-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QuaOsUzpocAWS2Wu6vKVSwBhV+O5OB4mVNfGnkF4HxLnthIVIYS2DvSFbpc0CoJQ alRm0ZDZRrPOR1JLfa0fOA== 0001056288-05-000026.txt : 20050126 0001056288-05-000026.hdr.sgml : 20050126 20050126130001 ACCESSION NUMBER: 0001056288-05-000026 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041130 FILED AS OF DATE: 20050126 DATE AS OF CHANGE: 20050126 EFFECTIVENESS DATE: 20050126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Federated Municipal High Yield Advantage Fund, Inc. CENTRAL INDEX KEY: 0000807607 IRS NUMBER: 251542736 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04533 FILM NUMBER: 05549328 BUSINESS ADDRESS: STREET 1: 5800 CORPORATE DRIVE CITY: PITTSBURGH STATE: PA ZIP: 15237-7000 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: 5800 CORPORATE DRIVE CITY: PITTSBURGH STATE: PA ZIP: 15237-7000 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED MUNICIPAL OPPORTUNITIES FUND INC DATE OF NAME CHANGE: 19960307 FORMER COMPANY: FORMER CONFORMED NAME: FORTRESS MUNICIPAL INCOME FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FORTRESS HIGH YIELD MUNICIPAL FUND INC DATE OF NAME CHANGE: 19900814 N-Q 1 fmhyafform.txt United States Securities and Exchange Commission Washington, D.C. 20549 Form N-Q Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies 811-4533 (Investment Company Act File Number) Federated Municipal High Yield Advantage Fund, Inc. --------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Federated Investors Funds 5800 Corporate Drive Pittsburgh, Pennsylvania 15237-7000 (412) 288-1900 (Registrant's Telephone Number) John W. McGonigle, Esquire Federated Investors Tower 1001 Liberty Avenue Pittsburgh, Pennsylvania 15222-3779 (Name and Address of Agent for Service) (Notices should be sent to the Agent for Service) Date of Fiscal Year End: 8/31/05 Date of Reporting Period: Quarter ended 11/30/04 Item 1. Schedule of Investments Federated Municipal High Yield Advantage Fund Inc Portfolio of Investments November 30, 2004 (unaudited)
Principal Credit Amount Rating 1 Value Municipal Bonds--91.1% $ Alaska--0.3% 1,440,000 Alaska Industrial Development and Export Authority, Power Revenue Bonds, 5.875% (Upper Lynn Canal Regional Power Supply System)/(Original Issue Yield: 6.00%), 1/1/2032 NR $ 1,210,176 Arizona--0.1% 500,000 Arizona Health Facilities Authority, Hospital System Revenue Bonds, 6.375% (John C. Lincoln Health Network), 12/1/2037 BBB / NR 529,100 Arkansas--0.5% 2,000,000 Arkansas Development Finance Authority, Hospital Revenue Bonds (Series 2000), 7.375% (Washington Regional Medical Center)/(Original BBB- / Issue Yield: 7.50%), 2/1/2029 Baa3 2,180,980 California--6.2% 3,000,000 2,3 California State, Economic Recovery Revenue Bonds (Series 929), 8.57% (California State Fiscal Recovery Fund), 7/1/2013 NR / Aa3 3,690,240 4,595,000 California State, UT GO Bonds, 5.00% (MBIA Insurance Corp. INS), 6/1/2012 AAA / Aaa 5,001,979 1,405,000 California State, UT GO Bonds, 5.00% (United States Treasury PRF), 6/1/2012 AAA / Aaa 1,556,937 4,250,000 California State, UT GO Bonds, 5.75% (Original Issue Yield: 5.75%), 5/1/2030 A / A3 4,537,895 1,330,000 2,3 California Statewide Communities Development Authority, MFH Revenue Bonds (Series 1999X), 6.65% (Magnolia City Lights Project), 7/1/2029 NR 1,318,336 1,000,000 2,3 California Statewide Communities Development Authority, Revenue Bonds, 6.625% (Tehiyah Day School), 11/1/2031 NR 1,022,760 4,000,000 Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Bonds (Series 2003A-3), 7.875%, 6/1/2042 BBB / Baa3 4,344,080 2,825,000 Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Revenue Bonds (Series 2003A-1), 6.75% (Original Issue Yield: 7.00%), 6/1/2039 BBB / Baa3 2,825,904 750,000 Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Revenue Bonds (Series 2003A-2), 7.90%, 6/1/2042 BBB / Baa3 815,722 1,000,000 Los Angeles, CA Regional Airport Improvement Corp., Facilities Sublease Refunding Revenue Bonds (Series 2002B), 7.50% (American Airlines, Inc.)/ (Original Issue Yield: 7.929%), 12/1/2024 B- / Caa2 972,320 1,000,000 Los Angeles, CA Regional Airport Improvement Corp., Lease Revenue Bonds, (Series C), 7.50% (American Airlines, Inc.)/(Original Issue Yield: 7.929%), 12/1/2024 B- / Caa2 972,320 350,000 San Bernardino County, CA, Housing Authority, Subordinated Revenue Bonds, 7.25% (Glen Aire Park & Pacific Palms), 4/15/2042 NR 324,509 1,000,000 Western Hills Water District, CA, Special Tax Revenue Bonds, 6.875% (Diablo Grande Community Facilities No. 1)/(Original Issue Yield: 6.954%), 9/1/2031 NR 1,025,420 Total 28,408,422 Colorado--4.8% 1,500,000 Aspen Grove, CO, Business Improvement District, LT GO Bonds (Series 2001), 7.625%, 12/1/2025 NR 1,567,425 1,500,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds (Series 2001), 7.625% (Peak to Peak Charter School Project)/(United States Treasury PRF)/(Original Issue Yield: 8.00%), 8/15/2031 AAA / Ba2 1,873,095 1,000,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds, 7.25% (Platte River Academy)/(United States Treasury PRF)/ (Original Issue Yield: 7.40%), 3/1/2022 NR / Ba2 1,154,210 500,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds, 7.25% (Platte River Academy)/(United States Treasury PRF)/ (Original Issue Yield: 7.50%), 3/1/2032 NR / Ba2 582,485 1,000,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds, 7.375% (Frontier Academy)/(Original Issue Yield: 7.50%), 6/1/2031 NR / Ba1 1,034,310 760,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds, 7.50% (Excel Academy)/(Original Issue Yield: 7.75%), 12/1/2033 NR 777,685 800,000 Colorado Educational & Cultural Facilities Authority, Revenue Refunding Bonds (Series A), 7.125% (Denver Academy)/(Original Issue Yield: 7.375%), 11/1/2028 BB+ / NR 802,648 670,000 Colorado HFA, SFM Revenue Bonds (Series 1997C-2), 6.875%, 11/1/2028 NR / Aa2 680,050 1,000,000 Conservatory Metropolitan District, CO, LT GO Bonds, 7.55%, 12/1/2032 NR 1,029,730 600,000 Deer Creek Metropolitan District, CO, UT GO Bonds, 7.625% (United States Treasury PRF), 12/1/2019 AAA / NR 740,580 5,000,000 2,3 Denver, CO, City & County Airport Authority, RITES (Series PA-1186), 12.0085% (AMBAC INS), 5/15/2008 NR 6,474,250 500,000 Denver, CO,Health & Hospital Authority, Healthcare Revenue Bonds (Series 2001A), 6.00% (Original Issue Yield: 6.05%), 12/1/2031 BBB / Baa3 517,450 1,000,000 Maher Ranch, CO, Metropolitan District No. 4, LT GO Bonds, 7.875%, 12/1/2033 NR 1,046,440 1,500,000 Southlands, CO, Metropolitan District No. 1, LT GO Bonds (Series 2004), 7.125% (Original Issue Yield: 7.18%), 12/1/2034 NR 1,490,805 2,000,000 Sterling Hills West Metropolitan District, LT GO Bonds (Series 2110B), 8.00%, 12/1/2021 NR 2,057,380 Total 21,828,543 Connecticut--0.3% 1,000,000 Connecticut Development Authority, Airport Facility Revenue Bonds, 7.95% (Bombardier, Inc.), 4/1/2026 NR / Ba2 1,170,370 District Of Columbia--3.2% 14,000,000 District of Columbia, Revenue Bonds, 5.625% (American University)/ (AMBAC INS)/(Original Issue Yield: 5.90%), 10/1/2026 AAA / Aaa 14,788,900 Florida--8.0% 2,000,000 Capital Projects Finance Authority, FL, Continuing Care Retirement Community Revenue Bonds, 8.00% (Glenridge on Palmer Ranch)/(Original Issue Yield: 8.125%), 6/1/2032 NR 2,085,020 6,000,000 2,3 Capital Trust Agency, FL, Revenue Bonds (Series 2001), 10.00% (Seminole Tribe of Florida Convention and Resort Hotel Facilities), 10/1/2033 NR 7,356,120 1,000,000 2,3 Capital Trust Agency, FL, Revenue Bonds (Series 2003A), 8.95% (Seminole Tribe of Florida Convention and Resort Hotel Facilities), 10/1/2033 NR 1,170,330 1,200,000 Fishhawk Community Development District II, Special Assessment Revenue Bonds (Series 2004B), 5.125% (Original Issue Yield: 5.20%), 11/1/2009 NR 1,216,440 5,375,000 2,3 Florida State Department of Environmental Protection, RITES (PA-967), 8.60164% (FSA INS), 7/1/2013 NR 6,336,587 1,500,000 Harbor Bay, FL Community Development District, Special Assessment Capital Improvement Revenue Bonds (Series 2001B), 6.35%, 5/1/2010 NR 1,522,860 1,000,000 Highlands County, FL Health Facilities Authority, Hospital Revenue Bonds (Series 2001A), 6.00% (Adventist Health System)/(Original Issue Yield: 6.026%), 11/15/2031 A / A2 1,072,230 1,000,000 Lakes by the Bay South Community Development District, FL, Special Assessment Revenue Bonds (Series 2004A), 6.25% (Original Issue Yield: 6.277%), 5/1/2034 NR 1,013,530 385,000 Lee County, FL, HFA, SFM Step Coupon Revenue Bonds, 6.85% (GNMA Collateralized Home Mortgage Program COL), 3/1/2029 NR / Aaa 387,934 2,000,000 Lee County, FL, IDA, Health Care Facilities Revenue Bond (Series A), 6.75% (Cypress Cove at Healthpark)/(Original Issue Yield: 6.98%), 10/1/2032 NR 2,041,180 955,000 Mediterra North Community Development District, FL, Capital Improvement Revenue Bonds (Series A), 6.80%, 5/1/2031 NR 1,012,749 1,000,000 Miami Beach, FL, Health Facilities Authority, Hospital Revenue Bonds (Series 2001A), 6.70% (Mt. Sinai Medical Center, FL)/(Original Issue Yield: 6.80%), 11/15/2019 BB / Ba2 1,046,450 700,000 2,3 Miami Beach, FL, Health Facilities Authority, Refunding Revenue Bonds, 6.75% (Mt. Sinai Medical Center, FL)/(Original Issue Yield: 7.05%), 11/15/2029 BB / Ba2 737,408 500,000 Miami, FL, Health Facilities Authority, Health System Revenue Bonds (Series 2003C), 5.125% (Catholic Health East)/(Original Issue Yield: 5.30%), 11/15/2024 A / A2 505,030 1,000,000 Midtown Miami, FL, Community Development District, Special Assessment Bonds (Series 2004A), 6.25% (Original Issue Yield: 6.30%), 5/1/2037 NR 1,032,320 1,460,000 2 Orange County, FL, HFA, MFH Revenue Bonds (Series 1999B), 6.50% (Palm West Apartments Project), 3/1/2034 NR 1,162,802 990,000 Orlando, FL Urban Community Development District, Capital Improvement Revenue Bonds (Series 2001A), 6.95% (Original Issue Yield: 7.00%), 5/1/2033 NR 1,048,925 600,000 Orlando, FL, Urban Community Development District, Capital Improvement Revenue Bonds, 6.25%, 5/1/2034 NR 615,432 1,000,000 Reunion East Community Development District, FL, Special Assessment Bonds (Series 2002A), 7.375%, 5/1/2033 NR 1,070,090 1,200,000 South Lake County, FL, Hospital District, Revenue Bonds, 6.625% (South Lake Hospital, Inc.), 10/1/2023 NR / Baa3 1,263,084 2,000,000 St. Johns County, FL, IDA, Health Care Revenue Bonds (Series 1999), 8.00% (Glenmoor at St. Johns Project)/(Original Issue Yield: 8.10%), 1/1/2030 NR 2,087,400 790,000 Verandah West, FL Community Development District, Capital Improvement Revenue Bonds (Series 2003A), 6.625% (Original Issue Yield: 6.75%), 5/1/2033 NR 823,646 Total 36,607,567 Georgia--1.5% 2,000,000 Atlanta, GA, Tax Allocation Bonds (Series 2001), 7.75% (Atlantic Station Project)/(Original Issue Yield: 7.90%), 12/1/2014 NR 2,191,160 1,985,000 Augusta, GA ,HFA, MFH Refunding Revenue Bonds, 6.55% (Forest Brook Apartments), 12/1/2030 NR 1,939,980 1,640,000 Forsyth County, GA, Hospital Authority, Revenue Anticipation Certificates (Series 1998), 6.375% (Georgia Baptist Health Care System)/(Escrowed In Treasuries COL)/(Original Issue Yield: 6.45%), 10/1/2028 AAA / NR 2,060,037 750,000 Fulton County, GA, Residential Care Facilties, Revenue Bonds (Series 2004A), 6.00% (Canterbury Court), 2/15/2022 NR 753,735 Total 6,944,912 Hawaii--0.6% 1,000,000 Hawaii State Department of Budget & Finance, Special Purpose Revenue Bonds (Series A), 7.00% (Kahala Nui)/(Original Issue Yield: 7.00%), 11/15/2012 NR 1,040,210 1,000,000 Hawaii State Department of Budget & Finance, Special Purpose Revenue Bonds (Series A), 8.00% (Kahala Nui)/(Original Issue Yield: 8.175%), 11/15/2033 NR 1,062,060 470,000 Hawaii State Department of Transportation, Special Facility Refunding Revenue Bonds (Series 2000), 7.00% (Continental Airlines, Inc.)/(Original Issue Yield: 7.20%), 6/1/2020 B / Caa2 401,446 Total 2,503,716 Idaho--0.5% 2,000,000 Idaho Health Facilities Authority, Refunding Revenue Bonds (Series 1999A), 7.875% (Valley Vista Care Corp. Obligated Group)/(Original Issue Yield: 8.10%), 11/15/2029 NR 1,951,980 320,000 Idaho Housing Agency, SFM Revenue Bonds (Series F-2), 7.80% (FHA GTD), 1/1/2023 AA / NR 320,589 Total 2,272,569 Illinois--0.0% 115,000 Chicago, IL SFM, Collateralized SFM Revenue Bonds (Series A), 7.25% (GNMA COL), 9/1/2028 NR / Aaa 116,195 Indiana--1.9% 1,000,000 Goshen, IN, Revenue Bonds (Series 1998), 5.75% (Greencroft Obligated Group)/(Original Issue Yield: 5.87%), 8/15/2028 NR 964,820 3,000,000 Indiana Health Facility Financing Authority, Hospital Revenue Bonds (Series 2001A), 6.375% (Community Foundation of Northwest Indiana)/(Original Issue Yield: 6.68%), 8/1/2031 BBB- / NR 3,072,660 2,000,000 Indiana Health Facility Financing Authority, Revenue Refunding Bonds (Series 1998), 5.625% (Greenwood Village South Project)/(Original Issue Yield: 5.802%), 5/15/2028 NR 1,756,600 2,000,000 Indianapolis, IN Airport Authority, Special Facilities Revenue Refunding Bonds (Series 2004A), 5.10% (FedEx Corp.), 1/15/2017 BBB / Baa2 2,077,500 1,000,000 South Bend, IN, Economic Development Revenue Bonds (Series 1999A), 6.25% (Southfield Village)/(Original Issue Yield: 6.375%), 11/15/2029 NR 916,660 Total 8,788,240 Iowa--0.4% 1,785,000 Wapello County, IA, Revenue Bonds, 6.25% (Ottumwa Regional Health Center)/(Original Issue Yield: 6.40%), 10/1/2022 BBB / NR 1,885,995 Kansas--0.8% 50,000 Manhattan, KS IDRB, Industrial Revenue Bonds (Series 1999), 6.25% (Farrar Corporation Project), 8/1/2006 NR 49,572 1,625,000 Manhattan, KS IDRB, Industrial Revenue Bonds (Series 1999), 7.00% (Farrar Corporation Project), 8/1/2014 NR 1,590,388 1,000,000 Olathe, KS, Senior Living Facility Revenue Bonds (Series 2000A), 8.00% (Aberdeen Village, Inc.)/(Original Issue Yield: 8.25%), 5/15/2030 NR 1,087,840 685,000 Sedgwick & Shawnee Counties, KS, SFM Revenue Bonds (Series 1997A-1), 6.95% (GNMA Collateralized Home Mortgage Program COL), 6/1/2029 NR / Aaa 697,912 Total 3,425,712 Kentucky--1.3% 2,500,000 Kenton County, KY Airport Board, Special Facilities Revenue Bonds (Series A), 7.50% (Delta Air Lines, Inc.)/(Original Issue Yield: 7.60%), 2/1/2020 CC / Ca 2,020,875 2,000,000 Kentucky Economic Development Finance Authority, Hospital System Refunding Revenue Bonds, 5.875% (Appalachian Regional Health Center)/(Original Issue Yield: 5.92%), 10/1/2022 BB- / NR 1,877,560 2,000,000 Kentucky Economic Development Finance Authority, Revenue Bonds (Series 2000A), 6.625% (Norton Healthcare, Inc.)/(Original Issue Yield: 6.97%), 10/1/2028 NR 2,143,700 Total 6,042,135 Louisiana--4.0% 1,000,000 De Soto Parish, LA Environmental Improvement Authority, Revenue Bonds, (Series A), 5.00% (International Paper Co.), 11/1/2018 BBB / Baa2 991,060 2,000,000 Louisiana Local Government Environmental Facilities Community Development Authority, Housing Bond Anticipation Notes, 6.25% (Kingston Point), 7/1/2005 NR 1,999,900 1,980,000 2,3 Louisiana Public Facilities Authority Hospital Revenue, Revenue Bonds, 8.625% (Lake Charles Memorial Hospital)/(Original Issue Yield: 8.75%), 12/1/2030 NR 1,602,256 5,645,000 St. Charles Parish, LA, PCR Bonds, 7.50% (Entergy Louisiana, Inc.)/(Original Issue Yield: 7.542%), 6/1/2021 A- / Baa1 5,774,835 3,650,000 St. Charles Parish, LA, Solid Waste Disposal Revenue Bonds (Series A), 7.00% (Entergy Louisiana, Inc.)/(Original Issue Yield: 7.04%), 12/1/2022 A- / Baa1 3,664,928 2,000,000 St. James Parish, LA, Solid Waste Disposal Revenue Bonds, 7.70% (IMC Phosphates Co.)/(Original Issue Yield: 7.75%), 10/1/2022 NR 2,003,220 2,000,000 West Feliciana Parish, LA, PCR Refunding Bonds (Series 1999B), 6.60% (Entergy Gulf States, Inc.), 9/1/2028 BB+ / Ba1 2,036,260 Total 18,072,459 Maine--0.5% 1,000,000 Maine Health & Higher Educational Facilities Authority, Health Facilities Revenue Bond, (Series A), 7.50% (Piper Shores)/(United States Treasury PRF), 1/1/2019 NR 1,162,400 1,000,000 Maine Health & Higher Educational Facilities Authority, Health Facilities Revenue Bonds, (Series A), 7.55% (Piper Shores)/(United States Treasury PRF), 1/1/2029 NR 1,164,300 Total 2,326,700 Maryland--0.5% 2,000,000 Maryland State Economic Development Corp., Senior Lien Revenue Bonds (Series 1999B), 7.75% (Chesapeake Bay Conference Center Project), 12/1/2031 NR 2,080,420 Massachusetts--3.0% 2,000,000 Massachusetts HEFA, Revenue Bonds (Series 2004A), 6.375% (Northern Berkshire Health System )/(Original Issue Yield: 6.60%), 7/1/2034 BB / NR 1,957,680 2,000,000 Massachusetts HEFA, Revenue Bonds (Series 1999A), 5.75% (Caritas Christi Obligated Group)/(Original Issue Yield: 5.80%), 7/1/2028 BBB / Baa3 2,004,960 2,000,000 Massachusetts HEFA, Revenue Bonds (Series 2002B), 9.20% (Civic Investments), 12/15/2031 NR 2,303,360 1,000,000 Massachusetts HEFA, Revenue Bonds (Series 2003E), 6.75% (Jordan Hospital )/(Original Issue Yield: 7.00%), 10/1/2033 BBB- / NR 1,050,400 1,305,000 2,3 Massachusetts Water Resources Authority, RITES (PA-999-R-A), 9.09825%, 8/1/2014 NR 1,623,250 500,000 2,3 Massachusetts Water Resources Authority, RITES (PA 999-R-B), 9.09825%, 8/1/2015 NR 613,875 1,715,000 2,3 Massachusetts Water Resources Authority, RITES (Series 999-R-C), 9.09825%, 8/1/2019 NR 2,065,083 1,805,000 2,3 Massachusetts Water Resources Authority, RITES (Series 999-R-D), 9.09825%, 8/1/2020 NR 2,173,473 Total 13,792,081 Michigan--0.4% 1,000,000 Delta County, MI Economic Development Corp., Environmental Improvement Refunding Revenue Bonds (Series 2002B), 6.45% (MeadWestvaco Corp.), 4/15/2023 BBB / Baa2 1,055,330 550,000 Gaylord, MI Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2004), 6.50% (Otsego Memorial Hospital Obligated Group)/(Original Issue Yield: 6.70%), 1/1/2037 NR 534,743 Total 1,590,073 Minnesota--4.4% 4,000,000 Becker, MN, PCR Bonds (Series 2000-A), 8.50% (Northern States Power Co., MN), 4/1/2030 A- / A2 4,627,320 5,000 Dakota County, MN Housing & Redevelopment Authority, SFM Revenue Bonds, 7.20% (GNMA GTD), 12/1/2009 AAA / NR 5,022 3,000,000 Duluth, MN, EDA, Health Care Facilities Revenue Bonds (Series 2004), 5.25% (Benedictine Health System-St. Mary's Duluth Clinic Health System Obligated Group), 2/15/2028 A- / NR 3,015,840 2,000,000 Minneapolis, MN, Health Care System, Revenue Bonds (Series 2002A), 5.75% (Allina Health System, MN), 11/15/2014 NR / A3 2,179,600 500,000 Ramsey, MN, Lease Revenue Bonds (Series 2004A), 6.75% (Pact Charter School), 12/1/2033 NR 505,375 5,280,000 St. Paul, MN, Housing & Redevelopment Authority, Hospital Revenue Refunding Bonds (Series A), 6.625% (Healtheast, MN)/(Original Issue Yield: 6.687%), 11/1/2017 BB / Ba2 5,326,939 1,000,000 St. Paul, MN, Housing & Redevelopment Authority, Refunding Revenue Bonds (Series 2003A), 7.00% (Achieve Language Academy ), 12/1/2032 NR 1,025,800 2,000,000 St. Paul, MN, Housing & Redevelopment Authority, Revenue Bonds (Series 2002B), 7.00% (Upper Landing Project)/(Original Issue Yield: 7.05%), 3/1/2029 NR 1,984,720 1,500,000 St. Paul, MN, Port Authority, Hotel Facility Revenue Bonds (Series 2), 7.375% (Radisson Kellogg Project)/(Original Issue Yield: 7.50%), 8/1/2029 NR 1,563,765 Total 20,234,381 Mississippi--0.6% 2,500,000 Mississippi Business Finance Corp., PCR Bonds, 5.875% (System Energy Resources, Inc.)/(Original Issue Yield: 5.934%), 4/1/2022 BBB / Ba1 2,505,925 Missouri--0.8% 2,445,000 2 Kansas City, MO, IDA, MFH Revenue Bonds, 6.90% (Woodbridge Apartments Project), 8/1/2030 NR 2,245,464 1,000,000 St. Joseph, MO, IDA, Healthcare Revenue Bonds, 7.00% (Living Community St. Joseph Project), 8/15/2032 NR 1,043,790 500,000 West Plains, MO, IDA, Hospital Revenue Bonds, 6.75% (Ozarks Medical Center)/(Original Issue Yield: 6.78%), 11/15/2024 BB+ / NR 514,485 Total 3,803,739 Multi State--2.1% 9,015,000 2,3 Merrill Lynch Puttable FLOATs/RITES Trust, Tax Exempt Receipts (Series PPT-33), 11.991%, 1/1/2032 NR 9,773,161 Nevada--1.0% 1,000,000 Clark County, NV, Improvement District, Limited Obligation Improvement Bonds (Series 2003), 6.375% (Special Improvement District No. 142 (Mountain's Edge))/(Original Issue Yield: 6.40%), 8/1/2023 NR 1,030,400 985,000 Clark County, NV, Improvement District, Local Improvement Bonds (Series 2001), 6.875% (Special Improvement District No. 132 (Summerlin South Area))/(Original Issue Yield: 6.92%), 2/1/2021 NR 1,015,565 1,800,000 Director of the State of Nevada Department of Business and Industry, 2nd Tier Revenue Bonds (Series 2000), 7.375% (Las Vegas Monorail Project)/ (Original Issue Yield: 7.75%), 1/1/2040 NR 1,835,442 500,000 Las Vegas, NV, Special Improvement District No. 607, Local Improvement Special Assessment Bonds (Series 2004), 6.00%, 6/1/2019 NR 515,855 Total 4,397,262 New Jersey--4.5% 4,465,000 2,3 New Jersey EDA, RITES (PA-1203), 8.5918% (FGIC INS), 6/15/2011 NR 5,319,914 2,000,000 New Jersey EDA, Retirement Community Revenue Bonds (Series 2001A), 7.25% (Cedar Crest Village, Inc.)/(Original Issue Yield: 7.625%), 11/15/2031 NR 2,043,460 1,250,000 New Jersey EDA, Retirement Community Revenue Bonds (Series A), 8.25% (Seabrook Village)/(Original Issue Yield: 8.50%), 11/15/2030 NR 1,348,775 1,550,000 New Jersey EDA, Revenue Bonds (Series 1997A), 5.875% (Host Marriott Corp.), 12/1/2027 NR 1,417,956 3,000,000 New Jersey EDA, Revenue Bonds, (Series 2004), 5.50% (NJ Dedicated Cigarette Excise Tax), 6/15/2016 BBB / Baa2 3,210,480 1,000,000 New Jersey EDA, Revenue Bonds, (Series 2004), 5.75% (NJ Dedicated Cigarette Excise Tax)/(Original Issue Yield: 5.93%), 6/15/2034 BBB / Baa2 1,021,540 1,000,000 New Jersey EDA, Special Facilities Revenue Bonds (Series 2000), 7.20% (Continental Airlines, Inc.)/(Original Issue Yield: 7.25%), 11/15/2030 B / Caa2 838,890 400,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, 6.50% (Pascack Valley Hospital Association)/(Original Issue Yield: 6.72%), 7/1/2023 B+ / NR 381,744 2,000,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, 6.625% (Palisades Medical Center)/(Original Issue Yield: BBB- / 6.67%), 7/1/2031 Baa3 2,142,800 3,000,000 Tobacco Settlement Financing Corp., NJ, Revenue Bonds, 6.75% (Original Issue Yield: 7.05%), 6/1/2039 BBB / Baa3 2,997,990 Total 20,723,549 New Mexico--1.9% 850,000 Bernalillo County, NM Multifamily, Refunding Housing Revenue Bonds (Series 2001C), 7.50% (Valencia Retirement)/(SunAmerica, Inc. GTD), 12/1/2021 NR 884,238 2,535,000 Dona Ana County, NM, MFH Revenue Bonds (Series 2001A), 7.00% (Montana Meadows Apartments), 12/1/2030 NR 2,442,675 2,000,000 Farmington, NM, PCR Refunding Bonds (Series 1997), 6.375% (Public Service Co., NM), 4/1/2022 BBB / Baa2 2,129,460 2,000,000 Farmington, NM, Refunding Revenue Bonds (Series 2002A), 6.375% TOBs (El Paso Electric Co.), Mandatory BBB- / Tender 8/1/2005 Baa3 2,041,080 1,000,000 2,3 Sandoval County, NM, Revenue Bonds, 7.75% (Santa Ana Pueblo Project), 7/1/2015 NR 1,027,220 Total 8,524,673 New York--7.2% 2,500,000 Brookhaven, NY, IDA, Senior Residential Housing Revenue Bonds, 6.25% (Woodcrest Estates), 12/1/2023 NR 2,476,700 115,000 Dutchess County, NY, IDA, Civic Facility Revenue Bonds (Series 2004B), 7.50% (St. Francis Hospital and Health Centers), 3/1/2029 NR 113,576 1,000,000 Dutchess County, NY, IDA, Refunding Revenue Bonds (Series 2004A), 7.50% (St. Francis Hospital and Health Centers), 3/1/2029 NR 987,620 5,000,000 2,3 Metropolitan Transportation Authority, NY, RITES (PA-1042R), 9.08197% (MBIA Insurance Corp. INS), 1/1/2010 NR 6,037,400 570,000 Nassau County, NY, IDA, Civic Facility Refunding Revenue Bonds (Series 2001B) , 5.875% (North Shore-Long Island Jewish Obligated Group)/(Original Issue Yield: 5.92%), 11/1/2011 NR / A3 625,073 1,500,000 New York City, NY, IDA, Special Facility Revenue Bonds (Series 2002), 7.625% (British Airways)/(Original Issue Yield: 7.976%), 12/1/2032 BB+ / Ba2 1,491,750 2,000,000 New York City, NY, GO Bonds (Series 2002B), 5.375% (Original Issue Yield: 5.48%), 12/1/2020 A / A2 2,118,280 2,800,000 2,3 New York City, NY, RITES (PA-1075), 11.15615%, 6/1/2018 A / NR 3,392,760 5,000,000 New York City, NY, UT GO Bonds (Fiscal 2004 Series A), 5.50%, 8/1/2022 A / A2 5,394,400 1,000,000 New York City, NY, UT GO Bonds (Series 2004I), 5.00%, 8/1/2022 A / A2 1,030,480 1,500,000 New York State Dormitory Authority, Revenue Bonds (Series 2000C), 6.00% (Mt. Sinai NYU Health Obligated Group), 7/1/2026 BB / Ba1 1,502,730 5,250,000 2,3 Tobacco Settlement Financing Corp., NY, RITES (PA-1230), 8.67082% (New York State), 6/1/2016 AA- / NR 6,285,773 1,500,000 Triborough Bridge & Tunnel Authority, NY, General Purpose Revenue Refunding Bonds (Series 2002B), 5.00%, 11/15/2022 AA- / Aa3 1,561,380 Total 33,017,922 North Carolina--0.8% 500,000 North Carolina Medical Care Commission, Health Care Facilities First Mortgage Revenue Bonds, 6.375% (Arbor Acres Community)/(Original Issue Yield: 6.55%), 3/1/2032 NR 515,385 1,940,000 North Carolina Medical Care Commission, Health Care Facilities First Mortgage Revenue Bonds, 7.625% (Depaul Community Facilities)/(Original Issue Yield: 7.625%), 11/1/2029 NR 1,999,228 1,200,000 North Carolina Medical Care Commission, Health Care Housing Revenue Bonds (Series 2004A), 5.80% (Arc of North Carolina Projects), 10/1/2034 NR / Baa1 1,189,464 Total 3,704,077 Ohio--2.3% 1,500,000 Cleveland-Cuyahoga County, OH, Port Authority, Special Assessment Tax-Increment Revenue Bonds, 7.35% (University Heights, OH Public Parking Garage), 12/1/2031 NR 1,584,300 500,000 Franklin County, OH, Health Care Facilities, Revenue Bonds (Series 2001A), 7.125% (Ohio Presbyterian Retirement Services)/(Original Issue Yield: 7.35%), 7/1/2029 BBB / NR 543,840 2,500,000 2,3 Lorain County, OH, RITES (PA-894R-A), 9.33197% (Catholic Healthcare Partners), 10/1/2012 NR 3,027,550 2,500,000 2,3 Lorain County, OH, RITES (PA-894R-B), 9.33197% (Catholic Healthcare Partners), 10/1/2013 NR 2,988,175 1,500,000 Ohio State Air Quality Development Authority, PCR Refunding Revenue Bonds (Series 1997A), 6.10% (Cleveland Electric Illuminating BBB- / Co.), 8/1/2020 Baa2 1,512,615 450,000 2,3 Port of Greater Cincinnati, OH, Development Authority, Special Assessment Revenue Bonds, 6.40% (Cincinnati Mills), 2/15/2034 NR 454,640 375,000 Toledo-Lucas County, OH, Port Authority, Revenue Bonds (Series 2004C), 6.375% (Northwest Ohio Bond Fund), 11/15/2032 NR 388,256 Total 10,499,376 Oklahoma--1.0% 4,585,000 Jackson County, OK, Hospital Authority, Hospital Revenue Refunding Bonds, 7.30% (Jackson County Memorial Hospital, OK)/(Original Issue Yield: 7.40%), 8/1/2015 BB / NR 4,646,622 Oregon--1.5% 2,960,000 2,3 Multnomah County, OR ,Hospital Facilities Authority, RITES (PA-1267A), 8.5623% (Providence Health System), 4/1/2012 NR 3,397,074 2,040,000 2,3 Multnomah County, OR, Hospital Facilities Authority, RITES (PA-1267B), 9.0623% (Providence Health System), 4/1/2012 NR 2,415,380 1,000,000 Yamhill County, OR, Hospital Authority, Revenue Bonds, 7.00% (Friendsview Retirement Community)/(Original Issue Yield: 7.125%), 12/1/2034 NR 994,530 Total 6,806,984 Pennsylvania--6.1% 1,330,000 Allegheny County, PA, HDA, Health Care Facilities Revenue Bonds (Series 1998), 5.875% (Villa St. Joseph of Baden, Inc.)/(Original Issue Yield: 6.02%), 8/15/2018 NR 1,265,588 4,500,000 Allegheny County, PA, HDA, Health System Revenue Bonds (Series 2000B), 9.25% (West Penn Allegheny Health System)/(Original Issue Yield: 9.70%), 11/15/2030 B / B1 5,215,455 620,000 Allegheny County, PA, HDA, Revenue Bonds, (Series A), 8.75% (Covenant at South Hills)/(Original Issue Yield: 8.80%), 2/1/2031 NR 467,468 2,000,000 2,3 Allegheny County, PA, IDA, Cargo Facilities Lease Revenue Bonds (Series 1999), 6.625% (AFCO Cargo PIT LLC Project)/(Original Issue Yield: 6.75%), 9/1/2024 NR 1,856,680 1,400,000 Allegheny County, PA, IDA, Lease Revenue Bonds (Series 2001), 6.60% (Residential Resources Inc. Project)/(Original Issue Yield: 6.75%), 9/1/2031 NR 1,468,852 1,000,000 Bucks County, PA, IDA, First Mortgage Health Care Facilities Revenue Bonds (Series 1999), 6.30% (Chandler Hall Health Services Obligated Group)/(Original Issue Yield: 6.40%), 5/1/2029 NR 932,790 1,500,000 Chartiers Valley, PA, Industrial & Commercial Development Authority, First Mortgage Revenue Refunding Bonds (Series 1999), 6.375% (Asbury Health Center)/(Original Issue Yield: 6.52%), 12/1/2024 NR 1,500,495 2,000,000 Commonwealth of Pennsylvania, UT GO Bonds (Second Series 2001), 5.00%, 9/15/2018 AA / Aa2 2,121,440 2,000,000 Cumberland County, PA, Municipal Authority, Retirement Community Revenue Bonds (Series 2002A), 7.25% (Wesley Affiliated Services, Inc. Obligated Group)/(Original Issue Yield: 7.50%), 1/1/2035 NR 2,079,440 1,000,000 Lancaster, PA, IDA, Revenue Bonds (Series 2000A), 7.625% (Garden Spot Villiage Project)/(Original Issue Yield: 7.84%), 5/1/2031 NR 1,047,490 1,000,000 Lawrence County, PA IDA, Senior Health and Housing Facilities Revenue Bonds, 7.50% (Shenango Presbyterian SeniorCare Obligated Group)/(Original Issue Yield: 7.75%), 11/15/2031 NR 1,000,210 2,000,000 Montgomery County, PA, Higher Education & Health Authority Hospital, Revenue Bonds, 7.375% (Philadelphia Geriatric Center)/(Original Issue Yield: 7.50%), 12/1/2030 NR 2,104,200 500,000 Pennsylvania EDFA, Exempt Facilities Revenue Bonds (Series 1997B), 6.125% (National Gypsum Co.), 11/1/2027 NR 516,735 2,000,000 Pennsylvania EDFA, Exempt Facilities Revenue Bonds, 6.25% (National Gypsum Co.), 11/1/2027 NR 2,084,040 1,500,000 Pennsylvania EDFA, Resource Recovery Revenue Bonds (Series A), 6.40% (Northampton Generating), 1/1/2009 BBB- / NR 1,526,220 960,000 4 Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 1996), 7.15% (Thiel College)/(United States Treasury PRF), 5/15/2015 NR 1,043,280 1,500,000 Scranton, PA, UT GO Bonds (Series 2001C), 7.10% (United States Treasury PRF)/(Original Issue Yield: 7.35%), 9/1/2031 NR 1,811,625 Total 28,042,008 Puerto Rico--0.6% 1,000,000 2,3 Puerto Rico Highway and Transportation Authority, RITES (Series PA 331A), 9.0623% (AMBAC INS), 1/1/2010 NR 1,288,790 1,000,000 2,3 Puerto Rico Highway and Transportation Authority, RITES (Series PA 331B), 9.0623% (AMBAC INS), 1/1/2011 NR 1,297,820 Total 2,586,610 Rhode Island--0.2% 1,000,000 Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Bonds (Series 2002), 6.50% (Lifespan Obligated Group)/(Original Issue Yield: 6.70%), 8/15/2032 BBB / Baa2 1,061,780 South Carolina--1.4% 6,000,000 Connector 2000 Association, Inc., SC, Capital Appreciation Senior Revenue Bonds (Series 1998B) (Original Issue Yield: 5.80%), 1/1/2025 B- / NR 1,005,840 15,550,000 Connector 2000 Association, Inc., SC, Toll Road Capital Appreciation Revenue Bonds (Series 1998A) (Original Issue Yield: 5.85%), 1/1/2034 B- / NR 1,190,819 1,500,000 South Carolina Jobs-EDA, First Mortgage Health Facilities Revenue Refunding Bonds (Series 1998), 5.70% (The Lutheran Homes of South Carolina, Inc.)/(Original Issue Yield: 5.80%), 5/1/2026 NR 1,288,095 1,500,000 South Carolina Jobs-EDA, Hospital Facilities Improvement Revenue Bonds, (Series 2000A), 7.375% (Palmetto Health Alliance)/(United States Treasury PRF)/(Original Issue Yield: 7.55%), 12/15/2021 BBB / Baa2 1,845,300 1,000,000 Tobacco Settlement Revenue Management Authority, SC, Tobacco Settlement Asset-Backed Bonds (Series 2001B), 6.375% (Original Issue Yield: 6.532%), 5/15/2028 BBB / Baa3 962,930 Total 6,292,984 South Dakota--0.4% 2,000,000 Minnehaha County, SD, Health Facilities, Revenue Bonds (Series 2002A), 7.00% (Bethany Lutheran Home)/(Original Issue Yield: 7.198%), 12/1/2035 NR 1,958,400 Tennessee--3.2% 3,000,000 Elizabethton, TN, Health & Educational Facilities Board, First Mortgage Hospital Revenue Refunding & Improvement Bonds (Series 2000B), 8.00% (Mountain States Health Alliance), 7/1/2033 NR / Baa2 3,553,620 1,000,000 Johnson City, TN, Health & Education Facilities Board, Retirement Facility Revenue Bonds (Series 2004A), 6.25% (Appalachian Christian Village)/ (Original Issue Yield: 6.43%), 2/15/2032 NR 985,730 1,000,000 Knox County, TN, Health Education & Housing Facilities Board, Revenue Bonds, 6.375% (Baptist Health System of East Tennessee)/(Original Issue Yield: 6.50%), 4/15/2022 NR / Baa3 1,006,800 2,300,000 Springfield, TN, Health & Educational Facilities Board, Hospital Revenue Bonds, 8.25% (NorthCrest Medical Center)/(United States Treasury PRF)/ (Original Issue Yield: 8.50%), 4/1/2012 NR / #Aaa 2,471,810 5,000,000 Springfield, TN, Health & Educational Facilities Board, Hospital Revenue Bonds, 8.50% (NorthCrest Medical Center)/(United States Treasury PRF)/ (Original Issue Yield: 8.875%), 4/1/2024 NR / #Aaa 5,506,200 1,000,000 Sullivan County, TN, Health Educational & Housing Facilities Board, Hospital Revenue Bonds, 6.25% (Wellmont Health System)/(Original Issue Yield: 6.45%), 9/1/2022 BBB+ / NR 1,050,380 Total 14,574,540 Texas--6.5% 2,000,000 ABIA Development Corp., TX, Airport Facilities Revenue Bonds (Series 1999), 7.25% (Aero Austin LP)/(Original Issue Yield: 7.50%), 1/1/2025 NR 1,932,280 800,000 Abilene, TX, Health Facilities Development Corp., Retirement Facilities Revenue Bonds (Series 2003A), 7.00% (Sears Methodist Retirement )/(Original Issue Yield: 7.25%), 11/15/2033 NR 824,816 1,000,000 Austin, TX, Convention Center Enterprises, Inc., First Tier Hotel Revenue Bonds (Series 2001A), 6.70% (Original Issue Yield: 6.75%), BBB- / 1/1/2032 Baa3 1,056,110 1,000,000 Brazos River Authority, TX, PCR Refunding Bonds (Series 2003A), 6.75% TOBs (TXU Energy), Mandatory Tender 4/1/2013 BBB / Baa2 1,146,280 715,000 Brazos River Authority, TX, PCR Refunding Bonds (Series 2003C), 6.75% (TXU Energy)/(Original Issue Yield: 6.77%), 10/1/2038 BBB / Baa2 775,232 1,000,000 Brazos River Authority, TX, PCR Refunding Bonds, 7.70% (TXU Energy), 4/1/2033 BBB / Baa2 1,182,360 2,380,000 Brazos River Authority, TX, Refunding PCR Bonds (Series 2001C), 5.75% TOBs (TXU Energy), Mandatory Tender 11/1/2011 BBB / Baa2 2,573,327 1,000,000 Brazos River Authority, TX, Revenue Refunding Bonds (Series 1999C), 7.75% (Centerpoint Energy Houston Electric), 12/1/2018 BBB- / Ba2 1,097,210 2,000,000 Dallas-Fort Worth, TX, International Airport Facility Improvement Corp., Revenue Bonds, 7.625% (Delta Air Lines, Inc.)/(Original Issue Yield: 7.65%), 11/1/2021 CC / Ca 900,000 4,000,000 Decatur, TX, Hospital Authority, Hospital Revenue Bonds (Series 2004A), 7.125% (Wise Regional Health System), 9/1/2034 NR 4,054,320 1,500,000 El Paso, TX, HFDC, Senior Care Facilities Revenue Bonds, 7.75% (Bienvivir Senior Health Services), 8/15/2031 NR 1,619,955 500,000 Gulf Coast, TX, Waste Disposal Authority, Waste Disposal Revenue Bonds (Series 2001), 6.65% (Valero Energy Corp.), 4/1/2032 BBB / Baa3 530,410 1,000,000 Houston, TX, Airport System, Special Facilities Revenue Bonds (Series 2001), 7.00% (Continental Airlines, Inc.), 7/1/2029 B- / Caa2 834,240 1,000,000 Houston, TX, HFDC, Retirement Facilities Revenue Bonds (Series 2004A), 7.125% (Buckingham Senior Living Community)/(Original Issue Yield: 7.20%), 2/15/2034 NR 1,048,920 1,000,000 Mesquite, TX, Health Facilities Development Corp., Retirement Facility Revenue Bonds, 7.625% (Christian Care Centers, Inc.- Greenway Village)/(Original Issue Yield: 7.75%), 2/15/2028 BBB- / NR 1,047,650 2,000,000 North Central Texas HFDC, Retirement Facility Revenue Bonds (Series 1999), 7.50% (Northwest Senior Housing Corp. Edgemere Project)/(Original Issue Yield: 7.75%), 11/15/2029 NR 2,125,960 250,000 Port of Corpus Christi, TX, IDC, Revenue Refunding Bonds (Series C), 5.40% (Valero Energy Corp.), 4/1/2018 BBB / Baa3 257,030 1,000,000 Tarrant County, TX, HFDC, Revenue Bonds (Series 1998C), 5.75% (Bethesda Living Center)/(Original Issue Yield: 5.89%), 8/15/2018 NR 965,450 1,000,000 Tarrant County, TX, HFDC, Revenue Bonds (Series 1998C), 5.75% (Bethesda Living Center)/(Original Issue Yield: 5.97%), 8/15/2028 NR 888,250 2,000,000 Tarrant County, TX, Housing Finance Corp., MFH Revenue Bonds (Series 2002A), 6.25% (Quail Ridge Apartments Project), 4/1/2007 NR 1,987,820 2,000,000 Texas State Affordable Housing Corp., MFH Revenue Bonds (Junior Series 2002B), 8.00% (American Housing Foundation)/(Original Issue Yield: 8.365%), 3/1/2032 CC / NR 1,484,140 1,485,000 Texas State Affordable Housing Corp., MFH Revenue Bonds (Series 2001B), 7.25% (NHT/GTEX Project), 10/1/2031 D / NR 445,500 1,000,000 Tom Green County, TX, HFDC, Hospital Revenue Bonds, 6.75% (Shannon Health System)/(Original Issue Yield: 6.85%), 5/15/2021 NR / Baa3 1,072,780 Total 29,850,040 Virginia--2.5% 675,000 Broad Street Community Development Authority, VA, Revenue Bonds, 7.10% (Original Issue Yield: 7.15%), 6/1/2016 NR 672,118 1,000,000 Broad Street Community Development Authority, VA, Revenue Bonds, 7.50% (Original Issue Yield: 7.625%), 6/1/2033 NR 987,830 2,000,000 Henrico County, VA, EDA, Residential Care Facility Revenue Refunding Bonds, 6.70% (Virginia United Methodist Homes, Inc.)/(Original Issue Yield: 6.80%), 6/1/2027 NR 2,086,780 1,500,000 Peninsula Port Authority, VA, Residential Care Facility Revenue Bonds (Series 2003A), 7.375% (Virginia Baptist Homes Obligated Group)/(Original Issue Yield: 7.625%), 12/1/2032 NR 1,573,815 7,500,000 Pocahontas Parkway Association, VA, Toll Road Capital Appreciation Revenue Bonds (Series B) (Original Issue Yield: 5.75%), 8/15/2017 BB / Ba2 3,193,650 16,000,000 Pocahontas Parkway Association, VA, Toll Road Revenue Bonds (Series 1998B) (Original Issue Yield: 5.90%), 8/15/2029 BB / Ba2 3,116,160 Total 11,630,353 Washington--0.4% 1,000,000 Port of Seattle, WA, IDC, Special Facilities Revenue Bonds (Series 2001), 7.25% (Northwest Airlines, Inc.)/(Original Issue Yield: 7.50%), 4/1/2030 NR 863,730 1,000,000 Skagit County, WA, Public Hospital District No. 1, Refunding Revenue Boinds , 6.00% (Skagit Valley Hospital)/(Original Issue Yield: 6.25%), 12/1/2023 NR / Baa3 1,013,590 Total 1,877,320 Wisconsin--2.6% 1,000,000 Racine, WI Solid Waste Disposal, Revenue Bonds, 3.25% TOBs (Republic Services, Inc.), Mandatory Tender 4/1/2009 BBB+ / NR 979,850 1,250,000 Wisconsin State HEFA, Revenue Bonds (Series 1998), 5.70% (United Lutheran Program For The Aging, Inc.)/(Original Issue Yield: 5.778%), 3/1/2028 NR 1,116,513 1,000,000 Wisconsin State HEFA, Revenue Bonds (Series 2002A), 7.375% (Divine Savior Healthcare), 5/1/2026 NR 1,043,030 880,000 Wisconsin State HEFA, Revenue Bonds (Series 2002A), 7.50% (Divine Savior Healthcare), 5/1/2032 NR 921,606 750,000 Wisconsin State HEFA, Revenue Bonds (Series 2004A), 6.25% (Southwest Health Center)/(Original Issue Yield: 6.32%), 4/1/2034 NR 728,160 1,000,000 Wisconsin State HEFA, Revenue Bonds (Series 2004A), 6.75% (Beaver Dam Community Hospitals, Inc.)/(Original Issue Yield: 6.95%), 8/15/2034 NR 1,007,930 2,000,000 Wisconsin State HEFA, Revenue Bonds (Series B), 6.75% (Grant Regional Health Center, Inc.)/(Original Issue Yield: 6.90%), 10/1/2022 NR 1,935,440 1,250,000 Wisconsin State HEFA, Revenue Bonds, 5.80% (Beaver Dam Community Hospitals, Inc.), 8/15/2028 NR 1,115,925 500,000 Wisconsin State HEFA, Revenue Bonds, 6.625% (Tomah Memorial Hospital, Inc.)/(Original Issue Yield: 6.875%), 7/1/2028 NR 510,215 1,630,000 Wisconsin State HEFA, Revenue Bonds, 6.00% (Agnesian Healthcare, Inc.)/ (Original Issue Yield: 6.15%), 7/1/2030 A- / A3 1,697,710 1,000,000 Wisconsin State HEFA, Revenue Bonds, (Series 1998), 5.75% (Attic Angel Obligated Group)/(Original Issue Yield: 6.00%), 11/15/2027 NR 900,400 Total 11,956,779 Wyoming--0.3% 1,500,000 Teton County, WY Hospital District, Hospital Revenue Bonds, 6.75% (St. John's Medical Center)/(Original Issue Yield: 7.00%), 12/1/2027 NR 1,514,550 Total Municipal Bonds (identified cost $404,137,347) 416,548,300 Short-Term Municipals--3.6% Alaska--1.8% 3,200,000 Valdez, AK, Marine Terminal, (Series 2003A) Daily VRDNs (BP Pipelines (Alaska) Inc.)/(BP PLC A-1+ / GTD) VMIG1 3,200,000 4,800,000 Valdez, AK, Marine Terminal, (Series 2003B) Daily VRDNs (BP Pipelines (Alaska) Inc.)/(BP PLC A-1+ / GTD) VMIG1 4,800,000 Total 8,000,000 Connecticut--0.6% 2,700,000 Connecticut State HEFA, (Series F) Daily VRDNs (Quinnipiac University)/ (Radian Asset Assurance INS)/(JPMorgan Chase Bank LIQ) A-1+ / NR 2,700,000 Mississippi--0.3% 1,300,000 Jackson County, MS, Port Facility Daily VRDNs (Chevron U.S.A., Inc.)/ (ChevronTexaco Corp. GTD) NR / P-1 1,300,000 Pennsylvania--0.5% 2,435,000 Lancaster County, PA, Hospital Authority, (Series 1996) Weekly VRDNs (Masonic Homes) NR / VMIG2 2,435,000 Virginia--0.4% 2,000,000 Roanoke, VA, IDA, (Series 2002B) Daily VRDNs (Carilion Health System A-1+ / Obligated Group) VMIG1 2,000,000 Total Short-Term Municipals (identified cost $16,435,000) 16,435,000 corporate bonds--0.9% 1,500,000 2,3 Charter Mac Equity Issuer Trust, Pfd., 7.60%, 11/30/2010 NR / Baa1 1,735,200 2,000,000 2,3 Muni Mae TE Bond Subsidiary LLC, Pfd., 7.75%, 6/30/2050 NR / Baa1 2,325,360 Total corporate bonds (identified cost $3,500,000) 4,060,560 Total Investments -95.6% (identified cost $424,262,469) 437,043,860 other assets and liabilities - net -4.4% 20,303,080 total net assets--100% $ 457,346,940
Securities that are subject to the federal alternative minimum tax (AMT) represent 17.3% of the Fund's portfolio calculated based upon total portfolio market value. 1 Please refer to the "Investment Ratings" in the Statement of Additional Information for an explanation of the credit ratings. Current credit ratings are unaudited. 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At November 30, 2004, these securities amounted to $92,215,131 which represents 20.2% of total net assets. 3 Denotes a restricted security, including securities purchased under Rule 144A that have been deemed liquid by criteria approved by the fund's Board of Directors. At November 30, 2004, these securities amounted to $88,806,865 which represents 19.4% of total net assets. Additional information on restricted securities, excluding securities purchased under Rule 144A that have been deemed liquid by the Directors, held at 11/30/04, is as follows:
Security Acquisition Date Acquisition Cost California State, Economic Recovery Revenue Bonds (Series 929), 8.57% (California State Fiscal Recovery Fund), 7/1/2013 05/11/2004 $3,448,950 California Statewide Communities Development Authority, MFH Revenue Bonds (Series 1999X), 6.65% (Magnolia City Lights Project), 7/1/2029 06/07/1999 $1,330,000 California Statewide Communities Development Authority, Revenue Bonds, 6.625% (Tehiyah Day School), 11/1/2031 07/13/2001 $1,000,000 Capital Trust Agency, FL, Revenue Bonds (Series 2001), 10.00% (Seminole Tribe of Florida Convention and Resort Hotel Facilities), 10/1/2033 04/23/2002-10/07/2002 $6,060,232 Capital Trust Agency, FL, Revenue Bonds (Series 2003A), 8.95% (Seminole Tribe of Florida Convention and Resort Hotel Facilities), 10/1/2033 05/09/2003 $1,000,000 Denver, CO, City & County Airport Authority, RITES (Series PA-1186), 12.0085% (AMBAC INS), 5/15/2008 08/13/2003 $6,414,250 Florida State Department of Environmental Protection, RITES (PA-967), 8.60164% (FSA INS), 7/1/2013 02/06/2002 $5,901,643 Miami Beach, FL, Health Facilities Authority, Refunding Revenue Bonds, 6.75% (Mt. Sinai Medical Center, FL)/(Original Issue Yield: 7.05%), 11/15/2029 04/26/2004 $675,248 Orange County, FL, HFA, MFH Revenue Bonds (Series 1999B), 6.50% (Palm West Apartments Project), 3/1/2034 04/23/1999 $1,460,000 Louisiana Public Facilities Authority Hospital Revenue, Revenue Bonds, 8.625% (Lake Charles Memorial Hospital)/(Original Issue Yield: 8.75%), 12/1/2030 08/30/2000 $1,953,424 Massachusetts Water Resources Authority, RITES (PA-999-R-A), 9.09825%, 8/1/2014 03/25/2002 $554,150 Massachusetts Water Resources Authority, RITES (PA 999-R-B), 9.09825%, 8/1/2015 03/25/2002 $1,466,533 Massachusetts Water Resources Authority, RITES (Series 999-R-C), 9.09825%, 8/1/2019 03/25/2002 $1,817,351 Massachusetts Water Resources Authority, RITES (Series 999-R-D), 9.09825%, 8/1/2020 03/25/2002 $1,900,268 Kansas City, MO, IDA, MFH Revenue Bonds, 6.90% (Woodbridge Apartments Project), 8/1/2030 07/27/1999 $2,445,000 Sandoval County, NM, Revenue Bonds, 7.75% (Santa Ana Pueblo Project), 7/1/2015 06/29/2004 $1,000,000 Metropolitan Transportation Authority, NY, RITES (PA-1042R), 9.08197% (MBIA Insurance Corp. INS), 1/1/2010 06/25/2002 $5,627,600 Tobacco Settlement Financing Corp., NY, RITES (PA-1230), 8.67082% (New York State), 6/1/2016 12/02/2003 $6,024,900 New Jersey EDA, RITES (PA-1203), 8.5918% (FGIC INS), 6/15/2011 09/17/2003 $5,114,211 New York City, NY, RITES (PA-1075), 11.15615%, 6/1/2018 10/16/2002 $3,447,304 Lorain County, OH, RITES (PA-894R-A), 9.33197% (Catholic Healthcare Partners), 10/1/2012 08/29/2001 $2,912,600 Lorain County, OH, RITES (PA-894R-B), 9.33197% (Catholic Healthcare Partners), 10/1/2013 08/29/2001 $2,869,100 Port of Greater Cincinnati, OH, Development Authority, Special Assessment Revenue Bonds, 6.40% (Cincinnati Mills), 2/15/2034 02/11/2004 $450,000 Multnomah County, OR ,Hospital Facilities Authority, RITES (PA-1267A), 8.5623% (Providence Health System), 4/1/2012 07/27/2004 $3,290,898 Multnomah County, OR, Hospital Facilities Authority, RITES (PA-1267B), 9.0623% (Providence Health System), 4/1/2012 07/27/2004 $2,329,292 Allegheny County, PA, IDA, Cargo Facilities Lease Revenue Bonds (Series 1999), 6.625% (AFCO Cargo PIT LLC Project)/(Original Issue Yield: 6.75%), 9/1/2024 09/23/1999 $1,969,900 Puerto Rico Highway and Transportation Authority, RITES (Series PA 331A), 9.0623% (AMBAC INS), 1/1/2010 03/03/1998 $1,163,530 Puerto Rico Highway and Transportation Authority, RITES (Series PA 331B), 9.0623% (AMBAC INS), 1/1/2011 03/03/1998 $1,158,780 4 Pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding short futures contracts. The Fund periodically may sell bond interest rate futures contracts to manage duration and to potentially reduce transaction costs. Upon entering into a bond interest rate futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities. For the period ended November 30, 2004, the Fund had realized gains on future contracts of $238,338 At November 30, 2004, the Fund had the following open futures contract: Expiration Date Contracts to Receive Position Unrealized Depreciation December 2004 270 U.S. Treasury 10-Year Note Futures Short $(18,644)
5 The cost of investments for federal tax purposes amounts to $424,072,347. The net unrealized appreciation of investments for federal tax purposes was $12,971,513. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $22,816,385 and net unrealized depreciation from investments for those securities having an excess of cost over value of $9,844,872. Note: The categories of investments are shown as a percentage of total net assets at November 30, 2004. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation COL --Collateralized EDA --Economic Development Authority EDFA --Economic Development Financing Authority FGIC --Financial Guaranty Insurance Company FHA --Federal Housing Administration FLOATs --Puttable Floating Option Tax-Exempt Receipts FSA --Financial Security Assurance, Inc. GNMA --Government National Mortgage Association GO --General Obligation GTD --Guaranteed HDA --Hospital Development Authority HEFA --Health and Education Facilities Authority HFA --Housing Finance Authority HFDC --Health Facility Development Corporation IDA --Industrial Development Authority IDC --Industrial Development Corporation IDRB --Industrial Development Revenue Bond INS --Insured LIQ --Liquidity Agreement LT --Limited Tax MFH --Multifamily Housing PCR --Pollution Control Revenue PRF --Prerefunded RITES --Residual Interest Tax-Exempt Securities Receipts SFM --Single Family Mortgage TOBs --Tender Option Bonds UT --Unlimited Tax VRDNs --Variable Rate Demand Notes Investment Valuation Municipal bonds are valued by an independent pricing service, taking into consideration yield, liquidity, risk, credit quality, coupon, maturity, type of issue, and any other factors or market data the pricing service deems relevant. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Securities for which no quotations are readily available are valued at fair value as determined in accordance with procedures established by and under general supervision of the Board of Directors. Item 2. Controls and Procedures (a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q. (b) There were no changes in the registrant's internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the 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 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 Federated Municipal High Yield Advantage Fund, Inc. By /S/ Richard J. Thomas, Principal Financial Officer (insert name and title) Date January 24, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By /S/ J. Christopher Donahue, Principal Executive Officer Date January 24, 2005 By /S/ Richard J. Thomas, Principal Financial Officer Date January 24, 2005 EX-99.CERT 2 fmhyafcert.txt N-Q Item 3- Exhibits: Certifications I, J. Christopher Donahue, certify that: 1. I have reviewed this report on Form N-Q of Federated Municipal High Yield Advantage Fund, Inc. ("registrant"); 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 schedules 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 registrant's other certifying officers 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) 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. NA c. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's 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 registrant's ability to record, process, summarize, and report financial information; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: January 24, 2005 /S/ J. Christopher Donahue President - Principal Executive Officer N-Q Item 3- Exhibits: Certifications I, Richard J. Thomas, certify that: 1. I have reviewed this report on Form N-Q of Federated Municipal High Yield Advantage Fund, Inc. ("registrant"); 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 schedules 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 registrant's other certifying officers 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) 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. NA c. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's 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 registrant's ability to record, process, summarize, and report financial information; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: January 24, 2005 /S/ Richard J. Thomas Treasurer - Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----