Principal |
||||||||
Amount |
||||||||
Security | (000s omitted) | Value | ||||||
Education 17.0%
|
||||||||
California Educational Facilities Authority, (Claremont McKenna
College), 5.00%, 1/1/39
|
$ | 1,370 | $ | 1,449,953 | ||||
California Educational Facilities Authority, (Harvey Mudd
College), 5.25%, 12/1/31
|
395 | 433,900 | ||||||
California Educational Facilities Authority, (Harvey Mudd
College), 5.25%, 12/1/36
|
160 | 171,030 | ||||||
California Educational Facilities Authority, (Loyola Marymount
University), 5.00%, 10/1/22
|
70 | 80,843 | ||||||
California Educational Facilities Authority, (Loyola Marymount
University), 5.00%, 10/1/23
|
65 | 74,136 | ||||||
California Educational Facilities Authority, (Loyola Marymount
University), 5.00%, 10/1/30
|
380 | 397,229 | ||||||
California Educational Facilities Authority, (Santa Clara
University), 5.00%, 2/1/29
|
890 | 979,667 | ||||||
California Educational Facilities Authority, (University of San
Francisco), 6.125%, 10/1/36
|
115 | 129,951 | ||||||
California Educational Facilities Authority, (University of
Southern California), 5.25%, 10/1/39
|
1,200 | 1,310,544 | ||||||
California Municipal Finance Authority, (University of San
Diego), 5.00%, 10/1/31
|
210 | 222,025 | ||||||
California Municipal Finance Authority, (University of San
Diego), 5.00%, 10/1/35
|
145 | 150,372 | ||||||
California Municipal Finance Authority, (University of San
Diego), 5.25%, 10/1/26
|
405 | 450,542 | ||||||
California Municipal Finance Authority, (University of San
Diego), 5.25%, 10/1/27
|
425 | 466,268 | ||||||
California Municipal Finance Authority, (University of San
Diego), 5.25%, 10/1/28
|
450 | 491,418 | ||||||
University of California, 5.25%, 5/15/39
|
1,000 | 1,095,480 | ||||||
$ | 7,903,358 | |||||||
Electric Utilities 9.2%
|
||||||||
California Department of Water Resources, Electric System
Revenue, 5.00%, 5/1/22
|
$ | 480 | $ | 579,888 | ||||
Los Angeles Department of Water and Power, Electric System
Revenue, 5.25%, 7/1/32
|
745 | 817,742 | ||||||
Puerto Rico Electric Power Authority, 5.25%, 7/1/29
|
1,050 | 1,106,269 | ||||||
Southern California Public Power Authority, (Tieton Hydropower),
5.00%, 7/1/30
|
1,000 | 1,098,310 | ||||||
Vernon, Electric System Revenue, 5.125%, 8/1/21
|
675 | 689,641 | ||||||
$ | 4,291,850 | |||||||
General Obligations 10.2%
|
||||||||
California, 5.50%, 11/1/35
|
$ | 1,300 | $ | 1,418,092 | ||||
Palo Alto, (Election of 2008),
5.00%, 8/1/40(1)
|
1,850 | 2,010,580 | ||||||
San Diego Community College District, (Election of 2002),
5.00%, 8/1/32
|
720 | 792,195 | ||||||
San Diego Community College District, (Election of 2006),
5.00%, 8/1/31
|
455 | 503,712 | ||||||
$ | 4,724,579 | |||||||
Hospital 11.9%
|
||||||||
California Health Facilities Financing Authority, (Catholic
Healthcare West), 5.625%, 7/1/32
|
$ | 1,330 | $ | 1,387,403 | ||||
California Health Facilities Financing Authority, (Cedars-Sinai
Medical Center), 5.00%, 8/15/39
|
1,425 | 1,439,763 | ||||||
California Statewide Communities Development Authority, (Cottage
Health System), 5.25%, 11/1/30
|
1,000 | 1,051,520 | ||||||
California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/36
|
355 | 358,848 | ||||||
Washington Township Health Care District, 5.00%, 7/1/32
|
555 | 558,580 | ||||||
Washington Township Health Care District, 5.25%, 7/1/29
|
750 | 750,195 | ||||||
$ | 5,546,309 | |||||||
Insured-Education 13.2%
|
||||||||
California Educational Facilities Authority, (Pepperdine
University), (AMBAC), 5.00%, 12/1/32
|
$ | 420 | $ | 446,292 | ||||
California Educational Facilities Authority, (Pepperdine
University), (AMBAC), 5.00%, 12/1/35
|
1,000 | 1,058,560 | ||||||
California Educational Facilities Authority, (Pepperdine
University), (FGIC), (NPFG), 5.00%, 9/1/33
|
180 | 183,627 | ||||||
California State University, (AGM), (BHAC),
5.00%, 11/1/39(2)
|
2,000 | 2,087,520 | ||||||
California State University, (AMBAC), 5.00%, 11/1/33
|
2,335 | 2,360,311 | ||||||
$ | 6,136,310 | |||||||
Principal |
||||||||
Amount |
||||||||
Security | (000s omitted) | Value | ||||||
Insured-Electric Utilities 9.2%
|
||||||||
Glendale, Electric System Revenue, (NPFG), 5.00%, 2/1/32
|
$ | 1,475 | $ | 1,517,303 | ||||
Los Angeles Department of Water and Power, Electric System
Revenue, (AMBAC), (BHAC),
5.00%, 7/1/26(2)
|
1,500 | 1,652,340 | ||||||
Sacramento Municipal Utility District, (AGM), 5.00%, 8/15/27
|
1,000 | 1,093,230 | ||||||
$ | 4,262,873 | |||||||
Insured-Escrowed/Prerefunded 12.6%
|
||||||||
California Infrastructure & Economic Development Bank,
(Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28,
5.00%, 7/1/33
|
$ | 1,150 | $ | 1,468,516 | ||||
California Infrastructure & Economic Development Bank,
(Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28,
5.00%, 7/1/36
|
1,025 | 1,308,894 | ||||||
Clovis Unified School District, (FGIC), (NPFG), Escrowed to
Maturity, 0.00%, 8/1/20
|
3,130 | 2,619,841 | ||||||
Orange County Water District, Certificates of Participation,
(NPFG), Escrowed to Maturity, 5.00%, 8/15/34
|
395 | 456,130 | ||||||
$ | 5,853,381 | |||||||
Insured-General Obligations 25.6%
|
||||||||
Antelope Valley Community College District, (Election of 2004),
(NPFG), 5.25%, 8/1/39
|
$ | 725 | $ | 766,782 | ||||
Arcadia Unified School District, (Election of 2006), (AGM),
0.00%, 8/1/38
|
7,125 | 1,471,811 | ||||||
Arcadia Unified School District, (Election of 2006), (AGM),
0.00%, 8/1/40
|
2,525 | 460,661 | ||||||
Carlsbad Unified School District, (Election of 2006), (NPFG),
5.25%, 8/1/32
|
1,500 | 1,622,220 | ||||||
Coast Community College District, (Election of 2002), (AGM),
0.00%, 8/1/35
|
6,675 | 1,664,077 | ||||||
El Camino Hospital District, (NPFG), 4.45%, 8/1/36
|
575 | 576,875 | ||||||
Long Beach Unified School District, (Election of 1999), (AGM),
5.00%, 8/1/31
|
925 | 927,488 | ||||||
Palm Springs Unified School District, (Election of 2008), (AGC),
5.00%, 8/1/33
|
1,250 | 1,346,738 | ||||||
Riverside Community College District, (Election of 2004), (AGM),
(NPFG), 5.00%, 8/1/32
|
1,040 | 1,096,628 | ||||||
Union Elementary School District, (Election of 1999), (FGIC),
(NPFG), 0.00%, 9/1/22
|
3,200 | 1,981,088 | ||||||
$ | 11,914,368 | |||||||
Insured-Hospital 6.5%
|
||||||||
California Statewide Communities Development Authority, (Kaiser
Permanente), (BHAC),
5.00%, 3/1/41(2)
|
$ | 1,250 | $ | 1,267,512 | ||||
California Statewide Communities Development Authority, (Sutter
Health), (AGM),
5.05%, 8/15/38(2)
|
1,750 | 1,780,940 | ||||||
$ | 3,048,452 | |||||||
Insured-Lease Revenue/Certificates of
Participation 9.8%
|
||||||||
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity,
5.50%, 8/1/27
|
$ | 1,250 | $ | 1,648,700 | ||||
San Diego County Water Authority, Certificates of Participation,
(AGM),
5.00%, 5/1/38(2)
|
1,750 | 1,837,500 | ||||||
San Jose Financing Authority, (Civic Center), (AMBAC),
5.00%, 6/1/32
|
1,075 | 1,078,182 | ||||||
$ | 4,564,382 | |||||||
Insured-Special Tax Revenue 11.5%
|
||||||||
Cathedral City Public Financing Authority, (Housing
Redevelopment), (NPFG), 5.00%, 8/1/33
|
$ | 1,400 | $ | 1,348,928 | ||||
Hesperia Public Financing Authority, (Redevelopment and Housing
Projects), (XLCA), 5.00%, 9/1/37
|
1,535 | 1,026,301 | ||||||
Los Angeles County Metropolitan Transportation Authority, (Sales
Tax Revenue), (AGM), 4.50%, 7/1/27
|
430 | 452,437 | ||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
11,385 | 798,886 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
3,215 | 415,603 | ||||||
Santa Clara Valley Transportation Authority, Sales Tax Revenue,
(AMBAC), 5.00%, 4/1/32
|
1,225 | 1,294,029 | ||||||
$ | 5,336,184 | |||||||
Insured-Transportation 3.1%
|
||||||||
San Joaquin Hills Transportation Corridor Agency, (NPFG),
0.00%, 1/15/27
|
$ | 3,520 | $ | 1,109,469 | ||||
San Jose, Airport Revenue, (AMBAC), 5.00%, 3/1/33
|
330 | 333,795 | ||||||
$ | 1,443,264 | |||||||
Insured-Water and Sewer 10.3%
|
||||||||
Calleguas Las Virgines Public Financing Authority, (Municipal
Water District), (BHAC), (FGIC), 4.75%, 7/1/37
|
$ | 1,235 | $ | 1,271,544 |
Principal |
||||||||
Amount |
||||||||
Security | (000s omitted) | Value | ||||||
East Bay Municipal Utility District, Water System Revenue,
(AGM), (FGIC), 5.00%, 6/1/32
|
$ | 100 | $ | 108,396 | ||||
East Bay Municipal Utility District, Water System Revenue,
(FGIC), (NPFG),
5.00%, 6/1/32(2) |
1,600 | 1,734,336 | ||||||
Los Angeles Department of Water and Power, (NPFG),
3.00%, 7/1/30
|
620 | 561,063 | ||||||
Riverside, Water System Revenue, (AGM), 5.00%, 10/1/38
|
445 | 470,405 | ||||||
Santa Clara Valley Water District, (AGM), 3.75%, 6/1/28
|
665 | 669,189 | ||||||
$ | 4,814,933 | |||||||
Special Tax Revenue 6.7%
|
||||||||
Los Angeles County Metropolitan Transportation Authority, Sales
Tax Revenue, 5.00%, 7/1/31
|
$ | 1,490 | $ | 1,631,222 | ||||
San Francisco Bay Area Rapid Transit District, Sales Tax
Revenue, 5.00%, 7/1/28
|
1,300 | 1,476,618 | ||||||
$ | 3,107,840 | |||||||
Transportation 13.7%
|
||||||||
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay
Area), 5.25%, 4/1/29
|
$ | 1,190 | $ | 1,324,327 | ||||
Long Beach, Harbor Revenue, 5.00%, 5/15/27
|
540 | 610,260 | ||||||
Los Angeles Harbor Department, 5.00%, 8/1/25
|
1,250 | 1,469,200 | ||||||
Los Angeles Department of Airports, (Los Angeles International
Airport),
5.00%, 5/15/35(2)(3) |
1,060 | 1,139,839 | ||||||
San Francisco City and County Airport Commission, (San Francisco
International Airport), 5.00%, 5/1/35
|
635 | 664,242 | ||||||
San Jose, Airport Revenue, 5.00%, 3/1/20
|
1,000 | 1,154,880 | ||||||
$ | 6,362,748 | |||||||
Water and Sewer 2.4%
|
||||||||
Metropolitan Water District of Southern California, (Waterworks
Revenue Authorization), 5.00%, 1/1/39
|
$ | 1,050 | $ | 1,133,864 | ||||
$ | 1,133,864 | |||||||
Total Tax-Exempt Investments 172.9%
(identified cost $78,301,819) |
$ | 80,444,695 | ||||||
Auction Preferred Shares Plus Cumulative Unpaid
Dividends (55.2)%
|
$ | (25,700,323 | ) | |||||
Other Assets, Less Liabilities (17.7)%
|
$ | (8,210,802 | ) | |||||
Net Assets Applicable to Common Shares 100.0%
|
$ | 46,533,570 | ||||||
AGC
|
- | Assured Guaranty Corp. | ||||
AGM
|
- | Assured Guaranty Municipal Corp. | ||||
AMBAC
|
- | AMBAC Financial Group, Inc. | ||||
BHAC
|
- | Berkshire Hathaway Assurance Corp. | ||||
FGIC
|
- | Financial Guaranty Insurance Company | ||||
NPFG
|
- | National Public Finance Guaranty Corp. | ||||
XLCA
|
- | XL Capital Assurance, Inc. | ||||
The Fund invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at December 31, 2011, 58.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.3% to 19.9% of total investments. | ||||||
(1)
|
Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |||||
(2)
|
Security represents the municipal bond held by a trust that issues residual interest bonds. | |||||
(3)
|
Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $344,839. |
Expiration |
Aggregate |
Net Unrealized |
||||||||||||||
Month/Year | Contracts | Position | Cost | Value | Depreciation | |||||||||||
3/12
|
25 U.S. 10-Year Treasury Note | Short | $ | (3,240,384 | ) | $ | (3,278,125 | ) | $ | (37,741 | ) | |||||
3/12
|
28 U.S. 30-Year Treasury Bond | Short | (3,992,579 | ) | (4,054,750 | ) | (62,171 | ) | ||||||||
$ | (99,912 | ) | ||||||||||||||
Aggregate cost
|
$ | 68,214,123 | ||
Gross unrealized appreciation
|
$ | 4,892,940 | ||
Gross unrealized depreciation
|
(2,547,368 | ) | ||
Net unrealized appreciation
|
$ | 2,345,572 | ||
| Level 1 quoted prices in active markets for identical investments | |
| Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) | |
| Level 3 significant unobservable inputs (including a funds own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Tax-Exempt Investments
|
$ | | $ | 80,444,695 | $ | | $ | 80,444,695 | ||||||||
Total Investments
|
$ | | $ | 80,444,695 | $ | | $ | 80,444,695 | ||||||||
Liability Description | ||||||||||||||||
Futures Contracts
|
$ | (99,912 | ) | $ | | $ | | $ | (99,912 | ) | ||||||
Total
|
$ | (99,912 | ) | $ | | $ | | $ | (99,912 | ) | ||||||
By:
|
/s/ Cynthia J. Clemson
|
|||
Cynthia J. Clemson | ||||
President | ||||
Date:
|
February 23, 2012 |
By:
|
/s/ Cynthia J. Clemson
|
|||
Cynthia J. Clemson | ||||
President | ||||
Date:
|
February 23, 2012 | |||
By:
|
/s/ Barbara E. Campbell
|
|||
Barbara E. Campbell | ||||
Treasurer | ||||
Date:
|
February 23, 2012 |