Item 1. | Schedule of Investments |
Issue | Coupon | Principal | ||||||||||
description(d,e) | Rate | Amount | Value(a) | |||||||||
Advanced Refunded (0.6%) |
||||||||||||
California Health Facilities Financing Authority |
||||||||||||
Prerefunded Revenue Bonds |
||||||||||||
Providence Health |
||||||||||||
Series 2008 |
||||||||||||
10-01-38 |
6.500 | % | $ | 30,000 | $ | 38,956 | ||||||
Los Angeles Harbor Department |
||||||||||||
Revenue Bonds |
||||||||||||
Series 1988 Escrowed to Maturity |
||||||||||||
10-01-18 |
7.600 | 665,000 | 802,149 | |||||||||
Total |
841,105 | |||||||||||
Airport (3.3%) |
||||||||||||
County of Sacramento |
||||||||||||
Revenue Bonds |
||||||||||||
Senior Series 2009B |
||||||||||||
07-01-39 |
5.750 | 2,000,000 | 2,050,100 | |||||||||
Los Angeles Department of Airports |
||||||||||||
Subordinated Revenue Bonds |
||||||||||||
Los Angeles International |
||||||||||||
Series 2010B |
||||||||||||
05-15-35 |
5.000 | 1,000,000 | 988,960 | |||||||||
San Diego County Regional Airport Authority |
||||||||||||
Subordinated Revenue Bonds |
||||||||||||
Series 2010A |
||||||||||||
07-01-34 |
5.000 | 1,350,000 | 1,305,086 | |||||||||
Total |
4,344,146 | |||||||||||
College (6.0%) |
||||||||||||
California Educational Facilities Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Loyola Marymount University |
||||||||||||
Series 2010A |
||||||||||||
10-01-40 |
5.125 | 850,000 | 814,513 | |||||||||
California Municipal Finance Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Biola University |
||||||||||||
Series 2008 |
||||||||||||
10-01-28 |
5.800 | 2,000,000 | 1,982,560 | |||||||||
California Municipal Finance Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Loma Linda University |
||||||||||||
Series 2007 |
||||||||||||
04-01-32 |
4.750 | 2,300,000 | 2,090,125 | |||||||||
California Statewide Communities Development Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Polytechnic School |
||||||||||||
Series 2009 |
||||||||||||
12-01-34 |
5.000 | 500,000 | 488,515 |
Issue | Coupon | Principal | ||||||||||
description(d,e) | Rate | Amount | Value(a) | |||||||||
California Statewide Communities Development Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Thomas Jefferson School of Law |
||||||||||||
Series 2008A |
||||||||||||
10-01-38 |
7.250 | 1,000,000 | (b) | 1,010,880 | ||||||||
University of California |
||||||||||||
Revenue Bonds |
||||||||||||
Series 2008D |
||||||||||||
05-15-27 |
5.000 | 1,500,000 | 1,535,625 | |||||||||
Total |
7,922,218 | |||||||||||
Electric (8.3%) |
||||||||||||
California State Department of Water Resources |
||||||||||||
Revenue Bonds |
||||||||||||
Series 2010L |
||||||||||||
05-01-14 |
5.000 | 1,435,000 | 1,605,751 | |||||||||
California State Department of Water Resources |
||||||||||||
Revenue Bonds |
||||||||||||
Series 2010M |
||||||||||||
05-01-15 |
5.000 | 3,500,000 | 4,013,134 | |||||||||
California Statewide Communities Development Authority |
||||||||||||
Refunding Revenue Bonds |
||||||||||||
Southern California Education |
||||||||||||
Series 2010A |
||||||||||||
09-01-29 |
4.500 | 1,310,000 | 1,254,797 | |||||||||
City of Vernon |
||||||||||||
Revenue Bonds |
||||||||||||
Series 2009A |
||||||||||||
08-01-21 |
5.125 | 1,500,000 | 1,538,835 | |||||||||
Walnut Energy Center Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Series 2004A (AMBAC) |
||||||||||||
01-01-29 |
5.000 | 2,500,000 | 2,499,900 | |||||||||
Total |
10,912,417 | |||||||||||
Health Care Hospital (19.3%) |
||||||||||||
California Health Facilities Financing Authority |
||||||||||||
Refunding Revenue Bonds |
||||||||||||
Cedars-Sinai Medical Center |
||||||||||||
Series 2005 |
||||||||||||
11-15-34 |
5.000 | 1,525,000 | 1,402,573 | |||||||||
California Health Facilities Financing Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Adventist Health System West |
||||||||||||
Series 2009A |
||||||||||||
09-01-39 |
5.750 | 3,000,000 | 2,938,170 | |||||||||
California Health Facilities Financing Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Cedars-Sinai Medical Center |
||||||||||||
Series 2009 |
||||||||||||
08-15-39 |
5.000 | 1,500,000 | 1,361,190 | |||||||||
California Health Facilities Financing Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Providence Health & Services |
||||||||||||
Series 2008C |
||||||||||||
10-01-28 |
6.250 | 500,000 | 556,080 |
Issue | Coupon | Principal | ||||||||||
description(d,e) | Rate | Amount | Value(a) | |||||||||
California Health Facilities Financing Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Sutter Health |
||||||||||||
Series 2008A |
||||||||||||
08-15-30 |
5.000 | 2,500,000 | 2,384,050 | |||||||||
California Health Facilities Financing Authority |
||||||||||||
Unrefunded Revenue Bonds |
||||||||||||
Providence |
||||||||||||
Series 2008 |
||||||||||||
10-01-38 |
6.500 | 1,470,000 | 1,599,154 | |||||||||
California Municipal Finance Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Community Hospitals |
||||||||||||
Series 2009 |
||||||||||||
02-01-39 |
5.500 | 3,250,000 | 2,754,050 | |||||||||
California Statewide Communities Development Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Catholic Healthcare West |
||||||||||||
Series 2008B |
||||||||||||
07-01-30 |
5.500 | 1,975,000 | 1,982,999 | |||||||||
California Statewide Communities Development Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Cottage Health Obligation Group |
||||||||||||
Series 2010 |
||||||||||||
11-01-30 |
5.250 | 300,000 | 297,105 | |||||||||
California Statewide Communities Development Authority |
||||||||||||
Revenue Bonds |
||||||||||||
John Muir Health |
||||||||||||
Series 2006A |
||||||||||||
08-15-32 |
5.000 | 2,450,000 | 2,265,809 | |||||||||
California Statewide Communities Development Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Kaiser Permanente |
||||||||||||
Series 2006B |
||||||||||||
03-01-45 |
5.250 | 1,000,000 | 911,990 | |||||||||
City of Torrance |
||||||||||||
Revenue Bonds |
||||||||||||
Torrance Memorial Medical Center |
||||||||||||
Series 2010A |
||||||||||||
09-01-30 |
5.000 | 2,100,000 | 1,973,727 | |||||||||
City of Turlock |
||||||||||||
Certificate of Participation |
||||||||||||
Emanuel Medical Center |
||||||||||||
Series 2007A |
||||||||||||
10-15-31 |
5.125 | 3,930,000 | 3,176,226 | |||||||||
Sierra View Local Health Care District |
||||||||||||
Revenue Bonds |
||||||||||||
Series 2007 |
||||||||||||
07-01-37 |
5.250 | 2,000,000 | 1,813,140 | |||||||||
Total |
25,416,263 | |||||||||||
Housing Other (1.1%) |
||||||||||||
California Statewide Communities Development Authority |
||||||||||||
Revenue Bonds |
||||||||||||
CHF Irvine LLC UCI East Campus |
||||||||||||
Series 2008 |
||||||||||||
05-15-32 |
5.750 | 1,500,000 | 1,448,625 |
Issue | Coupon | Principal | ||||||||||
description(d,e) | Rate | Amount | Value(a) | |||||||||
Housing Single Family (1.2%) |
||||||||||||
California Housing Finance Agency |
||||||||||||
Revenue Bonds |
||||||||||||
Home Mortgage |
||||||||||||
Series 2006H (FGIC) A.M.T. |
||||||||||||
08-01-30 |
5.750 | 965,000 | 977,409 | |||||||||
California Housing Finance Agency |
||||||||||||
Revenue Bonds |
||||||||||||
Home Mortgage |
||||||||||||
Series 2006K A.M.T. |
||||||||||||
02-01-42 |
5.500 | 570,000 | 579,320 | |||||||||
Total |
1,556,729 | |||||||||||
Lease (3.7%) |
||||||||||||
California Statewide Communities Development Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Proposition 1A Receivables Program |
||||||||||||
Series 2009 |
||||||||||||
06-15-13 |
5.000 | 1,000,000 | 1,070,710 | |||||||||
Los Angeles Municipal Improvement Corp. |
||||||||||||
Revenue Bonds |
||||||||||||
Series 2008B |
||||||||||||
09-01-38 |
5.000 | 3,000,000 | 2,797,200 | |||||||||
San Mateo County Board of Education |
||||||||||||
Refunding Certificate of Participation |
||||||||||||
Series 2009 |
||||||||||||
06-01-35 |
5.250 | 1,000,000 | 1,023,600 | |||||||||
Total |
4,891,510 | |||||||||||
Miscellaneous Revenue (2.0%) |
||||||||||||
California Infrastructure & Economic Development Bank |
||||||||||||
Revenue Bonds |
||||||||||||
Series 2008 |
||||||||||||
02-01-33 |
5.250 | 2,600,000 | 2,628,938 | |||||||||
Port District (0.8%) |
||||||||||||
Port of Oakland |
||||||||||||
Unrefunded Revenue Bonds |
||||||||||||
Series 2000K (NPFGC/FGIC) A.M.T. |
||||||||||||
11-01-18 |
5.625 | 995,000 | 996,323 | |||||||||
Sales or Use Tax (0.8%) |
||||||||||||
Riverside County Transportation Commission |
||||||||||||
Limited Tax Revenue Bonds |
||||||||||||
Series 2010A |
||||||||||||
06-01-32 |
5.000 | 1,000,000 | 1,005,760 | |||||||||
School (13.2%) |
||||||||||||
Alhambra Unified School District |
||||||||||||
Unlimited General Obligation Bonds |
||||||||||||
Capital Appreciation |
||||||||||||
Zero Coupon |
||||||||||||
Series 1999A (AGM) |
||||||||||||
09-01-22 |
5.950 | 1,055,000 | (c) | 559,561 | ||||||||
Centinela Valley Union High School District |
||||||||||||
Unlimited General Obligation Bonds |
||||||||||||
Series 2002A (NPFGC) |
||||||||||||
08-01-31 |
5.250 | 2,000,000 | 1,934,640 |
Issue | Coupon | Principal | ||||||||||
description(d,e) | Rate | Amount | Value(a) | |||||||||
Chabot-Las Positas Community College District |
||||||||||||
Unlimited General Obligation Bonds |
||||||||||||
Capital Appreciation Election of 2004 |
||||||||||||
Zero Coupon |
||||||||||||
Series 2006B (AMBAC) |
||||||||||||
08-01-19 |
4.745 | 1,000,000 | (c) | 688,110 | ||||||||
Encinitas Union School District |
||||||||||||
Unlimited General Obligation Bonds |
||||||||||||
Capital Appreciation |
||||||||||||
Zero Coupon |
||||||||||||
Series 1996 (NPFGC) |
||||||||||||
08-01-15 |
5.850 | 2,500,000 | (c) | 2,190,875 | ||||||||
Lakeside Union School District San Diego County |
||||||||||||
Unlimited General Obligation Bonds |
||||||||||||
Series 2009 |
||||||||||||
08-01-33 |
5.000 | 1,750,000 | 1,800,698 | |||||||||
Menifee Union School District |
||||||||||||
Unlimited General Obligation Bonds |
||||||||||||
Election of 2008 |
||||||||||||
Series 2008A |
||||||||||||
08-01-33 |
5.500 | 3,125,000 | 3,223,593 | |||||||||
Merced Community College District |
||||||||||||
Refunding Revenue Bonds |
||||||||||||
School Facilities Financing Authority |
||||||||||||
Series 2006 (NPFGC) |
||||||||||||
08-01-21 |
5.000 | 700,000 | 799,309 | |||||||||
San Bernardino Community College District |
||||||||||||
Unlimited General Obligation Bonds |
||||||||||||
Election of 2002 |
||||||||||||
Series 2008A |
||||||||||||
08-01-33 |
6.250 | 1,000,000 | 1,110,640 | |||||||||
San Juan Unified School District |
||||||||||||
Unlimited General Obligation Bonds |
||||||||||||
Capital Appreciation |
||||||||||||
Zero Coupon |
||||||||||||
Series 1999 (AGM) |
||||||||||||
08-01-21 |
5.680 | 820,000 | (c) | 494,452 | ||||||||
08-01-24 |
5.700 | 1,810,000 | (c) | 851,714 | ||||||||
San Mateo County Community College District |
||||||||||||
Unlimited General Obligation Bonds |
||||||||||||
Election of 2001 |
||||||||||||
Series 2002A (NPFGC/FGIC) |
||||||||||||
09-01-18 |
5.375 | 1,000,000 | 1,048,680 | |||||||||
Simi Valley School Financing Authority |
||||||||||||
Refunding Revenue Bonds |
||||||||||||
Unified School District |
||||||||||||
Series 2007 (AGM) |
||||||||||||
08-01-23 |
5.000 | 1,500,000 | 1,640,175 | |||||||||
Twin Rivers Unified School District |
||||||||||||
Unlimited General Obligation Bonds |
||||||||||||
Election of 2006 |
||||||||||||
Series 2008 (AGM) |
||||||||||||
08-01-25 |
5.000 | 1,000,000 | 1,046,110 | |||||||||
Total |
17,388,557 | |||||||||||
Special District Assessment (1.1%) |
||||||||||||
Anaheim Community Facilities District No. 06-2 |
||||||||||||
Special Tax Bonds |
||||||||||||
Stadium Lofts |
||||||||||||
Series 2007 |
||||||||||||
09-01-37 |
5.000 | 1,000,000 | 774,920 |
Issue | Coupon | Principal | ||||||||||
description(d,e) | Rate | Amount | Value(a) | |||||||||
Orange Unified School District No. 2005-2 Community Facilities |
||||||||||||
Special Tax Bonds |
||||||||||||
Del Rio School Facilities |
||||||||||||
Series 2007 |
||||||||||||
09-01-37 |
5.000 | 1,000,000 | 730,050 | |||||||||
Total |
1,504,970 | |||||||||||
Special District Tax Allocation (14.4%) |
||||||||||||
Bakersfield Redevelopment Agency |
||||||||||||
Tax Allocation Bonds |
||||||||||||
Old Town Kern Pioneer |
||||||||||||
Series 2009A |
||||||||||||
08-01-29 |
7.500 | 1,615,000 | 1,604,470 | |||||||||
Bakersfield Redevelopment Agency |
||||||||||||
Tax Allocation Bonds |
||||||||||||
Southeast Bakersfield |
||||||||||||
Series 2009B |
||||||||||||
08-01-29 |
7.250 | 720,000 | 727,970 | |||||||||
Carson Redevelopment Agency |
||||||||||||
Tax Allocation Bonds |
||||||||||||
Housing |
||||||||||||
Series 2010A |
||||||||||||
10-01-30 |
5.000 | 1,300,000 | 1,150,955 | |||||||||
County of Riverside Economic Development Agency |
||||||||||||
Tax Allocation Bonds |
||||||||||||
Housing |
||||||||||||
Series 2010A |
||||||||||||
10-01-39 |
6.000 | 1,350,000 | 1,267,934 | |||||||||
Folsom Redevelopment Agency |
||||||||||||
Tax Allocation Bonds |
||||||||||||
Central Folsom Redevelopment Project |
||||||||||||
Series 2009 |
||||||||||||
08-01-29 |
5.125 | 800,000 | 738,096 | |||||||||
08-01-36 |
5.500 | 800,000 | 726,200 | |||||||||
Inglewood Redevelopment Agency |
||||||||||||
Refunding Tax Allocation Bonds |
||||||||||||
Merged Redevelopment Project |
||||||||||||
Series 1998A (AMBAC) |
||||||||||||
05-01-23 |
5.250 | 1,100,000 | 993,872 | |||||||||
Lammersville School District No. 2002 Community Facilities |
||||||||||||
Special Tax Bonds |
||||||||||||
Mountain House |
||||||||||||
Series 2006 |
||||||||||||
09-01-35 |
5.125 | 1,000,000 | 802,240 | |||||||||
Palmdale Civic Authority |
||||||||||||
Refunding Revenue Bonds |
||||||||||||
Redevelopment Project No. 1 |
||||||||||||
Series 2009A |
||||||||||||
07-01-27 |
6.000 | 2,780,000 | 2,886,085 | |||||||||
Pittsburg Redevelopment Agency |
||||||||||||
Tax Allocation Bonds |
||||||||||||
Los Medanos Community Development Project |
||||||||||||
Zero Coupon |
||||||||||||
Series 1999 (AMBAC) |
||||||||||||
08-01-24 |
6.050 | 2,100,000 | (c) | 862,050 | ||||||||
Rancho Cucamonga Redevelopment Agency |
||||||||||||
Tax Allocation Bonds |
||||||||||||
Housing Set Aside |
||||||||||||
Series 2007A (NPFGC) |
||||||||||||
09-01-34 |
5.000 | 2,200,000 | 1,813,658 |
Issue | Coupon | Principal | ||||||||||
description(d,e) | Rate | Amount | Value(a) | |||||||||
San Francisco City & County Redevelopment Agency |
||||||||||||
Tax Allocation Bonds |
||||||||||||
Mission Bay North Redevelopment |
||||||||||||
Series 2009C |
||||||||||||
08-01-29 |
6.000 | 500,000 | 475,050 | |||||||||
08-01-39 |
6.500 | 1,625,000 | 1,637,074 | |||||||||
San Francisco City & County Redevelopment Agency |
||||||||||||
Tax Allocation Bonds |
||||||||||||
Mission Bay South Redevelopment |
||||||||||||
Series 2009D |
||||||||||||
08-01-29 |
6.375 | 500,000 | 488,135 | |||||||||
San Francisco City & County Redevelopment Agency |
||||||||||||
Tax Allocation Bonds |
||||||||||||
Redevelopment Projects |
||||||||||||
Series 2009B |
||||||||||||
08-01-28 |
6.125 | 310,000 | 303,943 | |||||||||
San Francisco City & County Redevelopment Agency |
||||||||||||
Tax Allocation Bonds |
||||||||||||
Redevelopment Projects |
||||||||||||
Series 2011B |
||||||||||||
08-01-31 |
6.250 | 875,000 | 893,996 | |||||||||
Santee Community Development Commission |
||||||||||||
Tax Allocation Bonds |
||||||||||||
Redevelopment Project |
||||||||||||
Series 2011A |
||||||||||||
08-01-31 |
7.000 | 225,000 | 234,099 | |||||||||
Yorba Linda Redevelopment Agency |
||||||||||||
Tax Allocation Bonds |
||||||||||||
Subordinated Lien |
||||||||||||
Redevelopment Project |
||||||||||||
Series 2011A |
||||||||||||
09-01-26 |
6.000 | 820,000 | 828,036 | |||||||||
09-01-32 |
6.500 | 540,000 | 544,752 | |||||||||
Total |
18,978,615 | |||||||||||
State (13.4%) |
||||||||||||
State of California |
||||||||||||
Unlimited General Obligation Bonds |
||||||||||||
Series 2004 |
||||||||||||
02-01-22 |
5.000 | 1,000,000 | 1,033,360 | |||||||||
State of California |
||||||||||||
Unlimited General Obligation Bonds |
||||||||||||
Various Purpose |
||||||||||||
Series 2003 |
||||||||||||
11-01-24 |
5.125 | 2,000,000 | 2,052,660 | |||||||||
State of California |
||||||||||||
Unlimited General Obligation Bonds |
||||||||||||
Various Purpose |
||||||||||||
Series 2007 |
||||||||||||
12-01-32 |
5.000 | 4,000,000 | 3,984,361 | |||||||||
State of California |
||||||||||||
Unlimited General Obligation Bonds |
||||||||||||
Various Purpose |
||||||||||||
Series 2009 |
||||||||||||
04-01-31 |
5.750 | 1,000,000 | 1,071,460 |
Issue | Coupon | Principal | ||||||||||
description(d,e) | Rate | Amount | Value(a) | |||||||||
State of California |
||||||||||||
Unlimited General Obligation Bonds |
||||||||||||
Various Purpose |
||||||||||||
Series 2010 |
||||||||||||
03-01-24 |
5.250 | 1,000,000 | 1,071,390 | |||||||||
03-01-30 |
5.250 | 1,000,000 | 1,027,450 | |||||||||
State of California |
||||||||||||
Unlimited General Obligation Refunding Bonds |
||||||||||||
Series 2007 |
||||||||||||
08-01-30 |
4.500 | 3,340,000 | 3,057,870 | |||||||||
State of California |
||||||||||||
Unlimited General Obligation Refunding Bonds |
||||||||||||
Various Purpose |
||||||||||||
Series 2008 |
||||||||||||
04-01-18 |
5.000 | 1,235,000 | 1,420,929 | |||||||||
04-01-38 |
5.000 | 3,000,000 | 2,892,480 | |||||||||
State of California |
||||||||||||
Unrefunded Unlimited General Obligation Bonds |
||||||||||||
Series 2004 |
||||||||||||
04-01-29 |
5.300 | 2,000 | 2,027 | |||||||||
Total |
17,613,987 | |||||||||||
Toll Road (0.8%) |
||||||||||||
San Joaquin Hills Transportation Corridor Agency |
||||||||||||
Revenue Bonds |
||||||||||||
Senior Lien |
||||||||||||
Series 1993 |
||||||||||||
01-01-33 |
5.000 | 1,400,000 | 1,005,116 | |||||||||
Water & Sewer (5.1%) |
||||||||||||
Anaheim Public Financing Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Series 2007 (NPFGC) |
||||||||||||
02-01-33 |
4.750 | 2,795,000 | 2,761,292 | |||||||||
Eastern Municipal Water District |
||||||||||||
Certificate of Participation |
||||||||||||
Series 2008H |
||||||||||||
07-01-33 |
5.000 | 1,000,000 | 1,005,290 | |||||||||
Eastern Municipal Water District No. 2004-27 |
||||||||||||
Special Tax Bonds |
||||||||||||
Cottonwood |
||||||||||||
Series 2006 |
||||||||||||
09-01-27 |
5.000 | 200,000 | 171,948 | |||||||||
09-01-36 |
5.000 | 500,000 | 387,095 | |||||||||
Rowland Water District |
||||||||||||
Certificate of Participation |
||||||||||||
Recycled Water Project |
||||||||||||
Series 2008 |
||||||||||||
12-01-39 |
6.250 | 2,235,000 | 2,370,687 | |||||||||
Total |
6,696,312 | |||||||||||
Total Municipal Bonds (Cost: $127,749,915) |
$ | 125,151,591 | ||||||||||
Amount | ||||||||||||
Issue | Effective | payable at | ||||||||||
description(d,e,f) | yield | maturity | Value(a) | |||||||||
Abag Finance Authortiy for Nonprofit Corporations |
||||||||||||
Revenue Bonds |
||||||||||||
Hebrew Disabled Home |
||||||||||||
V.R.D.N. Series 2005 (Wells Fargo Bank) |
||||||||||||
11-15-35 |
0.080 | % | $ | 2,000,000 | $ | 2,000,000 | ||||||
California Pollution Control Financing Authority |
||||||||||||
Revenue Bonds |
||||||||||||
Pacific Gas & Electric Co. |
||||||||||||
V.R.D.N. Series 1996 (JP Morgan Chase Bank) |
||||||||||||
11-01-26 |
0.130 | 2,500,000 | 2,500,000 | |||||||||
Total Municipal Notes (Cost: $4,500,000) |
$ | 4,500,000 | ||||||||||
Shares | Value(a) | |||||||
JPMorgan Tax-Free Money Market Fund, 0.000% |
281,210 | (g) | $ | 281,210 | ||||
Total Money Market Fund (Cost: $281,210) |
$ | 281,210 | ||||||
Total Investments in Securities (Cost: $132,531,125)(h) |
$ | 129,932,801 | ||||||
(a) | Securities are valued by using policies described in Note 2 to the financial statements in the most recent Semiannual Report dated Feb. 28, 2011. | |
(b) | Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security may be determined to be liquid under guidelines established by the Funds Board of Directors. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2011, the value of these securities amounted to $1,010,880 or 0.77% of net assets. | |
(c) | For zero coupons, the interest rate disclosed represents the annualized effective yield on the date of acquisition. | |
(d) | The following abbreviations may be used in the portfolio security descriptions to identify the insurer and/or guarantor of the issue: |
ACA
|
| ACA Financial Guaranty Corporation | ||
AGCP
|
| Assured Guaranty Corporation | ||
AGM
|
| Assured Guaranty Municipal Corporation | ||
AMBAC
|
| Ambac Assurance Corporation | ||
BHAC
|
| Berkshire Hathaway Assurance Corporation | ||
BIG
|
| Bond Investors Guarantee | ||
BNY
|
| Bank of New York | ||
CGIC
|
| Capital Guaranty Insurance Company | ||
CIFG
|
| IXIS Financial Guaranty | ||
FGIC
|
| Financial Guaranty Insurance Company | ||
FHA
|
| Federal Housing Authority | ||
FHLMC
|
| Federal Home Loan Mortgage Corporation | ||
FNMA
|
| Federal National Mortgage Association | ||
GNMA
|
| Government National Mortgage Association | ||
MGIC
|
| Mortgage Guaranty Insurance Corporation | ||
NPFGC
|
| National Public Finance Guarantee Corporation | ||
TCRS
|
| Transferable Custodial Receipts | ||
XLCA
|
| XL Capital Assurance |
(e) | The following abbreviations may be used in the portfolio descriptions: |
A.M.T.
|
| Alternative Minimum Tax At May 31, 2011, the value of securities subject to alternative minimum tax represented 1.94% of net assets. | ||
B.A.N.
|
| Bond Anticipation Note | ||
C.P.
|
| Commercial Paper | ||
R.A.N.
|
| Revenue Anticipation Note | ||
T.A.N.
|
| Tax Anticipation Note | ||
T.R.A.N.
|
| Tax & Revenue Anticipation Note | ||
V.R.
|
| Variable Rate | ||
V.R.D.B.
|
| Variable Rate Demand Bond | ||
V.R.D.N.
|
| Variable Rate Demand Note |
(f) | The maturity date disclosed represents the final maturity. Interest rate varies to reflect current market conditions; rate shown is the effective rate on May 31, 2011. | |
(g) | The rate shown is the seven-day current annualized yield at May 31, 2011. | |
(h) | At May 31, 2011, the cost of securities for federal income tax purposes was approximately $132,531,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: |
Unrealized appreciation |
$ | 2,411,000 | ||
Unrealized depreciation |
(5,009,000 | ) | ||
Net unrealized depreciation |
$ | (2,598,000 | ) | |
| Level 1 Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments. | ||
| Level 2 Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). | ||
| Level 3 Valuations based on significant unobservable inputs (including the Funds own assumptions and judgment in determining the fair value of investments). |
Fair value at May 31, 2011 | ||||||||||||||||
Level 1 | Level 2 | |||||||||||||||
quoted prices | other | Level 3 | ||||||||||||||
in active | significant | significant | ||||||||||||||
markets for | observable | unobservable | ||||||||||||||
Description(a) | identical assets | inputs(b) | inputs | Total | ||||||||||||
Bonds |
||||||||||||||||
Municipal Bonds |
$ | | $ | 125,151,591 | $ | | $ | 125,151,591 | ||||||||
Total Bonds |
| 125,151,591 | | 125,151,591 | ||||||||||||
Other |
||||||||||||||||
Municipal Notes |
| 4,500,000 | | 4,500,000 | ||||||||||||
Unaffiliated Money Market Fund(c) |
281,210 | | | 281,210 | ||||||||||||
Total Other |
281,210 | 4,500,000 | | 4,781,210 | ||||||||||||
Total |
$ | 281,210 | $ | 129,651,591 | $ | | $ | 129,932,801 | ||||||||
(a) | See the Portfolio of Investments for all investment classifications not indicated in the table. | |
(b) | There were no significant transfers between Levels 1 and 2 during the period. | |
(c) | Money market fund that is a sweep investment for cash balances in the Fund at May 31, 2011. |
Item 2. | Control and Procedures. |
Item 3. | Exhibits. |
(Registrant) | RiverSource California Tax-Exempt Trust |
By |
/s/ J. Kevin Connaughton
President and Principal Executive Officer |
||
Date | July 22, 2011 |
By |
/s/ J. Kevin Connaughton
President and Principal Executive Officer |
||
Date | July 22, 2011 | ||
By |
/s/ Michael G. Clarke
Treasurer and Principal Financial Officer |
||
Date | July 22, 2011 |
1. | I have reviewed this report on Form N-Q of RiverSource California Tax-Exempt Trust; | ||
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 schedule(s) of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | ||
4. | The registrants 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 control 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed, to the registrants auditors and the audit committee of the registrants board of directors (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 registrants 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 registrants internal control over financial reporting. |
Date: July 22, 2011 | /s/ J. Kevin Connaughton | |||
J. Kevin Connaughton | ||||
President and Principal Executive Officer |
1. | I have reviewed this report on Form N-Q of RiverSource California Tax-Exempt Trust; | ||
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 schedule(s) of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | ||
4. | The registrants 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 control 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed, to the registrants auditors and the audit committee of the registrants board of directors (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 registrants 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 registrants internal control over financial reporting. |
Date: July 22, 2011 | /s/ Michael G. Clarke | |||
Michael G. Clarke | ||||
Treasurer and Principal Financial Officer | ||||