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invesco.com/us
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VK-CE-CAVMI-QTR-1 11/11 | Invesco Advisers, Inc. |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Municipal Obligations170.21% |
||||||||||||||||
California164.21% |
||||||||||||||||
Adelanto (City of) Public Utility Authority (Utility System); Series 2009 A, Ref. RB |
6.75 | % | 07/01/39 | $ | 2,000 | $ | 2,079,100 | |||||||||
Alhambra (City of) Atherton Baptist Homes; Series 2010 A, RB |
7.50 | % | 01/01/30 | 1,725 | 1,799,020 | |||||||||||
Anaheim (City of) Redevelopment Agency (Anaheim Merged Redevelopment Area) Series 2007 A,
Ref. Tax Allocation RB (INS-AGM) (a)(b) |
5.00 | % | 02/01/31 | 4,250 | 4,255,313 | |||||||||||
Apple Valley Redevelopment Agency (Area No. 2); Series 2007, Tax Allocation RB (INS-AMBAC)
(a) |
5.00 | % | 06/01/37 | 3,620 | 3,002,718 | |||||||||||
Banning Community Redevelopment Agency (Merged Downtown); Series 2003, Tax Allocation RB
(INS-Radian) (a) |
5.00 | % | 08/01/23 | 2,790 | 2,689,420 | |||||||||||
Bay Area Toll Authority (San Francisco Bay Area); |
||||||||||||||||
Series 2007 F, Toll Bridge RB (b) |
5.00 | % | 04/01/31 | 6,000 | 6,304,560 | |||||||||||
Series 2009 F-1, Toll Bridge RB (b) |
5.13 | % | 04/01/39 | 4,500 | 4,710,735 | |||||||||||
Beverly Hills Unified School District (Election of 2008); Series 2009, Unlimited Tax CAB GO
Bonds (c) |
0.00 | % | 08/01/28 | 3,000 | 1,361,700 | |||||||||||
Brea & Olinda Unified School District; Series 2002 A, Ref. COP (INS-AGM) (a) |
5.50 | % | 08/01/20 | 1,510 | 1,530,717 | |||||||||||
Brea Redevelopment Agency (Redevelopment Project AB); Series 2001 A, Ref. Tax Allocation RB
(INS-AMBAC) (a) |
5.50 | % | 08/01/20 | 3,535 | 3,540,232 | |||||||||||
California (State of) Department of Veterans Affairs; Series 2007 A, Home Purchase RB
(b)(d) |
4.95 | % | 12/01/37 | 9,000 | 8,593,560 | |||||||||||
California (State of) Department of Water Resources; Subseries 2005 F-5, RB |
5.00 | % | 05/01/22 | 2,000 | 2,260,480 | |||||||||||
California (State of) Educational Facilities Authority (California College of the Arts); Series
2005, RB |
5.00 | % | 06/01/35 | 2,000 | 1,698,520 | |||||||||||
California (State of) Educational Facilities Authority (Chapman University);
Series 2011, RB |
5.00 | % | 04/01/31 | 1,250 | 1,275,625 | |||||||||||
California (State of) Educational Facilities Authority (Claremont McKenna College); Series
2007, RB (b) |
5.00 | % | 01/01/38 | 7,480 | 7,755,488 | |||||||||||
California (State of) Educational Facilities Authority (OTIS College of Art and Design -
Goldsmith Campus); Series 1999 B, RB |
5.25 | % | 04/01/24 | 1,445 | 1,400,263 | |||||||||||
California (State of) Educational Facilities Authority (Pitzer College); Series 2009, RB |
5.38 | % | 04/01/34 | 2,000 | 2,053,900 | |||||||||||
California (State of) Educational Facilities Authority (University of Southern California);
Series 2009 B, RB (b) |
5.25 | % | 10/01/39 | 10,200 | 10,964,898 | |||||||||||
California (State of) Health Facilities Financing Authority (Adventist Health System/West);
Series 2009 A, RB |
5.75 | % | 09/01/39 | 2,500 | 2,610,075 | |||||||||||
California (State of) Health Facilities Financing Authority (Catholic Healthcare West); |
||||||||||||||||
Series 2009 A, RB |
6.00 | % | 07/01/39 | 2,500 | 2,684,650 | |||||||||||
Series 2011 A, RB |
5.25 | % | 03/01/41 | 1,000 | 991,790 | |||||||||||
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center);
Series 2009, RB |
5.00 | % | 08/15/39 | 4,000 | 3,931,960 | |||||||||||
California (State of) Health Facilities Financing Authority (Childrens Hospital Los Angeles);
Series 2010, RB (INS-AGM) (a) |
5.25 | % | 07/01/38 | 2,000 | 1,956,440 | |||||||||||
California (State of) Health Facilities Financing Authority (Providence Health & Services);
Series 2008 C, RB |
6.50 | % | 10/01/33 | 3,000 | 3,420,450 | |||||||||||
California (State of) Health Facilities Financing Authority (Scripps Health); Series 2010 A, RB |
5.00 | % | 11/15/36 | 3,500 | 3,530,800 | |||||||||||
California (State of) Health Facilities Financing Authority (Stanford Hospital); Series 2008
A-2, Ref. RB |
5.25 | % | 11/15/40 | 3,000 | 3,116,640 | |||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health); Series 2011 B, RB |
5.50 | % | 08/15/26 | 2,000 | 2,193,220 | |||||||||||
California (State of) Housing Finance Agency; Series 1997 A, MFH RB (INS-NATL) (a)(d) |
5.85 | % | 08/01/17 | 2,005 | 2,006,644 | |||||||||||
California (State of) Municipal Finance Authority (Community Hospitals of Central California
Obligated Group); Series 2007, COP |
5.25 | % | 02/01/37 | 2,500 | 2,184,750 | |||||||||||
California (State of) Municipal Finance Authority (Eisenhower Medical Center); Series
2010 A, RB |
5.75 | % | 07/01/40 | 2,100 | 2,060,877 | |||||||||||
California (State of) Municipal Finance Authority (High Tech-Chula Vista); Series 2008 B, RB
(e) |
6.00 | % | 07/01/28 | 1,000 | 910,000 | |||||||||||
California (State of) Pollution Control Financing Authority (San Diego Gas & Electric); Series
1996 A, Ref. PCR (INS-NATL) (a) |
5.90 | % | 06/01/14 | 1,000 | 1,116,590 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
California(continued) |
||||||||||||||||
California (State of) Pollution Control Financing Authority (San Jose Water Co.); Series 2010 A, RB |
5.10 | % | 06/01/40 | $ | 2,450 | $ | 2,457,546 | |||||||||
California (State of) Pollution Control Financing Authority (Waste Management Inc.); Series 2005 C, Solid Waste
Disposal RB (d)(f) |
5.13 | % | 11/01/23 | 2,000 | 2,055,020 | |||||||||||
California (State of) Rural Home Mortgage Finance Authority (Mortgage-Backed Securities Program); |
||||||||||||||||
Series 2000 B, Single Family Mortgage RB (CEP-GNMA) (d) |
6.15 | % | 06/01/20 | 15 | 15,894 | |||||||||||
Series 2000 B, Single Family Mortgage RB (CEP-GNMA) (d) |
6.25 | % | 12/01/31 | 30 | 30,329 | |||||||||||
California (State of) Statewide Communities Development Authority (Adventist Health); Series 2005 A, RB |
5.00 | % | 03/01/19 | 1,825 | 1,913,476 | |||||||||||
California (State of) Statewide Communities Development Authority (American Baptist Homes of the West); Series 2010,
RB |
6.25 | % | 10/01/39 | 2,000 | 2,011,460 | |||||||||||
California (State of) Statewide Communities Development Authority (California Baptist University); Series 2007 A, RB |
5.50 | % | 11/01/38 | 1,250 | 1,110,775 | |||||||||||
California (State of) Statewide Communities Development Authority (CHF Irvine, L.L.C. UCI East Campus
Apartments, Phase II); Series 2008, Student Housing RB |
5.75 | % | 05/15/32 | 2,500 | 2,510,625 | |||||||||||
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group); Series
2010, RB |
5.25 | % | 11/01/30 | 2,150 | 2,212,371 | |||||||||||
California (State of) Statewide Communities Development Authority (Enlo Medical Center); Series 2008, RB (INS-CA MTG)
(a) |
6.25 | % | 08/15/28 | 2,750 | 2,978,607 | |||||||||||
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2007
A, RB (e) |
5.13 | % | 04/01/37 | 1,500 | 1,261,605 | |||||||||||
California (State of) Statewide Communities Development Authority (Kaiser Permanente); Series 2009 A, RB |
5.00 | % | 04/01/19 | 2,000 | 2,316,900 | |||||||||||
California (State of) Statewide Communities Development Authority (Methodist Hospital); Series 2009, RB (CEP-FHA) |
6.75 | % | 02/01/38 | 2,000 | 2,275,780 | |||||||||||
California (State of) Statewide Communities Development Authority (Senior Living Southern California); Series 2009, RB |
7.25 | % | 11/15/41 | 2,000 | 2,145,180 | |||||||||||
California (State of) Statewide Communities Development Authority (Trinity Health Credit Group); Series 2011, Ref. RB |
5.00 | % | 12/01/41 | 5,025 | 5,026,960 | |||||||||||
California (State of); |
||||||||||||||||
Series 2009, Various Purpose Unlimited Tax GO Bonds |
5.75 | % | 04/01/31 | 1,150 | 1,266,426 | |||||||||||
Series 2009, Various Purpose Unlimited Tax GO Bonds |
6.00 | % | 11/01/35 | 2,000 | 2,232,480 | |||||||||||
Series 2009, Various Purpose Unlimited Tax GO Bonds |
6.00 | % | 04/01/38 | 1,565 | 1,732,330 | |||||||||||
Series 2009 A, Ref. Economic Recovery Unlimited Tax GO Bonds |
5.25 | % | 07/01/21 | 3,000 | 3,503,610 | |||||||||||
Series 2010, Unlimited Tax GO Bonds |
5.25 | % | 11/01/40 | 2,500 | 2,554,350 | |||||||||||
Series 2011, Various Purpose Unlimited Tax GO Bonds |
5.00 | % | 09/01/32 | 2,250 | 2,304,810 | |||||||||||
Series 2011, Various Purpose Unlimited Tax GO Bonds |
5.00 | % | 10/01/41 | 3,000 | 2,992,860 | |||||||||||
California County Tobacco Securitization Agency (Los Angeles County Securitization Corp.); Series 2006, Tobacco
Settlement Asset-Backed RB |
5.45 | % | 06/01/28 | 3,000 | 2,509,170 | |||||||||||
California State University; Series 2009 A, Systemwide RB |
5.25 | % | 11/01/38 | 3,000 | 3,122,250 | |||||||||||
Carson Redevelopment Agency; Series 2003 A, Ref. Tax Allocation RB (INS-NATL) (a) |
5.00 | % | 10/01/23 | 2,000 | 2,044,400 | |||||||||||
Cathedral (City of) Public Financing Authority; |
||||||||||||||||
Series 2000 A, CAB RB (INS-NATL) (a)(c) |
0.00 | % | 08/01/27 | 1,085 | 391,935 | |||||||||||
Series 2000 A, CAB RB (INS-NATL) (a)(c) |
0.00 | % | 08/01/28 | 1,085 | 363,735 | |||||||||||
Series 2000 A, CAB RB (INS-NATL) (a)(c) |
0.00 | % | 08/01/30 | 1,085 | 311,070 | |||||||||||
Series 2000 A, CAB RB (INS-NATL) (a)(c) |
0.00 | % | 08/01/31 | 1,085 | 289,825 | |||||||||||
Series 2000 A, CAB RB (INS-NATL) (a)(c) |
0.00 | % | 08/01/32 | 1,085 | 269,937 | |||||||||||
Series 2000 A, CAB RB (INS-NATL) (a)(c) |
0.00 | % | 08/01/33 | 1,085 | 251,308 | |||||||||||
Chula Vista (City of) Industrial Development Revenue (San Diego Gas); Series 1996 A, IDR |
5.30 | % | 07/01/21 | 2,000 | 2,116,100 | |||||||||||
Colton Redevelopment Agency (Mount Vernon Corridor Project); Series 1999, Tax Allocation RB |
6.30 | % | 09/01/36 | 2,000 | 1,869,460 | |||||||||||
Compton (City of); Series 2009, Water Revenue RB |
6.00 | % | 08/01/39 | 1,750 | 1,797,932 | |||||||||||
Daly (City of) Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref.
Third Tier RB |
6.50 | % | 12/15/47 | 1,950 | 1,812,700 | |||||||||||
Desert Hot Springs Redevelopment Agency (Merged Redevelopment); Series 2008 A-2, Tax Allocation RB |
5.75 | % | 09/01/38 | 2,000 | 1,483,660 | |||||||||||
East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB |
5.00 | % | 06/01/36 | 1,980 | 2,111,967 | |||||||||||
Eden (Township of) Healthcare District; Series 2010, Hospital COP |
6.00 | % | 06/01/30 | 1,500 | 1,501,485 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
California(continued) |
||||||||||||||||
El Cerrito (City of) Redevelopment Agency; Series 1998 B, Tax Allocation RB (INS-NATL)
(a)(d) |
5.25 | % | 07/01/15 | $ | 790 | $ | 819,633 | |||||||||
Emeryville (City of) Public Financing Authority (Shellmound Park Redevelopment & Housing); Series 1998 B, RB
(INS-NATL) (a) |
5.00 | % | 09/01/19 | 1,000 | 1,000,370 | |||||||||||
Florin (City of) Resource Conservation District (Elk Grove Water Service); Series 2003 A, Capital Improvement
COP (INS-NATL) (a) |
5.00 | % | 09/01/33 | 5,155 | 4,654,398 | |||||||||||
Folsom (City of) Public Financing Authority; Series 2007 A, Special Tax RB (INS-AMBAC)
(a) |
5.00 | % | 09/01/28 | 3,000 | 2,833,770 | |||||||||||
Foothill-De Anza Community College District; Series 2011 C, Unlimited Tax GO Bonds |
5.00 | % | 08/01/40 | 6,600 | 6,964,650 | |||||||||||
Foothill-Eastern Transportation Corridor Agency; |
||||||||||||||||
Series 1995 A, Senior Lien CAB RB (c)(g)(h) |
0.00 | % | 01/01/27 | 2,950 | 1,762,124 | |||||||||||
Series 1999, Ref. CAB RB (c) |
0.00 | % | 01/15/31 | 5,000 | 1,441,550 | |||||||||||
Garden Grove Agency for Community Development; Series 2008, Sub. RB (Acquired 05/27/08; Cost
$1,589,666) (e) |
6.00 | % | 10/01/27 | 1,825 | 1,559,974 | |||||||||||
Irvine (City of) Public Facilities & Infrastructure Authority; Series 2002 B, Special Assessment Bonds
(INS-AMBAC) (a) |
5.00 | % | 09/02/22 | 2,845 | 2,853,563 | |||||||||||
La Quinta (City of) Redevelopment Agency; |
||||||||||||||||
Series 2002, Tax Allocation Bonds (INS-AMBAC) (a) |
5.00 | % | 09/01/22 | 1,420 | 1,456,650 | |||||||||||
Series 2002, Tax Allocation Bonds (INS-AMBAC) (a) |
5.13 | % | 09/01/32 | 1,500 | 1,422,765 | |||||||||||
Lancaster (City of) Redevelopment Agency (Combined Redevelopment); Series 2009, Tax Allocation Bonds |
6.88 | % | 08/01/39 | 1,000 | 1,026,130 | |||||||||||
Lathrop (City of) Mossdale Village Assessment District; Series 2005, RB |
5.00 | % | 09/02/25 | 1,000 | 894,190 | |||||||||||
Long Beach (City of) (Long Beach Towne Center); Series 2008, Special Tax RB |
5.75 | % | 10/01/25 | 2,000 | 2,040,560 | |||||||||||
Long Beach (City of); Series 2010 A, Sr. Airport RB |
5.00 | % | 06/01/40 | 1,590 | 1,576,867 | |||||||||||
Los Angeles (City of) (Sonnenblick Del Rio); Series 2000, Sr. COP (INS-AMBAC) (a) |
6.00 | % | 11/01/19 | 3,000 | 3,007,380 | |||||||||||
Los Angeles (City of) (Unified School District); Series 2009 D, Unlimited Tax GO Bonds |
5.00 | % | 01/01/34 | 2,000 | 2,083,820 | |||||||||||
Los Angeles (City of) Community Redevelopment Agency (Grand Central Square- Los Angeles County Metropolitan
Transportation Authority); Series 2007 B, Ref. MFH RB (INS-AMBAC) (a)(d) |
4.75 | % | 12/01/26 | 2,215 | 1,898,410 | |||||||||||
Los Angeles (City of) County Schools Regionalized Business Services Corp; |
||||||||||||||||
Series 1999 A, CAB COP (INS-AMBAC) (a)(c) |
0.00 | % | 08/01/26 | 1,200 | 432,744 | |||||||||||
Series 2003 A, COP (CEP-FHA) |
5.00 | % | 09/01/28 | 1,250 | 1,266,125 | |||||||||||
Los Angeles (City of) Department of Airports (Los Angeles International Airport); |
||||||||||||||||
Series 2008 C, Sub. RB |
5.13 | % | 05/15/33 | 1,230 | 1,271,599 | |||||||||||
Series 2010 A, Sr. RB |
5.00 | % | 05/15/35 | 3,000 | 3,161,670 | |||||||||||
Series 2010 D, Sr. RB (b) |
5.25 | % | 05/15/33 | 10,000 | 10,774,000 | |||||||||||
Los Angeles (City of) Department of Water & Power; |
||||||||||||||||
Series 2008 A-1, Power System RB (b) |
5.25 | % | 07/01/38 | 4,000 | 4,252,320 | |||||||||||
Series 2009 A, RB |
5.38 | % | 07/01/38 | 2,000 | 2,164,960 | |||||||||||
Series 2011 A, Power System RB |
5.00 | % | 07/01/22 | 4,800 | 5,704,560 | |||||||||||
Subseries 2008 A-1, Power System RB |
5.25 | % | 07/01/38 | 3,000 | 3,189,240 | |||||||||||
Los Angeles Community College District (Election of 2003); |
||||||||||||||||
Series 2008 F-1, Unlimited Tax GO Bonds (b) |
5.00 | % | 08/01/33 | 5,000 | 5,225,850 | |||||||||||
Series 2008 F-1, Unlimited Tax GO Bonds |
5.00 | % | 08/01/33 | 3,000 | 3,135,510 | |||||||||||
Los Angeles Unified School District (Election of 2004); Series 2009-I, Unlimited Tax
GO Bonds (INS-AGC) (a) |
5.00 | % | 01/01/34 | 2,450 | 2,552,679 | |||||||||||
Mendocino (County of) (County Public Facilities Corp); Series 2000, COP (INS-NATL) (a) |
5.25 | % | 06/01/30 | 2,000 | 1,840,020 | |||||||||||
Metropolitan Water (District of) Southern California; Series 2003 B-2, RB (g)(h) |
5.00 | % | 10/01/13 | 1,900 | 2,059,543 | |||||||||||
Montclair Redevelopment Agency (Hacienda Mobile Home Park); Series 2002, RB |
6.00 | % | 11/15/22 | 2,000 | 2,027,440 | |||||||||||
Morongo Band of Mission Indians (The) (Enterprise Casino); |
||||||||||||||||
Series 2008 B, RB (e) |
5.50 | % | 03/01/18 | 1,850 | 1,798,977 | |||||||||||
Series 2008 B, RB (e) |
6.50 | % | 03/01/28 | 2,175 | 2,039,106 | |||||||||||
National City Community Development Commission (National City Redevelopment); Series 2004 A, Tax Allocation RB (INS-AMBAC) (a) |
5.50 | % | 08/01/32 | 1,730 | 1,703,618 | |||||||||||
Needles Public Utility Authority (Utility System Acquisition); Series 1997 A, RB |
6.50 | % | 02/01/22 | 2,000 | 1,973,500 | |||||||||||
Oakland (Port of) Joint Powers Financing Authority (Fruitvale Transit Village); Series 2001 B, VRD
RB (LOC-Citibank N.A.) (i)(j) |
0.12 | % | 07/01/33 | 2,530 | 2,530,000 | |||||||||||
Oakland (Port of); |
||||||||||||||||
Series 2002 N, Ref. RB (d)(g)(h) |
5.00 | % | 11/01/12 | 175 | 182,310 | |||||||||||
Series 2002 N, Ref. RB (INS-NATL) (a)(d) |
5.00 | % | 11/01/22 | 2,325 | 2,345,460 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
California(continued) |
||||||||||||||||
Orange (County of); Series 2009 A, Airport RB |
5.00 | % | 07/01/31 | $ | 1,000 | $ | 1,046,510 | |||||||||
Oxnard Union High School District; Series 2001 A, Ref. Unlimited Tax GO Bonds (INS-NATL) (a) |
6.20 | % | 08/01/30 | 1,000 | 1,076,430 | |||||||||||
Palm Desert (County of) Financing Authority (Area No. 2); Series 2002 A, Ref. Tax Allocation RB (INS-NATL) (a) |
5.00 | % | 08/01/21 | 1,230 | 1,196,827 | |||||||||||
Palm Springs (City of) (Palm Springs International Airport); |
||||||||||||||||
Series 2006, Ref. Sub. Airport Passenger Facilities Charge RB (d) |
5.45 | % | 07/01/20 | 250 | 229,983 | |||||||||||
Series 2006, Ref. Sub. Airport Passenger Facilities Charge RB (d) |
5.55 | % | 07/01/28 | 475 | 404,282 | |||||||||||
Series 2008, Ref. Sub. Airport Passenger Facilities Charge RB (d) |
6.00 | % | 07/01/18 | 250 | 247,698 | |||||||||||
Series 2008, Ref. Sub. Airport Passenger Facilities Charge RB (d) |
6.40 | % | 07/01/23 | 250 | 237,620 | |||||||||||
Series 2008, Ref. Sub. Airport Passenger Facilities Charge RB (d) |
6.50 | % | 07/01/27 | 530 | 497,564 | |||||||||||
Palomar Pomerado Health Care District; Series 2009, COP |
6.75 | % | 11/01/39 | 2,000 | 2,051,800 | |||||||||||
Perris (City of) Public Financing Authority (Perris Valley Vistas IA 3); Series 2008 B, Local Agency Special Tax RB |
6.63 | % | 09/01/38 | 2,000 | 2,026,080 | |||||||||||
Perris (City of) Public Financing Authority; |
||||||||||||||||
Series 2002 A, Tax Allocation RB (INS-NATL) (a) |
5.00 | % | 10/01/31 | 1,000 | 983,260 | |||||||||||
Series 2006, Tax Allocation RB |
5.35 | % | 10/01/36 | 4,350 | 3,633,598 | |||||||||||
Pico Rivera (County of) Water Authority; Series 1999 A, RB (INS-NATL) (a) |
5.50 | % | 05/01/19 | 1,000 | 1,064,330 | |||||||||||
Rancho Cordova Community Facilities District (Sunridge Anatolia); Series 2003, Special Tax RB |
6.00 | % | 09/01/24 | 2,000 | 2,011,060 | |||||||||||
Rancho Cucamonga Redevelopment Agency; Series 1999, Ref. Tax Allocation RB (INS-AGM) (a) |
5.25 | % | 09/01/20 | 1,000 | 1,001,220 | |||||||||||
Rancho Mirage Redevelopment Agency (Redevelopment Plan 1984); |
||||||||||||||||
Series 2001 A-1, Tax Allocation RB (INS-NATL) (a) |
5.00 | % | 04/01/26 | 1,220 | 1,185,267 | |||||||||||
Series 2001 A-E, Tax Allocation RB (INS-NATL) (a) |
5.25 | % | 04/01/33 | 2,540 | 2,419,274 | |||||||||||
Redlands Redevelopment Agency; Series 1998 A, Ref. Tax Allocation RB (INS-NATL) (a) |
4.75 | % | 08/01/21 | 3,800 | 3,604,566 | |||||||||||
Redwood (City of) School District (Election of 2002); Series 2002, Unlimited Tax GO Bonds
(INS-NATL) (a) |
5.00 | % | 07/15/23 | 4,000 | 4,084,280 | |||||||||||
Regents of the University of California; |
||||||||||||||||
Series 2009 E, Medical Center Pooled RB |
5.50 | % | 05/15/27 | 2,500 | 2,694,050 | |||||||||||
Series 2009 O, General RB (b) |
5.25 | % | 05/15/39 | 7,500 | 7,987,275 | |||||||||||
Richmond (City of) Joint Powers Financing Authority (Point Potrero); Series 2009 A, Lease RB |
6.25 | % | 07/01/24 | 2,000 | 2,168,060 | |||||||||||
Riverside (County of) Community College District (Election 2004); Series 2007, Unlimited Tax GO Bond (INS-AGM)
(a)(b) |
5.00 | % | 08/01/32 | 5,000 | 5,177,950 | |||||||||||
Riverside (County of) Transportation Commission; Series 2010 A, Limited Sales Tax RB |
5.00 | % | 06/01/32 | 1,500 | 1,567,050 | |||||||||||
RNR School Financing Authority (Community Facilities District No. 92-1); Series 2006 A, Special Tax RB (INS-AMBAC)
(a) |
5.00 | % | 09/01/36 | 2,000 | 1,841,400 | |||||||||||
Roseville Joint Union High School District; Series 1995 B, Unlimited Tax CAB GO Bonds (INS-NATL) (a)(c) |
0.00 | % | 06/01/20 | 1,650 | 1,085,304 | |||||||||||
Sacramento (City of) Municipal Utility District; |
||||||||||||||||
Series 2008 U, Electric RB (INS-AGM) (a)(b) |
5.00 | % | 08/15/24 | 4,960 | 5,461,605 | |||||||||||
Series 2008 U, Electric RB (INS-AGM) (a)(b) |
5.00 | % | 08/15/26 | 10,000 | 10,787,100 | |||||||||||
Series 2011 X, Ref. RB |
5.00 | % | 08/15/27 | 2,050 | 2,219,473 | |||||||||||
Sacramento (County of) Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District); Series
2008 A, Ref. VRD Sub. Lien RB (LOC-JPMorgan Chase Bank, N.A.) (i)(j) |
0.08 | % | 12/01/36 | 495 | 495,000 | |||||||||||
Sacramento (County of); Series 2010, Sr. Airport System RB |
5.00 | % | 07/01/40 | 2,000 | 2,018,680 | |||||||||||
Salinas Valley Solid Waste Authority; |
||||||||||||||||
Series 2002, RB (INS-AMBAC) (a)(d) |
5.25 | % | 08/01/27 | 1,000 | 994,120 | |||||||||||
Series 2002, RB (INS-AMBAC) (a)(d) |
5.25 | % | 08/01/31 | 2,000 | 1,915,860 | |||||||||||
San Bernardino Joint Powers Financing Authority (Police Station, South Valle Refundings and 201 Building); Series 1999,
Ref. COP (INS-NATL) (a) |
5.50 | % | 09/01/20 | 1,720 | 1,720,688 | |||||||||||
San Diego (County of) Public Facilities Financing Authority; Series 2009 B, Water RB |
5.38 | % | 08/01/34 | 5,000 | 5,410,450 | |||||||||||
San Diego (County of) Redevelopment Agency; Series 1999 A, RB |
6.40 | % | 09/01/25 | 2,500 | 2,500,700 | |||||||||||
San Diego (County of) Regional Airport Authority; Series 2010 A, Sub. RB |
5.00 | % | 07/01/34 | 3,000 | 3,044,850 | |||||||||||
San Diego Community College District (Election of 2002); Series 2009, Unlimited Tax GO Bonds (b) |
5.25 | % | 08/01/33 | 5,000 | 5,424,500 | |||||||||||
San Dimas (County of) Redevelopment Agency; Series 1998 A, Tax Allocation RB (INS-AGM) (a) |
5.00 | % | 09/01/16 | 560 | 561,831 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
California(continued) |
||||||||||||||||
San Francisco (City & County of) Airport Commission (SFO Fuel Company LLC); Series 2000 A, Special Facilities Lease RB (INS-AGM) (a)(d) |
6.13 | % | 01/01/27 | $ | 1,660 | $ | 1,662,141 | |||||||||
San Francisco (City & County of) Airport Commission (San Francisco International Airport); |
||||||||||||||||
Second Series 2001 27-A, RB (INS-NATL) (a)(d) |
5.25 | % | 05/01/31 | 1,290 | 1,289,936 | |||||||||||
Second Series 2011 C, Ref. RB (d) |
5.00 | % | 05/01/33 | 2,150 | 2,311,873 | |||||||||||
Second Series 2011 F, Ref. RB (d) |
5.00 | % | 05/01/25 | 4,000 | 4,172,320 | |||||||||||
Second Series 2011 G, RB |
5.25 | % | 05/01/28 | 3,000 | 3,244,080 | |||||||||||
San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program); Subseries
2011 A, Water RB |
5.00 | % | 11/01/36 | 4,800 | 5,035,200 | |||||||||||
San Francisco (City & County of) Redevelopment Agency (Mission Bay North Redevelopment); Series 2011 C, RB |
6.50 | % | 08/01/27 | 400 | 432,808 | |||||||||||
San Francisco (City of) Bay Area Rapid Transit District; Series 2010, Ref. RB |
5.00 | % | 07/01/28 | 1,000 | 1,102,200 | |||||||||||
Sanger Unified School District; Series 1999, Ref. Unlimited Tax GO Bonds (INS-NATL) (a) |
5.60 | % | 08/01/23 | 2,000 | 2,153,980 | |||||||||||
Santa Ana Unified School District (Financing Project); Series 1999, CAB COP (INS-AGM)
(a)(c) |
0.00 | % | 04/01/36 | 1,000 | 205,200 | |||||||||||
Santa Clara (County of) Financing Authority (Multiple Facilities); Series 2008 L, Ref. Lease
RB (b) |
5.25 | % | 05/15/36 | 10,000 | 10,521,900 | |||||||||||
Sierra View Local Health Care District; Series 2007, RB |
5.25 | % | 07/01/32 | 2,000 | 1,947,140 | |||||||||||
South Orange (County of) Public Financing Authority; Series 1999, Reassessment RB (INS-AGM) (a) |
5.80 | % | 09/02/18 | 3,305 | 3,342,181 | |||||||||||
South Tahoe Financing Authority (South Tahoe Redevelopment Project Area No. 1); |
||||||||||||||||
Series 2004 A, Ref. RB (INS-AGM) (a) |
5.00 | % | 10/01/29 | 1,640 | 1,655,203 | |||||||||||
Series 2005 A, Ref. RB (INS-AMBAC) (a) |
5.00 | % | 10/01/28 | 2,250 | 2,024,437 | |||||||||||
Southern California Public Power Authority (Milford Wind Corridor Phase II); |
||||||||||||||||
Series 2011-1, RB |
5.25 | % | 07/01/29 | 2,100 | 2,318,673 | |||||||||||
Series 2011-1, RB |
5.25 | % | 07/01/31 | 2,100 | 2,275,035 | |||||||||||
Southern California Public Power Authority (Southern Transmission); Series 2000 A, VRD Ref. Sub. RB
(INS-AGM) (a)(i) |
0.09 | % | 07/01/23 | 2,500 | 2,500,000 | |||||||||||
Southern California Public Power Authority; Series 1989, RB |
6.75 | % | 07/01/12 | 5,000 | 5,175,850 | |||||||||||
Southern California Tobacco Securitization Authority (San Diego County Tobacco Asset Securitization Corp.); |
||||||||||||||||
Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.00 | % | 06/01/37 | 3,000 | 2,092,350 | |||||||||||
Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.13 | % | 06/01/46 | 4,650 | 3,054,306 | |||||||||||
Torrance (City of) (Torrance Memorial Medical Center); Series 2010 A, RB |
5.00 | % | 09/01/40 | 1,500 | 1,467,420 | |||||||||||
Turlock (City of) Health Facilities (Emanuel Medical Center); |
||||||||||||||||
Series 2007 A, COP |
5.13 | % | 10/15/31 | 1,000 | 858,670 | |||||||||||
Series 2007 B, COP |
5.13 | % | 10/15/37 | 1,000 | 822,350 | |||||||||||
Tustin (City of) Public Financing Authority; Series 2011 A, Water RB |
5.00 | % | 04/01/36 | 2,500 | 2,616,600 | |||||||||||
Twin Rivers Unified School District (School Facility Bridge Funding Program); |
||||||||||||||||
Series 2007, COP (INS-AGM) (a)(f)(g) |
3.50 | % | 05/31/13 | 2,000 | 2,001,740 | |||||||||||
Twin Rivers Unified School District; Series 2009, Unlimited Tax CAB GO BAN (c) |
0.00 | % | 04/01/14 | 1,500 | 1,415,250 | |||||||||||
Vernon (City of); Series 2009 A, Electric System RB |
5.13 | % | 08/01/21 | 3,000 | 2,991,870 | |||||||||||
Vista Unified School District (Election of 2002); Series 2007 C, Unlimited Tax GO Bonds (INS-AGM)
(a)(b) |
5.00 | % | 08/01/28 | 2,185 | 2,290,776 | |||||||||||
West Contra Costa Unified School District; Series 2005, Unlimited Tax CAB GO Bonds (INS-NATL)
(a)(c) |
0.00 | % | 08/01/25 | 5,000 | 2,191,300 | |||||||||||
Woodland Finance Authority (Capital Projects); Series 2002, Ref. Lease RB (INS-SGI) (a) |
5.00 | % | 03/01/25 | 2,000 | 2,062,460 | |||||||||||
441,388,342 | ||||||||||||||||
Guam1.69% |
||||||||||||||||
Guam (Territory of) (Section 30); Series 2009 A, Limited Obligation RB |
5.38 | % | 12/01/24 | 2,900 | 2,979,460 | |||||||||||
Guam (Territory of); Series 2011 A, Business Privilege Tax RB |
5.25 | % | 01/01/36 | 1,500 | 1,558,875 | |||||||||||
4,538,335 | ||||||||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Puerto Rico1.76% |
||||||||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; |
||||||||||||||||
Series 2010 AAA, RB |
5.25 | % | 07/01/29 | $ | 1,500 | $ | 1,544,310 | |||||||||
Series 2010 XX, RB |
5.25 | % | 07/01/40 | 1,150 | 1,154,278 | |||||||||||
Puerto Rico Sales Tax Financing Corp.; First Sub-Series 2010 C, RB |
5.25 | % | 08/01/41 | 2,000 | 2,042,440 | |||||||||||
4,741,028 | ||||||||||||||||
Virgin Islands2.55% |
||||||||||||||||
Virgin Islands (Government of) Public Finance Authority (Gross
Receipts Taxes Loan Note); Series 1999 A, RB |
6.38 | % | 10/01/19 | 2,740 | 2,745,781 | |||||||||||
Virgin Islands (Government of) Public Finance Authority (Matching Fund
Loan Note Diago); Series 2009 A, RB |
6.63 | % | 10/01/29 | 2,000 | 2,132,580 | |||||||||||
Virgin Islands (Government of) Public Finance Authority (Matching Fund
Loan Note); Series 2010 A, Sr. Lien RB |
5.00 | % | 10/01/29 | 2,000 | 1,989,360 | |||||||||||
6,867,721 | ||||||||||||||||
TOTAL INVESTMENTS(k)170.21% (Cost $452,074,557) |
457,535,426 | |||||||||||||||
FLOATING RATE NOTE OBLIGATIONS(23.74)% |
||||||||||||||||
Notes with interest rates ranging from 0.14% to
0.34% at 11/30/11 and contractual maturities of
collateral ranging from 08/15/24 to 10/01/39 (See Note
1F)(l) |
(63,805,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES1.89% |
5,070,487 | |||||||||||||||
PREFERRED SHARES(48.36)% |
(130,000,000 | ) | ||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES100.00% |
$ | 268,800,913 | ||||||||||||||
AGC
|
Assured Guaranty Corp. | |
AGM
|
Assured Guaranty Municipal Corp. | |
AMBAC
|
American Municipal Bond Assurance Corp. | |
BAN
|
Bond Anticipation Notes | |
CAB
|
Capital Appreciation Bonds | |
CA MTG
|
California Mortgage Insurance | |
CEP
|
Credit Enhancement Provider | |
COP
|
Certificates of Participation | |
FHA
|
Federal Housing Administration | |
GNMA
|
Government National Mortgage Association | |
GO
|
General Obligation | |
IDR
|
Industrial Development Revenue Bonds | |
INS
|
Insurer | |
LOC
|
Letter of Credit | |
MFH
|
Multi-Family Housing | |
NATL
|
National Public Finance Guarantee Corp. | |
PCR
|
Pollution Control Revenue Bonds | |
Radian
|
Radian Asset Assurance, Inc. | |
RB
|
Revenue Bonds | |
Ref.
|
Refunding | |
SGI
|
Syncora Guarantee, Inc. | |
Sr.
|
Senior | |
Sub.
|
Subordinated | |
VRD
|
Variable Rate Demand |
(a) | Principal and/or interest payments are secured by the bond insurance company listed. | |
(b) | Underlying security related to Dealer Trusts entered into by the Trust. See Note 1F. | |
(c) | Zero coupon bond issued at a discount. | |
(d) | Security subject to the alternative minimum tax. | |
(e) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at November 30, 2011 was $7,569,662, which represented 2.82% of the Trusts Net Assets. | |
(f) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2011. | |
(g) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. | |
(h) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. | |
(i) | Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2011. | |
(j) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. | |
(k) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuers obligations but may be called upon to satisfy the issuers obligations. |
Entities | Percentage | |||
Assured Guarantee Municipal Corp. |
9.7 | % | ||
National Public Finance Guarantee Corp. |
9.6 | |||
American Municipal Bond Assurance Corp. |
6.3 |
(l) | Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at November 30, 2011. At November 30, 2011, the Trusts investments with a value of $110,487,830 are held by Dealer Trusts and serve as collateral for the $63,805,000 in the floating rate note obligations outstanding at that date. |
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Other Risks The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. |
E. | Securities Purchased on a When-Issued and Delayed Delivery Basis The Trust may purchase and sell interests in portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Trust on such interests or securities in connection with such transactions prior to the date the Trust actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Trust will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. | |
F. | Floating Rate Note Obligations The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (RIBs) or Tender Option Bonds (TOBs) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (Dealer Trusts) in exchange for cash and residual interests in the Dealer Trusts assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interest in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts. | |
TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities. | ||
The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trusts investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts a component of Interest, facilities and maintenance fees on the Statement of Operations. | ||
The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Trusts net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation. |
Level 1 | Prices are determined using quoted prices in an active market for identical assets. | ||
Level 2 | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | ||
Level 3 | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trusts own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Municipal Obligations |
$ | $ | 457,535,426 | $ | | $ | 457,535,426 | |||||||||
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis | ||||
Aggregate unrealized appreciation of investment securities |
$ | 17,020,895 | ||
Aggregate unrealized (depreciation) of investment securities |
(10,728,384 | ) | ||
Net unrealized appreciation of investment securities |
$ | 6,292,511 | ||
Cost of investments for tax purposes is $451,242,915 |
(a) | As of December 15, 2011, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (PEO) and Principal Financial Officer (PFO), to assess the effectiveness of the Registrants disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (Act), as amended. Based on that evaluation, the Registrants officers, including the PEO and PFO, concluded that, as of December 15, 2011, the Registrants disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. | ||
(b) | There have been no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting. |
Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940. |
By: | /s/ Colin Meadows | |||
Colin Meadows | ||||
Principal Executive Officer |
By: | /s/ Colin Meadows | |||
Colin Meadows | ||||
Principal Executive Officer |
By: | /s/ Sheri Morris | |||
Sheri Morris | ||||
Principal Financial Officer |