OMB APPROVAL |
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OMB Number: 3235-0578 |
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Expires: April 30, 2013 |
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Estimated average burden hours per response: 5.6 |
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MS-CE-QMINC-QTR-1 11/11 | Invesco Advisers, Inc. |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Municipal Obligations159.11% |
||||||||||||||||
Alabama0.34% |
||||||||||||||||
Birmingham (City of) Airport Authority; Series 2010, RB (INS-AGM) (a) |
5.25 | % | 07/01/30 | $ | 1,000 | $ | 1,046,000 | |||||||||
Alaska0.66% |
||||||||||||||||
Alaska (State of) Industrial Development & Export Authority (Providence Health Services); Series 2011 A, RB |
5.50 | % | 10/01/41 | 1,905 | 2,016,881 | |||||||||||
Arizona6.10% |
||||||||||||||||
Arizona (State of) Transportation Board; |
||||||||||||||||
Series 2002 A, Ref. Highway RB (b)(c) |
5.25 | % | 07/01/12 | 2,000 | 2,098,660 | |||||||||||
Series 2011 A, Ref. Sub. Highway RB |
5.00 | % | 07/01/36 | 1,605 | 1,698,267 | |||||||||||
Maricopa County Pollution Control Corp. (Arizona Public Service Co. Palo Verde); Series 2009 A, Ref. PCR (b)(d) |
6.00 | % | 05/01/14 | 650 | 711,132 | |||||||||||
Phoenix Civic Improvement Corp.; |
||||||||||||||||
Series 2002, Jr. Lien Water System RB (b)(c) |
5.00 | % | 07/01/12 | 3,800 | 3,903,246 | |||||||||||
Series 2002 B, Sr. Lien Airport RB (INS-NATL) (a)(e) |
5.25 | % | 07/01/32 | 3,000 | 3,006,120 | |||||||||||
Pima (County of) Industrial Development Authority (Tucson Electric Power Co.); Series 2010 A, IDR |
5.25 | % | 10/01/40 | 1,175 | 1,156,047 | |||||||||||
Salt River Project Agricultural Improvement & Power District; Series 2002 B, Electric System RB (f) |
5.00 | % | 01/01/31 | 6,000 | 6,192,000 | |||||||||||
18,765,472 | ||||||||||||||||
California27.30% |
||||||||||||||||
Alhambra Unified School District (Election of 2004); |
||||||||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(g) |
0.00 | % | 08/01/35 | 1,575 | 372,503 | |||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(g) |
0.00 | % | 08/01/36 | 2,545 | 539,896 | |||||||||||
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center); Series 2005, Ref. RB |
5.00 | % | 11/15/34 | 600 | 597,144 | |||||||||||
California (State of) Health Facilities Financing Authority (Kaiser Permanente); Series 2006 A, RB |
5.25 | % | 04/01/39 | 2,000 | 2,007,920 | |||||||||||
California (State of) Statewide Communities Development Authority (California Baptist University); Series 2007 A, RB |
5.40 | % | 11/01/27 | 4,000 | 3,740,320 | |||||||||||
California (State of) Statewide Communities Development Authority (John Muir Health); Series 2006 A, RB |
5.00 | % | 08/15/32 | 5,000 | 4,990,050 | |||||||||||
California (State of); Series 2003, Unlimited Tax GO Bonds |
5.25 | % | 02/01/19 | 5,000 | 5,314,550 | |||||||||||
California Infrastructure & Economic Development Bank (The Scripps Research Institute); Series 2005 A, RB |
5.00 | % | 07/01/29 | 3,000 | 3,075,510 | |||||||||||
California Infrastructure & Economic Development Bank; Series 2003 A, First Lien Bay Area Toll Bridges Seismic Retrofit RB
(b)(c)(f) |
5.00 | % | 01/01/28 | 5,000 | 6,228,550 | |||||||||||
Dry Creek Joint Elementary School District (Election of 2008-Measure E); |
||||||||||||||||
Series 2009, Unlimited Tax CAB GO Bonds (g) |
0.00 | % | 08/01/40 | 4,685 | 741,401 | |||||||||||
Series 2009, Unlimited Tax CAB GO Bonds (g) |
0.00 | % | 08/01/41 | 4,535 | 650,138 | |||||||||||
East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB |
5.00 | % | 06/01/36 | 2,235 | 2,383,963 | |||||||||||
Golden State Tobacco Securitization Corp.; |
||||||||||||||||
Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB (INS-AMBAC) (a) |
5.00 | % | 06/01/29 | 4,500 | 4,482,315 | |||||||||||
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.13 | % | 06/01/47 | 4,100 | 2,607,928 | |||||||||||
Los Angeles (City of) Department of Airports (Los Angeles International Airport); Series 2010 A, Sr. RB |
5.00 | % | 05/15/35 | 3,350 | 3,530,531 | |||||||||||
Los Angeles (City of); Series 2004 A, Unlimited Tax GO Bonds (INS-NATL) (a) |
5.00 | % | 09/01/24 | 4,000 | 4,344,960 | |||||||||||
Moreland School District (Crossover 2014); Series 2006 C, Ref. Unlimited Tax CAB GO Bonds (INS-AMBAC) (a)(g) |
0.00 | % | 08/01/29 | 1,745 | 601,362 | |||||||||||
Oak Grove School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (g) |
0.00 | % | 08/01/28 | 1,270 | 477,520 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
California(continued) |
||||||||||||||||
Oakland (Port of); |
||||||||||||||||
Series 2002 L, RB (b)(c)(e) |
5.00 | % | 11/01/12 | $ | 110 | $ | 114,595 | |||||||||
Series 2002 L, RB (b)(c)(e) |
5.00 | % | 11/01/12 | 445 | 463,588 | |||||||||||
Series 2002 L, RB (INS-NATL) (a)(e) |
5.00 | % | 11/01/21 | 890 | 899,381 | |||||||||||
Series 2002 L, RB (INS-NATL) (a)(e) |
5.00 | % | 11/01/32 | 3,555 | 3,423,145 | |||||||||||
Regents of the University of California; |
||||||||||||||||
Series 2007 J, General RB (INS-AGM) (a)(f) |
4.50 | % | 05/15/31 | 2,760 | 2,733,476 | |||||||||||
Series 2007 J, General RB (INS-AGM) (a)(f) |
4.50 | % | 05/15/35 | 2,240 | 2,150,534 | |||||||||||
Series 2009 O, General RB |
5.25 | % | 05/15/39 | 500 | 532,485 | |||||||||||
San Diego (County of) (Burnham Institute for Medical Research); Series 2006, COP |
5.00 | % | 09/01/34 | 1,000 | 861,130 | |||||||||||
San Diego (County of) Regional Airport Authority; Series 2010 A, Sub. RB |
5.00 | % | 07/01/34 | 875 | 888,081 | |||||||||||
San Diego (County of) Water Authority; Series 2002 A, Revenue COP (b)(c) |
5.00 | % | 05/01/12 | 3,720 | 3,831,711 | |||||||||||
San Diego Community College District (Election of 2006); Series 2011, Unlimited Tax GO Bonds |
5.00 | % | 08/01/36 | 1,410 | 1,494,769 | |||||||||||
San Francisco (City & County of) (Laguna Honda Hospital); Series 2008 R3, Ref. Unlimited Tax GO Bonds (INS-AGC) (a)(f) |
5.00 | % | 06/15/28 | 960 | 1,005,110 | |||||||||||
San Francisco (City & County of) Airport Commission (San Francisco International Airport); |
||||||||||||||||
Second Series 2011 F, Ref. RB (e) |
5.00 | % | 05/01/25 | 470 | 490,248 | |||||||||||
Second Series 2011 F, Ref. RB (e) |
5.00 | % | 05/01/26 | 935 | 967,267 | |||||||||||
Second Series 2011 G, Ref. RB |
5.25 | % | 05/01/27 | 5,000 | 5,451,500 | |||||||||||
San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program); Subseries 2011 A, Water RB |
5.00 | % | 11/01/36 | 2,025 | 2,124,225 | |||||||||||
San Francisco (City & County of) Public Utilities Commission; Series 2009 A, Water RB |
5.00 | % | 11/01/27 | 2,500 | 2,725,750 | |||||||||||
Southern California Tobacco Securitization Authority (San Diego County Tobacco Asset Securitization Corp.); Series 2006 A-1, Sr.
Tobacco Settlement Asset-Backed RB |
5.00 | % | 06/01/37 | 3,000 | 2,092,350 | |||||||||||
Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INS-AGM) (a)(b)(d) |
3.50 | % | 05/31/13 | 1,000 | 1,000,870 | |||||||||||
Twin Rivers Unified School District; Series 2009, Unlimited Tax CAB GO BAN (g) |
0.00 | % | 04/01/14 | 1,350 | 1,273,725 | |||||||||||
William S. Hart Union High School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (g) |
0.00 | % | 08/01/32 | 10,100 | 2,716,698 | |||||||||||
83,927,199 | ||||||||||||||||
Colorado3.43% |
||||||||||||||||
Boulder (County of) (University Corp. for Atmospheric Research); |
||||||||||||||||
Series 2002, Development RB (INS-NATL) (a) |
5.38 | % | 09/01/18 | 1,750 | 1,805,335 | |||||||||||
Series 2002, Development RB (INS-NATL) (a) |
5.38 | % | 09/01/21 | 1,750 | 1,800,330 | |||||||||||
Colorado (State of) Educational & Cultural Facilities Authority (Peak to Peak Charter School); Series 2004, Ref. Improvement RB
(INS-SGI) (a) |
5.25 | % | 08/15/34 | 2,000 | 1,959,560 | |||||||||||
Colorado (State of) Health Facilities Authority (Catholic Health Initiatives); Series 2009 A, RB |
5.00 | % | 07/01/39 | 2,000 | 2,003,040 | |||||||||||
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB |
6.00 | % | 01/15/41 | 1,500 | 1,526,115 | |||||||||||
Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS-SGI) (a) |
5.00 | % | 12/01/30 | 1,590 | 1,465,312 | |||||||||||
10,559,692 | ||||||||||||||||
Connecticut0.88% |
||||||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare Issue); Series 2011 A, RB |
5.00 | % | 07/01/41 | 2,700 | 2,702,943 | |||||||||||
Delaware0.28% |
||||||||||||||||
New Castle (County of) (Newark Charter School, Inc.); Series 2006, Development RB |
5.00 | % | 09/01/36 | 1,000 | 858,060 | |||||||||||
District of Columbia1.91% |
||||||||||||||||
District of Columbia; Series 2006 B-1, Ballpark RB (INS-NATL) (a) |
5.00 | % | 02/01/31 | 6,000 | 5,880,000 | |||||||||||
Florida8.76% |
||||||||||||||||
Broward County School Board; Series 2001 A, COP (INS-AGM) (a) |
5.00 | % | 07/01/26 | 2,000 | 2,008,240 | |||||||||||
Florida (State of) Ports Financing Commission (State Transportation Trust Fund); Series 2011 B, Ref. RB (e) |
5.13 | % | 06/01/27 | 995 | 1,062,889 | |||||||||||
Highlands (County of) Health Facilities Authority (Adventist Health); |
||||||||||||||||
Series 2006 C, RB (b)(c)(d) |
5.25 | % | 11/15/16 | 75 | 89,551 | |||||||||||
Series 2006 C, RB (d) |
5.25 | % | 11/15/36 | 2,925 | 2,974,023 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Florida(continued) |
||||||||||||||||
Miami-Dade (County of) (Building Better Communities Program); Series 2009 B-1, Unlimited Tax GO Bonds |
6.00 | % | 07/01/38 | $ | 2,000 | $ | 2,210,620 | |||||||||
Miami-Dade (County of) (Miami International Airport-Hub of the Americas); Series 2009 B, Aviation RB (INS-AGC)
(a) |
5.00 | % | 10/01/25 | 1,250 | 1,345,062 | |||||||||||
Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB |
5.00 | % | 07/01/40 | 1,500 | 1,509,825 | |||||||||||
Miami-Dade (County of) Health Facilities Authority (Miami Childrens Hospital); Series 2010 A, Ref. Hospital RB |
6.00 | % | 08/01/30 | 565 | 591,160 | |||||||||||
Palm Beach (County of) Solid Waste Authority; |
||||||||||||||||
Series 2009, Improvement RB (INS-BHAC) (a) |
5.50 | % | 10/01/23 | 1,200 | 1,433,496 | |||||||||||
Series 2011, Ref. RB |
5.00 | % | 10/01/31 | 1,560 | 1,653,818 | |||||||||||
South Miami (City of) Health Facilities Authority (Baptist Health South Florida Obligated Group); Series 2007,
Hospital RB |
5.00 | % | 08/15/42 | 12,000 | 12,043,440 | |||||||||||
26,922,124 | ||||||||||||||||
Georgia4.17% |
||||||||||||||||
Atlanta (City of); Series 2004 J, Airport Passenger Facility Charge & Sub. Lien General RB (INS-AGM)
(a) |
5.00 | % | 01/01/34 | 2,000 | 2,042,020 | |||||||||||
Burke (County of) Development Authority (Oglethorpe Power Vogtle); Series 2011 A, PCR (b)(d) |
2.50 | % | 03/01/13 | 1,050 | 1,066,013 | |||||||||||
Georgia (State of) Road & Tollway Authority; |
||||||||||||||||
Series 2003, RB (b)(c) |
5.00 | % | 10/01/13 | 6,000 | 6,504,960 | |||||||||||
Series 2003, RB |
5.00 | % | 10/01/23 | 3,000 | 3,198,150 | |||||||||||
12,811,143 | ||||||||||||||||
Hawaii4.34% |
||||||||||||||||
Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Health Obligated Group); Series 2010 B,
Special Purpose RB |
5.75 | % | 07/01/40 | 770 | 783,252 | |||||||||||
Hawaii (State of); Series 2010 A, Airport System RB |
5.00 | % | 07/01/39 | 1,925 | 1,966,022 | |||||||||||
Honolulu (City & County of); |
||||||||||||||||
Series 2003 A, Unlimited Tax GO Bonds (b)(c) |
5.25 | % | 03/01/13 | 8,590 | 9,118,457 | |||||||||||
Series 2003 A, Unlimited Tax GO Bonds (INS-NATL) (a) |
5.25 | % | 03/01/26 | 1,410 | 1,476,340 | |||||||||||
13,344,071 | ||||||||||||||||
Idaho1.40% |
||||||||||||||||
Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund); Series 2008 A, Grant & RAB
(INS-AGC) (a) |
5.25 | % | 07/15/23 | 2,600 | 2,932,696 | |||||||||||
Idaho (State of) Housing & Finance Association; Series 2000 E, Single Family Mortgage RB (e) |
6.00 | % | 01/01/32 | 545 | 552,096 | |||||||||||
Regents of the University of Idaho; Series 2011, Ref. General RB (b)(d) |
5.25 | % | 04/01/21 | 710 | 821,051 | |||||||||||
4,305,843 | ||||||||||||||||
Illinois15.10% |
||||||||||||||||
Chicago (City of) (Chicago OHare International Airport); Series 2003 B-2, Third Lien General Airport RB
(INS-AGM) (a)(e) |
5.75 | % | 01/01/23 | 4,000 | 4,195,440 | |||||||||||
Chicago (City of) Board of Education; Series 2011 A, Unlimited Tax GO Bonds |
5.00 | % | 12/01/41 | 2,685 | 2,690,236 | |||||||||||
Chicago (City of) Transit Authority; |
||||||||||||||||
Series 2011, Sales Tax Receipts RB (f) |
5.25 | % | 12/01/36 | 5,000 | 5,207,350 | |||||||||||
Series 2011, Sales Tax Receipts RB |
5.25 | % | 12/01/36 | 1,380 | 1,437,229 | |||||||||||
Chicago (City of); Series 2007 A, Ref. Project Unlimited Tax GO Bonds (INS-AGM) (a)(f)(h) |
5.00 | % | 01/01/37 | 7,250 | 7,234,268 | |||||||||||
Granite City (City of) (Waste Management, Inc.); Series 2002, Solid Waste Disposal RB (b)(d)(e) |
3.50 | % | 05/01/13 | 2,200 | 2,262,964 | |||||||||||
Illinois (State of) (Illinois Fund of Infrastructure, Roads, Schools and Transit); First Series 2002, Unlimited Tax GO Bonds (INS-NATL) (a) |
5.38 | % | 07/01/20 | 6,000 | 6,117,840 | |||||||||||
Illinois (State of) Finance Authority (Little Company of Mary Hospital & Health Care Centers); Series 2010, RB |
5.38 | % | 08/15/40 | 1,325 | 1,265,282 | |||||||||||
Illinois (State of) Finance Authority (Northwestern Memorial Hospital); Series 2009 B, RB |
5.00 | % | 08/15/16 | 830 | 945,138 | |||||||||||
Illinois (State of) Finance Authority (OSF Healthcare System); Series 2010 A, Ref. RB |
6.00 | % | 05/15/39 | 1,695 | 1,756,884 | |||||||||||
Illinois (State of) Finance Authority (Resurrection Health Care Corp.); Series 2009, Ref. RB |
6.13 | % | 05/15/25 | 1,650 | 1,723,309 | |||||||||||
Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group); Series 2009 A, RB |
7.25 | % | 11/01/38 | 645 | 710,558 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Illinois(continued) |
||||||||||||||||
Illinois (State of) Finance Authority (Swedish Covenant Hospital); |
||||||||||||||||
Series 2010 A, Ref. RB |
5.75 | % | 08/15/29 | $ | 2,360 | $ | 2,405,359 | |||||||||
Series 2010 A, Ref. RB |
6.00 | % | 08/15/38 | 1,235 | 1,253,636 | |||||||||||
Illinois (State of) Finance Authority (University of Chicago Medical Center); Series 2011 C, RB |
5.50 | % | 08/15/41 | 1,440 | 1,510,373 | |||||||||||
Illinois (State of) Metropolitan Pier & Exposition
Authority (McCormick Place Expansion); Series 2010 A, Dedicated State Tax RB |
5.50 | % | 06/15/50 | 1,375 | 1,415,068 | |||||||||||
Railsplitter Tobacco Settlement Authority; Series 2010, RB |
5.50 | % | 06/01/23 | 2,000 | 2,136,520 | |||||||||||
Schaumburg (Village of); Series 2004 B, Unlimited Tax GO Bonds (INS-NATL) (a) |
5.25 | % | 12/01/34 | 2,000 | 2,155,140 | |||||||||||
46,422,594 | ||||||||||||||||
Indiana6.27% |
||||||||||||||||
Indiana (State of) Finance Authority (Clarion Health Obligated Group); Series 2006 A, Hospital RB |
5.25 | % | 02/15/40 | 1,735 | 1,743,623 | |||||||||||
Indiana (State of) Finance Authority (CWA Authority, Inc.); Series 2011 B, Second Lien Wastewater
Utility RB |
5.25 | % | 10/01/31 | 1,405 | 1,486,209 | |||||||||||
Indiana Bond Bank, |
||||||||||||||||
Series 2001 A, RB (b)(c) |
5.00 | % | 02/01/13 | 7,495 | 7,970,933 | |||||||||||
Series 2001 A, RB |
5.00 | % | 02/01/23 | 2,505 | 2,629,774 | |||||||||||
Indianapolis Local Public Improvement Bond Bank;
Series 2011 K, RB |
5.00 | % | 06/01/27 | 3,000 | 3,090,360 | |||||||||||
Marion (County of) Convention & Recreational
Facilities Authority; Series 2003 A, Sr. Ref. Excise Taxes Lease Rental RB (INS-AMBAC) (a) |
5.00 | % | 06/01/21 | 1,400 | 1,457,806 | |||||||||||
Rockport (City of) (Indiana Michigan Power Co.); Series 2009 B, Ref. PCR (b)(d) |
6.25 | % | 06/02/14 | 820 | 907,256 | |||||||||||
19,285,961 | ||||||||||||||||
Iowa1.36% |
||||||||||||||||
Iowa (State of) (IJOBS Program); |
||||||||||||||||
Series 2009 A, Special Obligation RB (f)(h) |
5.00 | % | 06/01/25 | 2,120 | 2,404,949 | |||||||||||
Series 2009 A, Special Obligation RB (f)(h) |
5.00 | % | 06/01/26 | 1,590 | 1,785,761 | |||||||||||
4,190,710 | ||||||||||||||||
Kansas0.26% |
||||||||||||||||
Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group);
Series 2009 C, Hospital RB |
5.50 | % | 11/15/29 | 730 | 797,496 | |||||||||||
Kentucky0.61% |
||||||||||||||||
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.); |
||||||||||||||||
Series 2010 A, Hospital RB |
6.50 | % | 03/01/45 | 1,000 | 1,055,730 | |||||||||||
Series 2010 A, Hospital RB |
6.38 | % | 06/01/40 | 775 | 812,789 | |||||||||||
1,868,519 | ||||||||||||||||
Louisiana0.83% |
||||||||||||||||
Lafayette (City of) Public Trust Financing Authority (Ragin Cajun Facilities, Inc. Housing &
Parking); Series 2010, RB (INS-AGM) (a) |
5.25 | % | 10/01/30 | 1,150 | 1,217,827 | |||||||||||
St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB |
5.13 | % | 06/01/37 | 1,365 | 1,344,935 | |||||||||||
2,562,762 | ||||||||||||||||
Maryland0.69% |
||||||||||||||||
Baltimore (County of) (Oak Crest Village Inc. Facility); Series 2007 A, RB |
5.00 | % | 01/01/37 | 1,105 | 1,039,540 | |||||||||||
Maryland Economic Development Corp. (Terminal); Series 2010 B, RB |
5.75 | % | 06/01/35 | 1,080 | 1,084,244 | |||||||||||
2,123,784 | ||||||||||||||||
Massachusetts2.12% |
||||||||||||||||
Massachusetts (State of) Department of Transportation (Contract Assistance); Series 2010 B,
Metropolitan Highway Systems RB |
5.00 | % | 01/01/35 | 2,010 | 2,128,389 | |||||||||||
Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB |
6.75 | % | 01/01/36 | 575 | 612,076 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Massachusetts(continued) |
||||||||||||||||
Massachusetts (State of) Health & Educational Facilities Authority (Berklee College of Music); Series 2007 A, RB |
5.00 | % | 10/01/32 | $ | 1,100 | $ | 1,118,007 | |||||||||
Massachusetts (State of) School Building Authority; Series 2011 B, Sr. Sales Tax RB |
5.00 | % | 10/15/35 | 2,490 | 2,663,055 | |||||||||||
6,521,527 | ||||||||||||||||
Michigan2.18% |
||||||||||||||||
Lansing (City of) Board of Water & Light; Series 2011 A, Utility System RB |
5.00 | % | 07/01/37 | 1,600 | 1,683,952 | |||||||||||
Wayne (Charter County of) (Detroit Metropolitan Wayne County Airport); Series 2002 D, Ref. Airport RB (INS-NATL)
(a)(e) |
5.50 | % | 12/01/17 | 3,000 | 3,061,800 | |||||||||||
Wayne State University Board of Governors; Series 2008, Ref. General RB (INS-AGM) (a) |
5.00 | % | 11/15/25 | 1,855 | 1,964,352 | |||||||||||
6,710,104 | ||||||||||||||||
Minnesota0.66% |
||||||||||||||||
Western Minnesota Municipal Power Agency (Transmission); Series 2003 A, RB (INS-NATL) (a) |
5.00 | % | 01/01/30 | 2,000 | 2,020,240 | |||||||||||
Missouri0.67% |
||||||||||||||||
Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District); Series 2011 A, Ref. RB |
5.50 | % | 09/01/28 | 925 | 1,003,005 | |||||||||||
Missouri (State of) Health & Educational Facilities
Authority (Lutheran Senior Services); Series 2005 A, Senior Living Facilities RB |
5.38 | % | 02/01/35 | 1,125 | 1,056,893 | |||||||||||
2,059,898 | ||||||||||||||||
Montana0.54% |
||||||||||||||||
Forsyth (City of) (Portland General Electric Co.); Series 1998 A, Ref. PCR |
5.00 | % | 05/01/33 | 1,600 | 1,665,824 | |||||||||||
Nebraska0.78% |
||||||||||||||||
Omaha (City of) Public Power District; Series 2011 B, RB |
5.00 | % | 02/01/36 | 2,250 | 2,402,460 | |||||||||||
Nevada4.44% |
||||||||||||||||
Clark (County of) (Las Vegas-McCarran International Airport); Series 2010 A, Passenger Facility Charge RB |
5.13 | % | 07/01/34 | 1,000 | 1,021,860 | |||||||||||
Clark (County of); |
||||||||||||||||
Series 2003 C, Jet Aviation Fuel Tax Airport RB (INS-AMBAC) (a)(e) |
5.38 | % | 07/01/19 | 1,000 | 1,032,890 | |||||||||||
Series 2003 C, Jet Aviation Fuel Tax Airport RB (INS-AMBAC) (a)(e) |
5.38 | % | 07/01/20 | 1,100 | 1,132,032 | |||||||||||
Series 2003 C, Jet Aviation Fuel Tax Airport RB (INS-AMBAC) (a)(e) |
5.38 | % | 07/01/22 | 2,000 | 2,046,880 | |||||||||||
Series 2004 A-1, Sub. Lien Airport System RB (INS-NATL) (a)(e) |
5.50 | % | 07/01/20 | 2,000 | 2,089,440 | |||||||||||
Las Vegas (City of) Redevelopment Agency; Series 2009 A, Tax Allocation RB |
6.25 | % | 06/15/16 | 640 | 715,866 | |||||||||||
Las Vegas (City of) Valley Water District; Series 2003 A, Ref. Water Improvement Limited Tax GO Bonds (b)(c) |
5.25 | % | 12/01/12 | 5,345 | 5,611,662 | |||||||||||
13,650,630 | ||||||||||||||||
New Hampshire0.22% |
||||||||||||||||
New Hampshire (State of) Business Finance Authority (The United Illuminating Co.); Series 1997 A, Ref. PCR
(b)(d)(e) |
7.13 | % | 02/01/12 | 655 | 661,458 | |||||||||||
New Jersey7.61% |
||||||||||||||||
New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC-Montclair State University
Student Housing); Series 2010, RB |
5.75 | % | 06/01/31 | 935 | 961,563 | |||||||||||
New Jersey (State of) Economic Development Authority; Subseries 2005 N-1, Ref. School Facilities Construction RB (INS-AMBAC)
(a) |
5.50 | % | 09/01/24 | 2,000 | 2,307,660 | |||||||||||
New Jersey (State of) Housing & Mortgage Finance Agency; Series 2000 CC, Home Buyer RB (INS-NATL) (a)(e) |
5.88 | % | 10/01/31 | 70 | 70,053 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority; Series 1999 A, Transportation System RB |
5.75 | % | 06/15/20 | 5,000 | 5,883,300 | |||||||||||
New Jersey (State of) Turnpike Authority; Series 2003 A, RB (INS-NATL) (a) |
5.00 | % | 01/01/27 | 1,500 | 1,555,320 | |||||||||||
Passaic Valley Sewage Commissioners; Series 2003 F, Sewer System RB (INS-NATL) (a) |
5.00 | % | 12/01/20 | 10,000 | 10,563,400 | |||||||||||
University of Medicine & Dentistry of New Jersey; Series 2004, COP (INS-NATL) (a) |
5.25 | % | 06/15/23 | 2,000 | 2,062,640 | |||||||||||
23,403,936 | ||||||||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
New Mexico0.41% |
||||||||||||||||
Farmington (City of) (Public Service Co. of New Mexico San Juan); Series 2010 C, Ref. PCR |
5.90 | % | 06/01/40 | $ | 1,250 | $ | 1,273,400 | |||||||||
New York14.01% |
||||||||||||||||
Brooklyn Arena Local Development Corp. (Barclays Center); |
||||||||||||||||
Series 2009, PILOT RB |
6.25 | % | 07/15/40 | 820 | 854,079 | |||||||||||
Series 2009, PILOT RB |
6.38 | % | 07/15/43 | 340 | 352,784 | |||||||||||
Metropolitan Transportation Authority; Series 2002 A, Ref. RB (INS-NATL) (a) |
5.00 | % | 11/15/25 | 10,000 | 10,304,300 | |||||||||||
New York (City of) Municipal Water Finance Authority; |
||||||||||||||||
Series 2003 A, Water & Sewer System RB |
5.38 | % | 06/15/19 | 3,500 | 3,591,735 | |||||||||||
Series 2004 A, Water & Sewer System RB |
5.00 | % | 06/15/35 | 3,000 | 3,080,880 | |||||||||||
New York (City of) Transitional Finance Authority; |
||||||||||||||||
Subseries 2010 A-1, Future Tax Sec. RB (f) |
5.00 | % | 05/01/28 | 2,040 | 2,249,304 | |||||||||||
Subseries 2010 A-1, Future Tax Sec. RB (f) |
5.00 | % | 05/01/29 | 1,635 | 1,791,976 | |||||||||||
Subseries 2010 A-1, Future Tax Sec. RB (f) |
5.00 | % | 05/01/30 | 1,635 | 1,776,395 | |||||||||||
Subseries 2011 D-1, Future Tax Sec. RB |
5.00 | % | 11/01/33 | 1,725 | 1,845,353 | |||||||||||
New York (City of) Trust for Cultural Resources (Museum of Modern Art); |
||||||||||||||||
Series 2008 1A, Ref. RB (f) |
5.00 | % | 04/01/26 | 1,935 | 2,129,545 | |||||||||||
Series 2008 1A, Ref. RB (f) |
5.00 | % | 04/01/27 | 2,815 | 3,074,993 | |||||||||||
New York (City of); |
||||||||||||||||
Subseries 2009 A-1, Unlimited Tax GO Bonds (f) |
5.25 | % | 08/15/27 | 2,380 | 2,638,230 | |||||||||||
Subseries 2009 A-1, Unlimited Tax GO Bonds (f) |
5.25 | % | 08/15/28 | 2,380 | 2,623,236 | |||||||||||
New York (State of) Dormitory Authority (The City of New York Issue); Series 2005 A, Court Facilities
Lease RB (INS-AMBAC) (a) |
5.50 | % | 05/15/29 | 1,100 | 1,270,467 | |||||||||||
New York (State of) Dormitory Authority; Series 2011 A, State Personal Income Tax RB |
5.00 | % | 03/15/30 | 2,715 | 2,977,486 | |||||||||||
New York (State of) Thruway Authority; Series 2011 A-1, Second General Highway & Bridge Trust Fund RB |
5.00 | % | 04/01/29 | 2,280 | 2,505,082 | |||||||||||
43,065,845 | ||||||||||||||||
North Carolina0.61% |
||||||||||||||||
North Carolina (State of) Turnpike Authority; Series 2011, Monroe Connector System State Appropriation
RB |
5.00 | % | 07/01/36 | 1,755 | 1,876,955 | |||||||||||
North Dakota0.85% |
||||||||||||||||
Ward (County of) (Trinity Obligated Group); Series 2006, Health Care Facilities RB |
5.13 | % | 07/01/29 | 2,750 | 2,600,510 | |||||||||||
Ohio6.16% |
||||||||||||||||
American Municipal Power-Ohio Inc. (Prairie State Energy Campus); Series 2008 A, RB (INS-AGC)
(a)(f) |
5.25 | % | 02/15/33 | 5,100 | 5,342,811 | |||||||||||
Cuyahoga (County of) (Cleveland Clinic Health System Obligated Group); Series 2003 A, Ref. RB |
6.00 | % | 01/01/32 | 5,370 | 5,644,890 | |||||||||||
Franklin (County of) (OhioHealth Corp.); Series 2011 A, Hospital Facilities RB |
5.00 | % | 11/15/36 | 1,590 | 1,609,255 | |||||||||||
Hancock (County of) (Blanchard Valley Regional Health Center); Series 2011, Hospital RB |
6.25 | % | 12/01/34 | 1,425 | 1,525,591 | |||||||||||
Ohio (State of) Higher Educational Facility Commission (Summa Health System); Series 2010, Hospital
Facilities RB |
5.75 | % | 11/15/40 | 2,270 | 2,265,165 | |||||||||||
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref.
PCR (b)(d) |
5.88 | % | 06/01/16 | 410 | 459,376 | |||||||||||
Ohio State University (The); Series 2002 A, General Receipts RB (b)(c) |
5.13 | % | 12/01/12 | 2,000 | 2,097,280 | |||||||||||
18,944,368 | ||||||||||||||||
Oklahoma0.41% |
||||||||||||||||
Oklahoma (State of) Development Finance Authority (Great Plains Regional Medical Center); Series 2007,
Hospital RB |
5.13 | % | 12/01/36 | 1,500 | 1,263,015 | |||||||||||
Oregon0.64% |
||||||||||||||||
Oregon (State of) Department of Administrative Services; Series 2009 A, Lottery RB |
5.25 | % | 04/01/24 | 685 | 799,032 | |||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Oregon(continued) |
||||||||||||||||
Warm Springs Reservation Confederated Tribes of Oregon (Pelton Round Butte); Series 2009 B, Tribal Economic Development
Hydroelectric RB (i) |
6.38 | % | 11/01/33 | $ | 1,145 | $ | 1,153,977 | |||||||||
1,953,009 | ||||||||||||||||
Pennsylvania0.60% |
||||||||||||||||
Pennsylvania (State of) Turnpike Commission; |
||||||||||||||||
Subseries 2010 B-2, Sub. Conv. CAB RB (g) |
0.00 | % | 12/01/28 | 1,350 | 1,162,647 | |||||||||||
Subseries 2010 B-2, Sub. Conv. CAB RB (g) |
0.00 | % | 12/01/34 | 800 | 670,488 | |||||||||||
1,833,135 | ||||||||||||||||
Puerto Rico2.60% |
||||||||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; |
||||||||||||||||
Series 2010 CCC, RB |
5.25 | % | 07/01/27 | 1,500 | 1,565,745 | |||||||||||
Series 2010 XX, RB |
5.25 | % | 07/01/40 | 1,300 | 1,304,836 | |||||||||||
Puerto Rico Sales Tax Financing Corp.; |
||||||||||||||||
First Subseries 2010 A, RB |
5.38 | % | 08/01/39 | 1,225 | 1,263,281 | |||||||||||
First Subseries 2010 A, RB |
5.50 | 08/01/42 | 1,400 | 1,461,152 | ||||||||||||
First Subseries 2010 C, RB |
5.25 | % | 08/01/41 | 2,350 | 2,399,867 | |||||||||||
7,994,881 | ||||||||||||||||
South Carolina5.25% |
||||||||||||||||
Charleston Educational Excellence Finance Corp. (Charleston County School District); Series 2005, Installment Purchase RB |
5.25 | % | 12/01/29 | 3,000 | 3,165,240 | |||||||||||
Richland (County of) (International Paper Co.); Series 2007 A, Ref. Environmental Improvement RB |
4.60 | % | 09/01/12 | 345 | 352,759 | |||||||||||
South Carolina (State of) Public Service Authority; |
||||||||||||||||
Series 2002 D, Ref. RB (b)(c) |
5.00 | % | 01/01/13 | 2,060 | 2,164,545 | |||||||||||
Series 2002 D, Ref. RB (INS-AGM) (a) |
5.00 | % | 01/01/20 | 2,940 | 3,063,274 | |||||||||||
Series 2003 A, Ref. RB (INS-AMBAC) (a)(f) |
5.00 | % | 01/01/22 | 7,000 | 7,392,140 | |||||||||||
16,137,958 | ||||||||||||||||
Texas14.37% |
||||||||||||||||
Alliance Airport Authority (Federal Express Corp.); Series 2006, Ref. Special Facilities RB (e) |
4.85 | % | 04/01/21 | 2,000 | 2,091,440 | |||||||||||
Arlington (City of); Series 2009, Special Tax RB |
5.00 | % | 08/15/28 | 2,500 | 2,616,000 | |||||||||||
Austin (City of); Series 2001, Ref. Water & Wastewater System RB (INS-AGM) (a) |
5.13 | % | 05/15/27 | 2,950 | 2,953,481 | |||||||||||
Bexar (County of); Series 2009 A, Flood Control Limited Tax COP |
5.00 | % | 06/15/35 | 2,500 | 2,749,250 | |||||||||||
Bexar County Health Facilities Development Corp. (Army Retirement Residence); Series 2010, RB |
6.20 | % | 07/01/45 | 1,045 | 1,069,704 | |||||||||||
Harris (County of); Series 2007 C, Ref. Sub. Lien Toll Road Unlimited Tax GO Bonds (INS-AGM) (a) |
5.25 | % | 08/15/31 | 2,380 | 2,817,063 | |||||||||||
Harris County Industrial Development Corp. (Deer Park Refining Limited Partnership); Series 2006, Solid Waste Disposal RB |
5.00 | % | 02/01/23 | 600 | 643,716 | |||||||||||
Houston (City of); |
||||||||||||||||
Series 2000 A, Sub. Lien Airport System RB (INS-AGM) (a)(e) |
5.63 | % | 07/01/30 | 1,250 | 1,250,575 | |||||||||||
Series 2004 A, Ref. First Lien Combined Utility System RB (INS-NATL) (a) |
5.25 | % | 05/15/23 | 5,120 | 5,552,538 | |||||||||||
Series 2009 A, Ref. Public Improvement Limited Tax GO Bonds |
5.00 | % | 03/01/27 | 2,000 | 2,193,940 | |||||||||||
Series 2011 D, First Lien Combined Utility System RB |
5.00 | % | 11/15/33 | 2,700 | 2,866,347 | |||||||||||
Series 2011 D, First Lien Combined Utility System RB |
5.00 | % | 11/15/36 | 1,890 | 1,989,168 | |||||||||||
Lower Colorado River Authority (LCRA Transmission Services Corporation); Series 2011 A, Ref. Transmission Contract RB |
5.00 | % | 05/15/41 | 2,250 | 2,291,557 | |||||||||||
Lower Colorado River Authority; Series 2010 A, Ref. RB |
5.00 | % | 05/15/40 | 700 | 720,657 | |||||||||||
Matagorda (County of) Navigation District No. 1 (AEP Texas Central Co.); Series 2008, Ref. PCR (b)(d) |
1.13 | % | 06/01/12 | 1,125 | 1,126,305 | |||||||||||
North Texas Tollway Authority; |
||||||||||||||||
Series 2008 D, Ref. First Tier System CAB RB (INS-AGC) (a)(g) |
0.00 | % | 01/01/28 | 8,600 | 3,607,012 | |||||||||||
Series 2008 D, Ref. First Tier System CAB RB (INS-AGC) (a)(g) |
0.00 | % | 01/01/31 | 1,650 | 563,920 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2007, Retirement Facilities RB |
5.13 | % | 05/15/37 | 875 | 761,854 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Texas(continued) |
||||||||||||||||
Texas Private Activity Bond Surface Transportation Corp. (North Transit Express Mobility Partners LLC North Tarrant
Express Management Lanes); Series 2009, Sr. Lien RB |
6.88 | % | 12/31/39 | $ | 915 | $ | 980,139 | |||||||||
University of Houston System Board of Regents; Series 2008, Ref. Consolidated RB (INS-AGM) (a)(f) |
5.00 | % | 02/15/33 | 5,100 | 5,341,893 | |||||||||||
44,186,559 | ||||||||||||||||
Vermont0.66% |
||||||||||||||||
Vermont (State of) Economic Development Authority (Wake Robin Corp.); Series 2006 A, Mortgage RB |
5.38 | % | 05/01/36 | 2,500 | 2,037,625 | |||||||||||
Virgin Islands0.37% |
||||||||||||||||
Virgin Islands Public Finance Authority (Virgin Islands Matching Fund Loan Note); Series 2010 A, Sr. Lien Working
Capital RB |
5.00 | % | 10/01/25 | 1,125 | 1,147,061 | |||||||||||
Washington8.26% |
||||||||||||||||
Chelan (County of) Public Utility District No. 1; Series 2011 A, Ref. Consolidated RB (e) |
5.50 | % | 07/01/25 | 925 | 1,041,217 | |||||||||||
Energy Northwest (Columbia Generating Station); Series 2002 A, Ref. Electric RB (INS-NATL) (a) |
5.75 | % | 07/01/18 | 5,000 | 5,148,150 | |||||||||||
Grant (County of) Public Utility District No. 2; |
||||||||||||||||
Series 2001 H, Ref. Electric System RB (b)(c) |
5.38 | % | 01/01/12 | 1,955 | 1,963,739 | |||||||||||
Series 2001 H, Ref. Electric System RB (b)(c) |
5.38 | % | 01/01/12 | 3,045 | 3,056,297 | |||||||||||
Spokane School District No. 81; Series 2005, Unlimited Tax GO Bonds (INS-NATL) (a) |
5.13 | % | 06/01/23 | 2,500 | 2,698,375 | |||||||||||
Washington (State of) Health Care Facilities Authority (Catholic Health); Series 2011 A, RB |
5.00 | % | 02/01/41 | 1,410 | 1,406,672 | |||||||||||
Washington (State of) Health Care Facilities Authority (Providence Health & Services); Series 2006 C, RB (INS-AGM)
(a) |
5.25 | % | 10/01/33 | 1,500 | 1,558,965 | |||||||||||
Washington (State of); |
||||||||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (f) |
5.00 | % | 08/01/29 | 3,725 | 4,170,920 | |||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (f) |
5.00 | % | 08/01/30 | 3,915 | 4,341,539 | |||||||||||
25,385,874 | ||||||||||||||||
TOTAL INVESTMENTS(j)159.11% (Cost $472,911,030) |
489,187,526 | |||||||||||||||
Floating Rate Note Obligations(15.43)% |
||||||||||||||||
Notes with interest rates
ranging from 0.14% to 0.26%
at 11/30/11 and contractual
maturities of collateral
ranging from 01/01/22 to
01/01/37 (See Note
1D)(k) |
(47,440,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES1.09% |
3,356,732 | |||||||||||||||
PREFERRED SHARES(44.77)% |
(137,650,000 | ) | ||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES100.00% |
$ | 307,454,258 | ||||||||||||||
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 | |
Conv. | Convertible | |
COP | Certificates of Participation | |
Ctfs. | Certificates | |
GO | General Obligation | |
IDR | Industrial Development Revenue Bonds | |
INS | Insurer | |
Jr. | Junior | |
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 | |
Sec. | Secured | |
SGI | Syncora Guarantee, Inc. | |
Sr. | Senior | |
Sub. | Subordinated | |
Notes to Schedule of Investments: |
(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) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. | |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2011. | |
(e) | Security subject to the alternative minimum tax. | |
(f) | Underlying security related to Dealer Trusts entered into by the Trust. See Note 1D. | |
(g) | Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue. | |
(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 Fund could ultimately be required to make under the agreement is $7,335,000. 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 November 30, 2011 represented 0.38% of the Trusts Net Assets. | |
(j) | 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. |
15.5 | % | ||
Assured Guarantee Municipal Corp. |
8.7 | |||
(k) | Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at November 30, 2011. At November 30, 2011, the Trusts investments with a value of $77,814,980 are held by Dealer Trusts and serve as collateral for the $47,440,000 in the floating rate note obligations outstanding at that date. |
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. | 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. |
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 |
$ | | $ | 489,187,526 | $ | | $ | 489,187,526 | ||||||||
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis | ||||
Aggregate unrealized appreciation of investment securities |
$ | 21,028,829 | ||
Aggregate unrealized (depreciation) of investment securities |
(4,337,201 | ) | ||
Net unrealized appreciation of investment securities |
$ | 16,691,628 | ||
Cost of investments for tax purposes is $472,495,898. |
(a) | As of December 15, 2011, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (PEO) and Principal Financial Officer (PFO), to assess the effectiveness of the 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 December 15, 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:
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/s/ Philip A. Taylor
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Principal Executive Officer | ||||
Date:
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January 27, 2012 |
By:
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/s/ Philip A. Taylor
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Principal Executive Officer | ||||
Date:
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January 27, 2012 | |||
By:
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/s/ Sheri Morris
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Principal Financial Officer | ||||
Date:
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January 27, 2012 |