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, 2013
Susan K. Countess
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
 | Private Client Services Funds |
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, 2012 through April 30, 2013 thecapitalgroup.com/pcs
| Capital Group Private Client Services Funds | |
| Investment Adviser’s Report | |
| April 30, 2013 (unaudited) | |
Dear Shareholder:
World financial markets posted solid gains during the six months ended April 30, 2013, bolstered by signs of steady recovery in the U.S. economy. Markets were also aided by accommodative monetary policies as central banks around the world continued to pump liquidity into financial systems. These actions kept interest rates low and encouraged equity investment and spending.
Japanese stocks have been a particular area of strength. The Bank of Japan’s new governor, Haruhiko Kuroda, surprised the market by announcing plans for aggressive quantitative easing, including a pledge to double the monetary base over two years to achieve a 2% inflation target by 2015. In early May, shortly after the close of the period, the European Central Bank cut its benchmark interest rate by a quarter percentage point to a record low of 0.5%. Meanwhile, the U.S. Federal Reserve has upheld its commitment to keep interest rates low and continue its bond-buying program until well after the economy has recovered.
Central banks are expected to maintain accommodative policies that support growth and increase the attractiveness of riskier assets for the foreseeable future. Nevertheless, investors exercised some caution throughout the rally, favoring defensive sectors such as utilities, telecommunications, health care and consumer staples. Over the past few months, investors have slowly begun to venture into sectors that are more sensitive to economic strength, including financials, consumer discretionary and industrials. Investors could exit the perceived safe haven of U.S. Treasury bonds and ultimately deploy more money into equities. Such a rotation has the potential to fuel further growth in global markets.
Against the backdrop of this positive outlook, it is important to remember that developed nations are still heavily reliant on monetary policy to drive growth while their labor markets improve. Furthermore, persistent challenges such as the outsize deficit in the U.S. and the European sovereign debt crisis remain unresolved.
Despite these uncertainties, equities sustained strong growth during the period, and demand for fixed-income securities also remained robust. The ongoing search for better yields in today’s low-interest-rate environment has particularly benefited U.S. corporate high-yield bonds, although the entire fixed-income market advanced.
Below is a more detailed discussion regarding the investment results of each of the Capital Group Private Client Services Funds during the covered reporting period:
Equity Commentary
Over the past six months, The Capital U.S. Equity Fund rose 14%, tracking the same return as the S&P 500 index. The Capital Global Equity Fund was also in line with its benchmark, gaining 14.5% alongside the MSCI World Index. The Capital Non-U.S. Equity Fund had a milder gain than its benchmark, advancing 12%, compared with 16.9% for the MSCI EAFE Index. Japan’s Nikkei stock average—a significant component of the MSCI EAFE—gained more than 50% during the period. Portfolio holdings had little or no exposure to the leaders of the rally such as financials, trading companies and lower-quality businesses. We have been focusing more on oligopolistic companies that are export-oriented.
The health care sector is one in which we can effectively apply our research-intensive, bottom-up investing approach to identify companies with product pipelines that include therapies and treatments with the potential to address unmet patient needs or improve upon drugs currently available in the market. Although many companies in this industry face patent pressures and have bloated cost structures, there are exceptions. We have focused on finding those with the strongest fundamentals and most compelling prospects for long-term growth. New holding Ironwood Pharmaceuticals is an example. It was added to the Capital U.S. Equity and Capital Global Equity Funds during the period. In addition to being impressed with the company’s management team, some portfolio managers believe the pricing and likely strong demand for Ironwood’s forthcoming gastrointestinal disease treatment will translate into an acceleration of future
| Capital Group Private Client Services Funds | |
| Investment Adviser’s Report | |
| April 30, 2013 (unaudited) (continued) | |
growth. Certain managers also increased their positions in Roche in the Capital Global Equity and Capital Non-U.S. Equity Funds. The Swiss diagnostic and therapeutic products company continues to expand its lead position in oncology drugs based on technology that was largely acquired when it bought Genetech several years ago.
Japan garnered the attention of investors during the period as the unveiling of the country’s new stimulus program greatly boosted Japanese equities. The rally benefited commercial banks, whose profitability is heavily influenced by market performance because of their large domestic stock portfolios. Some members of the portfolio management teams in the Capital Global Equity and Capital Non-U.S. Equity Funds initiated a small investment in Japanese bank Sumitomo Mitsui Financial. This company has a well-capitalized balance sheet and pays a high dividend, making it attractive at current price levels. Though Japanese banks face with continuing challenges, they should benefit if a more inflationary environment takes hold in response to recent government initiatives.
Despite the optimism exhibited in the Japanese market, portfolio managers remain acutely aware of structural and demographic economic problems that the country must address in order to return to reliable growth. Companies that are positioned to perform well regardless of the macroeconomic environment include those that are export-oriented and have minimal reliance on the domestic economy to support their growth initiatives, as well as dominant global market share in their industries. Additionally, they must possess exceptional management teams with the expertise and flexibility to adapt to a dynamic economic environment. Hamamatsu Photonics and Trend Micro—holdings in the Capital Global Equity and Capital Non-U.S. Equity Funds—have strong export fundamentals and possess specific technology assets that make them market leaders.
Mining company Barrick Gold, which has been hurt by lower metal prices and rising costs, detracted from the results of the Capital Global and Capital U.S. Equity Funds. Canadian oil producer Cenovus Energy negatively affected all of the funds, as its stock was pressured by escalating costs and lower near-term oil demand.
Fixed-Income Commentary
The cautious environment broadly helped fixed-income securities over the past six months, and spreads on lower-quality bonds tightened as investors accepted greater credit risk in exchange for higher income. During this period, fixed-income investors confronted two countervailing forces: on the one hand, promising data raised expectations that economic improvements would prompt the Fed to discontinue its bond purchases earlier than planned, potentially causing interest rates to rise and put bond prices under pressure; on the other hand, investors remained concerned that overarching global challenges might prove disruptive.
The Capital Core Bond, Capital Core Municipal, Capital Short-Term Municipal, Capital California Core Municipal and Capital California Short-Term Municipal Funds all rose modestly during the period, up 0.7%, 1.3%, 0.5%, 1.4% and 0.6%, respectively.
Some of the weaknesses that had plagued the municipal bond market have eased. Most municipalities receive the bulk of their revenues from property, income and sales taxes, all of which have increased as the economy has steadily recovered. However, local governments with larger problems related to outsize pension obligations and irresponsible spending plans are still under pressure despite some of these positive developments. For this reason, portfolio managers continue to maintain a cautious approach to investment in these bonds. They continue to believe that revenue-backed bonds with easily identifiable revenue sources and state government general obligation bonds represent good value without adding unnecessary risk to client portfolios. These types of bonds have positively contributed to the results of the Capital Core Municipal, the Capital California Core Municipal and the Capital Short-Term Municipal Funds.
Although managers largely expect the Fed to continue accommodative monetary policies in the near term, they are preparing for the eventual rise in rates by modestly shortening duration over the next year or two. They do not feel the
| Capital Group Private Client Services Funds | |
| Investment Adviser’s Report | |
| April 30, 2013 (unaudited) (continued) | |
current economic outlook warrants more-immediate action and are seeking incremental yield across a range of high-quality securities. To provide some cushion against possible inflation, they have slightly increased exposure to Treasury Inflation-Protected Securities in the Capital Core Bond Fund and floating-rate securities in all five of the Capital bond funds.
Today’s low-rate environment has increased the appeal of riskier assets, and higher-yielding lower-quality bonds may seem particularly enticing. However, it is important not to lose sight of the purpose that high-quality fixed-income securities fulfill in a well-balanced portfolio, providing a measure of protection during times of stock market volatility as a result of their historically low correlation to equities.
We appreciate the continued trust and confidence you have placed in us to manage your assets. We look forward to reporting back to you again in six months.
Sincerely yours,
 |  |  |
| John B. Emerson | Shelby Notkin | John R. Queen |
| President | Senior Vice President and | Senior Vice President and |
| Equity Portfolio Manager | Fixed-Income Portfolio Manager |
Capital Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||
| Bonds & notes - 94.37% | ||||||||
| Alabama - 2.60% | ||||||||
| Alabama 21st Century Auth., Rev. Ref. Bonds, Series A, 5.00%, 06/01/21 | $ | 1,230 | $ | 1,504 | 0.47 | % | ||
| Alabama Federal Aid Highway Fin. Auth., Highway Imps. Misc. Taxes Rev. Bonds, 5.00%, 09/01/23 | 100 | 125 | 0.04 | |||||
| Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A: | ||||||||
| 5.00%, 05/01/15 | 1,000 | 1,093 | 0.34 | |||||
| 5.00%, 05/01/17 | 1,000 | 1,168 | 0.37 | |||||
| Courtland Ind. Dev. Board, Ind. Rev. Ref. Bonds, Series A, 5.00%, 11/01/13 | 2,000 | 2,044 | 0.64 | |||||
| Mobile Ind. Dev. Board, Ind. Imps. Rev. Bonds (Mandatory Put 03/19/15 @ 100), 5.00%, 06/01/341 | 2,000 | 2,157 | 0.68 | |||||
| Univ. of Alabama, Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 09/01/18 | 150 | 178 | 0.06 | |||||
| ________________________________ | ||||||||
| 8,269 | 2.60 | |||||||
| ________________________________ | ||||||||
| Alaska - 0.33% | ||||||||
| Alaska Housing Fin. Corp., Rev. Bonds, Series A, 4.00%, 06/01/40 | 1,000 | 1,051 | 0.33 | |||||
| ________________________________ | ||||||||
| 1,051 | 0.33 | |||||||
| ________________________________ | ||||||||
| Arizona - 3.28% | ||||||||
| Arizona Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 02/05/20 @ 100), 2.07%, 02/01/481 | 3,000 | 3,053 | 0.96 | |||||
| Arizona School Facs. Board, School Imps. Certs. of Part. Lease Rev. Bonds, 5.00%, 09/01/14 | 200 | 213 | 0.07 | |||||
| Glendale Ind. Dev. Auth., College & Univ. Rev. Ref. Bonds, 5.25%, 05/15/18 | 1,000 | 1,148 | 0.36 | |||||
| Phoenix Civic Imp. Corp., Port, Airport, & Marina Rev. Ref. Bonds, Series A: | ||||||||
| 5.00%, 07/01/16 | 1,000 | 1,134 | 0.35 | |||||
| 5.00%, 07/01/20 | 2,800 | 3,440 | 1.08 | |||||
| Phoenix Civic Imp. Corp., Sewer Rev. Ref. Bonds, 5.50%, 07/01/24 | 125 | 152 | 0.05 | |||||
| Phoenix Ind. Dev. Auth., Misc. Purposes Lease Rev. Bonds, 5.00%, 06/01/22 | 1,000 | 1,125 | 0.35 | |||||
| Salt River Project Agricultural Imp. & Power Dist., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 01/01/20 | 160 | 194 | 0.06 | |||||
| ________________________________ | ||||||||
| 10,459 | 3.28 | |||||||
| ________________________________ | ||||||||
| California - 9.04% | ||||||||
| Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 05/15/16 | 1,500 | 1,504 | 0.47 | |||||
| Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured), 5.00%, 09/02/21 | 1,000 | 1,097 | 0.34 | |||||
| Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, 10/01/17 | 100 | 112 | 0.04 | |||||
| Bay Area Toll Auth. Rev. Bonds (Mandatory Put 05/01/23 @ 100), 0.00%, 04/01/471 | 1,500 | 1,500 | 0.47 | |||||
| Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 10/01/19 @ 100), 0.92%, 04/01/471 | 1,000 | 1,000 | 0.31 | |||||
| Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds: | ||||||||
| 4.00%, 04/01/20 | 1,200 | 1,417 | 0.45 | |||||
| 5.00%, 04/01/21 | 1,250 | 1,573 | 0.49 | |||||
| Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F, 5.00%, 04/01/22 | 125 | 141 | 0.04 | |||||
| California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 11/15/19 | 750 | 918 | 0.29 | |||||
| California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/14 @ 100), 0.72%, 04/01/381 | 1,250 | 1,254 | 0.39 | |||||
Capital Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| California—continued | |||||||||
| California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/16 @ 100), 0.50%, 10/01/471 | $ | 1,000 | $ | 1,000 | 0.31 | % | |||
| California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series A-2 (Mandatory Put 04/01/14 @ 100), 0.72%, 04/01/381 | 1,700 | 1,706 | 0.54 | ||||||
| California State Public Works Board, Lease Rev. Ref. Bonds, Series H, 5.00%, 06/01/23 | 800 | 985 | 0.31 | ||||||
| California State Public Works Board, Rev. Bonds, Series C, 5.00%, 03/01/23 | 780 | 972 | 0.31 | ||||||
| California State Public Works Board, Rev. Bonds, Series G, 5.00%, 12/01/20 | 1,000 | 1,240 | 0.39 | ||||||
| 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 Irvine, Special Assessment Ref. Bonds, 4.00%, 09/02/17 | 1,215 | 1,358 | 0.43 | ||||||
| East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A-1 (Mandatory Put 07/01/14 @ 100), 0.57%, 06/01/251 | 930 | 930 | 0.29 | ||||||
| Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, 06/01/20 | 2,700 | 3,277 | 1.03 | ||||||
| Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/18 | 600 | 726 | 0.23 | ||||||
| Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, 07/01/14 | 100 | 106 | 0.03 | ||||||
| Northern California Gas Auth. No. 1, Natural Gas Util. Imps. Rev. Bonds, 0.82%, 07/01/191 | 100 | 94 | 0.03 | ||||||
| Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (NATL-RE Insured), 5.00%, 08/15/17 | 610 | 619 | 0.19 | ||||||
| San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, 08/01/18 | 200 | 203 | 0.06 | ||||||
| Santa Ana Comm. Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.25%, 09/01/19 | 600 | 687 | 0.22 | ||||||
| State of California, G.O. General Fund Ref. Bonds, 5.00%, 02/01/20 | 1,500 | 1,832 | 0.58 | ||||||
| State of California, G.O. General Fund Ref. Notes (NATL-RE Insured), 5.00%, 06/01/15 | 100 | 110 | 0.03 | ||||||
| State of California, G.O. Misc. Rev. Ref. Bonds, 5.00%, 09/01/19 | 1,300 | 1,588 | 0.50 | ||||||
| State of California, G.O. Sales Tax Rev. Bonds, Series A, 5.25%, 07/01/21 | 100 | 123 | 0.04 | ||||||
| State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 07/01/20 | 320 | 390 | 0.12 | ||||||
| Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.25%, 01/01/24 | 200 | 236 | 0.07 | ||||||
| ________________________________ | |||||||||
| 28,813 | 9.04 | ||||||||
| ________________________________ | |||||||||
| Colorado - 2.88% | |||||||||
| City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.25%, 11/15/28 | 200 | 231 | 0.07 | ||||||
| City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 11/15/17 | 300 | 343 | 0.11 | ||||||
| Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 11/15/13 | 150 | 154 | 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 | 133 | 0.04 | ||||||
| Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 01/01/17 | 2,000 | 2,300 | 0.72 | ||||||
| Colorado State Board of Governors, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 03/01/22 | 645 | 812 | 0.26 | ||||||
| Regional Trans. Dist., Transit Imps. Cert. of Part. Lease Bonds, Series A, 5.00%, 06/01/18 | 1,000 | 1,175 | 0.37 | ||||||
| State of Colorado, Cash Flow Mgmt. Misc. Rev. Notes, Series A: | |||||||||
| 2.00%, 06/27/13 | 2,400 | 2,407 | 0.76 | ||||||
Capital Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| Colorado—continued | |||||||||
| 2.50%, 06/27/13 | $ | 1,600 | $ | 1,606 | 0.50 | % | |||
| ________________________________ | |||||||||
| 9,161 | 2.88 | ||||||||
| ________________________________ | |||||||||
| District of Columbia - 2.12% | |||||||||
| Dist. of Columbia, Income Tax Secured, Rev. Ref. Bonds, Series E, 0.82%, 12/01/151 | 1,250 | 1,250 | 0.39 | ||||||
| Dist. of Columbia, Water Util. Imps. Rev. Bonds (Mandatory Put 06/01/15 @ 100), 0.70%, 10/01/441 | 2,475 | 2,477 | 0.78 | ||||||
| Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 3.50%, 10/01/18 | 2,500 | 2,800 | 0.88 | ||||||
| Washington Convention Center Auth., Hotel Occupancy Tax Rev. Bonds, Series A (AMBAC Insured), 5.00%, 10/01/15 | 200 | 219 | 0.07 | ||||||
| ________________________________ | |||||||||
| 6,746 | 2.12 | ||||||||
| ________________________________ | |||||||||
| Florida - 12.71% | |||||||||
| Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1: | |||||||||
| 5.00%, 06/01/16 | 635 | 716 | 0.22 | ||||||
| 5.00%, 06/01/20 | 1,100 | 1,328 | 0.42 | ||||||
| 5.25%, 06/01/17 | 2,100 | 2,446 | 0.77 | ||||||
| 6.00%, 06/01/16 | 300 | 347 | 0.11 | ||||||
| Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, Series A-1, 5.00%, 06/01/19 | 1,500 | 1,801 | 0.56 | ||||||
| City of Cape Coral, Water Rev. Ref. Bonds, 5.00%, 10/01/18 | 1,000 | 1,170 | 0.37 | ||||||
| City of Clearwater, Water Rev. Ref. Bonds, Series B, 5.00%, 12/01/18 | 100 | 120 | 0.04 | ||||||
| City of Fort Lauderdale, Water Util. Imps. Rev. Bonds (NATL-RE Insured), 4.00%, 09/01/16 | 100 | 111 | 0.03 | ||||||
| City of Jacksonville, Sales Tax Rev. Ref. Bonds, 5.00%, 10/01/19 | 1,000 | 1,216 | 0.38 | ||||||
| City of Tampa, Health Care Facs. Rev. Ref. Bonds: | |||||||||
| 5.00%, 11/15/16 | 1,200 | 1,370 | 0.43 | ||||||
| 5.00%, 11/15/17 | 2,000 | 2,349 | 0.74 | ||||||
| County of Broward, Water Util. Imps. Rev. Bonds, Series A, 2.40%, 10/01/14 | 100 | 103 | 0.03 | ||||||
| County of Miami-Dade, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 10/01/18 | 1,100 | 1,302 | 0.41 | ||||||
| County of Miami-Dade, Water Rev. Ref. Bonds, Series C, 4.00%, 10/01/13 | 300 | 305 | 0.10 | ||||||
| County of Saint Johns, Water Rev. Ref. Bonds (AGM Insured), 5.00%, 06/01/16 | 100 | 113 | 0.04 | ||||||
| Florida Higher Educ. Facs. Financial Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 04/01/22 | 1,000 | 1,177 | 0.37 | ||||||
| Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 5.00%, 07/01/28 | 810 | 869 | 0.27 | ||||||
| Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B, 4.50%, 01/01/29 | 1,180 | 1,271 | 0.40 | ||||||
| Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, 01/01/29 | 620 | 678 | 0.21 | ||||||
| Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A: | |||||||||
| 5.00%, 07/01/14 | 150 | 158 | 0.05 | ||||||
| 5.00%, 07/01/15 | 1,435 | 1,577 | 0.49 | ||||||
| 5.00%, 07/01/16 | 2,100 | 2,388 | 0.75 | ||||||
| Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 5.00%, 10/01/20 | 600 | 733 | 0.23 | ||||||
| Florida State Board of Edu., Misc. Rev. Ref. Bonds, Series E: | |||||||||
| 5.00%, 07/01/15 | 525 | 577 | 0.18 | ||||||
| 5.00%, 07/01/16 | 2,000 | 2,279 | 0.72 | ||||||
Capital Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| Florida—continued | |||||||||
| Florida State Dept. of Environmental Protection, Public Imps. Misc. Taxes Rev. Bonds, Series B, 5.00%, 07/01/19 | $ | 1,450 | $ | 1,721 | 0.54 | % | |||
| Florida State Dept. of Trans., Highway Imps. Rev. Bonds, Series B, 5.00%, 07/01/14 | 1,000 | 1,055 | 0.33 | ||||||
| Florida Water Pollution Control Fncg. Corp., Pollution Control Misc. Rev. Bonds, Series A: | |||||||||
| 3.00%, 01/15/14 | 100 | 102 | 0.03 | ||||||
| 5.00%, 01/15/20 | 300 | 362 | 0.11 | ||||||
| 5.00%, 01/15/23 | 300 | 355 | 0.11 | ||||||
| Fort Pierce Utils. Auth., Energy Res. Auth. Rev. Ref. Bonds (AMBAC Insured), 5.00%, 10/01/14 | 200 | 204 | 0.06 | ||||||
| JEA, Energy Res. Auth. Imps. Rev. Bonds, 5.50%, 10/01/29 | 200 | 212 | 0.07 | ||||||
| JEA, Water Util. Imps. Rev. Bonds, Series A, 5.00%, 10/01/26 | 200 | 208 | 0.07 | ||||||
| Miami-Dade County Expressway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 07/01/21 | 1,750 | 2,125 | 0.67 | ||||||
| Miami-Dade County Expressway Auth., Highway Tolls Rev. Ref. Bonds, Series A (Assured GTY Insured): | |||||||||
| 3.00%, 07/01/15 | 425 | 445 | 0.14 | ||||||
| 3.00%, 07/01/16 | 2,050 | 2,191 | 0.69 | ||||||
| Miami-Dade County School Board, School Imps. Certs. of Part. Lease Bonds, Series B (AMBAC Insured), 4.00%, 11/01/15 | 100 | 108 | 0.03 | ||||||
| Orlando Utils. Commission, Multiple Util. Rev. Ref. Bonds, Series C, 5.00%, 10/01/17 | 1,000 | 1,184 | 0.37 | ||||||
| Orlando Utils. Commission, Water Rev. Ref. Bonds, Series B, 5.00%, 10/01/23 | 400 | 477 | 0.15 | ||||||
| Orlando-Orange County Expressway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 07/01/19 | 2,000 | 2,424 | 0.76 | ||||||
| South Broward Hospital Dist., Health Care Facs. Rev. Ref. Bonds (NAT-RE Insured), 5.00%, 05/01/21 | 275 | 305 | 0.10 | ||||||
| Tampa Bay Water, Water Rev. Ref. Bonds, Series B, 5.00%, 10/01/18 | 430 | 520 | 0.16 | ||||||
| ________________________________ | |||||||||
| 40,502 | 12.71 | ||||||||
| ________________________________ | |||||||||
| Georgia - 2.61% | |||||||||
| Burke County Dev. Auth., Pollution Control Res. Recovery Rev. Bonds, 7.00%, 01/01/23 | 300 | 366 | 0.12 | ||||||
| City of Atlanta, Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 01/01/17 | 1,250 | 1,437 | 0.45 | ||||||
| DeKalb County Hospital Auth., Health Care Facs. Imps. Rev. Bonds, 5.25%, 09/01/20 | 2,000 | 2,338 | 0.73 | ||||||
| DeKalb Private Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 11/15/24 | 200 | 236 | 0.07 | ||||||
| Georgia State Road & Tollway Auth., Highway Imps. Misc. Taxes Rev. Bonds, Series A, 5.00%, 06/01/18 | 400 | 477 | 0.15 | ||||||
| Gwinnett County Dev. Auth., Certs. of Part. Lease Ref. Bonds (NATL-RE Insured), 5.00%, 01/01/16 | 100 | 111 | 0.04 | ||||||
| Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 11/01/19 | 1,000 | 1,226 | 0.39 | ||||||
| Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Series GG, 5.00%, 01/01/19 | 700 | 842 | 0.26 | ||||||
| Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series A, 5.00%, 01/01/21 | 500 | 615 | 0.19 | ||||||
| Public Gas Partners Inc., Natural Gas Rev. Ref. Bonds, Series A, 5.00%, 10/01/13 | 100 | 102 | 0.03 | ||||||
Capital Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||
| Bonds & notes—continued | ||||||||
| Georgia—continued | ||||||||
| Thomasville Hospital Auth., Health Care Facs. Imps. Rev. Bonds, 3.25%, 11/01/14 | $ | 540 | $ | 558 | 0.18 | % | ||
| ________________________________ | ||||||||
| 8,308 | 2.61 | |||||||
| ________________________________ | ||||||||
| Hawaii - 0.99% | ||||||||
| State of Hawaii, G.O. Prop. Tax Ref. Bonds, Series DT, 5.00%, 11/01/19 | 600 | 743 | 0.23 | |||||
| State of Hawaii, G.O. Public Imps. Bonds, Series DZ, 5.00%, 12/01/19 | 1,250 | 1,552 | 0.49 | |||||
| State of Hawaii, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 07/01/22 | 700 | 849 | 0.27 | |||||
| ________________________________ | ||||||||
| 3,144 | 0.99 | |||||||
| ________________________________ | ||||||||
| Illinois - 8.03% | ||||||||
| Chicago Board of Edu., G.O. Prop. Tax Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 12/01/16 | 100 | 107 | 0.03 | |||||
| City of Chicago, G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, 01/01/21 | 1,545 | 1,874 | 0.59 | |||||
| City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 01/01/17 | 1,675 | 1,860 | 0.58 | |||||
| City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series C (Assured GTY Insured), 5.25%, 01/01/22 | 1,000 | 1,195 | 0.38 | |||||
| City of Chicago, Sewer Imps. Rev. Bonds, 4.00%, 01/01/21 | 1,000 | 1,157 | 0.36 | |||||
| County of Cook, G.O. Prop. Tax Ref. Bonds, Series A, 5.25%, 11/15/22 | 2,000 | 2,414 | 0.76 | |||||
| Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 10/01/22 | 200 | 221 | 0.07 | |||||
| Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, Series B-2 (Mandatory Put 02/12/15 @ 100), 1.875%, 07/01/361 | 300 | 305 | 0.10 | |||||
| Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 07/01/14 @ 100), 4.375%, 11/15/221 | 155 | 161 | 0.05 | |||||
| Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, Series A-3 (Mandatory Put 05/01/19 @ 100), 5.00%, 11/01/301 | 1,000 | 1,199 | 0.38 | |||||
| Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/15 | 100 | 110 | 0.03 | |||||
| Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-1 (Mandatory Put 01/15/20 @ 100), 5.00%, 11/01/301 | 1,500 | 1,814 | 0.57 | |||||
| Illinois Housing Dev. Auth., Housing Rev. Ref. Bonds, Series G, 4.10%, 07/01/13 | 235 | 236 | 0.07 | |||||
| Illinois State Toll Highway Auth., Highway Imps. Rev. Bonds, Series A (AGM Insured), 5.00%, 01/01/15 | 1,000 | 1,077 | 0.34 | |||||
| Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.50%, 01/01/15 | 1,950 | 2,117 | 0.66 | |||||
| Metropolitan Pier & Exposition Auth., Port, Airport & Marina Imps. Hotel Occupancy Tax Rev. Bonds (NATL-RE FGIC Insured), 5.375%, 06/01/13 | 100 | 100 | 0.03 | |||||
| Railsplitter Tobacco Settlement Auth., Public Imps. Rev. Bonds, 5.50%, 06/01/23 | 1,000 | 1,224 | 0.38 | |||||
| Regional Trans. Auth. Rev. Ref. Bonds (NATL-RE Insured), 6.00%, 06/01/20 | 2,000 | 2,492 | 0.78 | |||||
| Regional Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (AGM G.O. of Auth. Insured), 5.00%, 06/01/18 | 1,200 | 1,428 | 0.45 | |||||
| Regional Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.50%, 07/01/20 | 1,610 | 2,002 | 0.63 | |||||
| State of Illinois, G.O. Misc. Rev. Ref. Bonds, Series B, 5.25%, 01/01/21 | 2,000 | 2,376 | 0.75 | |||||
| Univ. of Illinois, Certs. of Part. Lease Rev. Ref. Bonds, Series A (AGM Insured), 5.25%, 10/01/24 | 100 | 117 | 0.04 | |||||
| ________________________________ | ||||||||
| 25,586 | 8.03 | |||||||
| ________________________________ | ||||||||
| Indiana - 1.39% | ||||||||
| Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.50%, 05/01/24 | 100 | 115 | 0.04 | |||||
| Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 02/15/20 | 1,400 | 1,543 | 0.48 | |||||
| Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series N, 5.00%, 03/01/20 | 1,200 | 1,446 | 0.45 | |||||
Capital Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||
| Bonds & notes—continued | ||||||||
| Indiana—continued | ||||||||
| Indiana Fin. Auth., Sewer Imps. Prop. Tax Bonds, Series A, 5.00%, 10/01/17 | $ | 1,000 | $ | 1,174 | 0.37 | % | ||
| Purdue Univ., Certs. of Part. Lease Rev. Ref. Bonds, 5.00%, 07/01/15 | 150 | 164 | 0.05 | |||||
| ________________________________ | ||||||||
| 4,442 | 1.39 | |||||||
| ________________________________ | ||||||||
| Iowa - 0.43% | ||||||||
| Iowa Fin. Auth., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 2.15%, 02/01/43 | 993 | 991 | 0.31 | |||||
| Iowa Fin. Auth., Water Util. Imps. Misc. Rev. Bonds, 5.00%, 08/01/19 | 300 | 371 | 0.12 | |||||
| ________________________________ | ||||||||
| 1,362 | 0.43 | |||||||
| ________________________________ | ||||||||
| Kentucky - 0.42% | ||||||||
| Kentucky Higher Edu. Student Ln. Corp., Student Ln. Rev. Bonds, Series 1-Class A-1 (GTD St. Lns. Insured), 0.774%, 05/01/201 | 465 | 463 | 0.14 | |||||
| Kentucky Housing Corp., St. Single Family Housing Rev. Bonds, Series B, 5.00%, 07/01/27 | 830 | 880 | 0.28 | |||||
| ________________________________ | ||||||||
| 1,343 | 0.42 | |||||||
| ________________________________ | ||||||||
| Louisiana - 1.07% | ||||||||
| Louisiana Office Facs. Corp., Lease Rev. Ref. Bonds, 5.00%, 03/01/16 | 300 | 334 | 0.11 | |||||
| Louisiana Public Facs. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, Series B, 5.25%, 05/15/27 | 250 | 266 | 0.08 | |||||
| Louisiana Stadium & Exposition Dist., Misc. Rev. Ref. Bonds, Series A, 5.00%, 07/01/22 | 1,500 | 1,817 | 0.57 | |||||
| State of Louisiana, Highway Imps. Fuel Sales Tax Rev. Bonds, Series A-1 (Mandatory Put 06/01/13 @ 100), 0.97%, 05/01/431 | 1,000 | 1,000 | 0.31 | |||||
| ________________________________ | ||||||||
| 3,417 | 1.07 | |||||||
| ________________________________ | ||||||||
| Massachusetts - 1.95% | ||||||||
| City of Boston, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, 04/01/16 | 160 | 181 | 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 | 110 | 0.04 | |||||
| Massachusetts Bay Trans. Auth., Sales Tax Rev. Ref. Bonds, Series C, 5.00%, 07/01/19 | 900 | 1,112 | 0.35 | |||||
| Massachusetts Dev. Fin. Agcy., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 01/01/15 | 1,000 | 1,064 | 0.33 | |||||
| Massachusetts Dev. Fin. Agcy., College & Univ. Rev. Ref. Bonds, Series B-3, 5.00%, 01/01/23 | 1,100 | 1,365 | 0.43 | |||||
| Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 12/15/25 | 100 | 122 | 0.04 | |||||
| Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series O, 6.00%, 07/01/36 | 1,000 | 1,212 | 0.38 | |||||
| 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 | 101 | 0.03 | |||||
| Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series A, 2.00%, 06/01/13 | 835 | 836 | 0.26 | |||||
| Massachusetts State Water Pollution Abatement, Water Rev. Ref. Bonds, 5.00%, 08/01/14 | 100 | 106 | 0.03 | |||||
| ________________________________ | ||||||||
| 6,209 | 1.95 | |||||||
| ________________________________ | ||||||||
Capital Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| Michigan - 3.65% | |||||||||
| Detroit City School Dist., G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 05/01/19 | $ | 1,400 | $ | 1,650 | 0.52 | % | |||
| Michigan Fin. Auth., Misc. Rev. Ref. Bonds: | |||||||||
| 5.00%, 01/01/18 | 2,000 | 2,394 | 0.75 | ||||||
| 5.00%, 01/01/21 | 700 | 853 | 0.27 | ||||||
| Michigan State Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, 11/15/13 | 100 | 102 | 0.03 | ||||||
| Michigan State Univ., College & Univ. Imps. Rev. Ref. Bonds, Series C, 5.00%, 08/15/17 | 1,500 | 1,768 | 0.55 | ||||||
| Michigan Strategic Fund, Energy Res. Auth. Rev. Ref. Bonds, 5.625%, 07/01/20 | 1,160 | 1,444 | 0.45 | ||||||
| State of Michigan, G.O. Misc. Rev. Ref. Bonds, Series A, 5.00%, 05/01/13 | 300 | 300 | 0.09 | ||||||
| Univ. of Michigan, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 04/01/16 | 150 | 170 | 0.05 | ||||||
| Univ. of Michigan, College & Univ. Imps. Rev. Ref. Bonds, Series C, 4.00%, 04/01/15 | 200 | 214 | 0.07 | ||||||
| Wayne County Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 12/01/22 | 725 | 886 | 0.28 | ||||||
| Wayne County Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 12/01/17 | 1,500 | 1,746 | 0.55 | ||||||
| Wayne State Univ., College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, 11/15/16 | 100 | 113 | 0.04 | ||||||
| ________________________________ | |||||||||
| 11,640 | 3.65 | ||||||||
| ________________________________ | |||||||||
| Minnesota - 0.85% | |||||||||
| Minnesota Housing Fin. Agcy., Housing Rev. Bonds (GNMA/FNMA/FHLMC COLL Insured), 4.25%, 07/01/28 | 860 | 922 | 0.29 | ||||||
| Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, 4.00%, 07/01/40 | 765 | 812 | 0.25 | ||||||
| Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 2.25%, 12/01/42 | 991 | 989 | 0.31 | ||||||
| ________________________________ | |||||||||
| 2,723 | 0.85 | ||||||||
| ________________________________ | |||||||||
| Mississippi - 0.74% | |||||||||
| 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 | 2,180 | 2,345 | 0.74 | ||||||
| ________________________________ | |||||||||
| 2,345 | 0.74 | ||||||||
| ________________________________ | |||||||||
| Missouri - 0.13% | |||||||||
| I-470 & 350 Trans. Dev. Dist., Sales Tax Rev. Ref. Bonds (Radian Insured), 4.60%, 06/01/29 | 75 | 78 | 0.02 | ||||||
| Lees Summit Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/14 | 200 | 207 | 0.07 | ||||||
| Missouri State Environmental Imps. & Energy Ress. Auth, Water Rev. Ref. Bonds, Series A, 5.00%, 01/01/19 | 100 | 123 | 0.04 | ||||||
| ________________________________ | |||||||||
| 408 | 0.13 | ||||||||
| ________________________________ | |||||||||
| Nebraska - 0.36% | |||||||||
| Nebraska Public Power Dist., Misc. Rev. Ref. Bonds, Series A, 4.00%, 01/01/14 | 1,125 | 1,154 | 0.36 | ||||||
| ________________________________ | |||||||||
| 1,154 | 0.36 | ||||||||
| ________________________________ | |||||||||
Capital Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| Nevada - 1.79% | |||||||||
| Clark County School Dist., G.O. Public Imps. Rev. Bonds (AGM Insured), 5.50%, 06/15/15 | $ | 100 | $ | 111 | 0.03 | % | |||
| County of Clark, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 07/01/16 | 325 | 369 | 0.12 | ||||||
| County of Clark, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 07/01/17 | 1,400 | 1,609 | 0.51 | ||||||
| County of Clark, Sales Tax Rev. Bonds, Series B, 4.00%, 07/01/18 | 2,000 | 2,277 | 0.71 | ||||||
| Las Vegas Valley Water Dist., G.O. Water Util. Imps. Prop. Tax Bonds, Series B, 5.00%, 06/01/19 | 1,100 | 1,333 | 0.42 | ||||||
| ________________________________ | |||||||||
| 5,699 | 1.79 | ||||||||
| ________________________________ | |||||||||
| New Hampshire - 0.20% | |||||||||
| New Hampshire Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, 4.00%, 01/01/22 | 575 | 630 | 0.20 | ||||||
| ________________________________ | |||||||||
| 630 | 0.20 | ||||||||
| ________________________________ | |||||||||
| New Jersey - 4.52% | |||||||||
| Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A: | |||||||||
| 5.00%, 11/01/20 | 1,000 | 1,260 | 0.40 | ||||||
| 5.00%, 11/01/21 | 200 | 255 | 0.08 | ||||||
| New Jersey Econ. Dev. Auth., Lease Rev. Ref. Bonds: | |||||||||
| 4.00%, 12/15/15 | 1,000 | 1,091 | 0.34 | ||||||
| 5.00%, 12/15/17 | 2,000 | 2,366 | 0.74 | ||||||
| New Jersey Econ. Dev. Auth., School Imps. Rev. Bonds, 1.12%, 02/01/171 | 1,025 | 1,027 | 0.32 | ||||||
| New Jersey Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series K, 5.00%, 07/01/14 | 100 | 106 | 0.04 | ||||||
| New Jersey Educ. Facs. Auth., Lease Rev. Ref. Bonds, Series A, 4.00%, 09/01/14 | 100 | 104 | 0.03 | ||||||
| New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Ref. Bonds, Series 1A: | |||||||||
| 5.00%, 12/01/15 | 1,000 | 1,105 | 0.35 | ||||||
| 5.00%, 12/01/17 | 1,420 | 1,614 | 0.51 | ||||||
| New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/18 @ 100), 0.00%, 01/01/241 | 1,850 | 1,851 | 0.58 | ||||||
| New Jersey Trans. Trust Fund Auth., Transit Imps. Misc. Rev. Bonds, Series A, 5.00%, 06/15/15 | 500 | 548 | 0.17 | ||||||
| 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 | 805 | 0.25 | ||||||
| New Jersey Trans. Trust Fund Auth., Transit Rev. Ref. Bonds, Series A (AMBAC Insured), 5.50%, 12/15/15 | 2,000 | 2,260 | 0.71 | ||||||
| ________________________________ | |||||||||
| 14,392 | 4.52 | ||||||||
| ________________________________ | |||||||||
| New Mexico - 0.17% | |||||||||
| New Mexico Educ. Assistance Foundation, Rev. Bonds, Series A-2 (GTD St. Lns. Insured), 0.934%, 12/01/281 | 545 | 542 | 0.17 | ||||||
| ________________________________ | |||||||||
| 542 | 0.17 | ||||||||
| ________________________________ | |||||||||
| New York - 7.58% | |||||||||
| City of New York, G.O. Prop. Tax Ref. Bonds, Series B, 5.00%, 08/01/17 | 2,000 | 2,353 | 0.74 | ||||||
| City of New York, G.O. Public Imps. Prop. Tax Rev. Bonds, Series H-1, 4.00%, 03/01/17 | 100 | 112 | 0.03 | ||||||
Capital Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||
| Bonds & notes—continued | ||||||||
| New York—continued | ||||||||
| Erie County Ind. Dev. Agcy., Lease Rev. Ref. Bonds (St. Aid Withhldg. Insured), 5.00%, 05/01/20 | $ | 1,000 | $ | 1,230 | 0.39 | % | ||
| Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series 2010 A, 5.00%, 05/01/14 | 1,250 | 1,307 | 0.41 | |||||
| Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series F (NATL-RE Insured), 5.00%, 05/01/16 | 1,830 | 2,063 | 0.65 | |||||
| Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B, 1.22%, 11/01/201 | 2,000 | 2,000 | 0.63 | |||||
| Metropolitan Trans. Auth., Transit Imps. Rev. Bonds, Series D, 5.00%, 11/15/20 | 1,000 | 1,225 | 0.38 | |||||
| Metropolitan Trans. Auth., Transit Imps. Rev. Bonds, Series E, 4.00%, 11/15/19 | 1,500 | 1,735 | 0.54 | |||||
| New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 02/15/17 | 2,000 | 2,302 | 0.72 | |||||
| New York City Transitional Fin. Auth. Building Aid Rev., Public Imps. Income Tax Rev. Bonds, Series S-1, 5.00%, 07/15/20 | 865 | 1,075 | 0.34 | |||||
| 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 City Trust For Cultural Res. Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.35%, 01/01/361 | 1,250 | 1,287 | 0.40 | |||||
| New York Muni. Bond Bank Agcy., Misc. Rev. Ref. Bonds (St. Aid Withhldg. Insured), 5.00%, 12/01/20 | 2,000 | 2,477 | 0.78 | |||||
| New York State Dormitory Auth., College and Univ. Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.00%, 07/01/14 | 200 | 211 | 0.07 | |||||
| New York State Dormitory Auth., Health Care Facs. Imps. Income Tax Rev. Bonds, Series A, 5.00%, 02/15/16 | 500 | 564 | 0.18 | |||||
| New York State Dormitory Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, 10/01/17 | 1,000 | 1,164 | 0.36 | |||||
| Public Housing Capital Fund Trust I Rev. Bonds (HUD Ln. Insured), 4.50%, 07/01/222 | 705 | 752 | 0.24 | |||||
| Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, 06/01/17 | 1,850 | 2,156 | 0.68 | |||||
| ________________________________ | ||||||||
| 24,134 | 7.58 | |||||||
| ________________________________ | ||||||||
| North Carolina - 1.32% | ||||||||
| 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 | 122 | 0.04 | |||||
| City of Charlotte, Rev. Ref. Bonds, Series B, 5.00%, 07/01/23 | 400 | 488 | 0.15 | |||||
| North Carolina Muni. Power Agcy. No. 1, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.25%, 01/01/20 | 175 | 204 | 0.07 | |||||
| Raleigh Durham Airport Auth., Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 05/01/19 | 2,500 | 3,035 | 0.95 | |||||
| State of North Carolina, Highway Imps. Rev. Bonds, 5.00%, 03/01/17 | 300 | 349 | 0.11 | |||||
| ________________________________ | ||||||||
| 4,198 | 1.32 | |||||||
| ________________________________ | ||||||||
| North Dakota - 0.21% | ||||||||
| North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, 3.75%, 07/01/42 | 600 | 653 | 0.21 | |||||
| ________________________________ | ||||||||
| 653 | 0.21 | |||||||
| ________________________________ | ||||||||
| Ohio - 4.25% | ||||||||
| City of Cleveland Airport System Rev., Port, Airport & Marina Imps. Rev. Bonds, Series C (AGM Insured), 5.00%, 01/01/17 | 1,250 | 1,419 | 0.45 | |||||
| City of Cleveland, Airport System, Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 01/01/25 | 1,000 | 1,171 | 0.37 | |||||
| County of Allen, Lease Rev. Ref. Bonds, Series B: | ||||||||
Capital Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| Ohio—continued | |||||||||
| 5.00%, 09/01/18 | $ | 1,000 | $ | 1,193 | 0.37 | % | |||
| 5.00%, 09/01/19 | 2,000 | 2,426 | 0.76 | ||||||
| 5.00%, 09/01/20 | 1,030 | 1,257 | 0.39 | ||||||
| Miami University/Oxford, College & Univ. Imps. Rev. Bonds, 4.00%, 09/01/19 | 700 | 810 | 0.25 | ||||||
| Ohio Air Quality Dev. Auth., Ind. Rev. Ref. Bonds (Mandatory Put 06/01/16 @ 100), 5.75%, 06/01/331 | 1,000 | 1,117 | 0.35 | ||||||
| Ohio Air Quality Dev. Auth., Ind. Rev. Ref. Bonds, Series C, 5.625%, 06/01/18 | 1,000 | 1,170 | 0.37 | ||||||
| Ohio Air Quality Dev. Auth., Res. Recovery Imps. Rev. Bonds, Series A, 5.70%, 08/01/20 | 1,000 | 1,194 | 0.38 | ||||||
| Ohio State Building Auth., Rev. Ref. Bonds, Series A, 5.00%, 10/01/17 | 1,500 | 1,773 | 0.56 | ||||||
| ________________________________ | |||||||||
| 13,530 | 4.25 | ||||||||
| ________________________________ | |||||||||
| Oklahoma - 0.07% | |||||||||
| Oklahoma Dev. Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/24 | 200 | 228 | 0.07 | ||||||
| ________________________________ | |||||||||
| 228 | 0.07 | ||||||||
| ________________________________ | |||||||||
| Oregon - 0.34% | |||||||||
| Tri-County Metropolitan Trans. Dist., Transit Imps. Misc. Taxes Rev. Bonds, 4.00%, 11/01/17 | 1,000 | 1,096 | 0.34 | ||||||
| ________________________________ | |||||||||
| 1,096 | 0.34 | ||||||||
| ________________________________ | |||||||||
| Pennsylvania - 3.11% | |||||||||
| Allegheny County Higher Edu. Building Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 03/01/22 | 400 | 490 | 0.15 | ||||||
| City of Philadelphia, Water Rev. Ref. Bonds, Series A, 5.00%, 06/15/15 | 3,000 | 3,287 | 1.03 | ||||||
| Pennsylvania Higher Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AMBAC Insured), 5.00%, 08/15/15 | 200 | 220 | 0.07 | ||||||
| Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds, 5.00%, 06/15/17 | 1,500 | 1,759 | 0.55 | ||||||
| Pennsylvania State Univ., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 03/01/14 | 200 | 208 | 0.06 | ||||||
| Pennsylvania Turnpike Commission, Highway Tolls Rev. Bonds, Series A, 0.90%, 12/01/181 | 1,500 | 1,503 | 0.47 | ||||||
| Philadelphia School Dist., G.O. School Imps. Prop. Tax Rev. Bonds, Series A (St. Aid Withhldg. Insured), 5.00%, 06/01/15 | 1,745 | 1,904 | 0.60 | ||||||
| Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds (Mandatory Put 09/15/13 @ 100), 5.50%, 09/15/311 | 300 | 306 | 0.10 | ||||||
| Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.25%, 09/15/24 | 200 | 243 | 0.08 | ||||||
| ________________________________ | |||||||||
| 9,920 | 3.11 | ||||||||
| ________________________________ | |||||||||
| Puerto Rico - 0.03% | |||||||||
| Puerto Rico Electric Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series JJ (NATL-RE Insured), 5.25%, 07/01/13 | 100 | 101 | 0.03 | ||||||
| ________________________________ | |||||||||
| 101 | 0.03 | ||||||||
| ________________________________ | |||||||||
| South Carolina - 1.44% | |||||||||
| South Carolina Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds: | |||||||||
| 5.00%, 08/01/18 | 1,025 | 1,196 | 0.38 | ||||||
Capital Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| South Carolina—continued | |||||||||
| 5.00%, 11/01/20 | $ | 500 | $ | 610 | 0.19 | % | |||
| South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA/FNMA/FHLMC Insured), 4.50%, 07/01/30 | 1,115 | 1,202 | 0.38 | ||||||
| South Carolina State Public Service Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B, 5.00%, 01/01/16 | 1,300 | 1,456 | 0.46 | ||||||
| South Carolina Trans. Infrastructure Bank, Transit Rev. Ref. Bonds, Series A, 5.00%, 10/01/14 | 100 | 107 | 0.03 | ||||||
| ________________________________ | |||||||||
| 4,571 | 1.44 | ||||||||
| ________________________________ | |||||||||
| Tennessee - 1.46% | |||||||||
| City of Memphis, Energy Res. Auth. Rev. Ref. Bonds: | |||||||||
| 5.00%, 12/01/14 | 125 | 134 | 0.04 | ||||||
| 5.00%, 12/01/18 | 100 | 122 | 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), 0.82%, 10/01/381 | 1,400 | 1,400 | 0.44 | ||||||
| Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds: | |||||||||
| 4.00%, 07/01/38 | 995 | 1,088 | 0.34 | ||||||
| 4.50%, 07/01/37 | 935 | 1,023 | 0.32 | ||||||
| Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds, Series A-1, 5.00%, 01/01/27 | 820 | 880 | 0.28 | ||||||
| ________________________________ | |||||||||
| 4,647 | 1.46 | ||||||||
| ________________________________ | |||||||||
| Texas - 7.29% | |||||||||
| City of Houston, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 07/01/23 | 1,000 | 1,217 | 0.38 | ||||||
| City of Houston, Port, Airport & Marina Rev. Ref. Bonds, Series B (NATL-RE FGIC Insured), 5.00%, 07/01/25 | 150 | 171 | 0.05 | ||||||
| City of Houston, Util. System Rev. Bonds (Mandatory Put 06/01/17 @ 100), 0.97%, 05/15/341 | 1,400 | 1,405 | 0.44 | ||||||
| City of Houston, Water Rev. Ref. Bonds, Series C, 5.00%, 11/15/18 | 1,500 | 1,820 | 0.57 | ||||||
| City of San Antonio, Water Rev. Bonds, 3.00%, 05/15/13 | 100 | 100 | 0.03 | ||||||
| County of Dallas, G.O. Public Imps. Prop. Tax Rev. Bonds, 5.00%, 08/15/16 | 100 | 115 | 0.04 | ||||||
| County of Harris, Highway Imps. Rev. Ref. Bonds, Series B-1 (NATL-RE FGIC Insured), 5.00%, 08/15/16 | 100 | 106 | 0.03 | ||||||
| Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series A: | |||||||||
| 3.00%, 12/01/17 | 1,695 | 1,865 | 0.59 | ||||||
| 4.00%, 12/01/16 | 955 | 1,071 | 0.34 | ||||||
| Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 11/01/23 | 100 | 113 | 0.04 | ||||||
| Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 11/01/20 | 900 | 1,100 | 0.35 | ||||||
| Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series G, 5.00%, 11/01/25 | 1,000 | 1,166 | 0.37 | ||||||
| Harris County Cultural Educ. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds: | |||||||||
| 5.00%, 11/15/17 | 445 | 528 | 0.17 | ||||||
| 5.00%, 11/15/18 | 275 | 333 | 0.10 | ||||||
| Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.50%, 07/01/311 | 275 | 275 | 0.09 | ||||||
| Houston Comm. College System, College & Univ. Imps. Rev. Ref. Bonds (AGM Insured), 5.25%, 04/15/15 | 100 | 109 | 0.03 | ||||||
Capital Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| Texas—continued | |||||||||
| Lower Colorado River Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 05/15/25 | $ | 1,310 | $ | 1,589 | 0.50 | % | |||
| North Texas Tollway Auth., Highway Imps. Rev. Bonds, Series A (Escrowed to Maturity) (AGM Insured), 5.00%, 01/01/15 | 100 | 108 | 0.03 | ||||||
| North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 01/01/22 | 1,000 | 1,220 | 0.38 | ||||||
| North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 01/01/19 @ 100), 1.95%, 01/01/381 | 1,200 | 1,236 | 0.39 | ||||||
| North Texas Tollway Auth., Misc. Rev. Ref. Bonds, Series A: | |||||||||
| 6.00%, 01/01/19 | 100 | 120 | 0.04 | ||||||
| 6.00%, 01/01/21 | 100 | 119 | 0.04 | ||||||
| Olmos Park Higher Edu. Facs. Corp., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 12/01/19 | 880 | 1,053 | 0.33 | ||||||
| State of Texas, Cash Flow Mgmt. Misc. Rev. Notes, 2.50%, 08/30/13 | 2,000 | 2,016 | 0.63 | ||||||
| State of Texas, G.O. Water Util. Imps. Bonds, Series A, 3.00%, 08/01/14 | 100 | 104 | 0.03 | ||||||
| Tarrant County Cultural Educ. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds: | |||||||||
| 5.00%, 02/15/14 | 100 | 104 | 0.03 | ||||||
| 5.00%, 08/15/23 | 350 | 393 | 0.12 | ||||||
| Texas Public Fin. Auth., Unemployment & Welfare Fndg. Misc. Rev. Bonds, Series A, 5.00%, 01/01/16 | 1,500 | 1,679 | 0.53 | ||||||
| Texas Tech Univ., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 08/15/25 | 900 | 1,089 | 0.34 | ||||||
| Texas Water Dev. Board, Water Util. Imps. Rev. Bonds, Series B, 5.25%, 07/15/22 | 600 | 707 | 0.22 | ||||||
| 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 | 102 | 0.03 | ||||||
| Univ. of Texas System, College & Univ. Imps. Rev. Ref. Bonds, Series D, 5.00%, 08/15/14 | 100 | 106 | 0.03 | ||||||
| ________________________________ | |||||||||
| 23,239 | 7.29 | ||||||||
| ________________________________ | |||||||||
| Utah - 0.10% | |||||||||
| Intermountain Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A: | |||||||||
| 5.00%, 07/01/14 | 100 | 106 | 0.03 | ||||||
| 5.00%, 07/01/16 | 200 | 211 | 0.07 | ||||||
| ________________________________ | |||||||||
| 317 | 0.10 | ||||||||
| ________________________________ | |||||||||
| Virginia - 0.46% | |||||||||
| City of Chesapeake, Chesapeake Expressway Toll Road Rev., Highway Tolls Rev. Ref. Bonds, Series A, 4.00%, 07/15/19 | 750 | 829 | 0.26 | ||||||
| County of Fairfax, G.O. Prop. Tax Rev. Ref. Bonds, Series C (St. Aid Withhldg. Insured), 5.00%, 10/01/17 | 200 | 238 | 0.08 | ||||||
| Fairfax County Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, 10/01/15 | 275 | 296 | 0.09 | ||||||
| Virginia Ress. Auth., Misc. Rev. Ref. Bonds, Series A, 4.00%, 10/01/13 | 100 | 102 | 0.03 | ||||||
| ________________________________ | |||||||||
| 1,465 | 0.46 | ||||||||
| ________________________________ | |||||||||
| Washington - 3.25% | |||||||||
| City of Seattle, Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B, 5.00%, 02/01/15 | 2,000 | 2,163 | 0.68 | ||||||
| Energy Northwest, Energy Res. Auth. Imps. Rev. Bonds, Series C, 5.00%, 07/01/22 | 100 | 114 | 0.04 | ||||||
Capital Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||||
| Bonds & notes—continued | ||||||||||
| Washington—continued | ||||||||||
| Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series A: | ||||||||||
| 5.00%, 07/01/15 | $ | 500 | $ | 550 | 0.17 | % | ||||
| 5.00%, 07/01/17 | 1,000 | 1,177 | 0.37 | |||||||
| Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 07/01/17 | 1,650 | 1,941 | 0.61 | |||||||
| Grays Harbor County Public Util. Dist. No. 1, Energy Res. Auth. Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.00%, 07/01/20 | 155 | 173 | 0.06 | |||||||
| Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, 5.00%, 06/01/16 | 1,500 | 1,698 | 0.53 | |||||||
| Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, Series A-1, 5.25%, 05/01/27 | 100 | 116 | 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 | 103 | 0.03 | |||||||
| Washington Health Care Facs. Auth., Health Care Facs. Imps. Rev. Bonds, Series B (Mandatory Put 10/01/21 @ 100), 5.00%, 10/01/421 | 800 | 969 | 0.30 | |||||||
| Washington Health Care Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 10/01/20 | 1,100 | 1,349 | 0.42 | |||||||
| ________________________________ | ||||||||||
| 10,353 | 3.25 | |||||||||
| ________________________________ | ||||||||||
| Wisconsin - 1.20% | ||||||||||
| County of Milwaukee, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 12/01/18 | 1,145 | 1,339 | 0.42 | |||||||
| Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, 08/15/18 | 100 | 115 | 0.03 | |||||||
| Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 10/15/17 | 1,200 | 1,399 | 0.44 | |||||||
| WPPI Energy, Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 07/01/20 | 800 | 984 | 0.31 | |||||||
| ________________________________ | ||||||||||
| 3,837 | 1.20 | |||||||||
| ________________________________ | ||||||||||
| Total bonds & notes (cost: $286,012,818) | 300,634 | 94.37 | ||||||||
| ________________________________ | ||||||||||
| Short-term securities - 6.32% | ||||||||||
| Chicago Board of Edu., G.O. Prop. Tax Ref. Bonds, Series B, 0.18%, 03/01/311 | 700 | 700 | 0.22 | |||||||
| City of Chicago, G.O. Prop. Tax Rev. Ref. Bonds, Series F, 0.18%, 01/01/421 | 1,350 | 1,350 | 0.42 | |||||||
| City of Minneapolis St Paul Housing & Redev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B-2, 0.18%, 11/15/351 | 500 | 500 | 0.16 | |||||||
| Commonwealth of Massachusetts, G.O. Public Imps. Prop. Tax Bonds, Series B, 0.21%, 03/01/261 | 4,700 | 4,700 | 1.48 | |||||||
| County of Montgomery, G.O. Prop. Tax Ref. Bonds, 0.17%, 06/01/261 | 1,500 | 1,500 | 0.47 | |||||||
| Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, 0.17%, 08/01/441 | 550 | 550 | 0.17 | |||||||
| Iowa Fin. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 0.18%, 02/15/351 | 800 | 800 | 0.25 | |||||||
| Massachusetts Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series K, 0.17%, 07/01/371 | 500 | 500 | 0.16 | |||||||
| Massachusetts Health & Educ. Facs. Auth., Health Care Facs. Imps. Rev. Bonds, Series G, 0.18%, 07/01/261 | 950 | 950 | 0.30 | |||||||
| Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series E, 0.18%, 12/01/301 | 3,000 | 3,000 | 0.94 | |||||||
| Missouri State Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series C, 0.17%, 09/01/301 | 2,100 | 2,100 | 0.66 | |||||||
| Missouri State Health & Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series D, 0.17%, 09/01/301 | 1,200 | 1,200 | 0.38 | |||||||
| Montgomery County Public Building Auth., Public Imps. Misc. Rev. Bonds, 0.25%, 07/01/381 | 780 | 780 | 0.24 | |||||||
Capital Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||||
| Short-term securities—continued | ||||||||||||||
| Virginia College Building Auth., Univ. & College Imps. Misc. Rev. Bonds, Series C, 0.20%, 02/01/261 | $ | 1,500 | $ | 1,500 | 0.47 | % | ||||||||
| ________________________________ | ||||||||||||||
| Total Short-term securities (cost: $20,130,000) | 20,130 | 6.32 | ||||||||||||
| ________________________________ | ||||||||||||||
| Total investment securities (cost: $306,142,818) | 320,764 | 100.69 | ||||||||||||
| Other assets less liabilities | (2,188) | (0.69) | ||||||||||||
| ________________________________ | ||||||||||||||
| Net assets | $ | 318,576 | 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. | |||||||||||||
| 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, 2013, the aggregate market value of these securities amounted to $751,469, representing 0.24% of net assets. | |||||||||||||
| 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 | |||||||||||||
| COLL | = Collateral | |||||||||||||
| Comm. | = Community | |||||||||||||
| Corp. | = Corporation | |||||||||||||
| Corps. | = Corporations | |||||||||||||
| 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 | |||||||||||||
| GTY | = Guaranty | |||||||||||||
| HUD | = Housing and Urban Development | |||||||||||||
| 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, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||
| Bonds & notes - 95.32% | |||||||
| Alabama - 1.77% | |||||||
| Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 05/01/15 | $ | 1,000 | $ | 1,093 | 0.89 | % | |
| Mobile Ind. Dev. Board, Ind. Imps. Rev. Bonds (Mandatory Put 03/19/15 @ 100), 5.00%, 06/01/341 | 1,000 | 1,078 | 0.88 | ||||
| ________________________________ | |||||||
| 2,171 | 1.77 | ||||||
| ________________________________ | |||||||
| Arizona - 1.26% | |||||||
| Arizona School Facs. Board, Certs of Part. Lease Ref. Bonds, Series A-1 (NATL-RE FGIC Insured), 5.00%, 09/01/15 | 365 | 404 | 0.33 | ||||
| Arizona School Facs. Board, School Imps. Certs. of Part. Lease Rev. Bonds, 5.00%, 09/01/14 | 200 | 212 | 0.17 | ||||
| Phoenix Civic Imp. Corp, Sewer Rev. Ref. Bonds, 5.00%, 07/01/17 | 250 | 295 | 0.24 | ||||
| Salt River Project Agricultural Imps. & Power Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 4.00%, 12/01/17 | 550 | 631 | 0.52 | ||||
| ________________________________ | |||||||
| 1,542 | 1.26 | ||||||
| ________________________________ | |||||||
| California - 8.16% | |||||||
| Bay Area Toll Auth. Rev. Bonds (Mandatory Put 05/01/23 @ 100), 0.00%, 04/01/471 | 550 | 550 | 0.45 | ||||
| Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, 4.00%, 04/01/22 | 500 | 593 | 0.48 | ||||
| California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 4.00%, 11/15/13 | 450 | 459 | 0.37 | ||||
| California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/14 @ 100), 0.72%, 04/01/381 | 1,000 | 1,003 | 0.82 | ||||
| California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series A-2 (Mandatory Put 04/01/14 @ 100), 0.72%, 04/01/381 | 1,000 | 1,003 | 0.82 | ||||
| California State Public Works Board, Rev. Bonds, Series G, 4.00%, 12/01/16 | 600 | 673 | 0.55 | ||||
| California State Public Works Board, Lease Rev. Ref. Bonds, 4.00%, 06/01/18 | 775 | 883 | 0.72 | ||||
| East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A-1 (Mandatory Put 07/01/14 @ 100), 0.57%, 06/01/251 | 465 | 465 | 0.38 | ||||
| Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, 06/01/19 | 1,500 | 1,800 | 1.47 | ||||
| Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/15 | 300 | 330 | 0.27 | ||||
| Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, 5.00%, 12/01/14 | 450 | 484 | 0.40 | ||||
| Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (NATL-RE Insured), 5.00%, 08/15/17 | 185 | 188 | 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 | 421 | 0.34 | ||||
| State of California, G.O. Public Imps. Misc. Rev. Bonds, 4.00%, 09/01/18 | 1,000 | 1,154 | 0.94 | ||||
| ________________________________ | |||||||
| 10,006 | 8.16 | ||||||
| ________________________________ | |||||||
| Colorado - 7.19% | |||||||
| City & County of Denver, Port, Airport & Marina Imps. Rev. Bonds, Series C, 5.00%, 11/15/16 | 400 | 459 | 0.38 | ||||
| Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 01/01/15 | 1,000 | 1,077 | 0.88 | ||||
| Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B (Mandatory Put 11/11/14 @ 100), 5.00%, 07/01/391 | 1,000 | 1,071 | 0.87 | ||||
Capital Short-Term Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| Colorado—continued | |||||||||
| 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 | $ | 543 | 0.44 | % | |||
| Colorado State Board of Governors, College & Univ. Rev. Ref. Bonds, Series A, 4.00%, 03/01/18 | 525 | 601 | 0.49 | ||||||
| Regional Trans. Dist., Transit Imps. Certs of Part. Lease Rev. Bonds, Series A, 5.00%, 06/01/14 | 1,000 | 1,050 | 0.86 | ||||||
| State of Colorado, Cash Flow Mgmt. Misc. Rev. Notes, Series A: | |||||||||
| 2.00%, 06/27/13 | 2,400 | 2,407 | 1.96 | ||||||
| 2.50%, 06/27/13 | 1,600 | 1,606 | 1.31 | ||||||
| ________________________________ | |||||||||
| 8,814 | 7.19 | ||||||||
| ________________________________ | |||||||||
| Connecticut - 0.38% | |||||||||
| State of Connecticut, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, 04/01/15 | 425 | 463 | 0.38 | ||||||
| ________________________________ | |||||||||
| 463 | 0.38 | ||||||||
| ________________________________ | |||||||||
| District of Columbia - 3.67% | |||||||||
| Dist. of Columbia Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (AGM HUD Ln. Insured), 5.00%, 07/01/16 | 100 | 107 | 0.09 | ||||||
| Dist. of Columbia, Income Tax Secured, Rev. Ref. Bonds, Series E, 0.82%, 12/01/151 | 1,000 | 1,000 | 0.82 | ||||||
| Dist. of Columbia, Water Util. Imps. Rev. Bonds (Mandatory Put 06/01/15 @ 100), 0.70%, 10/01/441 | 2,100 | 2,102 | 1.71 | ||||||
| Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 10/01/15 | 1,100 | 1,192 | 0.97 | ||||||
| Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Ref. Bonds, Series B, 3.00%, 10/01/13 | 100 | 101 | 0.08 | ||||||
| ________________________________ | |||||||||
| 4,502 | 3.67 | ||||||||
| ________________________________ | |||||||||
| Florida - 9.66% | |||||||||
| Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1, 5.00%, 06/01/16 | 1,790 | 2,018 | 1.65 | ||||||
| City of Cape Coral, Water Rev. Ref. Bonds, 3.00%, 10/01/17 | 600 | 636 | 0.52 | ||||||
| City of Lakeland, Energy Res. Auth. Rev. Ref. Bonds, 1.32%, 10/01/141 | 600 | 605 | 0.49 | ||||||
| City of Tampa, Health Care Facs. Rev. Ref. Bonds, 5.00%, 11/15/15 | 750 | 833 | 0.68 | ||||||
| City of Tampa, Sewer Imps. Prop. Tax Bonds, 4.00%, 10/01/15 | 225 | 244 | 0.20 | ||||||
| City of Tampa, Water Rev. Ref. Bonds, Series A: | |||||||||
| 5.00%, 10/01/16 | 1,250 | 1,435 | 1.17 | ||||||
| 5.00%, 10/01/17 | 450 | 532 | 0.43 | ||||||
| Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA COLL Insured), 4.50%, 07/01/29 | 580 | 629 | 0.51 | ||||||
| Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, 01/01/29 | 335 | 367 | 0.30 | ||||||
| Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A: | |||||||||
| 5.00%, 07/01/15 | 1,450 | 1,594 | 1.30 | ||||||
| 5.00%, 07/01/16 | 190 | 216 | 0.18 | ||||||
| Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 4.00%, 10/01/17 | 300 | 338 | 0.28 | ||||||
| Florida State Board of Edu., Misc. Rev. Ref. Bonds, Series E, 5.00%, 07/01/15 | 550 | 604 | 0.49 | ||||||
| Florida State Dept. of Trans., Highway Imps. Rev. Bonds, Series B, 5.00%, 07/01/14 | 1,000 | 1,055 | 0.86 | ||||||
Capital Short-Term Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||
| Bonds & notes—continued | ||||||||
| Florida—continued | ||||||||
| Florida Water Pollution Control Fncg. Corp., Pollution Control Misc. Rev. Bonds, Series A, 3.00%, 01/15/14 | $ | 100 | $ | 102 | 0.08 | % | ||
| JEA, Energy Res. Auth. Imps. Rev. Bonds, Sub-Series A, 3.00%, 10/01/14 | 100 | 102 | 0.08 | |||||
| Orlando Utils. Commission, Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 10/01/14 | 500 | 533 | 0.44 | |||||
| ________________________________ | ||||||||
| 11,843 | 9.66 | |||||||
| ________________________________ | ||||||||
| Georgia - 0.88% | ||||||||
| Atlanta Dev. Auth., Loc. or GTD Housing Rev. Ref. Bonds, 5.00%, 09/01/17 | 250 | 292 | 0.24 | |||||
| City of Atlanta, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 01/01/17 | 500 | 575 | 0.47 | |||||
| Thomasville Hospital Auth., Heath Care Facs. Imps. Rev. Ref. Bonds, 3.00%, 11/01/13 | 210 | 213 | 0.17 | |||||
| ________________________________ | ||||||||
| 1,080 | 0.88 | |||||||
| ________________________________ | ||||||||
| Guam - 0.56% | ||||||||
| Territory of Guam, Cash Flow Mgmt., Misc. Rev. Bonds, Series A, 5.00%, 01/01/17 | 600 | 690 | 0.56 | |||||
| ________________________________ | ||||||||
| 690 | 0.56 | |||||||
| ________________________________ | ||||||||
| Hawaii - 1.06% | ||||||||
| State of Hawaii, G.O. Prop. Tax Ref. Bonds, Series DT, 5.00%, 11/01/14 | 100 | 107 | 0.09 | |||||
| State of Hawaii, G.O. Public Imps. Bonds, Series DZ, 5.00%, 12/01/17 | 1,000 | 1,192 | 0.97 | |||||
| ________________________________ | ||||||||
| 1,299 | 1.06 | |||||||
| ________________________________ | ||||||||
| Illinois - 8.58% | ||||||||
| City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 01/01/16 | 1,000 | 1,088 | 0.89 | |||||
| City of Chicago, Port, Airport & Marina Rev. Ref. Notes, Series B (Mandatory Put 01/01/15 @ 100), 5.00%, 01/01/341 | 450 | 481 | 0.39 | |||||
| City of Chicago, Sewer Imps. Rev. Bonds, 3.00%, 01/01/17 | 325 | 350 | 0.29 | |||||
| Greater Chicago Metropolitan Water Reclamation Dist., G.O. Sewer Imps. Prop. Tax Bonds, Series B, 5.00%, 12/01/17 | 300 | 357 | 0.29 | |||||
| Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/15 | 1,345 | 1,484 | 1.21 | |||||
| Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-1 (Mandatory Put 01/15/20 @ 100), 5.00%, 11/01/301 | 1,000 | 1,209 | 0.99 | |||||
| Illinois State Toll Highway Auth., Highway Imps. Rev. Bonds, Series A (AGM Insured), 5.00%, 01/01/14 | 1,000 | 1,031 | 0.84 | |||||
| Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.50%, 01/01/15 | 700 | 760 | 0.62 | |||||
| Regional Trans. Auth., Sales Tax Rev. Ref. Bonds (AGM G.O. of Auth. Insured), 5.75%, 06/01/13 | 100 | 101 | 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 | 1,093 | 0.89 | |||||
| Regional Trans. Auth., Sales Tax Transit Imps. Rev. Bonds (NATL-RE G.O. of Auth. Insured), 6.25%, 07/01/15 | 1,000 | 1,121 | 0.91 | |||||
| State of Illinois, Sales Tax Rev. Ref. Bonds, 5.00%, 06/15/14 | 1,375 | 1,449 | 1.18 | |||||
| ________________________________ | ||||||||
| 10,524 | 8.58 | |||||||
| ________________________________ | ||||||||
| Indiana - 0.94% | ||||||||
| Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series N, 5.00%, 03/01/16 | 600 | 672 | 0.55 | |||||
Capital Short-Term Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||
| Bonds & notes—continued | ||||||||
| Indiana—continued | ||||||||
| Purdue Univ., College & Univ. Rev. Ref. Bonds, Series C, 5.00%, 07/01/17 | $ | 405 | $ | 477 | 0.39 | % | ||
| ________________________________ | ||||||||
| 1,149 | 0.94 | |||||||
| ________________________________ | ||||||||
| Kentucky - 1.55% | ||||||||
| Kentucky Higher Edu. Student Ln. Corp., Student Ln. Rev. Bonds, Series 1-Class A-1 (GTD St. Lns. Insured), 0.799%, 05/01/201 | 515 | 512 | 0.42 | |||||
| Kentucky Housing Corp., St. Single Family Housing Rev. Bonds, Series B, 5.00%, 07/01/27 | 295 | 313 | 0.25 | |||||
| Kentucky State Prop. & Building Commission, Lease Rev. Ref. Bonds, Series A, 4.00%, 08/01/15 | 1,000 | 1,080 | 0.88 | |||||
| ________________________________ | ||||||||
| 1,905 | 1.55 | |||||||
| ________________________________ | ||||||||
| Louisiana - 1.84% | ||||||||
| Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA COLL Insured), 4.60%, 12/01/28 | 1,550 | 1,656 | 1.35 | |||||
| Louisiana Office Facs. Corp., Lease Ref. Rev. Bonds, 5.00%, 03/01/14 | 100 | 104 | 0.08 | |||||
| State of Louisiana, Highway Imps. Fuel Sales Tax Rev. Bonds, Series A-1 (Mandatory Put 06/01/13 @ 100), 0.97%, 05/01/431 | 500 | 500 | 0.41 | |||||
| ________________________________ | ||||||||
| 2,260 | 1.84 | |||||||
| ________________________________ | ||||||||
| Massachusetts - 1.56% | ||||||||
| Commonwealth of Massachusetts, G.O. Misc. Taxes Ref. Bonds, Series A, 5.00%, 09/01/14 | 100 | 107 | 0.09 | |||||
| Massachusetts Dev. Fin. Agcy., Health Care Facs. Imps. Rev. Bonds, Series K-6, 5.00%, 07/01/16 | 600 | 682 | 0.55 | |||||
| Massachusetts Dev. Fin. Agcy., Health Care Facs. Rev. Ref. Bonds, Series H, 5.00%, 07/01/17 | 600 | 681 | 0.55 | |||||
| Massachusetts Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 11/15/14 | 100 | 107 | 0.09 | |||||
| Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series A, 2.00%, 06/01/13 | 235 | 235 | 0.19 | |||||
| Massachusetts State Water Pollution Abatement, Pollution Control Water Rev. Bonds, Series 14, 5.00%, 08/01/14 | 100 | 106 | 0.09 | |||||
| ________________________________ | ||||||||
| 1,918 | 1.56 | |||||||
| ________________________________ | ||||||||
| Michigan - 2.55% | ||||||||
| Detroit City School Dist, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 05/01/18 | 1,000 | 1,159 | 0.94 | |||||
| Michigan State Hospital Fin. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 08/01/14 @ 100), 2.00%, 11/15/331 | 500 | 510 | 0.42 | |||||
| Michigan State Univ., College & Univ. Rev. Ref. Bonds, Series C, 5.00%, 08/15/15 | 1,000 | 1,105 | 0.90 | |||||
| Wayne County Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 12/01/18 | 300 | 354 | 0.29 | |||||
| ________________________________ | ||||||||
| 3,128 | 2.55 | |||||||
| ________________________________ | ||||||||
| Minnesota - 0.90% | ||||||||
| Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, 4.00%, 07/01/40 | 380 | 404 | 0.33 | |||||
| Univ. of Minnesota, College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 12/01/16 | 600 | 696 | 0.57 | |||||
| ________________________________ | ||||||||
| 1,100 | 0.90 | |||||||
| ________________________________ | ||||||||
Capital Short-Term Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||
| Bonds & notes—continued | ||||||||
| Missouri - 0.57% | ||||||||
| Missouri Housing Dev. Commission, Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.25%, 11/01/30 | $ | 655 | $ | 703 | 0.57 | % | ||
| ________________________________ | ||||||||
| 703 | 0.57 | |||||||
| ________________________________ | ||||||||
| Nevada - 2.00% | ||||||||
| County of Clark, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 07/01/16 | 300 | 340 | 0.28 | |||||
| Nevada System of Higher Edu., College & Univ. Imps. Rev. Ref. Bonds, Series B (AMBAC Insured), 5.00%, 07/01/14 | 2,000 | 2,108 | 1.72 | |||||
| ________________________________ | ||||||||
| 2,448 | 2.00 | |||||||
| ________________________________ | ||||||||
| New Hampshire - 0.58% | ||||||||
| New Hampshire State Turnpike System, Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 02/01/18 | 600 | 709 | 0.58 | |||||
| ________________________________ | ||||||||
| 709 | 0.58 | |||||||
| ________________________________ | ||||||||
| New Jersey - 7.13% | ||||||||
| Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 11/01/18 | 550 | 669 | 0.55 | |||||
| New Jersey Econ. Dev. Auth., Misc. Rev. Ref. Bonds, Series DD-1, 5.00%, 12/15/16 | 1,000 | 1,155 | 0.94 | |||||
| New Jersey Econ. Dev. Auth., School Imps. Misc. Rev. Bonds, 0.80%, 02/01/151 | 525 | 526 | 0.43 | |||||
| New Jersey Econ. Dev. Auth., School Imps. Rev. Bonds, 1.12%, 02/01/171 | 1,000 | 1,002 | 0.82 | |||||
| New Jersey Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series K, 5.00%, 07/01/14 | 100 | 106 | 0.09 | |||||
| New Jersey Health Care Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, 07/01/14 | 500 | 519 | 0.42 | |||||
| New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Bonds, Series 2, 5.00%, 12/01/14 | 1,000 | 1,067 | 0.87 | |||||
| New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Ref. Bonds, Series 1A, 5.00%, 12/01/15 | 500 | 553 | 0.45 | |||||
| New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/17 @ 100), 0.00%, 01/01/231 | 1,000 | 1,000 | 0.82 | |||||
| New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/18 @ 100), 0.00%, 01/01/241 | 250 | 250 | 0.20 | |||||
| New Jersey Trans. Trust Fund Auth., Transit Imps. Misc. Rev. Bonds, Series A, 5.00%, 06/15/15 | 300 | 329 | 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 | 433 | 0.35 | |||||
| New Jersey Trans. Trust Fund Auth., Transit Rev. Ref. Bonds, Series A (AMBAC Insured), 5.50%, 12/15/15 | 1,000 | 1,130 | 0.92 | |||||
| ________________________________ | ||||||||
| 8,739 | 7.13 | |||||||
| ________________________________ | ||||||||
| New Mexico - 0.44% | ||||||||
| New Mexico Educ. Assistance Foundation, Rev. Bonds, Series A-2 (GTD St. Lns. Insured), 0.934%, 12/01/281 | 540 | 537 | 0.44 | |||||
| ________________________________ | ||||||||
| 537 | 0.44 | |||||||
| ________________________________ | ||||||||
Capital Short-Term Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| New York - 5.55% | |||||||||
| City of New York Transitional Fin. Auth., Income Tax Rev. Ref. Bonds, Sub-Series A-1, 5.00%, 11/01/16 | $ | 1,000 | $ | 1,155 | 0.94 | % | |||
| City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series J-4, 0.77%, 08/01/251 | 1,000 | 1,005 | 0.82 | ||||||
| Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B-3B, 1.12%, 11/01/181 | 1,000 | 1,002 | 0.82 | ||||||
| Metropolitan Trans. Auth., Transit Rev. Ref. Bonds, Series F, 5.00%, 11/15/18 | 500 | 601 | 0.49 | ||||||
| New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 02/15/16 | 400 | 447 | 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 | 587 | 0.48 | ||||||
| New York State Dormitory Auth., College & Univ. Rev. Ref. Bonds, 4.00%, 07/01/13 | 200 | 201 | 0.16 | ||||||
| Public Housing Capital Fund Trust I Rev. Bonds (HUD Ln. Insured), 4.50%, 07/01/222 | 329 | 351 | 0.29 | ||||||
| Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, 06/01/15 | 1,325 | 1,452 | 1.19 | ||||||
| ________________________________ | |||||||||
| 6,801 | 5.55 | ||||||||
| ________________________________ | |||||||||
| North Carolina - 0.97% | |||||||||
| North Carolina Eastern Muni. Power Agcy., Energy Res. Auth. Ref. Rev. Bonds, Series A, 5.00%, 01/01/16 | 525 | 586 | 0.48 | ||||||
| Raleigh Durham Airport Auth., Port, Airport & Marina Ref. Rev. Bonds, Series A, 3.00%, 05/01/13 | 600 | 600 | 0.49 | ||||||
| ________________________________ | |||||||||
| 1,186 | 0.97 | ||||||||
| ________________________________ | |||||||||
| North Dakota - 0.22% | |||||||||
| North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, 3.75%, 07/01/42 | 250 | 272 | 0.22 | ||||||
| ________________________________ | |||||||||
| 272 | 0.22 | ||||||||
| ________________________________ | |||||||||
| Ohio - 3.36% | |||||||||
| City of Cleveland, Airport System Rev., Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 01/01/16 | 1,660 | 1,838 | 1.50 | ||||||
| County of Allen, Health Care Facs. Imps., Rev. Ref. Bonds, Series B: | |||||||||
| 5.00%, 09/01/14 | 1,000 | 1,059 | 0.86 | ||||||
| 5.00%, 09/01/15 | 500 | 549 | 0.45 | ||||||
| Ohio Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.50%, 11/01/28 | 630 | 677 | 0.55 | ||||||
| ________________________________ | |||||||||
| 4,123 | 3.36 | ||||||||
| ________________________________ | |||||||||
| Oklahoma - 0.45% | |||||||||
| Oklahoma City Water Utils. Trust, Water Rev. Ref. Bonds, 3.00%, 07/01/15 | 125 | 132 | 0.11 | ||||||
| Oklahoma Muni. Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A (Mandatory Put 08/01/13 @ 100), 0.97%, 01/01/231 | 425 | 425 | 0.34 | ||||||
| ________________________________ | |||||||||
| 557 | 0.45 | ||||||||
| ________________________________ | |||||||||
| Oregon - 0.36% | |||||||||
| Tri-County Metropolitan Trans. Dist., Transit Imps. Misc. Taxes Rev. Bonds, 4.00%, 11/01/17 | 400 | 439 | 0.36 | ||||||
| ________________________________ | |||||||||
| 439 | 0.36 | ||||||||
| ________________________________ | |||||||||
Capital Short-Term Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| Pennsylvania - 2.64% | |||||||||
| City of Philadelphia, Water Rev. Ref. Bonds, Series A, 5.00%, 06/15/15 | $ | 1,000 | $ | 1,096 | 0.89 | % | |||
| Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds, 5.00%, 06/15/15 | 750 | 821 | 0.67 | ||||||
| Pennsylvania State Univ., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 03/01/14 | 225 | 234 | 0.19 | ||||||
| Philadelphia School Dist., G.O. School Imps. Prop. Tax Rev. Bonds, Series A (St. Aid Withhldg. Insured), 5.00%, 06/01/15 | 1,000 | 1,091 | 0.89 | ||||||
| ________________________________ | |||||||||
| 3,242 | 2.64 | ||||||||
| ________________________________ | |||||||||
| South Carolina - 1.07% | |||||||||
| South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA/FNMA/FHLMC Insured), 4.50%, 07/01/30 | 665 | 717 | 0.58 | ||||||
| South Carolina State Public Service Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B, 5.00%, 01/01/15 | 450 | 485 | 0.40 | ||||||
| South Carolina Trans. Infrastructure Bank, Transit Rev. Ref. Bonds, Series A, 5.00%, 10/01/14 | 100 | 107 | 0.09 | ||||||
| ________________________________ | |||||||||
| 1,309 | 1.07 | ||||||||
| ________________________________ | |||||||||
| Tennessee - 1.52% | |||||||||
| City of Memphis, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 12/01/14 | 100 | 108 | 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), 0.82%, 10/01/381 | 700 | 700 | 0.57 | ||||||
| Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds: | |||||||||
| 4.00%, 07/01/38 | 495 | 541 | 0.44 | ||||||
| 4.50%, 07/01/37 | 470 | 514 | 0.42 | ||||||
| ________________________________ | |||||||||
| 1,863 | 1.52 | ||||||||
| ________________________________ | |||||||||
| Texas - 8.58% | |||||||||
| City of Houston, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 03/01/16 | 1,000 | 1,125 | 0.92 | ||||||
| City of Houston, Util. System Rev. Bonds (Mandatory Put 06/01/17 @ 100), 0.97%, 05/15/341 | 600 | 602 | 0.49 | ||||||
| City of Houston, Util. System Rev. Bonds (Mandatory Put 08/01/16 @ 100), 0.82%, 05/15/341 | 1,000 | 1,010 | 0.82 | ||||||
| City of San Antonio, Water Rev. Ref. Bonds, 3.00%, 05/15/14 | 100 | 103 | 0.08 | ||||||
| County of Harris, Highway Tolls Rev. Ref. Bonds, Series B (Mandatory Put 08/15/15 @ 100), 0.81%, 08/15/211 | 1,000 | 1,000 | 0.82 | ||||||
| Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 11/01/18 | 200 | 240 | 0.20 | ||||||
| Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.50%, 07/01/311 | 200 | 200 | 0.16 | ||||||
| North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 01/01/19 @ 100), 1.95%, 01/01/381 | 500 | 515 | 0.42 | ||||||
| Olmos Park Higher Edu. Facs. Corp., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 12/01/19 | 400 | 479 | 0.39 | ||||||
| Plano Independent School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 02/15/14 | 100 | 104 | 0.09 | ||||||
| State of Texas, Cash Flow Mgmt. Misc. Rev. Notes, 2.50%, 08/30/13 | 1,000 | 1,008 | 0.82 | ||||||
| State of Texas, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 10/01/14 | 650 | 694 | 0.57 | ||||||
| Texas A&M University, College & Univ. Imps. Rev. Ref. Bonds, 3.00%, 07/01/16 | 325 | 351 | 0.29 | ||||||
Capital Short-Term Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||||
| Bonds & notes—continued | ||||||||||
| Texas—continued | ||||||||||
| Texas Dept. of Housing & Comm. Affairs, Loc. or GTD Housing Rev. Bonds, Series A (GNMA COLL Insured), 5.00%, 07/01/29 | $ | 430 | $ | 466 | 0.38 | % | ||||
| Texas Public Fin. Auth., Unemployment & Welfare Fndg. Misc. Rev. Bonds, Series A, 5.00%, 07/01/14 | 1,000 | 1,056 | 0.86 | |||||||
| Texas State Univ. Systems, College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 03/15/15 | 715 | 776 | 0.63 | |||||||
| Texas Tech Univ., College & Univ. Rev. Ref. Bonds, Series A, 3.00%, 08/15/16 | 500 | 540 | 0.44 | |||||||
| Texas Water Dev. Board, Water Rev. Ref. Bonds, 5.00%, 07/15/15 | 225 | 248 | 0.20 | |||||||
| ________________________________ | ||||||||||
| 10,517 | 8.58 | |||||||||
| ________________________________ | ||||||||||
| Washington - 6.94% | ||||||||||
| Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series A: | ||||||||||
| 4.00%, 07/01/15 | 500 | 539 | 0.44 | |||||||
| 5.00%, 07/01/15 | 1,250 | 1,375 | 1.12 | |||||||
| Grant County Public Util. Dist. No. 2, Energy Res. Auth. Rev. Ref. Bonds, Series I, 5.00%, 01/01/16 | 1,000 | 1,111 | 0.91 | |||||||
| Port of Seattle, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 06/01/14 | 750 | 788 | 0.64 | |||||||
| Port of Seattle, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 08/01/18 | 600 | 718 | 0.58 | |||||||
| Snohomish County Public Util. Dist. No. 1, Energy Res. Auth. Rev. Ref. Bonds: | ||||||||||
| 5.00%, 12/01/13 | 500 | 514 | 0.42 | |||||||
| 5.00%, 12/01/15 | 1,000 | 1,114 | 0.91 | |||||||
| State of Washington, G.O. Prop. Tax Ref. Bonds, Series R-2012A, 5.00%, 07/01/16 | 1,000 | 1,141 | 0.93 | |||||||
| Washington Health Care Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 10/01/14 | 640 | 681 | 0.55 | |||||||
| Washington St. Housing Fin. Commission, Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 4.50%, 04/01/29 | 500 | 534 | 0.44 | |||||||
| ________________________________ | ||||||||||
| 8,515 | 6.94 | |||||||||
| ________________________________ | ||||||||||
| Wisconsin - 0.43% | ||||||||||
| Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 3.00%, 10/15/16 | 500 | 534 | 0.43 | |||||||
| ________________________________ | ||||||||||
| 534 | 0.43 | |||||||||
| ________________________________ | ||||||||||
| Total bonds & notes (cost: $114,097,323) | 116,888 | 95.32 | ||||||||
| ________________________________ | ||||||||||
| Short-term securities - 6.36% | ||||||||||
| California Pollution Control Fin. Auth., Energy Res. Auth. Rev. Ref. Bonds, 0.19%, 11/01/261 | 1,000 | 1,000 | 0.82 | |||||||
| Chicago Board of Edu., G.O. Prop. Tax Ref. Bonds, Series B, 0.18%, 03/01/311 | 450 | 450 | 0.37 | |||||||
| City of Minneapolis St Paul Housing & Redev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B-2, 0.18%, 11/15/351 | 2,750 | 2,750 | 2.24 | |||||||
| Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, 0.17%, 08/01/441 | 1,300 | 1,300 | 1.06 | |||||||
| Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series E, 0.18%, 12/01/301 | 800 | 800 | 0.65 | |||||||
| Missouri State Health & Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series D, 0.17%, 09/01/301 | 1,500 | 1,500 | 1.22 | |||||||
| ________________________________ | ||||||||||
| Total Short-term securities (cost: $7,800,000) | 7,800 | 6.36 | ||||||||
| ________________________________ | ||||||||||
Capital Short-Term Municipal Fund
Schedule of Investments
at April 30, 2013 (unaudited)
| Total investment securities (cost: $121,897,323) | 124,688 | 101.68 | ||||||||||
| Other assets less liabilities | (2,066) | (1.68) | ||||||||||
| ________________________________ | ||||||||||||
| Net assets | $ | 122,622 | 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. | |||||||||||
| 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, 2013, the aggregate market value of these securities amounted to $350,686, representing 0.29% of net assets. | |||||||||||
| 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 | |
| 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, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||
| Bonds & notes - 89.09% | ||||||||
| California - 87.40% | ||||||||
| Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, 5.00%, 07/01/20 | $ | 1,000 | $ | 1,172 | 0.48 | % | ||
| Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.): | ||||||||
| 4.00%, 05/15/16 | 1,500 | 1,504 | 0.62 | |||||
| 5.125%, 09/01/20 | 1,500 | 1,794 | 0.73 | |||||
| 5.25%, 05/15/20 | 1,000 | 1,196 | 0.49 | |||||
| Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A (CA Mtg. Ins.): | ||||||||
| 5.00%, 04/01/19 | 400 | 476 | 0.19 | |||||
| 5.00%, 04/01/20 | 550 | 658 | 0.27 | |||||
| Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured): | ||||||||
| 5.00%, 09/02/21 | 600 | 658 | 0.27 | |||||
| 5.00%, 09/02/22 | 225 | 245 | 0.10 | |||||
| Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds, Series A (CIFG Insured), 4.00%, 09/02/14 | 445 | 463 | 0.19 | |||||
| Alameda Corridor Trans. Auth., Port, Airport & Marina. Rev. Ref. Bonds, Series A: | ||||||||
| 5.00%, 10/01/21 | 1,250 | 1,539 | 0.63 | |||||
| 5.00%, 10/01/22 | 975 | 1,209 | 0.50 | |||||
| 5.00%, 10/01/25 | 550 | 674 | 0.28 | |||||
| Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, 10/01/17 | 575 | 645 | 0.26 | |||||
| Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 04/01/24 @ 100), 1.29%, 04/01/451 | 3,500 | 3,514 | 1.44 | |||||
| Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.45%, 04/01/451 | 1,500 | 1,543 | 0.63 | |||||
| Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds: | ||||||||
| 5.00%, 04/01/19 | 800 | 982 | 0.40 | |||||
| 5.00%, 04/01/21 | 800 | 1,007 | 0.41 | |||||
| Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F-1, 5.00%, 04/01/21 | 100 | 120 | 0.05 | |||||
| Bay Area Toll Auth., Rev. Bonds (Mandatory Put 05/01/23 @ 100), 1.09%, 04/01/451 | 1,200 | 1,200 | 0.49 | |||||
| Bay Area Water Supply & Conservation Agcy., Water Util. Imps. Rev. Bonds, Series A, 5.00%, 10/01/23 | 500 | 641 | 0.26 | |||||
| Bonita Canyon Public Facs. Fncg. Auth., Special Tax Ref. Bonds: | ||||||||
| 4.00%, 09/01/21 | 700 | 723 | 0.30 | |||||
| 5.00%, 09/01/26 | 500 | 517 | 0.21 | |||||
| California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds: | ||||||||
| 5.00%, 04/01/19 | 950 | 1,129 | 0.46 | |||||
| 5.00%, 02/01/21 | 550 | 677 | 0.28 | |||||
| 5.00%, 10/01/21 | 700 | 855 | 0.35 | |||||
| 5.00%, 11/01/21 | 525 | 571 | 0.23 | |||||
| 5.50%, 04/01/29 | 300 | 346 | 0.14 | |||||
| California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A: | ||||||||
| 5.00%, 10/01/15 | 500 | 550 | 0.22 | |||||
| 5.00%, 01/01/18 | 125 | 150 | 0.06 | |||||
| California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, 5.00%, 09/01/20 | 165 | 206 | 0.08 | |||||
| California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A: | ||||||||
| 4.00%, 11/01/21 | 560 | 639 | 0.26 | |||||
| 4.00%, 11/01/22 | 1,420 | 1,606 | 0.66 | |||||
| 4.50%, 11/01/17 | 335 | 381 | 0.16 | |||||
| 5.00%, 01/01/24 | 100 | 117 | 0.05 | |||||
Capital California Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| California—continued | |||||||||
| California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, 4.00%, 08/15/16 | $ | 710 | $ | 779 | 0.32 | % | |||
| California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series A: | |||||||||
| 5.00%, 10/01/18 | 275 | 332 | 0.14 | ||||||
| 5.00%, 10/01/22 | 770 | 901 | 0.37 | ||||||
| 5.00%, 11/15/24 | 150 | 181 | 0.07 | ||||||
| 5.00%, 11/15/25 | 375 | 447 | 0.18 | ||||||
| California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series D, 5.00%, 08/15/20 | 1,325 | 1,645 | 0.67 | ||||||
| California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series G, 5.50%, 07/01/25 | 100 | 115 | 0.05 | ||||||
| California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series I, 5.125%, 07/01/22 | 975 | 1,066 | 0.44 | ||||||
| California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 5.00%, 01/01/20 | 500 | 591 | 0.24 | ||||||
| California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/271 | 300 | 316 | 0.13 | ||||||
| California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | |||||||||
| 5.00%, 11/15/19 | 1,350 | 1,651 | 0.68 | ||||||
| 5.00%, 03/01/20 | 675 | 823 | 0.34 | ||||||
| 5.00%, 11/15/20 | 500 | 617 | 0.25 | ||||||
| 5.00%, 11/15/21 | 350 | 434 | 0.18 | ||||||
| 5.00%, 03/01/23 | 1,000 | 1,230 | 0.50 | ||||||
| California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series B: | |||||||||
| 4.00%, 08/15/19 | 400 | 466 | 0.19 | ||||||
| 5.00%, 08/15/20 | 300 | 371 | 0.15 | ||||||
| 5.00%, 11/15/21 | 1,000 | 1,089 | 0.45 | ||||||
| 5.00%, 08/15/22 | 850 | 1,071 | 0.44 | ||||||
| 5.375%, 07/01/21 | 1,500 | 1,564 | 0.64 | ||||||
| California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 6.25%, 10/01/28 | 200 | 241 | 0.10 | ||||||
| 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 | 106 | 0.04 | ||||||
| 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 | 105 | 0.04 | ||||||
| California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/14 @ 100), 0.69%, 04/01/381 | 1,000 | 1,003 | 0.41 | ||||||
| California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/16 @ 100), 0.47%, 10/01/471 | 1,000 | 1,000 | 0.41 | ||||||
| California Infrastructure & Econ. Dev. Bank, Public Imps. Misc. Rev. Bonds: | |||||||||
| 4.50%, 10/01/25 | 100 | 112 | 0.05 | ||||||
| 4.50%, 10/01/26 | 100 | 111 | 0.05 | ||||||
| California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds: | |||||||||
| 5.00%, 02/01/18 | 100 | 116 | 0.05 | ||||||
| 5.00%, 02/01/19 | 100 | 115 | 0.05 | ||||||
| California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series A-2 (Mandatory Put 04/01/14 @ 100), 0.69%, 04/01/381 | 1,100 | 1,104 | 0.45 | ||||||
| California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series B-1 (Mandatory Put 04/01/15 @ 100), 0.49%, 10/01/471 | 1,800 | 1,802 | 0.74 | ||||||
| California Muni. Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 10/01/22 | 160 | 191 | 0.08 | ||||||
| California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, 5.625%, 10/01/23 | 465 | 538 | 0.22 | ||||||
Capital California Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| California—continued | |||||||||
| California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, Series B, 4.00%, 10/01/17 | $ | 150 | $ | 168 | 0.07 | % | |||
| California Pollution Control Fncg. Auth., Water Util. Imps. Rev. Bonds, 5.00%, 07/01/27 | 750 | 801 | 0.33 | ||||||
| California State Dept. of Veterans Affairs, Loc. or GTD Housing Rev. Ref. Bonds, Series A, 2.75%, 12/01/20 | 750 | 781 | 0.32 | ||||||
| California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G, 4.875%, 05/01/18 | 200 | 240 | 0.10 | ||||||
| California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G-11, 5.00%, 05/01/18 | 2,000 | 2,408 | 0.99 | ||||||
| California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 5.00%, 05/01/17 | 100 | 117 | 0.05 | ||||||
| California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series K, 5.00%, 05/01/18 | 225 | 271 | 0.11 | ||||||
| California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 05/01/21 | 200 | 249 | 0.10 | ||||||
| California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 05/01/18 | 1,250 | 1,505 | 0.62 | ||||||
| California State Dept. of Water Ress., Water Rev. Ref. Bonds, 5.00%, 05/01/21 | 100 | 118 | 0.05 | ||||||
| California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE: | |||||||||
| 5.00%, 12/01/22 | 1,010 | 1,204 | 0.49 | ||||||
| 5.00%, 12/01/23 | 200 | 238 | 0.10 | ||||||
| California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AM, 5.00%, 12/01/20 | 1,310 | 1,665 | 0.68 | ||||||
| California State Public Works Board, College & Univ. Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 03/01/14 | 200 | 208 | 0.09 | ||||||
| California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, 5.00%, 04/01/20 | 200 | 217 | 0.09 | ||||||
| California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B, 5.00%, 10/01/17 | 300 | 349 | 0.14 | ||||||
| California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B (NATL-RE FGIC Insured), 4.00%, 03/01/14 | 200 | 206 | 0.08 | ||||||
| California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 5.00%, 03/01/18 | 1,350 | 1,593 | 0.65 | ||||||
| California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series C-1, 5.00%, 03/01/19 | 1,100 | 1,334 | 0.55 | ||||||
| California State Public Works Board, Health Care Facs. Imps. Lease Rev. Bonds, Series E, 5.00%, 04/01/15 | 1,315 | 1,432 | 0.59 | ||||||
| California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 06/01/15 | 200 | 219 | 0.09 | ||||||
| California State Public Works Board, Lease Rev. Ref. Bonds, Series C (NATL-RE FGIC Insured), 4.00%, 09/01/13 | 200 | 203 | 0.08 | ||||||
| California State Public Works Board, Lease Rev. Ref. Bonds, Series H, 5.00%, 06/01/23 | 600 | 739 | 0.30 | ||||||
| California State Public Works Board, Public Imps. Lease Rev. Bonds, Sub-Series A-1, 5.00%, 03/01/14 | 1,000 | 1,039 | 0.43 | ||||||
| California State Univ., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 11/01/18 | 750 | 909 | 0.37 | ||||||
| California State Univ., College & Univ. Rev. Ref. Bonds, Series C (NATL-RE Insured), 5.00%, 11/01/21 | 2,600 | 2,887 | 1.18 | ||||||
| California Statewide Comms. Dev. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 05/15/19 | 1,000 | 1,174 | 0.48 | ||||||
| California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, 4.625%, 07/01/21 | 100 | 115 | 0.05 | ||||||
Capital California Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| California—continued | |||||||||
| California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 04/01/19 | $ | 600 | $ | 727 | 0.30 | % | |||
| California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, 07/01/16 | 1,100 | 1,248 | 0.51 | ||||||
| California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Bonds, 2.10%, 10/01/19 | 1,000 | 1,007 | 0.41 | ||||||
| California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds: | |||||||||
| 5.00%, 07/01/14 | 500 | 527 | 0.22 | ||||||
| 5.00%, 07/01/16 | 100 | 110 | 0.04 | ||||||
| 5.00%, 05/15/19 | 600 | 705 | 0.29 | ||||||
| 5.00%, 11/01/19 | 1,000 | 1,204 | 0.49 | ||||||
| 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 | 101 | 0.04 | ||||||
| Central Valley Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, 3.50%, 07/01/14 | 250 | 259 | 0.11 | ||||||
| Cerritos Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds, Series A (AMBAC Insured), 5.00%, 11/01/19 | 2,000 | 2,211 | 0.91 | ||||||
| City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, 06/15/20 | 1,565 | 1,967 | 0.81 | ||||||
| City & County of San Francisco, Sewer Rev. Ref. Bonds, Series A: | |||||||||
| 5.00%, 10/01/20 | 750 | 944 | 0.39 | ||||||
| 5.00%, 10/01/21 | 500 | 636 | 0.26 | ||||||
| City of Bakersfield, Solid Waste Mgmt. Disposal Rev. Bonds, Series A (AGM Insured), 4.125%, 09/15/14 | 200 | 210 | 0.09 | ||||||
| City of Carlsbad California, Special Assessment Ref. Bonds: | |||||||||
| 3.00%, 09/02/18 | 325 | 335 | 0.14 | ||||||
| 3.15%, 09/02/21 | 570 | 579 | 0.24 | ||||||
| 3.55%, 09/02/23 | 350 | 353 | 0.14 | ||||||
| City of Chula Vista, Energy Res. Auth. Rev. Ref. Bonds, Series A, 1.65%, 07/01/18 | 1,150 | 1,173 | 0.48 | ||||||
| City of Irvine California, Public Imps. Special Assessment Bonds: | |||||||||
| 4.00%, 09/02/19 | 500 | 517 | 0.21 | ||||||
| 4.375%, 09/02/21 | 700 | 724 | 0.30 | ||||||
| City of Irvine California, Special Assessment Ref. Bonds: | |||||||||
| 3.00%, 09/02/20 | 1,250 | 1,325 | 0.54 | ||||||
| 3.25%, 09/02/22 | 700 | 741 | 0.30 | ||||||
| 4.00%, 09/02/18 | 500 | 564 | 0.23 | ||||||
| 4.50%, 09/02/22 | 250 | 258 | 0.11 | ||||||
| 4.75%, 09/02/23 | 250 | 258 | 0.11 | ||||||
| City of Long Beach, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 05/15/21 | 100 | 123 | 0.05 | ||||||
| City of Long Beach, Port, Airport & Marina. Rev. Ref. Bonds, Series B: | |||||||||
| 5.00%, 05/15/13 | 1,250 | 1,252 | 0.51 | ||||||
| 5.00%, 05/15/20 | 500 | 624 | 0.26 | ||||||
| City of Los Angeles Dept. of Airports, Port, Airport & Marina. Rev. Ref. Bonds, 5.00%, 05/15/22 | 500 | 629 | 0.26 | ||||||
| City of Manhattan Beach, Public Imps. Special Assessment Bonds, 4.375%, 09/02/17 | 120 | 124 | 0.05 | ||||||
| City of Roseville, Energy Res. Auth. Rev. Certs. of Part. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 02/01/17 | 100 | 107 | 0.04 | ||||||
| City of Roseville, Special Tax Ref. Bonds: | |||||||||
| 3.50%, 09/01/15 | 1,000 | 1,052 | 0.43 | ||||||
| 4.00%, 09/01/16 | 2,000 | 2,164 | 0.89 | ||||||
Capital California Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| California—continued | |||||||||
| City of San Jose, Port, Airport & Marina Imps. Rev. Bonds, Series A-2, 5.00%, 03/01/18 | $ | 700 | $ | 823 | 0.34 | % | |||
| Contra Costa County Public Fncg. Auth., Public Imps. Lease Rev. Bonds, Series A (NATL-RE Insured), 5.00%, 06/01/21 | 275 | 313 | 0.13 | ||||||
| Contra Costa Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, Series B, 5.00%, 03/01/21 | 500 | 621 | 0.25 | ||||||
| County of El Dorado, Special Tax Rev. Ref. Bonds: | |||||||||
| 5.00%, 09/01/22 | 1,295 | 1,530 | 0.63 | ||||||
| 5.00%, 09/01/24 | 860 | 987 | 0.40 | ||||||
| County of Orange, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 07/01/15 | 200 | 219 | 0.09 | ||||||
| County of San Diego, College & Univ. Imps. Rev. Certs. of Part. Bonds, 4.00%, 07/01/16 | 490 | 529 | 0.22 | ||||||
| East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A, 4.00%, 06/01/14 | 100 | 104 | 0.04 | ||||||
| East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A-1 (Mandatory Put 07/01/14 @ 100), 0.54%, 06/01/251 | 1,395 | 1,395 | 0.57 | ||||||
| East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series B, 5.00%, 06/01/19 | 900 | 1,115 | 0.46 | ||||||
| East Bay Regional Park Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 09/01/14 | 100 | 106 | 0.04 | ||||||
| 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 | 1,307 | 0.54 | ||||||
| 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 | 151 | 0.06 | ||||||
| Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A: | |||||||||
| 5.00%, 06/01/20 | 1,200 | 1,456 | 0.60 | ||||||
| 5.00%, 06/01/21 | 1,200 | 1,468 | 0.60 | ||||||
| Grossmont-Cuyamaca Comm. College Dist., G.O. College & Univ. Imps. Bonds, Series A (NATL-RE Insured), 5.00%, 08/01/16 | 40 | 40 | 0.02 | ||||||
| Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds: | |||||||||
| 5.00%, 11/01/17 | 100 | 118 | 0.05 | ||||||
| 5.25%, 11/01/25 | 100 | 118 | 0.05 | ||||||
| Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 11/01/22 | 700 | 836 | 0.34 | ||||||
| Irvine Public Facs. & Infrastructure Auth., Public Imps. Special Assessment Bonds, Series A: | |||||||||
| 3.00%, 09/02/15 | 200 | 206 | 0.08 | ||||||
| 4.00%, 09/02/21 | 1,350 | 1,395 | 0.57 | ||||||
| 4.00%, 09/02/23 | 430 | 444 | 0.18 | ||||||
| Irvine Ranch Water Dist., Water Rev. Certs. of Part. Ref. Bonds, 5.00%, 03/01/17 | 100 | 117 | 0.05 | ||||||
| Las Virgenes Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (AGM Insured), 4.25%, 08/01/15 | 100 | 109 | 0.04 | ||||||
| Lincoln Public Fncg. Auth., Public Imps. Special Tax Bonds, Series A (AMBAC Insured), 4.50%, 09/01/21 | 840 | 906 | 0.37 | ||||||
| Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds: | |||||||||
| 4.00%, 11/01/20 | 750 | 860 | 0.35 | ||||||
| 5.00%, 11/01/21 | 500 | 609 | 0.25 | ||||||
| Long Beach Comm. College Dist., G.O. Prop. Tax College & Univ. Imps. Bonds, Series A, 5.00%, 06/01/22 | 100 | 117 | 0.05 | ||||||
| Long Beach Comm. College Dist., G.O. Prop. Tax Rev. Ref. Bonds, Series B, 5.00%, 08/01/24 | 250 | 310 | 0.13 | ||||||
| Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds: | |||||||||
| 5.00%, 07/01/16 | 500 | 572 | 0.23 | ||||||
| 5.00%, 07/01/21 | 1,000 | 1,275 | 0.52 | ||||||
Capital California Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| California—continued | |||||||||
| Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, Series B: | |||||||||
| 5.00%, 07/01/18 | $ | 1,000 | $ | 1,210 | 0.50 | % | |||
| 5.00%, 07/01/21 | 900 | 1,140 | 0.47 | ||||||
| Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 05/15/29 | 200 | 234 | 0.10 | ||||||
| Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series D: | |||||||||
| 5.00%, 05/15/19 | 850 | 1,039 | 0.43 | ||||||
| 5.00%, 05/15/23 | 750 | 903 | 0.37 | ||||||
| Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 05/15/22 | 700 | 852 | 0.35 | ||||||
| Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Bonds, Series B (AGM Insured), 5.125%, 07/01/20 | 250 | 252 | 0.10 | ||||||
| Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/18 | 300 | 363 | 0.15 | ||||||
| Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series B, 5.00%, 07/01/20 | 200 | 246 | 0.10 | ||||||
| Los Angeles Harbor Dept., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 08/01/13 | 100 | 101 | 0.04 | ||||||
| Los Angeles Unified School Dist., G.O. Prop. Tax Rev. Ref. Bonds, Series A-1, 5.00%, 07/01/20 | 1,000 | 1,256 | 0.51 | ||||||
| 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 | 101 | 0.04 | ||||||
| Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I: | |||||||||
| 5.00%, 07/01/14 | 200 | 211 | 0.09 | ||||||
| 5.00%, 07/01/24 | 100 | 118 | 0.05 | ||||||
| Los Rios Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 08/01/20 | 900 | 1,120 | 0.46 | ||||||
| Manhattan Beach Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series C (NATL-RE Insured), 0.00%, 09/01/24 | 1,000 | 722 | 0.30 | ||||||
| Metropolitan Water Dist. of Southern California, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 03/01/17 | 100 | 109 | 0.04 | ||||||
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B, 5.00%, 07/01/15 | 500 | 551 | 0.23 | ||||||
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 05/01/15 @ 100), 0.54%, 07/01/271 | 1,500 | 1,500 | 0.61 | ||||||
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-2 (Mandatory Put 05/01/15 @ 100), 0.54%, 07/01/271 | 1,000 | 1,000 | 0.41 | ||||||
| Metropolitan Water Dist. of Southern California, Water Util. Imps. Rev. Bonds, Series A, 4.00%, 01/01/14 | 100 | 103 | 0.04 | ||||||
| Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/17 | 400 | 466 | 0.19 | ||||||
| Moreno Valley Unified School Dist., G.O. School Imps. Prop. Tax Ref. Bonds (NATL-RE Insured), 5.25%, 08/01/19 | 380 | 454 | 0.19 | ||||||
| Mountain View Shoreline Regional Park Comm., Tax Allocation Rev. Ref. Bonds, Series A: | |||||||||
| 5.00%, 08/01/19 | 420 | 478 | 0.20 | ||||||
| 5.00%, 08/01/20 | 375 | 431 | 0.18 | ||||||
| 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 | 166 | 0.07 | ||||||
| Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A: | |||||||||
| 5.00%, 06/01/16 | 750 | 845 | 0.35 | ||||||
Capital California Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| California—continued | |||||||||
| 5.00%, 07/01/23 | $ | 745 | $ | 869 | 0.36 | % | |||
| 5.50%, 07/01/21 | 1,000 | 1,225 | 0.50 | ||||||
| Northern California Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A: | |||||||||
| 5.00%, 07/01/17 | 200 | 233 | 0.10 | ||||||
| 5.00%, 07/01/19 | 200 | 242 | 0.10 | ||||||
| Ohlone Comm. College Dist., G.O. Ref. Bonds: | |||||||||
| 5.00%, 08/01/24 | 1,000 | 1,244 | 0.51 | ||||||
| 5.00%, 08/01/25 | 1,000 | 1,232 | 0.50 | ||||||
| Orange Comm. Facs. Dist., Special Tax Ref. Bonds: | |||||||||
| 4.00%, 10/01/20 | 385 | 431 | 0.18 | ||||||
| 4.00%, 10/01/21 | 1,485 | 1,662 | 0.68 | ||||||
| Perris Union High School Dist., School Imps. Special Tax Bonds: | |||||||||
| 4.25%, 09/01/19 | 360 | 372 | 0.15 | ||||||
| 4.50%, 09/01/20 | 445 | 459 | 0.19 | ||||||
| Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds: | |||||||||
| 3.375%, 09/15/17 | 500 | 517 | 0.21 | ||||||
| 3.75%, 09/15/18 | 770 | 797 | 0.33 | ||||||
| 4.00%, 09/15/20 | 340 | 375 | 0.15 | ||||||
| 4.00%, 09/15/22 | 440 | 482 | 0.20 | ||||||
| 5.00%, 09/01/20 | 615 | 745 | 0.31 | ||||||
| Puerto Rico Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series C, 5.00%, 08/01/22 | 1,400 | 1,662 | 0.68 | ||||||
| Rancho Water Dist. Fncg. Auth., Water Rev. Ref. Bonds, Series D (Radian Insured), 4.20%, 09/02/17 | 100 | 106 | 0.04 | ||||||
| Roseville Natural Gas Fin. Auth., Gas Util. Imps. Rev. Bonds, 5.00%, 02/15/14 | 100 | 103 | 0.04 | ||||||
| Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (NATL-RE Insured), 5.00%, 08/15/17 | 305 | 309 | 0.13 | ||||||
| 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 | 705 | 0.29 | ||||||
| Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 08/15/17 | 475 | 560 | 0.23 | ||||||
| Sacramento Regional Transit Dist., Transit Rev. Ref. Bonds, 5.00%, 03/01/23 | 615 | 720 | 0.29 | ||||||
| San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds: | |||||||||
| 5.00%, 08/01/18 | 1,000 | 1,221 | 0.50 | ||||||
| 5.00%, 08/01/20 | 775 | 978 | 0.40 | ||||||
| San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 07/01/23 | 575 | 724 | 0.30 | ||||||
| San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Sub-Series A: | |||||||||
| 5.00%, 07/01/18 | 850 | 1,012 | 0.41 | ||||||
| 5.00%, 07/01/20 | 700 | 858 | 0.35 | ||||||
| San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series 2008 A (AGM Insured), 5.00%, 05/01/14 | 560 | 586 | 0.24 | ||||||
| San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 05/01/18 | 700 | 845 | 0.35 | ||||||
| San Diego County Water Auth., Water Rev. Ref. Bonds, Series A, 5.00%, 05/01/20 | 750 | 938 | 0.38 | ||||||
| San Diego County Water Auth., Water Rev. Ref. Bonds, Series S-1, 5.00%, 07/01/16 | 375 | 426 | 0.17 | ||||||
| San Diego Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series B, 5.00%, 05/15/22 | 100 | 122 | 0.05 | ||||||
| San Diego Public Facs. Fncg. Auth., Water Rev. Ref. Bonds, Series A: | |||||||||
| 4.00%, 08/01/14 | 100 | 105 | 0.04 | ||||||
Capital California Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| California—continued | |||||||||
| 4.00%, 08/01/20 | $ | 100 | $ | 114 | 0.05 | % | |||
| San Francisco Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds, 5.00%, 07/01/22 | 800 | 992 | 0.41 | ||||||
| San Francisco City & County Airports Commission, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.90%, 05/01/29 | 1,200 | 1,363 | 0.56 | ||||||
| San Francisco City & County Airports Commission, Port, Airport & Marina Imps. Rev. Bonds, Series E, 5.25%, 05/01/24 | 100 | 121 | 0.05 | ||||||
| San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 05/01/19 | 400 | 488 | 0.20 | ||||||
| San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C2, 5.00%, 05/01/21 | 300 | 362 | 0.15 | ||||||
| San Francisco City & County Public Utils. Commission, Water Rev. Ref. Bonds, Sub-Series D, 5.00%, 11/01/20 | 800 | 1,006 | 0.41 | ||||||
| San Francisco City & County Redev. Agcy., Tax Allocation, Series C: | |||||||||
| 4.75%, 08/01/17 | 265 | 292 | 0.12 | ||||||
| 5.00%, 08/01/18 | 275 | 310 | 0.13 | ||||||
| 5.25%, 08/01/19 | 290 | 334 | 0.14 | ||||||
| San Francisco City & County Redev. Successor Agcy., Public Imps. Special Tax Bonds, 3.25%, 08/01/21 | 500 | 501 | 0.20 | ||||||
| San Francisco City & County Redev. Successor Agcy., Special Tax Ref. Bonds, 5.00%, 08/01/20 | 800 | 908 | 0.37 | ||||||
| San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 06/15/19 | 1,000 | 1,233 | 0.50 | ||||||
| San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, 08/01/22 | 500 | 547 | 0.22 | ||||||
| San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, 08/01/18 | 400 | 406 | 0.17 | ||||||
| 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 | 1,071 | 0.44 | ||||||
| San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A, 5.25%, 07/15/23 | 200 | 237 | 0.10 | ||||||
| Santa Ana Community Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 6.00%, 09/01/20 | 750 | 903 | 0.37 | ||||||
| Santa Clara County Fncg. Auth., Lease Rev. Ref. Bonds, 5.00%, 11/15/22 | 285 | 338 | 0.14 | ||||||
| Santa Margarita Water Dist., Special Tax Ref. Bonds: | |||||||||
| 4.125%, 09/01/20 | 625 | 645 | 0.26 | ||||||
| 4.25%, 09/01/21 | 1,560 | 1,610 | 0.66 | ||||||
| Santaluz Community Facs. Dist. No 2, Special Tax Ref. Bonds, Series A, 5.00%, 09/01/20 | 995 | 1,122 | 0.46 | ||||||
| Sonoma-Marin Area Rail Transit Dist., Rev. Bonds, Series A, 5.00%, 03/01/21 | 1,000 | 1,264 | 0.52 | ||||||
| South Orange County Public Fncg. Auth., Special Tax Ref. Bonds, Series A (AMBAC Insured): | |||||||||
| 5.00%, 08/15/15 | 900 | 979 | 0.40 | ||||||
| 5.00%, 08/15/20 | 1,000 | 1,054 | 0.43 | ||||||
| South Placer Wastewater Auth., Solid Waste Mgmt. Rev. Ref. Bonds, Series D, 1.02%, 11/01/141 | 1,700 | 1,708 | 0.70 | ||||||
| Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds: | |||||||||
| 5.00%, 07/01/18 | 200 | 239 | 0.10 | ||||||
| 5.00%, 07/01/20 | 1,550 | 1,913 | 0.78 | ||||||
| 5.00%, 07/01/23 | 800 | 968 | 0.40 | ||||||
| Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 4.00%, 07/01/21 | 500 | 576 | 0.24 | ||||||
| Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds: | |||||||||
Capital California Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| California—continued | |||||||||
| 5.00%, 07/01/16 | $ | 500 | $ | 571 | 0.23 | % | |||
| 5.00%, 07/01/18 | 350 | 422 | 0.17 | ||||||
| Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A: | |||||||||
| 5.00%, 07/01/19 | 1,000 | 1,219 | 0.50 | ||||||
| 5.00%, 07/01/20 | 245 | 304 | 0.12 | ||||||
| Southern California Public Power Auth., Misc. Rev. Ref. Bonds, 5.00%, 07/01/23 | 100 | 119 | 0.05 | ||||||
| State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A: | |||||||||
| 5.25%, 07/01/13 | 125 | 126 | 0.05 | ||||||
| 5.25%, 07/01/14 | 1,175 | 1,243 | 0.51 | ||||||
| State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A (Escrowed to Maturity), 5.25%, 07/01/14 | 270 | 286 | 0.12 | ||||||
| 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 | 1,900 | 0.78 | ||||||
| State of California, G.O. Correctional Facs. Imps. Prop. Tax Bonds, 5.25%, 10/01/20 | 100 | 124 | 0.05 | ||||||
| State of California, G.O. General Fund Ref. Bonds: | |||||||||
| 5.00%, 11/01/13 | 300 | 307 | 0.13 | ||||||
| 5.00%, 02/01/19 | 2,000 | 2,413 | 0.99 | ||||||
| 5.00%, 02/01/20 | 2,500 | 3,054 | 1.25 | ||||||
| 5.00%, 09/01/23 | 1,000 | 1,236 | 0.51 | ||||||
| 5.25%, 02/01/14 | 10 | 10 | — | ||||||
| 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 | 395 | 0.16 | ||||||
| State of California, G.O. General Fund Ref. Bonds, Series CF, 2.25%, 12/01/13 | 2,950 | 2,977 | 1.22 | ||||||
| State of California, G.O. General Fund Ref. Notes, 5.00%, 08/01/20 | 375 | 444 | 0.18 | ||||||
| State of California, G.O. Misc. Rev. Ref. Bonds, 5.00%, 09/01/19 | 1,300 | 1,588 | 0.65 | ||||||
| State of California, G.O. Prop. Tax Ref. Bonds: | |||||||||
| 5.00%, 04/01/19 | 600 | 727 | 0.30 | ||||||
| 5.25%, 10/01/20 | 650 | 810 | 0.33 | ||||||
| State of California, G.O. Prop. Tax Ref. Bonds, Series B (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/231 | 100 | 105 | 0.04 | ||||||
| State of California, G.O. Public Imps. Misc. Tax Bonds, 5.50%, 04/01/18 | 100 | 121 | 0.05 | ||||||
| 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 | 2,097 | 0.86 | ||||||
| State of California, G.O. Sales Tax Rev. Bonds, Series A, 5.25%, 07/01/21 | 1,060 | 1,299 | 0.53 | ||||||
| State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 07/01/17 | 950 | 1,115 | 0.46 | ||||||
| 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 | 312 | 0.13 | ||||||
| Tobacco Securitization Auth. of Southern California, Rev. Ref. Bonds, Series A-1, 4.75%, 06/01/25 | 500 | 501 | 0.21 | ||||||
| Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A: | |||||||||
| 5.00%, 01/01/15 | 100 | 107 | 0.04 | ||||||
| 5.00%, 01/01/22 | 1,000 | 1,175 | 0.48 | ||||||
| 5.25%, 01/01/24 | 100 | 118 | 0.05 | ||||||
| Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds: | |||||||||
| 5.00%, 01/01/18 | 500 | 585 | 0.24 | ||||||
| 5.00%, 01/01/22 | 700 | 835 | 0.34 | ||||||
| Univ. of California, College & Univ. Imps. Rev. Bonds, Series D (NATL-RE FGIC Insured), 5.00%, 05/15/23 | 130 | 149 | 0.06 | ||||||
| Univ. of California, College & Univ. Imps. Rev. Bonds, Series G (NATL-RE FGIC Insured), 5.00%, 05/15/24 | 200 | 202 | 0.08 | ||||||
Capital California Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||||
| Bonds & notes—continued | ||||||||||
| California—continued | ||||||||||
| Univ. of California, College & Univ. Rev. Ref. Bonds, Series E: | ||||||||||
| 4.00%, 05/15/17 | $ | 500 | $ | 567 | 0.23 | % | ||||
| 5.00%, 05/15/20 | 500 | 627 | 0.26 | |||||||
| Univ. of California, College & Univ. Rev. Ref. Bonds, Series G, 4.00%, 05/15/21 | 1,000 | 1,185 | 0.49 | |||||||
| Vallejo Sanitation & Flood Control Dist., Solid Waste Mgmt. Certs. of Part. Ref. Bonds (AMBAC Insured), 4.00%, 05/01/18 | 200 | 208 | 0.08 | |||||||
| ________________________________ | ||||||||||
| 213,271 | 87.40 | |||||||||
| ________________________________ | ||||||||||
| District of Columbia - 0.05% | ||||||||||
| Metropolitan Washington Airports Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 10/01/17 | 100 | 117 | 0.05 | |||||||
| ________________________________ | ||||||||||
| 117 | 0.05 | |||||||||
| ________________________________ | ||||||||||
| Florida - 0.24% | ||||||||||
| Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1, 5.00%, 06/01/19 | 500 | 600 | 0.24 | |||||||
| ________________________________ | ||||||||||
| 600 | 0.24 | |||||||||
| ________________________________ | ||||||||||
| Iowa - 0.05% | ||||||||||
| State of Iowa, General Fund Public Imps. Rev. Bonds, Series A, 5.00%, 06/01/27 | 100 | 119 | 0.05 | |||||||
| ________________________________ | ||||||||||
| 119 | 0.05 | |||||||||
| ________________________________ | ||||||||||
| Michigan - 0.05% | ||||||||||
| Michigan State Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.25%, 11/15/24 | 100 | 116 | 0.05 | |||||||
| ________________________________ | ||||||||||
| 116 | 0.05 | |||||||||
| ________________________________ | ||||||||||
| Puerto Rico - 1.25% | ||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Auth., Water Rev. Ref. Bonds, Series A, 5.00%, 07/01/19 | 500 | 513 | 0.21 | |||||||
| 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 | 1,448 | 0.59 | |||||||
| 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 | 0.45 | |||||||
| ________________________________ | ||||||||||
| 3,057 | 1.25 | |||||||||
| ________________________________ | ||||||||||
| Texas - 0.05% | ||||||||||
| City of San Antonio, Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 02/01/24 | 100 | 112 | 0.05 | |||||||
| ________________________________ | ||||||||||
| 112 | 0.05 | |||||||||
| ________________________________ | ||||||||||
| Total bonds & notes (cost: $207,557,994) | 217,392 | 89.09 | ||||||||
| ________________________________ | ||||||||||
| Short-term securities - 11.14% | ||||||||||
| California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds, 0.22%, 12/01/361 | 1,440 | 1,440 | 0.59 | |||||||
Capital California Core Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||||||||
| Short-term securities—continued | |||||||||||||||
| California Muni. Fin. Auth., Ind. Imps. Rev. Bonds, 0.17%, 11/01/351 | $ | 550 | $ | 550 | 0.23 | % | |||||||||
| California Muni. Fin. Auth., Res. Recovery Rev. Ref. Bonds, 0.17%, 06/01/251 | 500 | 500 | 0.20 | ||||||||||||
| California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds:1 | |||||||||||||||
| 0.17%, 11/01/26 | 9,400 | 9,400 | 3.85 | ||||||||||||
| 0.19%, 11/01/26 | 300 | 300 | 0.12 | ||||||||||||
| California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 0.16%, 08/15/361 | 700 | 700 | 0.29 | ||||||||||||
| California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 0.14%, 08/15/271 | 450 | 450 | 0.18 | ||||||||||||
| City of Irvine California, Public Imps. Special Assessment Bonds, Series A, 0.19%, 09/02/291 | 2,000 | 2,000 | 0.82 | ||||||||||||
| Irvine Unified School Dist., School Imps. Special Tax Bonds, 0.17%, 09/01/511 | 900 | 900 | 0.37 | ||||||||||||
| Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series A-1, 0.22%, 07/01/351 | 3,000 | 3,000 | 1.23 | ||||||||||||
| Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series B-3, 0.18%, 07/01/341 | 2,300 | 2,300 | 0.94 | ||||||||||||
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-3, 0.17%, 07/01/351 | 300 | 300 | 0.12 | ||||||||||||
| Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A, 0.16%, 12/01/361 | 625 | 625 | 0.26 | ||||||||||||
| State of California, G.O. Sales Tax Rev. Bonds, Series C, 0.17%, 07/01/231 | 4,735 | 4,735 | 1.94 | ||||||||||||
| ________________________________ | |||||||||||||||
| Total Short-term securities (cost: $27,200,000) | 27,200 | 11.14 | |||||||||||||
| ________________________________ | |||||||||||||||
| Total investment securities (cost: $234,757,994) | 244,592 | 100.23 | |||||||||||||
| Other assets less liabilities | (573) | (0.23) | |||||||||||||
| ________________________________ | |||||||||||||||
| Net assets | $ | 244,019 | 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 |
| FHLMC | = Federal Home Loan Mortgage Corporation |
| Fin. | = Finance |
| Fncg. | = Financing |
| 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 |
| 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, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||
| Bonds & notes - 84.65% | ||||||||
| California - 82.26% | ||||||||
| Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 05/15/16 | $ | 500 | $ | 501 | 0.46 | % | ||
| Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 08/01/16 | 200 | 227 | 0.21 | |||||
| Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A (CA Mtg. Ins.): | ||||||||
| 4.00%, 04/01/16 | 400 | 438 | 0.40 | |||||
| 5.00%, 04/01/18 | 250 | 293 | 0.27 | |||||
| Bay Area Toll Auth. Rev. Bonds (Mandatory Put 05/01/23 @ 100), 0.00%, 04/01/471 | 250 | 250 | 0.23 | |||||
| Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.45%, 04/01/451 | 750 | 771 | 0.71 | |||||
| Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 10/01/19 @ 100), 0.92%, 04/01/471 | 1,675 | 1,675 | 1.54 | |||||
| Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds: | ||||||||
| 4.00%, 04/01/18 | 250 | 288 | 0.27 | |||||
| 5.00%, 04/01/17 | 400 | 468 | 0.43 | |||||
| Bay Area Water Supply & Conservation Agcy., Water Util. Rev. Bonds, Series A, 4.00%, 10/01/19 | 570 | 673 | 0.62 | |||||
| California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds: | ||||||||
| 4.00%, 10/01/15 | 250 | 271 | 0.25 | |||||
| 4.00%, 09/01/16 | 75 | 84 | 0.08 | |||||
| 4.00%, 02/01/17 | 100 | 112 | 0.10 | |||||
| 5.00%, 04/01/14 | 100 | 104 | 0.10 | |||||
| 5.00%, 10/01/16 | 250 | 283 | 0.26 | |||||
| California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 10/01/15 | 500 | 550 | 0.51 | |||||
| California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 3.00%, 11/01/16 | 400 | 427 | 0.39 | |||||
| California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||
| 3.00%, 10/01/15 | 150 | 158 | 0.15 | |||||
| 4.00%, 04/01/16 | 300 | 326 | 0.30 | |||||
| 4.00%, 04/01/17 | 200 | 221 | 0.20 | |||||
| California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, 5.00%, 08/15/17 | 510 | 593 | 0.55 | |||||
| California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series B, 5.00%, 08/15/16 | 200 | 229 | 0.21 | |||||
| California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series I, 5.125%, 07/01/22 | 690 | 755 | 0.70 | |||||
| California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||
| 5.00%, 08/15/15 | 150 | 165 | 0.15 | |||||
| 5.00%, 11/15/16 | 225 | 250 | 0.23 | |||||
| California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 01/01/18 | 425 | 472 | 0.44 | |||||
| California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||
| 4.00%, 11/15/13 | 300 | 306 | 0.28 | |||||
| 4.00%, 03/01/18 | 200 | 227 | 0.21 | |||||
| 4.00%, 03/01/19 | 500 | 575 | 0.53 | |||||
| 5.00%, 08/15/14 | 100 | 106 | 0.10 | |||||
| 5.00%, 11/15/16 | 250 | 287 | 0.26 | |||||
| 5.00%, 10/01/18 | 500 | 605 | 0.56 | |||||
| 5.00%, 11/15/19 | 300 | 369 | 0.34 | |||||
Capital California Short-Term Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| California—continued | |||||||||
| California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-3, 4.00%, 11/15/15 | $ | 150 | $ | 163 | 0.15 | % | |||
| 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 | 212 | 0.20 | ||||||
| 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 | 105 | 0.10 | ||||||
| California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/14 @ 100), 0.72%, 04/01/381 | 500 | 502 | 0.46 | ||||||
| California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/16 @ 100), 0.50%, 10/01/471 | 500 | 500 | 0.46 | ||||||
| California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series A-2 (Mandatory Put 04/01/14 @ 100), 0.72%, 04/01/381 | 600 | 602 | 0.56 | ||||||
| California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series B-1 (Mandatory Put 04/01/15 @ 100), 0.52%, 10/01/471 | 1,000 | 1,001 | 0.92 | ||||||
| California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, Series B: | |||||||||
| 4.00%, 10/01/15 | 225 | 243 | 0.22 | ||||||
| 4.00%, 10/01/16 | 200 | 220 | 0.20 | ||||||
| California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 4.50%, 05/01/17 | 200 | 231 | 0.21 | ||||||
| California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 05/01/14 | 550 | 576 | 0.53 | ||||||
| California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 05/01/18 | 1,250 | 1,505 | 1.39 | ||||||
| California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AM, 5.00%, 12/01/18 | 500 | 613 | 0.57 | ||||||
| California State Dept. of Water Ress., Water Rev. Ref. Bonds, Sub-Series G-4, 5.00%, 05/01/16 | 1,000 | 1,135 | 1.05 | ||||||
| California State Public Works Board, Public Imps. Lease Rev. Bonds, Series A: | |||||||||
| 4.00%, 03/01/19 | 400 | 458 | 0.42 | ||||||
| 5.00%, 04/01/18 | 400 | 473 | 0.44 | ||||||
| California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B, 5.00%, 10/01/17 | 475 | 552 | 0.51 | ||||||
| California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 4.00%, 03/01/16 | 400 | 437 | 0.40 | ||||||
| California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series C-1, 5.00%, 03/01/16 | 500 | 564 | 0.52 | ||||||
| California State Public Works Board, Health Care Facs. Imps. Rev. Bonds, 5.50%, 06/01/15 | 400 | 423 | 0.39 | ||||||
| California State Public Works Board, Lease Rev. Ref. Bonds, 4.00%, 06/01/18 | 425 | 484 | 0.45 | ||||||
| California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured): | |||||||||
| 5.00%, 06/01/15 | 100 | 110 | 0.10 | ||||||
| 5.00%, 10/01/16 | 240 | 274 | 0.25 | ||||||
| California State Public Works Board, Rev. Bonds, Series G, 4.00%, 12/01/16 | 325 | 365 | 0.34 | ||||||
| California State Univ., College & Univ. Rev. Ref. Bonds, Series A: | |||||||||
| 5.00%, 11/01/16 | 400 | 461 | 0.43 | ||||||
| 5.00%, 11/01/17 | 350 | 415 | 0.38 | ||||||
| California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, 07/01/16 | 500 | 567 | 0.52 | ||||||
| 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 | 698 | 0.64 | ||||||
| California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds: | |||||||||
| 4.00%, 11/01/14 | 400 | 419 | 0.39 | ||||||
Capital California Short-Term Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| California—continued | |||||||||
| 5.00%, 07/01/14 | $ | 650 | $ | 685 | 0.63 | % | |||
| 5.00%, 11/01/15 | 300 | 331 | 0.31 | ||||||
| Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1, 5.00%, 06/01/18 | 500 | 589 | 0.54 | ||||||
| City & County of San Francisco, Certs. of Part. Lease Ref. Bonds, Series A, 5.00%, 10/01/15 | 500 | 553 | 0.51 | ||||||
| City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds, 5.00%, 06/15/18 | 1,745 | 2,109 | 1.94 | ||||||
| City & County of San Francisco, Sewer Rev. Ref Bonds, Series A: | |||||||||
| 5.00%, 10/01/18 | 500 | 609 | 0.56 | ||||||
| 5.00%, 10/01/19 | 330 | 409 | 0.38 | ||||||
| City of Chula Vista, Energy Res. Auth. Rev. Ref. Bonds, Series A, 1.65%, 07/01/18 | 1,100 | 1,122 | 1.03 | ||||||
| City of Los Angeles, Res. Recovery Imps. Rev. Bonds, Series A, 5.00%, 02/01/19 | 550 | 673 | 0.62 | ||||||
| City of Los Angeles, Sewer Rev. Ref. Bonds, Series A: | |||||||||
| 3.00%, 06/01/14 | 150 | 155 | 0.14 | ||||||
| 4.00%, 06/01/16 | 100 | 111 | 0.10 | ||||||
| City of San Jose, Port, Airport & Marina Imps. Rev. Bonds, Series A-2, 3.00%, 03/01/15 | 440 | 457 | 0.42 | ||||||
| City of Santa Clara, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/18 | 500 | 601 | 0.55 | ||||||
| Commonwealth of Massachusetts, G.O. Misc. Tax Public Imps. Rev. Bonds, Series D, 0.65%, 01/01/181 | 175 | 175 | 0.16 | ||||||
| Contra Costa Water Dist., Water Rev. Ref. Bonds, Series A, 3.50%, 10/01/13 | 500 | 507 | 0.47 | ||||||
| County of El Dorado, Special Tax Ref. Bonds: | |||||||||
| 4.00%, 09/01/18 | 450 | 496 | 0.46 | ||||||
| 5.00%, 09/01/20 | 545 | 637 | 0.59 | ||||||
| East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A-1 (Mandatory Put 07/01/14 @ 100), 0.57%, 06/01/251 | 1,070 | 1,070 | 0.99 | ||||||
| East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series B, 5.00%, 06/01/19 | 500 | 619 | 0.57 | ||||||
| Golden State Tobacco Securitization Corp., Misc. Purposes Rev. Bonds, Series 2003 A-1, 6.25%, 06/01/33 | 110 | 111 | 0.10 | ||||||
| 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 | 754 | 0.70 | ||||||
| Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A: | |||||||||
| 5.00%, 06/01/18 | 500 | 592 | 0.55 | ||||||
| 5.00%, 06/01/19 | 500 | 600 | 0.55 | ||||||
| Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 11/01/13 | 125 | 128 | 0.12 | ||||||
| Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C: | |||||||||
| 5.00%, 11/01/16 | 300 | 344 | 0.32 | ||||||
| 5.00%, 11/01/18 | 425 | 511 | 0.47 | ||||||
| Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds, 5.00%, 11/01/18 | 700 | 833 | 0.77 | ||||||
| Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds: | |||||||||
| 4.00%, 07/01/17 | 500 | 570 | 0.53 | ||||||
| 5.00%, 07/01/16 | 500 | 572 | 0.53 | ||||||
| Los Angeles County Sanitation Dists. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A, 5.00%, 10/01/17 | 770 | 915 | 0.84 | ||||||
| Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 3.00%, 05/15/15 | 700 | 738 | 0.68 | ||||||
| Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, Series E, 4.00%, 05/15/15 | 200 | 214 | 0.20 | ||||||
| Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A: | |||||||||
| 3.00%, 07/01/18 | 550 | 609 | 0.56 | ||||||
| 5.00%, 07/01/15 | 420 | 462 | 0.43 | ||||||
Capital California Short-Term Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| California—continued | |||||||||
| Los Angeles Harbor Dept., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 08/01/13 | $ | 200 | $ | 202 | 0.19 | % | |||
| Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I: | |||||||||
| 5.00%, 07/01/14 | 500 | 528 | 0.49 | ||||||
| 5.00%, 07/01/18 | 500 | 605 | 0.56 | ||||||
| Los Rios Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 4.00%, 08/01/16 | 500 | 556 | 0.51 | ||||||
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, 5.00%, 07/01/14 | 100 | 106 | 0.10 | ||||||
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B: | |||||||||
| 4.00%, 07/01/14 | 100 | 104 | 0.10 | ||||||
| 5.00%, 07/01/15 | 200 | 220 | 0.20 | ||||||
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 05/01/15 @ 100), 0.57%, 07/01/271 | 1,600 | 1,600 | 1.48 | ||||||
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-2 (Mandatory Put 05/01/15 @ 100), 0.57%, 07/01/271 | 500 | 500 | 0.46 | ||||||
| Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/15 | 300 | 329 | 0.30 | ||||||
| Mountain View Shoreline Regional Park Comm., Tax Increment Allocation Rev. Ref. Bonds, 4.00%, 08/01/15 | 375 | 395 | 0.36 | ||||||
| Northern California Power Agcy., Energy Res, Auth. Rev. Bonds, Series A, 3.00%, 06/01/13 | 200 | 200 | 0.18 | ||||||
| Orange Comm. Facs. Dist., Special Tax Ref. Bonds: | |||||||||
| 3.00%, 10/01/17 | 360 | 385 | 0.35 | ||||||
| 4.00%, 10/01/18 | 300 | 336 | 0.31 | ||||||
| Rancho Santiago Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 4.00%, 09/01/19 | 1,000 | 1,180 | 1.09 | ||||||
| Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, 5.00%, 12/01/14 | 250 | 269 | 0.25 | ||||||
| Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (NATL-RE Insured), 5.00%, 08/15/17 | 120 | 122 | 0.11 | ||||||
| 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 | 284 | 0.26 | ||||||
| Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 07/01/15 | 100 | 109 | 0.10 | ||||||
| Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 08/15/17 | 225 | 265 | 0.24 | ||||||
| Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series X, 5.00%, 08/15/17 | 250 | 295 | 0.27 | ||||||
| Sacramento Regional Transit Dist., Transit Rev. Ref. Bonds, 5.00%, 03/01/18 | 250 | 291 | 0.27 | ||||||
| San Bernardino County Trans. Auth. Rev. Bonds, Series A, 4.00%, 03/01/18 | 500 | 578 | 0.53 | ||||||
| San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds: | |||||||||
| 4.00%, 08/01/17 | 400 | 458 | 0.42 | ||||||
| 5.00%, 08/01/18 | 1,000 | 1,221 | 1.13 | ||||||
| San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Ref. Bonds, Sub-Series A: | |||||||||
| 5.00%, 07/01/16 | 250 | 284 | 0.26 | ||||||
| 5.00%, 07/01/17 | 650 | 758 | 0.70 | ||||||
| San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series 2008 A (AGM Insured), 5.00%, 05/01/14 | 500 | 523 | 0.48 | ||||||
| San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 05/01/18 | 500 | 604 | 0.56 | ||||||
| San Diego County Water Auth., Water Rev. Ref. Bonds, Series A, 5.00%, 05/01/17 | 850 | 996 | 0.92 | ||||||
Capital California Short-Term Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| California—continued | |||||||||
| San Diego County Water Auth., Water Rev. Ref. Bonds, Series S-1, 5.00%, 07/01/16 | $ | 175 | $ | 199 | 0.18 | % | |||
| San Diego Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series B, 5.00%, 05/15/15 | 300 | 329 | 0.30 | ||||||
| San Diego Public Facs. Fncg. Auth., Solid Waste Mgmt. Disposal Imps. Rev. Bonds, Series A, 4.50%, 05/15/14 | 500 | 523 | 0.48 | ||||||
| San Francisco Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds, 3.00%, 07/01/13 | 125 | 126 | 0.12 | ||||||
| San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 05/01/16 | 200 | 227 | 0.21 | ||||||
| San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C (AGM Insured), 5.00%, 05/01/14 | 500 | 524 | 0.48 | ||||||
| San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, 05/01/18 | 500 | 600 | 0.55 | ||||||
| San Francisco City & County Public Utils. Commission, Water Rev. Ref. Bonds, Series C, 5.00%, 11/01/13 | 400 | 410 | 0.38 | ||||||
| San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 06/15/18 | 500 | 604 | 0.56 | ||||||
| San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series B, 5.00%, 06/15/15 | 100 | 110 | 0.10 | ||||||
| San Jose Redev. Agcy., Tax Increment Allocation Ref. Bonds, 4.00%, 08/01/16 | 300 | 318 | 0.29 | ||||||
| San Jose Unified School Dist., G.O. Prop. Tax Ref. Bonds: | |||||||||
| 4.00%, 08/01/18 | 300 | 349 | 0.32 | ||||||
| 4.00%, 08/01/19 | 475 | 561 | 0.52 | ||||||
| San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A: | |||||||||
| 3.00%, 07/15/13 | 100 | 101 | 0.09 | ||||||
| 4.00%, 07/15/13 | 125 | 126 | 0.12 | ||||||
| Santa Margarita Water Dist., Special Tax Ref. Bonds, 4.00%, 09/01/17 | 820 | 849 | 0.78 | ||||||
| Sonoma-Marin Area Rail Transit Dist. Rev. Bonds, Series A: | |||||||||
| 4.00%, 03/01/16 | 500 | 549 | 0.51 | ||||||
| 5.00%, 03/01/18 | 750 | 898 | 0.83 | ||||||
| South Placer Wastewater Auth., Solid Waste Mgmt. Rev. Ref. Bonds, Series D, 1.05%, 11/01/141 | 1,000 | 1,005 | 0.93 | ||||||
| Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds: | |||||||||
| 4.00%, 07/01/15 | 225 | 243 | 0.22 | ||||||
| 5.00%, 07/01/16 | 200 | 228 | 0.21 | ||||||
| 5.00%, 07/01/17 | 750 | 877 | 0.81 | ||||||
| 5.00%, 07/01/18 | �� | 200 | 239 | 0.22 | |||||
| Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A: | |||||||||
| 4.00%, 07/01/16 | 150 | 166 | 0.15 | ||||||
| 5.00%, 07/01/17 | 775 | 906 | 0.84 | ||||||
| Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds: | |||||||||
| 5.00%, 07/01/14 | 500 | 528 | 0.49 | ||||||
| 5.00%, 07/01/16 | 500 | 571 | 0.53 | ||||||
| Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A: | |||||||||
| 5.00%, 07/01/16 | 705 | 805 | 0.74 | ||||||
| 5.00%, 07/01/19 | 600 | 731 | 0.67 | ||||||
| Southern California Public Power Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, 07/01/18 | 300 | 361 | 0.33 | ||||||
| State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A: | |||||||||
| 5.25%, 07/01/13 | 225 | 227 | 0.21 | ||||||
Capital California Short-Term Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| California—continued | |||||||||
| 5.25%, 07/01/14 | $ | 600 | $ | 635 | 0.59 | % | |||
| State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A (Escrowed to Maturity), 5.25%, 07/01/14 | 250 | 265 | 0.24 | ||||||
| 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 | 528 | 0.49 | ||||||
| State of California, G.O. General Fund Ref. Bonds, 5.00%, 02/01/18 | 1,000 | 1,185 | 1.09 | ||||||
| State of California, G.O. General Fund Ref. Bonds, Series CF, 2.25%, 12/01/13 | 975 | 984 | 0.91 | ||||||
| State of California, G.O. General Fund Ref. Notes, 5.00%, 04/01/15 | 500 | 544 | 0.50 | ||||||
| State of California, G.O. General Fund Ref. Notes (NATL-RE Insured), 5.00%, 06/01/15 | 250 | 274 | 0.25 | ||||||
| State of California, G.O. Misc. Rev. Ref. Bonds: | |||||||||
| 4.00%, 09/01/17 | 500 | 567 | 0.52 | ||||||
| 5.00%, 09/01/19 | 700 | 855 | 0.79 | ||||||
| State of California, G.O. Prop. Tax Ref. Bonds: | |||||||||
| 4.00%, 04/01/18 | 500 | 572 | 0.53 | ||||||
| 5.00%, 06/01/15 | 200 | 219 | 0.20 | ||||||
| State of California, G.O. Prop. Tax Ref. Bonds, Series B, 0.97%, 05/01/171 | 400 | 401 | 0.37 | ||||||
| State of California, G.O. Prop. Tax Ref. Bonds, Series B (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/231 | 200 | 211 | 0.19 | ||||||
| State of California, G.O. Public Imps. Misc. Rev. Bonds: | |||||||||
| 4.00%, 09/01/18 | 570 | 657 | 0.61 | ||||||
| 5.50%, 04/01/19 | 2,050 | 2,541 | 2.34 | ||||||
| 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 | 622 | 0.57 | ||||||
| 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 | 727 | 0.67 | ||||||
| State of California, G.O. Sales Tax Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 07/01/14 | 500 | 529 | 0.49 | ||||||
| Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 01/01/15 | 100 | 107 | 0.10 | ||||||
| Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 01/01/17 | 300 | 343 | 0.32 | ||||||
| Univ. of California, College & Univ. Imps. Rev. Bonds, Series AB, 5.00%, 05/15/16 | 350 | 398 | 0.37 | ||||||
| Univ. of California, College & Univ. Rev. Ref. Bonds, Series E, 5.00%, 05/15/16 | 200 | 227 | 0.21 | ||||||
| ________________________________ | |||||||||
| 89,212 | 82.26 | ||||||||
| ________________________________ | |||||||||
| Florida - 1.38% | |||||||||
| Citizens Prop. Insurance Corp., Cash Flow Mgmt., Misc. Rev. Bonds, 5.00%, 06/01/15 | 100 | 109 | 0.10 | ||||||
| Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, 1.87%, 06/01/141 | 700 | 704 | 0.65 | ||||||
| Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A, 5.00%, 07/01/16 | 600 | 682 | 0.63 | ||||||
| ________________________________ | |||||||||
| 1,495 | 1.38 | ||||||||
| ________________________________ | |||||||||
| Guam - 0.32% | |||||||||
| Territory of Guam, Cash Flow Mgmt., Misc. Rev. Bonds, Series A, 5.00%, 01/01/17 | 300 | 345 | 0.32 | ||||||
| ________________________________ | |||||||||
| 345 | 0.32 | ||||||||
| ________________________________ | |||||||||
Capital California Short-Term Municipal Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||||||
| Bonds & notes—continued | |||||||||||||
| Louisiana - 0.22% | |||||||||||||
| Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA COLL Insured), 4.60%, 12/01/28 | $ | 220 | $ | 235 | 0.22 | % | |||||||
| ________________________________ | |||||||||||||
| 235 | 0.22 | ||||||||||||
| ________________________________ | |||||||||||||
| Mississippi - 0.47% | |||||||||||||
| 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 | 480 | 516 | 0.47 | ||||||||||
| ________________________________ | |||||||||||||
| 516 | 0.47 | ||||||||||||
| ________________________________ | |||||||||||||
| Total bonds & notes (cost: $89,739,463) | 91,803 | 84.65 | |||||||||||
| ________________________________ | |||||||||||||
| Short-term securities - 15.37% | |||||||||||||
| California Health Facs. Fncg. Auth., Special Assessment Rev. Ref. Bonds, 0.17%, 09/01/381 | 520 | 520 | 0.48 | ||||||||||
| California Muni. Fin. Auth., Ind. Imps. Rev. Bonds:1 | |||||||||||||
| 0.16%, 11/01/35 | 1,000 | 1,000 | 0.92 | ||||||||||
| 0.17%, 11/01/35 | 1,200 | 1,200 | 1.11 | ||||||||||
| California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds:1 | |||||||||||||
| 0.17%, 11/01/26 | 2,600 | 2,600 | 2.39 | ||||||||||
| 0.19%, 11/01/26 | 200 | 200 | 0.18 | ||||||||||
| California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 0.16%, 08/15/361 | 400 | 400 | 0.37 | ||||||||||
| California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 0.14%, 08/15/271 | 1,500 | 1,500 | 1.38 | ||||||||||
| City of Irvine California, Public Imps. Special Assessment Bonds, Series A, 0.19%, 09/02/291 | 468 | 468 | 0.43 | ||||||||||
| City of Irvine California, Public Imps. Special Assessment Bonds, Series B, 0.19%, 09/02/291 | 2,100 | 2,100 | 1.94 | ||||||||||
| Irvine Unified School Dist., School Imps. Special Tax Bonds, 0.17%, 09/01/511 | 1,700 | 1,700 | 1.57 | ||||||||||
| Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series A-1, 0.22%, 07/01/351 | 3,000 | 3,000 | 2.77 | ||||||||||
| Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A, 0.16%, 12/01/361 | 1,500 | 1,500 | 1.38 | ||||||||||
| State of California, G.O. Sales Tax Rev. Bonds, Series C, 0.17%, 07/01/231 | 485 | 485 | 0.45 | ||||||||||
| ________________________________ | |||||||||||||
| Total Short-term securities (cost: $16,673,000) | 16,673 | 15.37 | |||||||||||
| ________________________________ | |||||||||||||
| Total investment securities (cost: $106,412,463) | 108,476 | 100.02 | |||||||||||
| Other assets less liabilities | (27) | (0.02) | |||||||||||
| ________________________________ | |||||||||||||
| Net assets | $ | 108,449 | 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 |
| 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 |
| Imps. | = Improvements |
| Ind. | = Industrial |
| Loc. | = Local |
| Mgmt. | = Management |
| Misc. | = Miscellaneous |
| Muni. | = Municipal |
| NATL-RE | = National Reinsurance |
| Prop. | = Property |
| 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, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||
| Bonds & notes - 97.64% | ||||||||
| U.S. government & government agency bonds & notes - 44.91% | ||||||||
| Fannie Mae: | ||||||||
| 1.75%, 05/07/13 | $ | 2,000 | $ | 2,001 | 0.67 | % | ||
| 2.75%, 03/13/14 | 2,000 | 2,045 | 0.68 | |||||
| 0.50%, 03/28/16 | 2,905 | 2,912 | 0.97 | |||||
| 1.25%, 09/28/16 | 1,000 | 1,026 | 0.34 | |||||
| 1.25%, 01/30/17 | 1,445 | 1,484 | 0.49 | |||||
| 1.00%, 11/15/17 | 4,645 | 4,647 | 1.55 | |||||
| 0.875%, 05/21/18 | 500 | 501 | 0.17 | |||||
| Federal Home Loan Banks, 1.00%, 06/21/17 | 600 | 611 | 0.20 | |||||
| Freddie Mac: | ||||||||
| 0.375%, 10/30/13 | 500 | 501 | 0.17 | |||||
| 5.00%, 07/15/14 | 1,000 | 1,058 | 0.35 | |||||
| 0.75%, 11/25/14 | 1,700 | 1,715 | 0.57 | |||||
| 0.50%, 08/28/15 | 2,500 | 2,511 | 0.84 | |||||
| 4.75%, 01/19/16 | 2,000 | 2,239 | 0.75 | |||||
| 2.50%, 05/27/16 | 1,000 | 1,064 | 0.35 | |||||
| 1.00%, 06/29/17 | 500 | 508 | 0.17 | |||||
| 4.875%, 06/13/18 | 500 | 601 | 0.20 | |||||
| 1.375%, 05/01/20 | 2,910 | 2,923 | 0.98 | |||||
| U.S. Treasury Bonds, 7.625%, 02/15/25 | 1,000 | 1,613 | 0.54 | |||||
| U.S. Treasury Inflation Indexed Bonds: | ||||||||
| 1.875%, 07/15/13 | 5,036 | 5,062 | 1.69 | |||||
| 2.00%, 01/15/14 | 1,570 | 1,602 | 0.53 | |||||
| 0.125%, 04/15/16 | 6,146 | 6,442 | 2.15 | |||||
| 2.375%, 01/15/17 | 380 | 437 | 0.15 | |||||
| 0.125%, 04/15/18 | 1,002 | 1,081 | 0.36 | |||||
| 0.125%, 01/15/23 | 506 | 546 | 0.18 | |||||
| 2.00%, 01/15/26 | 877 | 1,153 | 0.38 | |||||
| U.S. Treasury Notes: | ||||||||
| 2.375%, 09/30/14 | 7,500 | 7,734 | 2.58 | |||||
| 2.375%, 10/31/14 | 455 | 470 | 0.16 | |||||
| 4.00%, 02/15/15 | 3,355 | 3,582 | 1.20 | |||||
| 1.25%, 09/30/15 | 500 | 512 | 0.17 | |||||
| 4.50%, 02/15/16 | 500 | 559 | 0.19 | |||||
| 2.625%, 02/29/16 | 14,720 | 15,691 | 5.24 | |||||
| 1.50%, 06/30/16 | 3,750 | 3,887 | 1.30 | |||||
| 1.50%, 07/31/16 | 4,400 | 4,563 | 1.52 | |||||
| 1.00%, 09/30/16 | 1,000 | 1,021 | 0.34 | |||||
| 4.625%, 02/15/17 | 4,000 | 4,627 | 1.54 | |||||
| 1.00%, 03/31/17 | 1,000 | 1,020 | 0.34 | |||||
| 0.875%, 04/30/17 | 1,000 | 1,015 | 0.34 | |||||
| 4.50%, 05/15/17 | 11,020 | 12,788 | 4.27 | |||||
| 8.75%, 05/15/17 | 490 | 652 | 0.22 | |||||
| 0.75%, 06/30/17 | 250 | 252 | 0.08 | |||||
| 1.875%, 08/31/17 | 5,450 | 5,764 | 1.92 | |||||
| 0.75%, 03/31/18 | 500 | 502 | 0.17 | |||||
| 3.875%, 05/15/18 | 1,000 | 1,160 | 0.39 | |||||
| 2.375%, 05/31/18 | 5,380 | 5,837 | 1.95 | |||||
| 4.00%, 08/15/18 | 4,000 | 4,688 | 1.56 | |||||
| 1.00%, 09/30/19 | 500 | 501 | 0.17 | |||||
| 3.50%, 05/15/20 | 2,075 | 2,416 | 0.81 | |||||
| 1.625%, 11/15/22 | 7,000 | 6,992 | 2.33 | |||||
Capital Core Bond Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||||
| Bonds & notes—continued | ||||||||||
| U.S. government & government agency bonds & notes—continued | ||||||||||
| 2.00%, 02/15/23 | $ | 2,000 | $ | 2,059 | 0.69 | % | ||||
| ________________________________ | ||||||||||
| Total U.S. government & government agency bonds & notes | 134,575 | 44.91 | ||||||||
| ________________________________ | ||||||||||
| Mortgage-backed obligations - 23.47% | ||||||||||
| Federal agency mortgage-backed obligations - 18.22% | ||||||||||
| Fannie Mae: | ||||||||||
| 4.50%, 07/01/19 | 148 | 159 | 0.05 | |||||||
| 4.50%, 03/01/20 | 651 | 698 | 0.23 | |||||||
| 2.717%, 02/25/22 | 500 | 523 | 0.17 | |||||||
| 2.50%, 05/01/23 | 6,195 | 6,519 | 2.18 | |||||||
| 3.50%, 10/01/25 | 6,379 | 6,781 | 2.26 | |||||||
| 3.00%, 01/01/27 | 788 | 832 | 0.28 | |||||||
| 2.50%, 11/01/27 | 1,777 | 1,864 | 0.62 | |||||||
| 2.50%, 12/01/27 | 574 | 603 | 0.21 | |||||||
| �� | 3.50%, 05/01/28 TBA | 8,100 | 8,606 | 2.87 | ||||||
| 2.50%, 06/01/28 TBA | 5,225 | 5,453 | 1.82 | |||||||
| 5.50%, 04/25/37 | 134 | 151 | 0.05 | |||||||
| 6.00%, 08/01/37 | 68 | 74 | 0.02 | |||||||
| �� | 5.50%, 09/01/38 | 2,028 | 2,206 | 0.74 | ||||||
| 5.00%, 06/01/41 | 1,612 | 1,796 | 0.60 | |||||||
| 5.00%, 08/01/41 | 438 | 488 | 0.16 | |||||||
| 3.158%, 09/01/41 | 345 | 365 | 0.12 | |||||||
| 3.50%, 07/01/42 | 4,721 | 5,052 | 1.69 | |||||||
| 4.00%, 05/01/43 TBA | 2,625 | 2,810 | 0.94 | |||||||
| 6.00%, 05/01/43 TBA | 500 | 547 | 0.18 | |||||||
| Freddie Mac: | ||||||||||
| 1.873%, 01/25/18 | 450 | 464 | 0.16 | |||||||
| 2.699%, 05/25/18 | 790 | 850 | 0.28 | |||||||
| 2.303%, 09/25/18 | 2,350 | 2,488 | 0.83 | |||||||
| 3.974%, 01/25/21 | 524 | 598 | 0.20 | |||||||
| 2.373%, 05/25/22 | 500 | 512 | 0.17 | |||||||
| 6.00%, 02/15/37 | 98 | 110 | 0.04 | |||||||
| Ginnie Mae: | ||||||||||
| 4.50%, 01/20/40 | 201 | 223 | 0.07 | |||||||
| 3.50%, 05/01/43 TBA | 3,525 | 3,822 | 1.28 | |||||||
| ________________________________ | ||||||||||
| 54,594 | 18.22 | |||||||||
| ________________________________ | ||||||||||
| Commercial mortgage-backed securities - 5.25% | ||||||||||
| Bear Stearns Commercial Mortgage Securities, 5.53%, 09/11/41 | 846 | 884 | 0.29 | |||||||
| Commercial Mortgage Pass-Through Certificates: | ||||||||||
| 5.467%, 09/15/39 | 1,462 | 1,646 | 0.55 | |||||||
| 5.695%, 09/15/401 | 720 | 841 | 0.28 | |||||||
| DBUBS Mortgage Trust, Series 144A, 3.742%, 11/10/462 | 1,619 | 1,741 | 0.58 | |||||||
| Fannie Mae Aces, 1.451%, 02/25/18 | 1,102 | 1,127 | 0.38 | |||||||
| Greenwich Capital Commercial Funding Corp., 5.444%, 03/10/39 | 350 | 401 | 0.13 | |||||||
| GS Mortgage Securities Corp. II, 1.468%, 08/10/44 | 344 | 349 | 0.12 | |||||||
| JPMorgan Chase Commercial Mortgage Securities Corp.: | ||||||||||
| 4.895%, 09/12/37 | 500 | 540 | 0.18 | |||||||
| 5.91%, 02/12/491 | 650 | 756 | 0.25 | |||||||
| JPMorgan Chase Commercial Mortgage Securities Corp., Series 144A, 3.672%, 02/15/462 | 500 | 539 | 0.18 | |||||||
Capital Core Bond Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||||
| Bonds & notes—continued | ||||||||||
| Mortgage-backed obligations—continued | ||||||||||
| Commercial mortgage-backed securities—continued | ||||||||||
| Merrill Lynch Mortgage Trust, 6.044%, 06/12/501 | $ | 730 | $ | 852 | 0.28 | % | ||||
| ML-CFC Commercial Mortgage Trust, 6.13%, 08/12/491 | 550 | 649 | 0.22 | |||||||
| Morgan Stanley Capital I, 5.38%, 11/14/421 | 350 | 382 | 0.13 | |||||||
| Wachovia Bank Commercial Mortgage Trust: | ||||||||||
| 5.118%, 07/15/421 | 1,075 | 1,166 | 0.39 | |||||||
| 5.342%, 12/15/43 | 1,650 | 1,891 | 0.63 | |||||||
| 5.466%, 01/15/451 | 510 | 568 | 0.19 | |||||||
| 5.591%, 04/15/471 | 510 | 574 | 0.19 | |||||||
| 5.924%, 06/15/491 | 725 | 845 | 0.28 | |||||||
| ________________________________ | ||||||||||
| 15,751 | 5.25 | |||||||||
| ________________________________ | ||||||||||
| Total mortgage-backed obligations | 70,345 | 23.47 | ||||||||
| ________________________________ | ||||||||||
| Corporate bonds & notes - 25.59% | ||||||||||
| Banks - 3.04% | ||||||||||
| Bank of America Corp.: | ||||||||||
| 2.00%, 01/11/18 | 585 | 587 | 0.20 | |||||||
| 5.00%, 05/13/21 | 250 | 287 | 0.10 | |||||||
| BNP Paribas SA, 3.03%, 12/20/141 | 430 | 446 | 0.15 | |||||||
| Citigroup, Inc.: | ||||||||||
| 4.75%, 05/19/15 | 250 | 269 | 0.09 | |||||||
| 4.587%, 12/15/15 | 350 | 382 | 0.13 | |||||||
| 1.75%, 05/01/18 | 585 | 586 | 0.20 | |||||||
| JP Morgan Chase & Co.: | ||||||||||
| 3.40%, 06/24/15 | 120 | 126 | 0.04 | |||||||
| 4.625%, 05/10/21 | 125 | 142 | 0.05 | |||||||
| 3.20%, 01/25/23 | 875 | 899 | 0.30 | |||||||
| Morgan Stanley, 2.125%, 04/25/18 | 1,030 | 1,033 | 0.34 | |||||||
| Northern Trust Corp., 4.625%, 05/01/14 | 300 | 313 | 0.10 | |||||||
| Regions Financial Corp., 2.00%, 05/15/18 | 500 | 499 | 0.17 | |||||||
| The Goldman Sachs Group, Inc.: | ||||||||||
| 2.375%, 01/22/18 | 510 | 520 | 0.17 | |||||||
| 3.625%, 01/22/23 | 350 | 364 | 0.12 | |||||||
| The Royal Bank of Scotland PLC, 4.375%, 03/16/16 | 1,000 | 1,092 | 0.36 | |||||||
| UBS AG/Stamford CT: | ||||||||||
| 3.875%, 01/15/15 | 275 | 289 | 0.10 | |||||||
| 4.875%, 08/04/20 | 250 | 293 | 0.10 | |||||||
| Wells Fargo & Co., 0.476%, 10/28/151 | 815 | 813 | 0.27 | |||||||
| Wells Fargo & Co., Series I, 3.75%, 10/01/14 | 150 | 157 | 0.05 | |||||||
| ________________________________ | ||||||||||
| 9,097 | 3.04 | |||||||||
| ________________________________ | ||||||||||
| Electric - 2.31% | ||||||||||
| Appalachian Power Co., Series S, 3.40%, 05/24/15 | 250 | 263 | 0.09 | |||||||
| Consumers Energy Co., 5.65%, 09/15/18 | 375 | 457 | 0.15 | |||||||
| Entergy Louisiana LLC, 1.875%, 12/15/14 | 350 | 357 | 0.12 | |||||||
| Midamerican Energy Holdings Co., 5.75%, 04/01/18 | 300 | 362 | 0.12 | |||||||
| Pacific Gas & Electric Co., 2.45%, 08/15/22 | 300 | 300 | 0.10 | |||||||
| Pacificorp, 5.65%, 07/15/18 | 755 | 922 | 0.31 | |||||||
| Progress Energy, Inc., 7.05%, 03/15/19 | 930 | 1,186 | 0.39 | |||||||
Capital Core Bond Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||||
| Bonds & notes—continued | ||||||||||
| Corporate bonds & notes—continued | ||||||||||
| Electric—continued | ||||||||||
| PSEG Power LLC, 2.75%, 09/15/16 | $ | 250 | $ | 260 | 0.09 | % | ||||
| Public Service Co. of Colorado, 3.20%, 11/15/20 | 300 | 328 | 0.11 | |||||||
| Tampa Electric Co., 2.60%, 09/15/22 | 350 | 359 | 0.12 | |||||||
| Teco Finance, Inc.: | ||||||||||
| 6.75%, 05/01/15 | 350 | 385 | 0.13 | |||||||
| 4.00%, 03/15/16 | 390 | 421 | 0.14 | |||||||
| Virginia Electric and Power Co.: | ||||||||||
| 5.40%, 04/30/18 | 621 | 747 | 0.25 | |||||||
| 2.95%, 01/15/22 | 300 | 320 | 0.10 | |||||||
| Wisconsin Electric Power Co., 2.95%, 09/15/21 | 250 | 267 | 0.09 | |||||||
| ________________________________ | ||||||||||
| 6,934 | 2.31 | |||||||||
| ________________________________ | ||||||||||
| Pharmaceuticals - 2.18% | ||||||||||
| AbbVie, Inc., Series 144A, 2.90%, 11/06/222 | 925 | 946 | 0.32 | |||||||
| Cardinal Health, Inc., 3.20%, 03/15/23 | 775 | 790 | 0.26 | |||||||
| Express Scripts Holding Co., 2.65%, 02/15/17 | 250 | 263 | 0.09 | |||||||
| GlaxoSmithKline Capital PLC: | ||||||||||
| 0.75%, 05/08/15 | 440 | 442 | 0.15 | |||||||
| 1.50%, 05/08/17 | 241 | 246 | 0.08 | |||||||
| 2.85%, 05/08/22 | 250 | 260 | 0.09 | |||||||
| Mckesson Corp.: | ||||||||||
| 0.95%, 12/04/15 | 45 | 45 | 0.01 | |||||||
| 3.25%, 03/01/16 | 795 | 850 | 0.28 | |||||||
| Medco Health Solutions, Inc., 4.125%, 09/15/20 | 495 | 546 | 0.18 | |||||||
| Merck & Co., Inc., 1.10%, 01/31/18 | 250 | 252 | 0.08 | |||||||
| Novartis Capital Corp., 2.90%, 04/24/15 | 560 | 587 | 0.20 | |||||||
| Novartis Securities Investment Ltd., 5.125%, 02/10/19 | 300 | 360 | 0.12 | |||||||
| Pfizer, Inc., 6.20%, 03/15/19 | 300 | 378 | 0.13 | |||||||
| Sanofi-Aventis SA, 0.594%, 03/28/141 | 500 | 502 | 0.17 | |||||||
| Teva Pharmaceutical Finance IV LLC, 2.25%, 03/18/20 | 75 | 76 | 0.02 | |||||||
| ________________________________ | ||||||||||
| 6,543 | 2.18 | |||||||||
| ________________________________ | ||||||||||
| REITS - 1.86% | ||||||||||
| American Campus Communities Operating Partnership LP, 3.75%, 04/15/23 | 300 | 316 | 0.11 | |||||||
| AvalonBay Communities, Inc., 2.85%, 03/15/23 | 120 | 120 | 0.04 | |||||||
| ERP Operating LP: | ||||||||||
| 5.25%, 09/15/14 | 300 | 319 | 0.11 | |||||||
| 4.625%, 12/15/21 | 350 | 400 | 0.13 | |||||||
| 3.00%, 04/15/23 | 265 | 268 | 0.09 | |||||||
| Kimco Realty Corp., 5.584%, 11/23/15 | 1,048 | 1,164 | 0.39 | |||||||
| Mack-Cali Realty LP, 2.50%, 12/15/17 | 200 | 204 | 0.07 | |||||||
| Prologis LP: | ||||||||||
| 7.625%, 08/15/14 | 275 | 297 | 0.10 | |||||||
| 6.875%, 03/15/20 | 350 | 434 | 0.14 | |||||||
| Simon Property Group LP: | ||||||||||
| 4.20%, 02/01/15 | 300 | 316 | 0.10 | |||||||
| 5.25%, 12/01/16 | 385 | 439 | 0.15 | |||||||
| WEA Finance LLC / WT Finance Aust Pty Ltd., Series 144A, 3.375%, 10/03/222 | 710 | 735 | 0.24 | |||||||
Capital Core Bond Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||||
| Bonds & notes—continued | ||||||||||
| Corporate bonds & notes—continued | ||||||||||
| REITS—continued | ||||||||||
| WEA Finance LLC, Series 144A, 4.625%, 05/10/212 | $ | 500 | $ | 567 | 0.19 | % | ||||
| ________________________________ | ||||||||||
| 5,579 | 1.86 | |||||||||
| ________________________________ | ||||||||||
| Oil & gas - 1.81% | ||||||||||
| Anadarko Petroleum Corp., 6.375%, 09/15/17 | 750 | 899 | 0.30 | |||||||
| Canadian Natural Resources Ltd., 1.45%, 11/14/14 | 300 | 304 | 0.10 | |||||||
| Cenovus Energy, Inc., 4.50%, 09/15/14 | 300 | 315 | 0.11 | |||||||
| Devon Energy Corp., 3.25%, 05/15/22 | 725 | 746 | 0.25 | |||||||
| Husky Energy, Inc., 7.25%, 12/15/19 | 250 | 323 | 0.11 | |||||||
| Phillips 66, 4.30%, 04/01/22 | 290 | 324 | 0.11 | |||||||
| Shell International Finance BV, 4.00%, 03/21/14 | 350 | 361 | 0.12 | |||||||
| Statoil ASA: | ||||||||||
| 3.125%, 08/17/17 | 300 | 327 | 0.11 | |||||||
| 2.45%, 01/17/23 | 540 | 544 | 0.18 | |||||||
| Total Capital Canada Ltd.: | ||||||||||
| 1.625%, 01/28/14 | 350 | 354 | 0.12 | |||||||
| 2.75%, 07/15/23 | 115 | 117 | 0.04 | |||||||
| Total Capital International SA: | ||||||||||
| 2.875%, 02/17/22 | 230 | 241 | 0.08 | |||||||
| 2.70%, 01/25/23 | 540 | 554 | 0.18 | |||||||
| ________________________________ | ||||||||||
| 5,409 | 1.81 | |||||||||
| ________________________________ | ||||||||||
| Media - 1.61% | ||||||||||
| CBS Corp., 1.95%, 07/01/17 | 200 | 204 | 0.07 | |||||||
| Comcast Corp.: | ||||||||||
| 5.85%, 11/15/15 | 300 | 338 | 0.11 | |||||||
| 5.70%, 05/15/18 | 300 | 365 | 0.12 | |||||||
| NBCUniversal Media LLC, 5.15%, 04/30/20 | 350 | 425 | 0.14 | |||||||
| News America, Inc.: | ||||||||||
| 5.30%, 12/15/14 | 785 | 844 | 0.28 | |||||||
| 4.50%, 02/15/21 | 350 | 403 | 0.13 | |||||||
| The Walt Disney Co.: | ||||||||||
| 4.50%, 12/15/13 | 630 | 647 | 0.22 | |||||||
| 5.50%, 03/15/19 | 300 | 365 | 0.12 | |||||||
| Time Warner Cable, Inc., 3.50%, 02/01/15 | 845 | 883 | 0.30 | |||||||
| Time Warner, Inc., 5.875%, 11/15/16 | 300 | 350 | 0.12 | |||||||
| ________________________________ | ||||||||||
| 4,824 | 1.61 | |||||||||
| ________________________________ | ||||||||||
| Beverages - 1.41% | ||||||||||
| Anheuser-Busch InBev Worldwide, Inc.: | ||||||||||
| 0.637%, 07/14/141 | 585 | 587 | 0.20 | |||||||
| 4.125%, 01/15/15 | 300 | 318 | 0.11 | |||||||
| 1.375%, 07/15/17 | 420 | 426 | 0.14 | |||||||
| Pepsi Co., Inc., 0.875%, 10/25/13 | 500 | 501 | 0.17 | |||||||
| Pernod-Ricard SA, Series 144A, 2.95%, 01/15/172 | 800 | 843 | 0.28 | |||||||
| SABMiller Holdings, Inc., Series 144A:2 | ||||||||||
| 2.45%, 01/15/17 | 245 | 257 | 0.08 | |||||||
| 3.75%, 01/15/22 | 500 | 548 | 0.18 | |||||||
| The Coca-Cola Co.: | ||||||||||
Capital Core Bond Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||||
| Bonds & notes—continued | ||||||||||
| Corporate bonds & notes—continued | ||||||||||
| Beverages—continued | ||||||||||
| 3.625%, 03/15/14 | $ | 375 | $ | 386 | 0.13 | % | ||||
| 1.50%, 11/15/15 | 350 | 359 | 0.12 | |||||||
| _______________________________ | ||||||||||
| 4,225 | 1.41 | |||||||||
| ________________________________ | ||||||||||
| Pipelines - 1.02% | ||||||||||
| Enbridge, Inc., 5.60%, 04/01/17 | 790 | 910 | 0.30 | |||||||
| Enterprise Products Operating LLC: | ||||||||||
| 6.30%, 09/15/17 | 420 | 506 | 0.17 | |||||||
| 3.35%, 03/15/23 | 350 | 366 | 0.12 | |||||||
| Kinder Morgan Energy Partners LP, 3.95%, 09/01/22 | 690 | 749 | 0.25 | |||||||
| TransCanada PipeLines Ltd., 3.40%, 06/01/15 | 190 | 201 | 0.07 | |||||||
| Williams Partners LP, 3.80%, 02/15/15 | 300 | 316 | 0.11 | |||||||
| ________________________________ | ||||||||||
| 3,048 | 1.02 | |||||||||
| ________________________________ | ||||||||||
| Telecommunications - 0.97% | ||||||||||
| AT&T, Inc.: | ||||||||||
| 0.90%, 02/12/16 | 630 | 631 | 0.21 | |||||||
| 2.40%, 08/15/16 | 200 | 209 | 0.07 | |||||||
| Cellco Partnership / Verizon Wireless Capital LLC, 5.55%, 02/01/14 | 490 | 507 | 0.17 | |||||||
| Cisco Systems, Inc., 0.531%, 03/14/141 | 200 | 201 | 0.07 | |||||||
| Deutsche Telekom International Finance BV, Series 144A, 2.25%, 03/06/172 | 500 | 514 | 0.17 | |||||||
| France Telecom SA, 4.375%, 07/08/14 | 300 | 312 | 0.10 | |||||||
| Verizon Communications, Inc., 1.25%, 11/03/14 | 200 | 202 | 0.07 | |||||||
| Vodafone Group PLC, 5.00%, 09/15/15 | 300 | 330 | 0.11 | |||||||
| ________________________________ | ||||||||||
| 2,906 | 0.97 | |||||||||
| ________________________________ | ||||||||||
| Transportation - 0.80% | ||||||||||
| Burlington Northern Santa Fe LLC: | ||||||||||
| 7.00%, 02/01/14 | 600 | 629 | 0.21 | |||||||
| 3.60%, 09/01/20 | 300 | 330 | 0.11 | |||||||
| Canadian National Railway Co.: | ||||||||||
| 4.95%, 01/15/14 | 690 | 712 | 0.24 | |||||||
| 5.55%, 05/15/18 | 50 | 60 | 0.02 | |||||||
| 2.85%, 12/15/21 | 200 | 210 | 0.07 | |||||||
| Union Pacific Corp., 2.75%, 04/15/23 | 450 | 461 | 0.15 | |||||||
| ________________________________ | ||||||||||
| 2,402 | 0.80 | |||||||||
| ________________________________ | ||||||||||
| Miscellaneous manufacturing - 0.79% | ||||||||||
| Danaher Corp., 2.30%, 06/23/16 | 200 | 210 | 0.07 | |||||||
| General Electric Co.: | ||||||||||
| 5.25%, 12/06/17 | 620 | 732 | 0.25 | |||||||
| 2.70%, 10/09/22 | 1,080 | 1,115 | 0.37 | |||||||
| Honeywell International, Inc., 3.875%, 02/15/14 | 300 | 308 | 0.10 | |||||||
| ________________________________ | ||||||||||
| 2,365 | 0.79 | |||||||||
| ________________________________ | ||||||||||
| Healthcare-services - 0.78% | ||||||||||
| Aetna, Inc.: | ||||||||||
| 1.50%, 11/15/17 | 350 | 353 | 0.12 | |||||||
Capital Core Bond Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||||
| Bonds & notes—continued | ||||||||||
| Corporate bonds & notes—continued | ||||||||||
| Healthcare-services—continued | ||||||||||
| 2.75%, 11/15/22 | $ | 655 | $ | 654 | 0.22 | % | ||||
| Howard Hughes Medical Institute, 3.45%, 09/01/14 | 140 | 146 | 0.05 | |||||||
| Humana, Inc., 3.15%, 12/01/22 | 300 | 302 | 0.10 | |||||||
| UnitedHealth Group, Inc.: | ||||||||||
| 1.40%, 10/15/17 | 250 | 253 | 0.08 | |||||||
| 2.75%, 02/15/23 | 285 | 288 | 0.10 | |||||||
| WellPoint, Inc., 4.35%, 08/15/20 | 300 | 339 | 0.11 | |||||||
| ________________________________ | ||||||||||
| 2,335 | 0.78 | |||||||||
| ________________________________ | ||||||||||
| Computers - 0.71% | ||||||||||
| Apple, Inc., 2.40%, 05/03/23 | 1,700 | 1,698 | 0.57 | |||||||
| International Business Machines Corp., 5.70%, 09/14/17 | 350 | 419 | 0.14 | |||||||
| ________________________________ | ||||||||||
| 2,117 | 0.71 | |||||||||
| ________________________________ | ||||||||||
| Chemicals - 0.66% | ||||||||||
| Ecolab, Inc.: | ||||||||||
| 2.375%, 12/08/14 | 730 | 750 | 0.25 | |||||||
| 3.00%, 12/08/16 | 180 | 192 | 0.06 | |||||||
| Ei Du Pont De Nemours & Co., 2.80%, 02/15/23 | 350 | 360 | 0.12 | |||||||
| The Dow Chemical Co., 4.125%, 11/15/21 | 617 | 673 | 0.23 | |||||||
| ________________________________ | ||||||||||
| 1,975 | 0.66 | |||||||||
| ________________________________ | ||||||||||
| Food - 0.64% | ||||||||||
| ConAgra Foods, Inc., 1.90%, 01/25/18 | 350 | 357 | 0.12 | |||||||
| General Mills, Inc., 0.64%, 05/16/141 | 500 | 501 | 0.16 | |||||||
| Kraft Foods Group, Inc., 3.50%, 06/06/22 | 500 | 534 | 0.18 | |||||||
| Kraft Foods, Inc., 5.375%, 02/10/20 | 445 | 533 | 0.18 | |||||||
| ________________________________ | ||||||||||
| 1,925 | 0.64 | |||||||||
| ________________________________ | ||||||||||
| Insurance - 0.62% | ||||||||||
| Berkshire Hathaway, Inc., 0.80%, 02/11/16 | 720 | 726 | 0.24 | |||||||
| QBE Insurance Group Ltd., Series 144A, 2.40%, 05/01/182 | 1,125 | 1,134 | 0.38 | |||||||
| ________________________________ | ||||||||||
| 1,860 | 0.62 | |||||||||
| ________________________________ | ||||||||||
| Diversified financial services - 0.62% | ||||||||||
| General Electric Capital Corp.: | ||||||||||
| 2.30%, 04/27/17 | 250 | 260 | 0.09 | |||||||
| 3.10%, 01/09/23 | 635 | 646 | 0.21 | |||||||
| National Rural Utilities Cooperative Finance Corp., 1.00%, 02/02/15 | 733 | 741 | 0.25 | |||||||
| Woodside Finance Ltd., Series 144A, 4.60%, 05/10/212 | 185 | 210 | 0.07 | |||||||
| ________________________________ | ||||||||||
| 1,857 | 0.62 | |||||||||
| ________________________________ | ||||||||||
| Mining - 0.50% | ||||||||||
| BHP Billiton Finance USA Ltd., 1.625%, 02/24/17 | 510 | 522 | 0.17 | |||||||
| Newcrest Finance Pty Ltd., Series 144A, 4.45%, 11/15/212 | 385 | 402 | 0.13 | |||||||
| Rio Tinto Finance USA Ltd., 2.50%, 05/20/16 | 300 | 314 | 0.11 | |||||||
Capital Core Bond Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | |||||||
| Bonds & notes—continued | ||||||||||
| Corporate bonds & notes—continued | ||||||||||
| Mining—continued | ||||||||||
| Teck Resources Ltd., 3.15%, 01/15/17 | $ | 260 | $ | 273 | 0.09 | % | ||||
| ________________________________ | ||||||||||
| 1,511 | 0.50 | |||||||||
| ________________________________ | ||||||||||
| Retail - 0.50% | ||||||||||
| Dollar General Corp., 3.25%, 04/15/23 | 300 | 301 | 0.10 | |||||||
| Home Depot, Inc., 4.40%, 04/01/21 | 350 | 409 | 0.14 | |||||||
| Target Corp., 6.00%, 01/15/18 | 350 | 429 | 0.14 | |||||||
| Wal-Mart Stores, Inc., 5.80%, 02/15/18 | 300 | 366 | 0.12 | |||||||
| ________________________________ | ||||||||||
| 1,505 | 0.50 | |||||||||
| ________________________________ | ||||||||||
| Biotechnology - 0.45% | ||||||||||
| Amgen, Inc.: | ||||||||||
| 1.875%, 11/15/14 | 250 | 255 | 0.09 | |||||||
| 3.625%, 05/15/22 | 250 | 272 | 0.09 | |||||||
| Gilead Sciences, Inc.: | ||||||||||
| 2.40%, 12/01/14 | 100 | 103 | 0.03 | |||||||
| 3.05%, 12/01/16 | 80 | 86 | 0.03 | |||||||
| 4.40%, 12/01/21 | 550 | 632 | 0.21 | |||||||
| ________________________________ | ||||||||||
| 1,348 | 0.45 | |||||||||
| ________________________________ | ||||||||||
| Aerospace/Defense - 0.32% | ||||||||||
| EADS Finance BV, Series 144A, 2.70%, 04/17/232 | 300 | 303 | 0.10 | |||||||
| Raytheon Co.: | ||||||||||
| 6.75%, 03/15/18 | 5 | 6 | — | |||||||
| 4.40%, 02/15/20 | 15 | 17 | 0.01 | |||||||
| The Boeing Co., 0.95%, 05/15/18 | 350 | 346 | 0.11 | |||||||
| United Technologies Corp., 3.10%, 06/01/22 | 270 | 288 | 0.10 | |||||||
| ________________________________ | ||||||||||
| 960 | 0.32 | |||||||||
| ________________________________ | ||||||||||
| Agriculture - 0.32% | ||||||||||
| Altria Group, Inc.: | ||||||||||
| 2.85%, 08/09/22 | 250 | 250 | 0.09 | |||||||
| 2.95%, 05/02/23 | 700 | 699 | 0.23 | |||||||
| ________________________________ | ||||||||||
| 949 | 0.32 | |||||||||
| ________________________________ | ||||||||||
| Auto Manufacturers - 0.29% | ||||||||||
| Daimler Finance North America LLC, Series 144A, 1.95%, 03/28/142 | 300 | 303 | 0.10 | |||||||
| Toyota Motor Credit Corp., 1.75%, 05/22/17 | 250 | 257 | 0.09 | |||||||
| Volkswagen International Finance NV, Series 144A, 0.894%, 04/01/141,2 | 300 | 301 | 0.10 | |||||||
| ________________________________ | ||||||||||
| 861 | 0.29 | |||||||||
| ________________________________ | ||||||||||
| Cosmetics/Personal Care - 0.27% | ||||||||||
| The Procter & Gamble Co., 1.80%, 11/15/15 | 790 | 816 | 0.27 | |||||||
| ________________________________ | ||||||||||
| 816 | 0.27 | |||||||||
| ________________________________ | ||||||||||
Capital Core Bond Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||
| Bonds & notes—continued | |||||||||
| Corporate bonds & notes—continued | |||||||||
| Environmental Control - 0.25% | |||||||||
| Republic Services, Inc., 5.00%, 03/01/20 | $ | 350 | $ | 407 | 0.14 | % | |||
| Waste Management, Inc., 4.60%, 03/01/21 | 300 | 343 | 0.11 | ||||||
| ________________________________ | |||||||||
| 750 | 0.25 | ||||||||
| ________________________________ | |||||||||
| Software - 0.23% | |||||||||
| Microsoft Corp., 2.375%, 05/01/23 | 450 | 451 | 0.15 | ||||||
| Oracle Corp., 1.20%, 10/15/17 | 250 | 252 | 0.08 | ||||||
| ________________________________ | |||||||||
| 703 | 0.23 | ||||||||
| ________________________________ | |||||||||
| Commercial Services - 0.12% | |||||||||
| Catholic Health Initiatives, 1.60%, 11/01/17 | 350 | 355 | 0.12 | ||||||
| ________________________________ | |||||||||
| 355 | 0.12 | ||||||||
| ________________________________ | |||||||||
| Investment Companies - 0.10% | |||||||||
| BHP Billiton Finance USA Ltd., 1.125%, 11/21/14 | 300 | 304 | 0.10 | ||||||
| ________________________________ | |||||||||
| 304 | 0.10 | ||||||||
| ________________________________ | |||||||||
| Healthcare-products - 0.10% | |||||||||
| Johnson & Johnson, 0.38%, 05/15/141 | 300 | 301 | 0.10 | ||||||
| ________________________________ | |||||||||
| 301 | 0.10 | ||||||||
| ________________________________ | |||||||||
| Advertising - 0.09% | |||||||||
| Omnicom Group, Inc., 3.625%, 05/01/22 | 250 | 260 | 0.09 | ||||||
| ________________________________ | |||||||||
| 260 | 0.09 | ||||||||
| ________________________________ | |||||||||
| Office/Business Equip - 0.09% | |||||||||
| Xerox Corp., 2.95%, 03/15/17 | 250 | 259 | 0.09 | ||||||
| ________________________________ | |||||||||
| 259 | 0.09 | ||||||||
| ________________________________ | |||||||||
| Internet - 0.08% | |||||||||
| Google, Inc., 1.25%, 05/19/14 | 250 | 253 | 0.08 | ||||||
| ________________________________ | |||||||||
| 253 | 0.08 | ||||||||
| ________________________________ | |||||||||
| Iron/Steel - 0.03% | |||||||||
| Cliffs Natural Resources, Inc., 4.875%, 04/01/21 | 75 | 76 | 0.03 | ||||||
| ________________________________ | |||||||||
| 76 | 0.03 | ||||||||
| ________________________________ | |||||||||
| Gas - 0.02% | |||||||||
| National Grid PLC, 6.30%, 08/01/16 | 55 | 64 | 0.02 | ||||||
| ________________________________ | |||||||||
| 64 | 0.02 | ||||||||
| ________________________________ | |||||||||
| Total corporate bonds & notes | 76,676 | 25.59 | |||||||
| ________________________________ | |||||||||
Capital Core Bond Fund Schedule of Investments at April 30, 2013 (unaudited) | Principal amount (000) | Market value (000) | Percent of net assets | ||||||||||
| Bonds & notes—continued | |||||||||||||
| Municipals - 2.78% | |||||||||||||
| County of Harris, Highway Rev. Tolls Ref. Bonds, 1.061%, 08/15/16 | $ | 1,000 | $ | 1,002 | 0.33 | % | |||||||
| Hurricane Catastrophe Fund Fin. Corp., Misc. Rev. Bonds, Series A, 2.995%, 07/01/20 | 3,000 | 3,024 | 1.01 | ||||||||||
| New Jersey Trans. Trust Fund Auth., Appropriations Rev. Ref. Bonds, Series B: | |||||||||||||
| 1.087%, 12/15/16 | 2,350 | 2,357 | 0.79 | ||||||||||
| 1.758%, 12/15/18 | 350 | 352 | 0.12 | ||||||||||
| State of Illinois, G.O. Pension Fndg. Prop. Tax Bonds, 4.026%, 03/01/14 | 740 | 758 | 0.25 | ||||||||||
| State of Illinois, G.O. School Imps. Misc. Rev. Bonds, 4.422%, 04/01/15 | 300 | 318 | 0.11 | ||||||||||
| Univ. of Texas System, College & Univ. Rev. Ref. Bonds, Series D, 2.616%, 08/15/15 | 500 | 523 | 0.17 | ||||||||||
| ________________________________ | |||||||||||||
| Total municipals | 8,334 | 2.78 | |||||||||||
| ________________________________ | |||||||||||||
| Government & government agency bonds & notes outside the U.S. - 0.06% | |||||||||||||
| European Investment Bank, 3.125%, 06/04/14 | 160 | 165 | 0.06 | ||||||||||
| ________________________________ | |||||||||||||
| Total government & government agency bonds & notes outside the U.S. | 165 | 0.06 | |||||||||||
| ________________________________ | |||||||||||||
| Asset-backed obligations - 0.83% | |||||||||||||
| AEP Texas Central Transition Fndg. LLC, 5.09%, 07/01/17 | 75 | 79 | 0.03 | ||||||||||
| Avis Budget Rental Car Funding AESOP LLC, Series 144A, 1.92%, 09/20/192 | 1,000 | 1,018 | 0.34 | ||||||||||
| Hertz Vehicle Financing LLC, Series 144A, 1.12%, 08/25/172 | 1,350 | 1,357 | 0.45 | ||||||||||
| Honda Auto Receivables Owner Trust, 1.34%, 03/18/14 | 31 | 31 | 0.01 | ||||||||||
| ________________________________ | |||||||||||||
| Total asset-backed obligations | 2,485 | 0.83 | |||||||||||
| ________________________________ | |||||||||||||
| Total bonds & notes (cost: $283,929,990) | 292,580 | 97.64 | |||||||||||
| ________________________________ | |||||||||||||
| Short-term securities - 13.01% | |||||||||||||
| Abbot Laboratories, 0.12%, 05/07/133 | 4,000 | 4,000 | 1.34 | ||||||||||
| Federal Farm Credit, 0.01%, 05/01/133 | 4,400 | 4,400 | 1.47 | ||||||||||
| Federal Home Loan Bank:3 | |||||||||||||
| 0.39%, 05/15/13 | 14,000 | 13,998 | 4.67 | ||||||||||
| 0.084%, 06/19/13 | 2,900 | 2,900 | 0.97 | ||||||||||
| Federal Home Loan Mortgage Corp., 0.088%, 07/15/133 | 4,000 | 4,000 | 1.33 | ||||||||||
| John Deere Credit Ltd., 0.10%, 05/10/133 | 4,000 | 4,000 | 1.33 | ||||||||||
| National Rural Utilities Cooperative Finance Corp., 0.13%, 05/06/133 | 3,600 | 3,600 | 1.20 | ||||||||||
| Paccar Financial Corp., 0.10%, 05/10/133 | 1,000 | 1,000 | 0.33 | ||||||||||
| Private Export Fndg., 0.26%, 06/18/133 | 1,100 | 1,099 | 0.37 | ||||||||||
| ________________________________ | |||||||||||||
| Total Short-term securities (cost: $38,996,159) | 38,997 | 13.01 | |||||||||||
| ________________________________ | |||||||||||||
| Total investment securities (cost: $322,926,149) | 331,577 | 110.65 | |||||||||||
| Other assets less liabilities | (31,908) | (10.65) | |||||||||||
| ________________________________ | |||||||||||||
| Net assets | $ | 299,669 | 100.00 | % | |||||||||
| ________________________________ | |||||||||||||
| ________________________________ | |||||||||||||
| 1 | Indicates a variable rate security. The interest rate shown reflects the rate in effect at April 30, 2013. | ||||||||||||
| 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, 2013, the aggregate market value of these securities amounted to $11,716,327, representing 3.91% of net assets. | |||
| 3 | Zero coupon bond; interest rate represents current yield to maturity. | |||
| Key to abbreviations | ||||
| Co. | = Company | |||
| Corp. | = Corporation | |||
| Fndg. | = Funding | |||
| G.O. | = General Obligation | |||
| Imps. | = Improvements | |||
| Inc. | = Incorporated | |||
| Ltd. | = Limited | |||
| Misc. | = Miscellaneous | |||
| Prop. | = Property | |||
| Ref. | = Refunding | |||
| REITS | = Real Estate Investment Trusts | |||
| Rev. | = Revenue | |||
| TBA | = To be announced | |||
| Univ. | = University | |||
Capital Global Equity Fund Schedule of Investments at April 30, 2013 (unaudited) | Shares | Market value (000) | Percent of net assets | ||||||
| Common Stocks - 97.35% | |||||||||
| Information Technology - 16.78% | |||||||||
| Google, Inc., Class A1 | 7,935 | $ | 6,543 | 2.07 | % | ||||
| Keyence Corp. | 12,800 | 4,063 | 1.28 | ||||||
| International Business Machines Corp. | 18,750 | 3,798 | 1.20 | ||||||
| Apple, Inc. | 6,000 | 2,656 | 0.84 | ||||||
| Hitachi Ltd. | 409,000 | 2,614 | 0.83 | ||||||
| Broadcom Corp., Class A | 72,100 | 2,596 | 0.82 | ||||||
| Oracle Corp. | 74,500 | 2,442 | 0.77 | ||||||
| Verisign, Inc.1 | 52,200 | 2,405 | 0.76 | ||||||
| ASML Holding NV | 30,127 | 2,245 | 0.71 | ||||||
| Samsung Electronics Co. Ltd. (GDR) | 5,673 | 2,242 | 0.71 | ||||||
| Jack Henry & Associates, Inc. | 43,600 | 2,023 | 0.64 | ||||||
| Gemalto NV | 24,255 | 1,985 | 0.63 | ||||||
| Jabil Circuit, Inc. | 106,900 | 1,903 | 0.60 | ||||||
| Murata Manufacturing Co. Ltd. | 22,600 | 1,841 | 0.58 | ||||||
| Hamamatsu Photonics K.K. | 43,400 | 1,786 | 0.56 | ||||||
| Trend Micro, Inc. | 60,200 | 1,688 | 0.53 | ||||||
| Visa, Inc., Class A | 10,000 | 1,685 | 0.53 | ||||||
| QUALCOMM, Inc. | 22,000 | 1,356 | 0.43 | ||||||
| Genpact Ltd. | 70,000 | 1,302 | 0.41 | ||||||
| Microsoft Corp. | 38,600 | 1,278 | 0.40 | ||||||
| Texas Instruments, Inc. | 35,300 | 1,278 | 0.40 | ||||||
| TE Connectivity Ltd. | 18,900 | 823 | 0.26 | ||||||
| SAP AG | 8,514 | 677 | 0.21 | ||||||
| National Instruments Corp. | 24,700 | 675 | 0.21 | ||||||
| Accenture PLC, Class A | 7,900 | 643 | 0.20 | ||||||
| KLA-Tencor Corp. | 11,800 | 640 | 0.20 | ||||||
| ________________________________ | |||||||||
| 53,187 | 16.78 | ||||||||
| ________________________________ | |||||||||
| Financials - 15.94% | |||||||||
| HSBC Holdings PLC | 425,345 | 4,660 | 1.47 | ||||||
| The Goldman Sachs Group, Inc. | 27,700 | 4,046 | 1.28 | ||||||
| DBS Group Holdings Ltd. | 269,157 | 3,666 | 1.16 | ||||||
| AIA Group Ltd. | 794,400 | 3,532 | 1.11 | ||||||
| Sampo OYJ, Class A | 87,347 | 3,492 | 1.10 | ||||||
| Standard Chartered PLC | 134,878 | 3,396 | 1.07 | ||||||
| CME Group, Inc. | 51,800 | 3,153 | 0.99 | ||||||
| ICICI Bank Ltd. (ADR) | 59,900 | 2,805 | 0.88 | ||||||
| American Tower Corp. | 32,600 | 2,738 | 0.86 | ||||||
| JPMorgan Chase & Co. | 54,100 | 2,651 | 0.84 | ||||||
| BlackRock, Inc. | 9,600 | 2,558 | 0.81 | ||||||
| BNP Paribas | 42,624 | 2,377 | 0.75 | ||||||
| Marsh & McLennan Cos., Inc. | 48,000 | 1,825 | 0.58 | ||||||
| Sumitomo Mitsui Trust Holdings, Inc. | 271,000 | 1,362 | 0.43 | ||||||
| Swire Properties Ltd. | 377,400 | 1,345 | 0.42 | ||||||
| Bank of China Ltd., Class H | 2,654,000 | 1,253 | 0.40 | ||||||
| The Progressive Corp. | 48,500 | 1,227 | 0.39 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 23,100 | 1,094 | 0.34 | ||||||
| The Charles Schwab Corp. | 44,000 | 746 | 0.24 | ||||||
| Barclays PLC | 140,800 | 626 | 0.20 | ||||||
| Ace Ltd. | 6,900 | 615 | 0.19 | ||||||
| BOC Hong Kong Holdings Ltd. | 171,500 | 592 | 0.19 | ||||||
| Aon PLC | 9,600 | 579 | 0.18 | ||||||
_________
Capital Global Equity Fund Schedule of Investments at April 30, 2013 (unaudited) | Shares | Market value (000) | Percent of net assets | |||||||
| Common Stocks—continued | ||||||||||
| Financials—continued | ||||||||||
| Sun Hung Kai Properties Ltd. | 13,000 | $ | 190 | 0.06 | % | |||||
| ________________________________ | ||||||||||
| 50,528 | 15.94 | |||||||||
| ________________________________ | ||||||||||
| Health Care - 14.23% | ||||||||||
| Gilead Sciences, Inc.1 | 180,100 | 9,120 | 2.88 | |||||||
| Seattle Genetics, Inc.1 | 167,200 | 6,178 | 1.95 | |||||||
| Bristol-Myers Squibb Co. | 119,100 | 4,731 | 1.49 | |||||||
| Express Scripts Holding Co.1 | 63,500 | 3,770 | 1.19 | |||||||
| Allergan, Inc. | 26,800 | 3,043 | 0.96 | |||||||
| Bayer AG | 27,834 | 2,905 | 0.92 | |||||||
| Novartis AG | 37,370 | 2,779 | 0.88 | |||||||
| Cerner Corp.1 | 23,100 | 2,235 | 0.70 | |||||||
| Essilor International SA | 16,200 | 1,827 | 0.58 | |||||||
| Novo Nordisk A/S, Class B | 9,925 | 1,742 | 0.55 | |||||||
| Roche Holding AG | 6,816 | 1,706 | 0.54 | |||||||
| Sysmex Corp. | 23,300 | 1,503 | 0.47 | |||||||
| UnitedHealth Group, Inc. | 18,200 | 1,091 | 0.34 | |||||||
| Ironwood Pharmaceuticals, Inc.1 | 54,500 | 829 | 0.26 | |||||||
| Agilent Technologies, Inc. | 17,500 | 725 | 0.23 | |||||||
| Sonova Holding AG1 | 5,833 | 635 | 0.20 | |||||||
| DaVita, Inc.1 | 2,400 | 285 | 0.09 | |||||||
| ________________________________ | ||||||||||
| 45,104 | 14.23 | |||||||||
| ________________________________ | ||||||||||
| Consumer Discretionary - 13.45% | ||||||||||
| Comcast Corp., Class A | 103,200 | 4,262 | 1.34 | |||||||
| The Home Depot, Inc. | 48,800 | 3,579 | 1.13 | |||||||
| Newell Rubbermaid, Inc. | 127,700 | 3,364 | 1.06 | |||||||
| Coach, Inc. | 56,900 | 3,349 | 1.06 | |||||||
| Tiffany & Co. | 44,100 | 3,249 | 1.03 | |||||||
| Compagnie Financiere Richemont SA, Class A | 39,143 | 3,172 | 1.00 | |||||||
| Bayerische Motoren Werke AG | 27,241 | 2,513 | 0.79 | |||||||
| SES SA | 75,508 | 2,360 | 0.74 | |||||||
| Sirius XM Radio, Inc. | 612,200 | 1,990 | 0.63 | |||||||
| Scripps Networks Interactive, Inc., Class A | 29,300 | 1,951 | 0.62 | |||||||
| Target Corp. | 26,400 | 1,863 | 0.59 | |||||||
| Signet Jewelers Ltd. | 26,800 | 1,842 | 0.58 | |||||||
| Hennes & Mauritz AB, Class B | 48,665 | 1,723 | 0.54 | |||||||
| Carnival Corp. | 49,200 | 1,698 | 0.54 | |||||||
| Starbucks Corp. | 18,500 | 1,126 | 0.36 | |||||||
| Whitbread PLC | 23,800 | 946 | 0.30 | |||||||
| Denso Corp. | 19,400 | 870 | 0.27 | |||||||
| Time Warner Cable, Inc. | 8,600 | 807 | 0.25 | |||||||
| NIKE, Inc., Class B | 10,600 | 674 | 0.21 | |||||||
| The Walt Disney Co. | 8,600 | 540 | 0.17 | |||||||
| Nordstrom, Inc. | 9,300 | 526 | 0.17 | |||||||
| Genting Singapore PLC | 180,000 | 226 | 0.07 | |||||||
| The New York Times Co., Class A1 | 1,100 | 10 | — | |||||||
| ________________________________ | ||||||||||
| 42,640 | 13.45 | |||||||||
| ________________________________ | ||||||||||
| Industrials - 11.09% | ||||||||||
| Eaton Corp. PLC | 62,500 | 3,838 | 1.21 | |||||||
Capital Global Equity Fund Schedule of Investments at April 30, 2013 (unaudited) | Shares | Market value (000) | Percent of net assets | |||||||
| Common Stocks—continued | ||||||||||
| Industrials—continued | ||||||||||
| SMC Corp. | 15,500 | $ | 3,120 | 0.98 | % | |||||
| Schneider Electric SA | 40,652 | 3,108 | 0.98 | |||||||
| United Technologies Corp. | 32,000 | 2,921 | 0.92 | |||||||
| Nielsen Holdings NV | 79,900 | 2,766 | 0.87 | |||||||
| Caterpillar, Inc. | 26,200 | 2,218 | 0.70 | |||||||
| Cae, Inc. | 204,900 | 2,215 | 0.70 | |||||||
| Danaher Corp. | 35,400 | 2,157 | 0.68 | |||||||
| Norfolk Southern Corp. | 27,700 | 2,145 | 0.68 | |||||||
| Assa Abloy AB, Class B | 47,164 | 1,883 | 0.59 | |||||||
| Iron Mountain, Inc. | 45,555 | 1,725 | 0.54 | |||||||
| FANUC Corp. | 11,100 | 1,677 | 0.53 | |||||||
| The Boeing Co. | 12,000 | 1,097 | 0.35 | |||||||
| Republic Services, Inc. | 26,600 | 907 | 0.29 | |||||||
| Emerson Electric Co. | 13,700 | 760 | 0.24 | |||||||
| General Electric Co. | 33,000 | 736 | 0.23 | |||||||
| Union Pacific Corp. | 4,700 | 695 | 0.22 | |||||||
| IDEX Corp. | 12,000 | 624 | 0.20 | |||||||
| Illinois Tool Works, Inc. | 3,700 | 239 | 0.08 | |||||||
| 3M Co. | 1,600 | 168 | 0.05 | |||||||
| FedEx Corp. | 1,600 | 150 | 0.05 | |||||||
| Andritz AG | 61 | 4 | — | |||||||
| ________________________________ | ||||||||||
| 35,153 | 11.09 | |||||||||
| ________________________________ | ||||||||||
| Energy - 8.31% | ||||||||||
| Schlumberger Ltd. | 58,200 | 4,332 | 1.37 | |||||||
| Noble Energy, Inc. | 33,200 | 3,761 | 1.19 | |||||||
| Halliburton Co. | 86,900 | 3,717 | 1.17 | |||||||
| Cenovus Energy, Inc. | 106,800 | 3,197 | 1.01 | |||||||
| Ensco PLC, Class A | 41,400 | 2,388 | 0.75 | |||||||
| Chevron Corp. | 16,950 | 2,068 | 0.65 | |||||||
| Seadrill Ltd. | 42,058 | 1,618 | 0.51 | |||||||
| BG Group PLC | 79,600 | 1,343 | 0.43 | |||||||
| Royal Dutch Shell PLC (ADR) | 17,900 | 1,217 | 0.38 | |||||||
| Kinder Morgan, Inc. | 30,800 | 1,204 | 0.38 | |||||||
| Dril-quip, Inc.1 | 9,600 | 804 | 0.25 | |||||||
| Cobalt International Energy, Inc.1 | 24,600 | 687 | 0.22 | |||||||
| ________________________________ | ||||||||||
| 26,336 | 8.31 | |||||||||
| ________________________________ | ||||||||||
| Consumer Staples - 7.89% | ||||||||||
| Pernod-Ricard SA | 29,566 | 3,662 | 1.15 | |||||||
| Nestle SA | 46,128 | 3,296 | 1.04 | |||||||
| Diageo PLC | 87,600 | 2,673 | 0.84 | |||||||
| Beam, Inc. | 37,500 | 2,427 | 0.77 | |||||||
| Danone SA | 29,722 | 2,271 | 0.72 | |||||||
| Unilever PLC | 41,800 | 1,813 | 0.57 | |||||||
| Coca-Cola Amatil Ltd. | 108,229 | 1,700 | 0.54 | |||||||
| Ajinomoto Co., Inc. | 123,000 | 1,690 | 0.53 | |||||||
| Philip Morris International, Inc. | 15,600 | 1,491 | 0.47 | |||||||
| Imperial Tobacco Group PLC | 40,027 | 1,431 | 0.45 | |||||||
| L'Oreal SA | 6,929 | 1,236 | 0.39 | |||||||
| Reckitt Benckiser Group PLC | 10,800 | 789 | 0.25 | |||||||
Capital Global Equity Fund Schedule of Investments at April 30, 2013 (unaudited) | Shares | Market value (000) | Percent of net assets | ||||||||
| Common Stocks—continued | |||||||||||
| Consumer Staples—continued | |||||||||||
| Nestle SA (ADR) | 7,600 | $ | 541 | 0.17 | % | ||||||
| ________________________________ | |||||||||||
| 25,020 | 7.89 | ||||||||||
| ________________________________ | |||||||||||
| Materials - 6.87% | |||||||||||
| Monsanto Co. | 36,300 | 3,878 | 1.22 | ||||||||
| Air Liquide SA | 21,636 | 2,744 | 0.87 | ||||||||
| The Mosaic Co. | 43,000 | 2,648 | 0.83 | ||||||||
| Linde AG | 9,611 | 1,818 | 0.57 | ||||||||
| Air Products & Chemicals, Inc. | 19,100 | 1,661 | 0.52 | ||||||||
| Ecolab, Inc. | 17,200 | 1,455 | 0.46 | ||||||||
| BHP Billiton Ltd. | 37,439 | 1,262 | 0.40 | ||||||||
| Syngenta AG | 2,927 | 1,253 | 0.40 | ||||||||
| Rio Tinto PLC | 24,700 | 1,121 | 0.35 | ||||||||
| Allegheny Technologies, Inc. | 38,400 | 1,036 | 0.33 | ||||||||
| Koninklijke DSM NV | 13,798 | 890 | 0.28 | ||||||||
| The Dow Chemical Co. | 21,400 | 726 | 0.23 | ||||||||
| First Quantum Minerals Ltd. | 36,593 | 639 | 0.20 | ||||||||
| Nucor Corp. | 9,200 | 401 | 0.13 | ||||||||
| Barrick Gold Corp. | 12,200 | 240 | 0.08 | ||||||||
| ________________________________ | |||||||||||
| 21,772 | 6.87 | ||||||||||
| ________________________________ | |||||||||||
| Telecommunication Services - 1.91% | |||||||||||
| Softbank Corp. | 69,400 | 3,441 | 1.09 | ||||||||
| Singapore Telecommunications Ltd. | 526,000 | 1,679 | 0.52 | ||||||||
| Swisscom AG | 1,388 | 654 | 0.21 | ||||||||
| Oi SA (ADR) | 119,429 | 288 | 0.09 | ||||||||
| ________________________________ | |||||||||||
| 6,062 | 1.91 | ||||||||||
| ________________________________ | |||||||||||
| Utilities - 0.88% | |||||||||||
| National Grid PLC | 148,100 | 1,887 | 0.59 | ||||||||
| Hong Kong & China Gas Co. Ltd. | 300,780 | 908 | 0.29 | ||||||||
| ________________________________ | |||||||||||
| 2,795 | 0.88 | ||||||||||
| ________________________________ | |||||||||||
| Total Common Stocks (cost: $260,049,894) | 308,597 | 97.35 | |||||||||
| ________________________________ | |||||||||||
| Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
| Short-term securities - 3.15% | |||||||||||
| BHP Billiton Finance USA Ltd., 0.13%, 05/07/132 | $ | 3,000 | 3,000 | 0.94 | |||||||
| Chevron Corp., 0.103%, 05/02/132 | 700 | 700 | 0.22 | ||||||||
| Federal Home Loan Bank, 0.065%, 06/19/132 | 1,300 | 1,300 | 0.41 | ||||||||
| Total Final Elf Capital, 0.01%, 05/01/132 | 5,000 | 5,000 | 1.58 | ||||||||
| ________________________________ | |||||||||||
| Total Short-term securities (cost: $9,999,818) | 10,000 | 3.15 | |||||||||
| ________________________________ | |||||||||||
| Total investment securities (cost: $270,049,712) | 318,597 | 100.50 | |||||||||
| Other assets less liabilities | (1,598) | (0.50) | |||||||||
| ________________________________ | |||||||||||
| Net assets | $ | 316,999 | 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, 2013 (unaudited) | Shares | Market value (000) | Percent of net assets | ||||||
| Common Stocks - 90.77% | |||||||||
| Financials - 17.49% | |||||||||
| AIA Group Ltd. | 3,219,800 | $ | 14,315 | 2.53 | % | ||||
| HSBC Holdings PLC | 1,262,628 | 13,834 | 2.45 | ||||||
| DBS Group Holdings Ltd. | 880,286 | 11,991 | 2.12 | ||||||
| Sampo OYJ, Class A | 271,450 | 10,854 | 1.92 | ||||||
| Standard Chartered PLC | 323,083 | 8,134 | 1.44 | ||||||
| BNP Paribas | 106,170 | 5,920 | 1.05 | ||||||
| ICICI Bank Ltd. (ADR) | 120,100 | 5,623 | 0.99 | ||||||
| Swire Properties Ltd. | 1,316,400 | 4,692 | 0.83 | ||||||
| Sumitomo Mitsui Trust Holdings, Inc. | 901,000 | 4,528 | 0.80 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 93,000 | 4,403 | 0.78 | ||||||
| Svenska Handelsbanken AB, A Shares | 91,322 | 4,150 | 0.73 | ||||||
| Bank of China Ltd., Class H | 7,580,000 | 3,579 | 0.63 | ||||||
| Australia & New Zealand Banking Group Ltd. | 106,179 | 3,509 | 0.62 | ||||||
| Barclays PLC | 426,200 | 1,895 | 0.34 | ||||||
| Banco Bradesco SA (ADR) | 87,940 | 1,459 | 0.26 | ||||||
| ________________________________ | |||||||||
| 98,886 | 17.49 | ||||||||
| ________________________________ | |||||||||
| Consumer Staples - 13.39% | |||||||||
| Nestle SA | 163,786 | 11,704 | 2.07 | ||||||
| Pernod-Ricard SA | 93,731 | 11,608 | 2.05 | ||||||
| Diageo PLC | 292,900 | 8,937 | 1.58 | ||||||
| Unilever PLC | 186,800 | 8,099 | 1.43 | ||||||
| Coca-Cola Amatil Ltd. | 498,990 | 7,836 | 1.39 | ||||||
| Danone SA | 98,571 | 7,532 | 1.33 | ||||||
| L'Oreal SA | 40,361 | 7,201 | 1.28 | ||||||
| Ajinomoto Co., Inc. | 403,000 | 5,538 | 0.98 | ||||||
| Imperial Tobacco Group PLC | 107,908 | 3,859 | 0.68 | ||||||
| Reckitt Benckiser Group PLC | 37,900 | 2,769 | 0.49 | ||||||
| Nestle SA (ADR) | 8,700 | 620 | 0.11 | ||||||
| ________________________________ | |||||||||
| 75,703 | 13.39 | ||||||||
| ________________________________ | |||||||||
| Information Technology - 12.75% | |||||||||
| Keyence Corp. | 35,000 | 11,109 | 1.96 | ||||||
| Murata Manufacturing Co. Ltd. | 131,100 | 10,679 | 1.89 | ||||||
| Hitachi Ltd. | 1,616,000 | 10,330 | 1.83 | ||||||
| ASML Holding NV | 111,640 | 8,321 | 1.47 | ||||||
| Samsung Electronics Co. Ltd. (GDR) | 21,043 | 8,317 | 1.47 | ||||||
| Hamamatsu Photonics K.K. | 170,400 | 7,011 | 1.24 | ||||||
| Gemalto NV | 85,250 | 6,977 | 1.23 | ||||||
| Trend Micro, Inc. | 186,500 | 5,231 | 0.93 | ||||||
| SAP AG | 51,885 | 4,123 | 0.73 | ||||||
| ________________________________ | |||||||||
| 72,098 | 12.75 | ||||||||
| ________________________________ | |||||||||
| Industrials - 10.83% | |||||||||
| Assa Abloy AB, Class B | 371,476 | 14,827 | 2.62 | ||||||
| Schneider Electric SA | 153,285 | 11,719 | 2.07 | ||||||
| SMC Corp. | 48,800 | 9,823 | 1.74 | ||||||
| FANUC Corp. | 55,200 | 8,339 | 1.48 | ||||||
| Cae, Inc. | 593,100 | 6,411 | 1.13 | ||||||
| Andritz AG | 94,479 | 6,167 | 1.09 | ||||||
| Marubeni Corp. | 336,000 | 2,407 | 0.43 | ||||||
Capital Non-U.S. Equity Fund Schedule of Investments at April 30, 2013 (unaudited) | Shares | Market value (000) | Percent of net assets | |||||||
| Common Stocks—continued | ||||||||||
| Industrials—continued | ||||||||||
| FirstGroup PLC | 472,000 | $ | 1,550 | 0.27 | % | |||||
| ________________________________ | ||||||||||
| 61,243 | 10.83 | |||||||||
| ________________________________ | ||||||||||
| Consumer Discretionary - 9.87% | ||||||||||
| SES SA | 414,904 | 12,966 | 2.29 | |||||||
| Compagnie Financiere Richemont SA, Class A | 153,690 | 12,454 | 2.20 | |||||||
| Bayerische Motoren Werke AG | 77,094 | 7,113 | 1.26 | |||||||
| Inditex SA | 30,359 | 4,082 | 0.72 | |||||||
| LVMH Moet Hennessy Louis Vuitton SA | 22,911 | 3,979 | 0.71 | |||||||
| Hennes & Mauritz AB, Class B | 103,648 | 3,670 | 0.65 | |||||||
| Carnival PLC | 83,000 | 2,994 | 0.53 | |||||||
| Denso Corp. | 66,000 | 2,961 | 0.52 | |||||||
| Wolters Kluwer NV | 132,760 | 2,941 | 0.52 | |||||||
| Whitbread PLC | 67,100 | 2,667 | 0.47 | |||||||
| ________________________________ | ||||||||||
| 55,827 | 9.87 | |||||||||
| ________________________________ | ||||||||||
| Health Care - 9.61% | ||||||||||
| Roche Holding AG | 50,281 | 12,588 | 2.23 | |||||||
| Novo Nordisk A/S, Class B | 61,526 | 10,800 | 1.91 | |||||||
| Novartis AG | 135,549 | 10,078 | 1.78 | |||||||
| Bayer AG | 86,657 | 9,043 | 1.60 | |||||||
| Essilor International SA | 61,691 | 6,959 | 1.23 | |||||||
| Sysmex Corp. | 73,900 | 4,766 | 0.84 | |||||||
| Novartis AG (ADR) | 1,300 | 96 | 0.02 | |||||||
| ________________________________ | ||||||||||
| 54,330 | 9.61 | |||||||||
| ________________________________ | ||||||||||
| Materials - 7.13% | ||||||||||
| Syngenta AG | 29,665 | 12,703 | 2.25 | |||||||
| Koninklijke DSM NV | 119,295 | 7,690 | 1.36 | |||||||
| Air Liquide SA | 48,498 | 6,150 | 1.09 | |||||||
| Linde AG | 30,058 | 5,685 | 1.00 | |||||||
| BHP Billiton Ltd. | 119,159 | 4,017 | 0.71 | |||||||
| First Quantum Minerals Ltd. | 166,483 | 2,907 | 0.51 | |||||||
| Rio Tinto PLC | 26,100 | 1,184 | 0.21 | |||||||
| ________________________________ | ||||||||||
| 40,336 | 7.13 | |||||||||
| ________________________________ | ||||||||||
| Energy - 4.36% | ||||||||||
| Seadrill Ltd. | 234,391 | 9,017 | 1.59 | |||||||
| Cenovus Energy, Inc. | 223,100 | 6,677 | 1.18 | |||||||
| BG Group PLC | 350,100 | 5,909 | 1.05 | |||||||
| Royal Dutch Shell PLC, Class A (ADR) | 45,000 | 3,059 | 0.54 | |||||||
| ________________________________ | ||||||||||
| 24,662 | 4.36 | |||||||||
| ________________________________ | ||||||||||
| Telecommunication Services - 3.37% | ||||||||||
| Softbank Corp. | 235,900 | 11,695 | 2.07 | |||||||
| Swisscom AG | 6,172 | 2,908 | 0.51 | |||||||
| Singapore Telecommunications Ltd. | 1,207,000 | 3,850 | 0.68 | |||||||
Capital Non-U.S. Equity Fund Schedule of Investments at April 30, 2013 (unaudited) | Shares | Market value (000) | Percent of net assets | ||||||||||||
| Common Stocks—continued | |||||||||||||||
| Telecommunication Services—continued | |||||||||||||||
| Oi SA (ADR) | 262,200 | $ | 631 | 0.11 | % | ||||||||||
| ________________________________ | |||||||||||||||
| 19,084 | 3.37 | ||||||||||||||
| ________________________________ | |||||||||||||||
| Utilities - 1.97% | |||||||||||||||
| National Grid PLC | 553,400 | 7,053 | 1.25 | ||||||||||||
| Hong Kong & China Gas Co. Ltd. | 1,354,693 | 4,088 | 0.72 | ||||||||||||
| ________________________________ | |||||||||||||||
| 11,141 | 1.97 | ||||||||||||||
| ________________________________ | |||||||||||||||
| Total Common Stocks (cost: $458,209,599) | 513,310 | 90.77 | |||||||||||||
| ________________________________ | |||||||||||||||
| Principal amount (000) | Market value (000) | Percent of net assets | |||||||||||||
| Short-term securities - 8.84% | |||||||||||||||
| Chevron Corp., 0.06%, 05/06/131 | $ | 8,100 | 8,100 | 1.43 | |||||||||||
| Federal Farm Credit, 0.70%, 05/02/131 | 5,000 | 5,000 | 0.89 | ||||||||||||
| Federal Home Loan Mortgage Corp., 0.13%, 05/20/131 | 3,500 | 3,500 | 0.62 | ||||||||||||
| National Rural Utilities Cooperative Finance Corp.:1 | |||||||||||||||
| 0.15%, 05/14/13 | 5,000 | 5,000 | 0.88 | ||||||||||||
| 0.14%, 05/02/13 | 3,000 | 3,000 | 0.53 | ||||||||||||
| Private Export Funding Corp., 0.26%, 06/18/131 | 4,500 | 4,498 | 0.80 | ||||||||||||
| TotalFinaElf S.A., 0.01%, 05/01/131 | 12,600 | 12,600 | 2.23 | ||||||||||||
| University of California, 0.15%, 05/07/131 | 8,273 | 8,273 | 1.46 | ||||||||||||
| ________________________________ | |||||||||||||||
| Total Short-term securities (cost: $49,970,633) | 49,971 | 8.84 | |||||||||||||
| ________________________________ | |||||||||||||||
| Total investment securities (cost: $508,180,232) | 563,281 | 99.61 | |||||||||||||
| Other assets less liabilities | 2,210 | 0.39 | |||||||||||||
| ________________________________ | |||||||||||||||
| Net assets | $ | 565,491 | 100.00 | % | |||||||||||
| ________________________________ | |||||||||||||||
| ________________________________ | |||||||||||||||
| 1 | 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, 2013 (unaudited) | Shares | Market value (000) | Percent of net assets | ||||||
| Common Stocks - 97.08% | |||||||||
| Consumer Discretionary - 17.59% | |||||||||
| Comcast Corp., Class A | 86,800 | $ | 3,585 | 2.64 | % | ||||
| The Home Depot, Inc. | 39,800 | 2,919 | 2.15 | ||||||
| Tiffany & Co. | 34,500 | 2,542 | 1.87 | ||||||
| Newell Rubbermaid, Inc. | 94,900 | 2,500 | 1.84 | ||||||
| Coach, Inc. | 41,200 | 2,425 | 1.78 | ||||||
| Target Corp. | 27,800 | 1,961 | 1.44 | ||||||
| Carnival Corp. | 56,800 | 1,960 | 1.44 | ||||||
| Scripps Networks Interactive, Inc., Class A | 19,400 | 1,292 | 0.95 | ||||||
| Signet Jewelers Ltd. | 17,500 | 1,203 | 0.89 | ||||||
| NIKE, Inc., Class B | 14,700 | 935 | 0.69 | ||||||
| Sirius Xm Radio, Inc. | 247,000 | 803 | 0.59 | ||||||
| The Walt Disney Co. | 8,500 | 534 | 0.39 | ||||||
| Darden Restaurants, Inc. | 9,400 | 485 | 0.36 | ||||||
| Starbucks Corp. | 7,800 | 474 | 0.35 | ||||||
| Time Warner Cable, Inc. | 3,000 | 282 | 0.21 | ||||||
| ________________________________ | |||||||||
| 23,900 | 17.59 | ||||||||
| ________________________________ | |||||||||
| Information Technology - 15.35% | |||||||||
| International Business Machines Corp. | 11,550 | 2,339 | 1.72 | ||||||
| Jack Henry & Associates, Inc. | 47,900 | 2,223 | 1.63 | ||||||
| Google, Inc., Class A1 | 2,625 | 2,165 | 1.59 | ||||||
| Apple, Inc. | 3,990 | 1,767 | 1.30 | ||||||
| Broadcom Corp., Class A | 49,000 | 1,764 | 1.30 | ||||||
| Verisign, Inc.1 | 32,700 | 1,506 | 1.11 | ||||||
| QUALCOMM, Inc. | 20,500 | 1,263 | 0.93 | ||||||
| Jabil Circuit, Inc. | 70,750 | 1,259 | 0.93 | ||||||
| Texas Instruments, Inc. | 33,800 | 1,224 | 0.90 | ||||||
| Microsoft Corp. | 34,800 | 1,152 | 0.85 | ||||||
| Oracle Corp. | 32,200 | 1,056 | 0.78 | ||||||
| Accenture PLC, Class A | 11,925 | 971 | 0.71 | ||||||
| Visa, Inc., Class A | 5,000 | 842 | 0.62 | ||||||
| TE Connectivity Ltd. | 15,400 | 671 | 0.49 | ||||||
| Genpact Ltd. | 35,500 | 660 | 0.49 | ||||||
| ________________________________ | |||||||||
| 20,862 | 15.35 | ||||||||
| ________________________________ | |||||||||
| Health Care - 14.36% | |||||||||
| Gilead Sciences, Inc.1 | 81,700 | 4,137 | 3.04 | ||||||
| Bristol-Myers Squibb Co. | 81,700 | 3,245 | 2.39 | ||||||
| Express Scripts Holding Co.1 | 44,100 | 2,618 | 1.93 | ||||||
| Seattle Genetics, Inc.1 | 59,100 | 2,184 | 1.61 | ||||||
| Allergan, Inc. | 17,700 | 2,010 | 1.48 | ||||||
| Cerner Corp.1 | 14,700 | 1,423 | 1.05 | ||||||
| Centene Corp.1 | 22,200 | 1,026 | 0.75 | ||||||
| Novo Nordisk A/S (ADR) | 4,100 | 724 | 0.53 | ||||||
| Ironwood Pharmaceuticals, Inc.1 | 46,700 | 710 | 0.52 | ||||||
| UnitedHealth Group, Inc. | 9,700 | 581 | 0.43 | ||||||
| Pfizer, Inc. | 17,900 | 520 | 0.38 | ||||||
| Agilent Technologies, Inc. | 8,200 | 340 | 0.25 | ||||||
| ________________________________ | |||||||||
| 19,518 | 14.36 | ||||||||
| ________________________________ | |||||||||
Capital U.S. Equity Fund Schedule of Investments at April 30, 2013 (unaudited) | Shares | Market value (000) | Percent of net assets | |||||||
| Common Stocks—continued | ||||||||||
| Industrials - 14.29% | ||||||||||
| Eaton Corp. PLC | 43,800 | $ | 2,690 | 1.98 | % | |||||
| Norfolk Southern Corp. | 31,600 | 2,446 | 1.80 | |||||||
| United Technologies Corp. | 26,000 | 2,374 | 1.75 | |||||||
| Danaher Corp. | 37,050 | 2,258 | 1.66 | |||||||
| Iron Mountain, Inc. | 55,539 | 2,103 | 1.55 | |||||||
| Nielsen Holdings NV | 46,100 | 1,596 | 1.17 | |||||||
| Caterpillar, Inc. | 15,800 | 1,338 | 0.98 | |||||||
| Cae, Inc. | 91,000 | 985 | 0.73 | |||||||
| Republic Services, Inc. | 21,700 | 739 | 0.54 | |||||||
| General Electric Co. | 31,100 | 693 | 0.51 | |||||||
| Union Pacific Corp. | 4,500 | 666 | 0.49 | |||||||
| The Boeing Co. | 6,800 | 622 | 0.46 | |||||||
| Emerson Electric Co. | 10,500 | 583 | 0.43 | |||||||
| IDEX Corp. | 6,300 | 328 | 0.24 | |||||||
| ________________________________ | ||||||||||
| 19,421 | 14.29 | |||||||||
| ________________________________ | ||||||||||
| Energy - 12.83% | ||||||||||
| Schlumberger Ltd. | 35,300 | 2,627 | 1.93 | |||||||
| Cenovus Energy, Inc. | 75,800 | 2,270 | 1.67 | |||||||
| Halliburton Co. | 48,600 | 2,079 | 1.53 | |||||||
| Chevron Corp. | 16,500 | 2,013 | 1.48 | |||||||
| Noble Energy, Inc. | 16,600 | 1,881 | 1.38 | |||||||
| Royal Dutch Shell PLC (ADR) | 21,400 | 1,455 | 1.07 | |||||||
| Ensco PLC, Class A | 24,900 | 1,436 | 1.06 | |||||||
| Kinder Morgan, Inc. | 22,400 | 876 | 0.65 | |||||||
| Dril-quip, Inc.1 | 10,300 | 862 | 0.63 | |||||||
| Conocophillips | 11,400 | 689 | 0.51 | |||||||
| Cobalt International Energy, Inc.1 | 24,200 | 676 | 0.50 | |||||||
| EOG Resources, Inc. | 4,700 | 569 | 0.42 | |||||||
| ________________________________ | ||||||||||
| 17,433 | 12.83 | |||||||||
| ________________________________ | ||||||||||
| Financials - 10.92% | ||||||||||
| The Goldman Sachs Group, Inc. | 16,100 | 2,352 | 1.73 | |||||||
| American Tower Corp. | 25,900 | 2,175 | 1.60 | |||||||
| BB&T Corp. | 67,500 | 2,077 | 1.53 | |||||||
| JPMorgan Chase & Co. | 39,200 | 1,921 | 1.41 | |||||||
| CME Group, Inc. | 30,550 | 1,859 | 1.37 | |||||||
| Marsh & McLennan Cos., Inc. | 38,600 | 1,467 | 1.08 | |||||||
| BlackRock, Inc. | 5,150 | 1,373 | 1.01 | |||||||
| Ace Ltd. | 10,500 | 936 | 0.69 | |||||||
| Aon PLC | 6,800 | 410 | 0.30 | |||||||
| The Progressive Corp. | 10,500 | 266 | 0.20 | |||||||
| ________________________________ | ||||||||||
| 14,836 | 10.92 | |||||||||
| ________________________________ | ||||||||||
| Materials - 7.35% | ||||||||||
| Monsanto Co. | 27,300 | 2,916 | 2.15 | |||||||
| Air Products & Chemicals, Inc. | 19,625 | 1,707 | 1.26 | |||||||
| The Mosaic Co. | 23,200 | 1,429 | 1.05 | |||||||
| Ecolab, Inc. | 13,000 | 1,100 | 0.81 | |||||||
| Allegheny Technologies, Inc. | 33,300 | 898 | 0.66 | |||||||
| Nucor Corp. | 13,700 | 598 | 0.44 | |||||||
Capital U.S. Equity Fund Schedule of Investments at April 30, 2013 (unaudited) | Shares | Market value (000) | Percent of net assets | |||||||||||
| Common Stocks—continued | ||||||||||||||
| Materials—continued | ||||||||||||||
| The Dow Chemical Co. | 17,000 | $ | 576 | 0.42 | % | |||||||||
| Barrick Gold Corp. | 23,500 | 463 | 0.34 | |||||||||||
| Rio Tinto PLC (ADR) | 6,600 | 304 | 0.22 | |||||||||||
| ________________________________ | ||||||||||||||
| 9,991 | 7.35 | |||||||||||||
| ________________________________ | ||||||||||||||
| Consumer Staples - 3.83% | ||||||||||||||
| Beam, Inc. | 27,000 | 1,747 | 1.29 | |||||||||||
| Nestle SA (ADR) | 19,600 | 1,396 | 1.03 | |||||||||||
| Philip Morris International, Inc. | 9,700 | 927 | 0.68 | |||||||||||
| The Procter & Gamble Co. | 5,300 | 407 | 0.30 | |||||||||||
| Diageo PLC (ADR) | 3,000 | 367 | 0.27 | |||||||||||
| PepsiCo, Inc. | 4,300 | 355 | 0.26 | |||||||||||
| ________________________________ | ||||||||||||||
| 5,199 | 3.83 | |||||||||||||
| ________________________________ | ||||||||||||||
| Utilities - 0.56% | ||||||||||||||
| National Grid PLC (ADR) | 12,000 | 765 | 0.56 | |||||||||||
| ________________________________ | ||||||||||||||
| 765 | 0.56 | |||||||||||||
| ________________________________ | ||||||||||||||
| Total Common Stocks (cost: $108,531,933) | 131,925 | 97.08 | ||||||||||||
| ________________________________ | ||||||||||||||
| Principal amount (000) | Market value (000) | Percent of net assets | ||||||||||||
| Short-term securities - 2.13% | ||||||||||||||
| National Rural Utilities Cooperative Finance Corp., 0.13%, 05/06/132 | $ | 700 | 700 | 0.51 | ||||||||||
| NetJets, Inc., 0.01%, 05/01/132 | 2,200 | 2,200 | 1.62 | |||||||||||
| ________________________________ | ||||||||||||||
| Total Short-term securities (cost: $2,899,987) | 2,900 | 2.13 | ||||||||||||
| ________________________________ | ||||||||||||||
| Total investment securities (cost: $111,431,920) | 134,825 | 99.21 | ||||||||||||
| Other assets less liabilities | 1,072 | 0.79 | ||||||||||||
| ________________________________ | ||||||||||||||
| Net assets | $ | 135,897 | 100.00 | % | ||||||||||
| ________________________________ | ||||||||||||||
| ________________________________ | ||||||||||||||
| 1 | Non-income producing security. | |||||||||||||
| 2 | Zero coupon bond; interest rate represents current yield to maturity. | |||||||||||||
| ADR | - American Depositary Receipts | |||||||||||||
| Capital Core Municipal Fund | ||||||||||
| Statement of assets and liabilities | ||||||||||
| at April 30, 2013 (unaudited) | (dollars and shares in thousands) (except per share amounts) | |||||||||
| Assets: | ||||||||||
| Investment securities, at value (cost: $286,013) | $ | 300,634 | ||||||||
| Short-term investments, at value (cost: $20,130) | 20,130 | |||||||||
| Cash | 73 | |||||||||
| Receivables for: | ||||||||||
| Sales of investments | – | |||||||||
| Sales of fund's shares | 188 | |||||||||
| Interest | 3,688 | |||||||||
| Reimbursement from investment adviser | 1 | |||||||||
| Prepaid expenses | 3 | |||||||||
| 3,880 | ||||||||||
| Total assets | 324,717 | |||||||||
| Liabilities: | ||||||||||
| Payables for: | ||||||||||
| Purchases of investments | 4,330 | |||||||||
| Repurchases of fund's shares | 1,675 | |||||||||
| Investment advisory services | 91 | |||||||||
| Other accrued expenses | 45 | |||||||||
| Total liabilities | 6,141 | |||||||||
| Net assets at April 30, 2013: | $ | 318,576 | ||||||||
| Net assets consist of: | ||||||||||
| Capital paid in on shares of beneficial interest | $ | 303,261 | ||||||||
| Distributions in excess of net investment income | (–) | 1 | ||||||||
| Accumulated net realized gain | 694 | |||||||||
| Net unrealized appreciation | 14,621 | |||||||||
| Net assets at April 30, 2013 | $ | 318,576 | ||||||||
| Shares outstanding: | 29,850 | |||||||||
| Net asset value per share: | $ | 10.67 | ||||||||
| 1 | Amount rounds to less than $1,000. | |||||||||
| Capital Short-Term Municipal Fund | ||||||||||
| Statement of assets and liabilities | ||||||||||
| at April 30, 2013 (unaudited) | (dollars and shares in thousands) (except per share amounts) | |||||||||
| Assets: | ||||||||||
| Investment securities, at value (cost: $114,097) | $ | 116,888 | ||||||||
| Short-term investments, at value (cost: $7,800) | 7,800 | |||||||||
| Cash | 140 | |||||||||
| Receivables for: | ||||||||||
| Sales of investments | – | |||||||||
| Sales of fund's shares | 71 | |||||||||
| Interest | 1,384 | |||||||||
| Reimbursement from investment adviser | 4 | |||||||||
| Prepaid expenses | 3 | |||||||||
| 1,462 | ||||||||||
| Total assets | 126,290 | |||||||||
| Liabilities: | ||||||||||
| Payables for: | ||||||||||
| Purchases of investments | 2,969 | |||||||||
| Repurchases of fund's shares | 630 | |||||||||
| Investment advisory services | 35 | |||||||||
| Other accrued expenses | 34 | |||||||||
| Total liabilities | 3,668 | |||||||||
| Net assets at April 30, 2013: | $ | 122,622 | ||||||||
| Net assets consist of: | ||||||||||
| Capital paid in on shares of beneficial interest | $ | 119,621 | ||||||||
| Distributions in excess of net investment income | (–) | 1 | ||||||||
| Accumulated net realized gain | 210 | |||||||||
| Net unrealized appreciation | 2,791 | |||||||||
| Net assets at April 30, 2013 | $ | 122,622 | ||||||||
| Shares outstanding: | 11,947 | |||||||||
| Net asset value per share: | $ | 10.26 | ||||||||
| 1 | Amount rounds to less than $1,000. | |||||||||
| Capital California Core Municipal Fund | ||||||||||
| Statement of assets and liabilities | ||||||||||
| at April 30, 2013 (unaudited) | (dollars and shares in thousands) (except per share amounts) | |||||||||
| Assets: | ||||||||||
| Investment securities, at value (cost: $207,558) | $ | 217,392 | ||||||||
| Short-term investments, at value (cost: $27,200) | 27,200 | |||||||||
| Cash | 61 | |||||||||
| Receivables for: | ||||||||||
| Sales of investments | – | |||||||||
| Sales of fund's shares | – | |||||||||
| Interest | 2,365 | |||||||||
| Reimbursement from investment adviser | 2 | |||||||||
| Prepaid expenses | 4 | |||||||||
| 2,371 | ||||||||||
| Total assets | 247,024 | |||||||||
| Liabilities: | ||||||||||
| Payables for: | ||||||||||
| Purchases of investments | 2,493 | |||||||||
| Repurchases of fund's shares | 405 | |||||||||
| Investment advisory services | 69 | |||||||||
| Other accrued expenses | 38 | |||||||||
| Total liabilities | 3,005 | |||||||||
| Net assets at April 30, 2013: | $ | 244,019 | ||||||||
| Net assets consist of: | ||||||||||
| Capital paid in on shares of beneficial interest | $ | 234,208 | ||||||||
| Distributions in excess of net investment income | (–) | 1 | ||||||||
| Accumulated net realized loss | (23) | |||||||||
| Net unrealized appreciation | 9,834 | |||||||||
| Net assets at April 30, 2013 | $ | 244,019 | ||||||||
| Shares outstanding: | 22,905 | |||||||||
| Net asset value per share: | $ | 10.65 | ||||||||
| 1 | Amount rounds to less than $1,000. | |||||||||
| Capital California Short-Term Municipal Fund | ||||||||||
| Statement of assets and liabilities | ||||||||||
| at April 30, 2013 (unaudited) | (dollars and shares in thousands) (except per share amounts) | |||||||||
| Assets: | ||||||||||
| Investment securities, at value (cost: $89,739) | $ | 91,803 | ||||||||
| Short-term investments, at value (cost: $16,673) | 16,673 | |||||||||
| Cash | 67 | |||||||||
| Receivables for: | ||||||||||
| Sales of investments | – | |||||||||
| Sales of fund's shares | – | 1 | ||||||||
| Interest | 957 | |||||||||
| Reimbursement from investment adviser | 4 | |||||||||
| Prepaid expenses | 3 | |||||||||
| 964 | ||||||||||
| Total assets | 109,507 | |||||||||
| Liabilities: | ||||||||||
| Payables for: | ||||||||||
| Purchases of investments | 996 | |||||||||
| Repurchases of fund's shares | – | |||||||||
| Investment advisory services | 31 | |||||||||
| Other accrued expenses | 31 | |||||||||
| Total liabilities | 1,058 | |||||||||
| Net assets at April 30, 2013: | $ | 108,449 | ||||||||
| Net assets consist of: | ||||||||||
| Capital paid in on shares of beneficial interest | $ | 106,364 | ||||||||
| Distributions in excess of net investment income | (–) | 1 | ||||||||
| Accumulated net realized gain | 21 | |||||||||
| Net unrealized appreciation | 2,064 | |||||||||
| Net assets at April 30, 2013 | $ | 108,449 | ||||||||
| Shares outstanding: | 10,501 | |||||||||
| Net asset value per share: | $ | 10.33 | ||||||||
| 1 | Amount rounds to less than $1,000. | |||||||||
| Capital Core Bond Fund | ||||||||||
| Statement of assets and liabilities | ||||||||||
| at April 30, 2013 (unaudited) | (dollars and shares in thousands) (except per share amounts) | |||||||||
| Assets: | ||||||||||
| Investment securities, at value (cost: $283,930) | $ | 292,580 | ||||||||
| Short-term investments, at value (cost: $38,996) | 38,997 | |||||||||
| Cash | 38 | |||||||||
| Receivables for: | ||||||||||
| Sales of investments | 22,230 | |||||||||
| Sales of fund's shares | – | |||||||||
| Interest | 1,603 | |||||||||
| Reimbursement from investment adviser | 1 | |||||||||
| Prepaid expenses | 3 | |||||||||
| 23,837 | ||||||||||
| Total assets | 355,452 | |||||||||
| Liabilities: | ||||||||||
| Payables for: | ||||||||||
| Purchases of investments | 55,065 | |||||||||
| Repurchases of fund's shares | 589 | |||||||||
| Investment advisory services | 86 | |||||||||
| Other accrued expenses | 43 | |||||||||
| Total liabilities | 55,783 | |||||||||
| Net assets at April 30, 2013: | $ | 299,669 | ||||||||
| Net assets consist of: | ||||||||||
| Capital paid in on shares of beneficial interest | $ | 289,215 | ||||||||
| Distributions in excess of net investment income | (–) | 1 | ||||||||
| Accumulated net realized gain | 1,803 | |||||||||
| Net unrealized appreciation | 8,651 | |||||||||
| Net assets at April 30, 2013 | $ | 299,669 | ||||||||
| Shares outstanding: | 28,637 | |||||||||
| Net asset value per share: | $ | 10.46 | ||||||||
| 1 | Amount rounds to less than $1,000. | |||||||||
| Capital Global Equity Fund | ||||||||||
| Statement of assets and liabilities | ||||||||||
| at April 30, 2013 (unaudited) | (dollars and shares in thousands) (except per share amounts) | |||||||||
| Assets: | ||||||||||
| Investment securities, at value (cost: $260,050) | $ | 308,597 | ||||||||
| Short-term investments, at value (cost: $10,000) | 10,000 | |||||||||
| Cash | 11 | |||||||||
| Foreign currency, at value (cost: $151) | 151 | |||||||||
| Receivables for: | ||||||||||
| Sales of investments | 1,055 | |||||||||
| Sales of fund's shares | 75 | |||||||||
| Dividends | 675 | |||||||||
| Reimbursement from investment adviser | 1 | |||||||||
| Prepaid expenses | – | 1 | ||||||||
| 1,806 | ||||||||||
| Total assets | 320,565 | |||||||||
| Liabilities: | ||||||||||
| Payables for: | ||||||||||
| Purchases of investments | 2,346 | |||||||||
| Repurchases of fund's shares | 1,004 | |||||||||
| Unified fees | 215 | |||||||||
| Other accrued expenses | 1 | |||||||||
| Total liabilities | 3,566 | |||||||||
| Net assets at April 30, 2013: | $ | 316,999 | ||||||||
| Net assets consist of: | ||||||||||
| Capital paid in on shares of beneficial interest | $ | 275,603 | ||||||||
| Accumulated undistributed net investment income | 1,190 | |||||||||
| Accumulated net realized loss | (8,340) | |||||||||
| Net unrealized appreciation | 48,546 | |||||||||
| Net assets at April 30, 2013 | $ | 316,999 | ||||||||
| Shares outstanding: | 28,074 | |||||||||
| Net asset value per share: | $ | 11.29 | ||||||||
| 1 | Amount rounds to less than $1,000. | |||||||||
| Capital Non-U.S. Equity Fund | ||||||||||
| Statement of assets and liabilities | ||||||||||
| at April 30, 2013 (unaudited) | (dollars and shares in thousands) (except per share amounts) | |||||||||
| Assets: | ||||||||||
| Investment securities, at value (cost: $458,209) | $ | 513,310 | ||||||||
| Short-term investments, at value (cost: $49,971) | 49,971 | |||||||||
| Cash | 41 | |||||||||
| Foreign currency, at value (cost: $604) | 607 | |||||||||
| Receivables for: | ||||||||||
| Sales of investments | 517 | |||||||||
| Sales of fund's shares | 4,672 | |||||||||
| Dividends | 2,051 | |||||||||
| Reimbursement from investment adviser | 1 | |||||||||
| Prepaid expenses | – | 1 | ||||||||
| 7,241 | ||||||||||
| Total assets | 571,170 | |||||||||
| Liabilities: | ||||||||||
| Payables for: | ||||||||||
| Purchases of investments | 4,733 | |||||||||
| Repurchases of fund's shares | 574 | |||||||||
| Unified fees | 371 | |||||||||
| Other accrued expenses | 1 | |||||||||
| Total liabilities | 5,679 | |||||||||
| Net assets at April 30, 2013: | $ | 565,491 | ||||||||
| Net assets consist of: | ||||||||||
| Capital paid in on shares of beneficial interest | $ | 515,794 | ||||||||
| Accumulated undistributed net investment income | 3,791 | |||||||||
| Accumulated net realized loss | (9,197) | |||||||||
| Net unrealized appreciation | 55,103 | |||||||||
| Net assets at April 30, 2013 | $ | 565,491 | ||||||||
| Shares outstanding: | 52,101 | |||||||||
| Net asset value per share: | $ | 10.85 | ||||||||
| 1 | Amount rounds to less than $1,000. | |||||||||
| Capital U.S. Equity Fund | ||||||||||
| Statement of assets and liabilities | ||||||||||
| at April 30, 2013 (unaudited) | (dollars and shares in thousands) (except per share amounts) | |||||||||
| Assets: | ||||||||||
| Investment securities, at value (cost: $108,532) | $ | 131,925 | ||||||||
| Short-term investments, at value (cost: $2,900) | 2,900 | |||||||||
| Cash | 39 | |||||||||
| Receivables for: | ||||||||||
| Sales of investments | 1,309 | |||||||||
| Sales of fund's shares | 39 | |||||||||
| Dividends | 159 | |||||||||
| Reimbursement from investment adviser | 1 | |||||||||
| Prepaid expenses | – | 1 | ||||||||
| 1,508 | ||||||||||
| Total assets | 136,372 | |||||||||
| Liabilities: | ||||||||||
| Payables for: | ||||||||||
| Purchases of investments | 390 | |||||||||
| Repurchases of fund's shares | 11 | |||||||||
| Unified fees | 73 | |||||||||
| Other accrued expenses | 1 | |||||||||
| Total liabilities | 475 | |||||||||
| Net assets at April 30, 2013: | $ | 135,897 | ||||||||
| Net assets consist of: | ||||||||||
| Capital paid in on shares of beneficial interest | $ | 111,278 | ||||||||
| Accumulated undistributed net investment income | 139 | |||||||||
| Accumulated net realized gain | 1,087 | |||||||||
| Net unrealized appreciation | 23,393 | |||||||||
| Net assets at April 30, 2013 | $ | 135,897 | ||||||||
| Shares outstanding: | 8,154 | |||||||||
| Net asset value per share: | $ | 16.67 | ||||||||
| 1 | Amount rounds to less than $1,000. | |||||||||
| Capital Core Municipal Fund | |||||||||
| Statement of operations | |||||||||
| for the six months ended April 30, 2013 (unaudited) | (dollars in thousands) | ||||||||
| Investment income: | |||||||||
| Income: | |||||||||
| Interest | $ | 3,630 | |||||||
| Fees and expenses: | |||||||||
| Investment advisory services | 528 | ||||||||
| Administrative and accounting services | 44 | ||||||||
| Registration fees | 9 | ||||||||
| Audit and tax fees | 19 | ||||||||
| Transfer agent services | 6 | ||||||||
| Trustees' compensation | 6 | ||||||||
| Other | 5 | ||||||||
| Total fees and expenses | 617 | ||||||||
| Reimbursement of fees | (14) | ||||||||
| Net fees and expenses | 603 | ||||||||
| Net investment income | 3,027 | ||||||||
| Net realized gain and unrealized appreciation on investments: | |||||||||
| Net realized gain on investments | 770 | ||||||||
| Net unrealized appreciation on investments | 207 | ||||||||
| Net realized gain and unrealized appreciation on investments | 977 | ||||||||
| Net increase in net assets resulting from operations | $ | 4,004 | |||||||
| Capital Short-Term Municipal Fund | |||||||||
| Statement of operations | |||||||||
| for the six months ended April 30, 2013 (unaudited) | (dollars in thousands) | ||||||||
| Investment income: | |||||||||
| Income: | |||||||||
| Interest | $ | 1,108 | |||||||
| Fees and expenses: | |||||||||
| Investment advisory services | 211 | ||||||||
| Administrative and accounting services | 18 | ||||||||
| Registration fees | 9 | ||||||||
| Audit and tax fees | 19 | ||||||||
| Transfer agent services | 6 | ||||||||
| Trustees' compensation | 6 | ||||||||
| Other | 3 | ||||||||
| Total fees and expenses | 272 | ||||||||
| Reimbursement of fees | (30) | ||||||||
| Net fees and expenses | 242 | ||||||||
| Net investment income | 866 | ||||||||
| Net realized gain and unrealized depreciation on investments: | |||||||||
| Net realized gain on investments | 210 | ||||||||
| Net unrealized depreciation on investments | (350) | ||||||||
| Net realized gain and unrealized depreciation on investments | (140) | ||||||||
| Net increase in net assets resulting from operations | $ | 726 | |||||||
| Capital California Core Municipal Fund | |||||||||
| Statement of operations | |||||||||
| for the six months ended April 30, 2013 (unaudited) | (dollars in thousands) | ||||||||
| Investment income: | |||||||||
| Income: | |||||||||
| Interest | $ | 2,582 | |||||||
| Fees and expenses: | |||||||||
| Investment advisory services | 391 | ||||||||
| Administrative and accounting services | 33 | ||||||||
| Registration fees | 3 | ||||||||
| Audit and tax fees | 19 | ||||||||
| Transfer agent services | 6 | ||||||||
| Trustees' compensation | 6 | ||||||||
| Other | 4 | ||||||||
| Total fees and expenses | 462 | ||||||||
| Reimbursement of fees | (14) | ||||||||
| Net fees and expenses | 448 | ||||||||
| Net investment income | 2,134 | ||||||||
| Net realized loss and unrealized appreciation on investments: | |||||||||
| Net realized loss on investments | (23) | ||||||||
| Net unrealized appreciation on investments | 1,115 | ||||||||
| Net realized loss and unrealized appreciation on investments | 1,092 | ||||||||
| Net increase in net assets resulting from operations | $ | 3,226 | |||||||
| Capital California Short-Term Municipal Fund | |||||||||
| Statement of operations | |||||||||
| for the six months ended April 30, 2013 (unaudited) | (dollars in thousands) | ||||||||
| Investment income: | |||||||||
| Income: | |||||||||
| Interest | $ | 724 | |||||||
| Fees and expenses: | |||||||||
| Investment advisory services | 190 | ||||||||
| Administrative and accounting services | 16 | ||||||||
| Registration fees | 2 | ||||||||
| Audit and tax fees | 19 | ||||||||
| Transfer agent services | 6 | ||||||||
| Trustees' compensation | 6 | ||||||||
| Other | 2 | ||||||||
| Total fees and expenses | 241 | ||||||||
| Reimbursement of fees | (24) | ||||||||
| Net fees and expenses | 217 | ||||||||
| Net investment income | 507 | ||||||||
| Net realized gain and unrealized appreciation on investments: | |||||||||
| Net realized gain on investments | 21 | ||||||||
| Net unrealized appreciation on investments | 78 | ||||||||
| Net realized gain and unrealized appreciation on investments | 99 | ||||||||
| Net increase in net assets resulting from operations | $ | 606 | |||||||
| Capital Core Bond Fund | |||||||||
| Statement of operations | |||||||||
| for the six months ended April 30, 2013 (unaudited) | (dollars in thousands) | ||||||||
| Investment income: | |||||||||
| Income: | |||||||||
| Interest | $ | 2,639 | |||||||
| Fees and expenses: | |||||||||
| Investment advisory services | 516 | ||||||||
| Administrative and accounting services | 44 | ||||||||
| Registration fees | 9 | ||||||||
| Audit and tax fees | 19 | ||||||||
| Transfer agent services | 6 | ||||||||
| Trustees' compensation | 6 | ||||||||
| Other | 5 | ||||||||
| Total fees and expenses | 605 | ||||||||
| Reimbursement of fees | (15) | ||||||||
| Net fees and expenses | 590 | ||||||||
| Net investment income | 2,049 | ||||||||
| Net realized gain and unrealized depreciation on investments: | |||||||||
| Net realized gain on investments | 1,815 | ||||||||
| Net unrealized depreciation on investments | (1,626) | ||||||||
| Net realized gain and unrealized depreciation on investments | 189 | ||||||||
| Net increase in net assets resulting from operations | $ | 2,238 | |||||||
| Capital Global Equity Fund | ||||||||||
| Statement of operations | ||||||||||
| for the six months ended April 30, 2013 (unaudited) | (dollars in thousands) | |||||||||
| Investment income: | ||||||||||
| Income: | ||||||||||
| Dividends (net of non-U.S. taxes of $134) | $ | 2,644 | ||||||||
| Interest | 8 | 2,652 | ||||||||
| Fees and expenses: | ||||||||||
| Unified fees | 1,076 | |||||||||
| Trustees' compensation | 6 | |||||||||
| Legal fees | 1 | |||||||||
| Other | – | 1 | ||||||||
| Total fees and expenses | 1,083 | |||||||||
| Reimbursement of fees | (8) | |||||||||
| Net fees and expenses | 1,075 | |||||||||
| Net investment income | 1,577 | |||||||||
| Net realized gain (loss) and unrealized appreciation on investments and currency: | ||||||||||
| Net realized gain on investments | 43 | |||||||||
| Net realized loss on currency | (39) | |||||||||
| Net unrealized appreciation on investments | 32,916 | |||||||||
| Net unrealized appreciation on currency translations | – | 1 | ||||||||
| Net realized gain and unrealized appreciation on investments and currency | 32,920 | |||||||||
| Net increase in net assets resulting from operations | $ | 34,497 | ||||||||
| 1 | Amount rounds to less than $1,000. | |||||||||
| Capital Non-U.S. Equity Fund | ||||||||||
| Statement of operations | ||||||||||
| for the six months ended April 30, 2013 (unaudited) | (dollars in thousands) | |||||||||
| Investment income: | ||||||||||
| Income: | ||||||||||
| Dividends (net of non-U.S. taxes of $576) | $ | 5,760 | ||||||||
| Interest | 28 | 5,788 | ||||||||
| Fees and expenses: | ||||||||||
| Unified fees | 1,703 | |||||||||
| Trustees' compensation | 6 | |||||||||
| Legal fees | 1 | |||||||||
| Other | – | 1 | ||||||||
| Total fees and expenses | 1,710 | |||||||||
| Reimbursement of fees | (7) | |||||||||
| Net fees and expenses | 1,703 | |||||||||
| Net investment income | 4,085 | |||||||||
| Net realized loss and unrealized appreciation on investments and currency: | ||||||||||
| Net realized loss on investments | (4,351) | |||||||||
| Net realized loss on currency | (43) | |||||||||
| Net unrealized appreciation on investments | 46,182 | |||||||||
| Net unrealized appreciation on currency translations | 10 | |||||||||
| Net realized loss and unrealized appreciation on investments and currency | 41,798 | |||||||||
| Net increase in net assets resulting from operations | $ | 45,883 | ||||||||
| 1 | Amount rounds to less than $1,000. | |||||||||
| Capital U.S. Equity Fund | ||||||||||
| Statement of operations | ||||||||||
| for the six months ended April 30, 2013 (unaudited) | (dollars in thousands) | |||||||||
| Investment income: | ||||||||||
| Income: | ||||||||||
| Dividends (net of non-U.S. taxes of $23) | $ | 1,179 | ||||||||
| Interest | 3 | 1,182 | ||||||||
| Fees and expenses: | ||||||||||
| Unified fees | 387 | |||||||||
| Trustees' compensation | 6 | |||||||||
| Legal fees | 1 | |||||||||
| Other | – | 1 | ||||||||
| Total fees and expenses | 394 | |||||||||
| Reimbursement of fees | (8) | |||||||||
| Net fees and expenses | 386 | |||||||||
| Net investment income | 796 | |||||||||
| Net realized gain (loss) and unrealized appreciation on investments and currency: | ||||||||||
| Net realized gain on investments | 1,475 | |||||||||
| Net realized loss on currency | (–) | 1 | ||||||||
| Net unrealized appreciation on investments | 13,523 | |||||||||
| Net realized gain and unrealized appreciation on investments and currency | 14,998 | |||||||||
| Net increase in net assets resulting from operations | $ | 15,794 | ||||||||
| 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 4/30/131 | For the year ended 10/31/12 | ||||||||
| Operations: | |||||||||
| Net investment income | $ | 3,027 | $ | 5,671 | |||||
| Net realized gain on investments | 770 | 539 | |||||||
| Net unrealized appreciation on investments | 207 | 8,690 | |||||||
| Net increase in net assets resulting from operations | 4,004 | 14,900 | |||||||
| Dividends and distributions to shareholders: | |||||||||
| Dividends from net investment income | (3,026) | (5,673) | |||||||
| Distributions from capital gain | – | – | |||||||
| Total dividends and distributions | (3,026) | (5,673) | |||||||
| Net capital share transactions | 25,305 | 33,520 | |||||||
| Total increase in net assets | 26,283 | 42,747 | |||||||
| Net assets: | |||||||||
| Beginning of period | 292,293 | 249,546 | |||||||
| End of period (including distributions in excess of net investment income: $(-)2 and $(1), respectively.) | $ | 318,576 | $ | 292,293 | |||||
| 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 4/30/131 | For the year ended 10/31/12 | ||||||||
| Operations: | |||||||||
| Net investment income | $ | 866 | $ | 1,803 | |||||
| Net realized gain on investments | 210 | 503 | |||||||
| Net unrealized appreciation (depreciation) on investments | (350) | 1,282 | |||||||
| Net increase in net assets resulting from operations | 726 | 3,588 | |||||||
| Dividends and distributions to shareholders: | |||||||||
| Dividends from net investment income | (866) | (1,803) | |||||||
| Distributions from capital gain | (489) | – | |||||||
| Total dividends and distributions | (1,355) | (1,803) | |||||||
| Net capital share transactions | (757) | (15,741) | |||||||
| Total decrease in net assets | (1,386) | (13,956) | |||||||
| Net assets: | |||||||||
| Beginning of period | 124,008 | 137,964 | |||||||
| End of period (including distributions in excess of net investment income: $(-)2 and $(-)2, respectively.) | $ | 122,622 | $ | 124,008 | |||||
| 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 4/30/131 | For the year ended 10/31/12 | ||||||||
| Operations: | |||||||||
| Net investment income | $ | 2,134 | $ | 3,704 | |||||
| Net realized gain (loss) on investments | (23) | 860 | |||||||
| Net unrealized appreciation on investments | 1,115 | 5,779 | |||||||
| Net increase in net assets resulting from operations | 3,226 | 10,343 | |||||||
| Dividends and distributions to shareholders: | |||||||||
| Dividends from net investment income | (2,134) | (3,705) | |||||||
| Distributions from capital gain | (860) | (32) | |||||||
| Total dividends and distributions | (2,994) | (3,737) | |||||||
| Net capital share transactions | 35,874 | 43,512 | |||||||
| Total increase in net assets | 36,106 | 50,118 | |||||||
| Net assets: | |||||||||
| Beginning of period | 207,913 | 157,795 | |||||||
| End of period (including distributions in excess of net investment income: $(-)2 and $(-)2, respectively.) | $ | 244,019 | $ | 207,913 | |||||
| 1 | Unaudited. | ||||||||
| 2 | Amount rounds to less than $1,000. | ||||||||
| Capital California Short-Term Municipal Fund | |||||||||
| Statements of changes in net assets | |||||||||
| (dollars in thousands) | |||||||||
| For the six months ended 4/30/131 | For the year ended 10/31/12 | ||||||||
| Operations: | |||||||||
| Net investment income | $ | 507 | $ | 862 | |||||
| Net realized gain on investments | 21 | 57 | |||||||
| Net unrealized appreciation on investments | 78 | 1,469 | |||||||
| Net increase in net assets resulting from operations | 606 | 2,388 | |||||||
| Dividends and distributions to shareholders: | |||||||||
| Dividends from net investment income | (507) | (862) | |||||||
| Distributions from capital gain | (57) | (29) | |||||||
| Total dividends and distributions | (564) | (891) | |||||||
| Net capital share transactions | 971 | 29,412 | |||||||
| Total increase in net assets | 1,013 | 30,909 | |||||||
| Net assets: | |||||||||
| Beginning of period | 107,436 | 76,527 | |||||||
| End of period (including distributions in excess of net investment income: $(-)2 and $(-)2, respectively.) | $ | 108,449 | $ | 107,436 | |||||
| 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 4/30/131 | For the year ended 10/31/12 | ||||||||
| Operations: | |||||||||
| Net investment income | $ | 2,049 | $ | 4,847 | |||||
| Net realized gain on investments | 1,815 | 4,490 | |||||||
| Net unrealized appreciation (depreciation) on investments | (1,626) | 2,072 | |||||||
| Net increase in net assets resulting from operations | 2,238 | 11,409 | |||||||
| Dividends and distributions to shareholders: | |||||||||
| Dividends from net investment income | (2,059) | (4,838) | |||||||
| Distributions from capital gain | (4,489) | (357) | |||||||
| Total dividends and distributions | (6,548) | (5,195) | |||||||
| Net capital share transactions | 7,517 | 10,209 | |||||||
| Total increase in net assets | 3,207 | 16,423 | |||||||
| Net assets: | |||||||||
| Beginning of period | 296,462 | 280,039 | |||||||
| End of period (including distributions in excess of and undistributed net investment income: $(-)2 and $10, respectively.) | $ | 299,669 | $ | 296,462 | |||||
| 1 | Unaudited. | ||||||||
| 2 | Amount rounds to less than $1,000. | ||||||||
| Capital Global Equity Fund | |||||||||
| Statements of changes in net assets | |||||||||
| (dollars in thousands) | |||||||||
| For the six months ended 4/30/131 | For the year ended 10/31/12 | ||||||||
| Operations: | |||||||||
| Net investment income | $ | 1,577 | $ | 2,560 | |||||
| Net realized gain (loss) on investments and currency | 4 | (5,271) | |||||||
| Net unrealized appreciation on investments and currency | 32,916 | 18,242 | |||||||
| Net increase in net assets resulting from operations | 34,497 | 15,531 | |||||||
| Dividends and distributions to shareholders: | |||||||||
| Dividends from net investment income | (2,750) | (551) | |||||||
| Distributions from capital gain | – | – | |||||||
| Total dividends and distributions | (2,750) | (551) | |||||||
| Net capital share transactions | 80,340 | 64,461 | |||||||
| Total increase in net assets | 112,087 | 79,441 | |||||||
| Net assets: | |||||||||
| Beginning of period | 204,912 | 125,471 | |||||||
| End of period (including undistributed net investment income: $1,190 and $2,363, respectively.) | $ | 316,999 | $ | 204,912 | |||||
| 1 | Unaudited. | ||||||||
| Capital Non-U.S. Equity Fund | |||||||||
| Statements of changes in net assets | |||||||||
| (dollars in thousands) | |||||||||
| For the six months ended 4/30/131 | For the year ended 10/31/12 | ||||||||
| Operations: | |||||||||
| Net investment income | $ | 4,085 | $ | 1,396 | |||||
| Net realized loss on investments and currency | (4,394) | (2,933) | |||||||
| Net unrealized appreciation on investments and currency | 46,192 | 11,877 | |||||||
| Net increase in net assets resulting from operations | 45,883 | 10,340 | |||||||
| Dividends and distributions to shareholders: | |||||||||
| Dividends from net investment income | (1,697) | (290) | |||||||
| Distributions from capital gain | – | – | |||||||
| Total dividends and distributions | (1,697) | (290) | |||||||
| Net capital share transactions | 265,120 | 196,120 | |||||||
| Total increase in net assets | 309,306 | 206,170 | |||||||
| Net assets: | |||||||||
| Beginning of period | 256,185 | 50,015 | |||||||
| End of period (including undistributed net investment income: $3,791 and $1,403, respectively.) | $ | 565,491 | $ | 256,185 | |||||
| 1 | Unaudited. | ||||||||
| Capital U.S. Equity Fund | |||||||||
| Statements of changes in net assets | |||||||||
| (dollars in thousands) | |||||||||
| For the six months ended 4/30/131 | For the year ended 10/31/12 | ||||||||
| Operations: | |||||||||
| Net investment income | $ | 796 | $ | 1,275 | |||||
| Net realized gain (loss) on investments and currency | 1,475 | (227) | |||||||
| Net unrealized appreciation on investments | 13,523 | 6,945 | |||||||
| Net increase in net assets resulting from operations | 15,794 | 7,993 | |||||||
| Dividends and distributions to shareholders: | |||||||||
| Dividends from net investment income | (910) | (1,038) | |||||||
| Distributions from capital gain | (54) | (3,822) | |||||||
| Total dividends and distributions | (964) | (4,860) | |||||||
| Net capital share transactions | 18,291 | 25,514 | |||||||
| Total increase in net assets | 33,121 | 28,647 | |||||||
| Net assets: | |||||||||
| Beginning of period | 102,776 | 74,129 | |||||||
| End of period (including undistributed net investment income: $139 and $253, respectively.) | $ | 135,897 | $ | 102,776 | |||||
| 1 | Unaudited. | ||||||||
Capital Group Private Client Services Funds
Notes to financial statements (unaudited)
1. Organization
Capital Group 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 – Dividend and distributions paid to shareholders are recorded on the ex-dividend date.
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 supplied by one or more pricing vendors 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.
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
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.
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
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.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes, and controls over security valuation are also subject to internal reviews including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.
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. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. 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, 2013 (dollars in thousands):
Investment Securities | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Capital Core Municipal Fund | |||||||||||||||||
| Long-term investments | |||||||||||||||||
| Bonds & notes | $ | – | $ | 300,634 | $ | – | $ | 300,634 | |||||||||
| Short-term investments | – | 20,130 | – | 20,130 | |||||||||||||
| Total Investments | $ | – | $ | 320,764 | $ | – | $ | 320,764 | |||||||||
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
| Investment Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||
Capital Short-Term Municipal Fund | ||||||||||||||||||||||||||||||||||||
| Long-term investments | ||||||||||||||||||||||||||||||||||||
| Bonds & notes | $ | – | $ | 116,888 | $ | – | $ | 116,888 | ||||||||||||||||||||||||||||
| Short-term investments | – | 7,800 | – | 7,800 | ||||||||||||||||||||||||||||||||
| Total Investments | $ | – | $ | 124,688 | $ | – | $ | 124,688 | ||||||||||||||||||||||||||||
Capital California Core Municipal Fund | ||||||||||||||||||||||||||||||||||||
| Long-term investments | ||||||||||||||||||||||||||||||||||||
| Bonds & notes | $ | – | $ | 217,392 | $ | – | $ | 217,392 | ||||||||||||||||||||||||||||
| Short-term investments | – | 27,200 | – | 27,200 | ||||||||||||||||||||||||||||||||
| Total Investments | $ | – | $ | 244,592 | $ | – | $ | 244,592 | ||||||||||||||||||||||||||||
| Capital California Short-Term Municipal Fund | ||||||||||||||||||||||||||||||||||||
| Long-term investments | ||||||||||||||||||||||||||||||||||||
| Bonds & notes | $ | – | $ | 91,803 | $ | – | $ | 91,803 | ||||||||||||||||||||||||||||
| Short-term investments | – | 16,673 | – | 16,673 | ||||||||||||||||||||||||||||||||
| Total Investments | $ | – | $ | 108,476 | $ | – | $ | 108,476 | ||||||||||||||||||||||||||||
Capital Core Bond Fund | ||||||||||||||||||||||||||||||||||||
Bonds, notes and other debt investments: | ||||||||||||||||||||||||||||||||||||
U.S. government & government agency bonds & notes |
$ |
– |
$ |
134,575 |
$ |
– |
$ |
134,575 | ||||||||||||||||||||||||||||
| Mortgage-backed obligations | – | 70,345 | – | 70,345 | ||||||||||||||||||||||||||||||||
| Corporate bonds & notes | – | 76,676 | – | 76,676 | ||||||||||||||||||||||||||||||||
| Municipals | – | 8,334 | – | 8,334 | ||||||||||||||||||||||||||||||||
Government agency bonds & notes outside the U.S. |
– |
165 |
– |
165 | ||||||||||||||||||||||||||||||||
| Asset-backed obligations | – | 2,485 | – | 2,485 | ||||||||||||||||||||||||||||||||
| Short-term investments | – | 38,997 | – | 38,997 | ||||||||||||||||||||||||||||||||
| Total investments | $ | – | $ | 331,577 | $ | – | $ | 331,577 | ||||||||||||||||||||||||||||
| Capital Global Equity Fund | ||||||||||||||||||||||||||||||||||||
| Common Stocks: | ||||||||||||||||||||||||||||||||||||
| Information Technology | $ | 36,288 | $ | 16,899 | 1 | $ | – | $ | 53,187 | |||||||||||||||||||||||||||
| Financials | 22,943 | 27,585 | 1 | – | 50,528 | |||||||||||||||||||||||||||||||
| Health Care | 32,007 | 13,097 | 1 | – | 45,104 | |||||||||||||||||||||||||||||||
| Consumer Discretionary | 30,830 | 11,810 | 1 | – | 42,640 | |||||||||||||||||||||||||||||||
| Industrials | 25,361 | 9,792 | 1 | – | 35,153 | |||||||||||||||||||||||||||||||
| Energy | 23,375 | 2,961 | 1 | – | 26,336 | |||||||||||||||||||||||||||||||
| Consumer Staples | 4,459 | 20,561 | 1 | – | 25,020 | |||||||||||||||||||||||||||||||
| Materials | 12,684 | 9,088 | 1 | – | 21,772 | |||||||||||||||||||||||||||||||
| Telecommunication Services | 288 | 5,774 | 1 | – | 6,062 | |||||||||||||||||||||||||||||||
| Utilities | – | 2,795 | 1 | – | 2,795 | |||||||||||||||||||||||||||||||
| Short-term investments | – | 10,000 | – | 10,000 | ||||||||||||||||||||||||||||||||
| Total Investments | $ | 188,235 | $ | 130,362 | $ | – | $ | 318,597 | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
| Investment Securities | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Capital Non-U.S. Equity Fund | |||||||||||||||||||||||||||||||||||
| Common Stocks: | |||||||||||||||||||||||||||||||||||
| Financials | $ | 7,082 | $ | 91,804 | 2 | $ | – | $ | 98,886 | ||||||||||||||||||||||||||
| Consumer Staples | 620 | 75,083 | 2 | – | 75,703 | ||||||||||||||||||||||||||||||
| Information Technology | 8,317 | 63,781 | 2 | – | 72,098 | ||||||||||||||||||||||||||||||
| Industrials | 6,411 | 54,832 | 2 | – | 61,243 | ||||||||||||||||||||||||||||||
| Consumer Discretionary | – | 55,827 | 2 | – | 55,827 | ||||||||||||||||||||||||||||||
| Health Care | 96 | 54,234 | 2 | – | 54,330 | ||||||||||||||||||||||||||||||
| Materials | 2,907 | 37,429 | 2 | – | 40,336 | ||||||||||||||||||||||||||||||
| Energy | 9,736 | 14,926 | 2 | – | 24,662 | ||||||||||||||||||||||||||||||
| Telecommunication Services | 631 | 18,453 | 2 | – | 19,084 | ||||||||||||||||||||||||||||||
| Utilities | – | 11,141 | 2 | – | 11,141 | ||||||||||||||||||||||||||||||
| Short-term investments | – | 49,971 | – | 49,971 | |||||||||||||||||||||||||||||||
| Total Investments | $ | 35,800 | $ | 527,481 | $ | – | $ | 563,281 | |||||||||||||||||||||||||||
Capital U.S. Equity Fund | |||||||||||||||||||||||||||||||||||
| Common Stocks3 | $ | 131,925 | $ | – | $ | – | $ | 131,925 – | |||||||||||||||||||||||||||
| Short-term investments | – | 2,900 | – | 2,900 | |||||||||||||||||||||||||||||||
| Total Investments | $ | 131,925 | $ | 2,900 | $ | – | $ | 134,825 | |||||||||||||||||||||||||||
| 1 Includes certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of trading; therefore, $120,362 of investment securities were classified as Level 2 instead of Level 1. |
2 Includes certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of trading; therefore, $477,510 of investment securities were classified as Level 2 instead of Level 1. 3 The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
At April 30, 2013, securities with a market value of $109,124,000, which represented 34.42% of the net assets of Capital Global Equity Fund and securities with a market value of $433,375,000, which represented 76.64% of the net assets of Capital Non-U.S. Equity Fund, transferred from Level 1 to Level 2 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading. There were no Level 3 securities held in the Funds during the period ended April 30, 2013.
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 risk is gauged, in part, by the credit ratings of the securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk.
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
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 those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of 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 backed by revenues of similar types of projects or industries 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 investment 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, reducing the cash flow for potential investment in higher yielding securities.
Investing in growth-oriented stocks – Growth-oriented stocks 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 adverse 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 markets.
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.
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
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, 2013, 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, 2012 and the period ended October 31, 2011, the most recently completed tax year, were as follows (dollars in thousands):
| Tax-Exempt | Ordinary Income | Long-Term Capital Gains | ||||
| 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |
| Capital Core Municipal Fund | $ 5,671 | $5,206 | $ 2 | $579 | $ – | $ – |
| Capital Short-Term Municipal Fund | 1,803 | 1,315 | -1 | 100 | – | – |
| Capital California Core Municipal Fund | 3,701 | 2,969 | 4 | 3 | 32 | – |
| Capital California Short-Term Municipal Fund | 862 | 510 | 28 | -1 | 1 | – |
| Capital Core Bond Fund | – | – | 4,983 | 8,002 | 212 | – |
| Capital Global Equity Fund* | – | – | 551 | – | – | – |
| Capital Non-U.S. Equity Fund* | – | – | 290 | – | – | – |
| Capital U.S. Equity Fund* | – | – | 1,038 | 485 | 3,823 | – |
*Commencement of operations was 4/1/11.
1 Rounds to less than $1,000.
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
At October 31, 2012, 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 | Other Temporary Differences | Capital Loss Carryover | Unrealized appreciation | Total | |
| Capital Core Municipal Fund | $ 210 | $ – | $ – | $ (210) | $ (77) | $ 14,414 | $14,337 |
| Capital Short-Term Municipal Fund | 32 | 3 | 486 | (32) | – | 3,141 | 3,630 |
| Capital California Core Municipal Fund | 136 | 20 | 840 | (136) | – | 8,719 | 9,579 |
| Capital California Short-Term Municipal Fund | 10 | – | 57 | (10) | – | 1,986 | 2,043 |
| Capital Core Bond Fund | – | 2,488 | 2,092 | (82) | – | 10,266 | 14,764 |
| Capital Global Equity Fund | – | 2,362 | – | – | (6,763) | 14,050 | 9,649 |
| Capital Non-U.S. Equity Fund | – | 1,414 | – | – | (4,222) | 8,319 | 5,511 |
| Capital U.S. Equity Fund | – | 253 | 54 | – | – | 9,482 | 9,789 |
Capital loss carryovers available to the Funds at October 31, 2012 were as follows (dollars in thousands):
| Expiring 2019 | Unlimited Long-Term | Unlimited Short-Term | |
| Capital Core Municipal Fund1 | $ 77 | $ – | $ – |
| Capital Short-Term Municipal Fund2 | – | – | – |
| Capital California Core Municipal Fund | – | – | – |
| Capital California Short-Term Municipal Fund | – | – | – |
| Capital Core Bond Fund | – | – | – |
| Capital Global Equity Fund | – | 1,048 | 5,715 |
| Capital Non-U.S. Equity Fund | – | 758 | 3,464 |
| Capital U.S. Equity Fund | – | – | – |
1 During the year ended October 31, 2012, a capital loss carryforward of $539 was utilized to offset net realized gains by the Fund. 2 During the year ended October 31, 2012, a capital loss carryforward of $14 was utilized to offset net realized gains by the Fund. | |||
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
For federal income tax purposes, the tax cost of investments and the components of net unrealized appreciation (depreciation) of investments at April 30, 2013 were as follows (dollars in thousands):
| Tax cost of investments | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation | |
| Capital Core Municipal Fund | $306,143 | $ 14,645 | $ (24) | $ 14,621 |
| Capital Short-Term Municipal Fund | 121,897 | 2,806 | (15) | 2,791 |
| Capital California Core Municipal Fund | 234,758 | 9,905 | (71) | 9,834 |
| Capital California Short-Term Municipal Fund | 106,412 | 2,075 | (11) | 2,064 |
| Capital Core Bond Fund | 322,926 | 8,679 | (28) | 8,651 |
| Capital Global Equity Fund | 270,050 | 50,782 | (2,235) | 48,547 |
| Capital Non-U.S. Equity Fund | 508,180 | 58,986 | (3,885) | 55,101 |
| Capital U.S. Equity Fund | 111,432 | 24,993 | (1,600) | 23,393 |
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
Capital Guardian Trust Company (“CGTC”) serves as investment adviser to the Funds and other funds. CGTC is a wholly owned subsidiary of Capital Group International, Inc. Expense limitations have been imposed through 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.
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
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, 2013
| ||||||||
| Capital Core Municipal Fund | $ 57,738 | 5,419 | $ 1,811 | 170 | $ (34,244) | (3,220) | $ 25,305 | 2,369 |
| Capital Short-Term Municipal Fund | 28,564 | 2,778 | 1,149 | 112 | (30,470) | (2,965) | (757) | (75) |
| Capital California Core Municipal Fund | 51,600 | 4,858 | 2,027 | 191 | (17,753) | (1,671) | 35,874 | 3,378 |
| Capital California Short-Term Municipal Fund | 32,639 | 3,163 | 490 | 48 | (32,158) | (3,118) | 971 | 93 |
| Capital Core Bond Fund | 28,697 | 2,739 | 5,659 | 541 | (26,839) | (2,564) | 7,517 | 716 |
| Capital Global Equity Fund | 94,929 | 8,928 | 1,982 | 196 | (16,571) | (1,569) | 80,340 | 7,555 |
| Capital Non-U.S. Equity Fund | 303,174 | 29,489 | 414 | 41 | (38,468) | (3,726) | 265,120 | 25,804 |
| Capital U.S. Equity Fund | 33,787 | 2,173 | 793 | 52 | (16,289) | (1,039) | 18,291 | 1,186 |
| ||||||||
| Year ended October 31, 2012 | ||||||||
| Capital Core Municipal Fund | $ 80,318 | 7,647 | $ 3,229 | 306 | $ (50,027) | (4,732) | $ 33,520 | 3,221 |
| Capital Short-Term Municipal Fund | 60,368 | 5,876 | 1,452 | 141 | (77,561) | (7,536) | (15,741) | (1,519) |
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
| Capital California Core Municipal Fund | 65,225 | 6,195 | 2,134 | 203 | (23,847) | (2,262) | 43,512 | 4,136 |
| Capital California Short-Term Municipal Fund | 96,806 | 9,407 | 741 | 72 | (68,135) | (6,630) | 29,412 | 2,849 |
| Capital Core Bond Fund | 63,332 | 6,037 | 3,376 | 322 | (56,499) | (5,369) | 10,209 | 990 |
| Capital Global Equity Fund | 129,539 | 13,702 | 343 | 38 | (65,421) | (6,886) | 64,461 | 6,854 |
| Capital Non-U.S. Equity Fund | 216,260 | 22,929 | 239 | 28 | (20,379) | (2,168) | 196,120 | 20,789 |
| Capital U.S. Equity Fund | 58,062 | 4,038 | 4,202 | 316 | (36,750) | (2,563) | 25,514 | 1,791 |
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, 2013 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 | $ – | $ 34,597 | $ – | $ 19,953 |
| Capital Short-Term Municipal Fund | – | 9,049 | – | 9,549 |
| Capital California Core Municipal Fund | – | 43,717 | – | 13,734 |
| Capital California Short-Term Municipal Fund | – | 19,168 | – | 4,378 |
| Capital Core Bond Fund | 245,986 | 39,529 | 258,317 | 26,635 |
| Capital Global Equity Fund | – | 105,527 | – | 27,694 |
| Capital Non-U.S. Equity Fund | – | 281,134 | – | 40,865 |
| Capital U.S. Equity Fund | – | 32,141 | – | 10,412 |
| Capital Core Municipal Fund | |||||||||||||||||||||||||||
| Financial highlights1 | |||||||||||||||||||||||||||
| (for a share outstanding throughout each period) | |||||||||||||||||||||||||||
| For the six months ended | For the year ended | ||||||||||||||||||||||||||
| 4/30/132 | 10/31/12 | 10/31/11 | 10/31/103 | ||||||||||||||||||||||||
| Selected per share data: | |||||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 10.64 | $ | 10.29 | $ | 10.27 | $ | 10.00 | |||||||||||||||||||
| Income from investment operations: | |||||||||||||||||||||||||||
| Net investment income4 | 0.11 | 0.21 | 0.21 | 0.10 | |||||||||||||||||||||||
| Net realized and unrealized gains on securities | 0.03 | 0.35 | 0.04 | 0.26 | |||||||||||||||||||||||
| Total from investment operations | 0.14 | 0.56 | 0.25 | 0.36 | |||||||||||||||||||||||
| Dividends and distributions: | |||||||||||||||||||||||||||
| Dividends from net investment income | (0.11) | (0.21) | (0.21) | (0.09) | |||||||||||||||||||||||
| Distributions from capital gain | — | — | (0.02) | — | 5 | ||||||||||||||||||||||
| Total dividends and distributions | (0.11) | (0.21) | (0.23) | (0.09) | |||||||||||||||||||||||
| Net asset value, end of period | $ | 10.67 | $ | 10.64 | $ | 10.29 | $ | 10.27 | |||||||||||||||||||
| Total Return6 | 1.28% | 5.46% | 2.56% | 3.63% | |||||||||||||||||||||||
| Net assets, end of period (in millions) | $ | 319 | $ | 292 | $ | 250 | $ | 269 | |||||||||||||||||||
| Ratios / Supplemental Data: | |||||||||||||||||||||||||||
| Ratio of expenses to average net assets before reimbursement | 0.41% | 7 | 0.42% | 0.42% | 0.43% | 7 | |||||||||||||||||||||
| Ratio of expenses to average net assets after reimbursement6 | 0.40% | 7 | 0.40% | 0.40% | 0.40% | 7 | |||||||||||||||||||||
| Ratio of net investment income to average net assets6 | 2.01% | 7 | 1.98% | 2.10% | 1.81% | 7 | |||||||||||||||||||||
| Portfolio turnover rate | 7% | 8 | 13% | 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 | |||||||||||||||||||||||||
| 4/30/132 | 10/31/12 | 10/31/11 | 10/31/103 | |||||||||||||||||||||||
| Selected per share data: | ||||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 10.32 | $ | 10.19 | $ | 10.17 | $ | 10.00 | ||||||||||||||||||
| Income from investment operations: | ||||||||||||||||||||||||||
| Net investment income4 | 0.07 | 0.14 | 0.11 | 0.05 | ||||||||||||||||||||||
| Net realized and unrealized gains (losses) on securities | (0.02) | 0.13 | 0.02 | 0.17 | ||||||||||||||||||||||
| Total from investment operations | 0.05 | 0.27 | 0.13 | 0.22 | ||||||||||||||||||||||
| Dividends and distributions: | ||||||||||||||||||||||||||
| Dividends from net investment income | (0.07) | (0.14) | (0.10) | (0.05) | ||||||||||||||||||||||
| Distributions from capital gain | (0.04) | — | (0.01) | — | 5 | |||||||||||||||||||||
| Total dividends and distributions | (0.11) | (0.14) | (0.11) | (0.05) | ||||||||||||||||||||||
| Net asset value, end of period | $ | 10.26 | $ | 10.32 | $ | 10.19 | $ | 10.17 | ||||||||||||||||||
| Total Return6 | 0.52% | 2.63% | 1.33% | 2.17% | ||||||||||||||||||||||
| Net assets, end of period (in millions) | $ | 123 | $ | 124 | $ | 138 | $ | 89 | ||||||||||||||||||
| Ratios / Supplemental Data: | ||||||||||||||||||||||||||
| Ratio of expenses to average net assets before reimbursement | 0.45% | 7 | 0.46% | 0.46% | 0.48% | 7 | ||||||||||||||||||||
| Ratio of expenses to average net assets after reimbursement6 | 0.40% | 7 | 0.40% | 0.40% | 0.40% | 7 | ||||||||||||||||||||
| Ratio of net investment income to average net assets6 | 1.44% | 7 | 1.32% | 1.04% | 0.94% | 7 | ||||||||||||||||||||
| Portfolio turnover rate | 8% | 8 | 25% | 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 | |||||||||||||||||||||||||
| 4/30/132 | 10/31/12 | 10/31/11 | 10/31/103 | |||||||||||||||||||||||
| Selected per share data: | ||||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 10.65 | $ | 10.25 | $ | 10.19 | $ | 10.00 | ||||||||||||||||||
| Income from investment operations: | ||||||||||||||||||||||||||
| Net investment income4 | 0.10 | 0.21 | 0.20 | 0.08 | ||||||||||||||||||||||
| Net realized and unrealized gains on securities | 0.04 | 0.40 | 0.06 | 0.18 | ||||||||||||||||||||||
| Total from investment operations | 0.14 | 0.61 | 0.26 | 0.26 | ||||||||||||||||||||||
| Dividends and distributions: | ||||||||||||||||||||||||||
| Dividends from net investment income | (0.10) | (0.21) | (0.20) | (0.07) | ||||||||||||||||||||||
| Distributions from capital gain | (0.04) | — | 5 | — | 5 | — | 5 | |||||||||||||||||||
| Total dividends and distributions | (0.14) | (0.21) | (0.20) | (0.07) | ||||||||||||||||||||||
| Net asset value, end of period | $ | 10.65 | $ | 10.65 | $ | 10.25 | $ | 10.19 | ||||||||||||||||||
| Total Return6 | 1.35% | 5.99% | 2.61% | 2.61% | ||||||||||||||||||||||
| Net assets, end of period (in millions) | $ | 244 | $ | 208 | $ | 158 | $ | 169 | ||||||||||||||||||
| Ratios / Supplemental Data: | ||||||||||||||||||||||||||
| Ratio of expenses to average net assets before reimbursement | 0.41% | 7 | 0.42% | 0.42% | 0.45% | 7 | ||||||||||||||||||||
| Ratio of expenses to average net assets after reimbursement6 | 0.40% | 7 | 0.40% | 0.40% | 0.40% | 7 | ||||||||||||||||||||
| Ratio of net investment income to average net assets6 | 1.91% | 7 | 1.99% | 1.98% | 1.41% | 7 | ||||||||||||||||||||
| Portfolio turnover rate | 7% | 8 | 21% | 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 | |||||||||||||||||||||||||
| 4/30/132 | 10/31/12 | 10/31/11 | 10/31/103 | |||||||||||||||||||||||
| Selected per share data: | ||||||||||||||||||||||||||
| �� | ||||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 10.32 | $ | 10.12 | $ | 10.13 | $ | 10.00 | ||||||||||||||||||
| Income from investment operations: | ||||||||||||||||||||||||||
| Net investment income4 | 0.05 | 0.09 | 0.08 | 0.04 | ||||||||||||||||||||||
| Net realized and unrealized gains (losses) on securities | 0.02 | 0.20 | (0.01) | 0.13 | ||||||||||||||||||||||
| Total from investment operations | 0.07 | 0.29 | 0.07 | 0.17 | ||||||||||||||||||||||
| Dividends and distributions: | ||||||||||||||||||||||||||
| Dividends from net investment income | (0.05) | (0.09) | (0.08) | (0.04) | ||||||||||||||||||||||
| Distributions from capital gain | (0.01) | — | 5 | — | — | |||||||||||||||||||||
| Total dividends and distributions | (0.06) | (0.09) | (0.08) | (0.04) | ||||||||||||||||||||||
| Net asset value, end of period | $ | 10.33 | $ | 10.32 | $ | 10.12 | $ | 10.13 | ||||||||||||||||||
| Total Return6 | 0.61% | 2.96% | 0.72% | 1.67% | ||||||||||||||||||||||
| Net assets, end of period (in millions) | $ | 108 | $ | 107 | $ | 77 | $ | 51 | ||||||||||||||||||
| Ratios / Supplemental Data: | ||||||||||||||||||||||||||
| Ratio of expenses to average net assets before reimbursement | 0.44% | 7 | 0.47% | 0.49% | 0.55% | 7 | ||||||||||||||||||||
| Ratio of expenses to average net assets after reimbursement6 | 0.40% | 7 | 0.40% | 0.40% | 0.40% | 7 | ||||||||||||||||||||
| Ratio of net investment income to average net assets6 | 0.93% | 7 | 0.92% | 0.83% | 0.79% | 7 | ||||||||||||||||||||
| Portfolio turnover rate | 5% | 8 | 14% | 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 | ||||||||||||||||||||||||||
| 4/30/132 | 10/31/12 | 10/31/11 | 10/31/103 | ||||||||||||||||||||||||
| Selected per share data: | |||||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 10.62 | $ | 10.40 | $ | 10.45 | $ | 10.00 | |||||||||||||||||||
| Income from investment operations: | |||||||||||||||||||||||||||
| Net investment income4 | 0.07 | 0.17 | 0.19 | 0.09 | |||||||||||||||||||||||
| Net realized and unrealized gains on securities | — | 5 | 0.23 | 0.09 | 0.46 | ||||||||||||||||||||||
| Total from investment operations | 0.07 | 0.40 | 0.28 | 0.55 | |||||||||||||||||||||||
| Dividends and distributions: | |||||||||||||||||||||||||||
| Dividends from net investment income | (0.07) | (0.17) | (0.20) | (0.09) | |||||||||||||||||||||||
| Distributions from capital gain | (0.16) | (0.01) | (0.13) | (0.01) | |||||||||||||||||||||||
| Total dividends and distributions | (0.23) | (0.18) | (0.33) | (0.10) | |||||||||||||||||||||||
| Net asset value, end of period | $ | 10.46 | $ | 10.62 | $ | 10.40 | $ | 10.45 | |||||||||||||||||||
| Total Return6 | 0.69% | 3.92% | 2.80% | 5.52% | |||||||||||||||||||||||
| Net assets, end of period (in millions) | $ | 300 | $ | 296 | $ | 280 | $ | 230 | |||||||||||||||||||
| Ratios / Supplemental Data: | |||||||||||||||||||||||||||
| Ratio of expenses to average net assets before reimbursement | 0.41% | 7 | 0.42% | 0.42% | 0.44% | 7 | |||||||||||||||||||||
| Ratio of expenses to average net assets after reimbursement6 | 0.40% | 7 | 0.40% | 0.40% | 0.40% | 7 | |||||||||||||||||||||
| Ratio of net investment income to average net assets6 | 1.39% | 7 | 1.63% | 1.82% | 1.65% | 7 | |||||||||||||||||||||
| Portfolio turnover rate | 98% | 8 | 134% | 118% | 123% | 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 Global Equity Fund | ||||||||||||||||||||
| Financial highlights1 | ||||||||||||||||||||
| (for a share outstanding throughout each period) | ||||||||||||||||||||
| For the six months ended | For the year ended | |||||||||||||||||||
| 4/30/132 | 10/31/12 | 10/31/113 | ||||||||||||||||||
| Selected per share data: | ||||||||||||||||||||
| Net asset value, beginning of period | $ | 9.99 | $ | 9.18 | $ | 10.00 | ||||||||||||||
| Income from investment operations: | ||||||||||||||||||||
| Net investment income4 | 0.07 | 0.14 | 0.05 | |||||||||||||||||
| Net realized and unrealized gains (losses) on securities | 1.36 | 0.71 | (0.87) | |||||||||||||||||
| Total from investment operations | 1.43 | 0.85 | (0.82) | |||||||||||||||||
| Dividends and distributions: | ||||||||||||||||||||
| Dividends from net investment income | (0.13) | (0.04) | — | |||||||||||||||||
| Distributions from capital gain | — | — | — | |||||||||||||||||
| Total dividends and distributions | (0.13) | (0.04) | — | |||||||||||||||||
| Net asset value, end of period | $ | 11.29 | $ | 9.99 | $ | 9.18 | ||||||||||||||
| Total Return5 | 14.53% | 9.19% | (8.20)% | |||||||||||||||||
| Net assets, end of period (in millions) | $ | 317 | $ | 205 | $ | 125 | ||||||||||||||
| Ratios / Supplemental Data: | ||||||||||||||||||||
| Ratio of expenses to average net assets before reimbursement | 0.86% | 6 | 0.86% | 0.87% | 6 | |||||||||||||||
| Ratio of expenses to average net assets after reimbursement5 | 0.85% | 6 | 0.85% | 0.85% | 6 | |||||||||||||||
| Ratio of net investment income to average net assets5 | 1.25% | 6 | 1.47% | 0.94% | 6 | |||||||||||||||
| Portfolio turnover rate | 11% | 7 | 35% | 15% | 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 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 | |||||||||||||||||||
| 4/30/132 | 10/31/12 | 10/31/113 | ||||||||||||||||||
| Selected per share data: | ||||||||||||||||||||
| Net asset value, beginning of period | $ | 9.74 | $ | 9.08 | $ | 10.00 | ||||||||||||||
| Income from investment operations: | ||||||||||||||||||||
| Net investment income4 | 0.10 | 0.13 | 0.07 | |||||||||||||||||
| Net realized and unrealized gains (losses) on securities | 1.06 | 0.58 | (0.99) | |||||||||||||||||
| Total from investment operations | 1.16 | 0.71 | (0.92) | |||||||||||||||||
| Dividends and distributions: | ||||||||||||||||||||
| Dividends from net investment income | (0.05) | (0.05) | — | |||||||||||||||||
| Distributions from capital gain | — | — | — | |||||||||||||||||
| Total dividends and distributions | (0.05) | (0.05) | — | |||||||||||||||||
| Net asset value, end of period | $ | 10.85 | $ | 9.74 | $ | 9.08 | ||||||||||||||
| Total Return5 | 11.95% | 7.91% | (9.20)% | |||||||||||||||||
| Net assets, end of period (in millions) | $ | 565 | $ | 256 | $ | 50 | ||||||||||||||
| Ratios / Supplemental Data: | ||||||||||||||||||||
| Ratio of expenses to average net assets before reimbursement | 0.85% | 6 | 0.86% | 0.89% | 6 | |||||||||||||||
| Ratio of expenses to average net assets after reimbursement5 | 0.85% | 6 | 0.85% | 0.85% | 6 | |||||||||||||||
| Ratio of net investment income to average net assets5 | 2.04% | 6 | 1.38% | 1.32% | 6 | |||||||||||||||
| Portfolio turnover rate | 11% | 7 | 17% | 20% | 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 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 year) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| For the six months ended | For the year ended | For the eight months ended | For the year ended | |||||||||||||||||||||||||||||||||||||||||||||||
| 4/30/132 | 10/31/12 | 10/31/113 | 3/31/11 | 7/31/10 | 7/31/09 | 7/31/08 | ||||||||||||||||||||||||||||||||||||||||||||
| Selected per share data: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset value, beginning of year | $ 14.75 | $ 14.32 | $15.33 | $ 13.09 | $ 11.78 | $ 14.24 | $ 16.14 | |||||||||||||||||||||||||||||||||||||||||||
| Income from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income4 | 0.10 | 0.22 | 0.10 | 0.16 | 0.22 | 0.24 | 0.26 | |||||||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized gains (losses) on securities and currency | 1.95 | 1.20 | (1.02) | 2.28 | 1.30 | (2.44) | (1.48) | |||||||||||||||||||||||||||||||||||||||||||
| Total from investment operations | 2.05 | 1.42 | (0.92) | 2.44 | 1.52 | (2.20) | (1.22) | |||||||||||||||||||||||||||||||||||||||||||
| Dividends and distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends from net investment income | (0.12) | (0.17) | (0.09) | (0.20) | (0.21) | (0.26) | (0.30) | |||||||||||||||||||||||||||||||||||||||||||
| Distributions from capital gain | (0.01) | (0.82) | — | — | — | — | (0.38) | |||||||||||||||||||||||||||||||||||||||||||
| Total dividends and distributions | (0.13) | (0.99) | (0.09) | (0.20) | (0.21) | (0.26) | (0.68) | |||||||||||||||||||||||||||||||||||||||||||
| Net asset value, end of year | $ 16.67 | $ 14.75 | $ 14.32 | $ 15.33 | $ 13.09 | $ 11.78 | $ 14.24 | |||||||||||||||||||||||||||||||||||||||||||
| Total Return5 | 14.00 % | 10.81 | % | (6.42) | % | 18.72 | % | 12.91 | % | (15.29) | % | (7.95) | % | |||||||||||||||||||||||||||||||||
| Net assets, end of year (in millions) | $ 136 | $ 103 | $ 74 | $ 86 | $ 75 | $ 79 | $ 108 | |||||||||||||||||||||||||||||||||||||||
| Ratios / Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||
| Ratio of expenses to average net assets before reimbursement | 0.66 | %6 | 0.67 | % | 0.67 | %6 | 1.04 | %6 | 0.79 | % | 0.74 | % | 0.67 | % | ||||||||||||||||||||||||||||||||
| Ratio of expenses to average net assets after reimbursement5 | 0.65 | %6 | 0.65 | % | 0.65 | %6 | 0.75 | %6 | 0.75 | % | 0.71 | % | 0.62 | % | ||||||||||||||||||||||||||||||||
| Ratio of net investment income to average net assets5 | 1.34 | %6 | 1.52 | % | 1.13 | %6 | 1.67 | %6 | 1.72 | % | 2.12 | % | 1.67 | % | ||||||||||||||||||||||||||||||||
| Portfolio turnover rate | 9 | %7 | 53 | % | 82 | %7 | 7 | %7 | 22 | % | 39 | % | 21 | % | ||||||||||||||||||||||||||||||||
| 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 Group 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, 2012 through April 30, 2013).
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 11/1/2012 | Ending account value 4/30/2013 | Expenses paid during period* | Annualized expense ratio | |
Capital Core Municipal Fund actual return | $ 1,000.00 | $1,012.80 | $ 2.00 | .40% |
| assumed 5% return | 1,000.00 | 1,022.80 | 2.01 | .40% |
Capital Short-Term Municipal Fund actual return | 1,000.00 | 1,005.20 | 1.99 | .40% |
| assumed 5% return | 1,000.00 | 1,022.80 | 2.01 | .40% |
Capital California Core Municipal Fund actual return | 1,000.00 | 1,013.50 | 2.00 | .40% |
| assumed 5% return | 1,000.00 | 1,022.80 | 2.01 | .40% |
Capital California Short-Term Municipal Fund actual return | 1,000.00 | 1,006.10 | 1.99 | .40% |
| assumed 5% return | 1,000.00 | 1,022.80 | 2.01 | .40% |
Capital Core Bond Fund actual return | 1,000.00 | 1,006.90 | 1.99 | .40% |
| assumed 5% return | 1,000.00 | 1,022.80 | 2.01 | .40% |
| Capital Global Equity Fund actual return | 1,000.00 | 1,145.30 | 4.52 | .85% |
| assumed 5% return | 1,000.00 | 1,020.60 | 4.26 | .85% |
Capital Group Private Client Services Funds
Expense example (unaudited) (continued)
| Capital Non-U.S. Equity Fund actual return | 1,000.00 | 1,119.50 | 4.47 | .85% |
| assumed 5% return | 1,000.00 | 1,020.60 | 4.26 | .85% |
| Capital U.S. Equity Fund actual return | 1,000.00 | 1,140.00 | 3.45 | .65% |
| assumed 5% return | 1,000.00 | 1,021.60 | 3.26 | .65% |
* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
| Capital Group 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, 2014. 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 here, 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 and the ongoing evolution of CGTC’s organizational structure designed to maintain and strengthen these qualities. The Board and the Committee also considered the nature, extent and quality of administrative and compliance 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 benefited and should continue to benefit the funds and their shareholders.
2. Investment results
The Board and the Committee considered the investment results of each fund in light of its objectives. They compared each fund’s total returns with those of other funds deemed relevant by the Board and market data such as relevant market measures for the 10 month and one year periods ended October 31, 2012 and for the lifetime of the fund. This report, including the letter to shareholders and related disclosures, contains certain information about the funds’ investment results.
Capital Global Equity Fund seeks preservation while providing growth. The Board and the Committee reviewed the fund’s investment results measured against (i) the MSCI World Index and (ii) the Lipper Global Funds Average. They noted that the fund’s investment results exceeded the results of its Lipper Average over the lifetime, one year and ten month periods. They further noted that the investment results of the MSCI World Index exceeded the fund’s results over the same periods.
Capital Non-U.S. Equity Fund seeks preservation while providing growth. The Board and the Committee reviewed the fund’s investment results measured against (i) the MSCI EAFE Index and (ii) the Lipper International Funds Average. They noted that the fund’s investment results exceeded the results of the Lipper Average and the MSCI EAFE Index over the lifetime, one year and ten month periods.
Capital U.S. Equity Fund seeks preservation while providing growth. The fund’s secondary objective is to provide income. The Board and the Committee reviewed the fund’s investment results measured against (i) the S&P 500 Index and (ii) the Lipper Growth and Income Funds Average. They noted that the investment
| Capital Group Private Client Services Funds |
| Approval of investment advisory and service agreement (unaudited) (continued) |
results of the S&P 500 and Lipper Indices exceeded the fund’s results over the lifetime, one year and ten month periods.
Capital Core Municipal Fund seeks current income exempt from federal income tax and preservation. The Board and the Committee reviewed the fund’s investment results measured against (i) the Barclays Capital 1-10 Year Intermediate-Short Municipal Index and (ii) the Lipper Intermediate Municipal Debt Funds Average. They noted that the Lipper Average exceeded the fund’s results over the lifetime, one year and ten month periods. They further noted that the fund’s investment results against Barclays Index were mixed over the same periods.
Capital Short-Term Municipal Fund seeks preservation and secondarily current income exempt from federal income tax. The Board and the Committee reviewed the fund’s investment results measured against (i) the Barclays Capital 1-5 Year Short Municipal Index and (ii) the Lipper Short Municipal Debt Funds Average. They noted that the fund’s investment results were superior to both indices over the one year and ten month periods. They further noted that the fund’s lifetime investment results were superior to the Lipper Index and trailed the Barclays Index.
Capital California Core Municipal Fund seeks current income exempt from federal and California income taxes and preservation. The Board and the Committee reviewed the fund’s investment results measured against (i) the Barclays Capital California 1-10 Year Intermediate-Short Municipal Index and (ii) the Lipper California Intermediate Municipal Debt Funds Average. They noted that the fund’s investment results trailed the Lipper indices over the lifetime, one year and ten month periods. They further noted that the fund’s one year and ten month investment results were superior to the Barclays Index, but its lifetime results trailed the index.
Capital California Short-Term Municipal Fund seeks preservation and, secondarily, current income exempt from federal and California income taxes. The Board and the Committee reviewed the fund’s investment results measured against (i) the Barclays Capital California Short Municipal Bond Index and (ii) the Lipper California Short-Intermediate Municipal Debt Funds Average. They noted that the fund’s investment results trailed the Lipper indices over the lifetime, one year and ten month periods. They further noted that the fund’s one year and ten month investment results were superior to the Barclays Index, but its lifetime results trailed the index.
Capital Core Bond Fund seeks current income and preservation. The Board and the Committee reviewed the fund’s investment results measured against (i) the Barclays Capital 1-10 Year U.S. Government/Credit ex. BBB Index and (ii) the Lipper Short-Intermediate Investment Grade Debt Funds Average. They noted that the fund’s investment results were superior to the Lipper Average over the lifetime period but the Lipper Average exceeded the fund’s investment results over the one year and ten month periods. They further noted that the fund’s one year and ten month investment results were superior to the Barclays Index, but its lifetime results trailed the index.
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 Capital Core Municipal Fund, Capital Short-Term Municipal Fund, Capital California Core Municipal Fund, Capital California Short-
| Capital Group Private Client Services Funds |
| Approval of investment advisory and service agreement (unaudited) (continued) |
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 funds deemed relevant by the Board. They observed that the advisory fees and expenses of most of the Fixed Income Funds remain at or below those of most other relevant funds (except the total expenses of Capital California Short-Term Municipal Fund and the advisory fees for Capital Core Municipal Fund and Capital California Short-Term Municipal Fund which are 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.
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 Equity 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 shareholders 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 funds deemed relevant by the Board 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 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 receive 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.
| Capital Group Private Client Services Funds |
| Approval of investment advisory and service agreement (unaudited) (continued) |
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 the Capital Group organization’s long-term profitability for maintaining CGTC’s 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 Group Private Client Services Funds
Offices of the funds Capital Guardian Trust Company 6455 Irvine Center Drive Irvine, CA 92618
| Independent registered public accounting firm Deloitte & Touche LLP 695 Town Center Drive Costa Mesa, CA 92626 |
Offices of the investment adviser Capital Guardian Trust Company 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
|
Investors should carefully consider the investment objectives, risks, charges and expenses of Capital Group 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 800-421-4996 to obtain a copy of the prospectus.
The proxy voting procedures and principles of Capital Group 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 Group 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 28, 2013 |
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 28, 2013 |
| By /s/ Kevin M. Saks |
Kevin M. Saks, Treasurer and Principal Financial Officer |
| Date: June 28, 2013 |