OMB APPROVAL | ||
OMB Number: 3235-0578 | ||
Expires: April 30, 2013 | ||
Estimated average burden | ||
hours per response: 5.6 | ||
MS-CE-QMINC-QTR-1 01/11 | Invesco Advisers, Inc. |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Municipal Obligations165.89% |
||||||||||||||||
Alabama0.35% |
||||||||||||||||
Birmingham (City of) Airport Authority; Series 2010, RB (INS-AGM) (a) |
5.25 | % | 07/01/30 | $ | 1,000 | $ | 975,590 | |||||||||
Alaska0.83% |
||||||||||||||||
Northern Tobacco Securitization Corp.; Series 2006 A, Sr. Tobacco Settlement Asset-Backed RB |
5.00 | % | 06/01/46 | 4,000 | 2,357,360 | |||||||||||
Arizona5.81% |
||||||||||||||||
Arizona (State of) Transportation Board; Series 2002 A, Ref. Highway RB |
5.25 | % | 07/01/19 | 2,000 | 2,136,960 | |||||||||||
Maricopa (County of) Pollution Control Corp. (Arizona Public Service Co. Palo Verde); Series 2009 A, Ref. PCR (b)(c) |
6.00 | % | 05/01/14 | 650 | 680,303 | |||||||||||
Phoenix (City of) Civic Improvement Corp.; |
||||||||||||||||
Series 2002, Jr. Lien Water System RB (INS-NATL) (a) |
5.00 | % | 07/01/26 | 3,800 | 3,775,642 | |||||||||||
Series 2002 B, Sr. Lien Airport RB (INS-NATL) (a)(d) |
5.25 | % | 07/01/32 | 3,000 | 2,776,470 | |||||||||||
Pima (County of) Industrial Development Authority (Tucson Electric Power Co.); Series 2010 A, IDR |
5.25 | % | 10/01/40 | 1,175 | 1,046,044 | |||||||||||
Salt River Project Agricultural Improvement & Power District; Series 2002 B, Electric System RB (e) |
5.00 | % | 01/01/31 | 6,000 | 5,988,480 | |||||||||||
16,403,899 | ||||||||||||||||
California23.87% |
||||||||||||||||
Alhambra Unified School District (Election of 2004); |
||||||||||||||||
Series 2009 B, Unlimited Tax GO Bonds (INS-AGC) (a)(f) |
0.00 | % | 08/01/35 | 1,575 | 292,777 | |||||||||||
Series 2009 B, Unlimited Tax GO Bonds (INS-AGC) (a)(f) |
0.00 | % | 08/01/36 | 2,545 | 440,819 | |||||||||||
California (State of); Series 2004 A, Economic Recovery Unlimited Tax GO Bonds |
5.00 | % | 07/01/16 | 4,000 | 4,064,520 | |||||||||||
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center); Series 2005, Ref. RB |
5.00 | % | 11/15/34 | 600 | 528,588 | |||||||||||
California (State of) Health Facilities Financing Authority (Kaiser Permanente); Series 2006 A, RB |
5.25 | % | 04/01/39 | 2,000 | 1,784,720 | |||||||||||
California (State of) Statewide Communities Development Authority (California Baptist University); Series 2007 A, RB |
5.40 | % | 11/01/27 | 4,000 | 3,469,920 | |||||||||||
California (State of) Statewide Communities Development Authority (John Muir Health); Series 2006 A, RB |
5.00 | % | 08/15/32 | 5,000 | 4,416,300 | |||||||||||
California (State of); Series 2003, Unlimited Tax GO Bonds |
5.25 | % | 02/01/19 | 5,000 | 5,273,950 | |||||||||||
California Infrastructure & Economic Development Bank; Series 2003 A, First Lien Bay Area Toll Bridges Seismic Retrofit RB
(b)(e)(g) |
5.00 | % | 01/01/28 | 5,000 | 5,414,300 | |||||||||||
California Infrastructure & Economic Development Bank (The Scripps Research Institute); Series 2005 A, RB |
5.00 | % | 07/01/29 | 3,000 | 2,952,000 | |||||||||||
Dry Creek Joint Elementary School District (Election of 2008-Measure E); |
||||||||||||||||
Series 2009, Unlimited Tax GO Bonds (f) |
0.00 | % | 08/01/40 | 4,685 | 596,494 | |||||||||||
Series 2009, Unlimited Tax GO Bonds (f) |
0.00 | % | 08/01/41 | 4,535 | 540,028 | |||||||||||
Golden State Tobacco Securitization Corp.; |
||||||||||||||||
Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB (INS-AMBAC) (a) |
5.00 | % | 06/01/29 | 6,000 | 5,229,240 | |||||||||||
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.13 | % | 06/01/47 | 4,100 | 2,417,278 | |||||||||||
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.75 | % | 06/01/47 | 1,150 | 754,894 | |||||||||||
Los Angeles (City of); Series 2004 A, Unlimited Tax GO Bonds (INS-NATL) (a) |
5.00 | % | 09/01/24 | 4,000 | 4,070,920 | |||||||||||
Moreland School District (Crossover); Series 2014 C, Ref. Unlimited Tax GO Bonds (INS-AMBAC) (a)(f) |
0.00 | % | 08/01/29 | 1,745 | 493,399 | |||||||||||
Oak Grove School District (Election of 2008); Series 2009 A, Unlimited Tax GO Bonds (f) |
0.00 | % | 08/01/28 | 1,270 | 391,427 | |||||||||||
Oakland (Port of); |
||||||||||||||||
Series 2002 L, RB (b)(d)(g) |
5.00 | % | 11/01/12 | 110 | 118,462 | |||||||||||
Series 2002 L, RB (b)(d)(g) |
5.00 | % | 11/01/12 | 445 | 479,234 | |||||||||||
Series 2002 L, RB (INS-NATL) (a)(d) |
5.00 | % | 11/01/21 | 890 | 875,270 | |||||||||||
Series 2002 L, RB (INS-NATL) (a)(d) |
5.00 | % | 11/01/32 | 3,555 | 2,931,880 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
California(continued) |
||||||||||||||||
Regents of the University of California; |
||||||||||||||||
Series 2007 J, General RB (INS-AGM) (a)(e) |
4.50 | % | 05/15/31 | $ | 2,760 | $ | 2,438,736 | |||||||||
Series 2007 J, General RB (INS-AGM) (a)(e) |
4.50 | % | 05/15/35 | 2,240 | 1,905,635 | |||||||||||
Series 2009 O, General RB |
5.25 | % | 05/15/39 | 500 | 498,130 | |||||||||||
San Diego (County of) (Burnham Institute for Medical Research); Series 2006, COP |
5.00 | % | 09/01/34 | 1,000 | 758,450 | |||||||||||
San Diego (County of) Regional Airport Authority; Series 2010 A, Sub. Airport RB |
5.00 | % | 07/01/34 | 875 | 783,335 | |||||||||||
San Diego (County of) Water Authority; Series 2002 A, Water Revenue COP (INS-NATL) (a) |
5.00 | % | 05/01/27 | 3,720 | 3,697,234 | |||||||||||
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 | 960 | 938,688 | |||||||||||
San Francisco (City & County of) Public Utilities Commission; Series 2009 A, Water RB |
5.00 | % | 11/01/27 | 2,500 | 2,511,250 | |||||||||||
Southern California Tobacco Securitization Authority; Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.00 | % | 06/01/37 | 3,000 | 1,976,970 | |||||||||||
Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INS-AGM) (a)(b)(c) |
3.50 | % | 05/31/13 | 1,000 | 997,410 | |||||||||||
Twin Rivers Unified School District; Series 2009, Unlimited Tax GO BAN (f) |
0.00 | % | 04/01/14 | 1,350 | 1,222,978 | |||||||||||
William S. Hart Union High School District (Election of 2008); Series 2009 A, Unlimited Tax GO Bonds (f) |
0.00 | % | 08/01/32 | 10,100 | 2,166,450 | |||||||||||
67,431,686 | ||||||||||||||||
Colorado3.59% |
||||||||||||||||
Boulder (County of) (University Corp. for Atmospheric Research); |
||||||||||||||||
Series 2002, Development RB (INS-NATL) (a) |
5.38 | % | 09/01/18 | 1,750 | 1,847,090 | |||||||||||
Series 2002, Development RB (INS-NATL) (a) |
5.38 | % | 09/01/21 | 1,750 | 1,807,085 | |||||||||||
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 | 1,792,440 | |||||||||||
Colorado (State of) Health Facilities Authority (Catholic Health Initiatives); Series 2009 A, RB |
5.00 | % | 07/01/39 | 2,000 | 1,778,380 | |||||||||||
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB |
6.00 | % | 01/15/41 | 1,500 | 1,356,090 | |||||||||||
Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS-SGI) (a) |
5.00 | % | 12/01/30 | 1,590 | 1,286,628 | |||||||||||
Public Authority for Colorado Energy; Series 2008, Natural Gas Purchase RB |
6.25 | % | 11/15/28 | 265 | 273,917 | |||||||||||
10,141,630 | ||||||||||||||||
Delaware0.27% |
||||||||||||||||
New Castle (County of) (Newark Charter School, Inc.); Series 2006, Development RB |
5.00 | % | 09/01/36 | 1,000 | 775,100 | |||||||||||
District of Columbia1.87% |
||||||||||||||||
District of Columbia; Series 2006 B-1, Ballpark RB (INS-NATL) (a) |
5.00 | % | 02/01/31 | 6,000 | 5,290,680 | |||||||||||
Florida8.86% |
||||||||||||||||
Broward (County of) School Board; Series 2001 A, COP (INS-AGM) (a) |
5.00 | % | 07/01/26 | 2,000 | 1,952,680 | |||||||||||
Highlands (County of) Health Facilities Authority (Adventist Health); |
||||||||||||||||
Series 2006 C, RB (b)(c)(g) |
5.25 | % | 11/15/16 | 75 | 88,103 | |||||||||||
Series 2006 C, RB (c) |
5.25 | % | 11/15/36 | 2,925 | 2,710,861 | |||||||||||
JEA (St. Johns River Power Park System Issue 2); Series 2002-17, Ref. RB |
5.00 | % | 10/01/18 | 3,300 | 3,379,200 | |||||||||||
Miami-Dade (County of) (Building Better Communities Program); Series 2008 B-1, Unlimited Tax GO Bonds |
6.00 | % | 07/01/38 | 2,000 | 2,113,700 | |||||||||||
Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB |
5.00 | % | 07/01/40 | 1,500 | 1,364,850 | |||||||||||
Miami-Dade (County of) Health Facilities Authority (Miami Childrens Hospital); Series 2010 A, Ref. Hospital RB |
6.00 | % | 08/01/30 | 565 | 551,694 | |||||||||||
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 | 1,245,412 | |||||||||||
Palm Beach (County of) Solid Waste Authority; Series 2009, Improvement RB (INS-BHAC) (a) |
5.50 | % | 10/01/23 | 1,200 | 1,272,000 | |||||||||||
South Miami (City of) Health Facilities Authority (Baptist Health South Florida Obligated Group); Series 2007, Hospital RB |
5.00 | % | 08/15/42 | 12,000 | 10,339,800 | |||||||||||
25,018,300 | ||||||||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Georgia4.06% |
||||||||||||||||
Atlanta (City of); Series 2004 J, Airport Passenger Facility Charge & Sub. Lien General RB (INS-AGM) (a) |
5.00 | % | 01/01/34 | $ | 2,000 | $ | 1,910,620 | |||||||||
Georgia (State of) Road & Tollway Authority; |
||||||||||||||||
Series 2003, Gtd. RB |
5.00 | % | 10/01/22 | 6,000 | 6,392,280 | |||||||||||
Series 2003, Gtd. RB |
5.00 | % | 10/01/23 | 3,000 | 3,172,530 | |||||||||||
11,475,430 | ||||||||||||||||
Hawaii4.50% |
||||||||||||||||
Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Health Obligated Group); Series 2010 B, Special Purpose RB |
5.75 | % | 07/01/40 | 770 | 698,359 | |||||||||||
Hawaii (State of); Series 2010 A, Airport System RB |
5.00 | % | 07/01/39 | 1,925 | 1,800,453 | |||||||||||
Honolulu (City & County of); Series 2003 A, Unlimited Tax GO Bonds (INS-NATL) (a)(e) |
5.25 | % | 03/01/26 | 10,000 | 10,206,400 | |||||||||||
12,705,212 | ||||||||||||||||
Idaho1.45% |
||||||||||||||||
Idaho (State of) Housing & Finance Association; |
||||||||||||||||
Series 1992 E, Sr. Single Family Mortgage RB (d) |
6.75 | % | 07/01/12 | 10 | 10,032 | |||||||||||
Series 2000 E, Single Family Mortgage RB (d) |
6.00 | % | 01/01/32 | 575 | 590,760 | |||||||||||
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 | 2,752,490 | |||||||||||
Regents of the University of Idaho (The); Series 2011, Ref. General RB (b)(c) |
5.25 | % | 04/01/21 | 710 | 746,977 | |||||||||||
4,100,259 | ||||||||||||||||
Illinois11.19% |
||||||||||||||||
Chicago (City of) (Chicago OHare International Airport); Series 2003 B-2, Third Lien General Airport RB (INS-AGM) (a)(d) |
5.75 | % | 01/01/23 | 4,000 | 4,059,160 | |||||||||||
Chicago (City of); Series 2007 A, Ref. Unlimited Tax GO Bonds (INS-AGM) (a)(e)(i) |
5.00 | % | 01/01/37 | 7,250 | 6,472,438 | |||||||||||
Granite City (City of) (Waste Management, Inc.); Series 2002, Solid Waste Disposal RB (b)(c)(d) |
3.50 | % | 05/01/13 | 2,200 | 2,190,958 | |||||||||||
Illinois (State of) Finance Authority (Little Company of Mary Hospital & Health Care Centers); Series 2010, RB |
5.38 | % | 08/15/40 | 1,325 | 1,147,318 | |||||||||||
Illinois (State of) Finance Authority (Northwestern Memorial Hospital); Series 2009 B, RB |
5.00 | % | 08/15/16 | 830 | 912,793 | |||||||||||
Illinois (State of) Finance Authority (Resurrection Health Care Corp.); Series 2009, Ref. RB |
6.13 | % | 05/15/25 | 1,650 | 1,605,169 | |||||||||||
Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group); Series 2009 A, RB |
7.25 | % | 11/01/38 | 645 | 681,223 | |||||||||||
Illinois (State of) Finance Authority (Swedish Covenant Hospital); |
||||||||||||||||
Series 2010 A, Ref. RB |
5.75 | % | 08/15/29 | 2,360 | 2,206,907 | |||||||||||
Series 2010 A, Ref. RB |
6.00 | % | 08/15/38 | 1,235 | 1,151,798 | |||||||||||
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2010 A, Dedicated State Tax RB |
5.50 | % | 06/15/50 | 1,375 | 1,257,080 | |||||||||||
Illinois (State of) (Illinois Fund of Infrastructure, Roads, Schools and Transit); Series 2002, Unlimited Tax GO Bonds (INS-NATL)
(a) |
5.38 | % | 07/01/20 | 6,000 | 6,005,340 | |||||||||||
Railsplitter Tobacco Settlement Authority; Series 2010, Tobacco Settlement RB |
5.50 | % | 06/01/23 | 2,000 | 1,900,180 | |||||||||||
Schaumburg (Village of); Series 2004 B, Unlimited Tax GO Bonds (INS-NATL) (a) |
5.25 | % | 12/01/34 | 2,000 | 2,008,100 | |||||||||||
31,598,464 | ||||||||||||||||
Indiana5.31% |
||||||||||||||||
Indiana (State of) Health & Educational Facilities Financing Authority (Clarion Health Obligated Group); Series 2006 A, Hospital RB |
5.25 | % | 02/15/40 | 2,105 | 1,870,671 | |||||||||||
Indiana Bond Bank; |
||||||||||||||||
Series 2001 A, RB (b)(g) |
5.00 | % | 02/01/13 | 7,495 | 8,194,434 | |||||||||||
Series 2001 A, RB |
5.00 | % | 02/01/23 | 2,505 | 2,581,778 | |||||||||||
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 | 1,438,458 | |||||||||||
Rockport (City of) (Indiana Michigan Power Co.); Series 2009 B, Ref. PCR (b)(c) |
6.25 | % | 06/02/14 | 820 | 899,204 | |||||||||||
14,984,545 | ||||||||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Iowa1.35% |
||||||||||||||||
Iowa (State of)(IJOBS Program); |
||||||||||||||||
Series 2009 A, Special Obligation RB (e)(i) |
5.00 | % | 06/01/25 | $ | 2,120 | $ | 2,184,088 | |||||||||
Series 2009 A, Special Obligation RB (e)(i) |
5.00 | % | 06/01/26 | 1,590 | 1,623,024 | |||||||||||
3,807,112 | ||||||||||||||||
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 | 732,460 | |||||||||||
Kentucky0.33% |
||||||||||||||||
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.); Series 2010 A, Hospital
Facilities RB |
6.50 | % | 03/01/45 | 1,000 | 943,960 | |||||||||||
Louisiana1.11% |
||||||||||||||||
East Baton Rouge (Parish of) (Exxon Corp.); Series 1993, Ref. VRD PCR (h) |
0.22 | % | 03/01/22 | 500 | 500,000 | |||||||||||
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 | 1,117,639 | |||||||||||
Louisiana (State of) Offshore Terminal Authority (Loop LLC); Series 2007 B-2, Deepwater Port RB (b)(c) |
4.30 | % | 10/01/11 | 1,500 | 1,523,295 | |||||||||||
3,140,934 | ||||||||||||||||
Maryland1.23% |
||||||||||||||||
Baltimore (County of) (Oak Crest Village Inc. Facility); Series 2007 A, RB |
5.00 | % | 01/01/37 | 1,105 | 937,526 | |||||||||||
Maryland (State of) Economic Development Corp. (Terminal); Series 2010 B, RB |
5.75 | % | 06/01/35 | 1,080 | 998,881 | |||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (King Farm Presbyterian Retirement Community); Series 2007 B, RB |
5.00 | % | 01/01/17 | 1,615 | 1,523,963 | |||||||||||
3,460,370 | ||||||||||||||||
Massachusetts2.22% |
||||||||||||||||
Massachusetts (State of) Health & Educational Facilities Authority (Berklee College of Music); Series 2007 A, RB |
5.00 | % | 10/01/32 | 1,100 | 1,042,778 | |||||||||||
Massachusetts (State of) Health & Educational Facilities Authority (Boston College); Series 2008 M-2, RB |
5.50 | % | 06/01/30 | 1,600 | 1,722,080 | |||||||||||
Massachusetts (State of) Health & Educational Facilities Authority (Tufts University); Series 2008 N-2, VRD RB (h) |
0.22 | % | 08/15/34 | 3,500 | 3,500,000 | |||||||||||
6,264,858 | ||||||||||||||||
Michigan3.48% |
||||||||||||||||
Michigan (State of) Strategic Fund (The Detroit Edison Co. Pollution Control Bonds); Series 1999 C, Ref. Limited Obligation RB
(d) |
5.65 | % | 09/01/29 | 5,000 | 4,906,750 | |||||||||||
Wayne (Charter County of) (Detroit Metropolitan Wayne County Airport); Series 2002 D, Ref. Airport RB (INS-NATL) (a)(d) |
5.50 | % | 12/01/17 | 3,000 | 3,040,380 | |||||||||||
Wayne State University Board of Governors; Series 2008, Ref. General RB (INS-AGM) (a) |
5.00 | % | 11/15/25 | 1,855 | 1,869,859 | |||||||||||
9,816,989 | ||||||||||||||||
Minnesota0.68% |
||||||||||||||||
Western Minnesota Municipal Power Agency (Transmission); Series 2003 A, RB (INS-NATL) (a) |
5.00 | % | 01/01/30 | 2,000 | 1,910,400 | |||||||||||
Missouri0.93% |
||||||||||||||||
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2005 A, Senior Living Facilities RB |
5.38 | % | 02/01/35 | 1,125 | 999,630 | |||||||||||
Missouri (State of) Health & Educational Facilities Authority (St. Francis Medical Center); Series 1996 A, VRD RB (LOC-Bank of America,
N.A.) (h)(j) |
0.31 | % | 06/01/26 | 1,500 | 1,500,000 | |||||||||||
Missouri (State of) Housing Development Commission (Homeownership Loan Program); Series 2000 B-1, Single Family Mortgage RB (CEP-GNMA)
(d) |
6.25 | % | 03/01/31 | 115 | 116,920 | |||||||||||
2,616,550 | ||||||||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Montana1.28% |
||||||||||||||||
Forsyth (City of) (Portland General Electric Co.); Series 1998 A, Ref. PCR |
5.00 | % | 05/01/33 | $ | 1,600 | $ | 1,515,584 | |||||||||
Montana (State of) Board of Housing; Series 2000 B-2, Single Family Mortgage RB (d) |
6.00 | % | 12/01/29 | 2,075 | 2,107,017 | |||||||||||
3,622,601 | ||||||||||||||||
Nebraska0.35% |
||||||||||||||||
Nebraska (State of) Educational Finance Authority (Creighton University); Series 2005 B, Ref. VRD RB (h) |
0.32 | % | 12/15/12 | 1,000 | 1,000,000 | |||||||||||
Nevada4.78% |
||||||||||||||||
Clark (County of) (Las Vegas-McCarran International Airport); Series 2010 A, Passenger Facility Charge RB |
5.13 | % | 07/01/34 | 1,000 | 909,320 | |||||||||||
Clark (County of); |
||||||||||||||||
Series 2003 C, Jet Aviation Fuel Tax Airport RB (INS-AMBAC) (a)(d) |
5.38 | % | 07/01/19 | 1,000 | 1,025,540 | |||||||||||
Series 2003 C, Jet Aviation Fuel Tax Airport RB (INS-AMBAC) (a)(d) |
5.38 | % | 07/01/20 | 1,100 | 1,122,011 | |||||||||||
Series 2003 C, Jet Aviation Fuel Tax Airport RB (INS-AMBAC) (a)(d) |
5.38 | % | 07/01/22 | 2,000 | 2,023,820 | |||||||||||
Series 2004 A-1, Sub. Lien Airport System RB (INS-NATL) (a)(d) |
5.50 | % | 07/01/20 | 2,000 | 2,036,300 | |||||||||||
Las Vegas (City of) Redevelopment Agency; Series 2009 A, Tax Increment RB |
6.25 | % | 06/15/16 | 640 | 705,709 | |||||||||||
Las Vegas (City of) Valley Water District; Series 2003 A, Ref. Water Improvement Limited Tax GO Bonds (INS-NATL) (a) |
5.25 | % | 06/01/20 | 5,345 | 5,678,261 | |||||||||||
13,500,961 | ||||||||||||||||
New Hampshire0.24% |
||||||||||||||||
New Hampshire (State of) Business Finance Authority (United Illuminating Co.); Series 1997, PCR (b)(c)(d) |
7.13 | % | 02/01/12 | 655 | 681,829 | |||||||||||
New Jersey9.58% |
||||||||||||||||
New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties L.L.C.-Montclair State University Student
Housing); Series 2010, RB |
5.75 | % | 06/01/31 | 935 | 864,324 | |||||||||||
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 | 2,000 | 2,107,140 | |||||||||||
New Jersey (State of) Housing & Mortgage Finance Agency; Series 2000 CC, Home Buyer RB (INS-NATL) (a)(d) |
5.88 | % | 10/01/31 | 1,230 | 1,230,258 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority; Series 1999 A, Transportation System RB |
5.75 | % | 06/15/20 | 5,000 | 5,565,150 | |||||||||||
New Jersey (State of) Turnpike Authority; Series 2003 A, RB (INS-NATL) (a) |
5.00 | % | 01/01/27 | 1,500 | 1,501,965 | |||||||||||
Passaic Valley Sewage Commissioners; Series 2003 F, Sewer System RB (INS-NATL) (a) |
5.00 | % | 12/01/20 | 10,000 | 10,058,800 | |||||||||||
Tobacco Settlement Financing Corp.; |
||||||||||||||||
Series 2007 1A, Sr. Tobacco Settlement Asset-Backed RB |
4.63 | % | 06/01/26 | 5,000 | 3,555,050 | |||||||||||
Series 2007 1B, First Sub. Tobacco Settlement Asset-Backed RB (f) |
0.00 | % | 06/01/41 | 6,000 | 171,960 | |||||||||||
University of Medicine & Dentistry of New Jersey; Series 2004, COP (INS-NATL) (a) |
5.25 | % | 06/15/23 | 2,000 | 2,003,360 | |||||||||||
27,058,007 | ||||||||||||||||
New Mexico0.42% |
||||||||||||||||
Farmington (City of) (Public Service Co. of New Mexico San Juan); Series 2010 C, Ref. PCR |
5.90 | % | 06/01/40 | 1,250 | 1,180,187 | |||||||||||
New York17.29% |
||||||||||||||||
Brooklyn Arena Local Development Corp. (Barclays Center); |
||||||||||||||||
Series 2009, PILOT RB |
6.25 | % | 07/15/40 | 820 | 800,574 | |||||||||||
Series 2009, PILOT RB |
6.38 | % | 07/15/43 | 340 | 333,187 | |||||||||||
Metropolitan Transportation Authority; Series 2002 A, Ref. RB (INS-NATL) (a) |
5.00 | % | 11/15/25 | 10,000 | 9,947,600 | |||||||||||
New York (State of) Dormitory Authority (The City of New York); Series 2005 A, Court Facilities Lease RB (INS-AMBAC) (a) |
5.50 | % | 05/15/29 | 1,100 | 1,103,685 | |||||||||||
New York City (City of) Municipal Water Finance Authority; |
||||||||||||||||
Series 2002 B, Ref. Water & Sewer System RB |
5.00 | % | 06/15/26 | 5,000 | 5,002,900 | |||||||||||
Series 2003 A, Water & Sewer System RB |
5.38 | % | 06/15/19 | 3,500 | 3,701,530 | |||||||||||
Series 2004 A, Water & Sewer System RB |
5.00 | % | 06/15/35 | 3,000 | 2,915,430 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
New York(continued) |
||||||||||||||||
New York City (City of) Transitional Finance Authority; |
||||||||||||||||
Sub-Series 2010 A-1, Future Tax Sec. RB (e) |
5.00 | % | 05/01/28 | $ | 2,040 | $ | 2,077,822 | |||||||||
Sub-Series 2010 A-1, Future Tax Sec. RB (e) |
5.00 | % | 05/01/29 | 1,635 | 1,653,050 | |||||||||||
Sub-Series 2010 A-1, Future Tax Sec. RB (e) |
5.00 | % | 05/01/30 | 1,635 | 1,643,110 | |||||||||||
New York City (City of) Trust for Cultural Resources (Museum of Modern Art); |
||||||||||||||||
Series 2008 1A, Ref. RB (e) |
5.00 | % | 04/01/26 | 1,935 | 1,981,266 | |||||||||||
Series 2008 1A, Ref. RB (e) |
5.00 | % | 04/01/27 | 2,815 | 2,867,753 | |||||||||||
New York City (City of); |
||||||||||||||||
Subseries 2009 A-1, Unlimited Tax GO Bonds (e) |
5.25 | % | 08/15/27 | 2,380 | 2,435,692 | |||||||||||
Subseries 2009 A-1, Unlimited Tax GO Bonds (e) |
5.25 | % | 08/15/28 | 2,380 | 2,430,575 | |||||||||||
Tobacco Settlement Financing Corp.; Series 2003 B-1C, Asset-Backed RB |
5.50 | % | 06/01/17 | 5,000 | 5,065,100 | |||||||||||
Triborough Bridge & Tunnel Authority; Series 2002 E, Ref. Sub. RB (INS-NATL) (a)(e) |
5.00 | % | 11/15/32 | 5,000 | 4,886,050 | |||||||||||
48,845,324 | ||||||||||||||||
North Carolina2.08% |
||||||||||||||||
Charlotte (City of); Series 2001, Water & Sewer System RB |
5.13 | % | 06/01/26 | 4,500 | 4,585,635 | |||||||||||
North Carolina (State of) Medical Care Commission (Pooled Financing); Series 1991 B, VRD Hospital ACES RB (LOC-Wells Fargo Bank, N.A.)
(h)(j) |
0.22 | % | 10/01/13 | 1,300 | 1,300,000 | |||||||||||
5,885,635 | ||||||||||||||||
North Dakota0.86% |
||||||||||||||||
Ward (County of) (Trinity Obligated Group); Series 2006, Health Care Facility RB |
5.13 | % | 07/01/29 | 2,750 | 2,436,197 | |||||||||||
Ohio6.44% |
||||||||||||||||
American Municipal Power-Ohio Inc. (Prairie State Energy Campus); Series 2008 A, RB (INS-AGC) (a)(e) |
5.25 | % | 02/15/33 | 5,100 | 5,047,317 | |||||||||||
Cuyahoga (County of) (Cleveland Clinic Health System Obligated Group); Series 2003 A, Ref. RB |
6.00 | % | 01/01/32 | 5,370 | 5,404,368 | |||||||||||
Lorain (County of) (Catholic Healthcare Partners); Series 2001 A, Ref. & Improvement Hospital Facilities RB |
5.63 | % | 10/01/17 | 3,000 | 3,110,640 | |||||||||||
Ohio (State of) Higher Educational Facility Commission (Summa Health System-2010); Series 2010, Hospital Facilities RB |
5.75 | % | 11/15/40 | 2,270 | 2,033,148 | |||||||||||
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR (b)(c) |
5.88 | % | 06/01/16 | 410 | 437,798 | |||||||||||
Ohio State University (The); Series 2002 A, General Receipts RB (b)(g) |
5.13 | % | 12/01/12 | 2,000 | 2,165,560 | |||||||||||
18,198,831 | ||||||||||||||||
Oklahoma0.44% |
||||||||||||||||
Oklahoma (State of) Development Finance Authority (Great Plains Regional Medical Center); Series 2007, Hospital RB |
5.13 | % | 12/01/36 | 1,500 | 1,241,730 | |||||||||||
Oregon0.66% |
||||||||||||||||
Oregon (State of) Department of Administrative Services; Series 2009 A, Lottery RB |
5.25 | % | 04/01/24 | 685 | 740,053 | |||||||||||
Warm Springs Reservation Confederated Tribes of Oregon (Pelton Round Butte); Series 2009 B, Tribal Economic Development Hydroelectric RB
(k) |
6.38 | % | 11/01/33 | 1,145 | 1,111,578 | |||||||||||
1,851,631 | ||||||||||||||||
Pennsylvania1.04% |
||||||||||||||||
Allegheny (County of) Hospital Development Authority (West Pennsylvania Health System); Series 2007 A, RB |
5.38 | % | 11/15/40 | 2,000 | 1,336,880 | |||||||||||
Pennsylvania (State of) Turnpike Commission; |
||||||||||||||||
Series 2010 B-2, Sub. RB (l) |
5.75 | % | 12/01/28 | 1,350 | 993,154 | |||||||||||
Series 2010 B-2, Sub. RB (l) |
6.00 | % | 12/01/34 | 800 | 594,360 | |||||||||||
2,924,394 | ||||||||||||||||
Puerto Rico3.02% |
||||||||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; |
||||||||||||||||
Series 2010 CCC, Power RB |
5.25 | % | 07/01/27 | 1,500 | 1,448,715 | |||||||||||
Series 2010 XX, Power RB |
5.25 | % | 07/01/40 | 1,300 | 1,144,897 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Puerto Rico (continued) |
||||||||||||||||
Puerto Rico Sales Tax Financing Corp.; |
||||||||||||||||
Series 2009 A, First Sub. Sales Tax RB (b)(c)(g) |
5.00 | % | 08/01/11 | $ | 1,375 | $ | 1,407,065 | |||||||||
Series 2010 A, First Sub. Sales Tax RB |
5.38 | % | 08/01/39 | 1,225 | 1,128,874 | |||||||||||
Series 2010 A, First Sub. Sales Tax RB |
5.50 | % | 08/01/42 | 1,400 | 1,303,316 | |||||||||||
Series 2010 C, First Sub. Sales Tax RB |
5.25 | % | 08/01/41 | 2,350 | 2,110,676 | |||||||||||
8,543,543 | ||||||||||||||||
South Carolina5.69% |
||||||||||||||||
Charleston Educational Excellence Finance Corp. (Charleston County School District); Series 2005, Installment Purchase RB |
5.25 | % | 12/01/29 | 3,000 | 2,999,760 | |||||||||||
Lexington (County of) Health Services District, Inc.; Series 2007, Ref. Hospital RB |
5.00 | % | 11/01/16 | 70 | 74,432 | |||||||||||
Richland (County of) (International Paper Co.); Series 2007 A, Ref. Environmental Improvement RB |
4.60 | % | 09/01/12 | 345 | 352,176 | |||||||||||
South Carolina (State of) Public Service Authority; |
||||||||||||||||
Series 2002 D, Ref. RB (g) |
5.00 | % | 01/01/20 | 5,000 | 5,317,600 | |||||||||||
Series 2003 A, Ref. RB (INS-AMBAC) (a)(e) |
5.00 | % | 01/01/22 | 7,000 | 7,322,490 | |||||||||||
16,066,458 | ||||||||||||||||
Texas18.45% |
||||||||||||||||
AllianceAirport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB (d) |
4.85 | % | 04/01/21 | 2,000 | 1,944,820 | |||||||||||
Arlington (City of); Series 2009, Special Tax RB |
5.00 | % | 08/15/28 | 2,500 | 2,390,225 | |||||||||||
Austin (City of); Series 2001, Ref. Water & Wastewater System RB (INS-AGM) (a) |
5.13 | % | 05/15/27 | 2,950 | 2,951,829 | |||||||||||
Bexar (County of) Health Facilities Development Corp. (Army Retirement Residence Foundation); Series 2010, RB |
6.20 | % | 07/01/45 | 1,045 | 985,675 | |||||||||||
Bexar (County of); Series 2009 A, Flood Control Limited Tax Ctfs. of Obligation |
5.00 | % | 06/15/35 | 2,500 | 2,538,300 | |||||||||||
Harris (County of) Industrial Development Corp. (Deer Park Refining L.P.); Series 2006, Solid Waste Disposal RB |
5.00 | % | 02/01/23 | 600 | 588,444 | |||||||||||
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 | 2,494,954 | |||||||||||
Houston (City of); |
||||||||||||||||
Series 2000 A, Sub. Lien Airport System RB (INS-AGM) (a)(d) |
5.63 | % | 07/01/30 | 5,000 | 4,850,450 | |||||||||||
Series 2000 A, Sub. Lien Airport System RB (INS-AGM) (a)(d) |
5.88 | % | 07/01/17 | 6,000 | 6,132,600 | |||||||||||
Series 2004 B, Ref. First Lien Combined Utility System RB (INS-NATL) (a) |
5.25 | % | 05/15/23 | 5,120 | 5,370,470 | |||||||||||
Series 2009 A, Ref. Public Improvement Limited Tax GO Bonds |
5.00 | % | 03/01/27 | 2,000 | 2,036,520 | |||||||||||
Lower Colorado River Authority; Series 2010 A, Ref. RB |
5.00 | % | 05/15/40 | 700 | 643,587 | |||||||||||
North Texas Tollway Authority; |
||||||||||||||||
Series 2008 D, Ref. First Tier System RB (INS-AGC) (a)(f) |
0.00 | % | 01/01/28 | 8,600 | 3,006,646 | |||||||||||
Series 2008 D, Ref. First Tier System RB (INS-AGC) (a)(f) |
0.00 | % | 01/01/31 | 1,650 | 465,102 | |||||||||||
San Antonio (City of); Series 2001, Ref. Water System RB (INS-NATL) (a) |
5.00 | % | 05/15/26 | 8,960 | 9,027,738 | |||||||||||
Tarrant (County of) Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2007, Retirement Facilities RB |
5.13 | % | 05/15/37 | 875 | 695,634 | |||||||||||
Texas (State of) 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 | 915 | 916,437 | |||||||||||
University of Houston System Board of Regents; Series 2008, Ref. Consolidated RB (INS-AGM) (a)(e) |
5.00 | % | 02/15/33 | 5,100 | 5,075,622 | |||||||||||
52,115,053 | ||||||||||||||||
Vermont0.68% |
||||||||||||||||
Vermont (State of) Economic Development Authority (Wake Robin Corp.); Series 2006 A, Mortgage RB |
5.38 | % | 05/01/36 | 2,500 | 1,929,450 | |||||||||||
Virgin Islands0.38% |
||||||||||||||||
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 | 1,085,243 | |||||||||||
Virginia0.59% |
||||||||||||||||
Fairfax (County of) Economic Development Authority (Goodwin House Inc.); Series 2007, Residential Care Facilities Mortgage RB |
5.13 | % | 10/01/42 | 2,000 | 1,679,120 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Washington7.89% |
||||||||||||||||
Energy Northwest (Columbia Generating Station); Series 2002 A, Ref. Electric RB (INS-NATL) (a) |
5.75 | % | 07/01/18 | $ | 5,000 | $ | 5,293,050 | |||||||||
Grant (County of) Public Utility District No. 2; Series 2001 H, Ref. Electric System RB (INS-AGM) (a) |
5.38 | % | 01/01/18 | 5,000 | 5,171,950 | |||||||||||
Spokane School District No. 81; Series 2005, Unlimited Tax GO Bonds (INS-NATL) (a)(l) |
5.13 | % | 06/01/23 | 2,500 | 2,616,225 | |||||||||||
Washington (State of) Health Care Facilities Authority (Providence Health & Services); Series 2006 A, RB (INS-NATL) (a) |
4.63 | % | 10/01/34 | 1,500 | 1,450,695 | |||||||||||
Washington (State of); |
||||||||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (e) |
5.00 | % | 08/01/29 | 3,725 | 3,780,391 | |||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (e) |
5.00 | % | 08/01/30 | 3,915 | 3,959,592 | |||||||||||
22,271,903 | ||||||||||||||||
Wyoming0.18% |
||||||||||||||||
Uinta (County) (Chevron U.S.A. Inc.); Series 1993, Ref. VRD PCR (h) |
0.25 | % | 03/01/11 | 500 | 500,000 | |||||||||||
TOTAL INVESTMENTS(m)165.89% (Cost $482,050,281) |
468,569,885 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES1.33% |
3,769,064 | |||||||||||||||
Floating Rate and Dealer Trusts Obligations Related to Securities Held(18.49)% |
||||||||||||||||
Notes with interest rates ranging from 0.27% to 0.36% at 01/31/11 and contractual maturities of collateral ranging from 01/01/22 to
01/01/37 (See Note 1D) (n) |
(52,230,000 | ) | ||||||||||||||
PREFERRED SHARES(48.73)% |
(137,650,000 | ) | ||||||||||||||
NET ASSETS ATTRIBUTABLE TO COMMON SHARES100.00% |
$ | 282,458,949 | ||||||||||||||
ACES | Automatically Convertible Extendable Security | |
AGC | Assured Guaranty Corp. | |
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | Ambac Assurance Corp.* | |
BAN | Bond Anticipation Note | |
BHAC | Berkshire Hathaway Assurance Corp. | |
CEP | Credit Enhancement Provider | |
COP | Certificates of Participation | |
Ctfs. | Certificates | |
GNMA | Government National Mortgage Association | |
GO | General Obligation | |
Gtd. | Guaranteed | |
IDR | Industrial Development Revenue Bonds | |
INS | Insurer | |
Jr. | Junior | |
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) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2011. | |
(d) | Security subject to the alternative minimum tax. | |
(e) | Underlying security related to Special Purpose Trust entered into by the Trust. See Note 1D. | |
(f) | Capital appreciation bond. Security traded on a discount basis. | |
(g) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. | |
(h) | Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. 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 Trust 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 inverse floater. | |
(j) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(k) | 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 January 31, 2011 represented 0.39% of the Funds Net Assets. | |
(l) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. | |
(m) | 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. |
39.4 | % | ||
Assured Guaranty Municipal Corp. |
17.8 | |||
Ambac Assurance Corp.* |
7.7 | |||
Assured Guaranty Corp. |
5.0 |
(n) | 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 $82,332,519 are held by Special Purpose Trusts established by a Broker Dealer (Dealer Trusts) and serve as collateral for the $52,230,000 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 |
| $ | 468,569,885 | $ | | $ | 468,569,885 |
Aggregate unrealized appreciation of investment securities |
$ | 7,667,596 | ||
Aggregate unrealized (depreciation) of investment securities |
(20,421,015 | ) | ||
Net unrealized appreciation (depreciation) of investment securities |
$ | (12,753,419 | ) | |
Cost of investments for tax purposes is $481,323,304. |
(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 |