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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number 811-07111

Invesco California Municipal Securities

(Exact name of registrant as specified in charter)

1555 Peachtree Street, N.E., Atlanta, Georgia 30309

Philip A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 2/28

Date of reporting period: 11/30/11

 

 

Item 1. Schedule of Investments.

Schedule of Investments

November 30, 2011
(Unaudited)

										Principal
		Interest				Maturity				Amount
		Rate				Date				(000)				Value
Municipal Obligations—108.91%
California—106.40%
Alameda (County of) Joint Powers Authority (Juvenile Justice Refunding); Series 2008 A, Lease RB (INS-AGM) (a)			5.00	%			12/01/24			$	235			$	252,240
Alhambra Unified School District (Election of 2004);
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(b)			0.00	%			08/01/35				280				66,223
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(b)			0.00	%			08/01/36				450				95,463
Alvord Unified School District (Election of 2007); Series 2008 A, Unlimited Tax GO Bonds (INS-AGM) (a)			5.00	%			08/01/28				185				194,344
Anaheim (City of) Public Financing Authority (Electric System Distribution Facilities); Series 2007 A, RB (INS-NATL) (a)			4.50	%			10/01/37				500				483,430
Bakersfield (City of); Series 2007 A, Wastewater RB (INS-AGM) (a)			5.00	%			09/15/32				500				516,060
Bay Area Toll Authority (San Francisco Bay Area);
Series 2009 F-1, Toll Bridge RB (c)			5.25	%			04/01/26				680				759,404
Series 2009 F-1, Toll Bridge RB (c)			5.25	%			04/01/29				760				826,135
Beverly Hills Unified School District (Election of 2008);
Series 2009, Unlimited Tax CAB GO Bonds (b)			0.00	%			08/01/26				205				104,823
Series 2009, Unlimited Tax CAB GO Bonds (b)			0.00	%			08/01/32				430				146,583
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles); Series 2010, RB (INS-AGM) (a)			5.25	%			07/01/38				450				440,199
California (State of) Health Facilities Financing Authority (Scripps Health); Series 2010 A, RB			5.00	%			11/15/36				250				252,200
California (State of) Health Facilities Financing Authority (Sutter Health); Series 2011 B, RB			5.50	%			08/15/26				250				274,152
California (State of) Municipal Finance Authority (Community Hospitals of Central California Obligated Group); Series 2007, COP			5.00	%			02/01/19				250				254,078
California (State of) Pollution Control Financing Authority (San Jose Water Co.); Series 2010 A, RB			5.10	%			06/01/40				300				300,924
California (State of) Statewide Communities Development Authority (American Baptist Homes of the West); Series 2010, RB			6.25	%			10/01/39				250				251,433
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group); Series 2010, RB			5.25	%			11/01/30				275				282,978
California (State of) Statewide Communities Development Authority (St. Joseph Health System); Series 2000, RB (INS-NATL) (a)			5.13	%			07/01/24				750				784,695
California (State of) Statewide Communities Development Authority (Trinity Health Credit Group); Series 2011, Ref. RB			5.00	%			12/01/41				600				600,234
California Infrastructure & Economic Development Bank; Series 2003 A, First Lien Bay Area Toll Bridges Seismic Retrofit RB (d)(e)			5.00	%			01/01/28				1,500				1,868,565
California State University;
Series 2005 A, Systemwide RB (INS-AMBAC) (a)			5.00	%			11/01/35				500				507,430
Series 2008 A, Systemwide RB (INS-AGM) (a)			5.00	%			11/01/39				450				461,020
Campbell Union High School District; Series 2008, Unlimited Tax GO Bonds (INS-AGC) (a)			5.00	%			08/01/35				590				606,284
Chino Basin Regional Financing Authority (Inland Empire Utilities Agency); Series 2008 A, RB (INS-AMBAC) (a)			5.00	%			11/01/33				250				254,280
Clovis Unified School District (Election of 2004); Series 2004 A, Unlimited Tax CAB GO Bonds (INS-NATL) (a)(b)			0.00	%			08/01/29				105				38,266
Desert Community College District (Election of 2004); Series 2007 C, Unlimited Tax GO Bonds (INS-AGM) (a)			5.00	%			08/01/37				500				513,240
Dry Creek Joint Elementary School District (Election of 2008); Series 2009 E, Unlimited Tax CAB GO Bonds (b)			0.00	%			08/01/48				2,860				251,137
East Bay Municipal Utility District; Series 2005 A, Sub. Water System RB (INS-NATL) (a)			5.00	%			06/01/35				650				687,661
El Segundo Unified School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (b)			0.00	%			08/01/33				615				164,986
Foothill-De Anza Community College District; Series 2011 C, Unlimited Tax GO Bonds			5.00	%			08/01/40				900				949,725
Gilroy Unified School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(b)			0.00	%			08/01/29				750				262,755

See accompanying notes which are an integral part of this schedule.

Invesco Insured California Municipal Securities

										Principal
		Interest				Maturity				Amount
		Rate				Date				(000)				Value
California—(continued)
Golden State Tobacco Securitization Corp.; Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB (INS-FGIC) (a)			5.00	%			06/01/38			$	500			$	465,005
Grossmont Union High School District (Election of 2004); Series 2006, Unlimited Tax CAB GO Bonds (INS-NATL) (a)(b)			0.00	%			08/01/24				775				416,601
Grossmont-Cuyamaca Community College District (Election of 2002); Series 2008 C, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(b)			0.00	%			08/01/30				775				257,021
Huntington Beach Union High School District (Election of 2004); Series 2004, Unlimited Tax GO Bonds (INS-AGM) (a)			5.00	%			08/01/26				1,280				1,357,901
Kern (County of) Board of Education; Series 2006 A, Ref. COP (INS-NATL) (a)			5.00	%			06/01/31				1,110				1,052,380
Kern (County of) Water Agency Improvement District No. 4; Series 2008 A, COP (INS-AGC) (a)			5.00	%			05/01/28				245				256,552
La Quinta (City of) Financing Authority; Series 2004 A, Tax Allocation RB (INS-AMBAC) (a)			5.25	%			09/01/24				1,100				1,114,267
Los Angeles (City of) Department of Airports (Los Angeles International Airport); Series 2010 A, Sr. RB			5.00	%			05/15/35				250				263,472
Los Angeles (City of) Department of Water & Power;
Series 2007 Subseries A-1, Power System RB (INS-AMBAC) (a)			5.00	%			07/01/39				300				308,592
Series 2011 A, Power System RB			5.00	%			07/01/22				200				237,690
Los Angeles (City of); Series 2004 A, Unlimited Tax GO Bonds (INS-NATL) (a)			5.00	%			09/01/24				1,030				1,118,827
Los Angeles (County of) Metropolitan Transportation Authority;
Series 2005 A, Proposition A First Tier Sr. Sales Tax RB (INS-AMBAC) (a)			5.00	%			07/01/35				450				464,926
Series 2006 A, Proposition C Ref. Second Sr. Sales Tax RB (INS-AGM) (a)			4.50	%			07/01/29				500				507,955
Los Angeles Unified School District (Election of 2004); Series 2009-I, Unlimited Tax GO Bonds (INS-AGC) (a)			5.00	%			01/01/34				500				520,955
Modesto (City of); Series 2008 A, Ref. VRD Water RB (LOC-JPMorgan Chase Bank, N.A.) (f)(g)			0.12	%			10/01/36				500				500,000
Moorpark Unified School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(b)			0.00	%			08/01/31				2,000				597,800
Moreland School District (Crossover); Series 2014 C, Ref. Unlimited Tax CAB GO Bonds (INS-AMBAC) (a)(b)			0.00	%			08/01/29				315				108,555
Murrieta Valley Unified School District Public Financing Authority (Election of 2006);
Series 2008, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(b)			0.00	%			09/01/31				1,020				309,774
Series 2008, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(b)			0.00	%			09/01/33				820				214,307
Oakland (City of) Joint Powers Financing Authority (Oakland Administration Buildings);
Series 2008 B, Ref. Lease RB (INS-AGC) (a)			5.00	%			08/01/26				235				244,367
Orange (County of) Sanitation District; Series 2007 B, COP (INS-AGM) (a)			5.00	%			02/01/31				250				263,048
Orange (County of) Water District; Series 2003 B, COP (INS-NATL) (a)			5.00	%			08/15/34				250				253,393
Oxnard (City of) Finance Authority (Redwood Trunk Sewer & Headworks); Series 2004 A, RB (INS-NATL) (a)			5.00	%			06/01/29				1,000				1,021,730
Patterson Joint Unified School District (Election of 2008); Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(b)			0.00	%			03/01/49				3,920				342,804
Planada Elementary School District (Election of 2008); Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(b)			0.00	%			07/01/49				2,095				179,123
Rancho Mirage Redevelopment Agency; Series 2003 A, Tax Allocation Housing Bonds (INS-NATL) (a)			5.00	%			04/01/33				1,000				917,020
Redding (City of); Series 2008 A, Electric System Revenue COP (INS-AGM) (a)			5.00	%			06/01/27				360				378,014
Regents of the University of California;
Series 2007 A, Medical Center Pooled RB (INS-NATL) (a)			4.50	%			05/15/37				400				373,276
Series 2009 O, General RB			5.25	%			05/15/39				500				532,485
Series 2009 Q, General RB (c)(h)			5.00	%			05/15/34				1,435				1,489,042
Riverside (City of); Series 2008 D, Electric RB (INS-AGM) (a)			5.00	%			10/01/28				500				527,630
Rocklin Unified School District (Community Facilities District No. 2);
Series 2007, Special Tax CAB (INS-NATL) (a)(b)			0.00	%			09/01/34				1,235				262,166
Series 2007, Special Tax CAB (INS-NATL) (a)(b)			0.00	%			09/01/35				1,255				248,126
Series 2007, Special Tax CAB (INS-NATL) (a)(b)			0.00	%			09/01/36				1,230				226,652
Series 2007, Special Tax CAB (INS-NATL) (a)(b)			0.00	%			09/01/37				1,025				176,403
Roseville Joint Union High School District (Election of 2004); Series 2007 C, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(b)			0.00	%			08/01/25				675				317,986
Sacramento (City of) Financing Authority (Solid Waste and Redevelopment); Series 1999, Capital Improvement RB (d)			5.75	%			12/01/22				180				179,991
Sacramento (County of); Series 2010, Sr. Airport System RB			5.00	%			07/01/40				350				353,269

See accompanying notes which are an integral part of this schedule.

Invesco Insured California Municipal Securities

										Principal
		Interest				Maturity				Amount
		Rate				Date				(000)				Value
California—(continued)
Sacramento Municipal Utility District; Series 2008 U, Electric RB (INS-AGM) (a)			5.00	%			08/15/24			$	1,000			$	1,101,130
San Bernardino Community College District (Election of 2002); Series 2006 C, Unlimited Tax GO Bonds (INS-AGM) (a)			5.00	%			08/01/31				470				485,665
San Diego (County of) Regional Airport Authority; Series 2010 A, Sub. RB			5.00	%			07/01/40				250				250,595
San Diego (County of) Water Authority; Series 2004 A, Revenue COP (INS-AGM) (a)			5.00	%			05/01/29				700				723,611
San Francisco (City & County of) (Laguna Honda Hospital); Series 2005 I, Unlimited Tax GO Bonds (d)(e)			5.00	%			06/15/12				1,360				1,395,401
San Francisco (City & County of) Airports Commission (San Francisco International Airport); Second Series 2010 F, RB			5.00	%			05/01/40				500				509,790
San Francisco (City & County of) Public Utilities Commission; Series 2001 A, RB (INS-AGM) (a)			5.00	%			11/01/31				1,540				1,541,016
San Jose Evergreen Community College District (Election of 2004); Series 2008 B, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(b)			0.00	%			09/01/32				1,000				291,150
San Luis Obispo (County of) Financing Authority (Lopez Dam Improvement); Series 2011 A, Ref. RB (INS-AGM) (a)			5.00	%			08/01/30				500				523,590
Santa Clara Valley Transportation Authority (2000-Measure A); Series 2007 A, Ref. Sales Tax RB (INS-AMBAC) (a)			5.00	%			04/01/32				480				499,440
Simi Valley (City of) (Capital Improvement); Series 2004, COP (INS-AMBAC) (a)			5.00	%			09/01/30				1,000				957,090
Simi Valley Unified School District (Election of 2004);
Series 2007 C, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(b)			0.00	%			08/01/28				480				180,331
Series 2007 C, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(b)			0.00	%			08/01/30				380				123,538
Southern California Metropolitan Water District; Series 2009 B, Ref. RB (c)			5.00	%			07/01/27				1,240				1,380,852
Southern California Public Power Authority (Southern Transmission);
Series 2000 A, VRD Ref. Sub. RB (INS-AGM) (a)(f)			0.09	%			07/01/23				1,600				1,600,000
Series 2002 A, Ref. Sub. RB (INS-AGM) (a)			5.25	%			07/01/18				1,000				1,025,030
Tustin Unified School District (Election of 2002-School Facilities Improvement District No. 2002-1); Series 2008 C, Unlimited Tax GO Bonds (INS-AGM) (a)			5.00	%			06/01/28				250				265,292
Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INS-AGM) (a)(e)(i)			3.50	%			05/31/13				500				500,435
Twin Rivers Unified School District; Series 2009, Unlimited Tax CAB GO BAN (b)			0.00	%			04/01/14				250				235,875
Upland Unified School District (Election of 2000); Series 2001 B, Unlimited Tax GO Bonds (INS-AGM) (a)			5.13	%			08/01/25				1,000				1,056,540
Val Verde Unified School District (Refunding and School Construction); Series 2005 B, COP (INS-NATL) (a)			5.00	%			01/01/30				675				603,139
Washington Unified School District (Election of 2004); Series 2004 A, Unlimited Tax GO Bonds (INS-NATL) (a)			5.00	%			08/01/22				1,375				1,449,222
West Basin Municipal Water District; Series 2008 B, Ref. COP (INS-AGC) (a)			5.00	%			08/01/27				245				257,228
Yosemite Community College District (Election of 2004);
Series 2008 C, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(b)			0.00	%			08/01/25				570				270,528
Series 2008 C, Unlimited Tax GO Bonds (INS-AGM) (a)(c)			5.00	%			08/01/32				2,515				2,621,183
Yucaipa Valley Water District; Series 2004 A, COP (INS-NATL) (a)			5.25	%			09/01/24				1,000				1,023,850
															52,681,573
Guam—0.56%
Guam (Territory of) (Section 30); Series 2009 A, Limited Obligation RB			5.63	%			12/01/29				95				96,775
Guam (Territory of); Series 2011 A, Business Privilege Tax RB			5.25	%			01/01/36				175				181,869
															278,644
Puerto Rico—0.92%
Puerto Rico (Commonwealth of) Electric Power Authority; Series 2010 XX, RB			5.25	%			07/01/40				200				200,744
Puerto Rico Sales Tax Financing Corp.; First Sub. Series 2010 C, RB			5.00	%			08/01/35				250				252,523
															453,267
Virgin Islands—1.03%
Virgin Islands Public Finance Authority (Virgin Islands Matching Fund Loan Note - Diageo); Series 2009 A, Sub. RB			6.63	%			10/01/29				240				255,910
Virgin Islands Public Finance Authority (Virgin Islands Matching Fund Loan Note); Series 2010 A, Sr. Lien Working Capital RB			5.00	%			10/01/25				250				254,902
															510,812
TOTAL INVESTMENTS(j)—108.91% (Cost $52,705,125)															53,924,296

See accompanying notes which are an integral part of this schedule.

Invesco Insured California Municipal Securities

		Value
Floating Rate Note Obligations—(8.07)%
Notes with interest rates ranging from 0.11% to 0.24% at 11/30/11 and contractual maturities of collateral ranging from 04/01/26 to 05/15/34. (See Note 1D) (k)		$	(3,995,000	)
OTHER ASSETS LESS LIABILITIES—(0.84)%			(416,454	)
NET ASSETS—100.00%		$	49,512,842

Investment Abbreviations:
AGC		— Assured Guaranty Corp.
AGM		— Assured Guaranty Municipal Corp.
AMBAC		— American Municipal Bond Assurance Corp.
BAN		— Bond Anticipation Notes
CAB		— Capital Appreciation Bonds
COP		— Certificates of Participation
FGIC		— Financial Guaranty Insurance Co.
GO		— General Obligation
INS		— Insurer
LOC		— Letter of Credit
NATL		— National Public Finance Guarantee Corp.
RB		— Revenue Bonds
Ref.		— Refunding
Sr.		— Senior
Sub.		— Subordinated
VRD		— Variable Rate Demand

Entities		Percentage
Assured Guaranty Municipal Corp.			35.1	%
National Public Finance Guarantee Corp.			20.7
American Municipal Bond Assurance Corp.			7.8
Assured Guaranty Corp.			6.2

See accompanying notes which are an integral part of this schedule.

Invesco Insured California Municipal Securities

November 30, 2011
(Unaudited)

NOTE 1 — Significant Accounting Policies

A.

Security Valuations — Securities, including restricted securities, are valued according to the following policy.

     Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments.

     Securities for which market quotations either are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

     Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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.

     The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

     Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.

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 issuer’s 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.

Invesco Insured California Municipal Securities

D.		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 Trust’s 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 Trust’s 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.

E.

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.

     Since, many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Trust’s investments in municipal securities.

          There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

Invesco Insured California Municipal Securities

NOTE 2 — Additional Valuation Information

Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

	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 Trust’s 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.

     The following is a summary of the tiered valuation input levels, as of November 30, 2011. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

     During the nine months ended November 30, 2011, there were no significant transfers between investment levels.

		Level 1				Level 2				Level 3				Total
Municipal Obligations		$	—			$	53,924,296			$	—			$	53,924,296

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the nine months ended November 30, 2011 was $9,360,434 and $8,364,760, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities		$	2,180,781
Aggregate unrealized (depreciation) of investment securities			(930,328	)
Net unrealized appreciation of investment securities		$	1,250,453
Cost of investments for tax purposes is $52,673,843.

Invesco Insured California Municipal Securities

Item 2. Controls and Procedures.

	(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 Registrant’s 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 Registrant’s officers, including the PEO and PFO, concluded that, as of December 15, 2011, the Registrant’s 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 Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.

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.

Registrant:     Invesco California Municipal Securities

By:		/s/ Philip A. Taylor   Philip A. Taylor Principal Executive Officer
Date:		January 27, 2012

Pursuant to the requirements of the Securities and 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/ Philip A. Taylor   Philip A. Taylor Principal Executive Officer
Date:		January 27, 2012

By:		/s/ Sheri Morris   Sheri Morris Principal Financial Officer
Date:		January 27, 2012

EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.