1.04%
State of Hawaii, G.O. Prop. Tax Ref. Bonds, Series DT, 5.00%, 11/01/14					100			111	0.09
State of Hawaii, G.O. Public Imps. Bonds, Series DZ, 5.00%, 12/01/17					1,000			1,216	0.95
								1,327	1.04
Illinois - 7.51%
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A:
		4.00%, 01/01/13			350			358	0.28
		4.00%, 01/01/16			1,000			1,103	0.87
City of Chicago, Port, Airport & Marina Rev. Ref. Notes, Series B (Mandatory Put 01/01/15 @ 100), 5.00%, 01/01/341					450			489	0.38
Greater Chicago Metropolitan Water Reclamation Dist., G.O. Sewer Imps. Prop. Tax Bonds, Series B, 5.00%, 12/01/17					300			362	0.29
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/15					1,345			1,509	1.19
Illinois State Toll Highway Auth., Highway Imps. Rev. Bonds, Series A (AGM Insured), 5.00%, 01/01/14					1,000			1,068	0.84
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.50%, 01/01/15					700			775	0.61
Regional Trans. Auth., Sales Tax Rev. Ref. Bonds (AGM G.O. of Auth. Insured), 5.75%, 06/01/13					100			106	0.08
Regional Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (AGM G.O. of Auth. Insured), 5.00%, 06/01/15					1,000			1,124	0.88
Regional Trans. Auth., Sales Tax Transit Imps. Rev. Bonds (NATL-RE G.O. of Auth. Insured), 6.25%, 07/01/15					1,000			1,161	0.91
State of Illinois, Sales Tax Rev. Ref. Bonds, 5.00%, 06/15/14					1,375			1,504	1.18
								9,559	7.51
Indiana - 0.71%
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series N, 5.00%, 03/01/16					600			676	0.53
Indiana Fin. Auth., Lease Rev. Ref. Bonds, Series A-1, 5.00%, 11/01/12					225			230	0.18
								906	0.71
Kansas - 0.38%
Kansas Dev. Fin. Auth., New Jobs Training Misc. Rev. Bonds, Series F (NATL-RE Insured), 5.00%, 06/01/12					250			251	0.20
Kansas State Dept. of Trans., Highway Fuel Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 09/01/15					200			229	0.18
								480	0.38
Kentucky - 2.06%
Kentucky Higher Edu. Student Ln. Corp., Student Ln. Rev. Bonds, Series 1-Class A-1 (GTD St. Lns. Insured), 1.046%, 05/01/201					1,135			1,129	0.89
Kentucky Housing Corp., St. Single Family Housing Rev. Bonds, Series B, 5.00%, 07/01/27					355			386	0.30
Kentucky State Prop. & Building Commission, Lease Rev. Ref. Bonds, Series A, 4.00%, 08/01/15					1,000			1,101	0.87
								2,616	2.06
Louisiana - 1.97%
Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA COLL Insured), 4.60%, 12/01/28					1,745			1,895	1.49
Louisiana Office Facs. Corp., Lease Ref. Rev. Bonds, 5.00%, 03/01/14					100			108	0.09
State of Louisiana, Highway Imps. Fuel Sales Tax Rev. Bonds, Series A-1 (Mandatory Put 06/01/13 @ 100), 1.00%, 05/01/431					500			501	0.39
								2,504	1.97
Massachusetts - 1.53%
Commonwealth of Massachusetts, G.O. Misc. Taxes Ref. Bonds, Series A, 5.00%, 09/01/14					100			111	0.09
Massachusetts Dev. Fin. Agcy., Health Care Facs. Imps. Rev. Bonds, Series K-6, 5.00%, 07/01/16					600			697	0.55
Massachusetts Dev. Fin. Agcy., Health Care Facs. Rev. Ref. Bonds, Series H, 5.00%, 07/01/17					600			667	0.52
Massachusetts Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 11/15/14					100			112	0.09
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series A, 2.00%, 06/01/13					250			253	0.20
Massachusetts State Water Pollution Abatement, Pollution Control Water Rev. Bonds, Series 14, 5.00%, 08/01/14					100			110	0.08
								1,950	1.53
Michigan - 3.06%
Detroit City School Dist, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 05/01/18					1,000			1,159	0.91
Michigan State Hospital Fin. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 08/01/14 @ 100), 2.00%, 11/15/331					500			516	0.40
Michigan State Univ., College & Univ. Rev. Ref. Bonds, Series C, 5.00%, 08/15/15					1,000			1,143	0.90
Wayne County Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 12/01/14					1,000			1,079	0.85
								3,897	3.06
Minnesota - 0.90%
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, 4.00%, 07/01/40					400			428	0.34
Univ. of Minnesota, College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 12/01/16					600			713	0.56
								1,141	0.90
Mississippi - 0.31%
Mississippi Business Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds, 0.85%, 05/01/371					400			400	0.31
								400	0.31
Missouri - 0.59%
Missouri Housing Dev. Commission, Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.25%, 11/01/30					700			757	0.59
								757	0.59
Nebraska - 0.52%
Nebraska Public Power Dist., Misc. Rev. Ref. Bonds, Series A, 4.00%, 01/01/14					625			663	0.52
								663	0.52
Nevada - 1.98%
County of Clark, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 07/01/16					300			346	0.27
Nevada System of Higher Edu., College & Univ. Imps. Rev. Ref. Bonds, Series B (AMBAC Insured), 5.00%, 07/01/14					2,000			2,179	1.71
								2,525	1.98
New Hampshire - 0.54%
New Hampshire State Turnpike System, Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 02/01/18					600			691	0.54
								691	0.54
New Jersey - 4.78%
Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 11/01/18					550			677	0.53
New Jersey Econ. Dev. Auth., Misc. Rev. Ref. Bonds, Series DD-1, 5.00%, 12/15/16					1,000			1,170	0.92
New Jersey Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series K, 5.00%, 07/01/14					100			110	0.09
New Jersey Health Care Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, 07/01/14					500			529	0.41
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Bonds, Series 2, 5.00%, 12/01/14					1,000			1,087	0.85
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Ref. Bonds, Series 1A, 5.00%, 12/01/15					500			557	0.44
New Jersey Trans. Trust Fund Auth., Transit Imps. Misc. Rev. Bonds, Series A, 5.00%, 06/15/15					300			338	0.27
New Jersey Trans. Trust Fund Auth., Transit Imps. Rev. Bonds, Series C (Pre-refunded with St. & Loc. Govt. Series to 06/15/13 @100), 5.50%, 06/15/21					430			455	0.36
New Jersey Trans. Trust Fund Auth., Transit Rev. Ref. Bonds, Series A (AMBAC Insured), 5.50%, 12/15/15					1,000			1,161	0.91
								6,084	4.78
New Mexico - 0.82%
New Mexico Educ. Assistance Foundation, Rev. Bonds, Series A-2 (GTD St. Lns. Insured), 1.122%, 12/01/281					1,050			1,045	0.82
								1,045	0.82
New York - 6.37%
City of New York Transitional Fin. Auth., Income Tax Rev. Ref. Bonds, Sub-Series A-1, 5.00%, 11/01/16					1,000			1,182	0.93
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series F (NATL-RE Insured), 5.00%, 05/01/16					1,000			1,150	0.90
Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B-3B, 1.15%, 11/01/181					1,000			1,002	0.79
Metropolitan Trans. Auth., Transit Imps. Rev. Bonds, Series D, 5.00%, 11/15/15					500			570	0.45
Metropolitan Trans. Auth., Transit Rev. Ref. Bonds, Series A, 4.00%, 11/15/14					1,000			1,087	0.85
New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 02/15/16					400			454	0.36
New York City Transitional Fin. Auth. Building Aid Rev., School Imps. Misc. Rev. Bonds, Sub-Series S-1A (St. Aid Withhldg. Insured), 5.00%, 07/15/17					500			594	0.47
New York State Dormitory Auth., College & Univ. Rev. Ref. Bonds, 4.00%, 07/01/13					200			209	0.16
New York State Dormitory Auth., Health Care Facs. Imps. Rev. Bonds, 5.00%, 02/15/13					350			363	0.29
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, 06/01/15					1,325			1,491	1.17
								8,102	6.37
North Carolina - 1.27%
County of Wake, G.O. Prop. Tax Ref. Bonds, Series D, 4.00%, 02/01/13					150			154	0.12
North Carolina Eastern Muni. Power Agcy., Energy Res. Auth. Ref. Rev. Bonds, Series A, 5.00%, 01/01/16					525			599	0.47
Raleigh Durham Airport Auth., Port, Airport & Marina Ref. Rev. Bonds, Series A, 3.00%, 05/01/13					600			616	0.48
State of North Carolina, Public Imps. Misc. Rev. Bonds, Series A, 5.00%, 05/01/12					250			250	0.20
								1,619	1.27
Ohio - 3.34%
City of Cleveland, Airport System Rev., Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 01/01/16					1,660			1,864	1.47
County of Allen, Health Care Facs. Imps., Rev. Ref. Bonds, Series B:
		5.00%, 09/01/14			1,000			1,094	0.86
		5.00%, 09/01/15			500			562	0.44
Ohio Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.50%, 11/01/28					670			728	0.57
								4,248	3.34
Oklahoma - 0.47%
Oklahoma City Water Utils. Trust, Water Rev. Ref. Bonds, 3.00%, 07/01/15					125			134	0.10
Oklahoma Muni. Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A (Mandatory Put 08/01/13 @ 100), 1.01%, 01/01/231					465			466	0.37
								600	0.47
Pennsylvania - 2.82%
City of Philadelphia, Water Rev. Ref. Bonds, Series A, 5.00%, 06/15/15					1,000			1,122	0.88
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds, 5.00%, 06/15/15					750			849	0.67
Pennsylvania State Univ., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 03/01/14					225			244	0.19
Philadelphia Hospitals & Higher Edu. Facs. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 4.25%, 07/01/12					250			252	0.20
Philadelphia School Dist., G.O. School Imps. Prop. Tax Rev. Bonds, Series A (St. Aid Withhldg. Insured), 5.00%, 06/01/15					1,000			1,118	0.88
								3,585	2.82
South Carolina - 1.10%
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA/FNMA/FHLMC Insured), 4.50%, 07/01/30					725			789	0.62
South Carolina State Public Service Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B, 5.00%, 01/01/15					450			503	0.39
South Carolina Trans. Infrastructure Bank, Transit Rev. Ref. Bonds, Series A, 5.00%, 10/01/14					100			110	0.09
								1,402	1.10
Tennessee - 0.64%
City of Memphis, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 12/01/14					100			112	0.09
Metropolitan Govt. Nashville & Davidson County Health & Educ. Facs. Board, College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 10/01/17 @ 100), 0.85%, 10/01/381					700			700	0.55
								812	0.64
Texas - 8.88%
Bexar County Hospital Dist., G.O. Health Care Facs. Imps. Prop. Tax Rev. Bonds, 3.50%, 02/15/13					200			205	0.16
City of Houston, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 03/01/16					1,000			1,161	0.91
City of San Antonio, Water Rev. Ref. Bonds, 3.00%, 05/15/14					100			105	0.08
County of Harris, Highway Imps. Rev. Ref. Bonds (Pre-refunded with St. & Loc. Govt. Series to 08/15/12 @ 100) (AGM Insured), 5.375%, 08/15/24					500			508	0.40
Dallas Area Rapid Transit, Sales Tax. Rev. Ref. Bonds, Series A, 5.00%, 12/01/14					975			1,089	0.86
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 11/01/18					200			240	0.19
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.45%, 07/01/311					200			200	0.16
Lower Colorado River Auth., Energy Res. Auth. Rev. Ref. Bonds:
		5.00%, 05/15/14			300			327	0.26
		5.00%, 05/15/15			500			564	0.44
Plano Independent School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 02/15/14					100			108	0.09
State of Texas, Cash Flow Mgmt. General Rev. Notes, Series A, 2.50%, 08/30/12					1,000			1,008	0.79
State of Texas, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 10/01/14					650			722	0.57
Texas A&M University, College & Univ. Imps. Rev. Ref. Bonds, 3.00%, 07/01/16					325			355	0.28
Texas Dept. of Housing & Comm. Affairs, Loc. or GTD Housing Rev. Bonds, Series A (GNMA COLL Insured), 5.00%, 07/01/29					490			539	0.42
Texas Public Fin. Auth., Unemployment & Welfare Fndg. Misc. Rev. Bonds, Series A, 5.00%, 07/01/14					1,000			1,100	0.86
Texas Public Fin. Auth., Unemployment & Welfare Fndg. Misc. Rev. Bonds, Series C, 2.60%, 07/01/20					195			197	0.16
Texas State Univ. Systems, College & Univ. Imps. Rev. Ref. Bonds:
		5.00%, 03/15/13			200			208	0.16
		5.00%, 03/15/15			715			806	0.63
Texas Tech Univ., College & Univ. Rev. Ref. Bonds, Series A, 3.00%, 08/15/16					500			547	0.43
Texas Water Dev. Board, Water Rev. Ref. Bonds, 5.00%, 07/15/15					225			258	0.20
Univ. of Texas System, 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			1,061	0.83
								11,308	8.88
Virginia - 0.08%
Virginia Public Building Auth., Public Imps. Misc. Rev. Bonds, Series C, 5.00%, 08/01/12					100			101	0.08
								101	0.08
Washington - 6.96%
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series A:
		4.00%, 07/01/15			500			554	0.44
		5.00%, 07/01/15			1,250			1,424	1.12
Grant County Public Util. Dist. No. 2, Energy Res. Auth. Rev. Ref. Bonds, Series I, 5.00%, 01/01/16					1,000			1,152	0.90
Port of Seattle, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 06/01/14					750			818	0.64
Port of Seattle, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 08/01/18					600			721	0.57
Snohomish County Public Util. Dist. No. 1, Energy Res. Auth. Rev. Ref. Bonds:
		5.00%, 12/01/13			500			537	0.42
		5.00%, 12/01/15			1,000			1,153	0.91
State of Washington, G.O. Prop. Tax Ref. Bonds, Series R-2012A, 5.00%, 07/01/16					1,000			1,175	0.92
Washington Health Care Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 10/01/14					640			703	0.55
Washington St. Housing Fin. Commission, Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 4.50%, 04/01/29					580			628	0.49
								8,865	6.96
Wisconsin - 3.56%
State of Wisconsin, Cash Flow Mgmt. General Rev. Notes, 2.00%, 06/15/12					4,000			4,009	3.15
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 3.00%, 10/15/16					500			520	0.41
								4,529	3.56
Total bonds & notes  (cost: $117,061,668)								120,194	94.42
Short-term securities - 6.03%
Breckinridge County Kentucky Rev. Bonds, 0.25%, 02/01/321					10			10	0.01
California Muni. Fin. Auth., Ind. Imps. Rev. Bonds, 0.25%, 11/01/351					1,800			1,800	1.41
Commonwealth of Massachusetts, G.O. Public Imps. Prop. Tax Bonds, Series B, 0.30%, 03/01/261					1,050			1,050	0.83
County of Allen, Health Care Facs. Imps., Rev. Ref. Bonds, Series B, 0.24%, 10/01/311					2,000			2,000	1.57
County of Christian Kentucky, Public Imps. Lease Rev. Bonds, Series A, 0.24%, 06/01/381					15			15	0.01
Missouri State Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 0.25%, 02/15/341					2,000			2,000	1.57
Virginia College Building Auth., College & Univ. Imps. Misc. Rev. Bonds, Series B, 0.28%, 02/01/261					800			800	0.63
Total Short-term securities  (cost: $7,675,000)								7,675	6.03
Total investment securities (cost: $124,736,668)								127,869	100.45
Other assets less liabilities							(576)		(0.45)
Net assets						$	127,293		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
COLL			= Collateral
Comm.			= Community
Corp.			= Corporation
Dept.			= Department
Dev.			= Development
Dist.			= District
Econ.			= Economic
Edu.			= Education
Educ.			= Educational
Facs.			= Facilities
FGIC			= Financial Guaranty Insurance Company
FHLMC			= Federal Home Loan Mortgage Corporation
Fin.			= Finance
Fncg.			= Financing
Fndg.			= Funding
FNMA			= Federal National Mortgage Association
GNMA			= Government National Mortgage Association
G.O.			= General Obligation
Govt.			= Government
GTD			= Guaranteed
HUD			= Housing and Urban Development
Imp.			= Improvement
Imps.			= Improvements
Ind.			= Industrial
Ln.			= Loan
Lns.			= Loans
Loc.			= Local
Mgmt.			= Management
Misc.			= Miscellaneous
Muni.			= Municipal
NATL-RE			= National Reinsurance
No.			= Number
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

Schedule of Investments

at April 30, 2012 (unaudited)

					Principal amount (000)			Market value (000)	Percent of net assets
Bonds & notes - 91.43%
California - 89.20%
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 05/15/16				$	1,500		$	1,520	0.81	%
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured):
		5.00%, 09/02/21			600			642	0.34
		5.00%, 09/02/22			225			239	0.13
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds, Series A (CIFG Insured), 4.00%, 09/02/14					445			468	0.25
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, 10/01/17					575			656	0.35
Azusa Redev. Agcy., Loc. or GTD Housing Ref. Bonds, Series A (Escrowed to Maturity) (FNMA Insured), 6.875%, 10/01/12					1,100			1,131	0.60
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F-1, 5.00%, 04/01/21					100			121	0.06
Bonita Canyon Public Facs. Fncg. Auth., Special Tax Ref. Bonds:
		4.00%, 09/01/21			700			711	0.38
		5.00%, 09/01/26			500			516	0.27
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds:
		5.00%, 04/01/19			950			1,116	0.59
		5.00%, 02/01/21			550			677	0.36
		5.00%, 10/01/21			700			834	0.44
		5.00%, 11/01/21			525			564	0.30
		5.50%, 04/01/29			300			332	0.18
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A:
		5.00%, 10/01/15			500			559	0.30
		5.00%, 01/01/18			125			152	0.08
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A:
		4.00%, 11/01/21			560			617	0.33
		4.00%, 11/01/22			1,420			1,545	0.82
		4.50%, 11/01/17			335			384	0.20
		5.00%, 01/01/24			100			118	0.06
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, 4.00%, 08/15/16					710			778	0.41
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series A:
		5.00%, 10/01/18			275			331	0.18
		5.00%, 10/01/22			770			882	0.47
		5.00%, 11/15/24			150			177	0.09
		5.00%, 11/15/25			375			439	0.23
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series D, 5.00%, 08/15/20					1,325			1,611	0.86
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series G, 5.50%, 07/01/25					100			112	0.06
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series I, 5.125%, 07/01/22					1,275			1,382	0.73
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/271					300			323	0.17
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A:
		5.00%, 11/15/19			1,350			1,604	0.85
		5.00%, 11/15/20			500			599	0.32
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series B:
		4.00%, 08/15/19			400			457	0.24
		5.00%, 08/15/20			300			363	0.19
		5.00%, 11/15/21			1,000			1,099	0.58
		5.375%, 07/01/21			1,500			1,585	0.84
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 6.25%, 10/01/28					200			235	0.12
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			109	0.06
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			108	0.06
California Infrastructure & Econ. Dev. Bank, Highway Imps. Rev. Bonds (Escrowed to Maturity) (AGM Insured), 4.10%, 07/01/12					200			201	0.11
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/14 @ 100), 0.75%, 04/01/381					1,000			1,000	0.53
California Infrastructure & Econ. Dev. Bank, Public Imps. Misc. Rev. Bonds:
		4.50%, 10/01/25			100			110	0.06
		4.50%, 10/01/26			100			109	0.06
California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds:
		5.00%, 02/01/18			100			117	0.06
		5.00%, 02/01/19			100			115	0.06
California Infrastructure & Econ. Dev. Bank, Rec. Rev. Ref. Bonds (Mandatory Put 04/01/13 @ 100), 2.50%, 10/01/471					1,300			1,327	0.70
California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series A-2 (Mandatory Put 04/01/14 @ 100), 0.75%, 04/01/381					1,100			1,100	0.58
California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series B-1 (Mandatory Put 04/01/15 @ 100), 0.55%, 10/01/471					1,800			1,800	0.96
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, 5.625%, 10/01/23					465			500	0.27
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, Series B, 4.00%, 10/01/17					150			168	0.09
California State Dept. of Veterans Affairs, Loc. or GTD Housing Rev. Ref. Bonds, Series A, 2.75%, 12/01/20					750			767	0.41
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), 5.375%, 05/01/22					100			101	0.05
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):
		5.50%, 05/01/15			875			884	0.47
		5.50%, 05/01/16			125			126	0.07
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			1,439	0.76
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G, 4.875%, 05/01/18					200			243	0.13
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G-11, 5.00%, 05/01/18					2,000			2,446	1.30
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 5.00%, 05/01/17					100			120	0.06
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series K, 5.00%, 05/01/18					225			275	0.15
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 05/01/21					200			246	0.13
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 05/01/18					1,250			1,529	0.81
California State Dept. of Water Ress., Water Rev. Ref. Bonds, 5.00%, 05/01/21					100			118	0.06
California State Dept. of Water Ress., Water Rev. Ref. Bonds (Escrowed to Maturity) (FGIC Insured), 5.00%, 12/01/12					10			10	0.01
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE:
		5.00%, 12/01/22			1,010			1,206	0.64
		5.00%, 12/01/23			200			238	0.13
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AM, 5.00%, 12/01/20					1,310			1,577	0.84
California State Public Works Board, College & Univ. Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 03/01/14					200			216	0.11
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, 5.00%, 04/01/20					200			221	0.12
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B, 5.00%, 10/01/17					300			347	0.18
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B (NATL-RE FGIC Insured), 4.00%, 03/01/14					200			211	0.11
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 5.00%, 03/01/18					1,350			1,552	0.82
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series C-1, 5.00%, 03/01/19					1,100			1,324	0.70
California State Public Works Board, Health Care Facs. Imps. Lease Rev. Bonds, Series E, 5.00%, 04/01/15					1,315			1,474	0.78
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 06/01/15					200			225	0.12
California State Public Works Board, Lease Rev. Ref. Bonds, Series C (NATL-RE FGIC Insured), 4.00%, 09/01/13					200			209	0.11
California State Public Works Board, Public Imps. Lease Rev. Bonds, Sub-Series A-1, 5.00%, 03/01/14					1,000			1,075	0.57
California State Univ., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 11/01/18					750			907	0.48
California State Univ., College & Univ. Rev. Ref. Bonds, Series C (NATL-RE Insured), 5.00%, 11/01/21					2,600			2,958	1.57
California Statewide Comms. Dev. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 05/15/19					1,000			1,123	0.60
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, 4.625%, 07/01/21					100			111	0.06
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds (NATL-RE FHA Insured), 5.00%, 08/01/20					335			372	0.20
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A:
		5.00%, 04/01/13			700			729	0.39
		5.00%, 04/01/19			600			712	0.38
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, 07/01/16					1,100			1,270	0.67
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			502	0.27
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds:
		5.00%, 07/01/14			500			546	0.29
		5.00%, 07/01/16			100			111	0.06
		5.00%, 11/01/19			1,000			1,167	0.62
California Statewide Comms. Dev. Auth., Misc. Rev. Bonds:
		4.00%, 06/15/13			875			910	0.48
		5.00%, 06/15/13			2,100			2,207	1.17
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			106	0.06
Central Valley Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, 3.50%, 07/01/14					250			263	0.14
Cerritos Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds, Series A (AMBAC Insured), 5.00%, 11/01/19					2,000			2,184	1.16
City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, 06/15/20					1,565			1,952	1.04
City of Bakersfield, Solid Waste Mgmt. Disposal Rev. Bonds, Series A  (AGM Insured), 4.125%, 09/15/14					200			217	0.12
City of Irvine California, Public Imps. Special Assessment Bonds:
		4.00%, 09/02/19			500			516	0.27
		4.375%, 09/02/21			700			723	0.38
City of Irvine California, Special Assessment Ref. Bonds:
		0.21%, 09/02/501			350			350	0.19
		4.50%, 09/02/22			250			258	0.14
		4.75%, 09/02/23			250			258	0.14
City of Long Beach, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 05/15/21					100			122	0.06
City of Long Beach, Port, Airport & Marina. Rev. Ref. Bonds, Series B:
		5.00%, 05/15/13			1,250			1,311	0.70
		5.00%, 05/15/20			500			617	0.33
City of Los Angeles, Sewer Rev. Ref. Bonds, Sub-Series A (NATL-RE Insured), 5.00%, 06/01/27					1,100			1,144	0.61
City of Manhattan Beach, Public Imps. Special Assessment Bonds, 4.375%, 09/02/17					120			124	0.07
City of Roseville, Energy Res. Auth. Rev. Certs. of Part. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 02/01/17					100			109	0.06
City of Roseville, Special Tax Ref. Bonds:
		3.50%, 09/01/15			1,000			1,031	0.55
		4.00%, 09/01/16			1,000			1,051	0.56
City of San Jose, Port, Airport & Marina Imps. Rev. Bonds, Series A-2, 5.00%, 03/01/18					700			811	0.43
Contra Costa County Public Fncg. Auth., Public Imps. Lease Rev. Bonds, Series A (NATL-RE Insured), 5.00%, 06/01/21					275			299	0.16
County of Orange, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 07/01/15					200			225	0.12
County of San Diego, College & Univ. Imps. Rev. Certs. of Part. Bonds, 4.00%, 07/01/16					490			529	0.28
East Bay Muni. Util. Dist. Rev. Bonds, Series A-1 (Mandatory Put 07/01/14 @ 100), 0.60%, 06/01/251					1,500			1,500	0.80
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A, 4.00%, 06/01/14					100			108	0.06
East Bay Regional Park Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 09/01/14					100			111	0.06
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					1,300			1,390	0.74
Golden State Tobacco Securitization Corp., Misc. Purposes Rev. Bonds (Pre-refunded with FHLMC and St. & Loc. Govt. Series to 06/01/13 @ 100) (AGM Insured), 5.00%, 06/01/43					150			157	0.08
Grossmont-Cuyamaca Comm. College Dist., G.O. College & Univ. Imps. Bonds, Series A (NATL-RE Insured), 5.00%, 08/01/16					40			42	0.02
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds:
		5.00%, 11/01/17			100			119	0.06
		5.25%, 11/01/25			100			113	0.06
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 11/01/22					700			830	0.44
Irvine Public Facs. & Infrastructure Auth., Public Imps. Special Assessment Bonds, Series A:
		3.00%, 09/02/15			200			206	0.11
		4.00%, 09/02/21			1,350			1,392	0.74
		4.00%, 09/02/23			430			437	0.23
Irvine Ranch Water Dist., Water Rev. Certs. of Part. Ref. Bonds, 5.00%, 03/01/17					100			119	0.06
Las Virgenes Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (AGM Insured), 4.25%, 08/01/15					100			112	0.06
Lincoln Public Fncg. Auth., Public Imps. Special Tax Bonds, Series A (AMBAC Insured), 4.50%, 09/01/21					840			878	0.47
Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds:
		4.00%, 11/01/20			750			847	0.45
		5.00%, 11/01/21			500			602	0.32
Long Beach Comm. College Dist., G.O. Prop. Tax College & Univ. Imps. Bonds, Series A, 5.00%, 06/01/22					100			117	0.06
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, 5.00%, 07/01/16					500			590	0.31
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, Series B, 5.00%, 07/01/18					1,000			1,217	0.65
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 05/15/29					200			223	0.12
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series D:
		5.00%, 05/15/19			850			1,038	0.55
		5.00%, 05/15/23			750			894	0.47
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 05/15/22					700			842	0.45
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Bonds, Series B (AGM Insured), 5.125%, 07/01/20					250			264	0.14
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/18					300			367	0.19
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series B, 5.00%, 07/01/20					200			242	0.13
Los Angeles Harbor Dept., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 08/01/13					100			106	0.06
Los Angeles Unified School Dist., G.O. Prop. Tax Rev. Ref. Bonds, Series A-1, 5.00%, 07/01/20					1,000			1,222	0.65
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			106	0.06
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series F (AGM Insured), 4.50%, 07/01/12					50			50	0.03
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I:
		5.00%, 07/01/14			200			219	0.12
		5.00%, 07/01/24			100			115	0.06
Los Rios Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 08/01/20					900			1,116	0.59
Metropolitan Water Dist. of Southern California, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 03/01/17					100			112	0.06
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B, 5.00%, 07/01/15					500			571	0.30
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 05/01/15 @ 100), 0.60%, 07/01/271					1,500			1,500	0.80
Metropolitan Water Dist. of Southern California, Water Util. Imps. Rev. Bonds, Series A, 4.00%, 01/01/14					100			106	0.06
Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/17					400			469	0.25
Moreno Valley Unified School Dist., G.O. School Imps. Prop. Tax Ref. Bonds (NATL-RE Insured), 5.25%, 08/01/19					380			461	0.24
Mountain View Shoreline Regional Park Comm., Tax Allocation Rev. Ref. Bonds, Series A:
		5.00%, 08/01/19			420			471	0.25
		5.00%, 08/01/20			375			420	0.22
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			172	0.09
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			102	0.05
Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A:
		5.00%, 06/01/16			750			861	0.46
		5.00%, 07/01/23			745			857	0.46
		5.50%, 07/01/21			1,000			1,217	0.65
Northern California Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A:
		5.00%, 07/01/17			200			237	0.13
		5.00%, 07/01/19			200			243	0.13
Perris Union High School Dist., School Imps. Special Tax Bonds:
		4.25%, 09/01/19			360			364	0.19
		4.50%, 09/01/20			445			451	0.24
Poway Unified School Dist. Public Fncg. Auth., Special Tax:
		3.375%, 09/15/17			500			516	0.27
		3.75%, 09/15/18			770			795	0.42
Rancho Water Dist. Fncg. Auth., Water Rev. Ref. Bonds, Series D (Radian Insured), 4.20%, 09/02/17					100			106	0.06
Roseville Natural Gas Fin. Auth., Gas Util. Imps. Rev. Bonds, 5.00%, 02/15/14					100			105	0.06
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (NATL-RE Insured):
		5.00%, 08/15/12			125			127	0.07
		5.00%, 08/15/17			305			321	0.17
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (Pre-refunded with St. & Loc. Govt. Series to 08/15/2013 @ 100), (NATL-RE Insured), 5.00%, 08/15/17					695			737	0.39
San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds:
		5.00%, 08/01/18			1,000			1,235	0.66
		5.00%, 08/01/20			775			977	0.52
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Sub-Series A:
		5.00%, 07/01/18			850			1,011	0.54
		5.00%, 07/01/20			700			851	0.45
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series 2008 A (AGM Insured), 5.00%, 05/01/14					560			610	0.32
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 05/01/18					700			860	0.46
San Diego County Water Auth., Water Rev. Ref. Bonds, Series A, 5.00%, 05/01/20					750			932	0.49
San Diego County Water Auth., Water Rev. Ref. Bonds, Series S-1, 5.00%, 07/01/16					375			438	0.23
San Diego Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series B, 5.00%, 05/15/22					100			121	0.06
San Diego Public Facs. Fncg. Auth., Water Rev. Ref. Bonds, Series A:
		4.00%, 08/01/14			100			108	0.06
		4.00%, 08/01/20			100			114	0.06
San Francisco Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds, 5.00%, 07/01/22					800			970	0.51
San Francisco City & County Airports Commission, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.90%, 05/01/29					1,200			1,344	0.71
San Francisco City & County Airports Commission, Port, Airport & Marina Imps. Rev. Bonds, Series E, 5.25%, 05/01/24					100			117	0.06
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 05/01/19					400			485	0.26
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C2, 5.00%, 05/01/21					300			354	0.19
San Francisco City & County Public Utils. Commission, Water Rev. Ref. Bonds, Sub-Series D, 5.00%, 11/01/20					800			1,000	0.53
San Francisco City & County Public Utils. Commission, Water Util. Imps. Rev. Bonds, Sub-Series A, 3.00%, 11/01/12					100			101	0.05
San Francisco City & County Redev. Agcy., Tax Allocation, Series C:
		4.75%, 08/01/17			265			283	0.15
		5.00%, 08/01/18			275			296	0.16
		5.25%, 08/01/19			290			317	0.17
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 06/15/19					1,000			1,230	0.65
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, 08/01/22					500			519	0.28
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, 08/01/18					400			404	0.21
San Mateo County Comm. College Dist., College & Univ. Imps. Certs. of Part. Lease Bonds (Pre-refunded with St. & Loc. Govt. Series to 10/01/14 @ 100) (NATL-RE Insured), 5.25%, 10/01/20					1,000			1,119	0.59
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			50	0.03
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A, 5.25%, 07/15/23					200			236	0.13
Santa Ana Community Redev. Agcy., Tax Allocation Rev. Ref. Bonds,, 6.00%, 09/01/20					750			863	0.46
Santa Clara County Fncg. Auth., Lease Rev. Ref. Bonds, 5.00%, 11/15/22					285			326	0.17
Santa Margarita Water Dist., Special Tax Ref. Bonds:
		4.125%, 09/01/20			625			636	0.34
		4.25%, 09/01/21			1,560			1,580	0.84
Santaluz Community Facs. Dist. No 2, Special Tax Ref. Bonds, Series A, 5.00%, 09/01/20					1,000			1,108	0.59
Sonoma-Marin Area Rail Transit Dist., Rev. Bonds, Series A, 5.00%, 03/01/21					1,000			1,232	0.65
South Orange County Public Fncg. Auth., Special Tax Ref. Bonds, Series A (AMBAC Insured):
		5.00%, 08/15/15			900			992	0.53
		5.00%, 08/15/20			1,000			1,046	0.56
South Placer Wastewater Auth., Solid Waste Mgmt. Rev. Ref. Bonds, Series D, 1.08%, 11/01/141					1,700			1,702	0.90
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds:
		5.00%, 07/01/18			200			244	0.13
		5.00%, 07/01/20			1,550			1,937	1.03
		5.00%, 07/01/23			800			966	0.51
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 4.00%, 07/01/21					500			579	0.31
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds:
		5.00%, 07/01/16			500			585	0.31
		5.00%, 07/01/18			350			425	0.23
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/20					245			306	0.16
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, 5.00%, 07/01/23					100			116	0.06
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A:
		5.25%, 07/01/13			125			132	0.07
		5.25%, 07/01/14			1,175			1,294	0.69
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A (Escrowed to Maturity), 5.25%, 07/01/14					270			299	0.16
State of California, G.O. Cash Flow Mgmt. 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			1,985	1.05
State of California, G.O. Correctional Facs. Imps. Prop. Tax Bonds, 5.25%, 10/01/20					100			120	0.06
State of California, G.O. General Fund Ref. Bonds:
		5.00%, 11/01/13			300			321	0.17
		5.00%, 02/01/19			2,000			2,386	1.27
		5.00%, 02/01/20			2,500			2,999	1.59
		5.25%, 02/01/14			10			11	0.01
State of California, G.O. General Fund Ref. Bonds (Pre-refunded with St. & Loc. Govt. Series to 08/01/13 @ 100), 5.25%, 02/01/14					390			414	0.22
State of California, G.O. General Fund Ref. Bonds, Series CF, 2.25%, 12/01/13					2,950			3,020	1.60
State of California, G.O. General Fund Ref. Notes, 5.00%, 08/01/20					375			435	0.23
State of California, G.O. Prop. Tax Ref. Bonds:
		5.00%, 04/01/19			600			718	0.38
		5.25%, 10/01/20			650			781	0.41
State of California, G.O. Prop. Tax Ref. Bonds, Series B (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/231					100			109	0.06
State of California, G.O. Public Imps. Misc. Tax Bonds, 5.50%, 04/01/18					100			121	0.06
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			2,165	1.15
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			2,202	1.17
State of California, G.O. Sales Tax Rev. Bonds, Series A, 5.25%, 07/01/21					1,060			1,288	0.68
State of California, G.O. Sales Tax Rev. Ref. Bonds:
		4.00%, 07/01/16			675			679	0.36
		4.00%, 07/01/17			1,100			1,106	0.59
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 07/01/17					950			1,131	0.60
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			325	0.17
State of California, General Fund Cash Flow Mgmt. Rev. Notes, Series A2, 2.00%, 06/26/12					1,000			1,003	0.53
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A:
		5.00%, 01/01/15			100			110	0.06
		5.00%, 01/01/22			1,000			1,153	0.61
		5.25%, 01/01/24			100			115	0.06
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds:
		5.00%, 01/01/18			500			589	0.31
		5.00%, 01/01/22			700			824	0.44
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 3.00%, 01/01/13					1,000			1,017	0.54
Univ. of California, College & Univ. Imps. Rev. Bonds, Series D (NATL-RE FGIC Insured), 5.00%, 05/15/23					130			149	0.08
Univ. of California, College & Univ. Imps. Rev. Bonds, Series G (NATL-RE FGIC Insured), 5.00%, 05/15/24					200			212	0.11
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E:
		4.00%, 05/15/17			500			571	0.30
		5.00%, 05/15/20			500			620	0.33
Vallejo Sanitation & Flood Control Dist., Solid Waste Mgmt. Certs. of Part. Ref. Bonds (AMBAC Insured), 4.00%, 05/01/18					200			208	0.11
								168,001	89.20
District of Columbia - 0.06%
Metropolitan Washington Airports Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 10/01/17					100			119	0.06
								119	0.06
Florida - 0.30%
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1, 5.00%, 06/01/19					500			569	0.30
								569	0.30
Iowa - 0.06%
State of Iowa, General Fund Public Imps. Rev. Bonds, Series A, 5.00%, 06/01/27					100			116	0.06
								116	0.06
Michigan - 0.06%
Michigan State Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.25%, 11/15/24					100			110	0.06
								110	0.06
Puerto Rico - 1.69%
Puerto Rico Commonwealth Aqueduct & Sewer Auth., Water Rev. Ref. Bonds, Series A, 5.00%, 07/01/19					500			552	0.30
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			1,522	0.81
Puerto Rico Ind. Tourist Educ. Medical & Environmental Cultural Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 07/01/17					1,000			1,096	0.58
								3,170	1.69
Texas - 0.06%
City of San Antonio, Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 02/01/24					100			114	0.06
								114	0.06
Total bonds & notes  (cost: $165,355,052)								172,199	91.43
					Principal amount (000)			Market value (000)	Percent of net assets
Short-term securities - 8.07%
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A, 0.30%, 10/01/361				$	500		$	500	0.27	%
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series C, 0.30%, 10/01/261					1,720			1,720	0.91
California Health Facs. Fncg. Auth., Special Assessment Rev. Ref. Bonds, 0.22%, 09/01/381					1,380			1,380	0.73
California Infrastructure & Econ. Dev. Bank, Econ. Dev. Rev. Ref. Bonds, Series B, 0.30%, 04/01/421					1,375			1,375	0.73
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, 0.24%, 10/01/471					500			500	0.27
California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds, 0.30%, 12/01/361					1,470			1,470	0.78
California Muni. Fin. Auth., Ind. Imps. Rev. Bonds, 0.25%, 11/01/351					1,700			1,700	0.90
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 0.22%, 08/15/471					1,300			1,300	0.69
City of Irvine California, Public Imps. Special Assessment Bonds, Series A:1
		0.21%, 09/02/50			1,000			1,000	0.53
		0.21%, 09/02/29			1,000			1,000	0.53
City of Irvine California, Public Imps. Special Assessment Bonds, Series B, 0.21%, 09/02/291					1,300			1,300	0.69
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-3, 0.21%, 07/01/351					1,500			1,500	0.80
State of California, G.O. General School Imps. Bonds, 0.23%, 05/01/341					450			450	0.24
Total Short-term securities  (cost: $15,195,000)								15,195	8.07
Total investment securities (cost: $180,550,052)								187,394	99.50
Other assets less liabilities							945		0.50
Net assets						$	188,339		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
Corps.			= Corporations
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 Mortgage Corporation
Fin.			= Finance
Fncg.			= Financing
FNMA			= Federal National Mortgage Association
G.O.			= General Obligation
Govt.			= Government
GTD			= Guaranteed
Imps.			= Improvements
Ind.			= Industrial
Loc.			= Local
Mgmt.			= Management
Misc.			= Miscellaneous
Muni.			= Municipal
NATL-RE			= National Reinsurance
Prop.			= Property
Rec.			= Recreational
Redev.			= Redevelopment
Ref.			= Refunding
REFCORP			= Resolution Funding Corporation
Res.			= Resource
Ress.			= Resources
Rev.			= Revenue
St.			= State
Trans.			= Transportation
Univ.			= University
Util.			= Utility
Utils.			= Utilities

Capital California Short-Term Municipal Fund

Schedule of Investments

at April 30, 2012 (unaudited)

					Principal amount (000)			Market value (000)	Percent of net assets
Bonds & notes - 74.58%
California - 71.81%
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 05/15/16				$	500		$	507	0.48	%
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 08/01/16					200			230	0.22
Azusa Redev. Agcy., Loc. or GTD Housing Ref. Bonds, Series A (Escrowed to Maturity) (FNMA Insured), 6.875%, 10/01/12					500			514	0.49
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds:
		4.00%, 10/01/15			250			275	0.26
		4.00%, 02/01/17			100			114	0.11
		5.00%, 04/01/14			100			107	0.10
		5.00%, 10/01/16			250			285	0.27
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 10/01/15					500			559	0.53
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 3.00%, 11/01/16					400			427	0.41
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds:
		3.00%, 10/01/15			150			159	0.15
		4.00%, 04/01/16			300			330	0.31
		4.00%, 04/01/17			200			222	0.21
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, 5.00%, 08/15/17					510			593	0.56
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series B, 5.00%, 08/15/16					200			231	0.22
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series I, 5.125%, 07/01/22					900			976	0.93
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds:
		5.00%, 08/15/15			150			170	0.16
		5.00%, 11/15/16			225			253	0.24
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A:
		4.00%, 11/15/13			300			314	0.30
		5.00%, 08/15/14			100			110	0.10
		5.00%, 11/15/16			250			289	0.28
		5.00%, 10/01/18			500			601	0.57
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-3, 4.00%, 11/15/15					150			166	0.16
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			218	0.21
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			108	0.10
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/14 @ 100), 0.75%, 04/01/381					500			500	0.48
California Infrastructure & Econ. Dev. Bank, Rec. Rev. Ref. Bonds (Mandatory Put 04/01/13 @ 100), 2.50%, 10/01/471					400			408	0.39
California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series A-2 (Mandatory Put 04/01/14 @ 100), 0.75%, 04/01/381					600			600	0.57
California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series B-1 (Mandatory Put 04/01/15 @ 100), 0.55%, 10/01/471					1,000			1,000	0.95
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, Series B:
		4.00%, 10/01/15			225			247	0.24
		4.00%, 10/01/16			200			222	0.21
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			505	0.48
		5.875%, 05/01/16			100			101	0.10
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			253	0.24
		5.50%, 05/01/16			400			404	0.38
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 4.50%, 05/01/17					200			234	0.22
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 05/01/14					550			600	0.57
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 05/01/18					1,250			1,529	1.45
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AM, 5.00%, 12/01/18					500			591	0.56
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Sub-Series G-4, 5.00%, 05/01/16					1,000			1,166	1.11
California State Public Works Board,  Public Imps. Lease Rev. Bonds, Series A, 5.00%, 04/01/18					400			460	0.44
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B, 5.00%, 10/01/17					475			550	0.52
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 4.00%, 03/01/16					400			436	0.41
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series C-1, 5.00%, 03/01/16					500			574	0.55
California State Public Works Board, Health Care Facs. Imps. Rev. Bonds, 5.50%, 06/01/15					400			438	0.42
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured):
		5.00%, 06/01/15			100			113	0.11
		5.00%, 10/01/16			240			274	0.26
California State Public Works Board, Rev. Bonds, Series G, 4.00%, 12/01/16					325			367	0.35
California State Univ., College & Univ. Rev. Ref. Bonds, Series A:
		5.00%, 11/01/16			400			470	0.45
		5.00%, 11/01/17			350			418	0.40
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 04/01/13					500			521	0.50
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, 07/01/16					500			577	0.55
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (Mandatory Put 05/01/17 @ 100), 5.00%, 11/01/291					600			696	0.66
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds:
		4.00%, 11/01/14			400			428	0.41
		5.00%, 07/01/14			650			710	0.68
		5.00%, 11/01/15			300			338	0.32
California Statewide Comms. Dev. Auth., Misc. Rev. Bonds:
		4.00%, 06/15/13			240			250	0.24
		5.00%, 06/15/13			1,020			1,072	1.02
City & County of San Francisco, Certs. of Part. Lease Ref. Bonds, Series A, 5.00%, 10/01/15					500			562	0.53
City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds, 5.00%, 06/15/18					1,745			2,133	2.03
City of Irvine California, Special Assessment Ref. Bonds, 0.21%, 09/02/501					3,000			3,000	2.85
City of Los Angeles, Sewer Rev. Ref. Bonds, Series A:
		3.00%, 06/01/14			150			158	0.15
		4.00%, 06/01/16			100			113	0.11
City of San Jose, Port, Airport & Marina Imps. Rev. Bonds, Series A-2, 3.00%, 03/01/15					440			461	0.44
Contra Costa Water Dist., Water Rev. Ref. Bonds, Series A, 3.50%, 10/01/13					500			523	0.50
East Bay Muni. Util. Dist. Rev. Bonds, Series A-1 (Mandatory Put 07/01/14 @ 100), 0.60%, 06/01/251					750			750	0.71
Golden State Tobacco Securitization Corp., Misc. Purposes Rev. Bonds, Series 2003 A-1, 6.25%, 06/01/33					135			140	0.13
Golden State Tobacco Securitization Corp., Misc. Purposes Rev. Bonds, Series 2003 A-1 (Pre-refunded with Agencies to 06/01/13 @ 100), 6.625%, 06/01/40					750			801	0.76
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 11/01/13					125			133	0.13
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C:
		5.00%, 11/01/16			300			352	0.33
		5.00%, 11/01/18			425			514	0.49
Irvine Ranch Water Dist., Certs. of Part. Water Rev. Ref. Bonds, 5.00%, 03/01/13					200			208	0.20
Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds, 5.00%, 11/01/18					700			835	0.79
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, 5.00%, 07/01/16					500			590	0.56
Los Angeles County Sanitation Dists. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A, 5.00%, 10/01/17					770			932	0.89
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 3.00%, 05/15/15					700			746	0.71
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, Series E, 4.00%, 05/15/15					200			218	0.21
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/15					420			479	0.46
Los Angeles Harbor Dept., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 08/01/13					200			212	0.20
Los Angeles Muni. Imp. Corp., Lease Rev. Ref. Bonds, Series A, 3.50%, 09/01/12					100			101	0.10
Los Angeles Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series A-1, 4.00%, 07/01/18					500			576	0.55
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I:
		5.00%, 07/01/14			500			548	0.52
		5.00%, 07/01/18			1,000			1,210	1.15
Los Rios Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 4.00%, 08/01/16					500			566	0.54
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, 5.00%, 07/01/14					100			110	0.10
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B:
		4.00%, 07/01/14			100			108	0.10
		5.00%, 07/01/15			200			228	0.22
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 05/01/15 @ 100), 0.60%, 07/01/271					1,500			1,500	1.43
Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/15					300			337	0.32
Mountain View Shoreline Regional Park Comm., Tax Increment Allocation Rev. Ref. Bonds, 4.00%, 08/01/15					375			398	0.38
Northern California Power Agcy., Energy Res, Auth. Rev. Bonds, Series A, 3.00%, 06/01/13					200			205	0.20
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			513	0.49
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, 5.00%, 12/01/14					250			279	0.27
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (NATL-RE Insured), 5.00%, 08/15/17					120			126	0.12
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (Pre-refunded with St. & Loc. Govt. Series to 08/15/2013 @ 100), (NATL-RE Insured), 5.00%, 08/15/17					280			297	0.28
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 07/01/15					100			112	0.11
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series X, 5.00%, 08/15/17					250			297	0.28
San Bernardino County Trans. Auth. Rev. Bonds, Series A, 4.00%, 03/01/18					500			583	0.55
San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds:
		4.00%, 08/01/17			400			464	0.44
		5.00%, 08/01/18			1,000			1,235	1.18
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Ref. Bonds, Sub-Series A:
		5.00%, 07/01/16			250			288	0.27
		5.00%, 07/01/17			650			762	0.72
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series 2008 A (AGM Insured), 5.00%, 05/01/14					500			544	0.52
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 05/01/18					500			614	0.58
San Diego County Water Auth., Water Rev. Ref. Bonds, Series A, 5.00%, 05/01/17					850			1,015	0.97
San Diego County Water Auth., Water Rev. Ref. Bonds, Series S-1, 5.00%, 07/01/16					175			204	0.19
San Diego Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series B, 5.00%, 05/15/15					300			339	0.32
San Diego Public Facs. Fncg. Auth., Solid Waste Mgmt. Disposal Imps. Rev. Bonds, Series A, 4.50%, 05/15/14					500			542	0.52
San Francisco Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds, 3.00%, 07/01/13					125			129	0.12
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 05/01/16					200			231	0.22
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C (AGM Insured), 5.00%, 05/01/14					500			544	0.52
San Francisco City & County Public Utils. Commission, Water Rev. Ref. Bonds, Series C:
		5.00%, 11/01/12			100			102	0.10
		5.00%, 11/01/13			400			428	0.41
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 06/15/18					500			609	0.58
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series B, 5.00%, 06/15/15					100			114	0.11
San Jose Redev. Agcy., Tax Increment Allocation Ref. Bonds, 4.00%, 08/01/16					300			309	0.29
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A:
		3.00%, 07/15/13			100			103	0.10
		4.00%, 07/15/13			125			130	0.12
Santa Margarita Water Dist., Special Tax Ref. Bonds, 4.00%, 09/01/17					820			847	0.81
Sonoma-Marin Area Rail Transit Dist. Rev. Bonds, Series A:
		4.00%, 03/01/16			500			556	0.53
		5.00%, 03/01/18			750			901	0.86
South Placer Wastewater Auth., Solid Waste Mgmt. Rev. Ref. Bonds, Series D, 1.08%, 11/01/141					1,000			1,001	0.95
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds:
		4.00%, 07/01/15			225			249	0.24
		5.00%, 07/01/16			200			234	0.22
		5.00%, 07/01/17			750			898	0.85
		5.00%, 07/01/18			200			244	0.23
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A:
		4.00%, 07/01/16			150			170	0.16
		5.00%, 07/01/17			775			928	0.88
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds:
		5.00%, 07/01/14			500			549	0.52
		5.00%, 07/01/16			500			585	0.56
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/16					705			826	0.79
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, 07/01/18					300			365	0.35
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A:
		5.25%, 07/01/12			100			101	0.10
		5.25%, 07/01/13			225			238	0.23
		5.25%, 07/01/14			600			661	0.63
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A (Escrowed to Maturity), 5.25%, 07/01/14					250			277	0.26
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/14 @ 100), 5.00%, 07/01/15					500			551	0.52
State of California, G.O. General Fund Ref. Bonds, 5.00%, 02/01/18					1,350			1,594	1.52
State of California, G.O. General Fund Ref. Bonds, Series CF, 2.25%, 12/01/13					975			998	0.95
State of California, G.O. General Fund Ref. Notes, 5.00%, 04/01/15					500			560	0.53
State of California, G.O. General Fund Ref. Notes (NATL-RE Insured), 5.00%, 06/01/15					250			281	0.27
State of California, G.O. Prop. Tax Ref. Bonds:
		4.00%, 04/01/18			500			564	0.54
		5.00%, 06/01/15			200			225	0.21
State of California, G.O. Prop. Tax Ref. Bonds, Series B, 1.00%, 05/01/171					400			401	0.38
State of California, G.O. Prop. Tax Ref. Bonds, Series B (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/231					200			219	0.21
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			650	0.62
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			762	0.73
State of California, G.O. Sales Tax Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 07/01/14					500			551	0.52
State of California, G.O. Sales Tax Rev. Ref. Bonds:
		4.00%, 07/01/16			300			302	0.29
		4.00%, 07/01/17			500			503	0.48
State of California, General Fund Cash Flow Mgmt. Rev. Notes, Series A2, 2.00%, 06/26/12					1,000			1,003	0.95
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 01/01/15					100			110	0.10
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 01/01/17					300			349	0.33
Univ. of California, College & Univ. Imps. Rev. Bonds, Series AB, 5.00%, 05/15/16					350			409	0.39
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E, 5.00%, 05/15/16					200			233	0.22
West Basin Muni. Water Dist., Water Rev. Certs. of Part. Ref. Bonds, Series B (Assured GTY Insured), 4.50%, 08/01/12					100			101	0.10
								75,466	71.81
Florida - 1.43%
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, 5.00%, 06/01/15					100			111	0.11
Citizens Prop. Insurance Corp., Rev. Bonds, 1.90%, 06/01/141					700			709	0.67
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A, 5.00%, 07/01/16					600			680	0.65
								1,500	1.43
Guam - 0.32%
Territory of Guam, Cash Flow Mgmt., Misc. Rev. Bonds, Series A, 5.00%, 01/01/17					300			342	0.32
								342	0.32
Louisiana - 0.26%
Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA COLL Insured), 4.60%, 12/01/28					250			271	0.26
								271	0.26
Mississippi - 0.52%
Jackson State Univ. Educ. Building Corp., College & Univ. Imps. Lease Rev. Bonds (Mandatory Put 03/01/15 @ 100) (AGM Insured), 5.00%, 03/01/341					490			542	0.52
								542	0.52
Texas - 0.24%
Texas A&M Univ., College & Univ. Rev. Ref. Bonds, 3.00%, 07/01/17					230			254	0.24
								254	0.24
Total bonds & notes  (cost: $76,822,414)								78,375	74.58
Short-term securities - 25.21%
California Health Facs. Fncg. Auth., Special Assessment Rev. Ref. Bonds, 0.22%, 09/01/381					3,000			3,000	2.86
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, 0.24%, 10/01/471					2,150			2,150	2.05
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A, 0.28%, 12/01/311					1,065			1,065	1.01
California Muni. Fin. Auth., Ind. Imps. Rev. Bonds, 0.25%, 11/01/351					1,050			1,050	1.00
California Pollution Control Fin. Auth., Energy Res. Auth. Rev. Ref. Bonds, 0.23%, 11/01/261					2,800			2,800	2.66
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 0.22%, 08/15/361					3,650			3,650	3.47
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 0.22%, 08/15/471					700			700	0.67
California Statewide Comms. Dev. Auth., Res. Recovery Rev. Ref. Bonds, 0.19%, 05/15/241					1,050			1,050	1.00
City of Irvine California, Public Imps. Special Assessment Bonds, Series A:1
		0.21%, 09/02/50			600			600	0.57
		0.21%, 09/02/29			2,218			2,218	2.11
Irvine Ranch Water Dist., Prop. Tax Water Util. Imps. Rev. Bonds, 0.25%, 04/01/331					400			400	0.38
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A, 0.25%, 12/01/361					405			405	0.39
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series C-4, 0.23%, 07/01/231					3,750			3,750	3.57
State of California, G.O. General Fund School Imps. Bonds, 0.23%, 05/01/341					3,650			3,650	3.47
Total Short-term securities  (cost: $26,488,000)								26,488	25.21
Total investment securities (cost: $103,310,414)								104,863	99.79
Other assets less liabilities							224		0.21
Net assets						$	105,087		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
COLL			= Collateral
Comm.			= Community
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
GNMA			= Government National Mortgage Association
G.O.			= General Obligation
Govt.			= Government
GTD			= Guaranteed
GTY			= Guaranty
Imp.			= Improvement
Imps.			= Improvements
Ind.			= Industrial
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

Schedule of Investments

at April 30, 2012 (unaudited)

					Principal amount (000)			Market value (000)	Percent of net assets
Bonds & notes - 95.97%
U.S. government & government agency bonds & notes - 45.85%
Fannie Mae:
		1.75%, 05/07/13		$	2,000		$	2,030	0.69	%
		2.75%, 03/13/14			2,000			2,091	0.71
		1.25%, 09/28/16			1,000			1,012	0.34
		1.25%, 01/30/17			1,445			1,464	0.50
Freddie Mac:
		0.375%, 10/30/13			500			502	0.17
		0.375%, 04/28/14			2,500			2,502	0.85
		5.00%, 07/15/14			1,000			1,102	0.37
		0.75%, 11/25/14			1,700			1,715	0.58
		4.75%, 01/19/16			2,000			2,297	0.78
		1.75%, 05/30/19			2,155			2,172	0.74
U.S. Treasury Bonds:
		7.625%, 02/15/25			1,000			1,597	0.54
		3.125%, 02/15/42			1,870			1,873	0.63
U.S. Treasury Inflation Indexed Bonds:
		1.875%, 07/15/13			4,939			5,167	1.75
		2.00%, 01/15/14			1,540			1,635	0.55
		0.125%, 04/15/16			7,729			8,195	2.78
		2.375%, 01/15/17			372			439	0.15
		0.125%, 01/15/22			1,006			1,052	0.36
		0.75%, 02/15/42			252			252	0.09
U.S. Treasury Notes:
		1.75%, 04/15/13			1,000			1,015	0.34
		3.125%, 09/30/13			3,000			3,123	1.06
		1.25%, 02/15/14			7,500			7,634	2.59
		2.375%, 09/30/14			10,000			10,498	3.56
		2.375%, 10/31/14			455			478	0.16
		4.00%, 02/15/15			3,905			4,296	1.46
		4.50%, 02/15/16			500			573	0.19
		2.625%, 02/29/16			11,860			12,780	4.33
		1.50%, 06/30/16			3,750			3,882	1.31
		1.50%, 07/31/16			4,400			4,554	1.54
		1.00%, 09/30/16			1,000			1,014	0.34
		4.625%, 02/15/17			4,000			4,723	1.60
		1.00%, 03/31/17			1,000			1,010	0.34
		0.875%, 04/30/17			1,000			1,003	0.34
		4.50%, 05/15/17			11,020			13,016	4.41
		8.75%, 05/15/17			490			682	0.23
		1.875%, 08/31/17			6,470			6,791	2.30
		3.875%, 05/15/18			1,000			1,165	0.39
		2.375%, 05/31/18			3,875			4,170	1.41
		4.00%, 08/15/18			4,000			4,706	1.59
		3.50%, 05/15/20			6,965			8,000	2.71
		2.125%, 08/15/21			3,075			3,152	1.07
Total U.S. government & government agency bonds & notes								135,362	45.85
Mortgage-backed obligations - 24.59%
Federal agency mortgage-backed obligations - 20.76%
Fannie Mae:
		4.50%, 07/01/19			227			244	0.08
		4.50%, 03/01/20			1,103			1,185	0.40
		2.717%, 02/25/22			500			507	0.17
		3.50%, 10/01/25			9,647			10,190	3.45
		3.50%, 01/01/26			2,589			2,735	0.93
		3.00%, 01/01/27			981			1,026	0.35
		3.00%, 05/01/27 TBA			2,725			2,844	0.96
		3.50%, 06/01/27 TBA			5,000			5,268	1.78
		5.50%, 04/25/37			181			204	0.07
		6.00%, 08/01/37			117			129	0.04
		5.50%, 04/01/38			2,344			2,566	0.87
		5.50%, 09/01/38			4,042			4,423	1.50
		4.00%, 11/01/40			2,345			2,525	0.86
		5.00%, 06/01/41			3,083			3,411	1.16
		4.50%, 07/01/41			4,912			5,360	1.82
		5.00%, 08/01/41			487			539	0.18
		3.17%, 09/01/411			456			479	0.16
		3.50%, 05/01/42 TBA			1,350			1,402	0.47
		6.00%, 05/01/42 TBA			2,550			2,819	0.95
		4.00%, 06/01/42 TBA			3,250			3,431	1.16
		6.00%, 06/01/42 TBA			500			552	0.19
Freddie Mac:
		1.873%, 01/25/18			487			500	0.17
		2.699%, 05/25/18			790			830	0.28
		2.303%, 09/25/18			2,350			2,416	0.82
		3.974%, 01/25/211			524			584	0.20
		6.00%, 02/15/37			152			171	0.06
		4.50%, 08/01/40			2,697			2,881	0.98
Ginnie Mae:
		4.50%, 10/20/39			1,547			1,696	0.57
		4.50%, 01/20/40			340			373	0.13
								61,290	20.76
Commercial mortgage-backed securities - 3.83%
Bear Stearns Commercial Mortgage Securities:
		5.53%, 09/11/41			1,178			1,242	0.42
		5.54%, 09/11/41			250			286	0.10
Citigroup/Deutsche Bank Commercial Mortgage Trust:
		5.40%, 07/15/441			1,080			1,208	0.41
		5.617%, 10/15/48			500			568	0.19
DBUBS Mortgage Trust, Series 144A, 3.742%, 11/10/462					1,658			1,779	0.60
Greenwich Capital Commercial Funding Corp., 5.444%, 03/10/39					350			389	0.13
GS Mortgage Securities Corp. II, 1.468%, 08/10/44					450			454	0.15
JP Morgan Chase Commercial Mortgage Securities Corp, Series 144A, 3.673%, 02/15/462					500			532	0.18
JP Morgan Chase Commercial Mortgage Securities Corp.:
		4.895%, 09/12/37			500			550	0.19
		6.065%, 04/15/451			500			575	0.20
		5.925%, 02/12/491			650			744	0.25
Morgan Stanley Capital I, 5.373%, 11/14/421					350			390	0.13
Wachovia Bank Commercial Mortgage Trust:
		5.118%, 07/15/421			1,075			1,192	0.40
		5.443%, 12/15/441			1,250			1,402	0.48
								11,311	3.83
Total mortgage-backed obligations								72,601	24.59
Corporate bonds & notes - 24.39%
Banks - 3.95%
Ally Financial, Inc., 2.20%, 12/19/12					2,245			2,274	0.77
Bank of America Corp.:
		4.45%, 01/10/17			550			575	0.20
		3.875%, 03/22/17			795			794	0.27
		5.00%, 05/13/21			250			249	0.08
		5.70%, 01/24/22			510			536	0.18
Barclays Bank PLC, 2.50%, 01/23/13					560			565	0.19
BNP Paribas SA, 3.224%, 12/20/141					430			433	0.15
Citigroup, Inc.:
		4.75%, 05/19/15			250			263	0.09
		4.587%, 12/15/15			350			367	0.12
Goldman Sachs Group Inc/The, 5.75%, 01/24/22					365			382	0.13
JP Morgan Chase & Co.:
		3.40%, 06/24/15			805			845	0.29
		4.625%, 05/10/21			125			133	0.05
Northern Trust Corp., 4.625%, 05/01/14					300			322	0.11
The Goldman Sachs Group, Inc., 3.25%, 06/15/12					500			502	0.17
The Royal Bank of Scotland PLC:
		3.25%, 01/11/14			10			10	—
		4.375%, 03/16/16			1,000			1,021	0.35
UBS AG, 3.875%, 01/15/15					275			286	0.10
UBS AG/Stamford CT, 4.875%, 08/04/20					250			262	0.09
Wells Fargo & Co.:
		0.666%, 10/28/151			815			800	0.27
		3.50%, 03/08/22			505			512	0.17
Wells Fargo & Co., Series I, 3.75%, 10/01/14					150			159	0.05
Westpac Banking Corp., 1.85%, 12/09/13					355			359	0.12
								11,649	3.95
Electric - 2.00%
Alabama Power Co., 4.85%, 12/15/12					430			442	0.15
Appalachian Power Co., Series S, 3.40%, 05/24/15					250			263	0.09
Carolina Power & Light Co., 6.50%, 07/15/12					540			547	0.19
Consumers Energy Co., 5.65%, 09/15/18					375			448	0.15
Entergy Louisiana LLC, 1.875%, 12/15/14					350			357	0.12
Midamerican Energy Holdings Co., 5.75%, 04/01/18					300			354	0.12
Pacificorp, 5.65%, 07/15/18					755			910	0.31
PSEG Power LLC, 2.75%, 09/15/16					250			256	0.09
Public Service Co. of Colorado, 3.20%, 11/15/20					300			318	0.11
Teco Finance, Inc.:
		6.75%, 05/01/15			250			278	0.09
		4.00%, 03/15/16			390			417	0.14
Virginia Electric and Power Co.:
		5.40%, 04/30/18			621			746	0.25
		2.95%, 01/15/22			300			307	0.10
Wisconsin Electric Power Co., 2.95%, 09/15/21					250			257	0.09
								5,900	2.00
Diversified financial services - 1.84%
Citigroup Funding, Inc., 1.875%, 10/22/12					2,225			2,243	0.76
General Electric Capital Corp.:
		2.20%, 06/08/12			750			752	0.25
		2.30%, 04/27/17			610			611	0.21
		4.65%, 10/17/21			5			5	—
Murray Street Investment Trust I, 4.647%, 03/09/17					885			891	0.30
National Rural Utilities Cooperative Finance Corp., 1.00%, 02/02/15					733			737	0.25
Woodside Finance Ltd, Series 144A, 4.60%, 05/10/212					185			196	0.07
								5,435	1.84
Oil & gas - 1.61%
Anadarko Petroleum Corp., 6.375%, 09/15/17					750			892	0.30
Canadian Natural Resources Ltd., 1.45%, 11/14/14					300			304	0.10
Cenovus Energy, Inc., 4.50%, 09/15/14					300			324	0.11
Chevron Corp., 3.95%, 03/03/14					817			869	0.29
Husky Energy, Inc., 7.25%, 12/15/19					250			310	0.11
Phillips 66, Series 144A, 4.30%, 04/01/222					290			303	0.10
Shell International Finance BV, 4.00%, 03/21/14					350			373	0.13
Statoil ASA:
		2.90%, 10/15/14			450			475	0.16
		3.125%, 08/17/17			300			324	0.11
Total Capital Canada Ltd., 1.625%, 01/28/14					350			356	0.12
Total Capital International SA, 2.875%, 02/17/22					230			230	0.08
								4,760	1.61
Media - 1.60%
Comcast Corp.:
		5.30%, 01/15/14			420			451	0.15
		5.85%, 11/15/15			300			346	0.12
NBCUniversal Media LLC, 5.15%, 04/30/20					350			403	0.14
News America, Inc.:
		5.30%, 12/15/14			785			868	0.29
		4.50%, 02/15/21			350			378	0.13
The Walt Disney Co.:
		4.50%, 12/15/13			630			670	0.23
		5.50%, 03/15/19			300			365	0.12
Time Warner Cable, Inc., 3.50%, 02/01/15					845			895	0.30
Time Warner, Inc., 5.875%, 11/15/16					300			353	0.12
								4,729	1.60
Telecommunications - 1.38%
AT&T, Inc.:
		4.95%, 01/15/13			300			309	0.11
		2.40%, 08/15/16			200			208	0.07
		3.00%, 02/15/22			357			359	0.12
Cellco Partnership/Verizon Wireless Capital LLC, 7.375%, 11/15/13					490			538	0.18
Cisco Systems, Inc.:
		0.724%, 03/14/141			200			201	0.07
		2.90%, 11/17/14			835			885	0.30
France Telecom SA, 4.375%, 07/08/14					300			320	0.11
Verizon Communications, Inc., 1.25%, 11/03/14					200			202	0.07
Vodafone Group PLC:
		5.00%, 09/15/15			300			337	0.11
		1.625%, 03/20/17			720			718	0.24
								4,077	1.38
Beverages - 1.20%
Anheuser-Busch InBev Worldwide, Inc.:
		0.827%, 07/14/141			585			586	0.20
		4.125%, 01/15/15			300			326	0.11
Pepsi Co., Inc.:
		0.875%, 10/25/13			500			502	0.17
		2.50%, 05/10/16			770			812	0.28
Pernod-Ricard SA, Series 144A, 2.95%, 01/15/172					300			305	0.10
SABMiller Holdings, Inc., Series 144A, 2.45%, 01/15/172					245			251	0.09
The Coca-Cola Co.:
		3.625%, 03/15/14			375			397	0.13
		1.50%, 11/15/15			350			358	0.12
								3,537	1.20
Pharmaceuticals - 1.14%
Express Scripts Holding, Inc., Series 144A, 2.65%, 02/15/172					250			255	0.09
Mckesson Corp., 3.25%, 03/01/16					795			858	0.29
Novartis Capital Corp.:
		4.125%, 02/10/14			400			424	0.14
		2.90%, 04/24/15			560			597	0.20
Novartis Securities Investment Ltd., 5.125%, 02/10/19					300			357	0.12
Pfizer, Inc., 6.20%, 03/15/19					300			378	0.13
Sanofi-Aventis SA, 0.783%, 03/28/141					500			503	0.17
								3,372	1.14
REITS - 1.09%
Brandywine Operating Partnership LP, 4.95%, 04/15/18					260			266	0.09
ERP Operating LP, 5.25%, 09/15/14					300			324	0.11
Kimco Realty Corp., 5.584%, 11/23/15					1,048			1,144	0.39
Prologis LP:
		7.625%, 08/15/14			275			306	0.10
		6.875%, 03/15/20			350			409	0.14
Simon Property Group LP:
		4.20%, 02/01/15			300			322	0.11
		5.25%, 12/01/16			385			439	0.15
								3,210	1.09
Retail - 0.85%
Home Depot, Inc., 4.40%, 04/01/21					350			398	0.14
McDonald's Corp., 4.30%, 03/01/13					540			557	0.19
Target Corp., 6.00%, 01/15/18					350			431	0.15
Wal-Mart Stores, Inc.:
		1.50%, 10/25/15			725			743	0.25
		5.80%, 02/15/18			300			366	0.12
								2,495	0.85
Pipelines - 0.74%
Enbridge, Inc., 5.60%, 04/01/17					370			429	0.14
Energy Transfer Partners LP, 5.20%, 02/01/22					125			133	0.05
Enterprise Products Operating LLC, 6.30%, 09/15/17					420			503	0.17
Kinder Morgan Energy Partners LP, 3.50%, 03/01/16					562			596	0.20
TransCanada PipeLines Ltd., 3.40%, 06/01/15					190			204	0.07
Williams Partners LP, 3.80%, 02/15/15					300			320	0.11
								2,185	0.74
Chemicals - 0.69%
Dow Chemical Co/The, 4.125%, 11/15/21					617			644	0.22
Ecolab, Inc.:
		2.375%, 12/08/14			730			756	0.26
		3.00%, 12/08/16			180			190	0.06
Ei Du Pont De Nemours & Co., 0.894%, 03/25/141					455			459	0.15
								2,049	0.69
Transportation - 0.67%
Burlington Northern Santa Fe LLC:
		7.00%, 02/01/14			600			664	0.22
		3.60%, 09/01/20			300			318	0.11
Canadian National Railway Co.:
		4.95%, 01/15/14			690			740	0.25
		5.55%, 05/15/18			50			60	0.02
		2.85%, 12/15/21			200			204	0.07
								1,986	0.67
Miscellaneous manufacturing - 0.61%
Danaher Corp., 2.30%, 06/23/16					725			759	0.26
General Electric Co., 5.25%, 12/06/17					620			724	0.24
Honeywell International, Inc., 3.875%, 02/15/14					300			318	0.11
								1,801	0.61
Aerospace/Defense - 0.60%
Raytheon Co.:
		6.75%, 03/15/18			5			6	—
		6.40%, 12/15/18			480			595	0.20
		4.40%, 02/15/20			15			17	0.01
United Technologies Corp.:
		4.875%, 05/01/15			720			806	0.27
		4.50%, 04/15/20			300			348	0.12
								1,772	0.60
Biotechnology - 0.58%
Amgen, Inc., 1.875%, 11/15/14					250			256	0.09
Biogen Idec, Inc., 6.00%, 03/01/13					640			666	0.23
Gilead Sciences, Inc.:
		2.40%, 12/01/14			100			104	0.03
		3.05%, 12/01/16			80			85	0.03
		4.40%, 12/01/21			550			598	0.20
								1,709	0.58
Mining - 0.53%
BHP Billiton Finance USA Ltd., 1.625%, 02/24/17					510			514	0.17
Newcrest Finance Pty Ltd, Series 144A, 4.45%, 11/15/212					450			464	0.16
Rio Tinto Finance USA Ltd., 2.50%, 05/20/16					300			312	0.11
Teck Resources Ltd., 3.15%, 01/15/17					260			270	0.09
								1,560	0.53
Food - 0.50%
General Mills, Inc., 0.848%, 05/16/141					500			501	0.17
The Kroger Co.:
		7.50%, 01/15/14			600			666	0.23
		2.20%, 01/15/17			300			307	0.10
								1,474	0.50
Computers - 0.48%
Hewlett-Packard Co., 0.891%, 05/30/141					300			296	0.10
HP Enterprise Services LLC, Series B, 6.00%, 08/01/13					45			48	0.02
International Business Machines Corp.:
		1.95%, 07/22/16			635			656	0.22
		5.70%, 09/14/17			350			422	0.14
								1,422	0.48
Iron/Steel - 0.32%
ArcelorMittal:
		4.50%, 02/25/17			355			358	0.12
		5.50%, 03/01/21			250			246	0.08
		6.25%, 02/25/22			342			349	0.12
								953	0.32
Healthcare-services - 0.31%
Howard Hughes Medical Institute, 3.45%, 09/01/14					140			149	0.05
WellPoint, Inc.:
		7.00%, 02/15/19			350			442	0.15
		4.35%, 08/15/20			300			332	0.11
								923	0.31
Cosmetics/Personal Care - 0.28%
The Procter & Gamble Co., 1.80%, 11/15/15					790			819	0.28
								819	0.28
Insurance - 0.26%
Berkshire Hathaway, Inc., 0.94%, 02/11/131					755			759	0.26
								759	0.26
Environmental Control - 0.25%
Republic Services, Inc., 5.00%, 03/01/20					350			400	0.14
Waste Management, Inc., 4.60%, 03/01/21					300			336	0.11
								736	0.25
Forest Products & Paper - 0.23%
International Paper Co., 4.75%, 02/15/22					640			684	0.23
								684	0.23
Auto Manufacturers - 0.20%
Daimler Finance North America LLC, Series 144A, 1.95%, 03/28/142					300			304	0.10
Volkswagen International Finance NV, Series 144A, 1.078%, 04/01/141,2					300			299	0.10
								603	0.20
Investment Companies - 0.10%
BHP Billiton Finance USA Ltd., 1.125%, 11/21/14					300			303	0.10
								303	0.10
Healthcare-products - 0.10%
Johnson & Johnson, 0.593%, 05/15/141					300			302	0.10
								302	0.10
Office/Business Equip - 0.09%
Xerox Corp., 2.95%, 03/15/17					250			255	0.09
								255	0.09
Internet - 0.09%
Google, Inc., 1.25%, 05/19/14					250			254	0.09
								254	0.09
Advertising - 0.08%
Omnicom Group, Inc., 3.625%, 05/01/22					250			251	0.08
								251	0.08
Gas - 0.02%
National Grid PLC, 6.30%, 08/01/16					55			64	0.02
								64	0.02
Total corporate bonds & notes								72,028	24.39
Municipals - 0.85%
Mississippi Business Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds, 0.85%, 05/01/374					300			300	0.10
State of California, G.O. Sales Tax Rev. Ref. Bonds, 4.00%, 07/01/16					600			604	0.20
State of Illinois, G.O. Pension Fndg. Prop. Tax Bonds, 4.026%, 03/01/14					740			772	0.26
State of Illinois, G.O. School Imps. Misc. Rev. Bonds, 4.422%, 04/01/15					300			317	0.11
Univ. of Texas System, College & Univ. Rev. Ref. Bonds, Series D, 2.616%, 08/15/15					500			528	0.18
Total municipals								2,521	0.85
Government & government agency bonds & notes outside the U.S. - 0.06%
European Investment Bank, 3.125%, 06/04/14					160			168	0.06
Total government & government agency bonds & notes outside the U.S.								168	0.06
Asset-backed obligations - 0.23%
AEP Texas Central Transition Fndg. LLC, 5.09%, 07/01/15					75			82	0.03
AmeriCredit Automobile Receivables Trust, 5.56%, 06/06/14					66			66	0.02
Honda Auto Receivables Owner Trust, 1.34%, 03/18/14					520			522	0.18
Total asset-backed obligations								670	0.23
Total bonds & notes  (cost: $273,519,397)								283,350	95.97
Short-term securities - 8.84%
Abbot Laboratories, 0.12%, 06/27/123				3,900				3,899	1.32
Chevron Corp., 0.087%, 05/08/123				1,400				1,400	0.47
Colgate Palmolive Co., 0.096%, 05/02/123				3,000				3,000	1.02
Federal Home Loan Bank Discount Notes:3
		0.106%, 05/04/12			2,600			2,600	0.88
		0.084%, 05/16/12			1,200			1,200	0.41
		0.10%, 05/18/12			3,000			3,000	1.02
Federal Home Loan Mortgage Corp. Discount Notes, 0.09%, 05/09/123				2,100				2,100	0.71
General Electric Co., 0.112%, 05/01/123				7,000				7,000	2.37
Wal-Mart Stores, Inc., 0.081%, 05/08/123				1,900				1,900	0.64
Total Short-term securities  (cost: $26,098,945)								26,099	8.84
Total investment securities (cost: $299,618,342)								309,449	104.81
Other assets less liabilities							(14,208)		(4.81)
Net assets						$	295,241		100.00	%
1	Indicates a variable rate security.  The interest rate shown reflects the rate in effect at April 30, 2012.
2	Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933.  May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.   At April 30, 2012, the aggregate market value of these securities amounted to $4,689,344, representing 1.59% of net assets.
3	Zero coupon bond; interest rate represents current yield to maturity.
4	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
Auth.			= Authority
Co.			= Company
Corp.			= Corporation
Fin.			= Finance
Fndg.			= Funding
G.O.			= General Obligation
Imps.			= Improvements
Inc.			= Incorporated
Ltd.			= Limited
Misc.			= Miscellaneous
Prop.			= Property
Ref.			= Refunding
REITS			= Real Estate Investment Trusts
Res.			= Resource
Rev.			= Revenue
TBA			= To be announced
Univ.			= University

Capital Global Equity Fund

Schedule of Investments

at April 30, 2012 (unaudited)

			Shares			Market value (000)		Percent of net assets
Common Stocks - 93.40%
Information Technology - 16.78%
International Business Machines Corp.			15,650			$	3,241	1.72	%
Google, Inc., Class A1			4,135				2,503	1.33
Keyence Corp.			9,000				2,137	1.13
Apple, Inc.1			3,350				1,957	1.04
Oracle Corp.			60,400				1,775	0.94
Broadcom Corp., Class A1			48,300				1,768	0.94
Samsung Electronics Co. Ltd. (GDR)			4,730				1,696	0.90
KLA-Tencor Corp.			28,500				1,486	0.79
Hitachi Ltd.			218,000				1,398	0.74
QUALCOMM, Inc.			21,300				1,360	0.72
Murata Manufacturing Co. Ltd.			21,100				1,214	0.64
Jack Henry & Associates, Inc.			32,300				1,097	0.58
ASML Holding NV			20,225				1,029	0.55
Genpact Ltd.1			58,400				974	0.52
Trend Micro, Inc.			28,800				878	0.47
Canon, Inc.			18,600				855	0.45
Gemalto NV			10,428				777	0.41
Accenture PLC, Class A			10,600				689	0.37
Premier Farnell PLC			196,400				684	0.36
Microsoft Corp.			21,300				682	0.36
Visa, Inc., Class A			5,200				640	0.34
TE Connectivity Ltd.			14,300				521	0.28
Jabil Circuit, Inc.			21,300				500	0.26
National Instruments Corp.			15,600				424	0.23
Hamamatsu Photonics K.K.			10,400				416	0.22
SAP AG			6,100				404	0.21
Microchip Technology, Inc.			11,000				389	0.21
Juniper Networks, Inc.1			6,100				131	0.07
						31,625		16.78
Financials - 13.21%
The Goldman Sachs Group, Inc.			24,500				2,821	1.50
HSBC Holdings PLC			306,939				2,765	1.47
AIA Group Ltd.			576,200				2,053	1.09
JPMorgan Chase & Co.			45,800				1,969	1.04
Standard Chartered PLC			74,900				1,831	0.97
Sampo OYJ, Class A			64,140				1,707	0.90
American Tower Corp.			23,200				1,521	0.81
ICICI Bank Ltd. (ADR)			44,300				1,501	0.80
Bank of China Ltd., Class H			2,867,000				1,201	0.64
The Charles Schwab Corp.			83,600				1,195	0.63
Marsh & McLennan Cos., Inc.			30,800				1,030	0.55
DBS Group Holdings Ltd.			87,157				983	0.52
BlackRock, Inc.			3,600				690	0.37
The Progressive Corp.			28,400				605	0.32
BNP Paribas			14,455				581	0.31
BOC Hong Kong Holdings Ltd.			166,500				517	0.27
Aflac, Inc.			8,400				378	0.20
The Allstate Corp.			9,900				330	0.17
Barclays PLC			90,000				319	0.17
Aon PLC			5,500				285	0.15
The Bank of East Asia Ltd.			68,400				256	0.14
Ace Ltd.			2,700				205	0.11
Sun Hung Kai Properties Ltd.			13,000				157	0.08
						24,900		13.21
Consumer Discretionary - 11.88%
Comcast Corp., Class A			76,100				2,308	1.22
Compagnie Financiere Richemont SA, Class A			32,617				2,016	1.07
The Home Depot, Inc.			36,400				1,885	1.00
Tiffany & Co.			25,900				1,773	0.94
Li & Fung Ltd.			658,000				1,408	0.75
Bayerische Motoren Werke AG			14,570				1,385	0.74
Hennes & Mauritz AB, Class B			39,479				1,356	0.72
Carnival Corp.			40,500				1,316	0.70
Target Corp.			18,500				1,072	0.57
Scripps Networks Interactive, Inc., Class A			18,800				944	0.50
Signet Jewelers Ltd.			18,700				912	0.48
LVMH Moet Hennessy Louis Vuitton SA			4,250				704	0.37
Stanley Black & Decker, Inc.			9,000				659	0.35
Denso Corp.			16,700				546	0.29
Time Warner Cable, Inc.			6,700				539	0.29
Coach, Inc.			6,700				490	0.26
The Walt Disney Co.			10,300				444	0.24
Nordstrom, Inc.			7,700				430	0.23
Genting Singapore PLC1			290,000				406	0.22
SES SA			15,000				359	0.19
NIKE, Inc., Class B			3,100				347	0.18
Discovery Communications, Inc., Class A1			5,900				321	0.17
Whitbread PLC			9,600				300	0.16
International Game Technology			18,300				285	0.15
McDonald's Corp.			1,800				175	0.09
The New York Times Co., Class A1			1,100				7	—
						22,387		11.88
Health Care - 11.88%
Gilead Sciences, Inc.1			49,700				2,585	1.37
Shire PLC			76,400				2,492	1.32
Bristol-Myers Squibb Co.			73,400				2,449	1.30
Seattle Genetics, Inc.1			117,200				2,317	1.23
Allergan, Inc.			23,400				2,246	1.19
Novartis AG			25,835				1,424	0.76
Bayer AG			19,276				1,358	0.72
Express Scripts Holding Co.1			23,100				1,289	0.69
Essilor International SA			13,645				1,202	0.64
Novo Nordisk A/S, Class B			7,320				1,080	0.57
Cerner Corp.1			13,200				1,070	0.57
Sysmex Corp.			21,600				874	0.46
Sonova Holding AG1			6,600				729	0.39
Roche Holding AG			2,240				409	0.22
UnitedHealth Group, Inc.			7,000				393	0.21
Agilent Technologies, Inc.1			6,400				270	0.14
DaVita, Inc.1			2,200				195	0.10
						22,382		11.88
Industrials - 11.49%
United Technologies Corp.			22,200				1,812	0.96
SMC Corp.			10,500				1,764	0.94
Cae, Inc.			151,900				1,661	0.88
Nielsen Holdings NV1			55,700				1,628	0.86
Schneider Electric SA1			26,183				1,608	0.85
Eaton Corp.			31,600				1,522	0.81
FANUC Corp.			7,300				1,243	0.66
Danaher Corp.			18,000				976	0.52
Iron Mountain, Inc.			31,300				951	0.50
Republic Services, Inc.			30,300				829	0.44
Norfolk Southern Corp.			11,300				824	0.44
JGC Corp.			24,000				695	0.37
3M Co.			7,400				661	0.35
The Boeing Co.			8,100				622	0.33
Assa Abloy AB, Class B			20,960				611	0.32
General Electric Co.			30,500				597	0.32
Union Pacific Corp.			5,200				585	0.31
FedEx Corp.			6,400				565	0.30
Caterpillar, Inc.			5,300				545	0.29
Emerson Electric Co.			9,700				510	0.27
Andritz AG			7,050				369	0.20
FirstGroup PLC			103,200				326	0.17
Bouygues SA			9,363				254	0.13
Mitsubishi Corp.			11,600				253	0.13
Illinois Tool Works, Inc.			3,800				218	0.12
Kurita Water Industries Ltd.			1,200				29	0.02
						21,658		11.49
Energy - 10.49%
Royal Dutch Shell PLC, Class A (ADR)			49,450				3,538	1.88
Schlumberger Ltd.			37,400				2,773	1.47
Cenovus Energy, Inc.			52,100				1,891	1.01
Noble Energy, Inc.			17,500				1,738	0.92
BG Group PLC			69,300				1,631	0.87
Encana Corp.			77,300				1,619	0.86
Halliburton Co.			40,100				1,372	0.73
Seadrill Ltd.			32,075				1,241	0.66
Ensco PLC (ADR)			20,100				1,098	0.58
Chevron Corp.			8,050				858	0.45
Fugro NV			9,795				714	0.38
Dril-quip, Inc.1			7,000				472	0.25
Cobalt International Energy, Inc.1			16,000				428	0.23
Pengrowth Energy Corp.			43,000				387	0.20
						19,760		10.49
Materials - 8.16%
Rio Tinto PLC			35,500				1,978	1.05
Allegheny Technologies, Inc.			45,800				1,967	1.04
Monsanto Co.			22,800				1,737	0.92
Air Liquide SA			10,650				1,370	0.73
Air Products & Chemicals, Inc.			13,700				1,171	0.62
Ecolab, Inc.			18,200				1,159	0.62
Newcrest Mining Ltd.			38,439				1,053	0.56
Linde AG			6,015				1,030	0.55
BHP Billiton Ltd.			27,091				1,003	0.53
Barrick Gold Corp.			24,600				995	0.53
Syngenta AG1			1,885				662	0.35
Inmet Mining Corp.			9,000				495	0.26
The Dow Chemical Co.			11,700				396	0.21
Nucor Corp.			9,200				361	0.19
						15,377		8.16
Consumer Staples - 6.59%
Danone SA			36,144				2,543	1.35
Nestle SA			33,223				2,035	1.08
Pernod-Ricard SA			18,823				1,954	1.04
Ajinomoto Co., Inc.			84,000				1,087	0.58
Diageo PLC			42,600				1,072	0.57
Philip Morris International, Inc.			10,300				922	0.49
Tingyi (Cayman Islands) Holding Corp.			296,000				791	0.42
Imperial Tobacco Group PLC			18,406				736	0.39
L'Oreal SA			3,357				404	0.22
Reckitt Benckiser Group PLC			6,900				402	0.21
Colgate-Palmolive Co.			2,700				267	0.14
Tesco PLC			38,100				196	0.10
						12,409		6.59
Telecommunication Services - 1.77%
Softbank Corp.			55,100				1,654	0.88
Oi SA (ADR)			52,046				849	0.45
Swisscom AG			845				315	0.17
Telus Corp.			5,100				299	0.16
Koninklijke KPN NV			23,775				213	0.11
						3,330		1.77
Utilities - 1.15%
Hong Kong & China Gas Co. Ltd.			410,800				1,051	0.56
National Grid PLC			91,200				985	0.52
GDF Suez			5,391				124	0.07
						2,160		1.15
Total Common Stocks  (cost: $166,305,499)						175,988		93.40
				Principal amount (000)			Market value (000)	Percent of net assets
Short-term securities - 8.06%
Chevron Corp., 0.101%, 05/08/122			$	3,100		$	3,100	1.64	%
Federal Home Loan Bank Discount Notes, 0.085%, 05/16/122				400			400	0.21
General Electric Co., 0.112%, 05/01/122				3,200			3,200	1.70
Novartis Finance Crop., 0.01%, 05/01/122				2,200			2,200	1.17
Quebec Govt., 1.215%, 08/17/12				3,300			3,297	1.75
Texas Instruments International Management Co., 0.122%, 05/07/122				3,000			3,000	1.59
Total Short-term securities  (cost: $15,198,083)							15,197	8.06
Total investment securities (cost: $181,503,582)							191,185	101.46
Other assets less liabilities						(2,754)		(1.46)
Net assets					$	188,431		100.00	%
1	Non-income producing security.
2	Zero coupon bond; interest rate represents current yield to maturity.
ADR		- American Depositary Receipts
GDR		- Global Depositary Receipts

Capital Non-U.S. Equity Fund

Schedule of Investments

at April 30, 2012 (unaudited)

			Shares			Market value (000)		Percent of net assets
Common Stocks - 92.82%
Consumer Staples - 12.92%
Pernod-Ricard SA			16,822			$	1,746	2.37	%
Danone SA			23,592				1,660	2.25
Nestle SA			26,859				1,645	2.24
Diageo PLC			46,100				1,160	1.58
Ajinomoto Co., Inc.			58,000				751	1.02
L'Oreal SA			5,536				666	0.90
Tingyi (Cayman Islands) Holding Corp.			236,000				631	0.86
Imperial Tobacco Group PLC			13,442				538	0.73
Tesco PLC			82,700				426	0.58
Reckitt Benckiser Group PLC			4,900				285	0.39
						9,508		12.92
Financials - 12.60%
HSBC Holdings PLC			202,011				1,820	2.47
AIA Group Ltd.			453,000				1,614	2.19
Sampo OYJ, Class A			39,764				1,058	1.44
DBS Group Holdings Ltd.			90,286				1,019	1.39
Standard Chartered PLC			41,000				1,002	1.36
ICICI Bank Ltd. (ADR)			20,200				685	0.93
BNP Paribas			12,731				511	0.70
Bank of China Ltd., Class H			1,130,000				473	0.64
Svenska Handelsbanken AB, A Shares			10,100				327	0.45
Australia & New Zealand Banking Group Ltd.			10,808				269	0.37
Barclays PLC			73,400				260	0.35
The Bank of East Asia Ltd.			38,000				142	0.19
Banco Bradesco SA (ADR)			5,600				90	0.12
						9,270		12.60
Information Technology - 11.58%
Keyence Corp.			6,100				1,449	1.97
Hitachi Ltd.			198,000				1,270	1.73
Murata Manufacturing Co. Ltd.			20,200				1,163	1.58
Samsung Electronics Co. Ltd. (GDR)			3,159				1,132	1.54
ASML Holding NV			14,650				745	1.01
Canon, Inc.			13,300				611	0.83
Gemalto NV			7,799				581	0.79
Trend Micro, Inc.			15,900				485	0.66
SAP AG			7,306				484	0.66
Premier Farnell PLC			97,300				339	0.46
Hamamatsu Photonics K.K.			6,500				260	0.35
						8,519		11.58
Industrials - 11.02%
Assa Abloy AB, Class B			47,822				1,394	1.89
FANUC Corp.			7,700				1,311	1.78
SMC Corp.			7,800				1,310	1.78
Schneider Electric SA1			15,285				939	1.28
Cae, Inc.			79,500				869	1.18
Andritz AG			14,930				781	1.06
JGC Corp.			23,000				666	0.91
Mitsubishi Corp.			11,900				260	0.35
Bouygues SA			8,965				243	0.33
FirstGroup PLC			65,700				208	0.28
Nidec Corp.			1,200				108	0.15
Kurita Water Industries Ltd.			1,000				25	0.03
						8,114		11.02
Energy - 10.57%
BG Group PLC			78,200				1,841	2.50
Fugro NV			20,142				1,468	2.00
Seadrill Ltd.			34,954				1,353	1.84
Royal Dutch Shell PLC, Class A (ADR)			18,400				1,316	1.79
Cenovus Energy, Inc.			27,600				1,002	1.36
Encana Corp.			38,100				798	1.08
						7,778		10.57
Consumer Discretionary - 9.76%
Compagnie Financiere Richemont SA, Class A			26,515				1,639	2.23
Bayerische Motoren Werke AG			8,964				852	1.16
Hennes & Mauritz AB, Class B1			23,873				820	1.11
LVMH Moet Hennessy Louis Vuitton SA			4,708				780	1.06
Li & Fung Ltd.			306,000				655	0.89
Inditex SA			6,288				565	0.77
SES SA			20,622				494	0.67
Carnival PLC			12,300				400	0.54
Whitbread PLC			10,800				338	0.46
Denso Corp.			9,800				320	0.44
Wolters Kluwer NV			18,550				320	0.43
						7,183		9.76
Materials - 9.12%
Syngenta AG1			4,143				1,455	1.98
Rio Tinto PLC			19,800				1,103	1.50
Barrick Gold Corp.			18,700				757	1.03
Air Liquide SA			5,707				734	1.00
Linde AG			4,213				721	0.98
BHP Billiton Ltd.			16,874				625	0.85
Newcrest Mining Ltd.			20,665				566	0.77
Inmet Mining Corp.			10,200				561	0.76
Anglo American PLC			4,900				188	0.25
						6,710		9.12
Health Care - 8.72%
Shire PLC			36,600				1,194	1.62
Novo Nordisk A/S, Class B			7,369				1,087	1.48
Essilor International SA			10,219				900	1.22
Bayer AG			12,601				888	1.21
Novartis AG			16,035				884	1.20
Roche Holding AG			3,829				700	0.95
Sysmex Corp.			16,100				651	0.89
Sonova Holding AG1			1,025				113	0.15
						6,417		8.72
Telecommunication Services - 4.05%
Softbank Corp.			40,000				1,200	1.63
Oi SA (ADR)			23,143				415	0.56
Koninklijke KPN NV			46,100				414	0.56
Swisscom AG			917				342	0.47
Telstra Corp. Ltd.			89,259				329	0.45
Telus Corp.			4,400				258	0.35
Oi SA			2,968				20	0.03
						2,978		4.05
Utilities - 2.48%
Hong Kong & China Gas Co. Ltd.			379,000				969	1.32
National Grid PLC			70,400				760	1.03
GDF Suez			4,175				96	0.13
						1,825		2.48
Total Common Stocks  (cost: $67,225,066)						68,302		92.82
				Principal amount (000)			Market value (000)	Percent of net assets
Short-term securities - 6.66%
Chariot Funding LLC, 0.172%, 05/18/122			$	1,300			1,300	1.77
Federal Home Loan Bank, 0.079%, 06/22/122				1,000			1,000	1.36
General Electric Co., 0.111%, 05/01/122				1,100			1,100	1.49
NetJets, Inc., 0.132%, 05/03/122				900			900	1.22
Paccar Financial Corp., 0.132%, 05/07/122				600			600	0.82
Total Short-term securities  (cost: $4,899,759)							4,900	6.66
Total investment securities (cost: $72,124,825)							73,202	99.48
Other assets less liabilities						384		0.52
Net assets					$	73,586		100.00	%
1	Non-income producing security.
2	Zero coupon bond; interest rate represents current yield to maturity.
ADR		- American Depositary Receipts
GDR		- Global Depositary Receipts

Capital U.S. Equity Fund

Schedule of Investments

at April 30, 2012 (unaudited)

			Shares			Market value (000)		Percent of net assets
Common Stocks - 95.20%
Information Technology - 17.24%
International Business Machines Corp.			11,700			$	2,423	2.79	%
Google, Inc., Class A1			2,450				1,483	1.71
Apple, Inc.1			2,450				1,431	1.65
Microsoft Corp.			42,600				1,364	1.57
Jack Henry & Associates, Inc.			34,800				1,182	1.36
Oracle Corp.			40,200				1,182	1.36
QUALCOMM, Inc.			17,100				1,092	1.26
Broadcom Corp., Class A1			29,600				1,083	1.25
KLA-Tencor Corp.			16,000				834	0.96
Accenture PLC, Class A			11,700				760	0.87
Microchip Technology, Inc.			16,600				587	0.68
TE Connectivity Ltd.			11,500				419	0.48
Genpact Ltd.1			25,000				417	0.48
Visa, Inc., Class A			3,100				381	0.44
Jabil Circuit, Inc.			13,900				326	0.38
						14,964		17.24
Consumer Discretionary - 14.40%
Comcast Corp., Class A			63,400				1,923	2.21
The Home Depot, Inc.			30,000				1,554	1.79
Carnival Corp.			46,800				1,521	1.75
Target Corp.			21,000				1,217	1.40
Tiffany & Co.			17,300				1,184	1.36
Stanley Black & Decker, Inc.			14,000				1,024	1.18
Darden Restaurants, Inc.			15,900				796	0.92
Coach, Inc.			9,800				717	0.83
The Walt Disney Co.			15,400				664	0.76
Scripps Networks Interactive, Inc., Class A			12,900				648	0.75
Signet Jewelers Ltd.			10,700				522	0.60
NIKE, Inc., Class B			3,300				369	0.43
Time Warner Cable, Inc.			3,000				241	0.28
International Game Technology			7,900				123	0.14
						12,503		14.40
Industrials - 14.36%
United Technologies Corp.			17,700				1,445	1.66
Danaher Corp.			26,400				1,431	1.65
Iron Mountain, Inc.			41,000				1,245	1.43
Emerson Electric Co.			22,700				1,193	1.37
Eaton Corp.			24,300				1,171	1.35
Nielsen Holdings NV1			30,300				885	1.02
Norfolk Southern Corp.			12,000				875	1.01
3M Co.			8,900				795	0.92
Republic Services, Inc.			24,700				676	0.78
Caterpillar, Inc.			6,300				648	0.74
Union Pacific Corp.			4,000				450	0.52
Cae, Inc.			38,300				419	0.48
United Parcel Service, Inc., Class B			4,700				367	0.42
The Boeing Co.			4,700				361	0.42
FedEx Corp.			3,500				309	0.36
General Electric Co.			10,100				198	0.23
						12,468		14.36
Energy - 13.55%
Schlumberger Ltd.			23,700				1,757	2.03
Cenovus Energy, Inc.			41,400				1,501	1.73
Royal Dutch Shell PLC, Class A (ADR)			17,500				1,252	1.44
Noble Energy, Inc.			11,200				1,112	1.28
Chevron Corp.			10,300				1,098	1.27
Royal Dutch Shell PLC, Class B (ADR)			11,600				851	0.98
Halliburton Co.			24,700				845	0.97
Ensco PLC (ADR)			14,500				793	0.91
EOG Resources, Inc.			6,200				681	0.79
Dril-quip, Inc.1			8,400				566	0.65
Encana Corp.			23,700				496	0.57
Exxon Mobil Corp.			4,700				406	0.47
Cobalt International Energy, Inc.1			15,000				401	0.46
						11,759		13.55
Health Care - 13.18%
Bristol-Myers Squibb Co.			60,200				2,009	2.31
Allergan, Inc.			17,700				1,699	1.96
Shire PLC			16,600				1,619	1.87
Gilead Sciences, Inc.1			28,900				1,503	1.73
Express Scripts Holding Co.1			20,000				1,116	1.28
Cerner Corp.1			13,500				1,095	1.26
Seattle Genetics, Inc.1			44,700				884	1.02
UnitedHealth Group, Inc.			10,700				601	0.69
Pfizer, Inc.			18,000				413	0.48
Novo Nordisk A/S			2,500				367	0.42
Agilent Technologies, Inc.1			3,300				139	0.16
						11,445		13.18
Financials - 11.27%
JPMorgan Chase & Co.			38,700				1,663	1.92
The Goldman Sachs Group, Inc.			13,600				1,566	1.80
American Tower Corp.			21,600				1,417	1.63
BB&T Corp.			40,100				1,285	1.48
Marsh & McLennan Cos., Inc.			23,600				789	0.91
BlackRock, Inc.			3,200				613	0.71
The Charles Schwab Corp.			40,500				579	0.67
Aflac, Inc.			10,100				455	0.52
The Progressive Corp.			19,400				413	0.48
Ace Ltd.			5,300				403	0.46
The Allstate Corp.			10,200				340	0.39
Aon PLC			5,000				259	0.30
						9,782		11.27
Materials - 7.52%
Allegheny Technologies, Inc.			33,300				1,430	1.65
Monsanto Co.			16,100				1,226	1.41
Air Products & Chemicals, Inc.			13,600				1,163	1.34
Barrick Gold Corp.			19,700				796	0.92
Ecolab, Inc.			11,300				720	0.83
Rio Tinto PLC			7,900				443	0.51
Nucor Corp.			10,700				419	0.48
The Dow Chemical Co.			9,700				329	0.38
						6,526		7.52
Consumer Staples - 2.81%
Philip Morris International, Inc.			10,200				913	1.05
Nestle SA (ADR)			10,700				654	0.75
Colgate-Palmolive Co.			4,300				425	0.49
PepsiCo, Inc.			4,300				284	0.33
Diageo PLC (ADR)			1,600				162	0.19
						2,438		2.81
Utilities - 0.87%
National Grid PLC			8,900				482	0.55
Edison International			6,300				277	0.32
						759		0.87
Total Common Stocks  (cost: $72,730,665)						82,644		95.20
				Principal amount (000)			Market value (000)	Percent of net assets
Short-term securities - 3.92%
Abbot Laboratories, 0.120%, 06/27/12			$	500			500	0.58
Merck & Co., Inc., 0.097%, 06/06/122				2,200			2,200	2.53
U.S. Treasury Bill, 0.117%, 08/23/122				700			699	0.81
Total Short-term securities  (cost: $3,399,426)							3,399	3.92
Total investment securities (cost: $76,130,091)							86,043	99.12
Other assets less liabilities						767		0.88
Net assets					$	86,810		100.00	%
1	Non-income producing security.
2	Zero coupon bond; interest rate represents current yield to maturity.
ADR		- American Depositary Receipts

Capital Private Client Services Funds

Notes to financial statements (unaudited)

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 fixed income 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) and three equity funds (Capital Global Equity Fund, Capital Non-U.S. Equity Fund and Capital U.S. Equity Fund) (each a “Fund,” collectively the “Funds”).  On April 1, 2011, Capital Global Equity Fund and Capital Non-U.S. Equity Fund each obtained its initial capitalization of $25,000,000 from the sale of shares of beneficial interest to Capital Guardian Trust Company.  The Trust’s fiscal year ends on October 31.  Each Fund offers one class of shares.

Endowments-Growth and Income Portfolio (the “Predecessor Fund”), was reorganized into the Capital U.S. Equity Fund, effective at the close of business April 1, 2011, pursuant to an Agreement and Plan of Reorganization, dated March 25, 2011, and approved by the shareholders of the Predecessor Fund.  The Predecessor Fund transferred all of its assets and liabilities to the Capital U.S. Equity Fund.  In connection with the reorganization, the fiscal year end and tax year end of the Predecessor Fund was changed from July 31 to October 31 to conform with the other series of the Trust.

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.  Capital Global Equity Fund and Capital Non-U.S. Equity Fund seek to preserve capital while providing growth and Capital U.S. Equity Fund also seeks to preserve capital while providing growth and secondarily seeks to provide income.

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 Funds follow the significant accounting policies described below, as well as the valuation policies described in the next section on valuation.

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 their payment obligations.  Dividend income is recognized on the ex-dividend date and 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 for the Fixed Income funds after the determination of each Fund’s net investment income.  Dividends paid to shareholders for the Equity funds are recorded on the ex-dividend date.  Distributions paid to shareholders are recorded on the ex-dividend date for all funds.

Currency translation – Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date.  Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.  On the accompanying financial statements, the effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments.  The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3.   Valuation

Capital Guardian Trust Company “CGTC”, the fund’s investment adviser, values the Funds’ investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value of each Fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open. Security transactions are recorded by the funds as of the date the trades are executed with brokers. Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date.

Methods and inputs – The Funds’ investment adviser uses 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 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 obligations; 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

When 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 as further described below.  The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission (“SEC”) rules and guidance, to consider relevant principles and factors when making fair value determinations.  The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as, 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.

Processes and structure–The Funds’ Board of Trustees has delegated authority to the Funds’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair value process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the Board of Trustees with supplemental information to support the changes. The Funds’ board and audit committee also regularly review reports that describe fair value determinations and methods.

Classifications – The Funds’ investment adviser classifies the Funds’ 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 investment adviser’s determinations of assumptions that market participants might reasonably use in valuing the securities.  The valuation levels are not necessarily 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 April 30, 2012 (dollars in thousands):

Investment Securities	Level 1					Level 2							Level 3			Total
Capital Core Municipal Fund
Long-term investments
Bonds & notes		$		–			$		272,472		$			–			$		272,472
Short-term investments				–					14,845					–					14,845
Total		$		–			$		287,317		$			–			$		287,317
Capital Short-Term Municipal Fund
Long-term investments
Bonds & notes		$		–			$		120,194		$			–			$		120,194
Short-term investments				–					7,675					–					7,675
Total Investments		$		–			$		127,869		$			–			$		127,869
Investment Securities	Level 1					Level 2							Level 3			Total
Capital California Core Municipal Fund
Long-term investments
Bonds & notes		$		–			$		172,199		$			–			$		172,199
Short-term investments				–					15,195					–					15,195
Total Investments		$		–			$		187,394		$			–			$		187,394
Capital California Short-Term Municipal Fund
Long-term investments
Bonds & notes		$		–			$		78,375		$			–			$		78,375
Short-term investments				–					26,488					–					26,488
Total Investments		$		–			$		104,863		$			–			$		104,863
Capital Core Bond Fund
Bonds, notes and other debt     investments:
U.S. government &        government agency bonds &        notes			$		–			$		135,362		$			–			$		135,362
Mortgage-backed obligations					–					72,601					–					72,601
Corporate bonds & notes					–					72,028					–					72,028
Municipals					–					2,521										2,521
Government agency bonds &        notes outside the U.S.					–					168					–					168
Asset-backed obligations					–					670					–					670
Short-term investments					–					26,099					–					26,099
Total investments			$		–			$		309,449		$			–			$		309,449
Capital Global Equity Fund
Common Stocks			$		175,988			$		–		$			–			$		175,988
Short-term investments					–					15,197					–					15,197
Total Investments			$		175,988			$		15,197		$			–			$		191,185
Capital Non-U.S. Equity Fund
Common Stocks			$		68,302			$		–		$			–			$		68,302
Short-term investments					–					4,900					–					4,900
Total Investments			$		68,302			$		4,900		$			–			$		73,202
Capital U.S. Equity Fund
Common Stocks			$		82,644			$		–		$			–			$		82,644
Short-term investments					–					3,399					–					3,399
Total Investments			$		82,644			$		3,399		$			–			$		86,043

At April 30, 2012, Capital Global Equity Fund transferred $71,689 from Level 2 to Level 1 and Capital Non-U.S. Equity Fund transferred $58,512 from Level 2 to Level 1.  The Funds’ recognize transfers between the Levels as of the end of the reporting period.  The transfer occurred between Level 1 and Level 2 as a result of applying a pricing factor, consistent with the Funds’ valuation and liquidity procedure, to certain foreign equity securities to reflect significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets.  There were no Level 3 securities held in the Funds during the period ended April 30, 2012.

4.   Risk factors

Investing in the Funds may involve certain risks including, but not limited to, those described below.

Market conditions – The prices of, and the income generated by, the securities held by the Funds may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the Funds.

Investing in bonds – Rising interest rates will generally cause the prices of bonds and other debt securities to fall.  Longer maturity debt securities may be subject to greater price fluctuations than shorter maturity debt securities.  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 Funds having to reinvest the proceeds in lower yielding securities.

Bonds and other debt securities are 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.

Credit and liquidity support – Changes in the credit quality of banks and financial institutions providing credit and liquidity support features could cause the Funds to experience a loss and may affect their share price.

Investing in lower rated bonds – Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than higher quality debt securities.  The market prices of these securities may fluctuate more than higher quality debt securities and may decline significantly in periods of general economic difficulty.

Thinly traded securities – There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value or sell.

Investing in similar municipal bonds – Investing significantly in municipal obligations of issuers in the same state or similar project type may make the Funds more susceptible to certain economic, political or regulatory occurrences.  As a result, the potential for fluctuations in a Fund’s share price may increase.

Management – The investment adviser to the Funds actively manages the Funds’ investments.  Consequently, the Funds are subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results.  This could cause the Funds to lose value or their results to lag relevant benchmarks or other funds with similar objectives.

Investing in municipal bonds of issuers within the state of California – 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 securities than comparable municipal bond mutual funds that do not concentrate their investments 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.

Investing in securities backed by the U.S. government – Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity.  Accordingly, the current market values for these securities will fluctuate with changes in interest rates.  Securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

Investing in mortgage related securities – Many types of bonds and other debt securities, including mortgage-backed securities, are subject to prepayment risk, as well as the risks associated with investing in debt securities in general.  If interest rates fall and the loans underlying these securities are prepaid faster than expected, the Funds may have to reinvest the prepaid principal in lower yielding securities, thus reducing the funds’ income.  Conversely, if interest rates increase and the loans underlying the securities are prepaid more slowly than expected, the expected duration of the securities may be extended.  This reduces the potential for the Funds to invest the principal in higher yielding securities.

Investing in growth-oriented stocks – Growth-oriented stocks and other equity-type securities may involve larger price swings and greater potential for loss than other types of investments.

Investing outside the United States – Securities of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because of political, social, economic or market developments in the countries or regions in which the issuer operates.  These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries.  Securities markets in certain countries may be more volatile and/or less liquid than those in the United States.  Investments outside the United States may also be subject to different settlement and accounting practices and different regulatory, legal and reporting standards, and may be more difficult to value, than those in the United States.  The risks of investing outside the United States may be heightened in connection with investments in emerging and developing countries.

Investing in income-oriented stocks – Income provided by the Funds may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the Funds invest.

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 April 30, 2012, 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.

Non-U.S. Taxation – Dividend and interest income are recorded net of non-U.S. taxes paid.  Gains realized by the Funds on the sale of securities in certain countries are subject to non-U.S. taxes.  The Funds record a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

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 currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; net capital losses; cost of investments sold; 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 recorded by the Funds for financial reporting purposes.

The tax character of distributions paid during the year ended October 31, 2011 and the period ended October 31, 2010, the most recently completed tax year, were as follows (dollars in thousands):

	Tax-Exempt		Ordinary Income		Long-Term Capital Gains
	2011	2010	2011	2010	2011	2010
Capital Core Municipal Fund	$ 5,206	$ 2,249	$579	$ 5	$ –	$ –
Capital Short-Term Municipal Fund	1,315	387	100	3	–	–
Capital California Core Municipal Fund	2,969	1,095	3	3	–	–
Capital California Short-Term Municipal Fund	510	164	-1	1	–	–
Capital Core Bond Fund	–	–	8,002	2,106	–	–
Capital Global Equity Fund*	–	N/A	–	N/A	–	N/A
Capital Non-U.S. Equity Fund*	–	N/A	–	N/A	–	N/A
Capital U.S. Equity Fund*	–	N/A	485	N/A	–	N/A

 *Commencement of operations was 4/1/11.

 1 Rounds to less than $1,000.

At October 31, 2011, the components of accumulated earnings (deficit) on a tax basis were as follows (dollars in thousands):

	Tax- Exempt	Undistributed ordinary income	Undistributed Long-Term Capital Gains	Capital Loss Carryover	Unrealized appreciation (depreciation)	Total
Capital Core Municipal Fund	$ 1	$ –	$ –	$ (615)	$ 5,724	$ 5,110
Capital Short-Term Municipal Fund	–	–	–	(14)	1,859	1,845
Capital California Core Municipal Fund	1	–	32	–	2,940	2,973
Capital California Short-Term Municipal Fund	–	29	1	–	517	547
Capital Core Bond Fund	–	145	212	–	8,193	8,550
Capital Global Equity Fund	–	371	–	(2,560)	(3,142)	(5,331)
Capital Non-U.S. Equity Fund	–	206	–	(1,714)	(3,031)	(4,539)
Capital U.S. Equity Fund	–	39	3,823	–	2,794	6,656

Capital loss carryovers available to the Funds at October 31, 2011 were as follows (dollars in thousands):

	Expiring 2019	Expiring Unlimited
Capital Core Municipal Fund	$     615	$ ��     –
Capital Short-Term Municipal Fund	14	–
Capital California Core Municipal Fund	–	–
Capital California Short-Term Municipal Fund1	–	–
Capital Core Bond Fund	–	–
Capital Global Equity Fund	–	2,560
Capital Non-U.S. Equity Fund	–	1,714
Capital U.S. Equity Fund2	–	–
1 During the year ended October 31, 2011, a capital loss carryforward of $9,029 was utilized to offset net realized gains by the Fund. 2 During the year ended October 31, 2011, a capital loss carryforward of $5,888,631 was utilized to offset net realized gains by the Fund.  This capital loss carryforward amount came over as part of merger with ENDI Target Fund.

For federal income tax purposes, the tax cost of investments and the components of net unrealized appreciation (depreciation) of investments at April 30, 2012 were as follows (dollars in thousands):

	Tax cost of investments	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation
Capital Core Municipal Fund	$         275,157	$           12,194	$                (34)	$           12,160
Capital Short-Term Municipal Fund	124,737	3,144	(12)	3,132
Capital California Core Municipal Fund	180,550	6,854	(10)	6,844
Capital California Short-Term Municipal Fund	103,310	1,561	(8)	1,553
Capital Core Bond Fund	299,618	9,855	(24)	9,831
Capital Global Equity Fund	181,504	13,038	(3,357)	9,681
Capital Non-U.S. Equity Fund	72,125	3,583	(2,506)	1,077
Capital U.S. Equity Fund	76,130	11,418	(1,505)	9,913

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses.  Previously, net capital losses were carried forward for eight years and treated as short-term losses.  As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

6.   Fees and transactions with related parties

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 December 31, 2012, to limit the Funds’ total annual fund operating expenses to the following rates (as a percentage of average daily net assets):

Fund	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%
Capital Global Equity Fund	0.85%
Capital Non-U.S. Equity Fund	0.85%
Capital U.S. Equity Fund	0.65%

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 Fixed Income Fund is 0.35% of the average daily net assets of the Fund.

For the services it provides to Capital Global Equity Fund, Capital Non-U.S. Equity Fund and Capital U.S. Equity Fund, the CGTC receives a unified management fee based on a percentage of the daily net assets of shares of the funds.  The unified management fee for the U.S. Equity Fund is 0.65% of the average daily net assets of the Fund.  The unified management fee for the Capital Global Equity Fund and Capital Non-U.S. Equity Fund is 0.85% of the average daily net assets of each Fund.

For the equity funds, CGTC pays all expenses of managing and operating the funds out of the unified management fees except brokerage expenses, taxes, interest fees and expenses of the independent trustees (including legal counsel fees) and extraordinary expenses, such as litigation expenses.  These expenses which are not paid by CGTC from the unified management fee are paid by the funds.  A portion of the funds' management fee is paid by CGTC to unaffiliated third parties which provide recordkeeping and administrative services.

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/decrease
Fund	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Shares
Period ended April 30, 2012
Capital Core Municipal Fund	$    46,173	4,420	$1,505	143	$  (12,667)	(1,207)	$ 35,011	3,356
Capital Short-Term Municipal Fund	41,360	4,034	778	76	(54,410)	(5,293)	(12,272)	(1,183)
Capital California Core Municipal Fund	35,937	3,434	1,033	99	(11,041)	(1,054)	25,929	2,479
Capital California Short-Term Municipal Fund	51,151	4,980	349	34	(23,990)	(2,347)	27,510	2,667
Capital Core Bond Fund	37,506	3,590	1,946	186	(26,996)	(2,584)	12,456	1,192
Capital Global Equity Fund	86,693	9,254	343	38	(34,299)	(3,739)	52,737	5,553
Capital Non-U.S. Equity Fund	24,035	2,577	239	28	(3,756)	(427)	20,518	2,178
Capital U.S. Equity Fund	22,715	1,605	3,718	282	(15,997)	(1,142)	10,436	745
Year ended October 31, 2011
Capital Core Municipal Fund	$    49,386	4,861	$    3,067	303	$  (70,976)	(7,057)	$  (18,523)	(1,893)
Capital Short-Term Municipal Fund	97,060	9,606	1,193	118	(50,448)	(4,982)	47,805	4,742
Capital California Core Municipal Fund	33,834	3,353	1,464	145	(46,502)	(4,641)	(11,204)	(1,143)
Capital California Short-Term Municipal Fund	54,808	5,440	377	38	(29,445)	(2,918)	25,740	2,560
Capital Core Bond Fund	92,892	9,085	6,162	609	(48,912)	(4,784)	50,142	4,910
Capital Global Equity Fund*	133,035	13,910	-	-	(2,233)	(245)	130,802	13,665
Capital Non-U.S. Equity Fund*	57,057	5,776	-	-	(2,503)	(268)	54,554	5,508
Capital U.S. Equity Fund*	8,986	623	389	28	(15,366)	(1,073)	(5,991)	(422)
*Commencement of operations was 4/1/11.
Eight months ended March 31, 2011
Capital U.S. Equity Fund	$     5,020	347	$     909	63	$  (7,790)	(559)	$   (1,861)	(149)

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value).

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 April 30, 2012 as follows (dollars in thousands):

Fund	Cost of Investments Purchased		Proceeds from Investments Sold
	U.S. Government Agency Obligations	Other Investments	U.S. Government Agency Obligations	Other Investments
Capital Core Municipal Fund	$                       –	$           43,060	$                    –	$              7,949
Capital Short-Term Municipal Fund	–	20,026	–	15,971
Capital California Core Municipal Fund	–	51,288	–	23,570
Capital California Short-Term Municipal Fund	–	27,973	–	4,505
Capital Core Bond Fund	141,169	19,292	126,775	17,749
Capital Global Equity Fund	–	72,392	–	22,285
Capital Non-U.S. Equity Fund	–	24,697	–	6,830
Capital U.S. Equity Fund	–	25,814	–	21,395

9.   Fund Merger

On April 01, 2011, the Capital U.S. Equity Fund acquired all of the assets and assumed all of the liabilities of Endowments - Growth and Income Portfolio (the "Predecessor Fund") pursuant to a plan of reorganization approved by the Board of Trustees on January 31, 2011.  The acquisition was accomplished by a tax-free exchange as follows:

5,599,076 shares of the Predecessor Fund, valued at $86,205,437 were outstanding on the close of business on April 01, 2011. Capital U.S. Equity Fund began with a $10.00 seed investment. After the reorganization Capital U.S. Equity Fund had 5,599,076 shares valued at $86,205,447.

The investment portfolio and cash of the Predecessor Fund, with a value of $86,205,437 and identified cost of $57,353,020 were the principal assets acquired by the Capital U.S. Equity Fund.  For financial reporting purposes, assets received and shares issued by the Capital U.S. Equity Fund were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of the Capital U.S. Equity Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.  Immediately prior to the merger, the net assets of the Predecessor Fund were $86,205,437.

Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of the Predecessor Fund that have been reflected in the statement of operations since April 01, 2011 for the Capital U.S. Equity Fund.

	Before Reorganization				After Reorganization
	Endowments - Growth and Income Portfolio		Capital U.S Equity Fund		Capital U.S. Equity Fund
Net Assets	$	86,205,437	$	10	$	86,205,447
Shares Outstanding		5,599,076		–		5,599,076
Net Asset Value per Share	$	15.40	$	–	$	15.40
Net unrealized appreciation/(depreciation)		18,636,603		–		18,636,603
Accumulated net realized gain/(loss)		(5,895,126)		–		(5,895,126)

Capital Core Municipal Fund
Financial highlights1
(for a share outstanding throughout each period)
				For the six  months ended			For the year ended
				4/30/122			10/31/11		10/31/103
Selected per share data:
Net asset value, beginning of period				$	10.29		$	10.27	$	10.00
Income from investment operations:
	Net investment income4				0.10			0.21		0.10
	Net realized and unrealized gains on securities				0.25			0.04		0.26
			Total from investment operations		0.35			0.25		0.36
Dividends and distributions:
	Dividends from net investment income				(0.10)			(0.21)		(0.09)
	Distributions from capital gain				—			(0.02)		—	5
			Total dividends and distributions		(0.10)			(0.23)		(0.09)
Net asset value, end of period				$	10.54		$	10.29	$	10.27
Total Return6					3.43%			2.56%		3.63%
Net assets, end of period (in millions)				$	291		$	250	$	269
Ratios / Supplemental Data:
	Ratio of expenses to average net assets before reimbursement				0.42%	7		0.42%		0.43%	7
	Ratio of expenses to average net assets after reimbursement6				0.40%	7		0.40%		0.40%	7
	Ratio of net investment income to average net assets6				1.97%	7		2.10%		1.81%	7
	Portfolio turnover rate				3%	8		19%		25%	8
1		Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
2		Unaudited.
3		The Fund commenced operations on April 13, 2010.
4		Based on average shares outstanding.
5		Rounds to less than $0.00.
6		Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
7		Annualized.
8		Not annualized for periods less than one year.

Capital Short-Term Municipal Fund
Financial highlights1
(for a share outstanding throughout each period)
				For the six months ended			For the year ended
				4/30/122			10/31/11		10/31/103
Selected per share data:
Net asset value, beginning of period				$	10.19		$	10.17	$	10.00
Income from investment operations:
	Net investment income4				0.07			0.11		0.05
	Net realized and unrealized gains on securities				0.11			0.02		0.17
			Total from investment operations		0.18			0.13		0.22
Dividends and distributions:
	Dividends from net investment income				(0.07)			(0.10)		(0.05)
	Distributions from capital gain				—			(0.01)		—	5
			Total dividends and distributions		(0.07)			(0.11)		(0.05)
Net asset value, end of period				$	10.30		$	10.19	$	10.17
Total Return6					1.73%			1.33%		2.17%
Net assets, end of period (in millions)				$	127		$	138	$	89
Ratios / Supplemental Data:
	Ratio of expenses to average net assets before reimbursement				0.45%	7		0.46%		0.48%	7
	Ratio of expenses to average net assets after reimbursement6				0.40%	7		0.40%		0.40%	7
	Ratio of net investment income to average net assets6				1.28%	7		1.04%		0.94%	7
	Portfolio turnover rate				13%	8		15%		36%	8
1		Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
2		Unaudited.
3		The Fund commenced operations on April 13, 2010.
4		Based on average shares outstanding.
5		Rounds to less than $0.00.
6		Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
7		Annualized.
8		Not annualized for periods less than one year.

Capital California Core Municipal Fund
Financial highlights1
(for a share outstanding throughout each period)
					For the six months ended				For the year ended
				4/30/122				10/31/11				10/31/103
Selected per share data:
Net asset value, beginning of period				$		10.25		$		10.19		$	10.00
Income from investment operations:
	Net investment income4					0.11				0.20			0.08
	Net realized and unrealized gains on securities					0.29				0.06			0.18
			Total from investment operations			0.40				0.26			0.26
Dividends and distributions:
	Dividends from net investment income					(0.11)				(0.20)			(0.07)
	Distributions from capital gain					—	5			—	5		—	5
			Total dividends and distributions			(0.11)				(0.20)			(0.07)
Net asset value, end of period				$		10.54		$		10.25		$	10.19
Total Return6						3.89%				2.61%			2.61%
Net assets, end of period (in millions)				$		188		$		158		$	169
Ratios / Supplemental Data:
	Ratio of expenses to average net assets before reimbursement					0.43%	7			0.42%			0.45%	7
	Ratio of expenses to average net assets after reimbursement6					0.40%	7			0.40%			0.40%	7
	Ratio of net investment income to average net assets6					2.07%	7			1.98%			1.41%	7
	Portfolio turnover rate					15%	8			24%			13%	8
1		Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
2		Unaudited.
3		The Fund commenced operations on April 13, 2010.
4		Based on average shares outstanding.
5		Rounds to less than $0.00.
6		Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
7		Annualized.
8		Not annualized for periods less than one year.

Capital California Short-Term Municipal Fund
Financial highlights1
(for a share outstanding throughout each period)
				For the six months ended			For the year ended
				4/30/122			10/31/11		10/31/103
Selected per share data:
Net asset value, beginning of period				$	10.12		$	10.13	$	10.00
Income from investment operations:
	Net investment income4				0.05			0.08		0.04
	Net realized and unrealized gains (losses) on securities				0.16			(0.01)		0.13
			Total from investment operations		0.21			0.07		0.17
Dividends and distributions:
	Dividends from net investment income				(0.05)			(0.08)		(0.04)
	Distributions from capital gain				—	5		—		—
			Total dividends and distributions		(0.05)			(0.08)		(0.04)
Net asset value, end of period				$	10.28		$	10.12	$	10.13
Total Return6					2.10%			0.72%		1.67%
Net assets, end of period (in millions)				$	105		$	77	$	51
Ratios / Supplemental Data:
	Ratio of expenses to average net assets before reimbursement				0.47%	7		0.49%		0.55%	7
	Ratio of expenses to average net assets after reimbursement6				0.40%	7		0.40%		0.40%	7
	Ratio of net investment income to average net assets6				0.95%	7		0.83%		0.79%	7
	Portfolio turnover rate				7%	8		20%		35%	8
1		Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
2		Unaudited.
3		The Fund commenced operations on April 13, 2010.
4		Based on average shares outstanding.
5		Rounds to less than $0.00.
6		Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
7		Annualized.
8		Not annualized for periods less than one year.

Capital Core Bond Fund
Financial highlights1
(for a share outstanding throughout each period)
				For the six months ended			For the year ended
				4/30/122			10/31/11		10/31/103
Selected per share data:
Net asset value, beginning of period				$	10.40		$	10.45	$	10.00
Income from investment operations:
	Net investment income4				0.09			0.19		0.09
	Net realized and unrealized gains on securities				0.11			0.09		0.46
			Total from investment operations		0.20			0.28		0.55
Dividends and distributions:
	Dividends from net investment income				(0.09)			(0.20)		(0.09)
	Distributions from capital gain				(0.01)			(0.13)		(0.01)
			Total dividends and distributions		(0.10)			(0.33)		(0.10)
Net asset value, end of period				$	10.50		$	10.40	$	10.45
Total Return5					2.00%			2.80%		5.52%
Net assets, end of period (in millions)				$	295		$	280	$	230
Ratios / Supplemental Data:
	Ratio of expenses to average net assets before reimbursement				0.42%	6		0.42%		0.44%	6
	Ratio of expenses to average net assets after reimbursement5				0.40%	6		0.40%		0.40%	6
	Ratio of net investment income to average net assets5				1.72%	6		1.82%		1.65%	6
	Portfolio turnover rate				52%	7		118%		123%	7
1		Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
2		Unaudited.
3		The Fund commenced operations on April 13, 2010.
4		Based on average shares outstanding.
5		Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
6		Annualized.
7		Not annualized for periods less than one year.

Capital Global Equity Fund
Financial highlights1
(for a share outstanding throughout each period)
					For the six months ended			For the year ended
				4/30/122			10/31/113
Selected per share data:
Net asset value, beginning of period				$		9.18	$		10.00
Income from investment operations:
	Net investment income4					0.05			0.05
	Net realized and unrealized gains (losses) on securities and currency					0.62			(0.87)
			Total from investment operations			0.67			(0.82)
Dividends and distributions:
	Dividends from net investment income					(0.04)			—
	Distributions from capital gain					—			—
			Total dividends and distributions			(0.04)			—
Net asset value, end of period				$		9.81	$		9.18
Total Return5						7.33%			(8.20)%
Net assets, end of period (in millions)				$		188	$		125
Ratios / Supplemental Data:
	Ratio of expenses to average net assets before reimbursement6					0.86%			0.87%
	Ratio of expenses to average net assets after reimbursement5,6					0.85%			0.85%
	Ratio of net investment income to average net assets5,6					1.17%			0.94%
	Portfolio turnover rate7					16%			15%
1		Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
2		Unaudited.
3		The Fund commenced operations on April 1, 2011.
4		Based on average shares outstanding.
5		Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
6		Annualized.
7		Not annualized for periods less than one year.

Capital Non-U.S. Equity Fund
Financial highlights1
(for a share outstanding throughout each period)
				For the six months ended		For the year ended
				4/30/122		10/31/113
Selected per share data:
Net asset value, beginning of period				$	9.08	$	10.00
Income from investment operations:
	Net investment income4				0.10		0.07
	Net realized and unrealized gains (losses) on securities and currency				0.44		(0.99)
			Total from investment operations		0.54		(0.92)
Dividends and distributions:
	Dividends from net investment income				(0.05)		—
	Distributions from capital gain				—		—
			Total dividends and distributions		(0.05)		—
Net asset value, end of period				$	9.57	$	9.08
Total Return5					6.03%		(9.20)%
Net assets, end of period (in millions)				$	74	$	50
Ratios / Supplemental Data:
	Ratio of expenses to average net assets before reimbursement6				0.88%		0.89%
	Ratio of expenses to average net assets after reimbursement5,6				0.85%		0.85%
	Ratio of net investment income to average net assets5,6				2.10%		1.32%
	Portfolio turnover rate7				13%		20%
1		Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
2		Unaudited.
3		The Fund commenced operations on April 1, 2011.
4		Based on average shares outstanding.
5		Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
6		Annualized.
7		Not annualized for periods less than one year.

Capital U.S. Equity Fund
Financial highlights1
(for a share outstanding throughout each period)
				For the six months ended				For the year ended			For the eight months ended						For the year ended
				4/30/122				10/31/113			3/31/11						7/31/10					7/31/09				7/31/08			7/31/07
Selected per share data:
Net asset value, beginning of period				$       14.32					$   15.33			$	13.09					$	11.78		$			14.24		$	16.14		$	14.86
Income from investment operations:
	Net investment income4			0.09					0.10				0.16						0.22					0.24			0.26			0.29
	Net realized and unrealized gains (losses) on securities and currency			1.15					(1.02)				2.28						1.30					(2.44)			(1.48)			2.03
			Total from investment operations	1.24					(0.92)				2.44						1.52					(2.20)			(1.22)			2.32
Dividends and distributions:
	Dividends from net investment income			(0.08)			(0.09)						(0.20)						(0.21)					(0.26)			(0.30)			(0.27)
	Distributions from capital gain			(0.82)			—						—						—					—			(0.38)			(0.77)
			Total dividends and distributions	(0.90)			(0.09)						(0.20)						(0.21)					(0.26)			(0.68)			(1.04)
Net asset value, end of period				$       14.66			$     14.32					$		15.33				$	13.09		$			11.78		$	14.24		$	16.14
Total Return5				9.43		%			(6.42)	%			18.72			%			12.91	%			(15.29)		%		(7.95)	%		16.02	%
Net assets, end of period (in millions)				$          87					$      74			$		86				$	75		$			79		$	108		$	119
Ratios / Supplemental Data:
	Ratio of expenses to average net assets before reimbursement			0.67	%6				0.67	%6			1.04		%6				0.79	%				0.74	%		0.67	%		0.69	%
	Ratio of expenses to average net assets after reimbursement5			0.65	%6				0.65	%6			0.75		%6				0.75	%				0.71	%		0.62	%		0.64	%
	Ratio of net investment income to average net assets5			1.22	%6				1.13	%6			1.67		%6				1.72	%				2.12	%		1.67	%		1.81	%
	Portfolio turnover rate			30	%7				82	%7			7		%7				22	%				39	%		21	%		24	%
1		Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
2		Unaudited.
3		Endowments – Growth and Income Portfolio was reorganized into the Capital U.S. Equity Fund at the close of business effective April 1, 2011.
4		Based on average shares outstanding.
5		Reflects the impact, if any, of certain waivers or reimbursements by Capital Guardian Trust Company or Capital Research and Management Company, the previous adviser.
6		Annualized.
7		Not annualized for periods of less than one year.

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 (November 1, 2011 through April 30, 2012).

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 11/1/2011	Ending account value 4/30/2012	Expenses paid during period*	Annualized expense ratio
Capital Core Municipal Fund actual return	$ 1,000.00	$ 1,034.30	$ 2.02	.40%
assumed 5% return	1,000.00	1,022.90	2.01	.40%
Capital Short-Term Municipal Fund actual return	1,000.00	1,017.30	2.01	.40%
assumed 5% return	1,000.00	1,022.90	2.01	.40%
Capital California Core Municipal Fund actual return	1,000.00	1,038.90	2.03	.40%
assumed 5% return	1,000.00	1,022.90	2.01	.40%
Capital California Short-Term Municipal Fund actual return	1,000.00	1,021.00	2.01	.40%
assumed 5% return	1,000.00	1,022.90	2.01	.40%
Capital Core Bond Fund actual return	1,000.00	1,020.00	2.01	.40%
assumed 5% return	1,000.00	1,022.90	2.01	.40%
Capital Global Equity Fund actual return	1,000.00	1,073.30	4.38	.85%
assumed 5% return	1,000.00	1,020.60	4.27	.85%
Capital Non-U.S. Equity Fund actual return	1,000.00	1,060.30	4.35	.85%
assumed 5% return	1,000.00	1,020.60	4.27	.85%
Capital U.S. Equity Fund actual return	1,000.00	1,094.30	3.38	.65%
assumed 5% return	1,000.00	1,021.60	3.27	.65%

*  Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the period).

Capital Private Client Services Funds

Approval of investment advisory and service agreement (unaudited)

Approval of amended and restated investment advisory and service agreement

The Funds’ Board of Trustees (the “Board”) has approved the Funds’ Amended and Restated Investment Advisory and Service Agreement (the “Agreement”) with Capital Guardian Trust Company (“CGTC”) for an additional one year term through March 31, 2013. The Board approved the Agreement following the recommendation of the Funds’ Contracts Committee (the “Committee”), which is composed of all of the Funds’ independent board members. The Board and the Committee determined that the Funds’ fee structure was fair and reasonable in relation to the services provided and that approving the Agreement was in the best interests of the Funds and their shareholders.

In reaching this decision, the Board and the Committee took into account information furnished to them throughout the year, as well as information prepared specifically in connection with their review of the agreement and were advised by their independent counsel. They considered the factors discussed below, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor.

1. Nature, extent and quality of services The Board and the Committee considered the depth and quality of CGTC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of its organization; the ongoing evolution of CGTC’s organizational structure designed to maintain and strengthen these qualities; and the impact of current market conditions on CGTC. The Board and the Committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CGTC to the Funds under the Agreement and other agreements. The Board and the Committee concluded that the nature, extent and quality of the services provided by CGTC have benefitted the Funds and their shareholders.

2. Investment results The Board and the Committee considered the investment results of the Funds in light of their objectives. They compared each Fund’s total returns with those of their relevant Lipper indices and market data such as relevant market indices, in each case as available at the time of the related Board and Committee meetings. This report, including the letter to shareholders and related disclosures, contains certain information about the Funds’ investment results. The Board and the Committee concluded that the Funds’ results have been satisfactory and that CGTC’s record in managing the Funds indicated that its continued management should benefit the Funds and their shareholders.

3. Advisory fees and total expenses The Board and the Committee compared the advisory fees and total expenses of 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 (collectively the “Fixed Income Funds”) (each as a percentage of average net assets) to those of other relevant funds. They observed that the advisory fees and expenses of each Fixed Income Fund remain at or below those of most other relevant funds (except the advisory fee for the Capital Core Municipal Fund, which is slightly above the average of the other relevant funds). The Board and the Committee also noted however, that CGTC would cap each Fund’s total expenses at .40% of average daily net assets for another year, which is less than the total expenses of the other relevant funds.

For Capital Global Equity Fund, Capital Non-U.S. Equity Fund and Capital U.S. Equity Fund (collectively the “Equity Funds”) the Agreement provides that the Equity Funds pay CGTC a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Equity Funds, other than brokerage expenses, taxes, interest, fees and expenses of the Funds’ independent trustees (including their independent legal counsel) and extraordinary expenses, such as litigation expenses.  Under the unified management fee structure, CGTC is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping and shareholder services for the Equity Funds, or arranging and supervising third parties that provide such services. The Board believes the unified management fee structure benefits shareholders of the Equity Funds because, as the unified fee for an Equity Fund cannot be increased without a vote of its shareholders, it shifts to CGTC the risk of future increases in the Equity Funds’ operating costs and provides a direct incentive to minimize administrative inefficiencies. In addition, it allows shareholder to more easily compare the total expenses of the Equity Funds with the total expenses of other mutual funds.  In reviewing the unified management fee for the Equity Funds the Board and the Committee compared the unified management fees of the Equity Funds to the total expense ratios and the advisory fees of similar funds managed by other investment advisers.  They also considered the estimated portion of the unified fee that was retained by CGTC after payment of certain administrative services fees to State Street Bank and Trust Company.  They observed that the total expenses of the Equity Funds remain at or below those of most other relevant funds.

The Board and the Committee noted that, although the fees paid by CGTC clients with separately managed accounts generally were lower than those to be paid by the Funds, the differences appropriately reflected the significant investment, operational and regulatory differences between advising the Funds and separately managed accounts. They also recognized that the fees for certain separately managed accounts could be lower than those of the Funds due to the sizes of the accounts and the clients’ overall relationships with CGTC. The Board and the Committee concluded that each Fund’s cost structure was fair and reasonable in relation to the services to be provided, and that the shareholders receive reasonable value in return for the advisory fees and other amounts paid to CGTC by the Funds.

4. Ancillary benefits The Board and the Committee considered a variety of other benefits that CGTC and its affiliates recieve as a result of CGTC’s relationship with the Funds, including fees for administrative services paid to CGTC’s Capital Group Private Client Services division and possible ancillary benefits to CGTC and its affiliates. The Board and the Committee reviewed CGTC’s portfolio trading practices, noting that while CGTC receives the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it does not obtain third-party research or other services in return for allocating brokerage to such broker-dealers. The Board and the Committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CGTC by the Funds.

5. Adviser financial information The Board and the Committee reviewed information regarding CGTC’s costs of providing services to the Funds, including personnel, systems and resources of investment, compliance, trading and other administrative operations. They considered CGTC’s costs and willingness to invest in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments and attract and retain qualified personnel. They noted information regarding the compensation structure for CGTC’s investment professionals. The Board and the Committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CGTC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered CGTC’s reimbursement of Fund expenses through voluntary fee caps. The Board and the Committee concluded that each Fund’s fee structure reflected a reasonable sharing of benefits between CGTC and Fund shareholders.

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 800-421-4966 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 800-421-4996. 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 800-421-4996.

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 800-421-4996.

ITEM 2 – Code of Ethics

Not applicable for filing of semi-annual reports to shareholders.

ITEM 3 – Audit Committee Financial Expert

Not applicable for filing of semi-annual reports to shareholders.

ITEM 4 – Principal Accountant Fees and Services

Not applicable for filing of semi-annual reports to shareholders.

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 since the Registrant last submitted a proxy statement to its shareholders.  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 vacancies 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)	Not applicable for filing of semi-annual reports to shareholders.
(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: June 29, 2012

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

By /s/ John B. Emerson

John B. Emerson, President and

Principal Executive Officer

Date: June 29, 2012

By /s/ Kevin M. Saks

Kevin M. Saks, Treasurer and

Principal Financial Officer

Date: June 29, 2012