OMB APPROVAL | ||
OMB Number: 3235-0578 | ||
Expires: April 30, 2013 | ||
Estimated average burden | ||
hours per response: 5.6 | ||
1555 Peachtree Street, N.E., Atlanta, Georgia | 30309 | |
(Address of principal executive offices) | (Zip code) |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Municipal Obligations172.46% |
||||||||||||||||
Alabama2.36% |
||||||||||||||||
Birmingham (City of) Airport Authority;
Series 2010, RB (INS-AGM) (a) |
5.25 | % | 07/01/30 | $ | 450 | $ | 459,266 | |||||||||
University of Alabama Board of Trustees (The);
Series 2004 A, RB (INS-NATL) (a) |
5.25 | % | 07/01/20 | 2,500 | 2,745,675 | |||||||||||
3,204,941 | ||||||||||||||||
Alaska0.60% |
||||||||||||||||
Northern Tobacco Securitization Corp.;
Series 2006 A, Sr. Tobacco Settlement Asset-Backed Turbo RB |
5.00 | % | 06/01/46 | 1,355 | 819,504 | |||||||||||
Arizona7.23% |
||||||||||||||||
Glendale (City of) Industrial Development Authority (John C. Lincoln Health Network); Series 2005 B, Ref. Hospital RB |
5.00 | % | 12/01/37 | 1,075 | 896,045 | |||||||||||
Maricopa County Pollution Control Corp. (Arizona Public Service Co. Palo Verde); Series 2009 A, Ref. PCR (b) |
6.00 | % | 05/01/14 | 300 | 325,401 | |||||||||||
Pima (County of) Industrial Development Authority (Tuscon Electric Power Co.); Series 2010 A, IDR |
5.25 | % | 10/01/40 | 550 | 496,837 | |||||||||||
Salt River Project Agricultural Improvement & Power District;
Series 2002 B, Electric System RB (c) |
5.00 | % | 01/01/31 | 8,000 | 8,087,600 | |||||||||||
9,805,883 | ||||||||||||||||
California20.53% |
||||||||||||||||
California (State of) Infrastructure & Economic Development Bank (The Scripps Research Institute);
Series 2005 A, RB |
5.00 | % | 07/01/29 | 2,000 | 2,014,220 | |||||||||||
California (State of) Statewide Communities Development Authority (Rady Childrens Hospital San Diego);
Series 2008 B, VRD RB (LOC-Wells Fargo Bank, N.A.) (d)(e) |
0.08 | % | 08/15/47 | 3,000 | 3,000,000 | |||||||||||
California (State of); |
||||||||||||||||
Series 2004 A, Economic Recovery Unlimited Tax GO Bonds |
5.00 | % | 07/01/16 | 2,500 | 2,508,675 | |||||||||||
Series 2005, Various Purpose Unlimited Tax GO Bonds |
5.00 | % | 03/01/27 | 2,700 | 2,749,464 | |||||||||||
Camarillo (City of) Public Finance Authority;
Series 2005, Wastewater RB (INS-AMBAC) (a) |
5.00 | % | 06/01/36 | 2,000 | 1,945,760 | |||||||||||
Golden State Tobacco Securitization Corp.;
Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB |
5.00 | % | 06/01/45 | 2,000 | 1,701,160 | |||||||||||
Kern (County of) Board of Education;
Series 2006 A, Ref. COP (INS-NATL) (a) |
5.00 | % | 06/01/31 | 1,000 | 893,520 | |||||||||||
Los Angeles (City of) Department of Water & Power;
Series 2004 C, Water System RB (INS-NATL) (a)(c) |
5.00 | % | 07/01/25 | 3,000 | 3,190,110 | |||||||||||
Oxnard (City of) Financing Authority (Redwood Trunk Sewer & Headworks);
Series 2004 A, Wastewater RB (INS-NATL) (a) |
5.00 | % | 06/01/29 | 3,000 | 3,012,420 | |||||||||||
Port of Oakland; |
||||||||||||||||
Series 2002 L, RB (b)(f)(g) |
5.00 | % | 11/01/12 | 110 | 117,258 | |||||||||||
Series 2002 L, RB (INS-NATL) (a)(f) |
5.00 | % | 11/01/21 | 890 | 895,651 | |||||||||||
Sacramento (County of);
Series 2010, Sr. Airport System RB |
5.00 | % | 07/01/40 | 650 | 621,680 | |||||||||||
San Diego (County of) Water Authority;
Series 2004 A, Water Revenue COP (INS-AGM) (a)(c) |
5.00 | % | 05/01/29 | 3,000 | 3,063,450 | |||||||||||
San Francisco (City & County of) (Laguna Honda Hospital);
Series 2008 R3, Ref. Unlimited Tax GO Bonds (INS-AGC) (a)(c) |
5.00 | % | 06/15/28 | 460 | 470,700 | |||||||||||
Twin Rivers Unified School District;
Series 2009, Unlimited Tax CAB GO BAN |
0.00 | % | 04/01/14 | 600 | 553,230 | |||||||||||
William S. Hart Union High School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO Bonds |
0.00 | % | 08/01/32 | 4,650 | 1,090,564 | |||||||||||
27,827,862 | ||||||||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Colorado6.21% |
||||||||||||||||
Colorado (State of) Health Facilities Authority (Catholic Health Initiatives);
Series 2009 A, RB |
5.00 | % | 07/01/39 | $ | 1,500 | $ | 1,451,580 | |||||||||
Denver (City of) Convention Center Hotel Authority; Series 2006, Sr. Ref. RB (INS-SGI) (a) |
5.00 | % | 12/01/30 | 2,000 | 1,694,520 | |||||||||||
Fort Collins (City of); |
||||||||||||||||
Series 2004 A, Lease COP (INS-AMBAC) (a) |
5.38 | % | 06/01/21 | 2,040 | 2,213,359 | |||||||||||
Series 2004 A, Lease COP (INS-AMBAC) (a) |
5.38 | % | 06/01/22 | 2,155 | 2,352,592 | |||||||||||
Regional Transportation District (Denver Transit Partners, LLC Eagle P3);
Series 2010, Private Activity RB |
6.00 | % | 01/15/41 | 700 | 701,890 | |||||||||||
8,413,941 | ||||||||||||||||
Connecticut0.76% |
||||||||||||||||
Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, Water Facilities RB (f) |
5.50 | % | 04/01/21 | 1,000 | 1,032,120 | |||||||||||
District of Columbia3.23% |
||||||||||||||||
District of Columbia; |
||||||||||||||||
Series 2006 B-1, Ballpark RB (INS-NATL) (a) |
5.00 | % | 02/01/31 | 3,000 | 2,775,030 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(c) |
5.00 | % | 06/01/26 | 380 | 404,077 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(c) |
5.00 | % | 06/01/27 | 380 | 401,459 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(c) |
5.00 | % | 06/01/28 | 760 | 797,719 | |||||||||||
4,378,285 | ||||||||||||||||
Florida18.34% |
||||||||||||||||
Broward (County of) Educational Facilities Authority (Nova Southeastern University); Series 2006, RB (INS-AGC) (a) |
5.00 | % | 04/01/31 | 2,000 | 1,976,320 | |||||||||||
Florida (State of) Ports Financing Commission (State Transportation Trust Fund);
Series 2011 B, Ref. RB (f) |
5.13 | % | 06/01/27 | 480 | 473,304 | |||||||||||
JEA; Series 2007 B, Water & Sewer System RB (INS-NATL) (a) |
5.00 | % | 10/01/24 | 2,460 | 2,548,511 | |||||||||||
Miami-Dade (County of) (Florida Public Improvement);
Series 1988 DD, Unlimited Tax GO Bonds (INS-AMBAC) (a) |
7.75 | % | 10/01/15 | 830 | 1,037,906 | |||||||||||
Miami-Dade (County of) (Miami International Airport); |
||||||||||||||||
Series 2000 B, Aviation RB (INS-NATL) (a) |
5.75 | % | 10/01/24 | 2,500 | 2,533,300 | |||||||||||
Series 2009 B, Aviation RB (INS-AGC) (a) |
5.00 | % | 10/01/25 | 650 | 681,317 | |||||||||||
Miami-Dade (County of) Expressway Authority;
Series 2010 A, Ref. Toll System RB |
5.00 | % | 07/01/40 | 1,000 | 956,430 | |||||||||||
Miami-Dade (County of) Health Facilities Authority (Miami Childrens Hospital);
Series 2010 A, Ref. Hospital RB |
6.00 | % | 08/01/30 | 260 | 265,299 | |||||||||||
Orlando (City of) Utilities Commission;
Series 2003 B, Ref. Water & Electric RB |
5.00 | % | 10/01/22 | 5,000 | 5,266,700 | |||||||||||
Palm Beach (County of) Solid Waste Authority;
Series 2009, Improvement RB (INS-BHAC) (a) |
5.50 | % | 10/01/23 | 600 | 678,510 | |||||||||||
South Miami Health Facilities Authority (Baptist Health South Florida Obligated Group); Series 2007, Hospital RB |
5.00 | % | 08/15/42 | 8,000 | 7,623,360 | |||||||||||
St. Johns (County of) Industrial Development Authority (Glenmoor);
Series 2006 A, Health Care RB |
5.25 | % | 01/01/26 | 1,000 | 824,070 | |||||||||||
24,865,027 | ||||||||||||||||
Georgia6.87% |
||||||||||||||||
Atlanta (City of);
Series 1999 A, Water & Wastewater RB (INS-NATL) (a) |
5.50 | % | 11/01/22 | 3,000 | 3,383,250 | |||||||||||
Burke (County of) Development Authority (Oglethorpe Power Corp. Plant Vogtle); Series 2011 A, PCR (b) |
2.50 | % | 03/01/13 | 490 | 499,981 | |||||||||||
Georgia (State of) Road & Tollway Authority; |
||||||||||||||||
Series 2003, Gtd. RB (b)(g) |
5.00 | % | 10/01/13 | 2,000 | 2,208,760 | |||||||||||
Series 2003, Gtd. RB |
5.00 | % | 10/01/23 | 3,000 | 3,214,050 | |||||||||||
9,306,041 | ||||||||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Hawaii0.90% |
||||||||||||||||
Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Health Obligated Group); Series 2010 B, Special Purpose RB |
5.75 | % | 07/01/40 | $ | 370 | $ | 343,922 | |||||||||
Hawaii (State of); Series 2010 A, Airport System RB |
5.00 | % | 07/01/39 | 900 | 875,475 | |||||||||||
1,219,397 | ||||||||||||||||
Idaho1.28% |
||||||||||||||||
Idaho Housing & Finance Association (Federal Highway Trust Fund);
Series 2008 A, Grant & RAB (INS-AGC) (a) |
5.25 | % | 07/15/24 | 1,240 | 1,352,592 | |||||||||||
Regents of the University of Idaho (The);
Series 2011, Ref. RB (b) |
5.25 | % | 04/01/21 | 350 | 387,363 | |||||||||||
1,739,955 | ||||||||||||||||
Illinois13.01% |
||||||||||||||||
Chicago (City of) (Chicago OHare International Airport);
Series 2005 A, Third Lien General Airport RB (INS-NATL) (a) |
5.25 | % | 01/01/26 | 4,000 | 4,095,400 | |||||||||||
Chicago (City of) Park District;
Series 2004 A, Limited Tax GO Bonds (INS-AMBAC) (a) |
5.00 | % | 01/01/28 | 2,500 | 2,537,325 | |||||||||||
Chicago (City of); |
||||||||||||||||
Series 1996 A-2, Ref. Unlimited Tax GO Bonds (INS-AMBAC) (a) |
5.50 | % | 01/01/18 | 700 | 770,252 | |||||||||||
Series 2007 A, Ref. & Project Unlimited Tax GO Bonds (INS-AGM) (a)(c)(h) |
5.00 | % | 01/01/37 | 3,300 | 3,164,271 | |||||||||||
Granite City (City of) (Waste Management, Inc.);
Series 2002, Solid Waste Disposal RB (b)(f) |
3.50 | % | 05/01/13 | 1,050 | 1,074,475 | |||||||||||
Illinois (State of) Finance Authority (Little Co. of Mary Hospital & Health Care Centers); Series 2010, RB |
5.38 | % | 08/15/40 | 625 | 566,650 | |||||||||||
Illinois (State of) Finance Authority (Northwestern Memorial Hospital);
Series 2009 B, RB |
5.00 | % | 08/15/16 | 380 | 431,851 | |||||||||||
Illinois (State of) Finance Authority (Resurrection Health Care Corp.);
Series 2009, Ref. RB |
6.13 | % | 05/15/25 | 775 | 789,020 | |||||||||||
Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group); Series 2009 A, RB |
7.25 | % | 11/01/38 | 295 | 318,807 | |||||||||||
Illinois (State of) Finance Authority (Swedish Covenent Hospital); |
||||||||||||||||
Series 2010 A, Ref. RB |
5.75 | % | 08/15/29 | 1,105 | 1,070,977 | |||||||||||
Series 2010 A, Ref. RB |
6.00 | % | 08/15/38 | 580 | 558,882 | |||||||||||
Illinois (State of) Finance Authority (The University of Chicago Medical Center);
Series 2011 C, RB |
5.50 | % | 08/15/41 | 675 | 681,763 | |||||||||||
Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2010 A, RB |
5.50 | % | 06/15/50 | 650 | 635,187 | |||||||||||
Railsplitter Tobacco Settlement Authority;
Series 2010, RB |
5.50 | % | 06/01/23 | 950 | 945,060 | |||||||||||
17,639,920 | ||||||||||||||||
Indiana1.46% |
||||||||||||||||
Indiana (State of) Finance Authority (Clarion Health Obligated Group);
Series 2006 A, Hospital RB |
5.25 | % | 02/15/40 | 1,080 | 988,902 | |||||||||||
Indiana (State of) Finance Authority (Republic Services, Inc.);
Series 2010 A, Ref. VRD Economic Development RB (e)(f) |
1.85 | % | 05/01/34 | 575 | 575,000 | |||||||||||
Rockport (City of) (Indiana Michigan Power Co.);
Series 2009 B, Ref. PCR (b) |
6.25 | % | 06/02/14 | 375 | 416,160 | |||||||||||
1,980,062 | ||||||||||||||||
Iowa1.37% |
||||||||||||||||
Iowa (State of) (Iowa Jobs Program); |
||||||||||||||||
Series 2009 A, Special Obligation RB (c)(h) |
5.00 | % | 06/01/25 | 975 | 1,068,941 | |||||||||||
Series 2009 A, Special Obligation RB (c)(h) |
5.00 | % | 06/01/26 | 730 | 793,882 | |||||||||||
1,862,823 | ||||||||||||||||
Kansas0.26% |
||||||||||||||||
Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB |
5.50 | % | 11/15/29 | 335 | 357,850 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Kentucky2.77% |
||||||||||||||||
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.); Series 2010 A, Hospital RB |
6.50 | % | 03/01/45 | $ | 450 | $ | 449,330 | |||||||||
Louisville (City of) & Jefferson (County of) Metropolitan Sewer District;
Series 2001 A, Sewer & Drainage System RB (INS-NATL) (a) |
5.38 | % | 05/15/22 | 3,215 | 3,298,686 | |||||||||||
3,748,016 | ||||||||||||||||
Louisiana5.20% |
||||||||||||||||
Lafayette (City of) Public Trust Financing Authority (Ragin Cajun Facilities, Inc. Housing & Parking); Series 2010, RB
(INS-AGM) (a) |
5.25 | % | 10/01/30 | 550 | 568,200 | |||||||||||
Louisiana (State of) Offshore Terminal Authority (LOOP LLC);
Series 2007 B-2, Deepwater Port RB (b) |
4.30 | % | 10/01/11 | 750 | 756,622 | |||||||||||
Louisiana (State of) Public Facilities Authority (Baton Rouge General Medical Center); Series 2004, FHA Insured Mortgage RB (INS-NATL) (a) |
5.25 | % | 07/01/33 | 1,500 | 1,505,220 | |||||||||||
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation);
Series 2002 B, RB (b)(g) |
5.50 | % | 05/15/26 | 2,000 | 2,285,340 | |||||||||||
St. John the Baptist (Parish of) (Marathon Oil Corp.);
Series 2007 A, RB |
5.13 | % | 06/01/37 | 2,000 | 1,930,940 | |||||||||||
7,046,322 | ||||||||||||||||
Maryland2.16% |
||||||||||||||||
Baltimore (County of) (Oak Crest Village, Inc. Facility);
Series 2007 A, RB |
5.00 | % | 01/01/37 | 505 | 450,223 | |||||||||||
Maryland (State of) Community Development Administration;
Series 2006 P, Residential RB (f) |
4.63 | % | 09/01/31 | 2,000 | 1,873,560 | |||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (King Farm Presbyterian Retirement Community);
Series 2007 B, RB |
5.00 | % | 01/01/17 | 120 | 114,481 | |||||||||||
Maryland Economic Development Corp. (Terminal);
Series 2010 B, RB |
5.75 | % | 06/01/35 | 500 | 487,245 | |||||||||||
2,925,509 | ||||||||||||||||
Massachusetts0.94% |
||||||||||||||||
Massachusetts (State of) Health & Educational Facilities Authority (Berklee College of Music); Series 2007 A, RB |
5.00 | % | 10/01/32 | 500 | 504,015 | |||||||||||
Massachusetts (State of) Health & Educational Facilities Authority (Hillcrest Extended Care Services, Inc.);
Series 2001 A, VRD RB (LOC-Bank of America, N.A.) (d)(e) |
0.22 | % | 10/01/26 | 485 | 485,000 | |||||||||||
Massachusetts Development Finance Agency (Tufts Medical Center);
Series 2011 I, RB |
6.75 | % | 01/01/36 | 275 | 279,436 | |||||||||||
1,268,451 | ||||||||||||||||
Michigan2.11% |
||||||||||||||||
Eastern Michigan University;
Series 2009 B, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.) (d)(e) |
0.15 | % | 03/01/49 | 1,200 | 1,200,000 | |||||||||||
Lansing (City of) Board of Water & Light;
Series 2011 A, Utility System RB |
5.00 | % | 07/01/37 | 750 | 748,342 | |||||||||||
Wayne State University;
Series 2008, Ref. RB (INS-AGM) (a) |
5.00 | % | 11/15/25 | 870 | 915,049 | |||||||||||
2,863,391 | ||||||||||||||||
Minnesota0.21% |
||||||||||||||||
Minnesota (State of) Housing Finance Agency (Rental Housing);
Series 1995 D, RB (INS-NATL) (a) |
6.00 | % | 02/01/22 | 290 | 290,351 | |||||||||||
Missouri4.00% |
||||||||||||||||
Fenton (City of) (Gravois Bluffs Redevelopment);
Series 2006, Ref. Tax Increment Allocation RB |
4.50 | % | 04/01/21 | 970 | 977,905 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Missouri(continued) |
||||||||||||||||
Kansas City (City of) Industrial Development Authority (Kansas City Downtown Redevelopment District); |
||||||||||||||||
Series 2011 A, Ref. RB |
5.50 | % | 09/01/24 | $ | 1,000 | $ | 1,090,590 | |||||||||
Series 2011 A, Ref. RB |
5.50 | % | 09/01/28 | 430 | 453,930 | |||||||||||
Missouri (State of) Health & Educational Facilities Authority (Missouri Baptist Medical Center); Series 1989, Ref. Health Facilities RB
(g) |
7.63 | % | 07/01/18 | 1,300 | 1,466,283 | |||||||||||
Missouri (State of) Health & Educational Facilities Authority (St. Francis Medical Center); Series 1996 A, VRD Health Facilities RB
(LOC-Bank of America, N.A.) (d)(e) |
0.12 | % | 06/01/26 | 1,435 | 1,435,000 | |||||||||||
5,423,708 | ||||||||||||||||
Montana0.60% |
||||||||||||||||
Forsyth (City of) (Portland General Electric Co.);
Series 1998 A, Ref. PCR |
5.00 | % | 05/01/33 | 800 | 819,712 | |||||||||||
Nevada4.16% |
||||||||||||||||
Clark (County of) (Las Vegas McCarran International Airport);
Series 2010 A, Passenger Facility Charge RB |
5.13 | % | 07/01/34 | 500 | 487,430 | |||||||||||
Las Vegas (City of) Redevelopment Agency;
Series 2009 A, Tax Increment Allocation RB |
6.25 | % | 06/15/16 | 290 | 325,122 | |||||||||||
Las Vegas (City of) Valley Water District;
Series 2003 A, Ref. Water & Improvement Limited Tax GO Bonds (INS-NATL) (a) |
5.25 | % | 06/01/22 | 3,000 | 3,133,230 | |||||||||||
Nevada (State of) (Capital Improvements & Cultural Affairs);
Series 2008 C, Limited Tax GO Bonds (INS-AGM) (a)(c) |
5.00 | % | 06/01/26 | 1,600 | 1,686,368 | |||||||||||
5,632,150 | ||||||||||||||||
New Hampshire0.23% |
||||||||||||||||
New Hampshire (State of) Business Finance Authority (United Illuminating Co. Series 1997 A); Series 2009, PCR (b)(f) |
7.13 | % | 02/01/12 | 295 | 305,921 | |||||||||||
New Jersey1.82% |
||||||||||||||||
New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC Montclair State University Student
Housing);
Series 2010 A, RB |
5.75 | % | 06/01/31 | 440 | 421,854 | |||||||||||
Passaic Valley Sewerage Commissioners;
Series 2003 F, Sewer System RB (INS-NATL) (a) |
5.00 | % | 12/01/19 | 2,000 | 2,051,400 | |||||||||||
2,473,254 | ||||||||||||||||
New Mexico0.79% |
||||||||||||||||
Farmington (City of) (Public Service Co. of New Mexico San Juan); |
||||||||||||||||
Series 2010 A, Ref. PCR (b) |
5.20 | % | 06/01/20 | 500 | 504,725 | |||||||||||
Series 2010 C, Ref. PCR |
5.90 | % | 06/01/40 | 600 | 572,040 | |||||||||||
1,076,765 | ||||||||||||||||
New York27.08% |
||||||||||||||||
Brooklyn Arena Local Development Corp. (Barclays Center); |
||||||||||||||||
Series 2009, PILOT RB |
6.25 | % | 07/15/40 | 380 | 382,356 | |||||||||||
Series 2009, PILOT RB |
6.38 | % | 07/15/43 | 160 | 162,366 | |||||||||||
Long Island Power Authority;
Series 2004 A, Electric System RB (INS-AMBAC) (a) |
5.00 | % | 09/01/34 | 2,250 | 2,258,865 | |||||||||||
Metropolitan Transportation Authority;
Series 2002 B, Service Contract RB (INS-NATL) (a) |
5.50 | % | 07/01/20 | 3,000 | 3,128,760 | |||||||||||
New York (City of) Industrial Development Agency (7 World Trade Center, LLC);
Series 2005 A, Liberty RB |
6.25 | % | 03/01/15 | 2,000 | 2,008,760 | |||||||||||
New York (City of) Industrial Development Agency (Yankee Stadium);
Series 2006, PILOT RB (INS-FGIC) (a) |
5.00 | % | 03/01/46 | 1,035 | 918,035 | |||||||||||
New York (City of) Municipal Water Finance Authority;
Series 2010 FF, Water & Sewer System Second General Resolution RB |
5.00 | % | 06/15/31 | 2,100 | 2,211,510 | |||||||||||
New York (City of) Transitional Finance Authority; |
||||||||||||||||
Subseries 2009 A-1, Future Tax Sec. Sub. RB (c) |
5.00 | % | 05/01/28 | 935 | 1,004,779 | |||||||||||
Subseries 2009 A-1, Future Tax Sec. Sub. RB (c) |
5.00 | % | 05/01/29 | 745 | 795,362 | |||||||||||
Subseries 2009 A-1, Future Tax Sec. Sub. RB (c) |
5.00 | % | 05/01/30 | 745 | 792,240 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
New York(continued) |
||||||||||||||||
New York (City of); |
||||||||||||||||
Subseries 2008 A-1, Unlimited Tax GO Bonds (c) |
5.25 | % | 08/15/27 | $ | 1,440 | $ | 1,550,045 | |||||||||
Subseries 2008 A-1, Unlimited Tax GO Bonds (c) |
5.25 | % | 08/15/28 | 1,440 | 1,541,678 | |||||||||||
New York (City of); |
||||||||||||||||
Series 2008 L-5, VRD Unlimited Tax GO Bonds (e) |
0.75 | % | 04/01/35 | 1,000 | 1,000,000 | |||||||||||
Series 2009 H-1, Unlimited Tax GO Bonds |
5.00 | % | 03/01/16 | 1,500 | 1,725,075 | |||||||||||
New York (State of) Dormitory Authority (Cornell University);
Series 2006 A, RB (c) |
5.00 | % | 07/01/35 | 6,085 | 6,256,414 | |||||||||||
New York (State of) Dormitory Authority (Montefiore Medical Center);
Series 2004, FHA Insured Mortgage Hospital RB (INS-NATL) (a) |
5.00 | % | 08/01/29 | 1,995 | 2,017,823 | |||||||||||
New York (State of) Dormitory Authority (New York City);
Series 2005 A, Court Facilities Lease RB (INS-AMBAC) (a) |
5.50 | % | 05/15/29 | 505 | 560,454 | |||||||||||
New York (State of) Dormitory Authority (State University Educational Facilities);
Series 2002 B, Third General Resolution RB (INS-CIFG) (a)(b) |
6.00 | % | 05/15/12 | 1,110 | 1,167,631 | |||||||||||
New York (State of) Thruway Authority;
Series 2009 A, Personal Income Tax RB |
5.00 | % | 03/15/25 | 940 | 1,031,660 | |||||||||||
New York City Trust for Cultural Resources (The Museum of Modern Art);
Series 2008 One-A, Ref. RB (c) |
5.00 | % | 04/01/28 | 2,850 | 3,021,086 | |||||||||||
Triborough Bridge & Tunnel Authority;
Series 2002 B, Ref. RB |
5.25 | % | 11/15/19 | 3,000 | 3,170,520 | |||||||||||
36,705,419 | ||||||||||||||||
North Carolina0.93% |
||||||||||||||||
North Carolina Eastern Municipal Power Agency;
Series 2009 B, Ref. Power System RB |
5.00 | % | 01/01/26 | 1,215 | 1,259,943 | |||||||||||
Ohio3.97% |
||||||||||||||||
American Municipal Power Ohio, Inc. (Prairie State Energy Campus);
Series 2008 A, RB (INS-AGC) (a)(c) |
5.25 | % | 02/15/33 | 2,400 | 2,471,520 | |||||||||||
Hancock (County of) (Blanchard Valley Regional Health Center);
Series 2011 A, Hospital Facilities RB |
6.25 | % | 12/01/34 | 660 | 665,366 | |||||||||||
Lucas (County of) (ProMedica Healthcare Obligated Group);
Series 2011 A, Hospital RB |
5.75 | % | 11/15/31 | 1,000 | 1,037,360 | |||||||||||
Ohio (State of) Higher Educational Facility Commission (Summa Health System 2010); Series 2010, Hospital Facilities RB |
5.75 | % | 11/15/40 | 1,065 | 993,666 | |||||||||||
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR (b) |
5.88 | % | 06/01/16 | 190 | 209,418 | |||||||||||
5,377,330 | ||||||||||||||||
Oregon0.66% |
||||||||||||||||
Oregon (State of) Department of Administrative Services;
Series 2009 A, Lottery RB |
5.25 | % | 04/01/24 | 315 | 355,342 | |||||||||||
Warm Springs (Reservation of) Confederated Tribes (Pelton Round Butte Tribal Economic Development);
Series 2009 B, Hydroelectric RB (i) |
6.38 | % | 11/01/33 | 535 | 538,039 | |||||||||||
893,381 | ||||||||||||||||
Pennsylvania1.40% |
||||||||||||||||
Pennsylvania (State of) Turnpike Commission; |
||||||||||||||||
Series 2010 B-2, Sub. Conv. CAB RB (j) |
0.00 | % | 12/01/28 | 650 | 525,720 | |||||||||||
Series 2010 B-2, Sub. Conv. CAB RB (j) |
0.00 | % | 12/01/34 | 400 | 320,792 | |||||||||||
Philadelphia (City of) (1975 General Ordinance);
Eighteenth Series 2004, Gas Works RB (INS-AGC) (a) |
5.25 | % | 08/01/20 | 1,000 | 1,051,030 | |||||||||||
1,897,542 | ||||||||||||||||
Puerto Rico3.29% |
||||||||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; |
||||||||||||||||
Series 2010 CCC, RB |
5.25 | % | 07/01/27 | 1,000 | 992,450 | |||||||||||
Series 2010 XX, RB |
5.25 | % | 07/01/40 | 600 | 567,528 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Puerto Rico(continued) |
||||||||||||||||
Puerto Rico Sales Tax Financing Corp.; |
||||||||||||||||
First Subseries 2009 A, Sub. RB (b)(g) |
5.00 | % | 08/01/11 | $ | 630 | $ | 635,084 | |||||||||
First Subseries 2010 A, Sub. RB |
5.38 | % | 08/01/39 | 575 | 561,499 | |||||||||||
First Subseries 2010 A, Sub. RB |
5.50 | % | 08/01/42 | 650 | 645,151 | |||||||||||
First Subseries 2010 C, Sub. RB |
5.25 | % | 08/01/41 | 1,100 | 1,051,853 | |||||||||||
4,453,565 | ||||||||||||||||
Rhode Island2.15% |
||||||||||||||||
Rhode Island Economic Development Corp.;
Series 2005 C, Ref. Airport RB (INS-NATL) (a) |
5.00 | % | 07/01/28 | 3,000 | 2,911,020 | |||||||||||
South Carolina2.55% |
||||||||||||||||
Charleston County School District;
Series 2004 A, Unlimited Tax GO Bonds (CEP-South Carolina Permanent School Fund) |
5.00 | % | 02/01/22 | 3,000 | 3,240,630 | |||||||||||
Lexington (County of) Health Services District Inc.;
Series 2007, Ref. Hospital RB |
5.00 | % | 11/01/16 | 35 | 38,911 | |||||||||||
Richland (County of);
Series 2007 A, Ref. Environmental Improvement RB |
4.60 | % | 09/01/12 | 165 | 170,318 | |||||||||||
3,449,859 | ||||||||||||||||
Tennessee1.26% |
||||||||||||||||
Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance); Series 2006 A, Hospital First Mortgage
RB |
5.50 | % | 07/01/36 | 1,900 | 1,705,136 | |||||||||||
Texas10.46% |
||||||||||||||||
Arlington (City of);
Series 2009, Special Tax RB |
5.00 | % | 08/15/28 | 1,000 | 1,020,110 | |||||||||||
Austin (City of);
Series 2001, Ref. Water & Wastewater System RB (INS-AGM) (a) |
5.13 | % | 05/15/27 | 1,475 | 1,476,268 | |||||||||||
Bexar County Health Facilities Development Corp. (Army Retirement Residence Foundation); |
||||||||||||||||
Series 2007, Ref. RB |
5.00 | % | 07/01/33 | 735 | 648,116 | |||||||||||
Series 2007, Ref. RB |
5.00 | % | 07/01/37 | 580 | 499,896 | |||||||||||
Harris County Industrial Development Corp. (Deer Park Refining Limited Partnership); Series 2006, Solid Waste Disposal RB |
5.00 | % | 02/01/23 | 300 | 311,079 | |||||||||||
Houston (City of);
Series 2004 A, Ref. Combined Utility System First Lien RB (INS-NATL) (a) |
5.25 | % | 05/15/23 | 2,320 | 2,510,565 | |||||||||||
Lower Colorado River Authority;
Series 2010 A, Ref. RB |
5.00 | % | 05/15/40 | 450 | 442,215 | |||||||||||
Lubbock Health Facilities Development Corp. (Carillon);
Series 2005 A, Ref. First Mortgage RB |
6.63 | % | 07/01/36 | 1,000 | 871,170 | |||||||||||
Matagorda (County of) Navigation District No. 1 (AEP Texas Central Co.);
Series 2008, Ref. PCR (b) |
1.13 | % | 06/01/12 | 525 | 524,963 | |||||||||||
North Texas Tollway Authority; |
||||||||||||||||
Series 2008 D, Ref. First Tier System CAB RB (INS-AGC) (a)(j) |
0.00 | % | 01/01/28 | 4,100 | 1,518,517 | |||||||||||
Series 2008 L-2, Ref. First Tier System RB (b) |
6.00 | % | 01/01/13 | 1,000 | 1,067,280 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligation Group); Series 2007, Retirement Facility RB |
5.13 | % | 05/15/37 | 425 | 359,656 | |||||||||||
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC North Tarrant Express Managed Lanes);
Series 2009, Sr. Lien RB |
6.88 | % | 12/31/39 | 430 | 451,982 | |||||||||||
University of Houston System Board of Regents (The);
Series 2008, Ref. RB (INS-AGM) (a)(c) |
5.00 | % | 02/15/33 | 2,400 | 2,481,984 | |||||||||||
14,183,801 | ||||||||||||||||
Virgin Islands0.38% |
||||||||||||||||
Virgin Islands (Government of) Public Finance Authority (Virgin Islands Matching Fund Loan Note); Series 2010 A, Sr. Lien Working Capital RB |
5.00 | % | 10/01/25 | 525 | 521,514 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Washington8.56% |
||||||||||||||||
Chelan (County of) Public Utility District No. 1;
Series 2011 A, Ref. RB (f) |
5.50 | % | 07/01/26 | $ | 425 | $ | 459,668 | |||||||||
Goat Hill Properties (King County Governmental Office Building);
Series 2005, Gtd. Lease RB (INS-NATL) (a) |
5.00 | % | 12/01/33 | 2,400 | 2,421,072 | |||||||||||
Grant (County of) Public Utility District No. 2;
Series 2005 A, Ref. Wanapum Hydroelectric Development RB (INS-NATL) (a) |
5.00 | % | 01/01/34 | 1,930 | 1,936,504 | |||||||||||
Washington (State of) (Motor Vehicle Tax Fund);
Series 2004 F, Unlimited Tax GO CAB Bonds (INS-AMBAC) (a)(j) |
0.00 | % | 12/01/29 | 2,120 | 864,663 | |||||||||||
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2008, RB |
7.38 | % | 03/01/38 | 2,000 | 2,181,120 | |||||||||||
Washington (State of); |
||||||||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (c) |
5.00 | % | 08/01/29 | 1,710 | 1,829,888 | |||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (c) |
5.00 | % | 08/01/30 | 1,795 | 1,911,837 | |||||||||||
11,604,752 | ||||||||||||||||
Wyoming0.37% |
||||||||||||||||
Uinta (County of) (Chevron U.S.A. Inc.);
Series 1993, Ref. VRD PCR (e) |
0.08 | % | 08/15/20 | 500 | 500,000 | |||||||||||
TOTAL INVESTMENTS (k)172.46% (Cost $230,374,278) |
233,790,423 | |||||||||||||||
Floating Rate Note Obligations(22.06)% |
||||||||||||||||
Notes with interest rates ranging from 0.18% to 0.33% at 05/31/10 and contractual maturities of collateral ranging from 06/01/25 to 01/01/37 (See Note 1D) (l) |
(29,900,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES(0.61)% |
(828,500 | ) | ||||||||||||||
PREFERRED SHARES(49.79)% |
(67,500,000 | ) | ||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES100.00% |
$ | 135,561,923 | ||||||||||||||
AGC
|
| Assured Guaranty Corp. | |||
AGM
|
| Assured Guaranty Municipal Corp. | |||
AMBAC
|
| American Municipal Bond Assurance Corp.* | |||
BAN
|
| Bond Anticipation Notes | |||
BHAC
|
| Berkshire Hathaway Assurance Corp. | |||
CAB
|
| Capital Appreciation Bonds | |||
CEP
|
| Credit Enhancement Provider | |||
CIFG
|
| CIFG Assurance North America, Inc. | |||
Conv.
|
| Convertible | |||
COP
|
| Certificates of Participation | |||
FGIC
|
| Financial Guaranty Insurance Co. | |||
FHA
|
| Federal Housing Administration | |||
GO
|
| General Obligation | |||
IDR | | Industrial Development Revenue Bonds | |||
INS | | Insurer | |||
LOC | | Letter of Credit | |||
NATL | | National Public Finance Guarantee Corp. | |||
PCR | | Pollution Control Revenue Bonds | |||
PILOT | | Payment-in-Lieu-of-Tax | |||
RAB | | Revenue Anticipation Bonds | |||
RB | | Revenue Bonds | |||
Ref. | | Refunding | |||
SGI | | Syncora Guarantee, Inc. | |||
Sr. | | Senior | |||
Sub. | | Subordinated | |||
VRD | | Variable Rate Demand |
(a) | Principal and/or interest payments are secured by the bond insurance company listed. | |
(b) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. | |
(c) | Underlying security related to Dealer Trusts entered into by the Trust. See Note 1D. | |
(d) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. | |
(e) | Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2011. | |
(f) | Security subject to the alternative minimum tax. | |
(g) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. | |
(h) | Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the Dealer Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $3,343,730. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the Dealer Trusts. | |
(i) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at May 31, 2011 represented 0.40% of the Trusts Net Assets. | |
(j) | Zero coupon bond issued at a discount. | |
(k) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuers obligations but may be called upon to satisfy the issuers obligations. |
Entities | Percentage | |||
National Public Finance Guarantee Corp. |
37.8 | % | ||
Assured Guaranty Municipal Corp. |
10.2 | |||
American Municipal Bond Assurance Corp.* |
10.7 | |||
Assured Guaranty Corp. |
7.0 |
(l) | Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at May 31, 2011. At May 31, 2011, the Trusts investments with a value of $46,785,410 are held by Dealer Trusts and serve as collateral for the $29,900,000 in the floating rate note obligations outstanding at that date. | |
* | AMBAC filed for Bankruptcy on November 8, 2010. |
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
A. | Security Valuations (continued) |
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. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | 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. |
D. | Floating Rate Note Obligations (continued) |
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. |
Level 1 | Prices are determined using quoted prices in an active market for identical assets. | ||
Level 2 | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | ||
Level 3 | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trusts own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Municipal Obligations |
$ | | $ | 233,790,423 | $ | | $ | 233,790,423 |
Aggregate unrealized appreciation of investment securities |
$ | 7,849,850 | ||
Aggregate unrealized (depreciation) of investment securities |
(4,291,486 | ) | ||
Net unrealized appreciation of investment securities |
$ | 3,558,364 | ||
Cost of investments for tax purposes is $230,232,059. |
(a) | As of June 10, 2011, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (PEO) and Principal Financial Officer (PFO), to assess the effectiveness of the Registrants disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (Act), as amended. Based on that evaluation, the Registrants officers, including the PEO and PFO, concluded that, as of June 10, 2011, the Registrants disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. | ||
(b) | There have been no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting. |
Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940. |
By: | /s/ Philip A. Taylor | |||
Philip A. Taylor | ||||
Principal Executive Officer | ||||
By: | /s/ Philip A. Taylor | |||
Philip A. Taylor | ||||
Principal Executive Officer | ||||
By: | /s/ Sheri Morris | |||
Sheri Morris | ||||
Principal Financial Officer | ||||
Date: July 29, 2011 | /s/ Philip A. Taylor | |||
Philip A. Taylor, Principal Executive Officer | ||||
Date: July 29, 2011 | /s/ Sheri Morris | |||
Sheri Morris, Principal Financial Officer | ||||