OMB APPROVAL | ||
OMB Number: 3235-0578 | ||
Expires: April 30, 2013 | ||
Estimated average burden | ||
hours per response: 5.6 | ||
invesco.com/us | MS-CE-IMB-QTR-1 01/11 | Invesco Advisers, Inc. |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Municipal Obligations157.29% |
||||||||||||||||
Alabama0.89% |
||||||||||||||||
Birmingham (City of) Airport Authority; Series 2010, RB (INS-AGM) (a) |
5.25 | % | 07/01/30 | $ | 300 | $ | 292,677 | |||||||||
Chatom (Town of) Industrial Development Board (PowerSouth Energy Cooperative); Series 2010 A, Ref.
Gulf Opportunity Zone RB (INS-AGC) (a) |
5.00 | % | 08/01/37 | 175 | 166,614 | |||||||||||
459,291 | ||||||||||||||||
Alaska2.44% |
||||||||||||||||
Alaska (State of) Industrial Development & Export Authority (Snettisham Hydroelectric); Series
1998, Power RB (INS-AMBAC) (a)(b) |
5.00 | % | 01/01/27 | 1,400 | 1,257,648 | |||||||||||
Arizona0.88% |
||||||||||||||||
Arizona (State of); Series 2008 A, COP (INS-AGM) (a) |
5.00 | % | 09/01/26 | 290 | 278,458 | |||||||||||
Glendale (City of) Industrial Development Authority (Midwestern University); |
||||||||||||||||
Series 2010, RB |
5.00 | % | 05/15/35 | 100 | 86,602 | |||||||||||
Series 2010, RB |
5.13 | % | 05/15/40 | 100 | 88,741 | |||||||||||
453,801 | ||||||||||||||||
California31.39% |
||||||||||||||||
Alhambra Unified School District (Election of 2004); Series 2009 B, Unlimited Tax GO Bonds
(INS-AGC) (a)(c) |
0.00 | % | 08/01/36 | 485 | 84,007 | |||||||||||
Alvord Unified School District (Election of 2007); Series 2008 A, Unlimited Tax GO (INS-AGM)
(a) |
5.00 | % | 08/01/24 | 220 | 220,640 | |||||||||||
Anaheim (City of) Public Financing Authority (Electric System Distribution Facilities); Series 2007
A, RB (INS-NATL) (a) |
4.50 | % | 10/01/37 | 2,250 | 1,911,150 | |||||||||||
Beverly Hills Unified School District (Election of 2008); |
||||||||||||||||
Series 2009, Unlimited Tax GO Bonds (c) |
0.00 | % | 08/01/26 | 215 | 85,998 | |||||||||||
Series 2009, Unlimited Tax GO Bonds (c) |
0.00 | % | 08/01/31 | 420 | 114,761 | |||||||||||
California (State of) Department of Water Resources; Series 2008 H, Power Supply RB (INS-AGM)
(a) |
5.00 | % | 05/01/22 | 550 | 579,156 | |||||||||||
California (State of) Health Facilities Financing Authority (Scripps Health); Series 2010 A, RB |
5.00 | % | 11/15/36 | 400 | 349,704 | |||||||||||
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated
Group); Series 2010, RB |
5.00 | % | 11/01/40 | 200 | 167,802 | |||||||||||
Clovis Unified School District (Election of 2004); Series 2004 A, Unlimited Tax GO Bonds (INS-NATL)
(a)(c) |
0.00 | % | 08/01/29 | 105 | 31,247 | |||||||||||
Dry Creek Joint Elementary School District (Election of 2008); Series 2009 E, Unlimited Tax GO
Bonds (c) |
0.00 | % | 08/01/43 | 2,120 | 217,512 | |||||||||||
Eastern Municipal Water District; Series 2006 A, Water & Sewer Revenue COP (INS-NATL) (a) |
5.00 | % | 07/01/32 | 1,000 | 947,720 | |||||||||||
El Segundo Unified School District (Election of 2008); |
||||||||||||||||
Series 2009 A, Unlimited Tax GO Bonds (d) |
6.52 | % | 08/01/31 | 120 | 29,342 | |||||||||||
Series 2009 A, Unlimited Tax GO Bonds (d) |
6.56 | % | 08/01/32 | 460 | 105,119 | |||||||||||
Golden State Tobacco Securitization Corp.; Series 2005 A, Enhanced Tobacco Settlement Asset-Backed
RB (INS-FGIC) (a) |
5.00 | % | 06/01/38 | 2,000 | 1,631,700 | |||||||||||
Los Angeles (City of) Department of Airports (Los Angeles International Airport); Series 2010 B,
Sub. RB |
5.00 | % | 05/15/40 | 200 | 182,538 | |||||||||||
Los Angeles (City of) Department of Water & Power; Series 2004 C, Water System RB (INS-NATL)
(a)(e) |
5.00 | % | 07/01/25 | 1,000 | 1,017,380 | |||||||||||
Los Angeles Unified School District (Election of 2004); Series 2006 F, Unlimited Tax GO Bonds
(INS-FGIC) (a) |
5.00 | % | 07/01/30 | 1,000 | 937,910 | |||||||||||
Menifee Union School District (Election of 2008); Series 2009 C, Unlimited Tax GO Bonds (INS-AGC)
(a)(c) |
0.00 | % | 08/01/35 | 300 | 55,992 | |||||||||||
Oakland (City of) Joint Powers Financing Authority (Oakland Administration Buildings); Series 2008
B, Ref. Lease RB (INS-AGC) (a) |
5.00 | % | 08/01/23 | 250 | 250,263 | |||||||||||
Oakland (Port of); |
||||||||||||||||
Series 2002 L, RB (b)(f) |
5.00 | % | 11/01/12 | 55 | 59,231 | |||||||||||
Series 2002 L, RB (INS-NATL) (a)(b) |
5.00 | % | 11/01/21 | 445 | 437,635 | |||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
California(continued) |
||||||||||||||||
Patterson Joint Unified School District (Election of 2008); Series 2009 B, Unlimited Tax GO Bonds (INS-AGM)
(a)(c) |
0.00 | % | 08/01/37 | $ | 1,785 | $ | 275,997 | |||||||||
Poway Unified School District (Election of 2008) (School Facilities Improvement District No. 2007-1); |
||||||||||||||||
Series 2009
A, Unlimited Tax GO Bonds
(c) |
0.00 | % | 08/01/28 | 705 | 217,288 | |||||||||||
Series 2009
A, Unlimited Tax GO Bonds
(c) |
0.00 | % | 08/01/31 | 760 | 185,835 | |||||||||||
Sacramento (County of) Sanitation Districts Financing Authority; Series 2006, RB (INS-NATL) (a) |
5.00 | % | 12/01/28 | 1,000 | 1,005,280 | |||||||||||
San Francisco (City & County of) (Laguna Honda Hospital); Series 2008 R-3, Ref. Unlimited Tax GO Bonds (INS-AGC)
(a)(e) |
5.00 | % | 06/15/28 | 1,000 | 977,800 | |||||||||||
Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INS-AGM) (a)(g)(h) |
3.50 | % | 05/31/13 | 400 | 398,964 | |||||||||||
University of California; |
||||||||||||||||
Series 2007 J, General RB (INS-AGM) (a)(e) |
4.50 | % | 05/15/31 | 2,205 | 1,948,338 | |||||||||||
Series 2007 J, General RB (INS-AGM) (a)(e) |
4.50 | % | 05/15/35 | 1,795 | 1,527,060 | |||||||||||
Yosemite Community College District; Series 2008, Unlimited Tax GO Bonds (INS-AGM) (a)(c) |
0.00 | % | 08/01/22 | 525 | 260,694 | |||||||||||
16,214,063 | ||||||||||||||||
Colorado3.14% |
||||||||||||||||
Arkansas River Power Authority; Series 2006, Power Improvement RB (INS-SGI) (a) |
5.25 | % | 10/01/40 | 700 | 587,503 | |||||||||||
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB |
6.00 | % | 01/15/41 | 250 | 226,015 | |||||||||||
Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS-SGI) (a) |
5.00 | % | 12/01/30 | 1,000 | 809,200 | |||||||||||
1,622,718 | ||||||||||||||||
Connecticut0.54% |
||||||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Quinnipiac University); Series 2007 K-1, RB (INS-NATL)
(a) |
5.00 | % | 07/01/24 | 275 | 276,513 | |||||||||||
District of Columbia5.13% |
||||||||||||||||
District of Columbia Water & Sewer Authority; Series 2008 A, Ref. Public Utility Sub. Lien RB (INS-AGC) (a) |
5.00 | % | 10/01/28 | 245 | 247,548 | |||||||||||
District of Columbia; |
||||||||||||||||
Series 2006 B-1, Ballpark RB (INS-NATL) (a) |
5.00 | % | 02/01/31 | 1,000 | 881,780 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(e) |
5.00 | % | 06/01/26 | 260 | 262,285 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(e) |
5.00 | % | 06/01/27 | 260 | 260,536 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(e) |
5.00 | % | 06/01/28 | 520 | 515,502 | |||||||||||
Series 2009 A, Income Tax Sec. RB (e) |
5.25 | % | 12/01/27 | 460 | 479,610 | |||||||||||
2,647,261 | ||||||||||||||||
Florida17.79% |
||||||||||||||||
Broward (County of) Educational Facilities Authority (Nova Southeastern University); Series 2006, RB (INS-AGC)
(a) |
5.00 | % | 04/01/31 | 1,000 | 914,970 | |||||||||||
Broward (County of) School Board; Series 2001 A, COP (INS-AGM) (a) |
5.00 | % | 07/01/26 | 2,000 | 1,952,680 | |||||||||||
Citizens Property Insurance Corp.; Series 2010 A-1, High Risk Sr. Sec. RB |
5.00 | % | 06/01/14 | 500 | 523,925 | |||||||||||
Jacksonville (City of); Series 2003 C, Ref. Excise Taxes RB (INS-NATL) (a)(b) |
5.25 | % | 10/01/19 | 1,500 | 1,518,480 | |||||||||||
Miami Beach (City of); Series 2000, Water and Sewer RB (INS-AMBAC) (a) |
5.75 | % | 09/01/25 | 865 | 876,133 | |||||||||||
Miami-Dade (County of) Educational Facilities Authority (University of Miami); Series 2008 A, RB (INS-BHAC) (a) |
5.50 | % | 04/01/38 | 400 | 400,948 | |||||||||||
Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB (INS-AGC) (a) |
5.00 | % | 07/01/35 | 300 | 283,425 | |||||||||||
Miami-Dade (County of) Special Obligation; Series 2005 A, Sub. RB (INS-NATL) (a)(c) |
0.00 | % | 10/01/30 | 1,000 | 754,630 | |||||||||||
Miami-Dade (County of); Series 2010, Water & Sewer System RB (INS-AGM) (a) |
5.00 | % | 10/01/39 | 400 | 376,220 | |||||||||||
Mid-Bay Bridge Authority; Series 2008 A, Ref. RB (INS-AGC) (a) |
5.00 | % | 10/01/27 | 280 | 253,058 | |||||||||||
Palm Beach (County of) Solid Waste Authority; Series 2009, Improvement RB (INS-BHAC) (a) |
5.50 | % | 10/01/23 | 350 | 371,000 | |||||||||||
Port St. Lucie (City of); Series 2009, Ref. Utility System RB (INS-AGC) (a) |
5.00 | % | 09/01/29 | 500 | 483,240 | |||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Florida(continued) |
||||||||||||||||
Tampa Sports Authority; Series 2005, Ref. Sales Tax RB (INS-AGM) (a) |
5.00 | % | 01/01/26 | $ | 480 | $ | 481,757 | |||||||||
9,190,466 | ||||||||||||||||
Georgia1.46% |
||||||||||||||||
Atlanta (City of); Series 2010 A, General Airport RB (INS-AGM) (a) |
5.00 | % | 01/01/35 | 800 | 756,248 | |||||||||||
Idaho1.68% |
||||||||||||||||
Idaho (State of) Health Facilities Authority (St. Lukes Regional Medical Center); Series 2010, RB (INS-AGM)
(a) |
5.00 | % | 07/01/35 | 425 | 396,886 | |||||||||||
Idaho (State of) Housing & Finance Association; Series 2008 A, Federal Highway Trust Fund Grant and Anticipation RB
(INS-AGC) (a) |
5.25 | % | 07/15/25 | 455 | 472,313 | |||||||||||
869,199 | ||||||||||||||||
Illinois13.14% |
||||||||||||||||
Chicago (City of) OHare International Airport; Series 2001 A, Second Lien Passenger Facility Charge RB (INS-AMBAC)
(a)(b) |
5.38 | % | 01/01/32 | 2,000 | 1,806,880 | |||||||||||
Chicago (City of) Park District (Harbor Facilities Revenues Alternate Revenue Source); Series 2003 C, Unlimited Tax GO
(INS-AMBAC) (a) |
5.00 | % | 01/01/24 | 1,500 | 1,529,415 | |||||||||||
Chicago
(City of) Transit Authority (Federal Transit Administration
Section 5309); Series 2008, Capital Grant Receipts RB (INS-AGC) (a) |
5.25 | % | 06/01/25 | 295 | 289,017 | |||||||||||
Chicago (City of); Series 2007 A, Ref. Unlimited Tax GO Bonds (INS-AGM) (a)(e)(i) |
5.00 | % | 01/01/37 | 1,350 | 1,205,213 | |||||||||||
DeKalb (County of) Community Unit School District Number 428; Series 2008, Unlimited Tax GO Bonds (INS-AGM) (a) |
5.00 | % | 01/01/24 | 210 | 215,985 | |||||||||||
Illinois (State of) Finance Authority (Northwestern Memorial Hospital); Series 2009 B, RB |
5.75 | % | 08/15/30 | 365 | 370,150 | |||||||||||
Illinois (State of) Finance Authority (Swedish American Hospital); Series 2004, RB (INS-AMBAC) (a) |
5.00 | % | 11/15/31 | 1,000 | 851,420 | |||||||||||
Illinois (State of) Finance Authority (Swedish Covenant); Series 2010 A, Ref. RB |
5.75 | % | 08/15/29 | 300 | 280,539 | |||||||||||
Railsplitter Tobacco Settlement Authority; Series 2010, RB |
5.50 | % | 06/01/23 | 250 | 237,523 | |||||||||||
6,786,142 | ||||||||||||||||
Iowa1.41% |
||||||||||||||||
Iowa (State of); |
||||||||||||||||
Series 2009 A, IJOBS Program Special Obligation RB (e)(i) |
5.00 | % | 06/01/25 | 405 | 417,243 | |||||||||||
Series 2009 A, IJOBS Program Special Obligation RB (e)(i) |
5.00 | % | 06/01/26 | 305 | 311,335 | |||||||||||
728,578 | ||||||||||||||||
Kansas0.72% |
||||||||||||||||
Kansas (State of) Development Finance Authority (Adventist Health System); Series 2009, Hospital RB |
5.50 | % | 11/15/29 | 140 | 140,472 | |||||||||||
Wyandotte (County of) & Kansas City (City of) Unified Government; Series 2009 A, Utility System RB (INS-BHAC) (a) |
5.25 | % | 09/01/34 | 235 | 233,573 | |||||||||||
374,045 | ||||||||||||||||
Kentucky2.64% |
||||||||||||||||
Kentucky (State of) Property & Buildings Commission (Project No. 93); Series 2009, Ref. RB (INS-AGC) (a) |
5.25 | % | 02/01/28 | 360 | 364,338 | |||||||||||
Louisville & Jefferson (Counties of) Visitors and Convention Commission; Series 2004 B, Ref. VRD Dedicated Tax RB (INS-AGM)
(a)(j) |
0.29 | % | 12/01/22 | 1,000 | 1,000,000 | |||||||||||
1,364,338 | ||||||||||||||||
Louisiana0.75% |
||||||||||||||||
Lafayette (City of) Public Trust Financing Authority (Ragin Cajun Facilities, Inc. Housing & Parking); Series 2010, RB
(INS-AGM) (a) |
5.50 | % | 10/01/35 | 400 | 389,696 | |||||||||||
Massachusetts4.93% |
||||||||||||||||
Massachusetts (State of) Health & Educational Facilities Authority (Boston College); Series 2008 M-2, RB |
5.50 | % | 06/01/30 | 500 | 538,150 | |||||||||||
Massachusetts (State of) Health & Educational Facilities Authority (Harvard University); Series 2009 A, RB (e) |
5.50 | % | 11/15/36 | 1,435 | 1,520,081 | |||||||||||
See accompanying notes which are an integral part of this schedule. |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Massachusetts(continued) |
||||||||||||||||
Massachusetts (State of) Health & Educational Facilities Authority (Massachusetts Institute of Technology);
Series 2008 O, RB (e) |
5.50 | % | 07/01/36 | $ | 465 | $ | 489,984 | |||||||||
2,548,215 | ||||||||||||||||
Michigan4.05% |
||||||||||||||||
Detroit (City of); Series 2006 C, Ref. Water Supply System Second Lien RB (INS-AGM) (a) |
5.00 | % | 07/01/26 | 275 | 257,557 | |||||||||||
Wayne (County of); Series 2002 D, Ref. Airport RB (INS-NATL) (a)(b) |
5.50 | % | 12/01/17 | 1,500 | 1,520,190 | |||||||||||
Wayne State University Board of Governors; Series 2008, Ref. General RB (INS-AGM) (a) |
5.00 | % | 11/15/29 | 320 | 312,921 | |||||||||||
2,090,668 | ||||||||||||||||
Minnesota1.76% |
||||||||||||||||
Minneapolis (City of)(Fairview Health Services); Series 2005, Health Care System RB (INS-AMBAC) (a) |
5.00 | % | 11/15/30 | 1,000 | 909,760 | |||||||||||
Nevada1.95% |
||||||||||||||||
Nevada (State of) (Capital Improvement & Cultural Affairs); Series 2008 C, Limited Tax GO Bonds (INS-AGM)
(a)(e) |
5.00 | % | 06/01/26 | 1,000 | 1,008,480 | |||||||||||
New Hampshire0.91% |
||||||||||||||||
New Hampshire (State of) Health & Education Facilities Authority (University System of New Hampshire Issue);
Series 2001, RB (INS-AMBAC) (a) |
5.13 | % | 07/01/33 | 495 | 470,007 | |||||||||||
New Jersey2.85% |
||||||||||||||||
New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC Montclair
State University Student Housing); Series 2010 A, RB |
5.88 | % | 06/01/42 | 175 | 158,484 | |||||||||||
New Jersey (State of) Economic Development Authority; Sub-Series 2005 N-1, Ref. School Facilities Construction RB
(INS-AMBAC) (a) |
5.50 | % | 09/01/24 | 265 | 279,196 | |||||||||||
New Jersey (State of) Housing & Mortgage Finance Agency; Series 2000 CC, Home Buyer RB (INS-NATL)
(a)(b) |
5.88 | % | 10/01/31 | 550 | 550,115 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority; Series 2006 C, Transportation System RB (INS-AGC)
(a)(c) |
0.00 | % | 12/15/26 | 1,290 | 483,453 | |||||||||||
1,471,248 | ||||||||||||||||
New York14.73% |
||||||||||||||||
Long Island Power Authority; Series 2004 A, Electrical System RB (INS-AMBAC) (a) |
5.00 | % | 09/01/34 | 1,000 | 924,400 | |||||||||||
Metropolitan Transportation Authority; Series 2002 B, Service Contract RB (INS-NATL) (a) |
5.50 | % | 07/01/20 | 2,000 | 2,105,760 | |||||||||||
Series 2010 D, RB |
5.00 | % | 11/15/34 | 275 | 247,269 | |||||||||||
New York (City of) Industrial Development Agency; (Queens Baseball Stadium); Series 2006, PILOT RB (INS-AMBAC)
(a) |
5.00 | % | 01/01/31 | 1,145 | 973,319 | |||||||||||
New York (City of) Industrial Development Agency; (Yankee Stadium); Series 2006, PILOT RB (INS-FGIC)
(a) |
5.00 | % | 03/01/46 | 485 | 421,508 | |||||||||||
New York (State of) Dormitory Authority (Memorial Sloan-Kettering Cancer Center); Series 2003-1, RB (INS-NATL)
(a) |
5.00 | % | 07/01/24 | 2,000 | 2,028,660 | |||||||||||
New York (State of) Dormitory Authority (Mental Health Services Facilities Improvement); Series 2007 A, State
Supported Debt RB (INS-AGM) (a) |
5.00 | % | 02/15/27 | 500 | 501,800 | |||||||||||
New York (State of) Dormitory Authority (The City of New York Issue); Series 2005 A, Court Facilities Lease RB
(INS-AMBAC) (a) |
5.50 | % | 05/15/28 | 400 | 404,872 | |||||||||||
7,607,588 | ||||||||||||||||
Ohio5.43% |
||||||||||||||||
American Municipal Power-Ohio Inc. (Prairie St Energy Campus); Series 2008 A, RB (INS-AGC) (a)(e) |
5.25 | % | 02/15/33 | 2,500 | 2,474,175 | |||||||||||
Ohio (State of) Higher Educational Facility Commission (Summa Health System); Series 2010, RB |
5.75 | % | 11/15/35 | 175 | 159,324 | |||||||||||
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR
(g)(h) |
5.88 | % | 06/01/16 | 160 | 170,848 | |||||||||||
2,804,347 | ||||||||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Oklahoma2.52% |
||||||||||||||||
Oklahoma (State of) Development Finance Authority (Obligated Group consisting of INTEGRIS Baptist Medical Center,
Inc., INTEGRIS South Oklahoma City Hospital Corp. and INTEGRIS Rural Health, Inc.); Series 2007 A-3, Ref. VRD Health
System RB (INS-AGC) (a)(j) |
0.29 | % | 08/15/33 | $ | 1,300 | $ | 1,300,000 | |||||||||
Pennsylvania2.99% |
||||||||||||||||
Pennsylvania (State of) Economic Devlopment Financing Authority (Waste Management, Inc.); Series 2004 A, Solid
Waste Disposal RB (g)(h) |
3.70 | % | 05/01/15 | 350 | 345,688 | |||||||||||
Philadelphia (City of); Series 2009 B, Limited Tax GO Bonds (INS-AGC) (a) |
7.13 | % | 07/15/38 | 155 | 169,395 | |||||||||||
Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INS-BHAC) (a) |
5.13 | % | 09/01/23 | 1,000 | 1,029,570 | |||||||||||
1,544,653 | ||||||||||||||||
Puerto Rico1.21% |
||||||||||||||||
Puerto Rico (Commonwealth of) Sales Tax Financing Corp.; Series 2009 A, First Sub. Sales Tax RB (f)(g)(h) |
5.00 | % | 08/01/11 | 260 | 266,063 | |||||||||||
Series 2010 C, First Sub. Sales Tax RB |
5.25 | % | 08/01/41 | 400 | 359,264 | |||||||||||
625,327 | ||||||||||||||||
South Carolina1.92% |
||||||||||||||||
South Carolina (State of) Public Service Authority (Santee Cooper); Series 2006 A, RB (INS-NATL) (a) |
5.00 | % | 01/01/36 | 1,000 | 990,810 | |||||||||||
Texas15.97% |
||||||||||||||||
Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB |
6.13 | % | 04/01/45 | 200 | 185,120 | |||||||||||
Dallas and Fort Worth (Cities of) International Airport; Series 2001A, Ref. Joint Improvement RB (INS-NATL)
(a)(b) |
5.50 | % | 11/01/31 | 2,000 | 1,938,500 | |||||||||||
Friendswood Independent School District; Series 2008, Schoolhouse Unlimited Tax GO Bonds (CEP-Texas Permanent School
Fund) |
5.00 | % | 02/15/27 | 175 | 179,218 | |||||||||||
Houston (City of) Community College System; Series 2008, Sr. Lien Student Fee RB (INS-AGM) (a) |
5.00 | % | 04/15/25 | 275 | 280,514 | |||||||||||
Houston (City of) Convention & Entertainment Facilities Department; Series 2001 B, Hotel Occupancy Tax & Special RB
(INS-AGM) (a)(c) |
0.00 | % | 09/01/25 | 675 | 293,092 | |||||||||||
Houston (City of); Series 2004 A, Ref. Combined Utility System First Lien RB (INS-NATL) (a) |
5.25 | % | 05/15/23 | 500 | 524,460 | |||||||||||
Humble Independent School District; Series 2008 A, School Building Unlimited Tax GO Bonds (INS-AGC) (a) |
5.00 | % | 02/15/26 | 285 | 295,687 | |||||||||||
Lower Colorado River Authority (Transmission Services Corp.); Series 2004, Ref. RB (INS-NATL) (a) |
5.00 | % | 05/15/25 | 1,000 | 1,000,680 | |||||||||||
North Texas Tollway Authority; Series 2008 D, Ref. First Tier System RB (INS-AGC) (a)(c) |
0.00 | % | 01/01/28 | 1,500 | 524,415 | |||||||||||
Series 2008 D, Ref. First Tier System RB (INS-AGC) (a)(c) |
0.00 | % | 01/01/31 | 320 | 90,202 | |||||||||||
Texas (State of) Turnpike Authority; Series 2002, First Tier RB (INS-BHAC) (a)(c) |
0.00 | % | 08/15/27 | 1,265 | 450,580 | |||||||||||
University of Houston System Board of Regents; Series 2008, Consolidated RB (INS-AGM) (a)(e) |
5.00 | % | 02/15/33 | 2,500 | 2,488,050 | |||||||||||
8,250,518 | ||||||||||||||||
Virginia6.33% |
||||||||||||||||
Norfolk (City of); Series 1995, Water RB (INS-NATL) (a) |
5.88 | % | 11/01/20 | 2,000 | 2,003,400 | |||||||||||
Roanoke (City of) Economic Development Authority (Carilion Clinic Obligated Group); Series 2010, Ref. Hospital RB |
5.00 | % | 07/01/33 | 250 | 234,302 | |||||||||||
Roanoke (City of) Industrial Development Authority (Carilion Health System Obligated Group); Series 2005 B, Hospital RB (INS-AGM) (a) |
5.00 | % | 07/01/38 | 250 | 230,573 | |||||||||||
Series 2005 A-1, VRD Hospital RB (INS-AGM) (a)(j) |
0.27 | % | 07/01/36 | 800 | 800,000 | |||||||||||
3,268,275 | ||||||||||||||||
Washington5.13% |
||||||||||||||||
Grant (County of) Public Utility District No. 2; Series 2005 A, Ref. Wanapum Hydro Electric RB (INS-NATL)
(a) |
5.00 | % | 01/01/34 | 950 | 892,620 | |||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Washington(continued) |
||||||||||||||||
Washington (State of); |
||||||||||||||||
Series 2004 F, Motor Vehicle Fuel Unlimited Tax GO Bonds (INS-AMBAC) (a)(d) |
5.29 | % | 12/01/29 | $ | 800 | $ | 291,288 | |||||||||
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (e) |
5.00 | % | 08/01/29 | 705 | 715,483 | |||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (e) |
5.00 | % | 08/01/30 | 740 | 748,429 | |||||||||||
2,647,820 | ||||||||||||||||
West Virginia0.61% |
||||||||||||||||
West Virginia (State of) Economic Development Authority (Appalachian Power Co. Amos); Series 2010 A, Ref.
Solid Waste Disposal Facilities RB |
5.38 | % | 12/01/38 | 350 | 315,749 | |||||||||||
TOTAL
INVESTMENTS157.29% (Cost
$84,846,878)(k) |
81,243,472 | |||||||||||||||
Floating Rate and Dealer Trusts Obligations Related to Securities Held(23.12)% |
||||||||||||||||
Notes with interest rates ranging from 0.29% to 0.36% at 01/31/11 and contractual maturities of
collateral ranging from 06/01/25 to 01/01/37 (See Note 1D) (l) |
(11,940,000 | ) | ||||||||||||||
PREFERRED SHARES OF BENEFICIAL INTEREST(35.14)% |
(18,150,958 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES0.97% |
499,710 | |||||||||||||||
NET ASSETS ATTRIBUTABLE TO COMMON SHARES100.00% |
$ | 51,652,224 | ||||||||||||||
AGC
|
Assured Guaranty Corp. | |
AGM
|
Assured Guaranty Municipal Corp. | |
AMBAC
|
Ambac Assurance Corp.* | |
BHAC
|
Berkshire Hathaway Assurance Corp. | |
CEP
|
Credit Enhancement Provider | |
COP
|
Certificates of Participation | |
FGIC
|
Financial Guaranty Insurance Co. | |
GO
|
General Obligations | |
INS
|
Insurer | |
NATL
|
National Public Finance Guarantee Corp. | |
PCR
|
Pollution Control Revenue Bonds | |
RB
|
Revenue Bonds | |
Ref.
|
Refunding | |
Sec.
|
Secured | |
SGI
|
Syncora Guarantee, Inc. | |
Sr.
|
Senior | |
Sub.
|
Subordinated |
(a) | Principal and/or interest payments are secured by the bond insurance company listed. | |
(b) | Security subject to the alternative minimum tax. | |
(c) | Capital appreciation bond. Security traded on a discount basis. | |
(d) | Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at time of purchase. | |
(e) | Underlying security related to Special Purpose Trusts entered into by the Trust. See Note 1D. | |
(f) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. | |
(g) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. | |
(h) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2011. | |
(i) | 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 inverse floater. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $1,375,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater. | |
(j) | 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 January 31, 2011. |
(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. | 38.52 | % | ||
Assured Guaranty Municipal Corp. | 36.26 | |||
Ambac Assurance Corp. * | 20.47 | |||
Assured Guaranty Corp. | 19.71 | |||
Berkshire Hathaway Assurance Corp. | 6.82 | |||
Financial Guaranty Insurance Co. | 5.79 | |||
(l) | Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at January 31, 2011. At January 31, 2011, the Trusts investments with a value of $18,366,984 are held by Special Purpose Trusts established by a Broker Dealer (Dealer Trusts) and serve as collateral for the $11,940,000 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. |
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Inverse Floating Rate Obligations The Trust may invest 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 obligations. 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. |
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 |
$ | | $ | 81,243,472 | $ | | $ | 81,243,472 | ||||||||
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis | ||||
Aggregate unrealized appreciation of investment securities |
$ | 552,695 | ||
Aggregate unrealized (depreciation) of investment securities |
(4,197,528 | ) | ||
Net unrealized appreciation (depreciation) of investment securities |
$ | (3,644,833 | ) | |
Cost of investments for tax purposes is $84,888,305. |
(a) | As of March 21, 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 March 21, 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: April 1, 2011 | /s/ Philip A. Taylor | |||
Philip A. Taylor, Principal Executive Officer |
||||
Date: April 1, 2011 | /s/ Sheri Morris | |||
Sheri Morris, Principal Financial Officer |
||||
2`86042`N_DC#/X#`#)!8X!)24`(-_`&"7$6@H!\I12?>X(1^^N,>_T`O M<`FB2*T`4"`42&M*S,5*2_+"9_XPY3^0T!15M*@5(AX:'C*L7D[N5;T"V41* MRF`0*.@O)?T1B$]W(H@B56,G^`6;$W82`+`8`7,,(/$5H-S6?[P"RB0>""2@ M/(Z#D&$6L61P([;S#P4TH0L MD`KG"B0!!PBT#-D1Z`.PAP2%YJ)`,%#H8"#D`_W(01`RT-V#Y.,(09#''L"1 5D&4@(0B7\`9"$L`#2:\"D0()"``[ ` end