-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SV7LkrIv4p5+sZzX5BFv1qQZ8ol5JeLPHjicl/n5JGNvXrafgEOuGO9uXgNVc9mn t9zZ87UPU6IYrmIUUiRDcg== 0000051931-11-000005.txt : 20110107 0000051931-11-000005.hdr.sgml : 20110107 20110107161910 ACCESSION NUMBER: 0000051931-11-000005 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20101031 FILED AS OF DATE: 20110107 DATE AS OF CHANGE: 20110107 EFFECTIVENESS DATE: 20110107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAPITAL PRIVATE CLIENT SERVICES FUNDS CENTRAL INDEX KEY: 0001474365 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-22349 FILM NUMBER: 11517774 BUSINESS ADDRESS: STREET 1: 6455 IRVINE CENTER DRIVE CITY: IRVINE STATE: CA ZIP: 92618 BUSINESS PHONE: 213-486-9200 MAIL ADDRESS: STREET 1: 333 SOUTH HOPE STREET CITY: LOS ANGELES STATE: CA ZIP: 90071 FORMER COMPANY: FORMER CONFORMED NAME: PERSONAL INVESTMENT MANAGEMENT PORTFOLIO SERIES DATE OF NAME CHANGE: 20091014 0001474365 S000027394 Capital Core Municipal Fund C000082662 Share class 0001474365 S000027395 Capital Short-Term Municipal Fund C000082663 Share class 0001474365 S000027396 Capital California Core Municipal Fund C000082664 Share class 0001474365 S000027397 Capital California Short-Term Municipal Fund C000082665 Share class 0001474365 S000027398 Capital Core Bond Fund C000082666 Share class N-CSR 1 cpcs_ncsr.htm N-CSR cpcs_ncsr.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM N-CSR
Certified Shareholder Report of
Registered Management Investment Companies

Investment Company Act File Number: 811-22349



Capital Private Client Services Funds
(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive
Irvine, California 92618
(Address of Principal Executive Offices)




Registrant's telephone number, including area code: (949) 975-5000

Date of fiscal year end: October 31

Date of reporting period: October 31, 2010





Courtney R. Taylor
Capital Research and Management Company
6455 Irvine Center Drive
Irvine, California 92618
(Name and Address of Agent for Service)


Copies to:
Michael Glazer
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, California 90071
(Counsel for the Registrant)


 
 
 

ITEM 1 – Reports to Stockholders
 
 
 
 
Annual report
 
October 31, 2010
 
 
Capital Core Municipal Fund
 
Capital Short-Term Municipal Fund
 
Capital California Core Municipal Fund
 
Capital California Short-Term Municipal Fund
 
Capital Core Bond Fund
 
 
 
 
Capital Private Client Services Funds
Investment Adviser’s Report
October 31, 2010 (unaudited)
  


Dear Shareholder:

We are pleased to present this first annual report for the Capital Private Client Services Funds. Given that all five funds were launched last April, we don’t have a full year of results just yet. However, we will use this opportunity to discuss our overall outlook on the fixed-income markets and talk about how we are currently positioning the portfolios.

Demand for fixed-income securities remained strong during the period, driving prices modestly higher and yields lower across both the taxable and municipal markets. This has been a consistent trend over the past year, with investors looking for higher yields than cash provides and shunning what they consider to be riskier assets for the perceived safety of bonds.

Though results over such a short period really aren’t that meaningful, all five of the Capital Private Client Services Funds have shown gains since inception. You will find more detailed numbers elsewhere in this report. It is worth noting that most funds looked different from their underlying indexes during the period, as we have been patient in getting the portfolios invested, defensive in our positioning, shorter in duration and very selective in adding new issues.

We continue to structure portfolios opportunistically along the yield curve to manage risk, in an effort to achieve optimal results in the current environment. Although interest rates may remain low for some time, we are keeping portfolio durations at levels below our normal targets. In our view, the negative impact of a potential rise in rates would be more damaging than the incremental yield is worth. We don’t believe investors are being compensated enough to go out longer on the yield curve right now. At the same time, we are only interested in holding higher-quality issues and are willing to maintain elevated levels of cash if such securities are unavailable.

Holdings in the municipal portfolios generally must be backed by clearly identifiable revenue streams, such as airports, hospitals, water districts and other utilities. Many municipalities and state governments have been addressing fiscal imbalances through tough adjustments in spending and taxes. We believe these measures should burnish the prospects for municipal bonds. Still, we have largely been avoiding local general obligation bonds.

In terms of corporate securities, we favor issues from companies with strong underlying balance sheets and sustainable, positive cash flows. The portfolio is highly diversified among issuers and sectors, because we view this as essential to managing risk exposure.

Our research led us to make subtle shifts during the quarter. For instance, we moved some holdings in the Capital Core Bond Fund into 15-year mortgage-backed securities, which should perform better if interest rates do move higher. We have a modest weighting in corporate bonds and instead favored Treasury, agency and mortgage-backed securities.

Though yields seem awfully low right now, when measured against inflation they are actually in a relatively normal range. What’s more, it’s important to remember the purpose of bonds in a balanced portfolio: to seek to preserve capital, provide readily available liquidity, generate income and offset equity volatility. As a result, from our perspective, even at lower yields, fixed-income securities remain attractive.

Thank you for being a shareholder in the funds.

Sincerely yours,

/s/ John B. Emerson


John B. Emerson
President


/s/ John R. Queen

John R. Queen
Senior Vice President and Portfolio Manager




Capital Core Municipal Fund
October 31, 2010
  


Growth of $10,000 investment

Here’s how a $10,000 investment in the Capital Core Municipal Fund grew between April 13, 2010, when the fund began operations, and October 31, 2010, the end of the fund’s fiscal year.
 
[begin mountain chart]
Date
  
Capital Core Municipal Fund2
    
Barclays Capital 1-10 Year Inter-Short Muni Index1
  
4/13/2010
   $ 10,000     $ 10,000  
4/30/2010
     10,042       10,063  
5/31/2010
     10,112       10,131  
6/30/2010
     10,127       10,159  
7/31/2010
     10,252       10,280  
8/31/2010
     10,438       10,421  
9/30/2010
     10,396       10,380  
10/31/2010
     10,363       10,379  
[end mountain chart]
1 The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses.
2 Includes reinvested dividends.
 
Results are for past periods and are not predictive of results for future periods.  Current and future results may be lower or higher than those shown.  Share price and returns will vary so investors may lose money.  The results shown are before taxes on fund distributions and sale of fund shares.



Investment portfolio – quality ratings*
 
[begin pie chart]
Investment portfolio - quality ratings*
        
         
         
AAA/Aaa
       23.22 %
AA/Aa
       50.66  
A/A2       20.91  
BAA/Baa
       4.01  
Unrated
       1.20  
             
*Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody's Standard & Poor's and/or Fitch as an indication of an issuer's credit-worthiness. If agency ratings differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in "unrated" at left), the investment advisor performs its own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.
[end pie chart]
 
Capital Core Municipal Fund
Schedule of Investments October 31, 2010
  

   
Principal
amount
(000)
  
Market
value
(000)
  
Percent
of net
assets
      
Bonds & notes - 97.27%
      
Alabama - 2.56%
      
Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A:
                        
 
5.00%, 05/01/15
$
1,000
$
1,159
  
.43
%
  
 
5.00%, 05/01/17
  
1,000
  
1,181
  
.44
    
Courtland Industrial Dev. Board, Ind. Rev. Ref. Bonds, Series A, 5.00%, 11/01/13
  
2,000
  
2,130
  
.79
    
Mobile Ind. Dev. Board, Pollution Control, Industrial Imps. Rev. Bonds (Mandatory Put 03/19/15 @ 100), 5.00%, 06/01/341
  
2,000
  
2,240
  
.84
    
Univ. of Alabama, Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 09/01/18
  
150
  
164
  
.06
    
   
 
    
6,874
  
2.56
      
   
Alaska - 0.08%
      
Alaska Ind. Dev. & Export Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, 04/01/13
  
100
  
110
  
.04
    
City of Anchorage, G.O. Public Imps. Prop. Tax Bonds, Series A, 4.00%, 08/01/12
  
100
  
106
  
.04
    
   
 
    
216
  
.08
      
   
Arizona - 4.13%
      
Arizona Health Facs. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 02/02/15 @ 100), 1.13%, 02/01/421
  
140
  
128
  
.05
    
Arizona School Facs. Board, School Imps. Certs. of Part., Lease Rev. Bonds, 5.00%, 09/01/14
  
200
  
224
  
.08
    
Arizona Water Infrastructure Fin. Auth., Water Util. Imps. Rev. Bonds, Series A, 4.00%, 10/01/11
  
100
  
103
  
.04
    
City of Phoenix, G.O. Public Imps. Prop. Tax Rev. Bonds, Series B (Pre-refunded with St. & Loc. Govt. Series to 07/01/12 @ 100), 5.375%, 07/01/13
  
300
  
325
  
.12
    
Glendale Industrial Dev. Auth., College & Univ. Rev. Ref. Bonds, 5.25%, 05/15/18
  
1,000
  
1,124
  
.42
    
Maricopa County Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 07/02/12@ 100), 5.00%, 07/01/251
  
100
  
105
  
.04
    
Phoenix Civic Imps. Corp., Port, Airport, & Marina Rev. Ref. Bonds, Series A:
                        
 
5.00%, 07/01/16
  
1,000
  
1,143
  
.42
    
 
5.00%, 07/01/20
  
2,800
  
3,181
  
1.18
    
Phoenix Civic Imps. Corp., Port, Airport, & Marina Rev. Ref. Bonds, Series C, 4.50%, 07/01/22
  
300
  
319
  
.12
    
Phoenix Civic Imps. Corp., Solid Waste Mgmt. Disposal Rev. Ref. Bonds, 5.50%, 07/01/24
  
125
  
143
  
.05
    
Phoenix Civic Imps. Corp., Water Util. Imps. Rev. Bond, Series A, 5.00%, 07/01/23
  
300
  
340
  
.13
    
Salt River Project Agricultural Imps. & Power Dist., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 01/01/20
  
500
  
584
  
.22
    
Salt River Project Agricultural Imps. & Power Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 12/01/17
  
2,650
  
3,186
  
1.19
    
Tangerine Farms Road Imps. Dist, Public Imps. Special Assessment Bonds, 4.60%, 01/01/26
  
200
  
199
  
.07
    
   
 
    
11,104
  
4.13
      
   
California - 7.65%
      
ABAG Fin. Auth. For Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 05/15/16
  
1,500
  
1,515
  
.56
    
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, 10/01/17
  
100
  
111
  
.04
    
Bay Area Toll Auth., Highway Rev. Ref. Bonds, Series F, 5.00%, 04/01/22
  
125
  
136
  
.05
    
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 11/15/19
  
750
  
851
  
.32
    
California Muni. Fin. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 07/01/18
  
1,000
  
1,054
  
.39
    
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G-11, 5.00%, 05/01/18
  
1,665
  
1,948
  
.73
    
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 05/01/17
  
2,000
  
2,336
  
.87
    
California State Dept. of Water Ress., Water Rev. Ref. Bonds (Escrowed to Maturity) (FGIC Insured), 5.00%, 12/01/12
  
5
  
5
  
—
    
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 04/01/13
  
100
  
109
  
.04
    
California Statewide Comms. Dev. Auth., Misc. Rev. Bonds, 5.00%, 06/15/13
  
2,100
  
2,291
  
.85
    
City & County of San Francisco, Health Care Imps. Certs. of Part. Lease Bonds, Series A, 5.00%, 04/01/17
  
100
  
115
  
.04
    
City of Los Angeles, Solid Waste Disposal Rev. Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 06/01/27
  
1,000
  
1,063
  
.40
    
City of Los Angeles, Solid Waste Mgmt. Rev. Ref. Bonds, Rev. Bonds, Series A, 5.00%, 06/01/11
  
100
  
103
  
.04
    
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 05/15/22
  
200
  
227
  
.09
    
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Bonds, Series A-1 (AGM Insured), 5.00%, 07/01/12
  
100
  
107
  
.04
    
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series B, 5.00%, 07/01/20
  
100
  
117
  
.04
    
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, 07/01/14
  
100
  
113
  
.04
    
Metropolitan Water Dist. of Southern California, Water Util. Imps. Rev. Bonds, Series A, 5.00%, 07/01/25
  
100
  
111
  
.04
    
Northern California Gas Auth., Natural Gas Util. Imps. Rev. Bonds, 0.824%, 07/01/191
  
100
  
78
  
.03
    
Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A, 4.00%, 06/01/14
  
2,015
  
2,166
  
.81
    
Roseville City School Dist., G.O. School Imps. Prop. Tax Bonds, Series B (NATL-RE FGIC Insured), 5.00%, 08/01/12
  
100
  
107
  
.04
    
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (NATL-RE Insured), 5.00%, 08/15/17
  
2,000
  
2,188
  
.82
    
Sacramento Regional County Sanitation Dist., Solid Waste Mgmt. Disposal Rev. Ref. Bonds, Series A, 5.40%, 12/01/13
  
500
  
507
  
.19
    
San Francisco City & County Public Util. Commission, Water Rev. Ref. Bonds, Series C, 5.00%, 11/01/14
  
2,000
  
2,309
  
.86
    
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series B, 5.00%, 06/15/18
  
100
  
117
  
.04
    
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds  (NATL-RE Insured), 4.54%, 08/01/18
  
200
  
206
  
.08
    
State of California, G.O. Public Imps. Misc. Tax Ref. Bonds (NATL-RE Insured), 5.00%, 06/01/15
  
100
  
113
  
.04
    
State of California, G.O. Sales Tax Rev. Bonds, Series A, 5.25%, 07/01/21
  
100
  
116
  
.04
    
State of California, G.O. School Imps. General Fund, Ref. Notes (Pre-refunded with St. & Loc. Govt. Series to 02/01/12 @ 100), 5.00%, 02/01/27
  
100
  
106
  
.04
    
Tuolumne Wind Project Auth., Energy Res. Auth. Rev. Bonds, Series A, 5.25%, 01/01/24
  
200
  
220
  
.08
    
   
 
    
20,545
  
7.65
      
                 
   
Colorado - 1.27%
      
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A:
                        
 
5.00%, 11/15/16
  
200
  
231
  
.09
    
 
5.25%, 11/15/28
  
200
  
218
  
.08
    
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 11/15/17
  
200
  
228
  
.08
    
Colorado Health Facs. Auth. Rev. Ref. Bonds, 5.00%, 11/15/13
  
150
  
163
  
.06
    
Colorado Health Facs. Auth., Health Care Facs. Imps. Rev. Bonds (Escrowed to Maturity), 5.00%, 03/01/11
  
100
  
102
  
.04
    
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S. Treasury Obligations to 11/15/16 @ 100), 5.125%, 11/15/171
  
115
  
139
  
.05
    
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 01/01/17
  
2,000
  
2,239
  
.83
    
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series C-6 (Mandatory Put 11/10/10 @ 100), 3.95%, 09/01/361
  
100
  
100
  
.04
    
   
 
    
3,420
  
1.27
      
   
Connecticut - 0.97%
      
Connecticut State Health & Edu. Fac. Auth., College & Univ. Imps. Rev. Bonds, Series A-3 (Mandatory Put 02/07/13 @ 100), 4.00%, 07/01/491
  
700
  
753
  
.28
    
State of Connecticut, G.O. Public Imps. Prop. Tax Rev. Bonds, Series C, 4.50%, 06/01/22
  
300
  
327
  
.12
    
State of Connecticut, G.O. School Imps. Prop. Tax Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 04/15/12 @ 100), 5.375%, 04/15/20
  
775
  
831
  
.31
    
State of Connecticut, Misc. Rev. Ref. Bonds, Series C:
                        
 
5.00%, 10/01/11
  
100
  
104
  
.04
    
 
5.00%, 10/01/22
  
500
  
582
  
.22
    
   
 
    
2,597
  
.97
      
   
District of Columbia - 1.90%
      
Dist. of Columbia, Income Tax Rev. Ref. Bonds, Series A, 5.00%, 12/01/23
  
1,250
  
1,433
  
.53
    
Dist. of Columbia, Income Tax Rev. Ref. Bonds, Series C, 5.00%, 12/01/13
  
100
  
113
  
.04
    
Metropolitan Washington Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C:
                        
 
5.00%, 10/01/12
  
200
  
216
  
.08
    
 
5.00%, 10/01/17
  
200
  
235
  
.09
    
Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A:
                        
 
3.50%, 10/01/18
  
2,500
  
2,647
  
.99
    
 
5.00%, 10/01/20
  
200
  
232
  
.09
    
Washington Convention Center Auth., Hotel Occupancy Tax, Rev. Bonds, Series A (AMBAC Insured), 5.00%, 10/01/15
  
200
  
226
  
.08
    
   
 
    
5,102
  
1.90
      
   
Florida - 15.31%
      
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, 5.00%, 06/01/15
  
700
  
753
  
.28
    
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1, 5.00%, 06/01/16
  
635
  
682
  
.25
    
Citizens Prop. Insurance Corp., Misc. Cash Flow Mgmt. Rev. Bonds:
                        
 
5.00%, 06/01/13
  
850
  
899
  
.34
    
 
6.00%, 06/01/16
  
300
  
337
  
.13
    
Citizens Prop. Insurance Corp., Misc. Rev. Bonds, Series A-1, 5.25%, 06/01/17
  
2,000
  
2,163
  
.81
    
City of Clearwater, Water Rev. Ref. Bonds, Series B, 5.00%, 12/01/18
  
100
  
117
  
.04
    
City of Fort Lauderdale, Water Util. Imps. Rev. Bonds (NATL-RE Insured), 4.00%, 09/01/16
  
100
  
112
  
.04
    
City of Tampa, Health Care Facs. Rev. Ref. Bonds:
                        
 
5.00%, 11/15/16
  
1,200
  
1,353
  
.50
    
 
5.00%, 11/15/17
  
2,000
  
2,251
  
.84
    
County of Broward, Water & Solid Waste Mgmt. Rev. Ref. Bonds, Series A, 2.40%, 10/01/14
  
100
  
104
  
.04
    
County of Miami-Dade, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 10/01/18
  
1,100
  
1,241
  
.46
    
County of Miami-Dade, Water Rev. Ref. Bonds, Series C, 4.00%, 10/01/13
  
300
  
325
  
.12
    
County of Polk, Misc. Fuel Sales Tax Rev. Ref. Bonds (AGM Insured), 5.00%, 12/01/251
  
250
  
251
  
.09
    
County of St. Johns, Water Rev. Ref. Bonds (AGM Insured), 5.00%, 06/01/16
  
100
  
116
  
.04
    
Florida  Housing Fin. Corp., GTD Rev. Bonds, Series B, 4.50%, 01/01/29
  
1,350
  
1,458
  
.54
    
Florida Housing Fin. Corp., State Funded Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 5.00%, 07/01/28
  
1,000
  
1,086
  
.40
    
Florida Hurricane Catastrophe Fund Fin. Corp., 5.00%, 07/01/16
  
2,000
  
2,203
  
.82
    
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Imps. Rev. Bonds, Series A:
                        
 
5.00%, 07/01/14
  
150
  
163
  
.06
    
 
5.00%, 07/01/15
  
1,400
  
1,540
  
.57
    
Florida State Board of Edu., G.O. Misc. Rev. Ref. Bonds, Series 2008 C, 5.00%, 06/01/22
  
2,000
  
2,267
  
.84
    
Florida State Board of Edu., G.O. School Imps. Rev. Bonds, Series D, 5.00%, 06/01/12
  
380
  
406
  
.15
    
Florida State Board of Edu., Misc. Rev. Ref. Bonds, Series E:
                        
 
5.00%, 07/01/15
  
525
  
606
  
.23
    
 
5.00%, 07/01/16
  
2,000
  
2,333
  
.87
    
Florida State Dept. of Environmental Protection, Public Imps. Misc. Taxes Bonds, Series B, 5.00%, 07/01/19
  
1,450
  
1,666
  
.62
    
Florida State Dept. of Environmental Protection, Sales Tax Rev. Ref. Bonds, Series A (AGM Insured), 5.50%, 07/01/12
  
1,000
  
1,079
  
.40
    
Florida State Dept. of Environmental Protection, Sales Tax Rev. Ref. Bonds, Series B (NATL-RE Insured), 5.00%, 07/01/11
  
100
  
103
  
.04
    
Florida State Dept. of Transportation, Highway Imps. Rev. Bonds, Series B, 5.00%, 07/01/14
  
1,000
  
1,140
  
.43
    
Florida Water Pollution Control Fncg. Corp., Pollution Control Misc. Rev. Bonds, Series A:
                        
 
3.00%, 01/15/13
  
100
  
105
  
.04
    
 
3.00%, 01/15/14
  
100
  
106
  
.04
    
 
5.00%, 01/15/20
  
300
  
349
  
.13
    
 
5.00%, 01/15/23
  
200
  
226
  
.08
    
Fort Pierce Util. Auth., Energy Res. Auth. Rev. Ref. Bonds  (AMBAC Insured), 5.00%, 10/01/14
  
200
  
220
  
.08
    
Hillsborough County Ind. Dev. Auth., Res. Recovery Rev. Ref. Bonds (Mandatory Put 03/15/12 @ 100) (AMBAC Insured), 5.00%, 12/01/341
  
2,000
  
2,086
  
.78
    
JEA, Energy Res. Auth. Imps. Rev. Bonds, 5.50%, 10/01/29
  
200
  
218
  
.08
    
JEA, Energy Res. Auth. Rev. Ref. Bonds, Series D-1, 3.00%, 10/01/19
  
2,650
  
2,639
  
.98
    
JEA, Water Util. Imps. Rev. Bonds, Series A, 5.00%, 10/01/26
  
400
  
419
  
.16
    
Miami Dade County Expressway Auth., Highway Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.125%, 07/01/25
  
1,500
  
1,529
  
.57
    
Miami Dade County Expressway Auth., Highway Rev. Ref. Bonds, Series A (Assured GTY Insured):
                        
 
3.00%, 07/01/15
  
425
  
444
  
.17
    
 
3.00%, 07/01/16
  
2,050
  
2,126
  
.79
    
Miami-Dade County School Board, School Imps. Certs. of Part. Rev. Bonds, Series B (AMBAC Insured), 4.00%, 11/01/15
  
100
  
107
  
.04
    
Orange County Health Facs. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, 5.00%, 10/01/12
  
100
  
106
  
.04
    
Orlando Utils. Commission, Multiple Util. Rev. Ref. Bonds, Series C:
                        
 
5.00%, 10/01/12
  
100
  
108
  
.04
    
 
5.00%, 10/01/13
  
1,000
  
1,122
  
.42
    
 
5.00%, 10/01/13
  
500
  
561
  
.21
    
 
5.00%, 10/01/17
  
1,000
  
1,185
  
.44
    
Orlando Utils. Commission, Water Rev. Ref. Bonds, Series B, 5.00%, 10/01/23
  
200
  
225
  
.08
    
South Broward Hospital Dist., Health Care Facs. Rev. Ref. Bonds (NATL-RE Insured), 5.00%, 05/01/21
  
275
  
292
  
.11
    
St. Johns County School Board, Certs. of Part. Lease Bonds (NATL-RE Insured), 4.50%, 07/01/12
  
200
  
210
  
.08
    
   
 
    
41,137
  
15.31
      
   
Georgia - 4.00%
      
Burke County Dev. Auth., Ind. Rev. Ref. Bonds (Mandatory Put 04/01/11 @ 100), 4.95%, 11/01/481
  
200
  
203
  
.08
    
Burke County Dev. Auth., Pollution Control Res. Recovery Rev. Bonds, 7.00%, 01/01/23
  
300
  
361
  
.13
    
DeKalb County Hospital Auth., Health Care Facs. Imps. Rev. Bonds, 5.25%, 09/01/20
  
2,000
  
2,082
  
.77
    
DeKalb Private Hospital Auth., Health Care Rev. Ref. Bonds, 5.00%, 11/15/24
  
200
  
215
  
.08
    
Georgia Higher Edu. Facs. Auth., College & Univ. Imps Rev. Bonds, 6.00%, 06/15/28
  
300
  
339
  
.13
    
Georgia State Road & Tollway Auth., Fuel Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 06/01/12
  
600
  
642
  
.24
    
Georgia State Road & Tollway Auth., Highway Imps. Misc. Taxes Rev. Bonds, Series A:
                        
 
5.00%, 06/01/12
  
100
  
107
  
.04
    
 
5.00%, 06/01/18
  
400
  
475
  
.18
    
Gwinnett County Dev. Auth., Lease, Ref. Bonds, Certs. of Part. Lease Bonds (NATL-RE Insured), 5.00%, 01/01/16
  
100
  
116
  
.04
    
Main Street Natural Gas Inc., Rev. Bonds, Series B, 5.00%, 03/15/12
  
125
  
130
  
.05
    
Milledgeville & Baldwin County Dev. Auth. College & Univ. Imps. Rev. Bonds (Escrowed to Maturity), 4.50%, 09/01/11
  
375
  
388
  
.14
    
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 11/01/19
  
1,000
  
1,159
  
.43
    
Muni. Electric Auth. of Georgia, Energy Res. Auth. Imps. Rev. Ref. Bonds, Series D, 4.00%, 01/01/12
  
300
  
311
  
.12
    
Public Gas Partners Inc., Natural Gas Rev. Ref. Bonds, Series A, 5.00%, 10/01/13
  
100
  
110
  
.04
    
State of Georgia, G.O. College & Univ. Imps. Bonds, Series D, 5.00%, 05/01/27
  
100
  
113
  
.04
    
State of Georgia, G.O. General Fund, Public Imps. Bonds, Series B, 5.00%, 07/01/24
  
250
  
285
  
.11
    
State of Georgia, G.O. Prop. Tax Ref. Bonds, Series I:
                        
 
5.00%, 07/01/18
  
500
  
606
  
.22
    
 
5.00%, 07/01/21
  
2,000
  
2,433
  
.91
    
State of Georgia, G.O. Prop. Tax, College & Univ. Imps. Bonds, Series D, 4.00%, 05/01/11
  
100
  
102
  
.04
    
Thomasville Hospital Auth. Rev. Bonds, 3.25%, 11/01/14
  
540
  
558
  
.21
    
   
 
    
10,735
  
4.00
      
   
Hawaii - 0.76%
      
City & County of Honolulu, G.O., Prop. Tax, Ref. Bonds, Series A, 2.75%, 04/01/14
  
200
  
212
  
.08
    
State of Hawaii, G.O. Prop. Tax Ref. Bonds, Series DT, 5.00%, 11/01/19
  
600
  
719
  
.27
    
State of Hawaii, Port, Airport & Marina Rev. Ref. Bonds, Series A:
                        
 
5.00%, 07/01/22
  
300
  
333
  
.12
    
 
5.25%, 07/01/23
  
700
  
792
  
.29
    
   
 
    
2,056
  
.76
      
   
Illinois - 4.94%
      
Chicago Board of Edu., G.O., Prop. Tax, Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 12/01/16
  
100
  
112
  
.04
    
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 01/01/17
  
1,675
  
1,805
  
.67
    
City of Chicago, Port, Airport & Marina Imps., Series C (Assured GTY Insured), 5.25%, 01/01/22
  
1,000
  
1,122
  
.42
    
Cook Kane Lake & McHenry Counties Comm. College Dist. No. 512, G.O. College & Univ. Imps. Bonds, Series A, 5.00%, 12/01/24
  
500
  
563
  
.21
    
County of Cook, G.O., Prop. Tax, Ref. Bonds, Series A, 4.50%, 11/15/13
  
100
  
109
  
.04
    
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, Series B-2 (Mandatory Put 02/12/15 @ 100), 1.875%, 07/01/361
  
300
  
304
  
.11
    
Illinois Fin. Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 10/01/22
  
200
  
212
  
.08
    
Illinois Fin. Auth., College & Univ. Imps. Rev. Ref. Bonds (Mandatory Put 04/01/11 @ 100) (XLCA Insured), 3.50%, 10/01/271
  
200
  
201
  
.07
    
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 07/01/14 @ 100), 4.375%, 11/15/221
  
200
  
212
  
.08
    
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/15
  
100
  
114
  
.04
    
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds (NATL-RE Insured), 5.00%, 08/15/11
  
100
  
103
  
.04
    
Illinois Fin. Auth., Health Care Facs., Rev. Ref. Bonds, Series B, 4.70%, 08/15/12
  
50
  
50
  
.02
    
Illinois Fin. Auth., Rec. Facs. Imps. Rev. Bonds (Mandatory Put 11/01/11 @ 100), 4.05%, 11/01/361
  
250
  
256
  
.10
    
Illinois Housing Dev. Auth., Housing Rev. Ref. Bonds, Series G:
                        
 
4.10%, 01/01/13
  
95
  
100
  
.04
    
 
4.10%, 07/01/13
  
330
  
350
  
.13
    
Illinois State Toll Highway Auth., Highway Imps., Rev. Bonds, Series A (AGM Insured), 5.00%, 01/01/15
  
1,000
  
1,144
  
.43
    
Illinois State Toll Highway Auth., Highway Rev. Tolls Ref. Bonds, Series A, 5.50%, 01/01/15
  
1,950
  
2,273
  
.85
    
Metropolitan Pier & Exposition Auth., Port Airport & Marina Imps. Hotel Occupancy Tax Rev. Bonds (NATL-RE FGIC Insured):
                        
 
5.375%, 06/01/12
  
100
  
107
  
.04
    
 
5.375%, 06/01/13
  
100
  
111
  
.04
    
State of Illinois, G.O. Misc. Rev. Ref. Bonds, Series B, 5.25%, 01/01/21
  
2,000
  
2,179
  
.81
    
State of Illinois, Sales Tax Rev. Ref. Bonds, 5.00%, 06/15/17
  
1,500
  
1,730
  
.64
    
University of Illinois, Certs. of Part., Rev. Ref. Bonds, Series A (AGM Insured), 5.25%, 10/01/24
  
100
$
108
  
.04
    
   
 
    
13,265
  
4.94
      
   
Indiana - 1.49%
      
Indiana Bond Bank, Misc. Rev. Ref. Bonds, Series A:
                        
 
4.00%, 02/01/11
  
200
  
202
  
.08
    
 
5.50%, 08/01/11
  
100
  
104
  
.04
    
Indiana Fin. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 04/01/11), 5.00%, 10/01/271
  
125
  
127
  
.05
    
Indiana Fin. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, 5.25%, 11/01/28
  
100
  
106
  
.04
    
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.50%, 05/01/24
  
100
  
107
  
.04
    
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 02/15/20
  
1,400
  
1,455
  
.54
    
Indiana Fin. Auth., Health Care Facs., Series D, 5.50%, 11/15/11
  
100
  
101
  
.04
    
Indiana Fin. Auth., Lease Rev. Ref. Bonds, Series A-1, 5.00%, 11/01/12
  
300
  
325
  
.12
    
Indiana Univ., College & Univ. Imps. Rev. Bonds, Series A:
                        
 
5.00%, 06/01/11
  
100
  
103
  
.04
    
 
5.00%, 06/01/12
  
400
  
429
  
.16
    
 
5.25%, 06/01/20
  
100
  
119
  
.04
    
Indiana Univ., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 06/01/38
  
200
  
212
  
.08
    
Indianapolis Local Public Imps. Bond Bank, Water Util. Imps. Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/12 @ 100) (NATL-RE Insured), 5.50%, 07/01/14
  
300
  
325
  
.12
    
Purdue Univ., Certs. of Part., Rev. Ref. Bonds, 5.00%, 07/01/15
  
150
  
174
  
.06
    
Southwest Allen Multi School Building Corp., School Imps. Lease Rev. Ref. Bonds, Series A (NATL-RE Insured), 4.00%, 07/15/11
  
100
  
102
  
.04
    
   
 
    
3,991
  
1.49
      
   
Iowa - 0.30%
      
City of Iowa City, Sewer Rev. Ref. Bonds, Series A (FSA Insured), 4.50%, 07/01/19
  
100
  
111
  
.04
    
City of Sioux City, G.O. Public Imps. Prop. Tax Rev. Bonds,  Series A, 4.00%, 06/01/18
  
100
  
110
  
.04
    
Iowa Fin. Auth., Water Util. Imps. Misc. Rev. Bonds, 5.00%, 08/01/19
  
300
  
359
  
.14
    
State of Iowa, General Fund, Public Imps. Rev. Bonds, Series A, 5.00%, 06/01/27
  
200
  
219
  
.08
    
   
 
    
799
  
.30
      
   
Kansas - 0.12%
      
Kansas Dev. Fin. Auth., New Jobs Training Misc. Rev. Bonds, Series F (NATL-RE Insured), 5.00%, 06/01/12
  
200
  
214
  
.08
    
Kansas State Dept. of Transportation, Highway Fuel Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 09/01/15
  
100
  
118
  
.04
    
   
 
    
332
  
.12
      
   
Kentucky - 1.19%
      
Kentucky Higher Edu. Student Loan Corp., Rev. Bonds, Series 1-Class A-1 (GTD St. Lns. Insured), 1.1127%, 05/01/201
  
2,000
  
2,003
  
.74
    
Kentucky Housing Corp., State Safe Housing Rev. Bonds, Series B, 5.00%, 07/01/27
  
1,100
  
1,200
  
.45
    
   
 
    
3,203
  
1.19
      
   
Louisiana - 0.67%
      
City of Baton Rouge, Sales Tax Rev. Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 08/01/11
  
200
  
207
  
.08
    
Louisiana Office Facs. Corp., Lease Rev. Ref. Bonds, 5.00%, 03/01/16
  
300
  
338
  
.13
    
Louisiana Public Facs. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, Series  B, 5.25%, 05/15/27
  
250
  
251
  
.09
    
State of Louisiana, Highway Imps. Fuel Sales Tax Rev. Bonds, Series A-1 (Mandatory Put 06/01/13 @ 100), 1.03%, 05/01/431
  
1,000
  
1,001
  
.37
    
   
 
    
1,797
  
.67
      
   
Maryland - 0.34%
      
State of Maryland, G.O. College & Univ. Imps. Bonds, Series C, 5.00%, 03/01/15
  
100
  
117
  
.04
    
State of Maryland, G.O. Public Imps. Misc. Tax Rev. Bonds, 5.00%, 03/01/15
  
100
  
117
  
.04
    
State of Maryland, G.O. Public Imps. Prop. Tax Rev. Bonds, Series A, 5.00%, 11/01/19
  
300
  
365
  
.14
    
Univ. System of Maryland, College & Univ. Imps. Rev. Ref. Bonds, Series D, 3.00%, 04/01/13
  
100
  
106
  
.04
    
Washington Suburban Sanitation Dist., G.O. Water Util. Imps. Rev. Ref. Bonds, Series A, 4.00%, 06/01/13
  
200
  
217
  
.08
    
   
 
    
922
  
.34
      
   
Massachusetts - 1.86%
      
City of Boston, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, 04/01/16
  
160
  
189
  
.07
    
Commonwealth of Massachusetts, G.O. Misc. Taxes Ref. Bonds, Series A, 5.00%, 09/01/14
  
400
  
460
  
.17
    
Commonwealth of Massachusetts, G.O. Public Imps. Prop. Tax Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 03/01/15 @ 100), 5.00%, 03/01/22
  
100
  
117
  
.04
    
Massachusetts Bay Transportation Auth. Transit Imps. Sales Tax Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/15 @ 100), 5.00%, 07/01/25
  
100
  
118
  
.05
    
Massachusetts Dev. Fin. Agcy., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 01/01/15
  
1,000
  
1,111
  
.41
    
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Bonds, 5.25%, 08/15/23
  
100
  
115
  
.04
    
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series O, 6.00%, 07/01/36
  
1,000
  
1,175
  
.44
    
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A:
                        
 
5.00%, 11/15/14
  
200
  
232
  
.09
    
 
5.00%, 12/15/25
  
100
  
116
  
.04
    
Massachusetts Health & Edu. Facs. Auth., Rev. Bonds, Series K (Mandatory Put 07/01/13 @ 100), 5.00%, 07/01/391
  
100
  
107
  
.04
    
Massachusetts Housing Fin. Agcy., Housing Rev. Ref. Bonds, Series A, 2.00%, 06/01/13
  
900
  
912
  
.34
    
Massachusetts Water Pollution Abatement, Water Rev. Ref. Bonds, 5.00%, 08/01/14
  
100
  
115
  
.04
    
Massachusetts Water Pollution Abatement, Water Util. Imps. Rev. Bonds, Series 14, 5.00%, 08/01/20
  
100
  
119
  
.05
    
Massachusetts Water Res. Auth. Water Rev. Ref. Bonds, Series B, 5.00%, 08/01/22
  
100
  
114
  
.04
    
   
 
    
5,000
  
1.86
      
   
Michigan - 1.35%
      
Kent Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (Mandatory Put 01/15/12 @ 100), 5.00%, 01/15/471
  
400
  
420
  
.16
    
Michigan State Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds:
                        
 
4.00%, 11/15/13
  
100
  
104
  
.04
    
 
5.25%, 11/15/24
  
200
  
208
  
.08
    
Michigan State Univ., College & Univ. Imps. Rev. Ref. Bonds, Series C, 5.00%, 08/15/17
  
1,500
  
1,782
  
.66
    
State of Michigan, G.O. Misc. Rev. Ref. Bonds, Series A, 5.00%, 05/01/13
  
300
  
330
  
.12
    
Univ. of Michigan, College & Univ. Imps. Rev. Ref. Bonds, Series A:
                        
 
4.00%, 04/01/12
  
100
  
105
  
.04
    
 
5.00%, 04/01/16
  
300
  
353
  
.13
    
Univ. of Michigan, College & Univ. Imps. Rev. Ref. Bonds, Series C, 4.00%, 04/01/15
  
200
  
224
  
.08
    
Wayne State University, College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, 11/15/16
  
100
  
115
  
.04
    
   
 
    
3,641
  
1.35
      
   
Minnesota - 0.61%
      
Minnesota Housing Finance Agcy., Housing Rev. Bonds (GNMA/FNMA/FHLMC COLL Insured), 4.25%, 07/01/28
  
1,000
  
1,073
  
.40
    
State of Minnesota, G.O. Public Imps. Prop. Tax Bonds, Series H:
                        
 
5.00%, 11/01/13
  
400
  
451
  
.17
    
 
5.00%, 11/01/16
  
100
  
120
  
.04
    
   
 
    
1,644
  
.61
      
   
Mississippi - 0.94%
      
Jackson State Univ. Educ. Building Corp., College & Univ. Imps. Lease Rev. Ref. Bonds (Mandatory Put 03/01/15 @ 100) (AGM Insured), 5.00%, 03/01/341
  
2,250
  
2,532
  
.94
    
   
 
    
2,532
  
.94
      
   
Missouri - 0.32%
      
I-470 & 350 Transportation Dev. Dist., Sales Tax Rev. Ref. Bonds (RADIAN Insured), 4.60%, 06/01/29
  
80
  
77
  
.03
    
Lees Summit Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/14
  
200
  
209
  
.08
    
Missouri Highway & Transportation Commission, Highway Imps. Rev. Bonds, Series A, 5.00%, 05/01/24
  
300
  
343
  
.13
    
Missouri State Environment & Energy Res. Auth, Water Rev. Ref. Bonds, Series A, 5.00%, 01/01/19
  
100
  
121
  
.04
    
Missouri State Health & Edu. Fac. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 06/01/11
  
100
  
103
  
.04
    
   
 
    
853
  
.32
      
   
   
Nevada - 3.47%
      
Clark County School Dist., G.O. Public Imps. Rev. Bonds (AGM Insured), 5.50%, 06/15/15
  
100
  
118
  
.04
    
County of Clark, Port Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 07/01/16
  
325
  
373
  
.14
    
County of Clark, Port Airport & Marina Imps. Rev. Ref. Bonds, 5.00%, 07/01/17
  
1,400
  
1,600
  
.60
    
County of Clark, Port Airport & Marina Rev. Ref. Notes, Series E-2, 5.00%, 07/01/12
  
3,350
  
3,545
  
1.32
    
County of Clark, Sales Tax Rev. Ref. Bonds, Series B, 4.00%, 07/01/18
  
2,000
  
2,195
  
.82
    
Nevada System of Higher Edu., College & Univ. Imps. Rev. Ref. Bonds, Series B (AMBAC Insured), 5.00%, 07/01/14
  
1,325
  
1,489
  
.55
    
   
 
    
9,320
  
3.47
      
   
New Jersey - 3.34%
      
New Jersey Econ. Dev. Auth., Lease Rev. Ref. Bonds:
                        
 
4.00%, 12/15/15
  
1,000
  
1,099
  
.41
    
 
5.00%, 12/15/17
  
2,000
  
2,310
  
.86
    
New Jersey Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series K:
                        
 
5.00%, 07/01/13
  
100
  
112
  
.04
    
 
5.00%, 07/01/14
  
100
  
115
  
.04
    
New Jersey Educ. Facs. Auth., Lease Rev. Ref. Bonds, Series A, 4.00%, 09/01/14
  
100
  
109
  
.04
    
New Jersey Higher Edu. Assistance Auth., Student Loan Rev. Ref. Bonds, Series 1A:
                        
 
5.00%, 12/01/15
  
1,000
  
1,111
  
.41
    
 
5.00%, 12/01/17
  
1,420
  
1,572
  
.59
    
New Jersey State Turnpike Auth, Highway Imps. Rev. Bonds, Series E, 5.00%, 01/01/28
  
100
  
104
  
.04
    
New Jersey Transportation Trust Fund Auth., Transit Imps. Rev. Ref. Bonds, Series A, 5.375%, 12/15/25
  
100
  
109
  
.04
    
New Jersey Transportation Trust Fund Auth., Transit. Imps. Rev. Ref. Bonds, Series A (AMBAC Insured), 5.50%, 12/15/15
  
2,000
  
2,336
  
.87
    
   
 
    
8,977
  
3.34
      
   
New Mexico - 0.58%
      
Albuquerque Muni. School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (St. Aid Withhldg. Insured), 4.00%, 08/01/11
  
100
  
103
  
.04
    
New Mexico Educ. Assistance Foundation, Rev. Bonds, Series A-2 (GTD St. Lns. Insured), 0.928%, 12/01/281
  
1,450
  
1,448
  
.54
    
   
 
    
1,551
  
.58
      
   
New York - 5.25%
      
City of New York, G.O. Prop. Tax Ref. Bonds, Series B, 5.00%, 08/01/17
  
2,000
  
2,339
  
.87
    
City of New York, G.O. Prop. Tax Ref. Bonds, Series G, 5.00%, 08/01/22
  
2,000
  
2,200
  
.82
    
City of New York, G.O. Public Imps. Prop. Tax Rev. Bonds, Series H-1, 4.00%, 03/01/17
  
100
  
110
  
.04
    
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series 2010 A, 5.00%, 05/01/14
  
1,250
  
1,408
  
.52
    
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series F (NATL-RE Insured), 5.00%, 05/01/16
  
1,830
  
2,109
  
.79
    
New York City Health & Hospital Corp., Health Care Rev. Ref. Bonds, Series A, 5.00%, 02/15/17
  
2,000
  
2,286
  
.85
    
New York City Transitional Fin. Auth. School Imps. Misc. Rev. Ref. Bonds, Series S-5 (St. Aid Withhldg. Insured), 5.00%, 01/15/19
  
100
  
115
  
.04
    
New York City Transitional Fin. Auth., Income Tax Rev. Ref. Bonds, Series B:
                        
 
5.00%, 11/01/18
  
100
  
119
  
.05
    
 
5.25%, 02/01/29
  
125
  
126
  
.05
    
New York State Dormitory Auth., Health Care Facs. Imps. Rev. Bonds, 5.00%, 02/15/13
  
2,460
  
2,679
  
1.00
    
New York State Dormitory Auth., Health Care Facs. Rev. Bonds, Series A, 5.00%, 02/15/16
  
300
  
350
  
.13
    
New York State Dormitory Auth., Misc. Rev. Ref. Bonds,  Rev Bonds (NATL-RE FGIC Insured), 5.00%, 07/01/14
  
100
  
113
  
.04
    
New York State Urban Dev. Corp., Correctional Facs. Imps. Misc. Rev. Ref. Bonds, Series A (Mandatory Put 01/01/11 @ 100 / Pre-refunded with St. & Loc. Govt. Series to 01/01/11 @ 100), 5.50%, 01/01/171
  
140
  
141
  
.05
    
   
 
    
14,095
  
5.25
      
   
North Carolina - 1.76%
      
Board of Governors of the Univ. of North Carolina, College & Univ. Imps. Rev. Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 10/01/15
  
110
  
127
  
.05
    
City of Charlotte, Water & Solid Waste Mgmt. Rev. Ref. Bonds, Series B, 5.00%, 07/01/23
  
200
  
233
  
.09
    
County of Wake, G.O. Prop. Tax Ref. Bonds, Series D, 4.00%, 02/01/13
  
400
  
431
  
.16
    
North Carolina Eastern Muni. Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.50%, 01/01/11
  
125
  
126
  
.05
    
North Carolina Muni. Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.25%, 01/01/20
  
175
  
200
  
.07
    
Raleigh Durham Airport Authority, Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 05/01/19
  
2,500
  
2,935
  
1.09
    
State of North Carolina, Highway Imps. Rev. Bond, 5.00%, 03/01/13
  
100
  
110
  
.04
    
State of North Carolina, Highway Imps. Rev. Bonds, 5.00%, 03/01/17
  
300
  
356
  
.13
    
State of North Carolina, Public Imps. Misc. Rev. Bonds, Series A, 5.00%, 05/01/12
  
200
  
213
  
.08
    
   
 
    
4,731
  
1.76
      
   
Ohio - 3.17%
      
Buckeye Tobacco Settlement Fncg. Auth., Misc. Purposes Rev. Bonds, Series A-2, 5.125%, 06/01/24
  
395
  
345
  
.13
    
County of Allen, Lease Rev. Ref. Bonds, Series B:
                        
 
5.00%, 09/01/18
  
1,000
  
1,128
  
.42
    
 
5.00%, 09/01/19
  
2,000
  
2,252
  
.84
    
 
5.00%, 09/01/20
  
1,030
  
1,148
  
.42
    
Ohio Air Quality Dev. Auth., Res. Recovery Imps. Rev. Bonds, Series A, 5.70%, 08/01/20
  
1,000
  
1,129
  
.42
    
Ohio Higher Educ. Fac. Commission, Health Care Facs. Rev. Ref. Bonds, Series A, 2.25%, 01/15/12
  
100
  
101
  
.04
    
Ohio State Building Auth., Rev. Ref. Bonds, Series A, 5.00%, 10/01/17
  
1,500
  
1,771
  
.66
    
Ohio State Turnpike Commission, Misc. Highway Rev. Ref. Bonds, Series A:
                        
 
3.00%, 02/15/11
  
100
  
101
  
.04
    
 
5.00%, 02/15/13
  
500
  
548
  
.20
    
   
 
    
8,523
  
3.17
      
   
   
Oklahoma - 0.08%
      
Oklahoma Dev. Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/24
  
200
  
215
  
.08
    
   
 
    
215
  
.08
      
   
Oregon - 0.42%
      
Oregon State Dept. of Administrative Services., Health Care Facs. Imps. Certs. of Part. Bonds,  Series A, 5.00%, 05/01/14
  
1,000
  
1,129
  
.42
    
   
 
    
1,129
  
.42
      
   
Pennsylvania - 3.71%
      
City of Philadelphia, Water Rev. Ref. Bonds, Series A, 5.00%, 06/15/15
  
3,000
  
3,406
  
1.27
    
Pennsylvania Higher Educ. Facs. Auth., College & Univ. Imps Rev. Bonds, Series AJ, 3.00%, 06/15/11
  
200
  
203
  
.08
    
Pennsylvania Higher Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AMBAC Insured), 5.00%, 08/15/15
  
200
  
229
  
.08
    
Pennsylvania Housing Fin. Agcy., Residential Dev. Rev. Ref. Bonds, 4.40%, 07/01/12
  
100
  
104
  
.04
    
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds:
                        
 
5.00%, 06/15/12
  
750
  
804
  
.30
    
 
5.00%, 06/15/17
  
1,500
  
1,773
  
.66
    
 
5.00%, 06/15/20
  
200
  
232
  
.09
    
Pennsylvania State Univ., College & Univ. Imps. Rev. Bonds, Series A:
                        
 
4.00%, 03/01/12
  
100
  
105
  
.04
    
 
5.00%, 03/01/14
  
200
  
227
  
.08
    
Philadelphia School Dist., G.O. School Imps. Prop. Tax Rev. Bonds, Series A (St. Aid Withhldg. Insured), 5.00%, 06/01/15
  
1,745
  
1,949
  
.72
    
Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds (Mandatory Put 09/15/13 @ 100), 5.50%, 09/15/311
  
300
  
334
  
.12
    
Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.50%, 09/15/20
  
300
  
363
  
.14
    
Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.25%, 09/15/24
  
200
  
232
  
.09
    
   
 
    
9,961
  
3.71
      
   
Puerto Rico - 0.21%
      
Puerto Rico Electric Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series JJ (NATL-RE Insured), 5.25%, 07/01/13
  
100
  
109
  
.04
    
Puerto Rico Public Buildings Auth., Public Imps. Lease Rev. Ref. Bonds, Series D (Pre-refunded with FNMA, FHL Banks & FHLMC to 07/01/12 @ 100), 5.25%, 07/01/36
  
125
  
135
  
.05
    
Puerto Rico Sales Tax Fncg. Auth. Corp., Public Imps. Sales Tax Rev. Bonds, Series A, 5.25%, 08/01/27
  
300
  
319
  
.12
    
   
 
    
563
  
.21
      
   
Rhode Island - 0.95%
      
Rhode Island Clean Water Fin. Agcy., Misc. Rev. Ref. Bonds, Series A, 4.00%, 10/01/12
  
500
  
534
  
.20
    
State of Rhode Island, G.O. Cash Flow Mgmt. Prop. Tax Rev. Notes, 2.00%, 06/30/11
  
2,000
  
2,021
  
.75
    
   
 
    
2,555
  
.95
      
   
   
South Carolina - 1.27%
      
Greenville County Public Facs. Corp., Certs. of Part. Ref. Bonds (AMBAC Insured), 4.90%, 04/01/16
  
100
  
103
  
.04
    
Greenville County School Dist., School Imps. Lease Rev. Bonds (Pre-refunded with St. & Loc. Govt. Series to 12/01/12 @ 1010), 5.50%, 12/01/28
  
300
  
334
  
.12
    
South Carolina Jobs-Econ. Dev. Auth., Health Care Facs. Imps. Rev. Ref. Bonds:
                        
 
3.50%, 08/01/13
  
125
  
128
  
.05
    
 
5.00%, 08/01/18
  
1,025
  
1,092
  
.41
    
South Carolina State Public Service Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series A, 5.00%, 01/01/12
  
125
  
132
  
.05
    
South Carolina State Public Service Auth., Energy Res. Rev. Ref. Bonds, Series B, 5.00%, 01/01/16
  
1,300
  
1,517
  
.56
    
South Carolina Transportation Infrastructure Bank, Transit Rev. Ref. Bonds, Series A, 5.00%, 10/01/14
  
100
  
113
  
.04
    
   
 
    
3,419
  
1.27
      
   
South Dakota - 0.05%
      
South Dakota Housing Dev. Auth., Multiple Purpose Rev. Ref. Bonds, Series A (AGM Insured), 4.30%, 11/01/10
  
145
  
145
  
.05
    
   
 
    
145
  
.05
      
   
Tennessee - 0.74%
      
City of Memphis, Elec., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 12/01/18
  
100
  
119
  
.04
    
City of Memphis, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 12/01/14
  
125
  
144
  
.05
    
State of Tennessee, G.O. Fuel Sales Tax Rev. Ref. Notes, Series A, 3.00%, 05/01/11
  
200
  
203
  
.08
    
State of Tennessee, G.O. Fuel Sales Tax Rev. Ref. Notes, Series B, 3.00%, 11/01/19
  
200
  
210
  
.08
    
State of Tennessee, G.O. Property Tax, Rev. Ref. Notes, Series C, 5.00%, 05/01/21
  
100
  
115
  
.04
    
Tennessee Housing Dev. Agcy., State Funded Housing Rev. Bonds, Series A-1, 5.00%, 01/01/27
  
1,000
  
1,088
  
.41
    
Tennessee State School Bond Auth., College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.00%, 05/01/11
  
100
  
102
  
.04
    
   
 
    
1,981
  
.74
      
   
Texas - 9.88%
      
Aldine Independent School Dist., G.O. School Imps. Prop. Tax Bonds (PSF-GTD Insured), 4.50%, 02/15/16
  
445
  
512
  
.19
    
Austin Comm. College Dist., College & Univ. Imps. Rev. Bonds, 5.25%, 08/01/18
  
250
  
296
  
.11
    
Bexar Metropolitan Water Dist., Water Rev. Ref. Bonds., 5.00%, 05/01/17
  
200
  
224
  
.08
    
City of Dallas, Water & Waste Mgmt. Rev. Ref. Bonds, 4.00%, 10/01/12
  
400
  
427
  
.16
    
City of Houston, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.125%, 07/01/27
  
200
  
216
  
.08
    
City of Houston, Port, Airport & Marina Rev. Ref. Bonds, Series B (NATL-RE FGIC Insured), 5.00%, 07/01/25
  
150
  
159
  
.06
    
City of Houston, Water Rev. Ref. Bonds, Series C, 5.00%, 11/15/18
  
1,500
  
1,787
  
.67
    
City of Plano, G.O. Public Imps. Rev. Bonds, 4.00%, 09/01/17
  
100
  
111
  
.04
    
City of San Antonio, Energy Res. Auth. Imps. Rev. Ref. Bonds:
                        
 
5.00%, 02/01/18
  
100
  
117
  
.04
    
 
5.375%, 02/01/15
  
100
  
117
  
.05
    
City of San Antonio, Energy Res. Auth. Rev. Ref. Bonds:
                        
 
5.00%, 02/01/17
  
2,000
  
2,369
  
.88
    
 
5.25%, 02/01/11
  
100
  
101
  
.04
    
City of San Antonio, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 02/01/19
  
300
  
357
  
.13
    
City of San Antonio, Natural Gas Util. Imps. Energy Res. Auth. Rev. Bonds, Series A, 5.00%, 02/01/21
  
220
  
246
  
.09
    
City of San Antonio, Water Util. Imps. Rev. Bonds, 3.00%, 05/15/13
  
100
  
106
  
.04
    
County of Dallas, G.O. Public Imps. Prop. Tax Rev. Bonds, 5.00%, 08/15/16
  
100
  
119
  
.05
    
County of Harris, Highway Rev. Ref. Bonds, Series B-1 (NATL-RE FGIC Insured), 5.00%, 08/15/16
  
100
  
113
  
.04
    
Dallas Independent School Dist., G.O. School Imps. Prop. Tax Bonds (PSF-GTD Insured), 6.00%, 02/15/27
  
500
  
590
  
.22
    
Dallas Tex Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series A:
                        
 
3.00%, 12/01/17
  
1,695
  
1,805
  
.67
    
 
4.00%, 12/01/16
  
955
  
1,081
  
.40
    
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 11/01/23
  
100
  
109
  
.04
    
Harris County Cultural Educ. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds:
                        
 
5.00%, 11/15/17
  
445
  
517
  
.19
    
 
5.00%, 11/15/18
  
275
  
320
  
.12
    
Harris County Flood Control Dist., G.O. Prop. Tax Ref. Bonds, Series C, 3.25%, 10/01/12
  
100
  
105
  
.04
    
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.975%, 07/01/311
  
325
  
325
  
.12
    
Houston Comm. College System, College & Univ. Imps. Rev. Ref. Bonds (AGM Insured), 5.25%, 04/15/15
  
100
  
117
  
.04
    
Hurst-Euless-Bedford Independent School Dist., G.O. Prop. Tax Ref. Bonds (PSF-GTD Insured), 5.00%, 08/15/20
  
300
  
360
  
.14
    
Lower Colorado River Auth., Energy Res. Auth. Rev. Ref. Bonds:
                        
 
5.00%, 05/15/14
  
100
  
113
  
.04
    
 
5.00%, 05/15/18
  
1,000
  
1,166
  
.44
    
Mesquite Independent School Dist., G.O. Ref. Bonds (PSF-GTD Insured), 5.00%, 08/15/14
  
50
  
57
  
.02
    
North Texas Tollway Auth., Highway Imps. Misc. Rev. Ref. Bonds, Series A, 6.00%, 01/01/19
  
100
  
117
  
.04
    
North Texas Tollway Auth., Highway Imps. Rev. Bonds, Series A (Escrowed to Maturity) (AGM Insured), 5.00%, 01/01/151
  
100
  
116
  
.04
    
North Texas Tollway Auth., Highway Rev. Ref. Bonds, Series C, 6.00%, 01/01/23
  
100
  
114
  
.04
    
North Texas Tollway Auth., Misc. Rev. Ref. Bonds, Series A, 6.00%, 01/01/21
  
100
  
114
  
.04
    
Plano Independent School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 02/15/13
  
100
  
110
  
.04
    
State of Texas, Cash Flow Mgmt. Misc. Rev. Note, 2.00%, 08/31/11
  
4,000
  
4,056
  
1.51
    
State of Texas, G.O. Highway Imps. Prop. Tax Rev. Bonds, Series A, 5.00%, 04/01/13
  
100
  
110
  
.04
    
State of Texas, G.O. Water Util. Imps. Misc. Rev. Bonds, Series A, 3.00%, 08/01/14
  
100
  
107
  
.04
    
State of Texas, G.O., Prop. Tax Ref. Bonds, Series A, 5.00%, 10/01/15
  
2,250
  
2,647
  
.99
    
Tarrant County Cultural Educ. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds:
                        
 
5.00%, 11/15/11
  
175
  
180
  
.07
    
 
5.00%, 02/15/14
  
100
  
110
  
.04
    
 
5.00%, 02/15/23
  
180
  
187
  
.07
    
 
5.00%, 08/15/23
  
100
  
104
  
.04
    
Texas A&M Univ., College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.00%, 05/15/17
  
1,350
  
1,606
  
.60
    
Texas State Univ. Systems, College & Univ. Imps. Rev. Ref. Bonds:
                        
 
5.00%, 03/15/16
  
650
  
763
  
.29
    
 
5.00%, 03/15/22
  
100
  
112
  
.04
    
Texas Water Dev. Board, Water Rev. Ref. Bonds, 5.00%, 07/15/15
  
300
  
352
  
.13
    
Texas Water Dev. Board, Water Ultil. Imps. Rev. Bonds, Series A-1, 5.00%, 07/15/21
  
100
  
117
  
.04
    
Texas Water Dev. Board, Water Util. Imps. Rev. Bonds, Series B:
                        
 
5.25%, 07/15/22
  
600
  
686
  
.26
    
 
5.25%, 07/15/25
  
175
  
197
  
.07
    
Univ. of Texas, College & Univ. Imps. Rev. Ref. Bonds,  Series A (Pre-refunded with St. & Loc. Govt. Series to 08/15/13 @ 100), 5.375%, 08/15/14
  
100
  
113
  
.04
    
Univ. of Texas, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 08/15/12
  
100
  
108
  
.04
    
Univ. of Texas, College & Univ. Rev. Ref. Bonds, Series C, 5.00%, 07/01/15
  
135
  
158
  
.06
    
Univ. of Texas, College & Univ. Rev. Ref. Bonds, Series D, 5.00%, 08/15/14
  
100
  
115
  
.04
    
Weslaco Independent School Dist., G.O. Prop. Tax, Ref. Bonds (PSF-GTD Insured), 5.00%, 02/15/20
  
100
  
112
  
.04
    
   
 
    
26,553
  
9.88
      
   
Utah - 1.01%
      
Intermountain Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A:
                        
 
5.00%, 07/01/14
  
100
  
113
  
.04
    
 
5.00%, 07/01/16
  
200
  
225
  
.08
    
State of Utah, G.O. Highway Imps. Prop. Tax Bonds, Series A, 5.00%, 07/01/16
  
1,300
  
1,553
  
.58
    
State of Utah, G.O. Highway Imps. Prop. Tax Rev. Bonds, Series A, 5.00%, 07/01/15
  
400
  
471
  
.18
    
Utah Transit Auth., Sales Tax Rev. Bonds, Series A, 5.00%, 06/15/20
  
300
  
348
  
.13
    
   
 
    
2,710
  
1.01
      
   
Virginia - 2.49%
      
City of Richmond, Multiple Util. Imps. Rev. Ref. Bonds, 4.30%, 01/15/24
  
300
  
319
  
.12
    
County of Fairfax, G.O. Prop. Tax Ref. Bonds, Series C (St. Aid Withhldg. Insured), 5.00%, 10/01/17
  
200
  
242
  
.09
    
County of Loudoun, G.O. Prop. Tax Ref. Bonds, Series. A, 5.00%, 12/01/21
  
700
  
843
  
.31
    
Fairfax County Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, 10/01/15
  
275
  
287
  
.11
    
Fairfax County Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 3.00%, 05/15/11
  
200
  
203
  
.08
    
Virginia College Building Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 09/01/12
  
200
  
216
  
.08
    
Virginia College Building Auth., College & Univ. Imps. Rev. Bonds, Series A:
                        
 
5.00%, 09/01/14
  
100
  
115
  
.04
    
 
5.00%, 09/01/23
  
200
  
227
  
.08
    
Virginia Public Building Auth., Correctional Fac. Imps. Misc. Rev. Bonds, Series C, 5.00%, 08/01/12
  
100
  
108
  
.04
    
Virginia Public Building Auth., Public Imps. Misc. Rev. Bonds, Series B, 5.25%, 08/01/23
  
300
  
347
  
.13
    
Virginia Public School Auth., School Imps. Misc. Rev. Bonds, Series A, 3.00%, 08/01/11
  
1,000
  
1,020
  
.38
    
Virginia Ress. Auth., Misc. Purpose Water Rev. Bonds, Series B, 5.00%, 10/01/23
  
2,055
  
2,416
  
.90
    
Virginia Ress. Auth., Misc. Rev. Ref. Bonds, Series A, 4.00%, 10/01/13
  
100
  
110
  
.04
    
Virginia Ress. Auth., Res. Recovery Imps. Misc. Rev. Bonds, 5.00%, 11/01/14
  
200
  
232
  
.09
    
   
 
    
6,685
  
2.49
      
   
Washington - 4.89%
      
City of Seattle, Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B:
                        
 
4.00%, 02/01/13
  
1,000
  
1,075
  
.40
    
 
5.00%, 02/01/15
  
2,000
  
2,310
  
.86
    
Clark County Public Util. Dist. No. 1, Energy Res. Auth. Imps. Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.00%, 01/01/11
  
200
  
201
  
.08
    
County of King, G.O. Solid Waste Mgmt. Imps. Prop. Tax Rev. Bonds, 5.00%, 01/01/15
  
300
  
347
  
.13
    
Energy Northwest Wash Elec. Rev, Series C, 5.00%, 07/01/22
  
100
  
110
  
.04
    
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series A:
                        
 
5.00%, 07/01/14
  
450
  
515
  
.19
    
 
5.00%, 07/01/14
  
300
  
343
  
.13
    
 
5.00%, 07/01/14
  
100
  
114
  
.04
    
 
5.00%, 07/01/18
  
300
  
359
  
.13
    
 
5.25%, 07/01/18
  
175
  
212
  
.08
    
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 07/01/17
  
1,350
  
1,609
  
.60
    
Grays Harbor County Public Util. Dist. No. 1, Energy Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.00%, 07/01/20
  
155
  
170
  
.06
    
King County Public Hospital Dist. No. 2, G.O. Health Care Facs. Imps. Prop. Tax Ref. Bonds (NATL-RE Insured), 5.00%, 12/01/18
  
200
  
223
  
.08
    
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, Series A-1, 5.25%, 05/01/27
  
100
  
109
  
.04
    
Port of Seattle, Port, Airport & Marina Imps. Rev. Ref. Bonds, 5.00%, 06/01/16
  
1,500
  
1,736
  
.65
    
Snohomish County Public Util. Dist. No 1, Energy Res. Auth. Rev. Ref. Bonds (AGM Insured), 5.25%, 12/01/11
  
100
  
105
  
.04
    
Snohomish County Public Util. Dist. No. 1, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 12/01/13
  
1,500
  
1,692
  
.63
    
State of Washington, G.O. Highway Imps. Fuel Sales Tax Bonds, Series E (NATL-RE Insured), 5.00%, 01/01/14
  
100
  
113
  
.04
    
State of Washington, G.O. Highway Imps. Sales Tax Rev. Bonds, Series 2010 B, 5.00%, 08/01/28
  
100
  
111
  
.04
    
State of Washington, G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 07/01/22
  
300
  
340
  
.13
    
State of Washington, G.O. Transit Imps. Prop. Sales Tax Rev. Bonds, Series C, 5.00%, 02/01/26
  
100
  
111
  
.04
    
Washington Health Care Facs. Auth.,  Health Care Facs. Rev. Ref. Bonds, 5.00%, 10/01/20
  
1,100
  
1,248
  
.46
    
   
 
    
13,153
  
4.89
      
   
Wisconsin - 1.24%
      
County of Milwaukee, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 12/01/18
  
1,145
  
1,316
  
.49
    
State of Wisconsin, G.O. Public Imps. Prop. Tax Bonds, Series C, 4.00%, 05/01/15
  
100
  
112
  
.04
    
State of Wisconsin, General Fund, Ref. Bonds, Series A (St. Approp. Insured):
                        
 
3.00%, 05/01/11
  
200
  
202
  
.07
    
 
5.00%, 05/01/18
  
700
  
821
  
.31
    
State of Wisconsin, Highway Imps. Rev. Bonds, Series A, 5.00%, 07/01/28
  
100
  
109
  
.04
    
State of Wisconsin, Misc. Rev. Ref. Bonds (AGM Insured), 5.25%, 07/01/14
  
200
  
230
  
.09
    
State of Wisconsin, Solid Waste Mgmt. Disposal Imps. Rev. Bonds, Series 3:
                        
 
5.00%, 06/01/11
  
100
  
103
  
.04
    
 
5.125%, 06/01/26
  
300
  
336
  
.12
    
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, 08/15/18
  
100
  
106
  
.04
    
   
 
    
3,335
  
1.24
      
   
Total bonds & notes  (cost: $ 256,199)
    
261,366
  
97.27
      
   
 
Short-term securities - 3.26%
      
State of California, California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds (NATL-RE Insured), 0.35%, 06/01/341
  
500
  
500
  
.19
    
State of Colorado, Colorado Educ. & Cultural Facs. Auth., Recreational Rev. Ref. Bonds, 0.28%, 07/01/361
  
200
  
200
  
.08
    
State of Florida, Jacksonville Health Facs. Auth., Health Care Facs. Auth. Imps. Rev. Bonds, 0.27%, 08/15/331
  
800
  
800
  
.30
    
State of Florida, Lee Memorial Health System, Health Care Facs. Auth. Imps. Rev. Bonds, Series B, 0.30%, 04/01/331
  
3,340
  
3,340
  
1.24
    
State of North Carolina, North Carolina Medical Care Commission, Health Care Facs. Rev. Ref. Bonds:
                        
 
0.33%, 10/01/371
  
1,665
  
1,665
  
.62
    
 
0.30%, 10/01/371
  
245
  
245
  
.09
    
State of Ohio, College & Univ. Rev. Ref. Bonds, 0.29%, 12/01/441
  
600
  
600
  
.22
    
State of Oregon, G.O. Property Tax Ref. Bonds, Series 85, 0.27%, 06/01/411
  
1,000
  
1,000
  
.37
    
State of Rhode Island, Rhode Island Health & Educ. Bldg. Corp., Private Schools Rev. Bonds, 0.40%, 10/01/311
  
400
  
400
  
.15
    
   
Total short-term securities  (cost: $ 8,750)
    
8,750
  
3.26
      
   
Total investment securities (cost: $264,949)
    
270,116
  
100.53
      
Other assets less liabilities
    
(1,414)
  
(0.53)
      
   
Net assets
  
$
268,702
  
100.00
%
   
   
   
   
           
1
Coupon rate may change periodically.  For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
   
   
Key to abbreviations
          
Agcy.
= Agency
        
AGM
= Assured Guaranty Municipal Corporation
        
AMBAC
= American Municipal Bond Assurance Corporation
        
Approp.
= Appropriation
        
Auth.
= Authority
        
CA Mtg. Ins.
= California Mortgage Insurance
        
Certs. of Part.
= Certificates of Participation
        
COLL
= Collateral
        
Comm.
= Community
        
Comms.
= Communities
        
Corp.
= Corporation
        
Dept.
= Department
        
Dev.
= Development
        
Dist.
= District
        
Econ.
= Economic
        
Edu.
= Education
        
Educ.
= Educational
        
Elec.
= Electricity
        
Fac.
= Facility
        
Facs.
= Facilities
        
FGIC
= Financial Guaranty Insurance Company
        
FHL
= Federal Home Loan
        
FHLMC
= Federal Home Loan Mortgage Corporation
        
Fin.
= Finance
        
Fncg.
= Financing
        
FNMA
= Federal National Mortgage Association
        
GNMA
= Government National Mortgage Association
        
G.O.
= General Obligation
        
Govt.
= Government
        
GTD
= Guaranteed
        
GTY
= Guaranty
        
Imps.
= Improvements
        
Inc.
= Incorporated
        
Ind.
= Industrial
        
Intl.
= International
        
Lns.
= Loans
        
Loc.
= Local
        
Mgmt.
= Management
        
Misc.
= Miscellaneous
        
Muni.
= Municipal
        
NATL-RE
= National Reinsurance
        
No.
= Number
        
Prop.
= Property
        
PSF
= Permanent School Fund
        
Ref.
= Refunding
        
Res.
= Resource
        
Ress.
= Resources
        
Redev.
= Redevelopment
        
Rev.
= Revenue
        
St.
= State
        
Univ.
= University
        
Util.
= Utility
        
Utils.
= Utilities
        
Withhldg.
= Withholding
        
XLCA
= Xl Capital Assurance
        





Capital Short-Term Municipal Fund
October 31, 2010
  


Growth of $10,000 investment

Here’s how a $10,000 investment in the Capital Short-Term Municipal Fund grew between April 13, 2010, when the fund began operations, and October 31, 2010, the end of the fund’s fiscal year.
 
[begin mountain chart]
Date
  
Capital Short-Term Municipal Fund2
    
Barclays Capital 1-5 Year Short Municipal Index1
  
4/13/2010
   $ 10,000     $ 10,000  
4/30/2010
     10,021       10,036  
5/31/2010
     10,066       10,078  
6/30/2010
     10,083       10,102  
7/31/2010
     10,160       10,182  
8/31/2010
     10,238       10,234  
9/30/2010
     10,218       10,210  
10/31/2010
     10,217       10,218  
[end mountain chart]

1 The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses.
 2 Includes reinvested dividends.
 
Results are for past periods and are not predictive of results for future periods.  Current and future results may be lower or higher than those shown.  Share price and returns will vary so investors may lose money.  The results shown are before taxes on fund distributions and sale of fund shares.



Investment portfolio – quality ratings*
 
[begin pie chart]
Investment portfolio - quality ratings*
  
         
         
AAA/Aaa
       30.05 %
AA/Aa
       48.34  
A/A2       16.56  
Unrated
       5.05  
             
*Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody's Standard & Poor's and/or Fitch as an indication of an issuer's credit-worthiness. If agency ratings differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in "unrated" at left), the investment advisor performs its own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.
[end pie chart]

Capital Short-Term Municipal Fund
  
Schedule of Investments October 31, 2010
    
   
Principal
amount
(000)
  
Market
value
(000)
  
Percent
of net
assets
      
Bonds & notes - 86.69%
      
Alabama - 2.55%
      
Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 05/01/15
$
1,000
$
1,159
  
1.30
%
  
Mobile Ind. Dev. Board, Pollution Control, Industrial Imps. Rev. Bonds (Mandatory Put 03/19/15 @ 100), 5.00%, 06/01/341
  
1,000
  
1,120
  
1.25
    
   
 
    
2,279
  
2.55
      
   
Arizona - 5.32%
      
Arizona School Facs. Board, Certs of Part., Lease Ref. Bonds, Series A-1 (NATL-RE FGIC Insured), 5.00%, 09/01/15
  
365
  
413
  
.46
    
Arizona School Facs. Board, School Imps. Certs. of Part., Lease Rev. Bonds, 5.00%, 09/01/14
  
100
  
112
  
.13
    
Arizona School Facs. Board, School Imps. Misc. Rev. Bonds (Pre-refunded with St. & Loc. Govt. Series to 07/01/12 @ 100), 5.25%, 07/01/14
  
400
  
432
  
.48
    
Phoenix Civic Imp. Corp., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 07/01/14
  
2,465
  
2,759
  
3.08
    
Salt River Project Agricultural Imps. & Power Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 12/01/16
  
875
  
1,045
  
1.17
    
   
 
    
4,761
  
5.32
      
   
California - 5.43%
      
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 4.00%, 11/15/13
  
450
  
484
  
.54
    
California State Dept. of Water Res., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 05/01/15
  
1,000
  
1,149
  
1.28
    
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 04/01/13
  
600
  
652
  
.73
    
Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A, 4.00%, 06/01/14
  
500
  
537
  
.60
    
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, 5.00%, 12/01/14
  
450
  
519
  
.58
    
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (NATL-RE Insured), 5.00%, 08/15/17
  
600
  
656
  
.73
    
State of California, G.O. Sales Tax Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/14 @ 100), 5.00%, 07/01/15
  
750
  
864
  
.97
    
   
 
    
4,861
  
5.43
      
   
Colorado - 1.98%
      
Arapahoe County School Dist., G.O. School Imps. Prop. Tax Bonds (St. Aid Withhldg. Insured), 3.00%, 12/15/12
  
100
  
105
  
.12
    
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 01/01/15
  
1,000
  
1,115
  
1.25
    
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series C-2 (Mandatory Put 11/12/15 @ 100), 4.00%, 10/01/401
  
500
  
549
  
.61
    
   
 
    
1,769
  
1.98
      
   
Connecticut - 0.55%
      
State of Connecticut, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, 04/01/15
  
425
  
495
  
.55
    
   
 
    
495
  
.55
      
   
   
District of Columbia - 1.60%
      
Dist. of Columbia Housing Fin. Agcy., Housing Rev. Bonds (AGM HUD Ln. Insured), 5.00%, 07/01/16
  
100
  
110
  
.12
    
Dist. of Columbia, Misc. Imps. Rev. Bonds, Series A, 5.00%, 12/01/12
  
100
  
109
  
.12
    
Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Ref. Rev. Bonds, Series B, 3.00%, 10/01/13
  
100
  
106
  
.12
    
Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 10/01/15
  
1,000
  
1,108
  
1.24
    
   
 
    
1,433
  
1.60
      
   
Florida - 11.66%
      
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, 5.00%, 06/01/15
  
300
  
323
  
.36
    
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1:
                      
 
5.00%, 06/01/14
  
1,000
  
1,065
  
1.19
    
 
5.00%, 06/01/16
  
750
  
805
  
.90
    
City of Tampa, Health Care Facs. Rev. Ref. Bonds:
                      
 
5.00%, 11/15/11
  
400
  
416
  
.47
    
 
5.00%, 11/15/15
  
750
  
841
  
.94
    
County of Miami-Dade Florida, Port, Airport & Marina Imps., Rev. Bonds, Series B, 4.00%, 10/01/14
  
250
  
270
  
.30
    
County of Miami-Dade, Public Imps. Misc. Rev. Bonds, Series A (AGM Insured), 5.00%, 04/01/13
  
1,500
  
1,626
  
1.82
    
Florida Hurricane Catastrophe Fund Fin. Corp., 5.00%, 07/01/16
  
190
  
209
  
.23
    
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Imps. Rev. Bonds, Series A, 5.00%, 07/01/15
  
1,450
  
1,595
  
1.78
    
Florida State Board of Edu., Misc. Rev. Ref. Bonds, Series E, 5.00%, 07/01/15
  
450
  
519
  
.58
    
Florida State Dept. of Transportation, Highway Imps. Rev. Bonds, Series B, 5.00%, 07/01/14
  
1,000
  
1,140
  
1.27
    
Florida Water Pollution Control Fncg. Corp., Pollution Control Misc. Rev. Bonds, Series A, 3.00%, 01/15/14
  
100
  
106
  
.12
    
JEA, Energy Res. Auth. Imps. Rev. Bonds, Sub-Series A, 3.00%, 10/01/14
  
100
  
105
  
.12
    
Miami-Dade County Expressway Auth., Highway Imps. Ref. Rev. Bonds, Series A (AGM Insured), 2.00%, 07/01/13
  
825
  
841
  
.94
    
Orlando Utils. Commission, Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 10/01/14
  
500
  
575
  
.64
    
   
 
    
10,436
  
11.66
      
   
Georgia - 0.43%
      
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Series X (NATL-RE IBC Insured), 6.50%, 01/01/12
  
40
  
41
  
.05
    
State of Georgia, G.O. Prop. Tax, College & Univ. Imps. Bonds, Series D, 4.00%, 05/01/11
  
125
  
128
  
.14
    
Thomasville Hospital Auth., Heath Care Facs. Imps. Rev. Ref. Bonds, 3.00%, 11/01/13
  
210
  
215
  
.24
    
   
 
    
384
  
.43
      
   
Hawaii - 0.13%
      
State of Hawaii, G.O. Prop. Tax Ref. Bonds, Series DT, 5.00%, 11/01/14
  
100
  
115
  
.13
    
   
 
    
115
  
.13
      
   
   
Idaho - 1.30%
      
State of Idaho, G.O. Prop. Tax Rev. Bonds, 2.00%, 06/30/11
  
1,150
  
1,163
  
1.30
    
   
 
    
1,163
  
1.30
      
   
Illinois - 7.40%
      
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A:
                      
 
4.00%, 01/01/13
  
350
  
371
  
.41
    
 
4.00%, 01/01/16
  
1,000
  
1,083
  
1.21
    
City of Chicago, Port, Airport & Marina Rev. Ref. Notes, Series B (Mandatory Put 01/01/15 @100), 5.00%, 01/01/341
  
450
  
497
  
.56
    
Illinois Fin. Auth., College & Univ. Imps. Ref. Rev. Bonds, Series B-1 (Mandatory Put 02/14/13 @ 100), 1.125%, 07/01/361
  
1,000
  
1,004
  
1.12
    
Illinois State Toll Highway Auth., Highway Imps. Rev. Bonds, Series A (AGM Insured), 5.00%, 01/01/14
  
1,000
  
1,121
  
1.25
    
Illinois State Toll Highway Auth., Highway Rev. Tolls Ref. Bonds, Series A, 5.50%, 01/01/15
  
700
  
816
  
.91
    
Regional Trans. Auth., Sales Tax Rev. Ref. Bonds (AGM G.O. of Auth. Insured), 5.75%, 06/01/13
  
100
  
112
  
.13
    
State of Illinois, Misc. Taxes, Rec. Fac. Imps. Misc. Taxes Rev. Bonds (AMBAC Insured), 6.25%, 12/15/11
  
80
  
82
  
.09
    
State of Illinois, Public Imps. Sales Tax Rev. Ref. Bonds, 5.00%, 06/15/14
  
1,375
  
1,539
  
1.72
    
   
 
    
6,625
  
7.40
      
   
Indiana - 0.39%
      
Indiana Fin. Auth., Lease Rev. Ref. Bonds, Series A-1, 5.00%, 11/01/12
  
225
  
243
  
.27
    
Indiana Univ., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 06/01/11
  
100
  
103
  
.12
    
   
 
    
346
  
.39
      
   
Kansas - 0.56%
      
Kansas Dev. Fin. Auth., New Jobs Training Misc. Rev. Bonds, Series F (NATL-RE Insured), 5.00%, 06/01/12
  
250
  
268
  
.30
    
Kansas State Dept. of Transportation, Highway Fuel Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 09/01/15
  
200
  
235
  
.26
    
   
 
    
503
  
.56
      
   
Kentucky - 1.05%
      
Kentucky Higher Edu. Student Loan Corp., Rev. Bonds, Series 1-Class A-1 (GTD St. Lns. Insured), 0.95%, 05/01/201
  
500
  
501
  
.56
    
Kentucky Housing Corp., State Safe Housing Rev. Bonds, Series B, 5.00%, 07/01/27
  
400
  
436
  
.49
    
   
 
    
937
  
1.05
      
   
Louisiana - 0.68%
      
Louisiana Office Facs. Corp., Lease Ref. Rev. Bonds, 5.00%, 03/01/14
  
100
  
110
  
.12
    
State of Louisiana, Highway Imps. Fuel Sales Tax Rev. Bonds, Series A-1 (Mandatory Put 06/01/13 @ 100), 1.03%, 05/01/431
  
500
  
501
  
.56
    
   
 
    
611
  
.68
      
   
   
Massachusetts - 0.79%
      
Commonwealth of Massachusetts, G.O. Misc. Taxes Ref. Bonds, Series A, 5.00%, 09/01/14
  
100
  
115
  
.13
    
Commonwealth of Massachusetts, G.O. Misc. Taxes, Public Imps. Bonds, Series B, 5.00%, 07/01/13
  
100
  
112
  
.12
    
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 11/15/14
  
100
  
116
  
.13
    
Massachusetts Housing Fin. Agcy., Housing Rev. Ref. Bonds, Series A, 2.00%, 06/01/13
  
250
  
253
  
.28
    
Massachusetts Water Pollution Abatement, Water Util. Imps. Rev. Bonds, Series 14, 5.00%, 08/01/14
  
100
  
115
  
.13
    
   
 
    
711
  
.79
      
   
Michigan - 1.87%
      
Michigan State Hospital Fin. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 08/01/14 @ 100), 2.00%, 11/15/331
  
500
  
504
  
.57
    
Michigan State Univ., College & Univ. Rev. Ref. Bonds, Series C, 5.00%, 08/15/15
  
1,000
  
1,166
  
1.30
    
   
 
    
1,670
  
1.87
      
   
Minnesota - 0.60%
      
State of Minnesota, G.O. Prop. Tax Ref. Bonds, Series D, 5.00%, 08/01/16
  
450
  
537
  
.60
    
   
 
    
537
  
.60
      
   
Nevada - 3.08%
      
County of Clark, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 07/01/15
  
450
  
510
  
.57
    
Nevada System of Higher Edu., College & Univ. Imps. Rev. Ref. Bonds, Series B (AMBAC Insured), 5.00%, 07/01/14
  
2,000
  
2,248
  
2.51
    
   
 
    
2,758
  
3.08
      
   
New Jersey - 5.17%
      
New Jersey Econ. Dev. Auth., School Fac. Construction Lease Rev. Ref. Bonds, Series DD-1, 5.00%, 12/15/16
  
1,000
  
1,155
  
1.29
    
New Jersey Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series K, 5.00%, 07/01/14
  
100
  
115
  
.13
    
New Jersey Health Care Facs. Fncg. Auth., Ref. Rev. Bonds, 4.00%, 07/01/14
  
500
  
534
  
.60
    
New Jersey Higher Edu. Assistance Auth., Student Loan Rev. Bonds, Series 2, 5.00%, 12/01/14
  
1,000
  
1,099
  
1.23
    
New Jersey Higher Edu. Assistance Auth., Student Loan Rev. Ref. Bonds, Series 1A, 5.00%, 12/01/15
  
500
  
555
  
.62
    
New Jersey Transportation Trust Fund Auth., Transit. Imps. Rev. Ref. Bonds, Series A (AMBAC Insured), 5.50%, 12/15/15
  
1,000
  
1,168
  
1.30
    
   
 
    
4,626
  
5.17
      
   
New Mexico - 0.56%
      
New Mexico Educ. Assistance Foundation, Rev. Bonds, Series A-2 (GTD St. Lns. Insured), 0.928%, 12/01/281
  
500
  
499
  
.56
    
   
 
    
499
  
.56
      
   
New York - 3.76%
      
City of New York, G.O. Prop. Tax, Ref. Bonds, Series B, 5.00%, 08/01/15
  
1,000
  
1,156
  
1.29
    
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series F (NATL-RE Insured), 5.00%, 05/01/16
  
1,000
  
1,152
  
1.29
    
New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 02/15/16
  
400
  
455
  
.51
    
New York State Dormitory Auth., College & Univ. Rev. Ref. Bonds, 4.00%, 07/01/13
  
200
  
218
  
.24
    
New York State Dormitory Auth., Health Care Facs. Imps. Rev. Bonds, 5.00%, 02/15/13
  
350
  
381
  
.43
    
   
 
    
3,362
  
3.76
      
   
North Carolina - 1.85%
      
City of Fayetteville, Multiple Util. Imps. Ref. Rev. Bonds, Series A, 5.00%, 03/01/14
  
100
  
113
  
.13
    
County of Wake, G.O. Prop. Tax Ref. Bonds, Series D, 4.00%, 02/01/13
  
150
  
162
  
.18
    
North Carolina Eastern Municipal Power Agency, Energy Res. Auth. Ref. Rev. Bonds, Series A, 5.00%, 01/01/16
  
425
  
486
  
.54
    
Raleigh Durham Airport Auth., Port, Airport & Marina Ref. Rev. Bonds, Series A, 3.00%, 05/01/13
  
600
  
631
  
.70
    
State of North Carolina, Public Imps. Misc. Rev. Bonds, Series A, 5.00%, 05/01/12
  
250
  
266
  
.30
    
   
 
    
1,658
  
1.85
      
   
Ohio - 2.44%
      
County of Allen, Health Care Imps., Lease Rev. Ref. Bonds, Series B:
                      
 
5.00%, 09/01/14
  
1,000
  
1,117
  
1.25
    
 
5.00%, 09/01/15
  
500
  
561
  
.63
    
Ohio State Turnpike Commission, Misc. Highway Rev. Ref. Bonds, Series A, 3.00%, 02/15/11
  
500
  
504
  
.56
    
   
 
    
2,182
  
2.44
      
   
Oklahoma - 0.58%
      
Oklahoma Muni. Power Auth., Energy Res. Auth. Ref. Rev. Bonds, Series A (Mandatory Put 08/01/13 @ 100), 1.03%, 01/01/231
  
525
  
519
  
.58
    
   
 
    
519
  
.58
      
   
Pennsylvania - 4.37%
      
City of Philadelphia, Water Rev. Ref. Bonds, Series A, 5.00%, 06/15/15
  
1,000
  
1,135
  
1.27
    
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Ref. Bonds, 5.00%, 06/15/15
  
750
  
871
  
.97
    
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds, 5.00%, 06/15/12
  
250
  
268
  
.30
    
Pennsylvania State Univ., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 03/01/14
  
225
  
255
  
.29
    
Philadelphia Hospitals & Higher Edu. Facs. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 4.25%, 07/01/12
  
250
  
263
  
.29
    
Philadelphia School Dist., G.O. School Imps. Prop. Tax Rev. Bonds, Series A (St. Aid Withhldg. Insured), 5.00%, 06/01/15
  
1,000
  
1,117
  
1.25
    
   
 
    
3,909
  
4.37
      
   
   
Puerto Rico - 0.69%
      
Puerto Rico Electric Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series NN (Pre-refunded with St. & Loc. Govt. Series to 07/01/13 @ 100), 5.50%, 07/01/18
  
550
  
621
  
.69
    
   
 
    
621
  
.69
      
   
Rhode Island - 1.13%
      
State of Rhode Island, G.O. Cash Flow Mgmt. Prop. Tax Rev. Notes, 2.00%, 06/30/11
  
1,000
  
1,010
  
1.13
    
   
 
    
1,010
  
1.13
      
   
South Carolina - 0.85%
      
South Carolina State Public Service Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series A, 5.00%, 01/01/12
  
125
  
132
  
.15
    
South Carolina State Public Service Auth., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 01/01/15
  
450
  
518
  
.58
    
South Carolina Transportation Infrastructure Bank, Transit Rev. Ref. Bonds, Series A, 5.00%, 10/01/14
  
100
  
113
  
.12
    
   
 
    
763
  
.85
      
   
Tennessee - 0.38%
      
City of Memphis, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 12/01/14
  
100
  
116
  
.13
    
State of Tennessee, G.O. Fuel Sales Tax Rev. Ref. Notes, Series A, 3.00%, 05/01/11
  
125
  
127
  
.14
    
Tennessee State School Bond Auth., College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.00%, 05/01/11
  
100
  
102
  
.11
    
   
 
    
345
  
.38
      
   
Texas - 10.33%
      
Bexar County Hospital Dist., G.O. Prop. Tax, Health Care Facs. Imps. Rev. Bonds, 3.50%, 02/15/13
  
200
  
212
  
.24
    
City of San Antonio, Water Util. Imps. Ref. Rev. Bonds, 3.00%, 05/15/14
  
100
  
107
  
.12
    
County of Harris, Highway Imps. Toll Prop. Tax Rev. Ref. Bonds (Pre-refunded with St. & Loc. Govt. Series to 08/15/12 @ 100) (AGM Insured), 5.375%, 08/15/24
  
500
  
544
  
.61
    
Dallas Area Rapid Transit, Sales Tax Ref. Rev. Bonds, Series A, 5.00%, 12/01/14
  
875
  
1,012
  
1.13
    
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.975%, 07/01/311
  
200
  
200
  
.22
    
Lower Colorado River Auth., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 05/15/14
  
300
  
338
  
.38
    
Lower Colorado River Auth., Energy Res. Auth. Rev. Ref. Notes, 5.00%, 05/15/15
  
500
  
572
  
.64
    
North Texas Tollway Auth., Highway Rev. Tolls, Ref. Rev. Bonds, Series A, 5.00%, 01/01/12
  
200
  
209
  
.23
    
Plano Independent School Dist., G.O. Prop. Tax, School Imps. Bonds, Series A, 5.00%, 02/15/14
  
100
  
113
  
.13
    
State of Texas, Cash Flow Mgmt. Misc. Rev. Note, 2.00%, 08/31/11
  
2,500
  
2,535
  
2.83
    
State of Texas, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 10/01/14
  
650
  
750
  
.84
    
Texas State Univ. Systems, College & Univ. Rev. Ref. Bonds:
                      
 
5.00%, 03/15/13
  
200
  
220
  
.25
    
 
5.00%, 03/15/15
  
715
  
828
  
.92
    
Texas Water Dev. Board, Water Rev. Ref. Bonds, 5.00%, 07/15/15
  
225
  
264
  
.29
    
Univ. of Texas, College & Univ. Imps. Rev. Ref. Notes, Series B  (Pre-refunded with St. & Loc. Govt. Series to 08/15/13 @ 100), 5.00%, 08/15/22
  
1,000
  
1,119
  
1.25
    
Univ. of Texas, College & Univ. Imps. Rev. Ref. Bonds, Series E, 4.00%, 08/15/15
  
200
  
226
  
.25
    
   
 
    
9,249
  
10.33
      
   
Utah - 0.71%
      
State of Utah, G.O. Prop. Tax, Highway Imps. Bonds, Series A:
                      
 
5.00%, 07/01/11
  
100
  
103
  
.12
    
 
5.00%, 07/01/15
  
450
  
530
  
.59
    
   
 
    
633
  
.71
      
   
Virginia - 0.75%
      
Fairfax County Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 3.00%, 05/15/11
  
250
  
254
  
.29
    
Virginia Public Building Auth., Correctional Fac. Imps. Misc. Rev. Bonds, Series C, 5.00%, 08/01/12
  
100
  
108
  
.12
    
Virginia Public School Auth., School Imps. Misc. Rev. Bonds, Series A, 3.00%, 08/01/11
  
300
  
306
  
.34
    
   
 
    
668
  
.75
      
   
Washington - 3.69%
      
Port of Seattle Washington, Port, Airport & Marina Ref. Rev. Bonds, 5.00%, 06/01/14
  
750
  
845
  
.94
    
Snohomish County Public Util. Dist. No. 1, Energy Res. Auth. Rev. Ref. Bonds:
                      
 
5.00%, 12/01/13
  
500
  
564
  
.63
    
 
5.00%, 12/01/15
  
1,000
  
1,174
  
1.31
    
Washington Health Care Facs. Auth., Health Care Facs. Ref. Rev. Bonds, Series B, 5.00%, 10/01/14
  
640
  
722
  
.81
    
   
 
    
3,305
  
3.69
      
   
Wisconsin - 2.06%
      
State of Wisconsin, G.O. Bonds, 2.00%, 06/15/11
  
1,000
  
1,011
  
1.13
    
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 3.00%, 06/01/12
  
810
  
833
  
.93
    
   
 
    
1,844
  
2.06
      
   
Total bonds & notes  (cost: $ 76,506)
    
77,587
  
86.69
      
   
 
Short-term securities - 19.56%
      
Broward County Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, 0.31%, 04/01/381
  
1,300
  
1,300
  
1.45
    
City of Quincy, Health Care Facs. Imps. Ref. Rev. Bonds, 0.28%, 11/15/291
  
1,300
  
1,300
  
1.45
    
Colorado Educ. & Cultural Facs. Auth., Misc. Rev. Bonds, 0.28%, 02/01/351
  
600
  
600
  
.67
    
Colorado Educ. & Cultural Facs. Auth., Misc. Rev. Ref. Bonds, 0.28%, 09/01/331
  
940
  
940
  
1.05
    
Dallas Performing Arts Cultural Facs. Corp., Rec. Rev. Ref. Bonds, Series B, 0.27%, 09/01/411
  
1,000
  
1,000
  
1.12
    
Indiana Dev. Fin. Auth., Res. Recovery Imps. Rev. Bonds, 0.27%, 11/01/351
  
1,000
  
1,000
  
1.12
    
Jacksonville Health Facs. Auth., Health Care Fac. Imps. Rev. Bonds, 0.27%, 08/15/331
  
300
  
300
  
.33
    
Kentucky Econ. Dev. Fin. Auth. Rev., Health Care Facs. Imps. Rev. Ref. Bonds, 0.27%, 08/15/381
  
900
  
900
  
1.00
    
Kentucky, County of Christian, Lease Public Imps. Rev. Bonds, Series A, 0.27%, 06/01/381
  
1,500
  
1,500
  
1.68
    
Montgomery County Public Building Auth., Public Imps. Misc. Rev. Bonds, 0.30%, 07/01/381
  
1,350
  
1,350
  
1.51
    
Orange County School Board, Lease Certs. of Part. Ref. Bonds, Series E, 0.30%, 08/01/221
  
1,500
  
1,500
  
1.68
    
Pennsylvania, Lancaster County Hospital Auth., Health Care Facs. Rev. Ref. Bonds, Series D, 0.30%, 07/01/341
  
2,180
  
2,180
  
2.44
    
State of California, California Infrastructure & Econ. Dev. Bank, Energy Res. Auth. Rev. Ref. Bonds, 0.26%, 11/01/261
  
1,000
  
1,000
  
1.12
    
State of Ohio, College & Univ. Rev. Ref. Bonds, 0.29%, 12/01/441
  
1,900
  
1,900
  
2.12
    
Virginia College Building Auth., College & Univ. Imps. Rev. Bonds, Series C, 0.30%, 02/01/261
  
735
  
735
  
.82
    
   
Total short-term securities  (cost: $ 17,505)
    
17,505
  
19.56
      
   
Total investment securities (cost: $94,011)
    
95,092
  
106.25
      
Other assets less liabilities
    
(5,595)
  
(6.25)
      
   
Net assets
  
$
89,497
  
100.00
%
   
   
   
   
   
   
           
1
Coupon rate may change periodically.  For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
   
   
Key to abbreviations
          
Agcy.
= Agency
        
AGM
= Assured Guaranty Municipal Corporation
        
AMBAC
= American Municipal Bond Assurance Corporation
        
Auth.
= Authority
        
Certs. of Part.
= Certificates of Participation
        
Comms.
= Communities
        
Corp.
= Corporation
        
Dept.
= Department
        
Dev.
= Development
        
Dist.
= District
        
Econ.
= Economic
        
Edu.
= Education
        
Educ.
= Educational
        
Fac.
= Facility
        
Facs.
= Facilities
        
FGIC
= Financial Guaranty Insurance Company
        
Fin.
= Finance
        
Fncg.
= Financing
        
G.O.
= General Obligation
        
Govt.
= Government
        
GTD
= Guaranteed
        
HUD
= Housing and Urban Development
        
IBC
= Insured Bond Certificate
        
Imps.
= Improvements
        
Ind.
= Industrial
        
Ln.
= Loan
        
Lns.
= Loans
        
Loc.
= Local
        
Mgmt.
= Management
        
Misc.
= Miscellaneous
        
Muni.
= Municipal
        
NATL-RE
= National Reinsurance
        
Prop.
= Property
        
Ref.
= Refunding
        
Res.
= Resource
        
Rev.
= Revenue
        
St.
= State
        
Trans.
= Transportation
        
Univ.
= University
        
Util.
= Utility
        
Utils.
= Utilities
        
Withhldg
= Withholding
        


 
 

 
Capital California Core Municipal Fund
October 31, 2010
  


Growth of $10,000 investment

Here’s how a $10,000 investment in the Capital California Core Municipal Fund grew between April 13, 2010, when the fund began operations, and October 31, 2010, the end of the fund’s fiscal year.
 
[begin mountain chart]
Date
  
Capital California Core Municipal Fund2
    
Barclays Capital CA 1-10 Yr Inter-Short Muni Index1
  
4/13/2010
   $ 10,000     $ 10,000  
4/30/2010
     10,031       10,097  
5/31/2010
     10,068       10,142  
6/30/2010
     10,089       10,172  
7/31/2010
     10,181       10,311  
8/31/2010
     10,323       10,461  
9/30/2010
     10,286       10,417  
10/31/2010
     10,261       10,408  
[end mountain chart]
1 The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses.
2 Includes reinvested dividends.
 
Results are for past periods and are not predictive of results for future periods.  Current and future results may be lower or higher than those shown.  Share price and returns will vary so investors may lose money.  The results shown are before taxes on fund distributions and sale of fund shares.
 

Investment portfolio – quality ratings*

[begin pie chart]
Investment portfolio - quality ratings*
        
         
         
AAA/Aaa
       34.36 %
AA/Aa
       35.86  
A/A2       24.50  
BAA/Baa
       3.38  
Unrated
       1.90  
             
*Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody's Standard & Poor's and/or Fitch as an indication of an issuer's credit-worthiness. If agency ratings differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in "unrated" at left), the investment advisor performs its own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.
[end pie chart]
 
Capital California Core Municipal Fund
  
Schedule of Investments October 31, 2010
    
   
Principal
amount
(000)
  
Market
value
(000)
  
Percent
of net
assets
      
Bonds & notes - 80.40%
      
California - 78.40%
      
ABAG Fin. Auth. For Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 05/15/16
$
1,500
$
1,515
  
.90
%
  
ABAG Fin. Auth. For Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured), 5.00%, 09/02/22
  
225
  
225
  
.13
    
ABAG Fin. Auth. For Nonprofit Corps., Public Imps. Special Tax Ref. Bonds, Series A (CIFG Insured), 4.00%, 09/02/14
  
450
  
465
  
.28
    
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, 10/01/17
  
575
  
636
  
.38
    
Azusa Redev. Agcy., Loc. or GTD Housing, Rev. Ref. Bonds, Series A (Escrowed to Maturity) (FNMA Insured), 6.875%, 10/01/12
  
1,100
  
1,232
  
.73
    
Bay Area Toll Auth., Highway Imps. Toll Rev. Ref. Bonds, Series F, 5.00%, 04/01/24
  
800
  
881
  
.52
    
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, 5.00%, 04/01/34
  
125
  
131
  
.08
    
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F, 5.00%, 04/01/24
  
300
  
322
  
.19
    
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F-1, 5.00%, 04/01/21
  
100
  
115
  
.07
    
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A:
                      
 
5.00%, 10/01/15
  
500
  
568
  
.34
    
 
5.00%, 01/01/18
  
125
  
150
  
.09
    
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds:
                      
 
5.00%, 02/01/21
  
550
  
631
  
.37
    
 
5.00%, 11/01/21
  
525
  
562
  
.33
    
 
5.50%, 04/01/29
  
300
  
324
  
.19
    
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 01/01/24
  
100
  
114
  
.07
    
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series T-4, 5.00%, 03/15/14
  
225
  
256
  
.15
    
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series A:
                      
 
5.00%, 10/01/18
  
275
  
308
  
.18
    
 
5.00%, 10/01/22
  
770
  
824
  
.49
    
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series G, 5.50%, 07/01/25
  
100
  
107
  
.06
    
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds:
                      
 
5.00%, 11/15/11
  
100
  
104
  
.06
    
 
5.00%, 11/15/21
  
1,000
  
1,053
  
.62
    
 
5.375%, 07/01/21
  
1,500
  
1,570
  
.93
    
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/271
  
300
  
329
  
.19
    
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A:
                      
 
5.00%, 11/15/19
  
1,350
  
1,532
  
.91
    
 
5.00%, 11/15/20
  
500
  
565
  
.34
    
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 6.25%, 10/01/28
  
200
  
231
  
.14
    
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/16/14 @ 100), 5.00%, 07/01/341
  
100
  
111
  
.07
    
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series I (Mandatory Put 07/01/14 @ 100), 4.95%, 07/01/261
  
100
  
109
  
.06
    
California Infrastructure & Econ. Dev. Bank, Econ. Imps. Rev. Bonds  (Mandatory Put 12/01/11 @ 100), 3.90%, 04/01/331
  
200
  
207
  
.12
    
California Infrastructure & Econ. Dev. Bank, Highway Imps. Rev. Bonds (Escrowed to Maturity) (AGM Insured), 4.10%, 07/01/12
  
200
  
213
  
.13
    
California Infrastructure & Econ. Dev. Bank, Highway Imps. Rev. Bonds (Pre-refunded with St. & Loc. Govt. Series to 01/01/28 @ 100) (AMBAC Insured), 5.00%, 07/01/36
  
200
  
249
  
.15
    
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds (Mandatory Put 12/01/11 @ 100), 3.90%, 04/01/331
  
125
  
129
  
.08
    
California Infrastructure & Econ. Dev. Bank, Public Imps. Misc. Rev. Bonds:
                      
 
4.50%, 10/01/25
  
100
  
104
  
.06
    
 
4.50%, 10/01/26
  
100
  
103
  
.06
    
California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds:
                      
 
5.00%, 02/01/18
  
100
  
113
  
.07
    
 
5.00%, 02/01/19
  
100
  
111
  
.07
    
California Infrastructure & Econ. Dev. Bank, Rec. Rev. Ref. Bonds (Mandatory Put 04/01/13 @ 100), 2.50%, 10/01/471
  
1,300
  
1,347
  
.80
    
California Muni. Fin. Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.625%, 10/01/23
  
265
  
284
  
.17
    
California Muni. Fin. Auth., Res. Recovery Imps. Rev. Bonds, Series A (Mandatory Put 09/01/11 @ 100), 1.625%, 02/01/191
  
1,390
  
1,390
  
.82
    
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Series A (AGM Insured), 5.25%, 05/01/11
  
150
  
154
  
.09
    
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Series A (NATL-RE IBC Insured), 5.50%, 05/01/11
  
225
  
231
  
.14
    
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 05/01/12 @ 101):
                      
 
5.125%, 05/01/19
  
500
  
540
  
.32
    
 
5.375%, 05/01/22
  
100
  
108
  
.06
    
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 05/01/12 @ 101) (AMBAC Insured):
                      
 
5.375%, 05/01/18
  
535
  
580
  
.34
    
 
5.50%, 05/01/15
  
875
  
950
  
.56
    
 
5.50%, 05/01/16
  
125
  
136
  
.08
    
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 05/01/12 @101), 6.00%, 05/01/14
  
1,425
  
1,559
  
.92
    
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G, 4.875%, 05/01/18
  
200
  
232
  
.14
    
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G-11, 5.00%, 05/01/18
  
2,000
  
2,340
  
1.39
    
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 5.00%, 05/01/17
  
100
  
118
  
.07
    
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series K, 5.00%, 05/01/18
  
225
  
263
  
.16
    
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L:
                      
 
5.00%, 05/01/16
  
500
  
581
  
.34
    
 
5.00%, 05/01/21
  
200
  
231
  
.14
    
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series M, 5.00%, 05/01/17
  
500
  
584
  
.35
    
California State Dept. of Water Ress., Water Rev. Ref. Bonds, 5.00%, 05/01/21
  
100
  
113
  
.07
    
California State Dept. of Water Ress., Water Rev. Ref. Bonds (Escrowed to Maturity) (FGIC Insured), 5.00%, 12/01/12
  
10
  
11
  
.01
    
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE:
                      
 
5.00%, 12/01/16
  
200
  
239
  
.14
    
 
5.00%, 12/01/22
  
1,010
  
1,145
  
.68
    
 
5.00%, 12/01/23
  
200
  
226
  
.13
    
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series X (NATL-RE FGIC Insured), 5.50%, 12/01/15
  
100
  
120
  
.07
    
California State Public Works Board, College & Univ. Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 03/01/14
  
200
  
221
  
.13
    
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, 5.00%, 04/01/20
  
200
  
218
  
.13
    
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B (NATL-RE FGIC Insured), 4.00%, 03/01/14
  
200
  
210
  
.12
    
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 5.00%, 03/01/18
  
1,350
  
1,476
  
.88
    
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series C-1, 5.00%, 03/01/19
  
1,100
  
1,287
  
.76
    
California State Public Works Board, Health Care Facs. Imps. Lease Rev. Bonds, Series E, 5.00%, 04/01/15
  
1,315
  
1,507
  
.89
    
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 06/01/15
  
200
  
230
  
.14
    
California State Public Works Board, Lease Rev. Ref. Bonds, Series C  (NATL-RE FGIC Insured), 4.00%, 09/01/13
  
200
  
217
  
.13
    
California State Public Works Board, Public Imps. Lease Rev. Bonds, Subseries A-1, 5.00%, 03/01/14
  
1,000
  
1,084
  
.64
    
California State Univ., College & Univ. Imps. Rev. Bonds, Series C (NATL-RE Insured), 5.00%, 11/01/21
  
2,600
  
2,834
  
1.68
    
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, 4.625%, 07/01/21
  
100
  
102
  
.06
    
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds (NATL-RE FHA Insured), 5.00%, 08/01/20
  
340
  
358
  
.21
    
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 04/01/13
  
1,800
  
1,956
  
1.16
    
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, 07/01/16
  
1,100
  
1,259
  
.75
    
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (Mandatory Put 06/01/12 @ 100), 3.85%, 11/01/291
  
500
  
520
  
.31
    
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series I (Mandatory Put 05/01/11 @ 100), 3.45%, 04/01/351
  
1,100
  
1,116
  
.66
    
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 07/01/16
  
100
  
108
  
.06
    
      5.00%, 11/01/19
  
1,000
  
1,084
  
.64
    
California Statewide Comms. Dev. Auth., Misc. Rev. Bonds:
                      
 
4.00%, 06/15/13
  
875
  
932
  
.55
    
 
5.00%, 06/15/13
  
2,100
  
2,291
  
1.36
    
Calleguas-Las Virgenes Public Fncg. Auth., Water Util. Imps. Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/13 @ 100) (NATL-RE Insured), 5.00%, 07/01/33
  
100
  
112
  
.07
    
Carlsbad Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (NATL-RE Insured), 4.125%, 08/01/11
  
100
  
103
  
.06
    
Central Valley Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, 3.50%, 07/01/14
  
250
  
266
  
.16
    
Cerritos Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds, Series A (AMBAC Insured), 5.00%, 11/01/19
  
2,000
  
2,153
  
1.28
    
City & County of San Francisco, Certs. of Part., Lease Ref. Bonds, Series A, 5.00%, 10/01/16
  
500
  
580
  
.34
    
City & County of San Francisco, Health Care Imps. Certs. of Part. Lease Bonds, Series A, 5.00%, 04/01/17
  
200
  
230
  
.14
    
City of Bakersfield, Solid Waste Mgmt. Disposal Rev. Bonds, Series A  (AGM Insured), 4.125%, 09/15/14
  
200
  
219
  
.13
    
City of Long Beach, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 05/15/21
  
100
  
116
  
.07
    
City of Long Beach, Port, Airport & Marina Imps. Rev. Ref. Bonds, Series B:
                      
 
5.00%, 05/15/13
  
1,250
  
1,382
  
.82
    
 
5.00%, 05/15/16
  
555
  
654
  
.39
    
 
5.00%, 05/15/20
  
500
  
590
  
.35
    
City of Los Angeles, Solid Waste Disposal Rev. Ref. Bonds, Series A, 4.00%, 06/01/17
  
1,000
  
1,123
  
.67
    
City of Los Angeles, Solid Waste Disposal Rev. Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 06/01/27
  
1,100
  
1,169
  
.69
    
City of Manhattan Beach, Public Imps. Special Assessment Bonds, 4.375%, 09/02/17
  
120
  
124
  
.07
    
City of Roseville, Energy Res. Auth., Certs. of Part. Lease Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 02/01/17
  
100
  
108
  
.06
    
City of Roseville, Special Tax Ref. Bonds:
                      
 
3.50%, 09/01/15
  
1,000
  
1,016
  
.60
    
 
4.00%, 09/01/16
  
1,000
  
1,028
  
.61
    
Contra Costa County Public Fncg. Auth., Public Imps. Lease Rev. Bonds, Series A (NATL-RE Insured), 5.00%, 06/01/21
  
275
  
293
  
.17
    
Contra Costa Water Dist., Water Util. Imps. Rev. Bonds, Series A:
                      
 
3.50%, 10/01/13
  
1,500
  
1,621
  
.96
    
 
4.00%, 10/01/15
  
1,000
  
1,128
  
.67
    
County of Alameda, Certs. of Part. Lease Rev. Ref. Bonds, Series A (NATL-RE Insured), 4.25%, 12/01/11
  
200
  
207
  
.12
    
County of Orange, Port, Airport, & Marina Imps. Rev. Bonds, Series B, 5.00%, 07/01/15
  
200
  
230
  
.14
    
County of San Diego, College & Univ. Imps. Certs. of Part. Lease Rev. Bonds, 4.00%, 07/01/16
  
490
  
528
  
.31
    
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds (Pre-refunded with St. & Loc. Govt. Series to 06/01/11 @ 100) (NATL-RE Insured), 5.25%, 06/01/14
  
100
  
103
  
.06
    
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A, 4.00%, 06/01/14
  
100
  
111
  
.07
    
East Bay Regional Park Dist., G.O., Prop. Tax, Ref. Bonds, 5.00%, 09/01/14
  
100
  
115
  
.07
    
Eastern Muni. Water Dist., Water Util. Imps. Solid Waste Mgmt. Certs. of Part. Lease Rev. Bonds, Series H, 5.00%, 07/01/33
  
100
  
105
  
.06
    
Escondido Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 4.00%, 09/01/11
  
110
  
112
  
.07
    
Golden State Tobacco Securitization Corp., Tobacco Settlement Funded, Misc. Purposes Rev. Bonds (Pre-refunded with FHMLC and St. & Loc. Govt. Series to 06/01/13 @ 100) (AGM Insured), 5.00%, 06/01/43
  
150
  
167
  
.10
    
Grossmont-Cuyamaca Comm. College Dist., G.O. College & Univ. Imps. Bonds, Series A (NATL-RE Insured), 5.00%, 08/01/16
  
40
  
44
  
.03
    
Grossmont-Cuyamaca Comm. College Dist., G.O. College & Univ. Imps. Bonds, Series A (Pre-refunded with Aid U.S. Treasury Obligations and U.S. Treasury Strips to 08/01/13 @ 100) (NATL-RE Insured), 5.00%, 08/01/16
  
210
  
234
  
.14
    
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds:
                      
 
5.00%, 11/01/17
  
100
  
117
  
.07
    
 
5.25%, 11/01/25
  
100
  
111
  
.07
    
Irvine Ranch Water Dist., Water Rev., Certs. of Part. Lease Rev. Ref. Bonds, 5.00%, 03/01/17
  
100
  
119
  
.07
    
Las Virgenes Unified School Dist., G.O. School Imps. Prop. Tax Bonds (AGM Insured), 4.25%, 08/01/15
  
100
  
113
  
.07
    
Long Beach Comm. College Dist., G.O. Prop. Tax College & Univ. Imps. Bonds, Series A, 5.00%, 06/01/22
  
100
  
111
  
.07
    
Los Angeles County Metropolitan Transportation Auth., Sales Tax Rev. Ref. Bonds, Series B, 5.00%, 07/01/18
  
1,650
  
1,969
  
1.17
    
Los Angeles County Metropolitan Transportation Auth., Sales Tax Rev. Ref. Bonds, Series D, 5.00%, 07/01/17
  
200
  
238
  
.14
    
Los Angeles County Public Works Fncg. Auth., Calabasas Landfill, Res. Recovery Imps. Lease Rev. Bonds (AMBAC Insured), 5.00%, 06/01/21
  
305
  
312
  
.18
    
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 05/15/29
  
200
  
216
  
.13
    
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 05/15/22
  
1,200
  
1,362
  
.81
    
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Bonds, Series B (AGM Insured), 5.125%, 07/01/20
  
250
  
272
  
.16
    
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series B:
                      
 
5.00%, 07/01/19
  
500
  
586
  
.35
    
 
5.25%, 07/01/23
  
200
  
235
  
.14
    
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series B, 5.00%, 07/01/20
  
200
  
234
  
.14
    
Los Angeles Harbor Dept., Port, Airport & Marina Rev. Ref. Bonds, Series  C:
                      
 
5.00%, 08/01/13
  
100
  
111
  
.07
    
 
5.00%, 08/01/26
  
100
  
110
  
.07
    
Los Angeles State Building Auth., Lease Rev. Ref. Bonds (NATL-RE IBC Insured), 5.625%, 05/01/11
  
200
  
204
  
.12
    
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/13 @ 100) (AGM Insured), 5.25%, 07/01/20
  
100
  
112
  
.07
    
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/13 @ 100) (NATL-RE Insured), 5.00%, 01/01/28
  
2,035
  
2,268
  
1.35
    
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series F (AGM Insured), 4.50%, 07/01/12
  
50
  
53
  
.03
    
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I:
                      
 
5.00%, 07/01/14
  
200
  
226
  
.13
    
 
5.00%, 07/01/24
  
200
  
219
  
.13
    
Metropolitan Water Dist. of Southern California, G.O., Prop. Tax, Ref. Bonds, Series A, 5.00%, 03/01/17
  
100
  
113
  
.07
    
Metropolitan Water Dist. of Southern California, G.O., Prop. Tax, Ref. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 03/01/11 @ 101), 5.25%, 03/01/18
  
100
  
103
  
.06
    
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series A (Escrowed to Maturity), 5.25%, 07/01/11
  
30
  
31
  
.02
    
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B, 4.00%, 07/01/20
  
200
  
219
  
.13
    
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series C, 5.00%, 07/01/23
  
250
  
283
  
.17
    
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Rev. Bonds, 5.00%, 07/01/20
  
1,000
  
1,202
  
.71
    
Metropolitan Water Dist. of Southern California, Water Util. Imps. Rev. Bonds, Series A:
                      
 
4.00%, 01/01/14
  
100
  
110
  
.07
    
 
5.00%, 07/01/24
  
925
  
1,029
  
.61
    
 
5.00%, 01/01/27
  
200
  
223
  
.13
    
Metropolitan Water Dist. of Southern California, Water Util. Imps. Rev. Bonds, Series C, 5.00%, 07/01/29
  
100
  
108
  
.06
    
Moreno Valley Unified School Dist., G.O. School Imps. Prop. Tax Ref. Bonds (NATL-RE Insured), 5.25%, 08/01/19
  
380
  
442
  
.26
    
Napa Valley Comm. College Dist., G.O. School Imps. Prop. Tax Bonds, Series B (Pre-refunded with St. & Loc. Govt. Series 08/01/15 @ 100) (NATL-RE Insured), 5.00%, 08/01/18
  
150
  
177
  
.11
    
North Orange County Comm. College Dist., G.O. College & Univ. Imps. Bonds, Series A (Pre-refunded with U.S. Treasury Strips, Aid, U.S. Treasury Obligations and REFCORP to 08/01/12 @ 101) (NATL-RE Insured), 5.25%, 08/01/15
  
100
  
109
  
.06
    
Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A:
                      
 
5.00%, 07/01/23
  
745
  
821
  
.49
    
 
5.50%, 07/01/21
  
1,000
  
1,164
  
.69
    
Northern California Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/17
  
200
  
233
  
.14
    
Northern California Power Agcy., Rev. Bonds, Series A, 5.00%, 06/01/16
  
750
  
857
  
.51
    
Oceanside Comm. Dev. Commission, Housing Rev. Ref. Bonds  (Mandatory Put 04/01/11 @ 100), 4.45%, 04/01/311
  
200
  
201
  
.12
    
Rancho Mirage Joint Powers Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 07/01/27
  
100
  
97
  
.06
    
Rancho Water Dist. Fncg. Auth, Water Rev. Ref. Bonds, Series D (RADIAN Insured), 4.20%, 09/02/17
  
100
  
104
  
.06
    
Roseville Natural Gas Fin. Auth., Gas Util. Imps. Rev. Bonds, 5.00%, 02/15/14
  
100
  
107
  
.06
    
Sacramento County Water Fin. Auth., Water Rev. Ref. Bonds, Series A  (NATL-RE FGIC Insured), 4.50%, 06/01/11
  
200
  
204
  
.12
    
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (NATL-RE Insured):
                      
 
5.00%, 08/15/12
  
125
  
134
  
.08
    
 
5.00%, 08/15/17
  
2,500
  
2,735
  
1.62
    
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series O  (NATL-RE Insured), 5.25%, 08/15/13
  
200
  
207
  
.12
    
Sacramento Regional County Sanitation Dist., Solid Waste Mgmt. Disposal Rev. Ref. Bonds, Series A, 5.40%, 12/01/13
  
625
  
634
  
.38
    
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Ref. Bonds, Sub-Series A:
                      
 
5.00%, 07/01/18
  
850
  
974
  
.58
    
 
5.00%, 07/01/20
  
700
  
795
  
.47
    
San Diego County Water Auth., Certs. of Part. Water Rev. Ref. Bonds, Series 2008 A (AGM Insured), 5.00%, 05/01/14
  
560
  
635
  
.38
    
San Diego Public Facs. Fncg. Auth., Solid Waste Mgmt. Disposal Imps. Rev. Bonds, Series A:
                      
 
4.50%, 05/15/14
  
1,000
  
1,117
  
.66
    
 
5.125%, 05/15/29
  
100
  
110
  
.06
    
San Diego Public Facs. Fncg. Auth., Solid Waste Mgmt. Disposal Rev. Ref. Bonds, Series A, 5.25%, 05/15/25
  
375
  
430
  
.25
    
San Diego Public Facs. Fncg. Auth., Solid Waste Mgmt. Disposal Rev. Ref. Bonds, Series B:
                      
 
5.00%, 05/15/15
  
200
  
231
  
.14
    
 
5.00%, 05/15/22
  
100
  
114
  
.07
    
San Diego Public Facs. Fncg. Auth., Water Rev. Ref. Bonds, Series A:
                      
 
4.00%, 08/01/14
  
100
  
111
  
.07
    
 
4.00%, 08/01/20
  
100
  
108
  
.06
    
San Francisco Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds:
                      
 
5.00%, 07/01/20
  
500
  
594
  
.35
    
 
5.00%, 07/01/22
  
800
  
927
  
.55
    
San Francisco City & County Airports Commission, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.90%, 05/01/29
  
2,500
  
2,588
  
1.54
    
San Francisco City & County Airports Commission, Port, Airport & Marina Imps. Rev. Bonds, Series E, 5.25%, 05/01/24
  
100
  
111
  
.07
    
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C2, 5.00%, 05/01/21
  
300
  
338
  
.20
    
San Francisco City & County Public Util. Commission, Water Rev. Ref. Bonds, Series B (XLCA Insured), 4.00%, 11/01/17
  
200
  
220
  
.13
    
San Francisco City & County Public Util. Commission, Water Rev. Ref. Bonds, Series C, 5.00%, 11/01/14
  
1,450
  
1,674
  
.99
    
San Francisco City & County Public Util. Commission, Water Rev. Ref. Bonds, Sub-Series D, 5.00%, 11/01/20
  
800
  
953
  
.57
    
San Francisco City & County Public Util. Commission, Water Util. Imps. Rev. Bonds, Sub-Series A:
                      
 
3.00%, 11/01/12
  
100
  
105
  
.06
    
 
5.00%, 11/01/16
  
1,500
  
1,784
  
1.06
    
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, 08/01/22
  
500
  
526
  
.31
    
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds  (NATL-RE Insured), 4.54%, 08/01/18
  
400
  
413
  
.24
    
San Mateo County Comm. College Dist., Certs. of Part. College & Univ. Imps. Lease Bonds (Pre-refunded with St. & Loc. Govt. Series to 10/01/14 @ 100) (NATL-RE Insured), 5.25%, 10/01/20
  
1,000
  
1,170
  
.69
    
San Mateo County Transit Dist., Transit Imps. Sales Tax Rev. Bonds, Series A (Escrowed to Maturity) (NATL-RE Insured), 5.00%, 06/01/12
  
50
  
54
  
.03
    
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A, 5.25%, 07/15/23
  
400
  
454
  
.27
    
Santa Clara County Fncg. Auth., Multiple Facs. Project, Lease Rev. Ref. Bonds, 5.00%, 11/15/22
  
285
  
315
  
.19
    
Santa Clara Valley Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (AMBAC Insured), 4.00%, 04/01/12
  
100
  
105
  
.06
    
South Orange County Public Fncg. Auth., Special Tax Ref. Bond, Series A (AMBAC Insured), 5.00%, 08/15/20
  
1,000
  
1,031
  
.61
    
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, 5.00%, 07/01/20
  
1,550
  
1,815
  
1.08
    
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series A, 4.00%, 07/01/21
  
500
  
534
  
.32
    
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, 5.00%, 07/01/23
  
100
  
112
  
.07
    
State of California, G.O. Correctional Facs. Imps. Prop. Tax Bonds:
                      
 
5.00%, 10/01/29
  
300
  
309
  
.18
    
 
5.25%, 10/01/20
  
100
  
114
  
.07
    
State of California, G.O. General Fund, Prop. Tax Bond, Series CF, 2.25%, 12/01/13
  
2,950
  
3,001
  
1.78
    
State of California, G.O. General Fund, Ref. Bonds, 5.00%, 11/01/13
  
300
  
333
  
.20
    
State of California, G.O. Housing Imps. Prop. Tax Bonds, 5.125%, 11/01/11
  
100
  
105
  
.06
    
State of California, G.O. Prop. Tax, Ref. Bonds, Series B (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/231
  
100
  
113
  
.07
    
State of California, G.O. Public Imps. General Fund Bonds, 5.00%, 04/01/13
  
1,360
  
1,484
  
.88
    
State of California, G.O. Public Imps. General Fund, Ref. Notes:
                      
 
5.00%, 03/01/12
  
140
  
148
  
.09
    
 
5.00%, 08/01/20
  
375
  
414
  
.25
    
State of California, G.O. Public Imps. Misc. Tax Bonds, 5.50%, 04/01/18
  
100
  
118
  
.07
    
State of California, G.O. Public Imps. Misc. Tax Ref. Bonds (NATL-RE Insured), 5.00%, 06/01/15
  
200
  
227
  
.13
    
State of California, G.O. Public Imps. Prop. Tax Bonds:
                      
 
4.50%, 02/01/11
  
200
  
202
  
.12
    
 
5.00%, 04/01/12
  
300
  
318
  
.19
    
State of California, G.O. Public Imps. Prop. Tax Bonds (Pre-refunded with St. & Loc. Govt. Series to 02/01/14 @ 100), 5.00%, 02/01/33
  
2,000
  
2,274
  
1.35
    
State of California, G.O. Public Imps. Prop. Tax Bonds (Pre-refunded with St. & Loc. Govt. Series to 04/01/14 @ 100), 5.50%, 04/01/30
  
2,000
  
2,317
  
1.37
    
State of California, G.O. Sales Tax Rev. Bonds, Series A:
                      
 
5.00%, 07/01/17
  
950
  
1,116
  
.66
    
 
5.25%, 07/01/13
  
125
  
140
  
.08
    
 
5.25%, 07/01/21
  
1,060
  
1,230
  
.73
    
State of California, G.O. Sales Tax Rev. Bonds, Series A (Escrowed to Maturity), 5.25%, 07/01/14
  
1,115
  
1,293
  
.77
    
State of California, G.O. Sales Tax Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/14 @ 100), 5.00%, 07/01/15
  
1,800
  
2,073
  
1.23
    
State of California, G.O. Sales Tax Rev. Bonds, Series B  (Pre-refunded with St. & Loc. Govt. Series to 03/01/11 @ 100), 5.00%, 07/01/23
  
650
  
661
  
.39
    
State of California, G.O. Sales Tax Rev. Cash Flow Mgmt. General Fund, Series A, 5.25%, 07/01/14
  
1,175
  
1,339
  
.79
    
State of California, G.O. School Imps. General Fund, Ref. Bonds, 5.25%, 02/01/14
  
400
  
442
  
.26
    
State of California, G.O. School Imps. General Fund, Ref. Notes (Pre-refunded with St. & Loc. Govt. Series to 02/01/12 @ 100), 5.00%, 02/01/27
  
100
  
106
  
.06
    
State of California, G.O. Water Util. Imps. Misc. Tax Bonds (NATL-RE Insured), 6.00%, 08/01/20
  
5
  
5
  
—
    
State of California, G.O. Water Util. Imps. Prop. Tax Bonds, 5.00%, 03/01/14
  
300
  
334
  
.20
    
State of California, G.O. Water Util. Imps. Prop. Tax Bonds, Series C, 3.65%, 11/01/10
  
30
  
30
  
.02
    
Tuolumne Wind Project Auth., Energy Res. Auth. Rev. Bonds, Series A:
                      
 
5.00%, 01/01/15
  
100
  
113
  
.07
    
 
5.00%, 01/01/22
  
1,000
  
1,095
  
.65
    
 
5.25%, 01/01/24
  
100
  
110
  
.07
    
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A:
                      
 
2.00%, 01/01/12
  
700
  
710
  
.42
    
 
3.00%, 01/01/13
  
1,000
  
1,044
  
.62
    
Univ. of California, College & Univ. Imps. Rev. Bonds, Series D (NATL-RE FGIC Insured), 5.00%, 05/15/23
  
130
  
145
  
.09
    
Univ. of California, College & Univ. Imps. Rev. Bonds, Series G (NATL-RE FGIC Insured), 5.00%, 05/15/24
  
200
  
213
  
.13
    
Univ. of California, College & Univ. Imps. Rev. Bonds, Series G (NATL-RE Insured), 4.00%, 05/15/14
  
200
  
217
  
.13
    
Univ. of California, College & Univ. Imps. Rev. Ref. Bonds, Series K, 4.45%, 05/15/25
  
825
  
861
  
.51
    
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E:
                      
 
4.00%, 05/15/17
  
500
  
553
  
.33
    
 
5.00%, 05/15/20
  
500
  
580
  
.34
    
Vallejo Sanitation & Flood Control Dist., Solid Waste Mgmt. Certs. of Part. Ref. Bonds (AMBAC Insured), 4.00%, 05/01/18
  
200
  
199
  
.12
    
   
 
    
132,141
  
78.40
      
   
District of Columbia - 0.58%
      
Dist. of Columbia, Income Tax Rev. Ref. Bonds, Series A, 5.00%, 12/01/23
  
750
  
860
  
.51
    
Metropolitan Washington Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 10/01/17
  
100
  
117
  
.07
    
   
 
    
977
  
.58
      
   
Georgia - 0.13%
      
DeKalb Private Hospital Auth., Health Care Rev. Ref. Bonds, 5.00%, 11/15/24
  
100
  
108
  
.06
    
Public Gas Partners Inc., Natural Gas Rev. Ref. Bonds, Series A, 5.00%, 10/01/13
  
100
  
110
  
.07
    
   
 
    
218
  
.13
      
   
Iowa - 0.07%
      
State of Iowa, General Fund, Public Imps. Rev. Bonds, Series A, 5.00%, 06/01/27
  
100
  
110
  
.07
    
   
 
    
110
  
.07
      
   
Michigan - 0.06%
      
Michigan State Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.25%, 11/15/24
  
100
  
104
  
.06
    
   
 
    
104
  
.06
      
   
Minnesota - 0.07%
      
State of Minnesota, G.O. Public Imps. Prop. Tax Bonds, Series H, 5.00%, 11/01/13
  
100
  
113
  
.07
    
   
 
    
113
  
.07
      
   
Puerto Rico - 0.96%
      
Puerto Rico Electric Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series NN (Pre-refunded with St. & Loc. Govt. Series to 07/01/13 @ 100), 5.50%, 07/01/18
  
1,435
  
1,620
  
.96
    
   
 
    
1,620
  
.96
      
   
Texas - 0.13%
      
City of San Antonio, Natural Gas Util. Imps. Energy Res. Auth. Rev. Bonds, Series A, 5.00%, 02/01/24
  
100
  
111
  
.06
    
North Texas Tollway Auth., Highway Rev. Ref. Bonds, Series C, 6.00%, 01/01/23
  
100
  
114
  
.07
    
   
 
    
225
  
.13
      
   
Total bonds & notes  (cost: $ 132,992)
    
135,508
  
80.40
      
   
 
Short-term securities - 18.66%
      
State of California, California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A, 0.35%, 10/01/361
  
1,230
  
1,230
  
.73
    
State of California, California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, 0.28%, 09/01/281
  
1,440
  
1,440
  
.86
    
State of California, California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, Series C, 0.24%, 11/01/381
  
2,000
  
2,000
  
1.19
    
State of California, California Infrastructure & Econ. Dev. Bank, Energy Res. Auth. Rev. Ref. Bonds, 0.26%, 11/01/261
  
2,220
  
2,220
  
1.32
    
State of California, California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series F, 0.25%, 09/01/381
  
200
  
200
  
.12
    
State of California, California Infrastructure & Econ. Dev. Bank, Recreational Facs. Imps. Rev. Bonds, 0.31%, 12/01/361
  
1,000
  
1,000
  
.59
    
State of California, California Infrastructure & Econ. Dev. Bank, Recreational Rev. Ref. Bonds, 0.24%, 04/01/331
  
4,000
  
4,000
  
2.37
    
State of California, California Pollution Control Fncg. Auth., Energy Res. Industrial Rev. Ref. bonds, 0.26%, 11/01/261
  
1,200
  
1,200
  
.71
    
State of California, California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 0.24%, 08/15/361
  
1,100
  
1,100
  
.65
    
State of California, California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 0.26%, 08/15/271
  
2,500
  
2,500
  
1.48
    
State of California, California Statewide Comms. Dev. Auth., Misc. Purposes Rev. Bonds, 0.31%, 07/01/341
  
1,070
  
1,070
  
.64
    
State of California, City of Irvine, Special Assessment Public Imps. Bonds, 0.23%, 09/02/251
  
900
  
900
  
.53
    
State of California, City of Irvine, Special Assessment Public Imps. Bonds, Series A, 0.28%, 09/02/311
  
995
  
995
  
.59
    
State of California, G.O. Sales Tax Rev. Bonds, Series C, 0.25%, 07/01/231
  
600
  
600
  
.36
    
State of California, G.O. Sales Tax Rev. Bonds, Series C-3, 0.22%, 07/01/231
  
1,800
  
1,800
  
1.07
    
State of California, G.O. School Imps. Bonds, Series A-1, 0.24%, 05/01/331
  
3,000
  
3,000
  
1.78
    
State of California, Irvine Ranch Water Dist., G.O. Prop. Tax Water Util. Imps. Bonds, Series B, 0.25%, 10/01/411
  
1,000
  
1,000
  
.59
    
State of California, Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Subseries B-3, 0.26%, 07/01/341
  
2,900
  
2,900
  
1.72
    
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series A-1, 0.29%, 07/01/371
  
1,295
  
1,295
  
.77
    
State of California, Sacramento County Sanitation Dist. Fncg. Auth.,  Solid Waste Mgmt. Disposal Rev. Ref. Bonds, Series C, 0.28%, 12/01/381
  
1,000
  
1,000
  
.59
    
   
Total short-term securities  (cost: $ 31,450)
    
31,450
  
18.66
      
   
Total investment securities (cost: $164,442)
    
166,958
  
99.06
      
Other assets less liabilities
    
1,584
  
0.94
      
   
Net assets
  
$
168,542
  
100.00
%
   
   
   
           
1
Coupon rate may change periodically.  For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
   
   
Key to abbreviations
          
Agcy.
= Agency
        
AGM
= Assured Guaranty Municipal Corporation
        
AMBAC
= American Municipal Bond Assurance Corporation
        
Auth.
= Authority
        
CA Mtg. Ins.
= California Mortgage Insurance
        
Certs. of Part.
= Certificates of Participation
        
CIFG
= CDC IXIS Financial Guaranty
        
Comm.
= Community
        
Comms.
= Communities
        
Corp.
= Corporation
        
Dept.
= Department
        
Dev.
= Development
        
Dist.
= District
        
Econ.
= Economic
        
Educ.
= Educational
        
Facs.
= Facilities
        
FGIC
= Financial Guaranty Insurance Company
        
FHA
= Federal Housing Administration
        
FHLMC
= Federal Home Loan Mortgate Corporation
        
Fin.
= Finance
        
Fncg.
= Financing
        
FNMA
= Federal National Mortgage Association
        
G.O.
= General Obligation
        
Govt.
= Government
        
GTD
= Guaranteed
        
IBC
= Insured Bond Certificate
        
Imps.
= Improvements
        
Inc.
= Incorporated
        
Loc.
= Local
        
Mgmt.
= Management
        
Misc.
= Miscellaneous
        
Muni.
= Municipal
        
NATL-RE
= National Reinsurance
        
Prop.
= Property
        
Rec.
= Recreational
        
Redev.
= Redevelopment
        
Ref.
= Refunding
        
Res.
= Resource
        
Ress.
= Resources
        
Rev.
= Revenue
        
St.
= State
        
Trans.
= Transportation
        
Univ.
= University
        
Util.
= Utility
        
XLCA
= Xl Capital Assurance
        
 
 
 
 
 
Capital California Short-Term Municipal Fund
October 31, 2010
  


Growth of $10,000 investment

Here’s how a $10,000 investment in the Capital California Short-Term Municipal Fund grew between April 13, 2010, when the fund began operations, and October 31, 2010, the end of the fund’s fiscal year.
 
[begin mountain chart]
Date
  
Capital California Short-Term Municipal Fund2
    
Barclays Capital CA Short Municipal Bond Index1
  
4/13/2010
   $ 10,000     $ 10,000  
4/30/2010
     10,020       10,052  
5/31/2010
     10,054       10,086  
6/30/2010
     10,059       10,113  
7/31/2010
     10,136       10,201  
8/31/2010
     10,191       10,264  
9/30/2010
     10,169       10,238  
10/31/2010
     10,167       10,244  
[end mountain chart]
 
 1 The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses.
  2 Includes reinvested dividends.
 
Results are for past periods and are not predictive of results for future periods.  Current and future results may be lower or higher than those shown.  Share price and returns will vary so investors may lose money.  The results shown are before taxes on fund distributions and sale of fund shares.
 
[begin pie chart]
Investment portfolio - quality ratings*
      
         
         
AAA/Aaa
       37.24 %
AA/Aa
       43.52  
A/A2       17.26
Unrated
       1.97  
               
*Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody's Standard & Poor's and/or Fitch as an indication of an issuer's credit-worthiness. If agency ratings differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in "unrated" at left), the investment advisor performs its own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.
[end pie chart]
 
 
Capital California Short-Term Municipal Fund
  
Schedule of Investments October 31, 2010
    
   
Principal
amount
(000)
  
Market
value
(000)
  
Percent
of net
assets
      
Bonds & notes - 78.88%
      
California - 74.17%
      
ABAG Fin. Auth. For Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 05/15/16
$
500
$
505
  
1.00
%
  
Azusa Redev. Agcy., Loc. or GTD Housing, Rev. Ref. Bonds, Series A (Escrowed to Maturity) (FNMA Insured), 6.875%, 10/01/12
  
500
  
560
  
1.11
    
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, 4.00%, 02/01/17
  
100
  
112
  
.22
    
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A:
                      
 
3.50%, 03/01/11
  
105
  
106
  
.21
    
 
5.00%, 10/01/15
  
500
  
568
  
1.12
    
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 04/01/14
  
100
  
110
  
.22
    
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A:
                      
 
4.00%, 11/15/13
  
300
  
323
  
.64
    
 
5.00%, 08/15/14
  
100
  
111
  
.22
    
 
5.00%, 11/15/16
  
250
  
285
  
.56
    
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/16/14 @ 100), 5.00%, 07/01/341
  
200
  
223
  
.44
    
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series I (Mandatory Put 07/01/14 @ 100), 4.95%, 07/01/261
  
100
  
109
  
.22
    
California Infrastructure & Econ. Dev. Bank, Econ. Imps. Rev. Bonds  (Mandatory Put 12/01/11 @ 100), 3.90%, 04/01/331
  
100
  
103
  
.20
    
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds (Mandatory Put 12/01/11 @ 100), 3.90%, 04/01/331
  
500
  
516
  
1.02
    
California Infrastructure & Econ. Dev. Bank, Rec. Rev. Ref. Bonds (Mandatory Put 04/01/13 @ 100), 2.50%, 10/01/471
  
400
  
414
  
.82
    
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 05/01/12 @ 101):
                      
 
5.125%, 05/01/19
  
500
  
540
  
1.07
    
 
5.875%, 05/01/16
  
100
  
109
  
.22
    
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 05/01/12 @ 101) (AMBAC Insured):
                      
 
5.375%, 05/01/18
  
250
  
271
  
.53
    
 
5.50%, 05/01/16
  
400
  
434
  
.86
    
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 05/01/14
  
300
  
337
  
.67
    
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE, 4.00%, 12/01/11
  
500
  
520
  
1.03
    
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Subseries G-4, 5.00%, 05/01/16
  
1,000
  
1,162
  
2.29
    
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 4.00%, 03/01/16
  
400
  
422
  
.83
    
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series C-1, 5.00%, 03/01/16
  
500
  
579
  
1.14
    
California State Public Works Board, Health Care Facs. Imps. Lease Rev. Bonds, Series E, 3.00%, 04/01/11
  
225
  
227
  
.45
    
California State Public Works Board, Health Care Facs. Imps. Rev. Bonds, 5.50%, 06/01/15
  
400
  
438
  
.86
    
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 06/01/15
  
100
  
115
  
.23
    
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, 3.00%, 07/01/11
  
200
  
202
  
.40
    
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 04/01/13
  
500
  
543
  
1.07
    
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, 07/01/16
 
500
 
572
  
1.13
 
  
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds:
                      
 
4.00%, 11/01/14
  
400
  
426
  
.84
    
 
5.00%, 11/01/15
  
300
  
333
  
.66
    
California Statewide Comms. Dev. Auth., Misc. Rev. Bonds:
                      
 
4.00%, 06/15/13
  
240
  
256
  
.50
    
 
5.00%, 06/15/13
  
1,020
  
1,113
  
2.20
    
City & County of San Francisco, Certs. of Part., Lease Ref. Bonds, Series A:
                      
 
5.00%, 10/01/15
  
500
  
576
  
1.14
    
 
5.00%, 10/01/16
  
500
  
580
  
1.14
    
City & County of San Francisco, G.O., Health Care Facs. Imps. Tax Bonds, Series A, 5.00%, 06/15/11
  
125
  
129
  
.25
    
City & County of San Francisco, Health Care Imps. Certs. of Part. Lease Bonds, Series A, 5.00%, 04/01/12
  
350
  
371
  
.73
    
City of Long Beach, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 05/15/13
  
160
  
177
  
.35
    
City of Long Beach, Port, Airport & Marina Imps. Rev. Ref. Bonds, Series B, 5.00%, 05/15/16
  
445
  
524
  
1.03
    
City of Los Angeles, Sewer Rev. Ref. Bonds, Series A, 3.00%, 06/01/14
  
150
  
160
  
.32
    
Contra Costa Water Dist., Water Util. Imps. Rev. Bonds, Series A:
                      
 
2.00%, 10/01/11
  
400
  
406
  
.80
    
 
3.50%, 10/01/13
  
500
  
540
  
1.07
    
Golden State Tobacco Securitization Corp., Misc. Purpose, Rev. Bonds, Series 2003 A-1 (Pre-refunded with Agencies to 06/01/13 @ 100), 6.75%, 06/01/39
  
875
  
1,011
  
2.00
    
Imperial Irrigation Dist., Energy Res. Auth. Ref. Rev. Bonds, 5.00%, 11/01/13
  
125
  
140
  
.28
    
Irvine Ranch Water Dist., Certs. of Part. Water Rev. Ref. Bonds, 5.00%, 03/01/13
  
200
  
220
  
.43
    
Los Angeles County, Metropolitan Transportation Auth., Sales Tax Rev. Ref. Bonds, Series D, 5.00%, 07/01/11
  
375
  
387
  
.76
    
Los Angeles County, Metropolitan Transportation Auth., Sales Tax Rev. Ref. Bonds, Series E, 4.00%, 07/01/11
  
200
  
205
  
.40
    
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 3.00%, 05/15/15
  
700
  
752
  
1.48
    
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, Series E, 4.00%, 05/15/15
  
200
  
221
  
.44
    
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 3.00%, 07/01/14
  
200
  
214
  
.42
    
Los Angeles Harbor Dept., Port, Airport & Marina Rev. Ref. Bonds, Series  C, 5.00%, 08/01/13
  
200
  
223
  
.44
    
Los Angeles Muni. Imp. Corp., Lease Rev. Ref. Bonds, Series A, 3.50%, 09/01/12
  
100
  
104
  
.20
    
Los Angeles State Building Auth., Lease Rev. Ref. Bonds (NATL-RE IBC Insured), 5.625%, 05/01/11
  
300
  
307
  
.61
    
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/13 @ 100) (NATL-RE Insured), 5.00%, 01/01/28
  
250
  
279
  
.55
    
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, 07/01/14
  
500
  
565
  
1.11
    
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series KY, 5.00%, 07/01/16
  
500
  
582
  
1.15
    
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, 5.00%, 07/01/14
  
100
  
114
  
.23
    
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B:
                      
 
4.00%, 07/01/14
  
100
  
111
  
.22
    
 
4.00%, 07/01/16
 
200
 
227
  
.45
 
  
Metropolitan Water Dist. of Southern California, Water Util. Imps. Rev. Bonds, Series A, 4.00%, 01/01/14
  
400
  
440
  
.87
    
Northern California Power Agcy., Rev. Bonds, Series A:
                      
 
3.00%, 06/01/13
  
200
  
208
  
.41
    
 
4.00%, 07/01/11
  
125
  
128
  
.25
    
Port of Oakland, Port, Airport & Marina Imps. Misc. Rev. Ref. Bonds, Series M (Pre-refunded with St. & Loc. Govt. Series to 11/01/12 @ 100) (FGIC Insured), 5.25%, 11/01/19
  
500
  
548
  
1.08
    
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, 5.00%, 12/01/14
  
250
  
288
  
.57
    
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Bonds, Series R (NATL-RE Insured), 5.00%, 08/15/17
  
400
  
437
  
.86
    
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 07/01/15
  
100
  
114
  
.23
    
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Ref., Subseries A:
                      
 
5.00%, 07/01/16
  
250
  
287
  
.57
    
 
5.00%, 07/01/17
  
300
  
345
  
.68
    
San Diego County Water Auth., Certs. of Part. Water Rev. Ref. Bonds, Series 2008 A (AGM Insured), 5.00%, 05/01/14
  
500
  
567
  
1.12
    
San Diego Public Facs. Fncg. Auth., Solid Waste Mgmt. Disposal Imps. Rev. Bonds, Series A:
                      
 
4.00%, 05/15/12
  
200
  
210
  
.41
    
 
4.50%, 05/15/14
  
500
  
558
  
1.10
    
San Diego Public Facs. Fncg. Auth., Solid Waste Mgmt. Disposal Rev. Ref. Bonds, Series B, 5.00%, 05/15/15
  
300
  
347
  
.68
    
San Francisco Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds, 3.00%, 07/01/13
  
125
  
132
  
.26
    
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C (AGM Insured), 5.00%, 05/01/14
  
500
  
562
  
1.11
    
San Francisco City & County Public Utils. Commission, Water Rev. Ref. Bonds, Series C:
                      
 
5.00%, 11/01/12
  
100
  
109
  
.21
    
 
5.00%, 11/01/13
  
400
  
451
  
.89
    
San Francisco City & County Public Utils. Commission, Water Util. Imps. Ref. Rev. Bonds, Series D, 5.00%, 11/01/15
  
400
  
469
  
.92
    
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series B, 5.00%, 06/15/15
  
100
  
115
  
.23
    
San Jose Redev. Agcy., Tax Increment Allocation Ref. Bonds, 4.00%, 08/01/16
  
300
  
316
  
.62
    
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A:
                      
 
3.00%, 07/15/13
  
100
  
106
  
.21
    
 
4.00%, 07/15/13
  
125
  
135
  
.27
    
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds:
                      
 
4.00%, 07/01/15
  
225
  
250
  
.49
    
 
5.00%, 07/01/16
  
200
  
235
  
.46
    
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A:
                      
 
4.00%, 07/01/16
  
150
  
168
  
.33
    
 
5.00%, 07/01/17
  
775
  
915
  
1.81
    
State of California, G.O. General Fund, Prop. Tax Bond, Series CF, 2.25%, 12/01/13
  
975
  
992
  
1.96
    
State of California, G.O. Prop. Tax Ref. Bonds, 5.00%, 06/01/15
  
200
  
227
  
.45
    
State of California, G.O. Prop. Tax, Ref. Bonds, Series B (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/231
 
200
 
226
  
.45
 
  
State of California, G.O. Public Imps. General Fund Bonds, 5.00%, 04/01/13
  
700
  
764
  
1.51
    
State of California, G.O. Public Imps. Misc. Tax Ref. Bonds (NATL-RE Insured), 5.00%, 06/01/15
  
250
  
284
  
.56
    
State of California, G.O. Public Imps. Prop. Tax Bonds, 5.00%, 04/01/12
  
100
  
106
  
.21
    
State of California, G.O. Public Imps. Prop. Tax Bonds (Pre-refunded with St. & Loc. Govt. Series to 02/01/14 @ 100), 5.00%, 02/01/33
  
600
  
682
  
1.35
    
State of California, G.O. Public Imps. Prop. Tax Rev. Bonds (Pre-refunded with St. & Loc. Govt. Series to 04/01/14 @ 100), 5.30%, 04/01/29
  
695
  
801
  
1.58
    
State of California, G.O. Sales Tax Rev. Bonds, Series A:
                      
 
5.25%, 07/01/12
  
100
  
108
  
.21
    
 
5.25%, 07/01/13
  
225
  
251
  
.50
    
State of California, G.O. Sales Tax Rev. Bonds, Series A (Escrowed to Maturity), 5.25%, 07/01/14
  
250
  
290
  
.57
    
State of California, G.O. Sales Tax Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 07/01/14
  
500
  
570
  
1.12
    
State of California, G.O. Sales Tax Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/14 @ 100), 5.00%, 07/01/15
  
500
  
576
  
1.14
    
State of California, G.O. Sales Tax Rev. Bonds, Series B  (Pre-refunded with St. & Loc. Govt. Series to 03/01/11 @ 100), 5.00%, 07/01/23
  
350
  
356
  
.70
    
State of California, G.O. Sales Tax Rev. Cash Flow Mgmt. General Fund, Series A, 5.25%, 07/01/14
  
600
  
684
  
1.35
    
Tuolumne Wind Project Auth., Energy Res. Auth. Rev. Bonds, Series A, 5.00%, 01/01/15
  
100
  
113
  
.22
    
Univ. of California, College & Univ. Rev. Ref., Series E, 5.00%, 05/15/16
  
200
  
232
  
.46
    
West Basin Municipal Water Dist., Certs. of Part. Water Rev. Ref. Bonds, Series B (Assured GTY Insured), 4.50%, 08/01/12
  
100
  
107
  
.21
    
   
 
    
37,578
  
74.17
      
   
Florida - 2.60%
      
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, 5.00%, 06/01/15
  
100
  
107
  
.21
    
Florida Hurricane Catastrophe Fund Fin. Corp., 5.00%, 07/01/16
  
1,100
  
1,212
  
2.39
    
   
 
    
1,319
  
2.60
      
   
Georgia - 0.22%
      
Public Gas Partners Inc., Natural Gas Rev. Ref. Bonds, Series A, 5.00%, 10/01/13
  
100
  
110
  
.22
    
   
 
    
110
  
.22
      
   
Mississippi - 1.11%
      
Jackson State Univ. Educ. Building Corp., College & Univ. Imps. Lease Rev. Ref. Bonds (Mandatory Put 03/01/15 @ 100) (AGM Insured), 5.00%, 03/01/341
  
500
  
563
  
1.11
    
   
 
    
563
  
1.11
      
   
Puerto Rico - 0.78%
      
Puerto Rico Electric Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series NN (Pre-refunded with St. & Loc. Govt. Series to 07/01/13 @ 100), 5.50%, 07/01/18
 
350
 
395
  
.78
 
  
   
 
    
395
  
.78
      
   
Total bonds & notes  (cost: $ 39,532)
    
39,965
  
78.88
      
   
 
Short-term securities - 19.82%
      
State of California, California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series C, 0.35%, 10/01/261
  
300
  
300
  
.59
    
State of California, California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, 0.28%, 09/01/281
  
575
  
575
  
1.14
    
State of California, California Infrastructure & Econ. Dev. Bank, Energy Res. Auth. Rev. Ref. Bonds, 0.26%, 11/01/261
  
300
  
300
  
.59
    
State of California, California Infrastructure & Econ. Dev. Bank, Energy Res. Auth. Rev. Ref. Bonds, 0.23%, 12/01/161
  
700
  
700
  
1.38
    
State of California, California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series F, 0.25%, 09/01/381
  
1,000
  
1,000
  
1.97
    
State of California, California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds (NATL-RE Insured), 0.35%, 06/01/341
  
1,300
  
1,300
  
2.57
    
State of California, California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds, 0.31%, 12/01/361
  
500
  
500
  
.99
    
State of California, California Infrastructure & Econ. Dev. Bank, Rec. Rev. Ref. Bonds, 0.24%, 04/01/331
  
600
  
600
  
1.19
    
State of California, California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 0.26%, 08/15/271
  
600
  
600
  
1.18
    
State of California, G.O. Sales Tax Rev. Bonds, Series C-4, 0.25%, 07/01/231
  
800
  
800
  
1.58
    
State of California, G.O. School Imps. Bonds, Series A-1, 0.24%, 05/01/331
  
1,000
  
1,000
  
1.97
    
State of California, Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A, 0.31%, 12/01/311
  
1,000
  
1,000
  
1.97
    
State of California, Irvine Ranch Water Dist., Water Util. Imps. Rev. Bonds, 0.28%, 04/01/331
  
500
  
500
  
.99
    
State of California, Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Subseries B-3, 0.26%, 07/01/341
  
300
  
300
  
.59
    
State of California, Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 0.24%, 08/15/361
  
565
  
565
  
1.12
    
   
Total short-term securities  (cost: $ 10,040)
    
10,040
  
19.82
      
   
Total investment securities (cost: $49,572)
    
50,005
  
98.70
      
Other assets less liabilities
    
660
  
1.30
      
   
Net assets
  
$
50,665
  
100.00
%
   
   
   
           
1
Coupon rate may change periodically.  For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
   
   
Capital California Short-Term Municipal Fund
  
Schedule of Investments October 31, 2010
    
           
Key to abbreviations
          
Agcy.
= Agency
        
AGM
= Assured Guaranty Municipal Corporation
        
AMBAC
= American Municipal Bond Assurance Corporation
        
Auth.
= Authority
        
CA Mtg. Ins.
= California Mortgage Insurance
        
Certs. of Part.
= Certificates of Participation
        
Comms.
= Communities
        
Corp.
= Corporation
        
Corps.
= Corporations
        
Dept.
= Department
        
Dev.
= Development
        
Dist.
= District
        
Econ.
= Economic
        
Educ.
= Educational
        
Facs.
= Facilities
        
FGIC
= Financial Guaranty Insurance Company
        
Fin.
= Finance
        
Fncg.
= Financing
        
FNMA
= Federal National Mortgage Association
        
G.O.
= General Obligation
        
Govt.
= Government
        
GTD
= Guaranteed
        
GTY
= Guaranty
        
IBC
= Insured Bond Certificate
        
Imp.
= Improvement
        
Imps.
= Improvements
        
Inc.
= Incorporated
        
Loc.
= Local
        
Mgmt.
= Management
        
Misc.
= Miscellaneous
        
Muni.
= Municipal
        
NATL-RE
= National Reinsurance
        
Prop.
= Property
        
Rec.
= Recreational
        
Redev.
= Redevelopment
        
Ref.
= Refunding
        
Res.
= Resource
        
Ress.
= Resources
        
Rev.
= Revenue
        
St.
= State
        
Univ.
= University
        
Util.
= Utility
        
Utils.
= Utilities
        

 
 
 
Capital Core Bond Fund
October 31, 2010
  


Growth of $10,000 investment

Here’s how a $10,000 investment in the Capital Core Bond Fund grew between April 13, 2010, when the fund began operations, and October 31, 2010, the end of the fund’s fiscal year.
 
[begin mountain chart]
Date
  
Capital Core Bond Fund2
    
Barclays Capital U.S. Government/Credit 1-10 years ex. BBB Index1
  
4/13/2010
   $ 10,000     $ 10,000  
4/30/2010
     10,044       10,060  
5/31/2010
     10,147       10,146  
6/30/2010
     10,282       10,283  
7/31/2010
     10,378       10,385  
8/31/2010
     10,486       10,504  
9/30/2010
     10,504       10,545  
10/31/2010
     10,552       10,597  
[end mountain chart]
 
1 The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses.
2 Includes reinvested dividends.


Results are for past periods and are not predictive of results for future periods.  Current and future results may be lower or higher than those shown.  Share price and returns will vary so investors may lose money.  The results shown are before taxes on fund distributions and sale of fund shares.
 
 
[begin pie chart]
Investment portfolio - quality ratings*
  
         
         
AAA/Aaa
       78.30 %
AA/Aa
       6.91  
A/A2       10.25  
BAA/Baa
       4.55  
Unrated
       0  
             
*Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody's Standard & Poor's and/or Fitch as an indication of an issuer's credit-worthiness. If agency ratings differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in "unrated" at left), the investment advisor performs its own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.
[end pie chart]
 
 
Capital Core Bond Fund
  
Schedule of Investments October 31, 2010
    
   
Principal
amount
(000)
  
Market
value
(000)
  
Percent
of net
assets
      
Bonds & notes - 94.91%
      
U.S. government & government agency bonds & notes - 45.83%
      
Fannie Mae:
                    
 
1.75%, 05/07/13
$
2,000
$
2,062
  
.90
%
  
 
1.00%, 09/23/13
  
2,500
  
2,528
  
1.10
    
 
2.375%, 07/28/15
  
2,435
  
2,554
  
1.11
    
Federal Home Loan Banks:
                    
 
1.125%, 05/18/12
  
4,000
  
4,049
  
1.76
    
 
1.75%, 08/22/12
  
835
  
856
  
.37
    
Freddie Mac, 4.75%, 01/19/16
  
2,000
  
2,326
  
1.01
    
U.S. Treasury Inflation Indexed Bonds:
                    
 
2.00%, 01/15/14
  
1,477
  
1,599
  
.70
    
 
2.375%, 01/15/17
  
357
  
410
  
.18
    
U.S. Treasury Note:
                    
 
1.125%, 12/15/11
  
1,960
  
1,979
  
.86
    
 
3.625%, 05/15/13
  
2,750
  
2,979
  
1.29
    
 
3.125%, 09/30/13
  
3,000
  
3,230
  
1.40
    
 
2.375%, 09/30/14
  
10,000
  
10,605
  
4.61
    
 
2.375%, 10/31/14
  
455
  
482
  
.21
    
 
4.00%, 02/15/15
  
5,000
  
5,641
  
2.45
    
 
2.625%, 02/29/16
  
5,000
  
5,340
  
2.32
    
 
5.125%, 05/15/16
  
5,300
  
6,365
  
2.77
    
 
7.25%, 05/15/16
  
690
  
907
  
.39
    
 
4.625%, 02/15/17
  
4,000
  
4,711
  
2.05
    
 
4.50%, 05/15/17
  
14,475
  
16,928
  
7.35
    
 
8.75%, 05/15/17
  
6,590
  
9,458
  
4.11
    
 
1.875%, 08/31/17
  
5,515
  
5,523
  
2.40
    
 
3.875%, 05/15/18
  
1,000
  
1,127
  
.49
    
 
4.00%, 08/15/18
  
4,000
  
4,542
  
1.97
    
 
8.125%, 08/15/19
  
4,130
  
6,017
  
2.61
    
 
3.625%, 02/15/20
  
2,995
  
3,270
  
1.42
    
   
Total U.S. government & government agency bonds & notes
    
105,488
  
45.83
      
   
Mortgage-backed obligations - 23.30%
      
Federal agency mortgage-backed obligations - 20.48%
      
Fannie Mae:
                    
 
4.50%, 07/01/19
  
509
  
543
  
.24
    
 
4.50%, 03/01/20
  
1,861
  
1,986
  
.86
    
 
4.00%, 05/01/20
  
1,819
  
1,926
  
.84
    
 
4.00%, 02/01/24
  
2,000
  
2,097
  
.91
    
 
4.00%, 03/01/24
  
167
  
175
  
.08
    
 
4.00%, 05/01/24
  
49
  
51
  
.02
    
 
4.00%, 06/01/24
  
229
  
241
  
.11
    
 
4.50%, 03/01/25
  
2,060
  
2,183
  
.95
    
 
4.00%, 04/01/25
  
4,567
  
4,797
  
2.08
    
 
3.50%, 11/01/25
  
11,720
  
12,132
  
5.27
    
 
5.50%, 04/25/37
  
196
  
218
  
.09
    
 
6.00%, 08/01/37
  
240
  
261
  
.11
    
 
5.50%, 09/01/38
  
6,963
  
7,482
  
3.25
    
 
6.50%, 10/01/38
  
3,793
  
4,189
  
1.82
    
Freddie Mac, 6.00%, 02/15/37
  
175
  
193
  
.08
    
Freddie Mac Gold, 6.00%, 12/01/39
  
73
  
79
  
.03
    
Ginnie Mae:
                    
 
3.50%, 09/15/25
  
2,677
  
2,792
  
1.21
    
 
4.50%, 10/20/39
 
1,900
 
2,022
  
.88
 
  
 
4.50%, 01/20/40
  
313
  
333
  
.15
    
 
4.00%, 11/01/40
  
3,310
  
3,441
  
1.50
    
   
 
    
47,141
  
20.48
      
   
Commercial mortgage-backed securities - 2.82%
      
Bear Stearns Commercial Mortgage Securities:
                    
 
5.53%, 09/11/41
  
1,330
  
1,450
  
.63
    
 
5.54%, 09/11/41
  
250
  
274
  
.12
    
Citigroup/Deutsche Bank Commercial Mortgage Trust:
                    
 
5.222%, 07/15/441
  
1,035
  
1,142
  
.50
    
 
5.617%, 10/15/48
  
500
  
542
  
.23
    
JP Morgan Chase Commercial Mortgage Securities Corp., 5.8721%, 04/15/451
  
500
  
555
  
.24
    
Wachovia Bank Commercial Mortgage Trust:
                    
 
5.118%, 07/15/421
  
1,045
  
1,153
  
.50
    
 
5.269%, 12/15/441
  
1,250
  
1,378
  
.60
    
   
 
    
6,494
  
2.82
      
   
Total mortgage-backed obligations
    
53,635
  
23.30
      
   
Corporate bonds & notes - 22.72%
      
Banks - 4.70%
      
Ally Financial, Inc., 2.20%, 12/19/12
  
2,205
  
2,285
  
.99
    
Bank Of America Corp.:
                    
 
6.50%, 08/01/16
  
410
  
458
  
.20
    
 
5.625%, 07/01/20
  
250
  
260
  
.11
    
Barclays Bank PLC, 2.50%, 01/23/13
  
560
  
576
  
.25
    
BNP Paribas, 0.6897%, 04/08/131
  
685
  
683
  
.30
    
Citigroup, Inc., 6.00%, 12/13/13
  
520
  
576
  
.25
    
HSBC Bank PLC, Series 144A, 3.50%, 06/28/152
  
300
  
318
  
.14
    
JP Morgan Chase & Co.:
                    
 
3.40%, 06/24/15
  
915
  
958
  
.42
    
 
4.25%, 10/15/20
  
250
  
252
  
.11
    
Morgan Stanley, 2.25%, 03/13/12
  
1,110
  
1,138
  
.49
    
Northern Trust Corp., 4.625%, 05/01/14
  
300
  
335
  
.15
    
Sovereign Bank, 8.75%, 05/30/18
  
300
  
353
  
.15
    
The Goldman Sachs Group, Inc.:
                    
 
3.25%, 06/15/12
  
500
  
523
  
.23
    
 
6.15%, 04/01/18
  
505
  
566
  
.25
    
The Royal Bank of Scotland PLC, 3.95%, 09/21/15
  
845
  
872
  
.38
    
Wells Fargo & Co., 0.4884%, 10/28/151
  
250
  
237
  
.10
    
Wells Fargo & Co., Series I, 3.75%, 10/01/14
  
390
  
418
  
.18
    
   
 
    
10,808
  
4.70
      
   
Electric - 2.04%
      
Alabama Power Co., 4.85%, 12/15/12
  
55
  
59
  
.03
    
Appalachian Power Co., Series S, 3.40%, 05/24/15
  
250
  
265
  
.12
    
Carolina Power & Light Co., 6.50%, 07/15/12
  
520
  
569
  
.25
    
Cleveland Electric Illuminating Co., 8.875%, 11/15/18
  
40
  
53
  
.02
    
Consolidated Edison Co. of New York Inc., 4.45%, 06/15/20
 
300
 
329
  
.14
 
  
Consumers Energy Co., 5.65%, 09/15/18
  
355
  
410
  
.18
    
Duke Energy Indiana, Inc., 3.75%, 07/15/20
  
300
  
310
  
.13
    
Duke Energy Ohio, Inc., 2.10%, 06/15/13
  
710
  
731
  
.32
    
Midamerican Energy Holdings Co., 5.75%, 04/01/18
  
300
  
348
  
.15
    
National Grid PLC, 6.30%, 08/01/16
  
35
  
42
  
.02
    
Pacificorp, 5.65%, 07/15/18
  
735
  
874
  
.38
    
Virginia Electric And Power Co., 5.40%, 04/30/18
  
601
  
699
  
.30
    
   
 
    
4,689
  
2.04
      
   
Diversified financial services - 1.74%
      
Citigroup Funding, Inc., 1.875%, 10/22/12
  
2,225
  
2,286
  
.99
    
General Electric Capital Corp., 2.20%, 06/08/12
  
750
  
772
  
.34
    
National Rural Utilities Cooperative Finance Corp., 1.125%, 11/01/13
  
600
  
602
  
.26
    
Paribas, 6.95%, 07/22/13
  
300
  
340
  
.15
    
   
 
    
4,000
  
1.74
      
   
Media - 1.72%
      
Comcast Corp., 5.30%, 01/15/14
  
405
  
453
  
.20
    
NBC Universal, Inc., Series 144A, 5.15%, 04/30/202
  
350
  
380
  
.16
    
News America, Inc., 5.30%, 12/15/14
  
760
  
867
  
.38
    
Time Warner Cable, Inc., 3.50%, 02/01/15
  
820
  
867
  
.38
    
Time Warner, Inc., 5.875%, 11/15/16
  
300
  
352
  
.15
    
Walt Disney Co.:
                    
 
4.50%, 12/15/13
  
615
  
684
  
.30
    
 
5.50%, 03/15/19
  
300
  
357
  
.15
    
   
 
    
3,960
  
1.72
      
   
Retail - 1.67%
      
CVS Caremark Corp., 6.60%, 03/15/19
  
300
  
365
  
.16
    
Home Depot, Inc., 3.95%, 09/15/20
  
300
  
308
  
.13
    
Lowe's Cos., Inc.:
                    
 
5.00%, 10/15/15
  
610
  
705
  
.31
    
 
4.625%, 04/15/20
  
350
  
388
  
.17
    
McDonald's Corp., 4.30%, 03/01/13
  
525
  
569
  
.25
    
Target Corp., 6.00%, 01/15/18
  
350
  
423
  
.18
    
Wal-Mart Stores, Inc.:
                    
 
1.50%, 10/25/15
  
720
  
718
  
.31
    
 
5.80%, 02/15/18
  
300
  
359
  
.16
    
   
 
    
3,835
  
1.67
      
   
Oil & gas - 1.60%
      
Apache Corp., 6.25%, 04/15/12
  
525
  
566
  
.25
    
Chevron Corp., 3.95%, 03/03/14
  
545
  
598
  
.26
    
Devon Energy Corp.:
                    
 
5.625%, 01/15/14
  
300
  
339
  
.15
    
 
6.30%, 01/15/19
  
315
  
385
  
.17
    
Shell International Finance BV:
                    
 
4.00%, 03/21/14
  
350
  
382
  
.16
    
 
3.10%, 06/28/15
 
600
 
637
  
.28
 
  
Statoil ASA:
                    
 
2.90%, 10/15/14
  
435
  
461
  
.20
    
 
3.125%, 08/17/17
  
300
  
309
  
.13
    
   
 
    
3,677
  
1.60
      
   
Pharmaceuticals - 1.50%
      
Abbott Laboratories, 4.125%, 05/27/20
  
300
  
324
  
.14
    
AstraZeneca PLC, 5.90%, 09/15/17
  
355
  
426
  
.18
    
Medco Health Solutions, Inc., 2.75%, 09/15/15
  
415
  
426
  
.19
    
Novartis Capital Corp.:
                    
 
4.125%, 02/10/14
  
380
  
416
  
.18
    
 
2.90%, 04/24/15
  
545
  
578
  
.25
    
Novartis Securities Investment Ltd., 5.125%, 02/10/19
  
300
  
345
  
.15
    
Pfizer, Inc.:
                    
 
4.45%, 03/15/12
  
540
  
568
  
.25
    
 
6.20%, 03/15/19
  
300
  
369
  
.16
    
   
 
    
3,452
  
1.50
      
   
Telecommunications - 1.49%
      
AT&T, Inc.:
                    
 
5.875%, 02/01/12
  
535
  
568
  
.25
    
 
4.95%, 01/15/13
  
300
  
326
  
.14
    
Cellco Partnership/Verizon Wireless Capital LLC, 7.375%, 11/15/13
  
480
  
568
  
.25
    
Cisco Systems, Inc., 2.90%, 11/17/14
  
810
  
863
  
.37
    
France Telecom SA, 4.375%, 07/08/14
  
300
  
332
  
.14
    
Vodafone Group PLC:
                    
 
5.00%, 09/15/15
  
300
  
340
  
.15
    
 
5.625%, 02/27/17
  
375
  
434
  
.19
    
   
 
    
3,431
  
1.49
      
   
Beverages - 1.36%
      
Anheuser-Busch InBev Worldwide, Inc., 4.125%, 01/15/15
  
300
  
326
  
.14
    
Coca-Cola Co.:
                    
 
3.625%, 03/15/14
  
360
  
389
  
.17
    
 
4.875%, 03/15/19
  
350
  
400
  
.17
    
Diageo Capital PLC:
                    
 
7.375%, 01/15/14
  
300
  
356
  
.16
    
 
5.75%, 10/23/17
  
300
  
355
  
.15
    
Pepsi Co., Inc., 0.875%, 10/25/13
  
1,295
  
1,299
  
.57
    
   
 
    
3,125
  
1.36
      
   
Aerospace/defense - 1.06%
      
Northrop Grumman Systems Corp., 7.75%, 03/01/16
  
305
  
387
  
.17
    
Raytheon Co.:
                    
 
5.375%, 04/01/13
  
300
  
333
  
.14
    
 
6.75%, 03/15/18
  
5
  
6
  
—
    
 
6.40%, 12/15/18
  
465
  
571
  
.25
    
 
4.40%, 02/15/20
  
15
  
16
  
.01
    
United Technologies Corp.:
                    
 
4.875%, 05/01/15
 
695
 
799
  
.35
 
  
 
4.50%, 04/15/20
  
300
  
334
  
.14
    
   
 
    
2,446
  
1.06
      
   
REITS - 0.85%
      
ERP Operating LP, 5.25%, 09/15/14
  
300
  
335
  
.14
    
ProLogis, 7.625%, 08/15/14
  
780
  
893
  
.39
    
Simon Property Group LP:
                    
 
4.20%, 02/01/15
  
300
  
325
  
.14
    
 
5.25%, 12/01/16
  
365
  
411
  
.18
    
   
 
    
1,964
  
.85
      
   
Pipelines - 0.64%
      
Enbridge Inc., 5.60%, 04/01/17
  
50
  
57
  
.02
    
Kinder Morgan Energy Partners LP:
                    
 
5.125%, 11/15/14
  
265
  
296
  
.13
    
 
5.625%, 02/15/15
  
250
  
282
  
.12
    
 
9.00%, 02/01/19
  
250
  
327
  
.14
    
TransCanada PipeLines Ltd., 3.40%, 06/01/15
  
190
  
204
  
.09
    
Williams Partners LP, 3.80%, 02/15/15
  
300
  
318
  
.14
    
   
 
    
1,484
  
.64
      
   
Healthcare-services - 0.49%
      
Howard Hughes Medical Institute, 3.45%, 09/01/14
  
110
  
120
  
.05
    
UnitedHealth Group, Inc., 3.875%, 10/15/20
  
300
  
300
  
.13
    
WellPoint, Inc.:
                    
 
7.00%, 02/15/19
  
330
  
402
  
.17
    
 
4.35%, 08/15/20
  
300
  
310
  
.14
    
   
 
    
1,132
  
.49
      
   
Transportation - 0.45%
      
Burlington Northern Santa Fe LLC:
                    
 
7.00%, 02/01/14
  
585
  
686
  
.30
    
 
3.60%, 09/01/20
  
300
  
302
  
.13
    
Canadian National Railway Co., 5.55%, 05/15/18
  
50
  
59
  
.02
    
   
 
    
1,047
  
.45
      
   
Food - 0.45%
      
The Kroger Co.:
                    
 
7.50%, 01/15/14
  
580
  
687
  
.30
    
 
6.40%, 08/15/17
  
300
  
356
  
.15
    
   
 
    
1,043
  
.45
      
   
Insurance - 0.32%
      
Berkshire Hathaway, Inc., 0.8344%, 02/11/131
 
730
 
734
  
.32
 
  
   
 
    
734
  
.32
      
   
Biotechnology - 0.30%
      
Biogen Idec, Inc., 6.00%, 03/01/13
  
625
  
685
  
.30
    
   
 
    
685
  
.30
      
   
Computers - 0.20%
      
Electronic Data Systems LLC, Series B, 6.00%, 08/01/13
  
45
  
51
  
.02
    
International Business Machines Corp., 5.70%, 09/14/17
  
350
  
419
  
.18
    
   
 
    
470
  
.20
      
   
Miscellaneous manufacturing - 0.14%
      
Honeywell International, Inc., 3.875%, 02/15/14
  
300
  
327
  
.14
    
   
 
    
327
  
.14
      
   
Total corporate bonds & notes
    
52,309
  
22.72
      
   
Municipals - 1.62%
      
California State Department of Water Resources, Energy Res. Auth. Ref. Rev. Bonds, Series M, 5.00%, 05/01/14
  
500
  
563
  
.25
    
Chicago Public Building Commission, Spl. O. Ref. Bonds, 7.125%, 01/01/11
  
300
  
303
  
.13
    
Florida Hurricane Catastrophe Fund Finance Corp., Misc. Rev. Bonds, Series A, 5.00%, 07/01/16
  
650
  
716
  
.31
    
State of California, G.O. School Imps. Property Tax Bonds, 5.75%, 03/01/17
  
400
  
439
  
.19
    
State of Illinois, G.O. School Imps. Misc. Rev. Bonds:
                    
 
4.422%, 04/01/15
  
300
  
314
  
.14
    
 
5.947%, 04/01/22
  
835
  
859
  
.37
    
University of Texas System, College & Univ. Rev. Ref. Bonds, Series D, 2.616%, 08/15/15
  
500
  
529
  
.23
    
   
Total municipals
    
3,723
  
1.62
      
   
Government & government agency bonds & notes outside the U.S. - 0.88%
      
Canadian National Railway Co., 4.95%, 01/15/14
  
670
  
749
  
.33
    
European Investment Bank, 3.125%, 06/04/14
  
1,180
  
1,273
  
.55
    
   
Total government & government agency bonds & notes outside the U.S.
    
2,022
  
.88
      
   
Asset-backed obligations - 0.56%
      
AEP Texas Central Transition Funding LLC, 5.09%, 07/01/17
  
75
  
85
  
.04
    
Americredit Automobile Receivables Trust, 5.56%, 06/06/14
  
152
  
160
  
.07
    
Honda Auto Receivables Owner Trust, 1.34%, 03/18/14
  
955
  
966
  
.42
    
Long Beach Auto Receivables Trust, 5.025%, 01/15/14
 
78
 
80
  
.03
 
  
   
Total asset-backed obligations
    
1,291
  
.56
      
   
Total bonds & notes  (cost: $ 212,577)
    
218,468
  
94.91
      
   
 
Short-term securities - 11.16%
      
Bank of America Corp., 0.223%, 11/01/10
  
6,100
  
6,100
  
2.65
    
Deutsche Bank Funding LLC:
                    
 
0.22%, 11/03/10
  
4,800
  
4,800
  
2.08
    
 
0.203%, 11/05/10
  
1,600
  
1,600
  
.69
    
Hewlett Packard Co.:
                    
 
0.193%, 11/08/10
  
4,800
  
4,800
  
2.08
    
 
0.22%, 11/15/10
  
2,200
  
2,200
  
.96
    
Straight A Funding LLC, 0.30%, 11/18/10
  
4,300
  
4,299
  
1.87
    
Wal-Mart Stores, Inc., 0.22%, 11/08/10
  
1,900
  
1,900
  
.83
    
   
Total short-term securities  (cost: $ 25,699)
    
25,699
  
11.16
      
   
Total investment securities (cost: $238,276)
    
244,167
  
106.07
      
Other assets less liabilities
    
(13,982)
  
(6.07)
      
   
Net assets
  
$
230,185
  
100.00
%
   
   
   
         
1
Indicates a variable rate security.  The interest rate shown reflects the rate in effect at October 31, 2010.
  
2
Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers.  At October 31, 2010, the aggregate market value of these securities amounted to $698,525, representing 0.30% of net assets of which $698,525 have been deemed liquid by the investment adviser pursuant to the Fund's liquidity precedures approved by the Board of Trustees.
   

Key to abbreviations
  
Auth.
= Authority
G.O.
= General Obligation
Imps.
= Improvements
Misc.
= Miscellaneous
REITS
= Real Estate Investment Trust
Ref.
= Refunding
Res.
= Resource
Rev.
= Revenue
Spl. O.
= Special Obligation
Univ.
= University





Capital Private Client Services Funds
Statements of assets and liabilities
at October 31, 2010
(dollars and shares in thousands)
(except per share amounts)
  
   
   
   
Capital Core Municipal Fund
    
Capital
Short-Term Municipal Fund
   
Assets:
            
Investment securities, at value (cost: $256,199 and $76,506, respectively)
   $ 261,366     $ 77,587  
Short-term investments, at value (cost: $8,750 and $17,505, respectively)
     8,750       17,505  
Cash
     67       122  
Receivables for:
                
Sales of investments
     –       –  
Interest receivable
     3,280       905  
Receivable from investment adviser
     45       34  
Total assets
     273,508       96,153  
   
Liabilities:
                
Payables for:
                
Purchases of investments
     4,572       1,027  
Repurchases of fund's shares
     10       5,532  
Investment advisory services
     157       55  
Other accrued expenses
     67       42  
Total liabilities
     4,806       6,656  
Net assets at October 31, 2010:
   $ 268,702     $ 89,497  
   
Net assets consist of:
                
Capital paid in on shares of beneficial interest
   $ 262,960     $ 88,317  
Accumulated undistributed net investment income
     –       –  
Accumulated net realized gain
     575       99  
Net unrealized appreciation
     5,167       1,081  
Net assets at October 31, 2010
   $ 268,702     $ 89,497  
   
Shares outstanding:
     26,153       8,799  
   
Net asset value per share:
   $ 10.27     $ 10.17  
   
   

 

Capital Private Client Services Funds
Statements of assets and liabilities
at October 31, 2010
(dollars and shares in thousands)
(except per share amounts)
 
 
   
Capital California Core Municipal Fund
    
Capital California Short-Term Municipal Fund
 
Assets:
          
 
Investment securities, at value (cost: $132,992 and $39,532, respectively)
   $ 135,508     $ 39,965
 
Short-term investments, at value (cost: $31,450 and $10,040, respectively)
     31,450       10,040
 
Cash
     5       182
 
Receivables for:
              
 
Sales of investments
     –       –
 
Interest receivable
     1,730       511
 
Receivable from investment adviser
     38       31
 
Total assets
     168,731       50,729
 
Liabilities:
              
 
Payables for:
              
 
Purchases of investments
     –       –
 
Repurchases of fund's shares
     38       –
 
Investment advisory services
     99       29
 
Other accrued expenses
     52       35
 
Total liabilities
     189       64
Net assets at October 31, 2010:
   $ 168,542     $ 50,665
 
Net assets consist of:
              
 
Capital paid in on shares of beneficial interest
   $ 166,025     $ 50,241
 
Accumulated undistributed net investment income
     –       –
 
Accumulated net realized gain (loss)
     1       (9
 
Net unrealized appreciation
     2,516       433
Net assets at October 31, 2010
   $ 168,542     $ 50,665
 
Shares outstanding:
     16,534       4,999
 
Net asset value per share:
   $ 10.19     $ 10.13
 
 
1 Amount rounds to less than $1,000.

 


Capital Private Client Services Funds
Statement of assets and liabilities
at October 31, 2010
(dollars and shares in thousands)
(except per share amounts)
 
 
   
Capital
Core Bond
Fund
  
 
Assets:
      
Investment securities, at value (cost: $212,577)
   $ 218,468  
Short-term investments, at value (cost: $25,699)
     25,699  
Cash
     1,689  
Receivables for:
        
Sales of investments
     3,315  
Interest receivable
     1,894  
Receivable from investment adviser
     43  
Total assets
     251,108  
 
Liabilities:
        
Payables for:
        
Purchases of investments
     20,705  
Repurchases of fund's shares
     21  
Investment advisory services
     135  
Other accrued expenses
     62  
Total liabilities
     20,923  
Net assets at October 31, 2010:
   $ 230,185  
 
Net assets consist of:
        
Capital paid in on shares of beneficial interest
   $ 221,347  
Accumulated undistributed net investment income
     –  
Accumulated net realized gain
     2,947  
Net unrealized appreciation
     5,891  
Net assets at October 31, 2010
   $ 230,185  
 
Shares outstanding:
     22,021  
 
Net asset value per share:
   $ 10.45  


 


Capital Private Client Services Funds
Statements of operations
for the period ended October 31, 20101
(dollars in thousands)
 
 
   
Capital Core Municipal Fund
    
Capital
Short-Term Municipal Fund
   
Investment income:
 
Income:
            
 
Interest
   $ 2,752     $ 554  
 
 
Fees and expenses:
                
 
Investment advisory services
     436       144  
 
Administrative and accounting services
     39       13  
 
Registration fees
     38       14  
 
Auditing
     16       16  
 
Transfer agent services
     6       6  
 
Trustees' compensation
     5       5  
 
Other
     4       2  
 
Total fees and expenses
     544       200  
 
Reimbursement of fees
     (45 )     (35 )
 
Net fees and expenses
     499       165  
 
Net investment income
     2,253       389  
 
Net realized gain (loss) and unrealized appreciation (depreciation) on investments:
 
Net realized gain on investments
     576       100  
 
Net unrealized appreciation on investments
     5,167       1,081  
 
Net realized gain and unrealized appreciation on investments
     5,743       1,181  
Net increase in net assets resulting from operations
   $ 7,996     $ 1,570  
 
 
1 The Fund commenced operations on April 13, 2010.



 
Capital Private Client Services Funds
Statements of operations
for the period ended October 31, 20101
(dollars in thousands)
 
 
   
Capital California Core Municipal Fund
    
Capital California Short-Term Municipal Fund
   
Investment income:
 
Income:
            
 
Interest
   $ 1,406     $ 249  
 
 
Fees and expenses:
                
 
Investment advisory services
     272       73  
 
Administrative and accounting services
     24       6  
 
Registration fees
     23       7  
 
Auditing
     16       16  
 
Transfer agent services
     6       5  
 
Trustees' compensation
     5       5  
 
Other
     2       3  
 
Total fees and expenses
     348       115  
 
Reimbursement of fees
     (38 )     (31 )
 
Net fees and expenses
     310       84  
 
Net investment income
     1,096       165  
 
Net realized gain (loss) and unrealized appreciation (depreciation) on investments:
 
Net realized gain (loss) on investments
     3       (9 )
 
Net unrealized appreciation on investments
     2,516       433  
 
Net realized gain and unrealized appreciation on investments
     2,519       424  
Net increase in net assets resulting from operations
   $ 3,615     $ 589  
 
 
1 The Fund commenced operations on April 13, 2010.



 

Capital Private Client Services Funds
Statement of operations
for the period ended October 31, 20101
(dollars in thousands)
 
 
   
Capital
Core Bond
Fund
  
 
Investment income:
 
Income:
      
 
Interest
   $ 2,330  
 
 
Fees and expenses:
        
 
Investment advisory services
     398  
 
Administrative and accounting services
     36  
 
Registration fees
     34  
 
Auditing
     16  
 
Transfer agent services
     6  
 
Trustees' compensation
     5  
 
Other
     3  
 
Total fees and expenses
     498  
 
Reimbursement of fees
     (43 )
 
Net fees and expenses
     455  
 
Net investment income
     1,875  
 
Net realized gain (loss) and unrealized appreciation (depreciation) on investments:
 
Net realized gain on investments
     3,178  
 
Net unrealized appreciation on investments
     5,891  
 
Net realized gain and unrealized appreciation on investments
     9,069  
Net increase in net assets resulting from operations
   $ 10,944  
 
 
1 The Fund commenced operations on April 13, 2010.


 


Capital Private Client Services Funds
Statements of changes in net assets
for the period ended October 31, 20101
(dollars in thousands)
 
 
 
Capital Core Municipal Fund
   Capital Short-Term Municipal Fund
 
Operations:
      
  Net investment income   $ 2,253     $ 389  
  Net realized gain on investments     576       100  
  Net unrealized appreciation on investments     5,167       1,081  
  Net increase in net assets resulting from operations     7,996       1,570  
 
Dividends and distributions to shareholders:
                
  Dividends from net investment income     (2,253       (389 )
  Distributions from capital gain     (1       (1 )
  Total dividends and distributions     (2,254       (390 )
 
Net capital share transactions
     262,960       88,317  
 
Total increase in net assets
     268,702       89,497  
 
Net assets:
          
  Beginning of period     –       –  
  End of period (including undistributed net investment income: $– and $–, respectively)   $ 268,702     $ 89,497  
 
 
 
1 The Fund commenced operations on April 13, 2010.




Capital Private Client Services Funds
Statements of changes in net assets
for the period ended October 31, 20101
(dollars in thousands)
 
 
 
Capital California Core Municipal Fund
   Capital California Short-Term Municipal Fund
 
Operations:
      
  Net investment income   $ 1,096     $ 165  
  Net realized gain (loss) on investments     3       (9 )
  Net unrealized appreciation on investments     2,516       433  
  Net increase in net assets resulting from operations     3,615       589  
 
Dividends and distributions to shareholders:
                
  Dividends from net investments income     (1,096       (165 )
  Distributions from capital gain     (2       –  
  Total dividends and distributions     (1,098       (165 )
 
Net capital share transactions
     166,025       50,241  
 
Total increase in net assets
     168,542       50,665  
 
Net assets:
          
  Beginning of period     –       –  
  End of period (including undistributed net investment income: $– and $– 2, respectively)   $ 168,542     $ 50,665  
 
 
 
1 The Fund commenced operations on April 13, 2010.
2 Amount rounds to less than $1,000.


 


Capital Private Client Services Funds
Statement of changes in net assets
for the period ended October 31, 20101
(dollars in thousands)
  
   
   
   
Capital
Core Bond
Fund
  
   
Operations:
    
  Net investment income   $ 1,875  
  Net realized gain on investments     3,178  
  Net unrealized appreciation on investments     5,891  
  Net increase in net assets resulting from operations     10,944  
   
Dividends and distributions to shareholders:
    
  Dividends from net investment income     (1,875 )
  Distributions from capital gain     (231 )
  Total dividends and distributions     (2,106 )
   
Net capital share transactions
     221,347  
   
Total increase in net assets
     230,185  
   
Net assets:
    
  Beginning of period     –  
  End of period (including undistributed net investment income: $–)   $ 230,185  
   
   
   
1 The Fund commenced operations on April 13, 2010.  

 
 
 
Capital Private Client Services Funds
Notes to financial statements

1.   Organization

Capital Private Client Services Funds (the “Trust”) was organized on October 22, 2009 as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The Trust has five different funds; Capital Core Municipal Fund, Capital Short-Term Municipal Fund, Capital California Core Municipal Fund, Capital California Short-Term Municipal Fund and Capital Core Bond Fund (each a “Fund,” collectively the “Funds”). On March 26, 2010, each Fund in the Trust obtained its initial capitalization of $100,000 from the sale of shares of beneficial interest to Capital Group International, Inc., the parent company of the Funds’ investment adviser. Operations commenced on April 13, 2010, u pon the initial purchase of investment securities. The Trust’s fiscal year ends on October 31. Each Fund offers one class of shares.

Capital Core Municipal Fund seeks to provide current income exempt from federal income tax and to preserve capital.  Capital Short-Term Municipal Fund seeks to preserve capital and secondarily to provide current income exempt from federal income tax.  Capital California Core Municipal Fund seeks to provide current income exempt from federal and California income taxes and to preserve capital.  Capital California Short-Term Municipal Fund seeks to preserve capital and secondarily to provide current income exempt from federal and California income taxes.  Capital Core Bond Fund seeks to provide current income and to preserve capital.

2.   Significant accounting policies

The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the Funds:

Security transactions and related investment income – Security transactions are recorded by the Funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the Funds will segregate liquid assets sufficient to meet its payment obligations. Interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Dividends and distributions to shareholders – Dividends paid to shareholders are declared and paid monthly after the determination of each Fund’s net investment income. Distributions paid to shareholders are recorded on the ex-dividend date.

3.   Valuation

The Funds’ investments are reported at fair value as defined by accounting principles generally accepted in the United States of America. The Funds generally determine their net asset values as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.

Methods and inputs – The Funds use the following methods and inputs to establish the fair value of their assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market in which the security trades.

Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are generally valued at prices obtained as of approximately 3:00 p.m. New York time from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the Funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

Fixed-income class
Examples of standard inputs
All
Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds & notes; convertible securities
Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies
Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations
Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities
Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

Where the investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and asked prices that are reasonably and timely available (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Some securities may be valued based on their effective maturity or average life, which may be shorter than the stated maturity.

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates fair value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under guidelines adopted by authority of the Funds’ Board of Trustees. Various inputs may be reviewed in order to make a good faith determination of a security’s fair value. These inputs include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Classifications – The Funds classify their assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the Funds’ determinations of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessa rily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the Funds’ valuation levels as of October 31, 2010 (dollars in thousands):

Investment Securities
  
 Level 1
Level 2
Level 3
Total
                         
Capital Core Municipal Fund
                        
    Long-term investments
                        
       Bonds & notes
  
$
–
  
$
261,366
  
$
–
  
$
261,366
    Short-term investments
    
–
    
8,750
    
–
    
8,750
    Total investments
  
$
–
  
$
270,116
  
$
–
  
$
270,116
                         
Capital Short-Term Municipal Fund
                        
    Long-term investments
                        
       Bonds & notes
  
$
–
  
$
77,587
  
$
–
  
$
77,587
    Short-term investments
    
–
    
17,505
    
–
    
17,505
    Total investments
  
$
–
  
$
95,092
  
$
–
  
$
95,092
                         
Capital California Core Municipal Fund
                        
    Long-term investments
                        
       Bonds & notes
  
$
–
  
$
135,508
  
$
–
  
$
135,508
    Short-term investments
    
–
    
31,450
    
–
    
31,450
    Total investments
  
$
–
  
$
166,958
  
$
–
  
$
166,958
                         
Capital California Short-Term Municipal Fund
                    
    Long-term investments
                        
       Bonds & notes
  
$
–
  
$
39,965
  
$
–
  
$
39,965
    Short-term investments
    
–
    
10,040
    
–
    
10,040
    Total investments
  
$
–
  
$
50,005
  
$
–
  
$
50,005
                         
Capital Core Bond Fund
                        
    Bonds, notes and other debt
    investments:
                        
       U.S. government &
       government agency bonds &
       notes
  
 
 
$
 
 
–
  
 
 
$
 
 
105,488
  
 
 
$
 
 
–
  
 
 
$
 
 
105,488
       Mortgage-backed obligations
    
–
    
53,635
    
–
    
53,635
       Corporate bonds & notes
    
–
    
52,309
    
–
    
52,309
       Municipals
    
–
    
3,723
    
–
    
3,723
       Government agency bonds &
       notes outside the U.S.
    
 
–
    
 
2,022
    
 
–
    
 
2,022
       Asset-backed obligations
    
–
    
1,291
    
–
    
1,291
    Short-term investments
    
–
    
25,699
    
–
    
25,699
    Total investments
  
$
–
  
$
244,167
  
$
–
  
$
244,167
                         

At October 31, 2010, there were no significant transfers between Level 1 and Level 2.  There were no Level 3 securities held in the Funds during the period ended October 31, 2010.

4.   Risk factors

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

The prices of, and the income generated by, the securities held by the Funds may decline in response to certain events taking place around the world, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency, interest rate and commodity price fluctuations.

The prices of, and the income generated by, most debt securities held by the Funds may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities. For example, the prices of debt securities in the Fund’s portfolio generally will decline when interest rates rise and increase when interest rates fall. In addition, falling interest rates may cause an issuer to redeem, “call” or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities.

Debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. In addition, longer maturity debt securities generally have higher rates of interest and may be subject to greater price fluctuations than shorter maturity debt securities. There may be little trading in the secondary market for particular debt securities, which may make them more difficult to value or sell.

Changes in the credit quality of banks and financial institutions providing credit and liquidity enhancements could cause the Fund to experience a loss and may affect its share price.

Because the Capital California Core Municipal Fund and Capital California Short-Term Municipal Fund invest in securities of issuers within the state of California, these funds are more susceptible to factors adversely affecting issuers of California than comparable municipal bond mutual funds that do not concentrate in a single state.  For example, in the past, California voters have passed amendments to the state’s constitution and other measures that limit the taxing and spending authority of California governmental entities, and future voter initiatives may adversely affect California municipal bonds.

The following additional risk factors are applicable to Capital Core Bond Fund:

A security backed by the U.S. Treasury or the full faith and credit of the U.S. government is guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market prices for these securities will fluctuate with changes in interest rates.

Falling interest rates may cause an issuer to redeem, "call" or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. This is known as prepayment risk. Many types of debt securities, including mortgage-related securities, are subject to prepayment risk. For example, when interest rates fall, homeowners are more likely to refinance their home mortgages and "prepay" their principal earlier than expected. The Fund must then reinvest the prepaid principal in new securities when interest rates on new mortgage investments are falling, thus reducing the Fund’s income. Conversely, if interest rates increase, homeowners may not make prepayments to the extent expected, resulting in an extension of the term of the se curity backed by such mortgages.

The loans underlying asset-backed securities are subject to prepayments that can decrease maturities and returns. In addition, the values of the securities ultimately depend upon payment of the underlying loans by individuals.

5.   Taxation and distributions

Federal income taxation – The Funds comply with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intend to distribute substantially all of their net income and net capital gains each year. The Funds are not subject to income taxes to the extent taxable income and net capital gains are distributed. Generally, income earned by Capital Core Municipal Fund, Capital Short-Term Municipal Fund, Capital California Core Municipal Fund and Capital California Short-Term Municipal Fund is exempt from federal income taxes; however, these funds may earn taxable income from certain investments.

As of and during the period ended October 31, 2010, the Funds did not have a liability for any unrecognized tax benefits.  The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of operations.  During the period, the Funds did not incur any interest or penalties.

Distributions – Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; net capital losses; capital losses related to sales of certain securities within 30 days of purchase; deferred expenses; cost of investments sold; pay downs on fixed income securities; income on certain investments; and amortization of market discounts. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are reco rded by the Funds for financial reporting purposes.

The tax character of distributions paid during the period ended October 31, 2010 were as follows (dollars in thousands):

   
Tax-exempt income
    
Ordinary
 income
  
Capital Core Municipal Fund
   $ 2,249     $ 5  
Capital Short-Term Municipal Fund
     387       3  
Capital California Core Municipal Fund
     1,095       3  
Capital California Short-Term Municipal Fund
     164       1  
Capital Core Bond Fund
     –       2,106  

At October 31, 2010, the components of accumulated earnings (deficit) on a tax basis were as follows (dollars in thousands):

   
Undistributed ordinary income
    
Capital Loss Carryover
    
Unrealized appreciation (depreciation)
    
Total
  
Capital Core Municipal Fund
   $ 576     $ –     $ 5,167     $ 5,743  
Capital Short-Term Municipal Fund
     100       –       1,080       1,180  
Capital California Core Municipal Fund
     1       –       2,516       2,517  
Capital California Short-Term Municipal Fund
     – 1     (9 )     433       424  
Capital Core Bond Fund
     2,947       –       5,891       8,838  
1    Amount rounds to less than $1,000.
                                

During the period ended October 31, 2010, the Funds did not utilize capital loss carryovers.

Capital loss carryovers available to the Funds at October 31, 2010 were as follows (dollars in thousands):

   
Expiring
2018
  
Capital Core Municipal Fund
   $ –  
Capital Short-Term Municipal Fund
     –  
Capital California Core Municipal Fund
     –  
Capital California Short-Term Municipal Fund
     9  
Capital Core Bond Fund
     –  

For federal income tax purposes, the tax cost of investments and the components of net unrealized appreciation (depreciation) of investments at October 31, 2010 were as follows (dollars in thousands) :

   
Tax cost of investments
    
Gross unrealized appreciation
    
Gross unrealized depreciation
    
Net unrealized appreciation
  
Capital Core Municipal Fund
   $ 264,949     $ 5,298     $ (131 )   $ 5,167  
Capital Short-Term Municipal Fund
     94,011       1,108       (27 )     1,081  
Capital California Core Municipal Fund
     164,442       2,660       (144 )     2,516  
Capital California Short-Term Municipal Fund
     49,572       457       (24 )     433  
Capital Core Bond Fund
     238,276       5,929       (38 )     5,891  

6.   Fees and transactions with related parties
 

Capital Guardian Trust Company (“CGTC”) serves as investment adviser to the Funds and other funds.  CGTC is a wholly owned subsidiary of Capital Group International, Inc. Expense limitations have been imposed through April 11, 2011, to limit the Funds’ total annual fund operating expenses to the following rates:

   
Expense Limitation
  
Capital Core Municipal Fund
     0.40 %
Capital Short-Term Municipal Fund
     0.40 %
Capital California Core Municipal Fund
     0.40 %
Capital California Short-Term Municipal Fund
     0.40 %
Capital Core Bond Fund
     0.40 %

CGTC does not intend to recoup any reimbursed expenses or waived fees from a prior year under expense limitations then in effect for the Funds.

Investment advisory services –The Investment Advisory and Service Agreement with CGTC provides for monthly fees accrued daily. The fee for each Fund is 0.35% of the average daily net assets of the Fund.

Distribution services – American Funds Distributors,® Inc. (the "Distributor") is the principal underwriter of each Fund's shares. The Distributor does not receive any compensation related to the sale of shares of the Funds.

Affiliated officers and trustees – Officers and certain trustees of the Trust are or may be considered to be affiliated with CGTC. No affiliated officers or directors received any compensation directly from the Trust.
 
7.      Capital share transactions

Capital share transactions in the Funds were as follows (dollars and shares in thousands):
 

   
Sales
    
Reinvestment of
dividends
and distributions
    
Repurchases
    
Net increase
  
Fund
  
Amount
    
Shares
    
Amount
    
Shares
    
Amount
    
Shares
    
Amount
    
Shares
  
Capital Core Municipal Fund*
   $ 278,391       27,671     $ 1,156       113     $ (16,587 )     (1,631 )   $ 262,960       26,153  
Capital Short-Term Municipal Fund*
     101,792       10,126       346       34       (13,821 )     (1,361 )     88,317       8,799  
Capital California Core Municipal Fund*
     172,980       17,220       518       51       (7,473 )     (737 )     166,025       16,534  
Capital California Short-Term Municipal Fund*
     57,503       5,716       128       13       (7,390 )     (730 )     50,241       4,999  
Capital Core Bond Fund*
     246,958       24,519       1,457       141       (27,068 )     (2,639 )     221,347       22,021  
 
*Commencement of operations was 4/13/10.

8.      Investment transactions

The Funds made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, during the period ended October 31, 2010 as follows (dollars in thousands):

   
Cost of
Investments Purchased
    
Proceeds from
Investments Sold
  
Fund
  
Investments
    
U.S. Government
Agency Obligations
    
Investments
    
U.S. Government
Agency Obligations
  
Capital Core Municipal Fund
   $ 229,109     $ –     $ 46,892     $ –  
Capital Short-Term Municipal Fund
     89,613       –       18,225       –  
Capital California Core Municipal Fund
     107,585       –       12,208       –  
Capital California Short-Term Municipal Fund
     33,540       –       9,004       –  
Capital Core Bond Fund
     68,539       356,305       14,373       207,815  


 
Capital Private Client Services Funds
    
Financial highlights
    
for the period ended October 31, 20101
(for a share outstanding throughout each period)
      
     
     
   
Capital Core Municipal Fund
    
Capital
Short-Term Municipal Fund
  
     
Selected per share data:
                  
     
Net asset value, beginning of period
$
10.00
  
$
10.00
  
     
Income from investment operations:
                  
 
Net investment income2
  
0.10
    
0.05
  
 
Net realized and unrealized gains on securities
  
0.26
    
0.17
  
    Total from investment operations  
0.36
    
0.22
  
     
Dividends and distributions:
            
 
Dividends from net investment income2
  
(0.09)
    
(0.05)
  
 
Distributions from capital gain2
  
–
5
  
–
5
    Total dividends and distributions  
(0.09)
    
(0.05)
  
     
Net asset value, end of period
$
10.27
  
$
10.17
  
     
Total Return3
  
3.63
%
  
2.17
%
     
Net assets, end of period (in millions)
$
269
  
$
89
  
     
Ratios / Supplemental Data:
                  
 
Ratio of expenses to average net assets before reimbursement4
  
0.43
%
  
0.48
%
 
Ratio of expenses to average net assets after reimbursement3,4
  
0.40
%
  
0.40
%
 
Ratio of net investment income to average net assets3,4
  
1.81
%
  
0.95
%
     
 
Portfolio turnover rate
  
25
%
  
36
%
     
     
1
  
The Fund commenced operations on April 13, 2010.
    
2
  
Based on average shares outstanding.
    
3
  
Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
    
4
  
Annualized.
    
5
  
Rounds to less than $0.00.
    


 

Capital Private Client Services Funds
    
Financial highlights
    
for the period ended October 31, 20101
(for a share outstanding throughout each period)
      
     
     
   
Capital California Core Municipal Fund
    
Capital California Short-Term Municipal Fund
  
     
Selected per share data:
                  
     
Net asset value, beginning of period
$
10.00
  
$
10.00
  
     
Income from investment operations:
                  
 
Net investment income2
  
0.08
    
0.04
  
 
Net realized and unrealized gains on securities
  
0.18
    
0.13
  
   
Total from investment operations
  
0.26
    
0.17
  
     
Dividends and distributions:
            
 
Dividends from net investment income2
  
(0.07)
    
(0.04)
  
 
Distributions from capital gain2
  
–
5
  
–
  
   
Total dividends and distributions
  
(0.07)
    
(0.04)
  
     
Net asset value, end of period
$
10.19
  
$
10.13
  
     
Total Return3
  
2.61
%
  
1.67
%
     
Net assets, end of period (in millions)
$
169
  
$
51
  
     
Ratios / Supplemental Data:
                  
 
Ratio of expenses to average net assets before reimbursement4
  
0.45
%
  
0.55
%
 
Ratio of expenses to average net assets after reimbursement3,4
  
0.40
%
  
0.40
%
 
Ratio of net investment income to average net assets3,4
  
1.41
%
  
0.79
%
     
 
Portfolio turnover rate
  
13
%
  
35
%
     
     
1
  
The Fund commenced operations on April 13, 2010.
    
2
  
Based on average shares outstanding.
    
3
  
Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
    
4
  
Annualized.
    
5
  
Rounds to less than $0.00.
    


 


Capital Private Client Services Funds
  
Financial highlights
  
for the period ended October 31, 20101
(for a share outstanding throughout each period)
    
   
   
   
Capital
Core Bond
Fund
      
   
Selected per share data:
              
   
Net asset value, beginning of period
$
10.00
      
   
Income from investment operations:
              
 
Net investment income2
  
0.09
      
 
Net realized and unrealized gains on securities
  
0.46
      
    Total from investment operations  
0.55
      
   
Dividends and distributions:
              
 
Dividends from net investment income2
  
(0.09)
  
 
Distributions from capital gain2
  
(0.01)
  
    Total dividends and distributions  
(0.10)
  
   
Net asset value, end of period
$
10.45
      
   
Total Return3
  
5.52
%
    
   
Net assets, end of period (in millions)
$
230
      
   
Ratios / Supplemental Data:
              
 
Ratio of expenses to average net assets before reimbursement4
  
0.44
%
    
 
Ratio of expenses to average net assets after reimbursement3,4
  
0.40
%
    
 
Ratio of net investment income to average net assets3,4
  
1.65
%
    
   
 
Portfolio turnover rate
  
123
%
    
   
   
1
  
The Fund commenced operations on April 13, 2010.
  
2
  
Based on average shares outstanding.
  
3
  
Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
  
4
  
Annualized.
  
 
 
 
 
Capital Private Client Services Funds
   

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
To the Shareholders and Board of Trustees of Capital Private Client Services Funds:
 
We have audited the accompanying statements of assets and liabilities, including the schedules of investments of Capital Private Client Service Funds (the "Trust”) comprising the Capital Core Municipal Fund, Capital Short-Term Municipal Fund, Capital California Core Municipal Fund, Capital California Short-Term Municipal Fund, and Capital Core Bond Fund as of October 31, 2010, and the related statements of operations, statements of changes in net assets, and the financial highlights for the period April 13, 2010 (commencement of operations) to October 31, 2010. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2010, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the funds comprising the Capital Private Client Service Funds as of October 31, 2010, the results of their operations, changes in their net assets, and the financial highlights for the period April 13, 2010 (commencement of operations) to October 31, 2010, in conformity with accounting principles generally accepted in the United States of America.
 
DELOITTE & TOUCHE LLP
 
Costa Mesa, California
 
December 23, 2010
 
 
 
 
 
 
Capital Private Client Services Funds
Tax Information (unaudited)
  

We are required to advise you within 60 days of the Funds’ fiscal year-end regarding the federal tax status of certain distributions received by shareholders during such fiscal year.  The Funds hereby designate the following amounts for the Funds’ fiscal year ended October 31, 2010:

   
Exempt Interest Dividends
  
Capital Core Municipal Fund
     99.79 %
Capital Short-Term Municipal Fund
     99.30 %
Capital California Core Municipal Fund
     99.68 %
Capital California Short-Term Municipal Fund
     98.99 %

Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2011, to determine the calendar year amounts to be included on their 2010 tax returns.  Shareholders should consult their tax advisers.


 

Capital Private Client Services Funds
Expense example (unaudited)
 
 

As a shareholder of the Funds, you incur ongoing costs, including management fees and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2010 through October 31, 2010).

Actual expenses:
The first line of each Fund in the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:
The second line of each Fund in the table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the Funds and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the Funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:
Shareholders of the Funds may be subject to an additional fee charged by Capital Guardian Trust Company’s Capital Group Private Client Services division for the ongoing services provided to the shareholder. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees. Note that the expenses shown in the table are meant to highlight your ongoing costs only. The second line of each Fund in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 
   
Beginning account value 5/1/2010
    
Ending account value 10/31/2010
    
Expenses paid during period*
    
Annualized expense ratio
  
Capital Core Municipal Fund
actual return
   $ 1,000.00     $ 1,032.00     $ 2.05       .40 %
assumed 5% return
     1,000.00       1,023.19       2.04       .40 %
Capital Short-Term Municipal Fund
actual return
     1,000.00       1,019.60       2.04       .40 %
assumed 5% return
     1,000.00       1,023.19       2.04       .40 %
Capital California Core Municipal Fund
actual return
     1,000.00       1,022.80       2.04       .40 %
assumed 5% return
     1,000.00       1,023.19       2.04       .40 %
Capital California Short-Term Municipal Fund
actual return
     1,000.00       1,014.60       2.03       .40 %
assumed 5% return
     1,000.00       1,023.19       2.04       .40 %
Capital Core Bond Fund
actual return
     1,000.00       1,050.50       2.07       .40 %
assumed 5% return
     1,000.00       1,023.19       2.04       .40 %

*
Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the period).

 
 
Capital Private Client Services Funds
Trustees and other officers
  


“Independent” Trustees1
  

Name and age
Year first elected a trustee of the fund1
Principal occupation(s)
during past five years
Number of
Portfolios in fund complex overseen
by trustee
Other directorships2
held by trustee
Ambassador Richard G.
Capen, Jr., 76
 
2009
Corporate director and author; former U.S. Ambassador to Spain; former Vice Chairman,
Knight-Ridder, Inc.
(communications company); former Chairman and Publisher,
The Miami Herald
5
Carnival Corporation
 
H. Frederick Christie, 77
 
2009
Private investor; former President and CEO, The Mission Group (non-utility holding company, subsidiary of Southern California Edison Company)
5
AECOM Technology Corporation;
DineEquity, Inc.;
Ducommun Incorporated;
SouthWest Water Company
Martin Fenton, 75
 
2009
Chairman of the Board, Senior Resource Group LLC (development and management of senior living communities)
5
40 American Funds portfolios
Richard G. Newman, 76
 
2009
Chairman of the Board,
AECOM Technology
Corporation (engineering,
consulting and professional
technical services)
 
5
Sempra Energy;
SouthWest Water Company
 


“Interested” Trustees3
  

Name, age and
position with fund
Year first elected a trustee or officer of the fund1
Principal occupation(s)
during past five years and positions
held with affiliated entities or the principal underwriter of the fund
Number  of
portfolios
in fund complex overseen
by trustee
Other directorships2
held by trustee
Paul F. Roye, 57
Chairman of the Board
2009
Senior Vice President – Fund Business Management Group, Capital Research and Management Company; Director, American Funds Service Company*; former Director, Division of Investment Management, United States Securities and Exchange Commission
5
None
 


Other Officers
  

Name, age and
position with fund
Year first elected an officer of the fund1
Principal occupation(s) during past five years and positions held with
affiliated entities or the principal underwriter of the Trust
John B. Emerson, 56
President
2010
Senior Vice President and Director – Capital Guardian Trust Company; Chairman of the Board and President, Capital Guardian Trust Company, a Nevada Corporation4; President – Capital Group Private Client Services, Capital Guardian Trust Company
Shelby Notkin, 69
Senior Vice President
2010
Chairman of the Board – Capital Group Private Client Services, Capital Guardian Trust Company;  Senior Vice President, Capital Guardian Trust Company
John R. Queen, 45
Senior Vice President
2009
Senior Vice President – Capital Group Private Client Services, Capital Guardian Trust Company
Timothy W. McHale, 32
Vice President
2009
Counsel – Fund Business Management Group, Capital Research and Management Company4
Kevin M. Saks, 38
Treasurer
2009
Vice President – Capital Group Private Client Services, Capital Guardian Trust Company
Courtney R. Taylor, 35
Secretary
 2009
Assistant Vice President – Fund Business Management Group, Capital Research and Management Company4


1 Trustees and officers of the fund serve until their resignation, removal or retirement.

2 This includes all directorships (other than those in the Capital Private Client Services Funds or other funds managed by Capital Guardian Trust Company) that are held by each trustee as a trustee of a public company or a registered investment company.

3 ”Interested persons” within the meaning of the 1940 Act, as amended, on the basis of their affiliation with fund’s investment adviser, Capital Guardian Trust Company, or affiliated entities (including the fund’s principal underwriter).

4 Company affiliated with Capital Guardian Trust Company.

 
 
 
 
Capital Private Client Services Funds


Offices of the funds and of the investment adviser
Capital Guardian Trust Company
6455 Irvine Center Drive
Irvine, CA 92618
333 South Hope Street
Los Angeles, CA 90071-1406
 
Transfer agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Custodian of assets
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Counsel
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, CA 90071-3106
 
Fund accounting and administration
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
 
Independent registered public accounting firm
Deloitte & Touche LLP
695 Town Center Drive
Costa Mesa, CA 92626
  


Investors should carefully consider the investment objectives, risks, charges and expenses of Capital Private Client Services Funds. This and other important information is contained in the Funds’ prospectus, which can be obtained from your Capital Group Private Client Services representative and should be read carefully before investing. You may also call Capital Group Private Client Services at 866-421-2166 to obtain a copy of the prospectus.


The proxy voting procedures and principles of Capital Private Client Services Funds which describe how we vote proxies relating to portfolio securities is available upon request by calling Capital Group Private Client Services at 866-421-2166. The Funds file their proxy voting records with the SEC for the 12 months ended June 30 by August 31. The report also is available on the SEC website at http://www.sec.gov or by calling Capital Group Private Client Services at 866-421-2166.


Capital Private Client Services Funds files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ forms N-Q are available on the SEC’s website at http://www.sec.gov. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at 800-SEC-0330. Additionally, the list of portfolio holdings is available by calling Capital Group Private Client Services at 866-421-2166.
 
 
ITEM 2 – Code of Ethics
 
The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer.  The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics.  Such request can be made to the Secretary of the Registrant, 6455 Irvine Center Drive, Irvine, California 92618.


ITEM 3 – Audit Committee Financial Expert

The Registrant’s board has determined that Martin Fenton, a member of the Registrant’s audit committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members.  There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such.  Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial stat ements and condition.


ITEM 4 – Principal Accountant Fees and Services
 
 
 
Registrant:
   
a)  Audit Fees:
     
2009
None
     
2010
$59,000
     
 
   
b)  Audit-Related Fees:
     
2009
None
     
2010
None
     
The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s investment adviser conducted in accordance with Statement on Auditing Standards Number 70 issued by the American Institute of Certified Public Accountants.
     
   
c)  Tax Fees:
     
2009
None
     
2010
16,750
     
The tax fees consist of professional services relating to the review of the Registrant’s tax returns.
     
   
d)  All Other Fees:
     
2009
None
     
2010
3,250
     
The other fees consist of the review of the N1A annual update.
       
 
Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):
   
a)  Audit Fees:
     
Not Applicable
     
   
b)  Audit-Related Fees:
     
Not Applicable
     
   
c)  Tax Fees:
     
Not Applicable
     
   
d)  All Other Fees:
     
Not Applicable

All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee.  The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audi t services.  Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.


ITEM 5 – Audit Committee of Listed Registrants

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.


ITEM 6 – Schedule of Investments

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.


ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.


ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.


ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.


ITEM 10 – Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees.  The procedures are as follows.  The Registrant has a nominating committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future va cancies on the board. Such suggestions must be sent in writing to the nominating committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating committee.
 
 
ITEM 11 – Controls and Procedures

(a)
The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
   
(b)
There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.


ITEM 12 – Exhibits

(a)(1)
The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.
   
(a)(2)
The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.
 
 
 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
CAPITAL PRIVATE CLIENT SERVICES FUNDS
   
 
By /s/ John B. Emerson
 
John B. Emerson, President and
Principal Executive Officer
   
 
Date: January 7, 2011



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


By /s/ John B. Emerson
John B. Emerson, President and
Principal Executive Officer
 
Date: January 7, 2011



By /s/ Kevin M. Saks
Kevin M. Saks, Treasurer and
Principal Financial Officer
 
Date: January 7, 2011
EX-99.CODE ETH 2 cpcs_coe.htm COE Unassociated Document
Code of Ethics

The following Code of Ethics is in effect for the Registrant:

 
Each Fund has adopted the following standards in accordance with the requirements of Form N-CSR adopted by the Securities and Exchange Commission pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for the purpose of deterring wrongdoing and promoting: 1) honest and ethical conduct, including handling of actual or apparent conflicts of interest between personal and professional relationships; 2) full, fair, accurate, timely and understandable disclosure in reports and documents that a fund files with or submits to the Commission and in other public communications made by the fund; 3) compliance with applicable governmental laws, rules and regulations; 4) the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and 5) accountability f or adherence to the Code.  These provisions shall apply to the principal executive officer or chief executive officer and treasurer (“Covered Officers”) of the Fund.
 
 
(1)
It is the responsibility of Covered Officers to foster, by their words and actions, a corporate culture that encourages honest and ethical conduct, including the ethical resolution of, and appropriate disclosure of conflicts of interest.  Covered Officers should work to assure a working environment that is characterized by respect for law and compliance with applicable rules and regulations.
 
 
(2)
Each Covered Officer must act in an honest and ethical manner while conducting the affairs of the Fund, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.  Duties of Covered Officers include:
       
   
•
Acting with integrity;
   
•
Adhering to a high standard of business ethics;
   
•
Not using personal influence or personal relationships to improperly influence investment decisions or financial reporting whereby the Covered Officer would benefit personally to the detriment of the Fund;
       
 
(3)
Each Covered Officer should act to promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with or submits to, the Securities and Exchange Commission and in other public communications made by the Fund.
       
   
•
Covered Officers should familiarize themselves with disclosure requirements applicable to the Fund and disclosure controls and procedures in place to meet these requirements.
       
   
•
Covered Officers must not knowingly misrepresent, or cause others to misrepresent facts about the Fund to others, including the Fund’s auditors, independent trustees, governmental regulators and self-regulatory organizations.
       
 
(4)
Any existing or potential violations of this Code should be reported to The Capital Group Companies’ Personal Investing Committee.  The Personal Investing Committee is authorized to investigate any such violations and report their findings to the Chairman of the Audit Committee of the Fund.  The Chairman of the Audit Committee may report violations of the Code to the Fund’s Board or other appropriate entity including the Audit Committee, if he or she believes such a reporting is appropriate.  The Personal Investing Committee may also determine the appropriate sanction for any violations of this Code, including removal from office, provided that removal from office shall only be carried out with the approval of the Fund’s Board.
     
 
(5)
Application of this Code is the responsibility of the Personal Investing Committee, which shall report periodically to the Chairman of the Audit Committee of the Fund.
     
 
(6)
Material amendments to these provisions must be ratified by a majority vote of the Fund’s Board.  As required by applicable rules, substantive amendments to the Code must be filed or appropriately disclosed.
 
 EX-99.CERT 3 cpcs_cert302.htm CERT302 cpcs_cert302.htm
 
 
 
Capital Private Client Services Funds
6455 Irvine Center Drive
Irvine, California 92618
Phone (949) 975-5000


CERTIFICATION

I, John B. Emerson, certify that:

1.
I have reviewed this report on Form N-CSR of Capital Private Client Services Funds;
   
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
   
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
   
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
   
 
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
   
 
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
   
 
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s 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; and
   
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):
   
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
   
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
   

Date: January 7, 2011

/s/ John B. Emerson
John B. Emerson, President and
Principal Executive Officer
Capital Private Client Services Funds

 
 
 

 
 
Capital Private Client Services Funds
6455 Irvine Center Drive
Irvine, California 92618
Phone (949) 975-5000


CERTIFICATION

I, Kevin M. Saks, certify that:

1.
I have reviewed this report on Form N-CSR of Capital Private Client Services Funds;
   
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
   
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
   
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
   
 
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
   
 
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
   
 
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s 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; and
   
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):
   
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
   
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
   

Date: January 7, 2011

/s/ Kevin M. Saks
Kevin M. Saks, Treasurer and
Principal Financial Officer
Capital Private Client Services Funds
 EX-99.906 CERT 4 cpcs_cert906.htm CERT906 cpcs_cert906.htm
 
 
 
Capital Private Client Services Funds
6455 Irvine Center Drive
Irvine, California 92618
Phone (949) 975-5000





CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


JOHN B. EMERSON, President and Principal Executive Officer, and KEVIN M. SAKS, Treasurer and Principal Financial Officer of Capital Private Client Services Funds (the "Registrant"), each certify to the best of his knowledge that:

1)
The Registrant's periodic report on Form N-CSR for the period ended October 31, 2010 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
   
2)
The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.


Principal Executive Officer
Principal Financial Officer
   
CAPITAL PRIVATE CLIENT
SERVICES FUNDS
CAPITAL PRIVATE CLIENT
SERVICES FUNDS
   
   
/s/ John B. Emerson
/s/ Kevin M. Saks
John B. Emerson, President
Kevin M. Saks, Treasurer
   
Date: January 7, 2011
Date: January 7, 2011


A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to CAPITAL PRIVATE CLIENT SERVICES FUNDS and will be retained by CAPITAL PRIVATE CLIENT SERVICES FUNDS and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.
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