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invesco.com/us | VK-CE-IGMUNI-QTR-1 11/11 | Invesco Advisers, Inc. |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Municipal Obligations164.88% |
||||||||||||||||
Alabama2.28% |
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Alabama (State of) Board of Education (Southern Union State Community College); Series 2003, Ref. & Improvement RB (INS-NATL)
(a) |
5.25 | % | 07/01/20 | $ | 3,660 | $ | 3,797,762 | |||||||||
Bessemer Governmental Utility Services Corp.; Series 2008 A, Ref. Water Supply RB (INS-AGC) (a)(b) |
5.00 | % | 06/01/39 | 3,225 | 3,306,786 | |||||||||||
Birmingham (City of) Airport Authority; Series 2010, RB (INS-AGM) (a) |
5.25 | % | 07/01/30 | 2,500 | 2,615,000 | |||||||||||
Health Care Authority for Baptist Health (The); Series 2009 A, RB (c)(d) |
6.13 | % | 05/15/12 | 2,000 | 2,039,080 | |||||||||||
Huntsville (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, Retirement Facility RB |
5.50 | % | 01/01/43 | 2,525 | 1,895,770 | |||||||||||
Selma (City of) Industrial Development Board (Gulf Opportunity Zone); Series 2009 A, RB |
6.25 | % | 11/01/33 | 3,395 | 3,598,055 | |||||||||||
17,252,453 | ||||||||||||||||
Alaska0.84% |
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Alaska (State of) Industrial Development & Export Authority (Providence Health Services); Series 2011 A, RB |
5.50 | % | 10/01/41 | 4,755 | 5,034,261 | |||||||||||
Matanuska-Susitna Borough (City of) (Public Safety Building Lease); Series 2000, COP (INS-AGM) (a) |
5.75 | % | 03/01/16 | 1,350 | 1,355,724 | |||||||||||
6,389,985 | ||||||||||||||||
Arizona3.99% |
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Arizona (State of) Transportation Board; |
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Series 2008 B, Highway RB |
5.00 | % | 07/01/25 | 2,560 | 2,841,242 | |||||||||||
Series 2008 B, Highway RB (b) |
5.00 | % | 07/01/26 | 3,835 | 4,219,190 | |||||||||||
Glendale (City of) Industrial Development Authority (John C. Lincoln Health Network); Series 2005 B, Ref. Hospital RB |
5.00 | % | 12/01/37 | 2,065 | 1,779,080 | |||||||||||
Glendale (City of) Industrial Development Authority (Midwestern University); |
||||||||||||||||
Series 2010, RB |
5.00 | % | 05/15/35 | 750 | 751,267 | |||||||||||
Series 2010, RB |
5.13 | % | 05/15/40 | 1,500 | 1,504,050 | |||||||||||
Goodyear (City of) McDowell Road Commercial Corridor Improvement District; Series 2007, Special Assessment Improvement Bonds (INS-AMBAC)
(a) |
5.25 | % | 01/01/32 | 1,775 | 1,795,821 | |||||||||||
Maricopa (County of) Industrial Development Authority (Catholic Healthcare West); Series 2009 C, Health Facilities RB (c)(d) |
5.00 | % | 07/01/14 | 3,330 | 3,611,685 | |||||||||||
Maricopa County Pollution Control Corp. (Arizona Public Service Co. Palo Verde); Series 2009 B, Ref. PCR (c)(d) |
5.50 | % | 05/01/12 | 1,825 | 1,854,857 | |||||||||||
Navajo County Pollution Control Corp.; |
||||||||||||||||
Series 2009 C, PCR (c)(d) |
5.50 | % | 06/01/14 | 900 | 970,182 | |||||||||||
Series 2009 E, PCR (c)(d) |
5.75 | % | 06/01/16 | 1,035 | 1,168,422 | |||||||||||
Phoenix (City of) Industrial Development Authority (Career Success Schools); |
||||||||||||||||
Series 2009, Education RB |
7.00 | % | 01/01/39 | 970 | 903,487 | |||||||||||
Series 2009, Education RB |
7.13 | % | 01/01/45 | 925 | 867,039 | |||||||||||
Pima (County of) Industrial Development Authority (Global Water Resources LLC); Series 2007, Water & Wastewater RB (e) |
6.55 | % | 12/01/37 | 3,400 | 3,383,170 | |||||||||||
Salt River Project Agricultural Improvement & Power District; Series 2009 A, Electric System RB (b) |
5.00 | % | 01/01/28 | 3,145 | 3,433,554 | |||||||||||
University Medical Center Corp.; Series 2005, Hospital RB |
5.00 | % | 07/01/35 | 1,205 | 1,110,191 | |||||||||||
30,193,237 | ||||||||||||||||
California15.80% |
||||||||||||||||
Anaheim (City of) Public Financing Authority (Anaheim Public Improvements); Series 1997 C, Sub. Lease RB (INS-AGM) (a) |
6.00 | % | 09/01/16 | 1,300 | 1,456,793 | |||||||||||
Bay Area Toll Authority (San Francisco Bay Area); |
||||||||||||||||
Series 2008 F-1, Toll Bridge RB (b) |
5.00 | % | 04/01/39 | 1,500 | 1,551,300 | |||||||||||
Series 2008 F-1, Toll Bridge RB |
5.00 | % | 04/01/39 | 4,500 | 4,653,900 | |||||||||||
Beverly Hills Unified School District (Election of 2008); Series 2009, Unlimited Tax CAB GO Bonds (f) |
0.00 | % | 08/01/28 | 1,250 | 567,375 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
California(continued) |
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California (State of) Department of Water Resources (Central Valley); |
||||||||||||||||
Series 2008 AE, Water RB (b) |
5.00 | % | 12/01/24 | $ | 1,175 | $ | 1,321,017 | |||||||||
Series 2008 AE, Water RB (b) |
5.00 | % | 12/01/25 | 1,500 | 1,671,075 | |||||||||||
Series 2008 AE, Water RB (b) |
5.00 | % | 12/01/26 | 1,500 | 1,659,705 | |||||||||||
Series 2008 AE, Water RB (b) |
5.00 | % | 12/01/27 | 875 | 959,000 | |||||||||||
Series 2008 AE, Water RB (b) |
5.00 | % | 12/01/28 | 1,500 | 1,633,035 | |||||||||||
California (State of) Department of Water Resources; |
||||||||||||||||
Series 2002, Water RB (INS-NATL) (a) |
5.00 | % | 12/01/29 | 730 | 753,907 | |||||||||||
Series 2002 X, RB (c)(g) |
5.00 | % | 12/01/12 | 260 | 272,321 | |||||||||||
Series 2002 X, RB (c)(g) |
5.00 | % | 12/01/12 | 10 | 10,474 | |||||||||||
California (State of) Health Facilities Financing Authority (Catholic Health Care West); Series 2009 A, RB |
6.00 | % | 07/01/34 | 1,500 | 1,619,685 | |||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health); Series 2011 B, RB |
5.50 | % | 08/15/26 | 1,000 | 1,096,610 | |||||||||||
California (State of) Housing Finance Agency; |
||||||||||||||||
Series 2008 K, Home Mortgage RB (e) |
5.30 | % | 08/01/23 | 4,800 | 4,687,488 | |||||||||||
Series 2008 K, Home Mortgage RB (e) |
5.45 | % | 08/01/28 | 5,500 | 5,505,665 | |||||||||||
California (State of) Pollution Control Financing Authority (Waste Management Inc.); Series 2002 B, Solid Waste Disposal RB (e) |
5.00 | % | 07/01/27 | 1,500 | 1,504,650 | |||||||||||
California (State of) Statewide Communities Development Authority (Adventist Health System/West); Series 2005 A, Health Facility RB |
5.00 | % | 03/01/30 | 2,700 | 2,700,189 | |||||||||||
California (State of) Statewide Communities Development Authority (Kaiser Permanente); Series 2009 A, RB |
5.00 | % | 04/01/19 | 2,000 | 2,316,900 | |||||||||||
California (State of); |
||||||||||||||||
Series 2009, Various Purpose Unlimited Tax GO Bonds |
5.75 | % | 04/01/31 | 1,800 | 1,982,232 | |||||||||||
Series 2009 A, Ref. Economic Recovery Unlimited Tax GO Bonds |
5.25 | % | 07/01/21 | 2,900 | 3,386,823 | |||||||||||
California State University; Series 2002 A, Systemwide RB (INS-AMBAC) (a) |
5.00 | % | 11/01/33 | 5,000 | 5,045,650 | |||||||||||
Daly City (City of) Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. Third Tier RB |
6.50 | % | 12/15/47 | 580 | 539,162 | |||||||||||
East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB |
5.00 | % | 06/01/36 | 5,580 | 5,951,907 | |||||||||||
Florin (City of) Resource Conservation District (Elk Grove Water Service); Series 2003 A, Capital Improvement COP (INS-NATL) (a) |
5.00 | % | 09/01/33 | 1,750 | 1,580,057 | |||||||||||
Foothill-Eastern Transportation Corridor Agency; |
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Series 1995 A, Sr. Lien Toll Road CAB RB (f)(g) |
0.00 | % | 01/01/23 | 10,750 | 7,902,647 | |||||||||||
Series 1999, Ref. Toll Road CAB RB (INS-NATL) (a)(f) |
0.00 | % | 01/15/17 | 2,000 | 1,492,760 | |||||||||||
Fremont Unified School District; Series 2002 A, Unlimited Tax GO Bonds (INS-NATL) (a) |
5.00 | % | 08/01/25 | 3,000 | 3,099,990 | |||||||||||
Golden State Tobacco Securitization Corp.; Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB |
5.00 | % | 06/01/45 | 4,000 | 3,664,080 | |||||||||||
Los Angeles (City of) Department of Airports (Los Angeles International Airport); |
||||||||||||||||
Series 2010 A, Sr. RB |
5.00 | % | 05/15/35 | 1,000 | 1,053,890 | |||||||||||
Series 2010 B, Sub. RB |
5.00 | % | 05/15/40 | 2,000 | 2,071,800 | |||||||||||
Los Angeles Unified School District; Series 2009 D, Unlimited Tax GO Bonds |
5.00 | % | 07/01/22 | 1,800 | 2,041,290 | |||||||||||
Metropolitan Water District of Southern California; Series 2009 A, Water RB |
5.00 | % | 01/01/34 | 2,500 | 2,675,950 | |||||||||||
Morongo Band of Mission Indians (The) (Enterprise Casino); Series 2008 B, RB (h) |
5.50 | % | 03/01/18 | 235 | 228,519 | |||||||||||
Palm Springs (City of) Financing Authority (Convention Center Expansion); Series 2004 A, Lease RB (INS-NATL) (a) |
5.50 | % | 11/01/35 | 3,500 | 3,563,875 | |||||||||||
Palomar Pomerado Health Care District; Series 2009, COP |
6.75 | % | 11/01/39 | 1,700 | 1,744,030 | |||||||||||
Sacramento (County of); Series 2010, Sr. Airport System RB |
5.00 | % | 07/01/40 | 3,415 | 3,446,896 | |||||||||||
San Diego Community College District (Election of 2006); Series 2011, Unlimited Tax GO Bonds |
5.00 | % | 08/01/36 | 6,210 | 6,583,345 | |||||||||||
San Francisco (City & County of) Airport Commission (San Francisco International Airport); |
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Second Series 2011 F, Ref. RB (e) |
5.00 | % | 05/01/25 | 1,165 | 1,215,188 | |||||||||||
Second Series 2011 F, Ref. RB (e) |
5.00 | % | 05/01/26 | 2,335 | 2,415,581 | |||||||||||
San Francisco (City & County of) Airports Commission (San Francisco International Airport); Second Series 2008 A-4, Ref. RB
(c)(d)(e)(g) |
6.50 | % | 05/01/12 | 1,850 | 1,896,528 | |||||||||||
San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program); Sub-series 2011 A, Water RB |
5.00 | % | 11/01/36 | 5,070 | 5,318,430 | |||||||||||
Southern California Metropolitan Water District; |
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Series 2003 B-1, RB (c)(g) |
5.00 | % | 10/01/13 | 65 | 70,270 | |||||||||||
Series 2003 B-1, RB (INS-NATL) (a) |
5.00 | % | 10/01/33 | 1,435 | 1,473,013 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
California(continued) |
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Southern California Public Power Authority (Milford Wind Corridor Phase II); Series 2011-1, RB |
5.25 | % | 07/01/29 | $ | 1,440 | $ | 1,589,947 | |||||||||
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 | 2,300 | 1,604,135 | |||||||||||
Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.13 | % | 06/01/46 | 7,600 | 4,991,984 | |||||||||||
Turlock (City of) (Emanuel Medical Center, Inc.); Series 2004, Health Facilities COP |
5.38 | % | 10/15/34 | 850 | 745,093 | |||||||||||
Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INS-AGM) (a)(c)(d) |
3.50 | % | 05/31/13 | 1,000 | 1,000,870 | |||||||||||
Vernon (City of); Series 2009 A, Electric System RB |
5.13 | % | 08/01/21 | 3,250 | 3,241,193 | |||||||||||
119,558,224 | ||||||||||||||||
Colorado2.44% |
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Colorado (State of) Educational & Cultural Facilities Authority (The Classical Academy); Series 2003, Ref. & Improvement RB (INS-SGI)
(a) |
5.25 | % | 12/01/23 | 3,405 | 3,465,132 | |||||||||||
Colorado (State of) Health Facilities Authority (Catholic Health); Series 2006 C5, RB (INS-AGM) (a)(b) |
5.00 | % | 09/01/36 | 7,300 | 7,373,511 | |||||||||||
Colorado (State of) Health Facilities Authority (Volunteers of America Care); |
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Series 2007 A, Health & Residential Care Facilities RB |
5.25 | % | 07/01/27 | 800 | 703,584 | |||||||||||
Series 2007 A, Health & Residential Care Facilities RB |
5.30 | % | 07/01/37 | 600 | 484,140 | |||||||||||
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); |
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Series 2010, Private Activity RB |
6.00 | % | 01/15/34 | 1,700 | 1,740,052 | |||||||||||
Series 2010, Private Activity RB |
6.50 | % | 01/15/30 | 2,100 | 2,245,488 | |||||||||||
Montezuma (County of) Hospital District (Health Facilities Enterprise); Series 2007, Ref. Hospital RB |
5.90 | % | 10/01/37 | 940 | 835,519 | |||||||||||
Salida (City of) Hospital District; Series 2006, RB |
5.25 | % | 10/01/36 | 1,935 | 1,645,002 | |||||||||||
18,492,428 | ||||||||||||||||
Connecticut1.33% |
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Connecticut (State of) (Bradley International Airport); Series 2000 A, Special Obligation Parking RB (INS-ACA) (a)(e) |
6.60 | % | 07/01/24 | 3,580 | 3,520,679 | |||||||||||
Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, Water Facilities RB |
5.50 | % | 04/01/21 | 1,800 | 1,930,194 | |||||||||||
Connecticut (State of) Housing Finance Authority; Sub-series 2010 D-2, Housing Mortgage Finance Program RB (e) |
5.00 | % | 05/15/31 | 2,430 | 2,476,097 | |||||||||||
Hamden (Town of) (Whitney Center); Series 2009 B, Entrance Fee Principal Redemption RB |
6.13 | % | 01/01/14 | 2,150 | 2,151,441 | |||||||||||
10,078,411 | ||||||||||||||||
District of Columbia2.42% |
||||||||||||||||
District of Columbia (Friendship Public Charter School, Inc.); Series 2003, RB (INS-ACA) (a) |
5.75 | % | 06/01/18 | 2,000 | 2,014,320 | |||||||||||
District of Columbia (Sibley Memorial Hospital); |
||||||||||||||||
Series 2009, Hospital RB |
6.38 | % | 10/01/34 | 3,650 | 3,955,797 | |||||||||||
Series 2009, Hospital RB |
6.50 | % | 10/01/29 | 1,100 | 1,213,674 | |||||||||||
District of Columbia Water & Sewer Authority; |
||||||||||||||||
Series 2007 A, Public Utility Sub. Lien RB (INS-AGM) (a) |
5.50 | % | 10/01/41 | 6,000 | 6,430,080 | |||||||||||
Series 2008 A, Ref. Public Utility Sub. Lien RB (INS-AGC) (a)(b) |
5.00 | % | 10/01/29 | 1,150 | 1,235,560 | |||||||||||
Series 2008 A, Ref. Public Utility Sub. Lien RB (INS-AGC) (a)(b) |
5.00 | % | 10/01/34 | 2,350 | 2,459,863 | |||||||||||
District of Columbia; Series 1993 E, Unlimited Tax GO Bonds (g) |
6.00 | % | 06/01/13 | 5 | 5,023 | |||||||||||
Metropolitan Washington Airports Authority; Series 2002 A, Airport System RB (INS-NATL) (a)(e) |
5.25 | % | 10/01/32 | 1,000 | 1,003,370 | |||||||||||
18,317,687 | ||||||||||||||||
Florida20.70% |
||||||||||||||||
Alachua (County of) (North Florida Retirement Village, Inc.); |
||||||||||||||||
Series 2007, IDR |
5.25 | % | 11/15/17 | 1,000 | 952,280 | |||||||||||
Series 2007, IDR |
5.88 | % | 11/15/36 | 1,000 | 806,840 | |||||||||||
Brevard (County of) Health Facilities Authority (Buena Vida Estates, Inc.); Series 2008, Residential Care Facility RB |
6.75 | % | 01/01/37 | 1,740 | 1,553,907 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Florida(continued) |
||||||||||||||||
Brevard (County of) Health Facilities Authority (Health First, Inc.) Series 2005, RB |
5.00 | % | 04/01/34 | $ | 4,960 | $ | 4,788,186 | |||||||||
Capital Trust Agency (Fort Lauderdale); Series 2003, Sr. RB (e) |
5.75 | % | 01/01/32 | 1,300 | 1,018,004 | |||||||||||
Citizens Property Insurance Corp.; |
||||||||||||||||
Series 2010 A-1, Sr. Sec. High Risk Account RB |
5.00 | % | 06/01/14 | 4,000 | 4,268,880 | |||||||||||
Series 2010 A-1, Sr. Sec. High Risk Account RB |
5.25 | % | 06/01/17 | 3,410 | 3,762,492 | |||||||||||
Escambia (County of) Health Facilities Authority (Florida Health Care Facility Loan Veterans Health Administration Program); Series 2000,
RB (INS-AMBAC) (a) |
5.95 | % | 07/01/20 | 465 | 474,551 | |||||||||||
Florida (State of) Board of Education; Series 2005 D, Unlimited Tax GO Bonds (b) |
4.75 | % | 06/01/35 | 15,000 | 15,295,200 | |||||||||||
Florida (State of) Department of Transportation; |
||||||||||||||||
Series 2004 A, Turnpike RB (b) |
5.00 | % | 07/01/29 | 7,295 | 7,559,079 | |||||||||||
Series 2008 A, Ref. Turnpike RB (b) |
5.00 | % | 07/01/26 | 1,910 | 2,058,312 | |||||||||||
Series 2008 A, Ref. Turnpike RB (b) |
5.00 | % | 07/01/27 | 1,935 | 2,073,062 | |||||||||||
Series 2008 A, Ref. Turnpike RB (b) |
5.00 | % | 07/01/28 | 2,100 | 2,237,802 | |||||||||||
Series 2008 A, Ref. Turnpike RB (b) |
5.00 | % | 07/01/32 | 2,500 | 2,622,000 | |||||||||||
Florida (State of) Housing Finance Corp. (Home Ownership Mortgage); Series 1991 B, RB (e) |
8.60 | % | 11/01/18 | 130 | 133,156 | |||||||||||
Florida (State of) Ports Financing Commission (State Transportation Trust Fund); Series 2011 B, Ref. RB (e) |
5.13 | % | 06/01/27 | 2,475 | 2,643,869 | |||||||||||
Gainesville (City of); Series 1980, Utility System RB (g) |
8.13 | % | 10/01/14 | 200 | 224,786 | |||||||||||
Gramercy Farms Community Development District; |
||||||||||||||||
Series 2007 B, Special Assessment RB (i) |
5.10 | % | 05/01/14 | 550 | 6 | |||||||||||
Series 2011, Ref. Special Assessment Conv. CAB RB (f) |
0.00 | % | 05/01/39 | 2,145 | 269,498 | |||||||||||
Hillsborough (County of) Aviation Authority; |
||||||||||||||||
Series 2008 A, RB (INS-AGC) (a)(b)(e) |
5.38 | % | 10/01/33 | 1,450 | 1,473,084 | |||||||||||
Series 2008 A, RB (INS-AGC) (a)(b)(e) |
5.50 | % | 10/01/38 | 3,260 | 3,303,260 | |||||||||||
Hillsborough (County of) Industrial Development Authority (Tampa Electric Co.); |
||||||||||||||||
Series 2006, Ref. PCR (INS-AMBAC) (a)(c)(d) |
5.00 | % | 03/15/12 | 1,100 | 1,113,453 | |||||||||||
Series 2007 B, Ref. PCR (c)(d) |
5.15 | % | 09/01/13 | 1,225 | 1,311,999 | |||||||||||
Hillsborough (County of) Industrial Development Authority (Tampa General Hospital); Series 2006, RB |
5.25 | % | 10/01/41 | 10,600 | 10,160,418 | |||||||||||
Hillsborough (County of) Port District (Tampa Port Authority); Series 2002 A, RB (INS-NATL) (a)(e) |
5.38 | % | 06/01/27 | 2,745 | 2,779,065 | |||||||||||
Hillsborough (County of); |
||||||||||||||||
Series 2000, Capacity Special Assessment RB (INS-AGM) (a) |
5.00 | % | 03/01/15 | 750 | 752,198 | |||||||||||
Series 2000, Capacity Special Assessment RB (INS-AGM) (a) |
5.00 | % | 09/01/15 | 750 | 752,138 | |||||||||||
Series 2006 A, Solid Waste & Resources Recovery RB (INS-BHAC) (a)(e) |
4.50 | % | 09/01/34 | 6,480 | 6,173,366 | |||||||||||
Lakeland (City of) (Lakeland Regional Health Systems); Series 2006, Hospital System RB |
5.00 | % | 11/15/25 | 5,105 | 5,149,669 | |||||||||||
Lakeland (City of); |
||||||||||||||||
Series 1989, Electric & Water RB (g) |
5.75 | % | 10/01/19 | 2,230 | 2,425,638 | |||||||||||
Series 1990, Electric & Water CAB RB (f)(g) |
0.00 | % | 10/01/13 | 7,000 | 6,917,120 | |||||||||||
Lee (County of) Industrial Development Authority (Lee County Community Charter Schools, LLC); Series 2007 A, RB |
5.38 | % | 06/15/37 | 1,000 | 822,150 | |||||||||||
Miami Beach (City of); Series 2000, Stormwater RB (INS-NATL) (a) |
5.25 | % | 09/01/25 | 1,500 | 1,504,320 | |||||||||||
Miami-Dade (County of) (Miami International Airport); |
||||||||||||||||
Series 2000 B, Aviation RB (INS-NATL) (a) |
5.45 | % | 10/01/15 | 870 | 876,760 | |||||||||||
Series 2000 B, Aviation RB (INS-NATL) (a) |
5.75 | % | 10/01/29 | 3,000 | 3,017,790 | |||||||||||
Series 2002, Aviation RB (INS-AGC) (a)(e) |
5.38 | % | 10/01/27 | 2,000 | 2,017,260 | |||||||||||
Series 2002, Aviation RB (INS-AGC) (a)(e) |
5.38 | % | 10/01/32 | 4,720 | 4,732,461 | |||||||||||
Series 2005, Aviation RB (INS-AGC) (a)(e) |
5.00 | % | 10/01/38 | 3,200 | 3,078,624 | |||||||||||
Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB |
5.00 | % | 07/01/40 | 4,250 | 4,277,837 | |||||||||||
Miami-Dade (County of) Health Facilities Authority (Miami Childrens Hospital); Series 2010 A, Ref. Hospital RB |
6.13 | % | 08/01/42 | 970 | 1,000,817 | |||||||||||
Miami-Dade (County of); |
||||||||||||||||
Series 2002 A, Aviation RB (INS-AGM) (a)(e) |
5.00 | % | 10/01/33 | 2,000 | 1,969,820 | |||||||||||
Series 2002 A, Aviation RB (INS-AGM) (a)(e) |
5.13 | % | 10/01/35 | 2,000 | 1,994,400 | |||||||||||
Midtown Miami Community Development District; Series 2004 A, Special Assessment RB |
6.00 | % | 05/01/24 | 825 | 827,153 | |||||||||||
Orange (County of) Housing Finance Authority (H.A.N.D.S., Inc.); Series 1995 A, Mortgage RB (h) |
7.00 | % | 10/01/25 | 1,000 | 1,011,770 | |||||||||||
Orange (County of); |
||||||||||||||||
Series 1992, Ref. Improvement CAB RB (INS-AMBAC) (a)(f) |
0.00 | % | 10/01/12 | 1,000 | 991,240 | |||||||||||
Series 1992, Ref. Improvement CAB RB (INS-AMBAC) (a)(f) |
0.00 | % | 10/01/13 | 1,000 | 975,510 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Florida(continued) |
||||||||||||||||
Overoaks Community Development District; |
||||||||||||||||
Series 2004 A, Capital Improvement Special Assessment RB (i) |
6.13 | % | 05/01/35 | $ | 190 | $ | 2 | |||||||||
Series 2010 A-2, Capital Improvement Conv. CAB RB (f) |
0.00 | % | 05/01/35 | 200 | 134,542 | |||||||||||
Series 2010 B, Capital Improvement Conv. CAB RB (f) |
0.00 | % | 05/01/17 | 460 | 397,348 | |||||||||||
Palm Beach (County of) Health Facilities Authority (The Waterford); Series 2007, RB |
5.88 | % | 11/15/37 | 1,650 | 1,620,844 | |||||||||||
Palm Beach (County of) Solid Waste Authority; |
||||||||||||||||
Series 2009, Improvement RB (INS-BHAC) (a)(b) |
5.50 | % | 10/01/23 | 4,000 | 4,778,320 | |||||||||||
Series 2011, Ref. RB |
5.00 | % | 10/01/31 | 3,860 | 4,092,140 | |||||||||||
Putnam (County of) Development Authority (Seminole Electric Cooperative); Series 2007 A, Ref. PCR (INS-AMBAC) (a)(c)(d) |
5.35 | % | 05/01/18 | 4,675 | 5,154,702 | |||||||||||
Reunion East Community Development District; Series 2005, Special Assessment RB (i) |
5.80 | % | 05/01/36 | 880 | 431,790 | |||||||||||
Seminole Indian Tribe of Florida; Series 2007 A, Special Obligation RB (h) |
5.25 | % | 10/01/27 | 600 | 550,338 | |||||||||||
Seven Oaks Community Development District II (Pasco County); Series 2004 A, Special Assessment RB |
5.88 | % | 05/01/35 | 1,350 | 978,183 | |||||||||||
South Lake (County of) Hospital District (South Lake Hospital, Inc.); Series 2003, RB |
6.38 | % | 10/01/28 | 1,000 | 1,014,210 | |||||||||||
St. Johns (County of) Industrial Development Authority (Glenmoor); |
||||||||||||||||
Series 2006 A, Health Care RB |
5.25 | % | 01/01/26 | 1,000 | 861,680 | |||||||||||
Series 2006 A, Health Care RB |
5.38 | % | 01/01/40 | 1,500 | 1,170,645 | |||||||||||
St. Lucie (County of) School Board; Series 2001 A, COP (INS-AGM) (a) |
5.00 | % | 07/01/23 | 750 | 759,623 | |||||||||||
Sterling Hill Community Development District; Series 2003 A, Capital Improvement Special Assessment RB |
6.20 | % | 05/01/35 | 1,250 | 989,287 | |||||||||||
Tallahassee (City of) (Tallahassee Memorial Health Care, Inc.); Series 2000, Health Facilities RB |
6.38 | % | 12/01/30 | 1,000 | 1,000,460 | |||||||||||
Tolomato Community Development District; |
||||||||||||||||
Series 2007, Special Assessment RB (i) |
6.55 | % | 05/01/27 | 300 | 171,405 | |||||||||||
Series 2007, Special Assessment RB (i) |
6.65 | % | 05/01/40 | 1,720 | 896,533 | |||||||||||
Series 2007 A, Special Assessment RB (i) |
5.25 | % | 05/01/39 | 485 | 252,937 | |||||||||||
Village Center Community Development District; |
||||||||||||||||
Series 1993, Utility RB (INS-FGIC) (a)(g) |
6.00 | % | 11/01/18 | 1,000 | 1,214,730 | |||||||||||
Series 2001 A, Recreational RB (INS-NATL) (a) |
5.20 | % | 11/01/25 | 1,000 | 956,050 | |||||||||||
Series 2003, Utility RB (INS-NATL) (a) |
5.25 | % | 10/01/23 | 2,000 | 2,007,320 | |||||||||||
Series 2004 A, Recreational RB (INS-NATL) (a) |
5.13 | % | 11/01/36 | 3,500 | 3,033,450 | |||||||||||
156,617,769 | ||||||||||||||||
Georgia4.27% |
||||||||||||||||
Atlanta (City of) (Beltline); |
||||||||||||||||
Series 2009 B, Tax Allocation RB |
6.75 | % | 01/01/20 | 1,015 | 1,066,105 | |||||||||||
Series 2009 B, Tax Allocation RB |
6.75 | % | 01/01/20 | 560 | 588,196 | |||||||||||
Series 2009 B, Tax Allocation RB |
7.38 | % | 01/01/31 | 310 | 326,439 | |||||||||||
Atlanta (City of) (Eastside); Series 2005 B, Tax Allocation RB |
5.60 | % | 01/01/30 | 1,000 | 1,000,590 | |||||||||||
Atlanta (City of); |
||||||||||||||||
Series 2004 C, Airport Passenger Facility Charge & Sub. Lien General RB (INS-AGM) (a)(b) |
5.00 | % | 01/01/33 | 5,250 | 5,348,490 | |||||||||||
Series 2009 A, Water & Wastewater RB |
6.00 | % | 11/01/27 | 1,850 | 2,117,195 | |||||||||||
Series 2009 A, Water & Wastewater RB |
6.00 | % | 11/01/28 | 2,000 | 2,272,780 | |||||||||||
Series 2009 A, Water & Wastewater RB |
6.00 | % | 11/01/29 | 1,850 | 2,088,909 | |||||||||||
Burke (County of) Development Authority (Oglethorpe Power Vogtle); Series 2011 A, PCR (c)(d) |
2.50 | % | 03/01/13 | 2,585 | 2,624,421 | |||||||||||
DeKalb (County of) Hospital Authority (DeKalb Medical Center, Inc.); Series 2010, RB |
6.00 | % | 09/01/30 | 2,500 | 2,584,800 | |||||||||||
Georgia (State of) Municipal Electric Authority; |
||||||||||||||||
Series 1997 A, RB (INS-NATL) (a) |
6.50 | % | 01/01/20 | 2,635 | 3,112,541 | |||||||||||
Series 1998 Y, Power RB (c)(g) |
6.50 | % | 01/01/14 | 85 | 95,637 | |||||||||||
Series 1998 Y, Power RB (g) |
6.50 | % | 01/01/17 | 240 | 276,226 | |||||||||||
Series 1998 Y, Power RB (INS-NATL) (a) |
6.50 | % | 01/01/17 | 5,575 | 6,372,392 | |||||||||||
Putnam (County of) Development Authority (Georgia Power Co.); First Series 1996, PCR |
5.10 | % | 06/01/23 | 2,400 | 2,452,728 | |||||||||||
32,327,449 | ||||||||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Guam0.08% |
||||||||||||||||
Guam (Commonwealth of) Power Authority; Series 1999 A, RB (INS-AMBAC) (a) |
5.25 | % | 10/01/34 | $ | 690 | $ | 633,261 | |||||||||
Hawaii0.61% |
||||||||||||||||
Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Health Obligated Group); Series 2010 B, Special Purpose RB |
5.75 | % | 07/01/40 | 1,480 | 1,505,471 | |||||||||||
Hawaii (State of); Series 2010 A, Airport System RB |
5.00 | % | 07/01/39 | 3,075 | 3,140,528 | |||||||||||
4,645,999 | ||||||||||||||||
Idaho0.78% |
||||||||||||||||
Idaho (State of) Health Facilities Authority (St. Lukes Health System); |
||||||||||||||||
Series 2008 A, RB |
6.50 | % | 11/01/23 | 1,000 | 1,141,020 | |||||||||||
Series 2008 A, RB |
6.75 | % | 11/01/37 | 1,500 | 1,664,370 | |||||||||||
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB |
6.13 | % | 11/15/27 | 1,185 | 1,072,532 | |||||||||||
Regents of the University of Idaho; Series 2011, Ref. General RB (c)(d) |
5.25 | % | 04/01/21 | 1,750 | 2,023,717 | |||||||||||
5,901,639 | ||||||||||||||||
Illinois14.79% |
||||||||||||||||
Bartlett (Village of) (Quarry Redevelopment); Series 2007, Ref. Sr. Lien Tax Increment Allocation RB |
5.60 | % | 01/01/23 | 1,910 | 1,687,179 | |||||||||||
Bourbonnais (Village of) (Olivet Nazarene University); Series 2010, Industrial Project RB |
5.50 | % | 11/01/40 | 1,100 | 1,092,069 | |||||||||||
Chicago (City of) (OHare International Airport); |
||||||||||||||||
Series 2005 A, General Airport Third Lien RB (INS-AGC) (a)(b) |
5.25 | % | 01/01/24 | 4,400 | 4,660,568 | |||||||||||
Series 2005 A, General Airport Third Lien RB (INS-AGC) (a)(b) |
5.25 | % | 01/01/25 | 11,500 | 12,087,420 | |||||||||||
Series 2008 A, General Airport Third Lien RB (INS-AGM) (a)(b) |
5.00 | % | 01/01/33 | 5,700 | 5,839,365 | |||||||||||
Chicago (City of) Board of Education; |
||||||||||||||||
Series 2008 C, Ref. Unlimited Tax GO Bonds (INS-AGM) (a)(b) |
5.00 | % | 12/01/27 | 5,775 | 5,896,333 | |||||||||||
Series 2008 C, Ref. Unlimited Tax GO Bonds (INS-AGM) (a) |
5.00 | % | 12/01/27 | 5,900 | 6,023,959 | |||||||||||
Series 2011 A, Unlimited Tax GO Bonds |
5.00 | % | 12/01/41 | 1,860 | 1,863,627 | |||||||||||
Chicago (City of) Transit Authority; Series 2011, Sales Tax Receipts RB |
5.25 | % | 12/01/36 | 5,760 | 5,998,867 | |||||||||||
Chicago (City of); |
||||||||||||||||
Series 1993, Ref. Unlimited Tax GO Bonds (INS-AMBAC) (a) |
5.13 | % | 01/01/15 | 685 | 739,300 | |||||||||||
Series 2001 A, Unlimited Tax GO Bonds (INS-NATL) (a) |
5.00 | % | 01/01/31 | 1,095 | 1,099,544 | |||||||||||
Series 2008 A, Unlimited Tax GO Bonds (INS-AGC) (a)(b) |
5.25 | % | 01/01/25 | 3,500 | 3,702,160 | |||||||||||
Series 2011, COP |
7.13 | % | 05/01/21 | 525 | 548,977 | |||||||||||
Series 2011, COP |
7.13 | % | 05/01/21 | 1,010 | 1,056,127 | |||||||||||
Series 2011 A, Sales Tax RB |
5.25 | % | 01/01/38 | 2,910 | 3,086,491 | |||||||||||
Granite City (City of) (Waste Management, Inc.); Series 2002, Solid Waste Disposal RB (c)(d)(e) |
3.50 | % | 05/01/13 | 1,300 | 1,337,206 | |||||||||||
Illinois (State of) Finance Authority (Adventist Health System); |
||||||||||||||||
Series 1997, RB (INS-NATL) (a) |
5.50 | % | 11/15/13 | 2,310 | 2,496,047 | |||||||||||
Series 1997, RB (INS-NATL) (a) |
5.50 | % | 11/15/15 | 2,500 | 2,822,025 | |||||||||||
Illinois (State of) Finance Authority (Evangelical Hospital); Series 1992 C, Health Facilities RB (INS-AGM) (a) |
6.75 | % | 04/15/17 | 1,250 | 1,477,225 | |||||||||||
Illinois (State of) Finance Authority (Kish Health System Obligated Group); Series 2008, Ref. Hospital RB |
5.50 | % | 10/01/22 | 1,860 | 1,981,811 | |||||||||||
Illinois (State of) Finance Authority (Northwestern Memorial Hospital); |
||||||||||||||||
Series 2009 A, RB (b) |
5.38 | % | 08/15/24 | 3,500 | 3,898,545 | |||||||||||
Series 2009 A, RB (b) |
5.75 | % | 08/15/30 | 2,000 | 2,167,260 | |||||||||||
Illinois (State of) Finance Authority (OSF Healthcare System); Series 2007 A, RB |
5.75 | % | 11/15/37 | 4,500 | 4,552,965 | |||||||||||
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 D-2, TEMPS-65sm RB |
7.00 | % | 11/15/15 | 2,700 | 2,662,497 | |||||||||||
Illinois (State of) Finance Authority (Riverside Health System); Series 2009, RB |
6.25 | % | 11/15/35 | 1,900 | 2,008,965 | |||||||||||
Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB |
5.50 | % | 04/01/37 | 1,000 | 968,070 | |||||||||||
Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group); Series 2009 A, RB |
7.25 | % | 11/01/38 | 2,885 | 3,178,231 | |||||||||||
Illinois (State of) Finance Authority (Sherman Health System); Series 2007 A, RB |
5.50 | % | 08/01/37 | 4,500 | 4,260,240 | |||||||||||
Illinois (State of) Finance Authority (South Suburban Hospital); Series 1992, RB (g) |
7.00 | % | 02/15/18 | 1,880 | 2,237,952 | |||||||||||
Illinois (State of) Finance Authority (Swedish Covenant Hospital); Series 2010 A, Ref. Sales Tax RB |
6.00 | % | 08/15/38 | 2,230 | 2,263,651 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Illinois(continued) |
||||||||||||||||
Illinois (State of) Finance Authority (University of Chicago Medical Center); Series 2011 C, RB |
5.50 | % | 08/15/41 | $ | 3,565 | $ | 3,739,222 | |||||||||
Illinois (State of) Finance Authority (Waste Management Inc.); Series 2005 A, Solid Waste Disposal RB (e) |
5.05 | % | 08/01/29 | 1,330 | 1,301,006 | |||||||||||
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2010 A, Dedicated State Tax RB |
5.50 | % | 06/15/50 | 3,375 | 3,473,348 | |||||||||||
Peoria (County of); Series 2011, Unlimited Tax GO Bonds |
5.00 | % | 12/15/41 | 1,800 | 1,821,510 | |||||||||||
Railsplitter Tobacco Settlement Authority; Series 2010, RB |
5.50 | % | 06/01/23 | 5,475 | 5,848,724 | |||||||||||
United City of Yorkville (City of) (Cannonball/Beecher Road); Series 2007, Special Tax Bonds |
5.75 | % | 03/01/28 | 1,480 | 1,373,647 | |||||||||||
Will (County of) & Kankakee (City of) Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB (e) |
7.00 | % | 12/01/42 | 765 | 681,737 | |||||||||||
111,933,870 | ||||||||||||||||
Indiana2.21% |
||||||||||||||||
Crown Point (City of) (Wittenberg Village); Series 2009 C-1, TEMPS-80sm Economic Development RB |
7.25 | % | 11/15/14 | 660 | 660,112 | |||||||||||
Indiana (State of) Finance Authority (Ascension Health Senior Credit); Series 2006 B-6, RB (b) |
5.00 | % | 11/15/36 | 5,600 | 5,699,456 | |||||||||||
Indiana (State of) Finance Authority (CWA Authority, Inc.); Series 2011 B, Second Lien Wastewater Utility RB |
5.25 | % | 10/01/31 | 3,505 | 3,707,589 | |||||||||||
Indiana (State of) Finance Authority (Deaconess Hospital Obligated Group); Series 2009 A, Hospital RB |
6.75 | % | 03/01/39 | 2,200 | 2,428,074 | |||||||||||
Indiana (State of) Finance Authority (Indianapolis Power & Light Co.); Series 2009 A, Ref. Environmental Facilities RB |
4.90 | % | 01/01/16 | 2,500 | 2,731,125 | |||||||||||
North Adams Community Schools Renovation Building Corp.; Series 2000, 1st Mortgage CAB RB (INS-AGM) (a)(f) |
0.00 | % | 01/15/19 | 1,280 | 1,054,234 | |||||||||||
Vigo (County of) Hospital Authority (Union Hospital, Inc.); Series 2007, RB (h) |
5.75 | % | 09/01/42 | 500 | 424,725 | |||||||||||
16,705,315 | ||||||||||||||||
Iowa0.46% |
||||||||||||||||
Des Moines (City of); |
||||||||||||||||
Series 2000 A, Public Parking System RB (INS-NATL) (a) |
5.75 | % | 06/01/15 | 1,685 | 1,691,588 | |||||||||||
Series 2000 A, Public Parking System RB (INS-NATL) (a) |
5.75 | % | 06/01/16 | 1,785 | 1,791,980 | |||||||||||
3,483,568 | ||||||||||||||||
Kansas0.95% |
||||||||||||||||
Kansas (State of) Development Finance Authority (Adventist Health); Series 2009, Hospital RB |
5.75 | % | 11/15/38 | 3,800 | 4,110,764 | |||||||||||
Olathe (City of) (Olathe Medical Center); Series 2008, VRD RB (LOC-Bank of America, N.A.) (j)(k) |
0.20 | % | 09/01/32 | 3,115 | 3,115,000 | |||||||||||
7,225,764 | ||||||||||||||||
Kentucky2.32% |
||||||||||||||||
Christian (County of) Association Leasing Trust Lease Program; Series 2007 B, VRD RB (LOC-U.S. Bank, N.A.) (j)(k) |
0.09 | % | 08/01/37 | 905 | 905,000 | |||||||||||
Kentucky (State of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Subseries 2008 A-1, RB (INS-AGC) (a) |
5.75 | % | 12/01/28 | 2,300 | 2,462,541 | |||||||||||
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.); |
||||||||||||||||
Series 2010 A, Hospital RB |
6.38 | % | 06/01/40 | 1,850 | 1,940,206 | |||||||||||
Series 2010 A, Hospital RB |
6.50 | % | 03/01/45 | 2,400 | 2,533,752 | |||||||||||
Kentucky (State of) Property & Building Commission (No. 93); |
||||||||||||||||
Series 2009, Ref. RB (INS-AGC) (a) |
5.25 | % | 02/01/24 | 2,470 | 2,753,457 | |||||||||||
Series 2009, Ref. RB (INS-AGC) (a) |
5.25 | % | 02/01/25 | 2,780 | 3,069,648 | |||||||||||
Louisville-Jefferson (County of) Metropolitan Government (Norton Healthcare, Inc.); Series 2006, Health System RB |
5.25 | % | 10/01/36 | 3,915 | 3,863,910 | |||||||||||
17,528,514 | ||||||||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Louisiana1.64% |
||||||||||||||||
Lakeshore Villages Master Community Development District; Series 2007, Special Assessment RB (i) |
5.25 | % | 07/01/17 | $ | 1,482 | $ | 592,355 | |||||||||
Louisiana (State of) Public Facilities Authority (Entergy Louisiana LLC); Series 2010, RB |
5.00 | % | 06/01/30 | 1,700 | 1,732,997 | |||||||||||
Louisiana State Citizens Property Insurance Corp.; Series 2009 C-2, Assessment RB (INS-AGC) (a) |
6.75 | % | 06/01/26 | 3,100 | 3,564,783 | |||||||||||
Rapides (Parish of) Finance Authority (Cleco Power LLC); Series 2007, RB (c)(d)(e) |
5.25 | % | 03/01/13 | 2,750 | 2,843,638 | |||||||||||
St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB |
5.13 | % | 06/01/37 | 3,750 | 3,694,875 | |||||||||||
12,428,648 | ||||||||||||||||
Maryland1.02% |
||||||||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Maryland Institute College of Art); Series 2006, RB |
5.00 | % | 06/01/40 | 960 | 917,894 | |||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Mercy Medical Center); Series 2007 A, RB |
5.50 | % | 07/01/42 | 1,915 | 1,810,862 | |||||||||||
Maryland (State of) Transportation Authority (Baltimore/Washington International Airport); Series 2002 B, Airport Parking RB (INS-AMBAC) (a)(e) |
5.13 | % | 03/01/24 | 2,250 | 2,278,530 | |||||||||||
Maryland Economic Development Corp. (Terminal); Series 2010 B, RB |
5.75 | % | 06/01/35 | 1,565 | 1,571,151 | |||||||||||
Maryland Economic Development Corp. (Transportation Facilities); Series 2010 A, RB |
5.38 | % | 06/01/25 | 1,110 | 1,104,528 | |||||||||||
7,682,965 | ||||||||||||||||
Massachusetts4.97% |
||||||||||||||||
Massachusetts (State of) Department of Transportation (Contract Assistance); Series 2010 B, Metropolitan Highway Systems RB |
5.00 | % | 01/01/35 | 1,455 | 1,540,699 | |||||||||||
Massachusetts (State of) Department of Transportation; Series 2010 B, Sr. System RB |
5.00 | % | 01/01/32 | 6,000 | 6,261,180 | |||||||||||
Massachusetts (State of) Development Finance Agency (Berklee College of Music); Series 2007 A, RB |
5.00 | % | 10/01/32 | 2,700 | 2,744,199 | |||||||||||
Massachusetts (State of) Development Finance Agency (Covenant Health Care Systems); Series 2002, RB |
6.00 | % | 07/01/31 | 395 | 399,116 | |||||||||||
Massachusetts (State of) Development Finance Agency (Linden Ponds, Inc.); |
||||||||||||||||
Series 2011 A-1, RB |
6.25 | % | 11/15/39 | 247 | 178,778 | |||||||||||
Series 2011 A-1, RB |
6.25 | % | 11/15/46 | 532 | 376,751 | |||||||||||
Series 2011 A-2, RB |
5.50 | % | 11/15/46 | 41 | 25,052 | |||||||||||
Series 2011 B, CAB RB (f) |
0.00 | % | 11/15/56 | 206 | 1,009 | |||||||||||
Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB |
7.25 | % | 01/01/32 | 1,225 | 1,360,424 | |||||||||||
Massachusetts (State of) Development Finance Agency; Series 2009 B-2, Senior Living Facility RB |
6.25 | % | 06/01/14 | 1,015 | 1,014,868 | |||||||||||
Massachusetts (State of) Health & Educational Facilities Authority (Harvard University); Series 2008 B, RB (b) |
5.00 | % | 10/01/38 | 7,000 | 7,562,660 | |||||||||||
Massachusetts (State of) Health & Educational Facilities Authority (Massachusetts Institute of Technology); Series 2008 A, RB |
5.00 | % | 07/01/38 | 750 | 799,087 | |||||||||||
Massachusetts (State of) School Building Authority; |
||||||||||||||||
Series 2005 A, Dedicated Sales Tax RB (INS-AGM) (a)(b) |
5.00 | % | 08/15/30 | 2,850 | 4,140,598 | |||||||||||
Series 2007 A, Dedicated Sales Tax RB (INS-AMBAC) (a)(b) |
4.50 | % | 08/15/35 | 5,740 | 5,792,865 | |||||||||||
Massachusetts (State of) Water Resources Authority; |
||||||||||||||||
Series 2009 B, RB |
5.00 | % | 08/01/22 | 1,800 | 2,119,518 | |||||||||||
Series 2011 C, Ref. General RB |
5.00 | % | 08/01/31 | 3,000 | 3,274,920 | |||||||||||
37,591,724 | ||||||||||||||||
Michigan3.79% |
||||||||||||||||
Detroit (City of) Downtown Development Authority; |
||||||||||||||||
Series 1996, Tax Increment Allocation CAB RB (f) |
0.00 | % | 07/01/17 | 3,015 | 2,328,394 | |||||||||||
Series 1996, Tax Increment Allocation CAB RB (f) |
0.00 | % | 07/01/18 | 3,050 | 2,218,051 | |||||||||||
Series 1996, Tax Increment Allocation CAB RB (f) |
0.00 | % | 07/01/19 | 3,050 | 2,075,525 | |||||||||||
Series 1996, Tax Increment Allocation CAB RB (f) |
0.00 | % | 07/01/22 | 3,050 | 1,691,011 | |||||||||||
Series 1996, Tax Increment Allocation CAB RB (f) |
0.00 | % | 07/01/23 | 3,050 | 1,569,011 | |||||||||||
Series 1996, Tax Increment Allocation CAB RB (f) |
0.00 | % | 07/01/24 | 3,050 | 1,453,721 | |||||||||||
Detroit (City of); Series 2001 C-1, Ref. Sewage Disposal System Sr. Lien RB (INS-AGM) (a) |
7.00 | % | 07/01/27 | 3,925 | 4,605,987 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Michigan(continued) |
||||||||||||||||
Grand Rapids (City of) Downtown Development Authority; |
||||||||||||||||
Series 1994, Tax Increment Allocation CAB RB (INS-NATL) (a)(f) |
0.00 | % | 06/01/15 | $ | 3,500 | $ | 2,983,470 | |||||||||
Series 1994, Tax Increment Allocation CAB RB (INS-NATL) (a)(f) |
0.00 | % | 06/01/16 | 2,765 | 2,239,539 | |||||||||||
Kent (County of) Hospital Finance Authority (Spectrum Health System); |
||||||||||||||||
Series 2008 A, RB (c)(d) |
5.25 | % | 01/15/14 | 1,350 | 1,466,465 | |||||||||||
Series 2008 A, RB (c)(d) |
5.50 | % | 01/15/15 | 600 | 676,464 | |||||||||||
Michigan (State of) Strategic Fund (Detroit Edison Co.); Series 2002 C, Ref. Limited Obligation RB (INS-SGI) (a)(e) |
5.45 | % | 12/15/32 | 2,500 | 2,501,300 | |||||||||||
Saginaw (City of) Hospital Finance Authority (Covenant Medical Center, Inc.); Series 2010 H, Ref. RB |
5.00 | % | 07/01/30 | 3,000 | 2,858,490 | |||||||||||
28,667,428 | ||||||||||||||||
Minnesota0.98% |
||||||||||||||||
Minneapolis (City of) (Fairview Health Services); |
||||||||||||||||
Series 2008 A, Healthcare System RB |
6.38 | % | 11/15/23 | 2,750 | 3,125,897 | |||||||||||
Series 2008 A, Healthcare System RB |
6.63 | % | 11/15/28 | 1,850 | 2,058,661 | |||||||||||
Minnesota (State of) Agricultural & Economic Development Board (Healthcare System); Series 1997 A, RB (INS-NATL) (a) |
5.75 | % | 11/15/26 | 50 | 50,043 | |||||||||||
St. Paul (City of) Housing & Redevelopment Authority (Health Partners Obligated Group); Series 2006, Health Care Facilities RB |
5.25 | % | 05/15/36 | 2,200 | 2,159,828 | |||||||||||
7,394,429 | ||||||||||||||||
Missouri2.34% |
||||||||||||||||
Cape Girardeau (County of) Industrial Development Authority (Southeast Missouri Hospital Association); Series 2002, Health Facilities RB |
5.63 | % | 06/01/27 | 245 | 245,071 | |||||||||||
Cass (County of); Series 2007, Hospital RB |
5.63 | % | 05/01/38 | 1,700 | 1,559,240 | |||||||||||
Cole (County of) Industrial Development Authority (Lutheran Senior Services-Heisinger); Series 2004, Sr. Living Facilities RB |
5.50 | % | 02/01/35 | 625 | 599,294 | |||||||||||
Joplin (City of) Industrial Development Authority (Christian Homes, Inc. Obligated Group); Series 2007 F, Ref. IDR |
5.75 | % | 05/15/26 | 2,500 | 2,421,300 | |||||||||||
Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District); Series 2011 A, Ref. RB |
5.50 | % | 09/01/28 | 2,290 | 2,483,116 | |||||||||||
Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2010 C-1, TEMPS-75sm Retirement Community RB |
7.50 | % | 11/15/16 | 2,500 | 2,521,150 | |||||||||||
Maryland Heights (City of) (South Heights Redevelopment); Series 2007 A, Ref. Tax Increment Allocation RB |
5.50 | % | 09/01/18 | 995 | 978,961 | |||||||||||
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2010, Sr. RB |
5.38 | % | 02/01/35 | 1,200 | 1,127,352 | |||||||||||
Missouri (State of) Health & Educational Facilities Authority (Washington University); Series 2003 B, VRD RB (k) |
0.06 | % | 02/15/33 | 500 | 500,000 | |||||||||||
St. Louis (City of) Industrial Development Authority (Loughborough Commons Redevelopment); Series 2007, Ref. Community Improvement District Tax Increment
Allocation RB |
5.75 | % | 11/01/27 | 900 | 843,777 | |||||||||||
St. Louis (County of) Industrial Development Authority (Friendship Village West Community); Series 2007 A, Senior Living Facilities RB |
5.38 | % | 09/01/21 | 1,250 | 1,264,862 | |||||||||||
St. Louis (County of) Industrial Development Authority (St. Andrews Resources for Seniors); |
||||||||||||||||
Series 2007 A, Senior Living Facilities RB |
6.38 | % | 12/01/30 | 975 | 939,900 | |||||||||||
Series 2007 A, Senior Living Facilities RB |
6.38 | % | 12/01/41 | 2,335 | 2,196,511 | |||||||||||
17,680,534 | ||||||||||||||||
Nebraska0.55% |
||||||||||||||||
Lancaster (County of) Hospital Authority No. 1 (BryanLGH Medical Center); Series 2008 B-1, Ref. VRD RB (LOC-U.S. Bank, N.A.) (j)(k) |
0.15 | % | 06/01/31 | 1,475 | 1,475,000 | |||||||||||
Omaha (City of) Public Power District; Series 2006 A, Electric System RB (b) |
5.00 | % | 02/01/34 | 2,615 | 2,667,875 | |||||||||||
4,142,875 | ||||||||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Nevada2.38% |
||||||||||||||||
Clark (County of) (Southwest Gas Corp.); |
||||||||||||||||
Series 2003 D, IDR (INS-NATL) (a)(e) |
5.25 | % | 03/01/38 | $ | 3,500 | $ | 3,343,830 | |||||||||
Series 2004 A, IDR (INS-AMBAC) (a)(e) |
5.25 | % | 07/01/34 | 3,000 | 2,880,300 | |||||||||||
Nevada (State of) (Capital Improvement & Cultural Affairs); |
||||||||||||||||
Series 2008 C, Limited Tax GO Bonds (b) |
5.00 | % | 06/01/22 | 4,300 | 4,815,957 | |||||||||||
Series 2008 C, Limited Tax GO Bonds (b) |
5.00 | % | 06/01/23 | 3,300 | 3,663,000 | |||||||||||
Reno (City of) (Renown Regional Medical Center); Series 2007 A, Hospital RB |
5.25 | % | 06/01/37 | 3,460 | 3,330,665 | |||||||||||
18,033,752 | ||||||||||||||||
New Hampshire0.35% |
||||||||||||||||
New Hampshire (State of) Business Finance Authority (Pennichuck Water Works, Inc.); Series 1997, Water Facility RB (INS-AMBAC) (a)(e) |
6.30 | % | 05/01/22 | 800 | 801,504 | |||||||||||
New Hampshire (State of) Business Finance Authority (The United Illuminating Co.); |
||||||||||||||||
Series 1997 A, Ref. PCR (c)(d)(e) |
7.13 | % | 02/01/12 | 1,050 | 1,060,353 | |||||||||||
Series 2009 A, Ref. PCR (c)(d)(e) |
6.88 | % | 02/01/12 | 750 | 757,065 | |||||||||||
2,618,922 | ||||||||||||||||
New Jersey4.60% |
||||||||||||||||
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 | 2,475 | 2,527,247 | |||||||||||
New Jersey (State of) Economic Development Authority; Series 1992, RB (INS-NATL) (a) |
5.90 | % | 03/15/21 | 25,000 | 29,790,750 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority (Transportation System); Series 1999 A, RB |
5.75 | % | 06/15/17 | 2,095 | 2,456,639 | |||||||||||
34,774,636 | ||||||||||||||||
New Mexico0.90% |
||||||||||||||||
Farmington (City of) (Public Service Co. of New Mexico San Juan); Series 2010 C, Ref. PCR |
5.90 | % | 06/01/40 | 3,125 | 3,183,500 | |||||||||||
Jicarilla Apache Nation; Series 2003 A, RB (h) |
5.50 | % | 09/01/23 | 1,250 | 1,303,075 | |||||||||||
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Health Care Services); Series 2008 A, Hospital RB (b) |
6.38 | % | 08/01/32 | 2,050 | 2,291,080 | |||||||||||
6,777,655 | ||||||||||||||||
New York14.43% |
||||||||||||||||
Brooklyn Arena Local Development Corp. (Barclays Center); |
||||||||||||||||
Series 2009, PILOT RB |
6.25 | % | 07/15/40 | 2,070 | 2,156,029 | |||||||||||
Series 2009, PILOT RB |
6.38 | % | 07/15/43 | 860 | 892,336 | |||||||||||
Metropolitan Transportation Authority; |
||||||||||||||||
Series 2002 A, Ref. RB (INS-NATL) (a) |
5.25 | % | 11/15/31 | 2,500 | 2,575,500 | |||||||||||
Series 2009 B, Dedicated Tax Funds RB |
5.25 | % | 11/15/28 | 4,000 | 4,370,640 | |||||||||||
Series 2010 D, Transportation RB |
5.25 | % | 11/15/26 | 7,500 | 8,144,025 | |||||||||||
New York (City of) Industrial Development Agency (7 World Trade Center, LLC); Series 2005 B, Liberty RB |
6.75 | % | 03/01/15 | 3,000 | 3,007,440 | |||||||||||
New York (City of) Municipal Water Finance Authority; Series 2008 AA, Water & Sewer System RB (b) |
5.00 | % | 06/15/22 | 8,450 | 9,633,169 | |||||||||||
New York (City of) Transit Authority (Livingston Plaza); Series 1993, Ref. Transit Facilities RB (g) |
5.40 | % | 01/01/18 | 12,930 | 14,957,812 | |||||||||||
New York (City of) Transitional Finance Authority; Series 2009 S-3, Building Aid RB |
5.25 | % | 01/15/39 | 5,300 | 5,637,663 | |||||||||||
New York (City of); Sub-series 2008 I-1, Unlimited Tax GO Bonds (b) |
5.00 | % | 02/01/26 | 7,225 | 7,885,871 | |||||||||||
New York (State of) Dormitory Authority (Maimonides Medical Center); Series 2004, Mortgage Hospital RB (INS-NATL) (a) |
5.00 | % | 08/01/33 | 2,500 | 2,544,625 | |||||||||||
New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); Series 2009 C, Non State Supported Debt RB (INS-AGC) (a) |
5.00 | % | 10/01/24 | 3,000 | 3,297,750 | |||||||||||
New York (State of) Dormitory Authority; Series 2011 A, State Personal Income Tax RB |
5.00 | % | 03/15/30 | 3,390 | 3,717,745 | |||||||||||
New York Local Government Assistance Corp.; Series 1993 E, Ref. RB |
6.00 | % | 04/01/14 | 2,735 | 2,923,387 | |||||||||||
New York (State of) Thruway Authority (Transportation); |
||||||||||||||||
Series 2009 A, Personal Income Tax RB (b) |
5.00 | % | 03/15/26 | 2,800 | 3,098,284 | |||||||||||
Series 2009 A, Personal Income Tax RB (b) |
5.00 | % | 03/15/27 | 3,100 | 3,403,304 | |||||||||||
New York (State of) Thruway Authority; Series 2011 A-1, Second General Highway and Bridge Trust Fund RB |
5.00 | % | 04/01/29 | 5,670 | 6,229,742 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
New York(continued) |
||||||||||||||||
New York (State of) Urban Development Corp. (Rensselaer Polytechnic Institute Center for Industrial Innovation); Series 1995, Ref. RB |
5.50 | % | 01/01/13 | $ | 790 | $ | 805,737 | |||||||||
New York Housing Development Corp.; Series 2007 E1, MFH RB (e) |
5.35 | % | 11/01/37 | 2,400 | 2,444,328 | |||||||||||
Port Authority of New York & New Jersey (JFK International Air Terminal LLC); |
||||||||||||||||
Series 1997, Special Obligation RB (INS-NATL) (a)(e) |
5.75 | % | 12/01/25 | 3,000 | 2,928,240 | |||||||||||
Series 1997 6, Special Obligation RB (INS-NATL) (a)(e) |
5.75 | % | 12/01/22 | 3,000 | 2,977,590 | |||||||||||
Series 2006 144th, Consolidated RB (b) |
5.00 | % | 10/01/35 | 12,100 | 12,471,470 | |||||||||||
Series 2010, Special Obligation RB |
6.00 | % | 12/01/36 | 3,000 | 3,138,540 | |||||||||||
109,241,227 | ||||||||||||||||
North Carolina4.35% |
||||||||||||||||
North Carolina (State of) Eastern Municipal Power Agency; Series 2009 B, Power Systems RB |
5.00 | % | 01/01/26 | 6,510 | 6,939,074 | |||||||||||
North Carolina (State of) Medical Care Commission (Southminster); Series 2007 A, First Mortgage Retirement Facilities RB |
5.75 | % | 10/01/37 | 1,050 | 888,594 | |||||||||||
North Carolina (State of) Municipal Power Agency No. 1 (Catawba-Indexed Caps); Series 1992, Ref. Electric RB (INS-NATL) (a) |
6.00 | % | 01/01/12 | 25,000 | 25,121,500 | |||||||||||
32,949,168 | ||||||||||||||||
North Dakota0.32% |
||||||||||||||||
McLean (County of) (Great River Energy); Series 2010 B, Solid Waste Facilities RB |
5.15 | % | 07/01/40 | 1,000 | 1,031,810 | |||||||||||
Ward (County of) (Trinity Obligated Group); Series 2006, Health Care Facilities RB |
5.13 | % | 07/01/29 | 1,500 | 1,418,460 | |||||||||||
2,450,270 | ||||||||||||||||
Ohio9.13% |
||||||||||||||||
Cuyahoga (County of) (Eliza Jennings Senior Care Network); Series 2007 A, Health Care & Independent Living Facilities RB |
5.75 | % | 05/15/27 | 450 | 415,521 | |||||||||||
Franklin (County of) (OhioHealth Corp.); Series 2011 A, Hospital Facilities RB |
5.00 | % | 11/15/36 | 3,685 | 3,729,626 | |||||||||||
Hancock (County of) (Blanchard Valley Regional Health Center); Series 2011, Hospital RB |
6.25 | % | 12/01/34 | 1,200 | 1,284,708 | |||||||||||
Lorain (County of) (Catholic Healthcare Partners); |
||||||||||||||||
Series 2003 C-1, Ref. Hospital Facilities RB (INS-AGM) (a)(b) |
5.00 | % | 04/01/24 | 4,800 | 5,115,696 | |||||||||||
Series 2006 A, Hospital Facilities RB (INS-AGM) (a)(b) |
5.00 | % | 02/01/24 | 4,500 | 4,797,945 | |||||||||||
Series 2006 B, Hospital Facilities RB (INS-AGM) (a)(b) |
5.00 | % | 02/01/24 | 4,525 | 4,824,736 | |||||||||||
Lucas (County of) (ProMedica Healthcare Obligated Group); Series 2011 A, Hospital RB |
6.50 | % | 11/15/37 | 3,500 | 3,994,865 | |||||||||||
Montgomery (County of) (Catholic Health Initiatives); Series 2006 C-1, RB (INS-AGM) (a)(b) |
5.00 | % | 10/01/41 | 1,625 | 1,632,443 | |||||||||||
Montgomery (County of) (Miami Valley Hospital); |
||||||||||||||||
Series 2009 A, RB |
6.00 | % | 11/15/28 | 2,370 | 2,491,178 | |||||||||||
Series 2009 A, RB |
6.25 | % | 11/15/39 | 1,465 | 1,532,961 | |||||||||||
Ohio (State of) (Cleveland Clinic Health System Obligated Group); Series 2009 B, Hospital RB (b) |
5.00 | % | 01/01/27 | 4,000 | 4,200,480 | |||||||||||
Ohio (State of) Air Quality Development Authority (Dayton Power); Series 2006, RB (INS-BHAC) (a)(b)(e) |
4.80 | % | 09/01/36 | 8,000 | 7,906,880 | |||||||||||
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); |
||||||||||||||||
Series 2006, Ref. PCR (c)(d) |
2.25 | % | 06/03/13 | 5,000 | 5,020,050 | |||||||||||
Series 2009 C, Ref. PCR |
5.63 | % | 06/01/18 | 4,300 | 4,828,384 | |||||||||||
Ohio (State of) Air Quality Development Authority (Ohio Power Co. Galvin); Series 2010 A, Ref. RB (c)(d)(e) |
2.88 | % | 08/01/14 | 2,000 | 2,024,640 | |||||||||||
Ohio (State of) Higher Educational Facility Commission (Summa Health System); Series 2010, RB |
5.75 | % | 11/15/35 | 2,390 | 2,413,016 | |||||||||||
Ohio (State of) Higher Educational Facility Commission (University Hospitals Health System, Inc.); Series 2009 A, RB |
6.75 | % | 01/15/39 | 3,000 | 3,126,600 | |||||||||||
Ohio (State of) Housing Finance Agency (Mortgage-Backed Securities Program); |
||||||||||||||||
Series 2008 D, Residential Mortgage RB (CEP-GNMA) (b)(e) |
5.30 | % | 09/01/28 | 1,544 | 1,587,906 | |||||||||||
Series 2008 D, Residential Mortgage RB (CEP-GNMA) (b)(e) |
5.40 | % | 03/01/33 | 1,904 | 1,961,101 | |||||||||||
Series 2008 F, Residential Mortgage RB (CEP-GNMA) (b) |
5.50 | % | 09/01/39 | 2,036 | 2,125,441 | |||||||||||
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR (c)(d) |
5.88 | % | 06/01/16 | 3,610 | 4,044,752 | |||||||||||
69,058,929 | ||||||||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Pennsylvania2.43% |
||||||||||||||||
Allegheny (County of) Higher Education Building Authority (Duquesne University); Series 2011 A, RB |
5.50 | % | 03/01/28 | $ | 1,500 | $ | 1,628,355 | |||||||||
Allentown (City of) Commercial & Industrial Development Authority (Diocese of Allentown); Series 1999, VRD RB (LOC-Wells Fargo Bank, N.A.) (j)(k) |
0.12 | % | 12/01/29 | 1,000 | 1,000,000 | |||||||||||
Delaware River Port Authority; |
||||||||||||||||
Series 2010 D, RB |
5.00 | % | 01/01/35 | 1,450 | 1,502,113 | |||||||||||
Series 2010 D, RB |
5.00 | % | 01/01/40 | 1,500 | 1,540,590 | |||||||||||
Franklin (County of) Industrial Development Authority (Chambersburg Hospital); Series 2010, RB |
5.38 | % | 07/01/42 | 2,900 | 2,913,717 | |||||||||||
Pennsylvania (State of) Turnpike Commission; |
||||||||||||||||
Series 2009 A, Sub. RB (INS-AGC) (a) |
5.00 | % | 06/01/39 | 1,825 | 1,854,091 | |||||||||||
Subseries 2010 B-2, Sub. Conv. CAB RB (f) |
0.00 | % | 12/01/28 | 3,450 | 2,971,209 | |||||||||||
Subseries 2010 B-2, Sub. Conv. CAB RB (f) |
0.00 | % | 12/01/34 | 2,100 | 1,760,031 | |||||||||||
Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Childrens Hospital of Philadelphia); Series 2002 B, VRD RB (k) |
0.09 | % | 07/01/25 | 1,600 | 1,600,000 | |||||||||||
Philadelphia (City of) Industrial Development Authority (Philadelphia Airport System); Series 2001 A, Airport RB (INS-NATL) (a)(e) |
5.13 | % | 07/01/19 | 1,000 | 1,011,900 | |||||||||||
Ridley Park Hospital Authority (Taylor Hospital); Series 1993 A, Hospital RB (g) |
6.00 | % | 12/01/13 | 590 | 621,205 | |||||||||||
18,403,211 | ||||||||||||||||
Puerto Rico2.53% |
||||||||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; |
||||||||||||||||
Series 2010 CCC, RB |
5.25 | % | 07/01/27 | 3,200 | 3,340,256 | |||||||||||
Series 2010 XX, RB |
5.25 | % | 07/01/40 | 3,050 | 3,061,346 | |||||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); Series 2004 I, RB (c)(g) |
5.25 | % | 07/01/14 | 50 | 55,608 | |||||||||||
Puerto Rico Sales Tax Financing Corp.; |
||||||||||||||||
First Sub-series 2010 A, RB |
5.38 | % | 08/01/39 | 3,100 | 3,196,875 | |||||||||||
First Sub-series 2010 A, RB |
5.50 | % | 08/01/42 | 3,500 | 3,652,880 | |||||||||||
First Sub-series 2010 C, RB |
5.25 | % | 08/01/41 | 5,700 | 5,820,954 | |||||||||||
19,127,919 | ||||||||||||||||
Rhode Island0.36% |
||||||||||||||||
Tobacco Settlement Corp.; Series 2002 A, Asset-Backed RB |
6.25 | % | 06/01/42 | 3,000 | 2,754,840 | |||||||||||
South Carolina5.26% |
||||||||||||||||
Berkeley County School District (Berkeley School Facilities Group Inc.); Series 1995, COP (g) |
5.25 | % | 02/01/16 | 2,375 | 2,620,599 | |||||||||||
Charleston Educational Excellence Finance Corp. (Charleston County School District); |
||||||||||||||||
Series 2005, RB (b) |
5.25 | % | 12/01/25 | 10,125 | 10,929,431 | |||||||||||
Series 2005, RB (b) |
5.25 | % | 12/01/26 | 3,375 | 3,621,713 | |||||||||||
Myrtle Beach (City of); |
||||||||||||||||
Series 2004 A, Hospitality Fee RB (INS-NATL) (a) |
5.38 | % | 06/01/21 | 1,840 | 1,946,610 | |||||||||||
Series 2004 A, Hospitality Fee RB (INS-NATL) (a) |
5.38 | % | 06/01/22 | 1,935 | 2,036,974 | |||||||||||
South Carolina (State of) Jobs-Economic Development Authority (AnMed Health); Series 2009 B, Ref. & Improvement Hospital RB (INS-AGC) (a) |
5.50 | % | 02/01/38 | 1,000 | 1,034,920 | |||||||||||
South Carolina (State of) Jobs-Economic Development Authority (Electric & Gas Co.); |
||||||||||||||||
Series 2002 A, IDR (INS-AMBAC) (a) |
5.20 | % | 11/01/27 | 4,500 | 4,623,930 | |||||||||||
Series 2002 B, IDR (INS-AMBAC) (a)(e) |
5.45 | % | 11/01/32 | 3,750 | 3,756,637 | |||||||||||
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2003 A, Ref. Hospital Facilities RB |
6.25 | % | 08/01/31 | 3,000 | 3,043,500 | |||||||||||
South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman); Series 2007 A, RB (i) |
6.00 | % | 11/15/27 | 750 | 296,243 | |||||||||||
South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons); Series 2006, Ref. First Mortgage Health Facilities RB |
5.30 | % | 10/01/36 | 1,400 | 1,075,438 | |||||||||||
South Carolina (State of) Public Service Authority (Santee Cooper); Series 2010 B, Ref. RB |
5.00 | % | 01/01/33 | 4,500 | 4,829,220 | |||||||||||
39,815,215 | ||||||||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
South Dakota0.03% |
||||||||||||||||
South Dakota (State of) Health & Educational Facilities Authority (Vocational Education Program); Series 1998 A, RB (INS-AMBAC) (a) |
5.40 | % | 08/01/13 | $ | 245 | $ | 246,512 | |||||||||
Tennessee2.11% |
||||||||||||||||
Chattanooga (City of) Health, Educational & Housing Facility Board (Community Development Financial Institution Phase I LLC); Series 2005 A, Ref. Sr. RB |
5.13 | % | 10/01/35 | 4,345 | 3,896,205 | |||||||||||
Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance); |
||||||||||||||||
Series 2000 A, Ref. First Mortgage Hospital RB (c)(g) |
7.50 | % | 07/01/12 | 3,500 | 3,718,855 | |||||||||||
Series 2006 A, First Mortgage Hospital RB |
5.50 | % | 07/01/36 | 3,620 | 3,564,650 | |||||||||||
Shelby (County of) Health, Educational & Housing Facilities Board (Methodist Healthcare); Series 2004 B, RB (INS-AGM) (a)(b) |
5.25 | % | 09/01/27 | 4,550 | 4,811,307 | |||||||||||
15,991,017 | ||||||||||||||||
Texas16.22% |
||||||||||||||||
Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB (e) |
4.85 | % | 04/01/21 | 2,375 | 2,483,585 | |||||||||||
Dallas (City of) (Civic Center Convention Complex); |
||||||||||||||||
Series 2009, Ref. & Improvement RB (INS-AGC) (a) |
5.00 | % | 08/15/18 | 1,875 | 2,145,337 | |||||||||||
Series 2009, Ref. & Improvement RB (INS-AGC) (a) |
5.00 | % | 08/15/19 | 2,200 | 2,519,770 | |||||||||||
Dallas (City of) Flood Control District No. 1; Series 2002, Ref. Unlimited Tax GO Bonds |
6.75 | % | 04/01/16 | 980 | 1,022,473 | |||||||||||
Dallas-Fort Worth International Airport Facilities Improvement Corp.; |
||||||||||||||||
Series 2000 A, Joint Airport RB (INS-NATL) (a)(e) |
5.75 | % | 11/01/30 | 2,735 | 2,738,337 | |||||||||||
Series 2001 A, Ref. & Improvement RB (INS-BHAC) (a)(e) |
5.50 | % | 11/01/31 | 3,255 | 3,257,083 | |||||||||||
Series 2002 C, Joint RB (INS-NATL) (a)(e) |
5.75 | % | 11/01/18 | 890 | 893,186 | |||||||||||
Series 2002 C, Joint RB (INS-NATL) (a)(e) |
6.00 | % | 11/01/23 | 1,695 | 1,701,424 | |||||||||||
El Paso (County of) Hospital District; Series 2008 A, Limited Tax GO Bonds (INS-AGC) (a)(b) |
5.00 | % | 08/15/37 | 7,960 | 8,227,297 | |||||||||||
Harris (County of) (Toll Road); Series 2009 A, Sr. Lien RB (b) |
5.00 | % | 08/15/32 | 1,000 | 1,074,980 | |||||||||||
Harris County Health Facilities Development Corp. (Memorial Hermann Healthcare System); Series 2008 B, Ref. Hospital RB |
7.25 | % | 12/01/35 | 1,200 | 1,349,964 | |||||||||||
Harris County Industrial Development Corp. (Deer Park Refining); Series 2006, Solid Waste Disposal RB |
5.00 | % | 02/01/23 | 1,550 | 1,662,933 | |||||||||||
Houston (City of); |
||||||||||||||||
Series 2000 A, Sub. Lien Airport System RB (INS-AGM) (a)(e) |
5.63 | % | 07/01/30 | 250 | 250,115 | |||||||||||
Series 2007 A, Ref. First Lien Combined Utility System RB (INS-AGM) (a)(b) |
5.00 | % | 11/15/36 | 12,800 | 13,269,760 | |||||||||||
Series 2011 D, First Lien Combined Utility System RB |
5.00 | % | 11/15/31 | 1,215 | 1,307,255 | |||||||||||
Series 2011 D, First Lien Combined Utility System RB |
5.00 | % | 11/15/33 | 3,120 | 3,312,223 | |||||||||||
Judson Independent School District (School Building); Series 2008, Unlimited Tax GO Bonds (INS-AGC) (a)(b) |
5.00 | % | 02/01/37 | 5,025 | 5,149,922 | |||||||||||
Lower Colorado River Authority (LCRA Transmissions Services Corp.); Series 2011 A, Ref. Transmission Contract RB |
5.00 | % | 05/15/41 | 2,100 | 2,138,787 | |||||||||||
Lower Colorado River Authority; Series 2010 A, Ref. RB |
5.00 | % | 05/15/40 | 2,425 | 2,496,562 | |||||||||||
Lufkin (City of) Health Facilities Development Corp. (Memorial Health System of East Texas); Series 2007, Health System RB |
5.50 | % | 02/15/32 | 1,650 | 1,455,548 | |||||||||||
Matagorda (County of) Navigation District No. 1 (AEP Texas Central Co.); Series 2008, Ref. PCR (c)(d) |
1.13 | % | 06/01/12 | 2,800 | 2,803,248 | |||||||||||
Mission Economic Development Corp. (Waste Management, Inc.); Series 2008, Solid Waste Disposal RB (c)(d)(e) |
6.00 | % | 08/01/13 | 1,500 | 1,600,215 | |||||||||||
North Central Texas Health Facility Development Corp. (Childrens Medical Center of Dallas); Series 2002, Hospital RB (INS-AMBAC) (a) |
5.25 | % | 08/15/32 | 3,450 | 3,494,401 | |||||||||||
North Texas Tollway Authority; |
||||||||||||||||
Series 2008 B, Ref. First Tier System RB |
5.63 | % | 01/01/28 | 1,000 | 1,078,850 | |||||||||||
Series 2008 B, Ref. First Tier System RB |
6.00 | % | 01/01/26 | 1,000 | 1,111,330 | |||||||||||
Series 2008 B, Ref. First Tier System RB |
6.00 | % | 01/01/27 | 1,420 | 1,569,185 | |||||||||||
Series 2008 F, Ref. Second Tier System RB |
5.75 | % | 01/01/33 | 4,300 | 4,505,110 | |||||||||||
Series 2008 L-2, Ref. First Tier System RB (c)(d) |
6.00 | % | 01/01/13 | 2,250 | 2,374,110 | |||||||||||
Series 2011 A, Special Projects System RB |
5.50 | % | 09/01/36 | 4,365 | 4,740,303 | |||||||||||
Southwest Higher Education Authority, Inc. (Southern Methodist University); Series 2010, RB |
5.00 | % | 10/01/35 | 1,250 | 1,301,088 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Texas(continued) |
||||||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.); |
||||||||||||||||
Series 2007, Retirement Facility RB |
5.63 | % | 11/15/27 | $ | 1,000 | $ | 954,100 | |||||||||
Series 2007, Retirement Facility RB |
5.75 | % | 11/15/37 | 825 | 755,568 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Retirement Services, Inc.); Series 2007, Retirement Facility RB |
5.25 | % | 11/15/37 | 7,000 | 6,544,230 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); |
||||||||||||||||
Series 2007, Retirement Facility RB |
5.75 | % | 02/15/25 | 650 | 567,684 | |||||||||||
Series 2009 B-2, Retirement Facility RB |
6.50 | % | 02/15/14 | 1,850 | 1,850,167 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health); Series 2008 A, Ref. RB (INS-AGC) (a) |
6.25 | % | 07/01/28 | 4,900 | 5,360,747 | |||||||||||
Texas (State of) (Transportation Commission Mobility Fund); Series 2008, Unlimited Tax GO Bonds (b) |
5.00 | % | 04/01/28 | 8,700 | 9,494,832 | |||||||||||
Texas (State of) Gulf Coast Waste Disposal Authority (Waste Management); Series 2006 D, RB (e) |
4.55 | % | 04/01/12 | 1,500 | 1,507,545 | |||||||||||
Texas (State of) Public Property Finance Corp. (Mental Health & Retardation); Series 1993, Ref. RB (INS-AGM) (a) |
5.50 | % | 09/01/13 | 165 | 166,653 | |||||||||||
Texas (State of) Water Development Board (State Revolving Fund); Series 1999 B, Sr. Lien RB |
5.25 | % | 07/15/17 | 1,500 | 1,505,985 | |||||||||||
Texas A&M University Board of Regents; Series 2009 A, Financing System RB |
5.00 | % | 05/15/28 | 4,000 | 4,411,520 | |||||||||||
Texas State Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC North Tarrant Express Management Lanes); Series 2009, Sr. Lien RB |
6.88 | % | 12/31/39 | 2,000 | 2,142,380 | |||||||||||
Tyler Health Facilities Development Corp. (East Texas Medical Center Regional Healthcare System); Series 2007 A, Ref. & Improvement Hospital RB |
5.38 | % | 11/01/37 | 4,900 | 4,422,397 | |||||||||||
122,718,189 | ||||||||||||||||
Utah0.21% |
||||||||||||||||
Utah (State of) Charter School Finance Authority (Summit Academy); Series 2007 A, RB |
5.80 | % | 06/15/38 | 1,100 | 963,193 | |||||||||||
Utah (State of) Housing Corp.; Series 2007 E-1-CL I, Single Family Mortgage RB (e) |
5.25 | % | 01/01/39 | 650 | 662,376 | |||||||||||
1,625,569 | ||||||||||||||||
Virgin Islands0.56% |
||||||||||||||||
Virgin Islands (Government of) Public Finance Authority (Gross Receipts Taxes Loan Note); Series 1999 A, RB |
6.38 | % | 10/01/19 | 1,370 | 1,372,890 | |||||||||||
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2010 A, Sr. Lien Working Capital RB |
5.00 | % | 10/01/25 | 2,775 | 2,829,418 | |||||||||||
4,202,308 | ||||||||||||||||
Virginia0.44% |
||||||||||||||||
Peninsula Town Center Community Development Authority; Series 2007, Special Obligation RB |
6.45 | % | 09/01/37 | 744 | 749,223 | |||||||||||
Tobacco Settlement Financing Corp.; Series 2005, Asset-Backed RB (g) |
5.50 | % | 06/01/26 | 800 | 884,064 | |||||||||||
White Oak Village Shops Community Development Authority; Series 2007, Special Assessment RB |
5.30 | % | 03/01/17 | 1,637 | 1,696,767 | |||||||||||
3,330,054 | ||||||||||||||||
Washington2.47% |
||||||||||||||||
Chelan (County of) Public Utility District No. 1; |
||||||||||||||||
Series 2011 A, Ref. Consolidated RB (e) |
5.50 | % | 07/01/25 | 1,080 | 1,215,691 | |||||||||||
Series 2011 A, Ref. Consolidated RB (e) |
5.50 | % | 07/01/26 | 1,175 | 1,310,677 | |||||||||||
Goat Hill Properties (Government Office Building); Series 2005, Lease RB (INS-NATL) (a) |
5.00 | % | 12/01/33 | 1,000 | 1,017,410 | |||||||||||
Kalispel Tribe of Indians; Series 2008, Priority District RB |
6.63 | % | 01/01/28 | 1,950 | 1,653,034 | |||||||||||
Spokane (City of) Public Facilities District; Series 2003, Hotel, Motel & Sales Use Tax RB (INS-NATL) (a) |
5.25 | % | 09/01/33 | 3,000 | 3,042,930 | |||||||||||
Washington (State of) (SR 520 Corridor Toll Revenue); |
||||||||||||||||
Series 2011, Motor Vehicle Fuel Tax GO Bonds |
5.00 | % | 06/01/32 | 2,000 | 2,159,280 | |||||||||||
Series 2011 C, Motor Vehicle Fuel Tax GO Bonds |
5.00 | % | 06/01/41 | 870 | 921,626 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Washington(continued) |
||||||||||||||||
Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives); Series 2011 A, RB |
5.00 | % | 02/01/41 | $ | 3,495 | $ | 3,486,752 | |||||||||
Washington (State of) Health Care Facilities Authority (Swedish Health Services); Series 2011 A, RB |
6.25 | % | 11/15/41 | 1,525 | 1,631,049 | |||||||||||
Washington (State of) Housing Finance Commission (Wesley Homes); Series 2008, Non-Profit CR RB (h) |
6.00 | % | 01/01/27 | 2,325 | 2,257,552 | |||||||||||
18,696,001 | ||||||||||||||||
West Virginia1.06% |
||||||||||||||||
Ohio (County of) (Fort Henry Centre Tax Increment Financing District); Series 2007 A, Tax Increment Allocation RB |
5.63 | % | 06/01/22 | 250 | 255,388 | |||||||||||
Pleasants (County of) Commission (Allegheny Energy Supply Co., LLC Pleasants Station); Series 2007 F, Ref. PCR |
5.25 | % | 10/15/37 | 1,290 | 1,300,617 | |||||||||||
West Virginia (State of) Hospital Finance Authority (Thomas Health System); |
||||||||||||||||
Series 2008, RB |
6.00 | % | 10/01/20 | 1,500 | 1,492,755 | |||||||||||
Series 2008, RB |
6.25 | % | 10/01/23 | 1,695 | 1,685,728 | |||||||||||
West Virginia (State of) Hospital Finance Authority (West Virginia United Health System Obligated Group); |
||||||||||||||||
Series 2009 C, Ref. & Improvement RB |
5.50 | % | 06/01/34 | 1,630 | 1,688,191 | |||||||||||
Series 2009 C, Ref. & Improvement RB |
5.50 | % | 06/01/39 | 1,535 | 1,576,245 | |||||||||||
7,998,924 | ||||||||||||||||
Wisconsin2.65% |
||||||||||||||||
Southeast Wisconsin Professional Baseball Park District; Series 1998 A, Ref. Sales Tax RB (g) |
5.50 | % | 12/15/20 | 2,000 | 2,461,380 | |||||||||||
Superior (City of) (Superior Water, Light & Power Co.); |
||||||||||||||||
Series 2007 A, Ref. Collateralized Utility RB (e) |
5.38 | % | 11/01/21 | 700 | 731,122 | |||||||||||
Series 2007 B, Collateralized Utility RB (e) |
5.75 | % | 11/01/37 | 625 | 631,513 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Aurora Health Care, Inc.); Series 2009 B, RB (c)(d) |
5.13 | % | 08/15/16 | 1,400 | 1,544,998 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Meriter Hospital, Inc.); |
||||||||||||||||
Series 2002, VRD RB (LOC-JPMorgan Chase Bank, N.A.) (j)(k) |
0.20 | % | 12/01/32 | 2,890 | 2,890,000 | |||||||||||
Series 2008 A, VRD RB (LOC-U.S. Bank, N.A.) (j)(k) |
0.15 | % | 12/01/24 | 2,575 | 2,575,000 | |||||||||||
Series 2008 B, VRD RB (LOC-U.S. Bank, N.A.) (j)(k) |
0.15 | % | 12/01/26 | 150 | 150,000 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care, Inc. Obligated Group); Series 2009, RB |
6.63 | % | 02/15/39 | 1,825 | 1,972,095 | |||||||||||
Wisconsin (State of) Housing & Economic Development Authority; |
||||||||||||||||
Series 2008 A, Home Ownership RB (b)(e) |
5.30 | % | 09/01/23 | 4,100 | 4,290,773 | |||||||||||
Series 2008 A, Home Ownership RB (b)(e) |
5.50 | % | 09/01/28 | 1,065 | 1,097,419 | |||||||||||
Wisconsin (State of); Series 2009 A, General Fund Annual Appropriation RB |
5.38 | % | 05/01/25 | 1,545 | 1,744,861 | |||||||||||
20,089,161 | ||||||||||||||||
Wyoming0.53% |
||||||||||||||||
Sweetwater (County of) (FMC Corp.); Series 2005, Ref. Solid Waste Disposal RB (e) |
5.60 | % | 12/01/35 | 2,000 | 1,990,320 | |||||||||||
Sweetwater (County of) (Idaho Power Co.); Series 2006, Ref. PCR |
5.25 | % | 07/15/26 | 1,850 | 2,010,580 | |||||||||||
4,000,900 | ||||||||||||||||
TOTAL INVESTMENTS(l)164.88% (Cost $1,205,464,350) |
1,247,778,555 | |||||||||||||||
Floating Rate Note Obligations(21.19)% |
||||||||||||||||
Notes with interest rates ranging from 0.14% to 0.31% at 11/30/11, and contractual maturities of
collateral ranging from 06/01/22 to 10/01/41 (See Note 1F) (m) |
(160,355,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES2.35% |
17,749,083 | |||||||||||||||
PREFERRED SHARES(46.04)% |
(348,400,000 | ) | ||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES100.00% |
$ | 756,772,638 | ||||||||||||||
ACA
|
| ACA Financial Guaranty Corp. | ||
AGC
|
| Assured Guaranty Corp. | ||
AGM
|
| Assured Guaranty Municipal Corp. | ||
AMBAC
|
| American Municipal Bond Assurance Corp. | ||
BHAC
|
| Berkshire Hathaway Assurance Corp. | ||
CAB
|
| Capital Appreciation Bonds | ||
CEP
|
| Credit Enhancement Provider | ||
Conv.
|
| Convertible | ||
COP
|
| Certificates of Participation | ||
CR
|
| Custodial Receipts | ||
FGIC
|
| Financial Guaranty Insurance Co. | ||
GNMA
|
| Government National Mortgage Association | ||
GO
|
| General Obligation | ||
IDR
|
| Industrial Development Revenue Bonds | ||
INS
|
| Insurer | ||
LOC
|
| Letter of Credit | ||
MFH
|
| Multi-Family Housing | ||
NATL
|
| National Public Finance Guarantee Corp. | ||
PCR
|
| Pollution Control Revenue Bonds | ||
PILOT
|
| Payment-in-Lieu-of-Tax | ||
RB
|
| Revenue Bonds | ||
Ref.
|
| Refunding | ||
Sec.
|
| Secured | ||
SGI
|
| Syncora Guarantee, Inc. | ||
Sr.
|
| Senior | ||
Sub.
|
| Subordinated | ||
TEMPS
|
| Tax-Exempt Mandatory Paydown Securities | ||
VRD
|
| Variable Rate Demand |
(a) | Principal and/or interest payments are secured by the bond insurance company listed. | |
(b) | Underlying security related to Dealer Trusts entered into by the Trust. See Note 1F. | |
(c) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. | |
(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) | Zero coupon bond issued at a discount. | |
(g) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. | |
(h) | 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 aggregate value of these securities at November 30, 2011 was $5,775,979, which represented 0.76% of the Trusts Net Assets. | |
(i) | Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at November 30, 2011 was $2,641,271, which represented 0.35% of the Trusts Net Assets | |
(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) | 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 November 30, 2011. | |
(l) | 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. |
11.2 | % | ||
Assured Guaranty Municipal Corp. |
7.7 | |||
Assured Guaranty Corp. |
6.7 | |||
(m) | 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 $285,069,507 are held by Dealer Trusts and serve as collateral for the $160,355,000 in the floating rate note obligations outstanding at that date. |
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. | |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments. | ||
Securities for which market quotations either are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances. | ||
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. | ||
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. | |
The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held. | ||
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trusts net asset value and, accordingly, they reduce the Trusts total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser. | ||
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. | 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. | |
Since, many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Trusts investments in municipal securities. | ||
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. | ||
E. | Securities Purchased on a When-Issued and Delayed Delivery Basis The Trust may purchase and sell interests in portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Trust on such interests or securities in connection with such transactions prior to the date the Trust actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Trust will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. | |
F. | 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. | |
TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities. | ||
The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trusts investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts a component of Interest, facilities and maintenance fees on the Statement of Operations. | ||
The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Trusts net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation. |
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 |
$ | | $ | 1,247,778,555 | $ | | $ | 1,247,778,555 | ||||||||
Aggregate unrealized appreciation of investment securities |
$ | 72,654,588 | ||
Aggregate unrealized (depreciation) of investment securities |
(26,905,712 | ) | ||
Net unrealized appreciation of investment securities |
$ | 45,748,876 | ||
Cost of investments for tax purposes is $1,202,029,679. |
(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:
|
/s/ Colin Meadows | |||
Principal Executive Officer | ||||
Date:
|
January 27, 2012 |
By:
|
/s/ Colin Meadows | |||
Principal Executive Officer | ||||
Date:
|
January 27, 2012 | |||
By:
|
/s/ Sheri Morris | |||
Principal Financial Officer | ||||
Date:
|
January 27, 2012 |