N-Q 1 a05-9043_5nq.htm N-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-4367

 

Columbia Funds Trust IX

(Exact name of registrant as specified in charter)

One Financial Center, Boston, Massachusetts

02111

(Address of principal executive offices)

(Zip code)

Vincent Pietropaolo, Esq.
Columbia Management Group, Inc.
One Financial Center
Boston, MA 02111

(Name and address of agent for service)

 

 

 

Registrant’s telephone number, including area code:

1-617-772-3698

 

 

Date of fiscal year end:

6/30/05

 

 

Date of reporting period:

3/31/05

 

 



Item 1.  Schedule of Investments

 



 

INVESTMENT PORTFOLIO

 

 

March 31, 2005 (Unaudited)

 

Columbia High Yield Municipal Fund

 

 

 

Par ($)

 

Value ($)*

 

Municipal Bonds – 93.9%

 

 

 

 

 

EDUCATION – 5.7%

 

 

 

 

 

Education – 3.2%

 

 

 

 

 

CA Statewide Communities Development Authority

 

 

 

 

 

San Francisco Art Institute,

 

 

 

 

 

Series 2002,

 

 

 

 

 

7.375% 04/01/32(a)

 

750,000

 

773,715

 

FL Broward County Educational Facilities Authority

 

 

 

 

 

Nova Southeastern University,

 

 

 

 

 

5.625% 04/01/34

 

925,000

 

953,638

 

MA Development Finance Agency

 

 

 

 

 

Western New England College,

 

 

 

 

 

Series 2002,

 

 

 

 

 

6.125% 12/01/32

 

300,000

 

315,504

 

OH University of Cincinnati

 

 

 

 

 

Series 2003 C,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.000% 06/01/21

 

1,000,000

 

1,047,540

 

PA Higher Education Facilities Authority

 

 

 

 

 

Philadelphia University,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.125% 06/01/25

 

1,100,000

 

1,078,913

 

VT Education & Health Buildings Agency

 

 

 

 

 

Vermont Law School Project,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

5.500% 01/01/33

 

500,000

 

501,330

 

WV Higher Education Policy Commission

 

 

 

 

 

Series 2004 B,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.000% 04/01/34

 

11,000,000

 

11,313,170

 

WV University

 

 

 

 

 

Series 2000 A:

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

(b) 04/01/19

 

1,250,000

 

638,187

 

(b) 04/01/25

 

2,750,000

 

984,995

 

Education Total

 

17,606,992

 

Prep School – 0.9%

 

 

 

 

 

CA Statewide Communities Development Authority

 

 

 

 

 

Crossroads School of Arts & Sciences,

 

 

 

 

 

Series 1998,

 

 

 

 

 

6.000% 08/01/28(a)

 

980,000

 

1,019,259

 

IL Development Finance Authority

 

 

 

 

 

Latin School of Chicago,

 

 

 

 

 

Series 1998,

 

 

 

 

 

5.650% 08/01/28

 

1,725,000

 

1,756,792

 

MA Health & Educational Facilities Authority

 

 

 

 

 

Learning Center for Deaf Children,

 

 

 

 

 

Series 1999 C,

 

 

 

 

 

6.100% 07/01/19

 

1,000,000

 

1,009,780

 

 

See Accompanying Notes to Financial Statements.

 

1



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

EDUCATION – (continued)

 

 

 

 

 

Prep School – (continued)

 

 

 

 

 

NH Business Finance Authority

 

 

 

 

 

Proctor Academy,

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

5.400% 06/01/17

 

950,000

 

978,680

 

Prep School Total

 

4,764,511

 

Student Loan – 1.6%

 

 

 

 

 

CT Higher Education Supplemental Loan Authority

 

 

 

 

 

Family Education Loan Program,

 

 

 

 

 

Series 2005 A, AMT,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

4.375% 11/15/21

 

1,400,000

 

1,352,554

 

NE Nebhelp, Inc.

 

 

 

 

 

Series 1993 A-6, AMT,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

6.450% 06/01/18

 

4,000,000

 

4,172,160

 

NM Educational Assistance Foundation

 

 

 

 

 

Series 1996 A-2, AMT,

 

 

 

 

 

6.650% 11/01/25

 

1,915,000

 

1,928,328

 

OH Student Loan Funding Corp.

 

 

 

 

 

Series 1992 B, AMT,

 

 

 

 

 

6.750% 01/01/07

 

1,075,000

 

1,077,387

 

Student Loan Total

 

8,530,429

 

EDUCATION TOTAL

 

30,901,932

 

HEALTH CARE – 24.4%

 

 

 

 

 

Continuing Care Retirement – 8.0%

 

 

 

 

 

CA ABAG Finance Authority for Nonprofit Corps.

 

 

 

 

 

Eskaton Gold River Lodge,

 

 

 

 

 

Series 1998:

 

 

 

 

 

6.375% 11/15/15(a)

 

625,000

 

649,488

 

6.375% 11/15/28(a)

 

550,000

 

559,592

 

CA La Verne

 

 

 

 

 

Brethren Hillcrest Homes,

 

 

 

 

 

Series 2003 B,

 

 

 

 

 

6.625% 02/15/25

 

685,000

 

738,937

 

CA Statewide Community Development Authority

 

 

 

 

 

Eskaton Village - Grass Valley,

 

 

 

 

 

Series 2000,

 

 

 

 

 

8.250% 11/15/31(a)

 

1,730,000

 

1,897,827

 

CT Development Authority

 

 

 

 

 

The Elim Park Baptist, Inc. Project,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.850% 12/01/33

 

660,000

 

676,975

 

FL Capital Projects Finance Authority

 

 

 

 

 

Glenridge on Palmer Ranch,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

8.000% 06/01/32

 

1,250,000

 

1,365,450

 

 

See Accompanying Notes to Financial Statements.

 

2



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Continuing Care Retirement – (continued)

 

 

 

 

 

FL Lee County Industrial Development Authority

 

 

 

 

 

Shell Point Village Project,

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

5.500% 11/15/29

 

1,200,000

 

1,187,304

 

FL Orange County Health Facilities Authority

 

 

 

 

 

Orlando Lutheran Tower, Inc.,

 

 

 

 

 

Series 1996,

 

 

 

 

 

8.625% 07/01/20

 

1,500,000

 

1,636,545

 

FL Palm Beach County Health Facilities Authority

 

 

 

 

 

Abbey Delray South,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.350% 10/01/14

 

1,250,000

 

1,297,525

 

GA Fulton County

 

 

 

 

 

Canterbury Court Project,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

6.125% 02/15/34

 

1,000,000

 

994,050

 

GA Savannah Economic Development Authority

 

 

 

 

 

Marshes of Skidaway,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

7.400% 01/01/34

 

1,000,000

 

1,045,660

 

HI Department of Budget & Finance

 

 

 

 

 

Kahala Nui Project,

 

 

 

 

 

Series 2003 A:

 

 

 

 

 

7.875% 11/15/23

 

350,000

 

385,214

 

8.000% 11/15/33

 

1,000,000

 

1,098,290

 

IL Health Facilities Authority

 

 

 

 

 

Lutheran Senior Ministries,

 

 

 

 

 

Series 2001,

 

 

 

 

 

7.375% 08/15/31

 

1,300,000

 

1,371,461

 

Washington & Jane Smith Community,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

7.000% 11/15/32

 

1,000,000

 

1,020,910

 

MA Boston Industrial Development Financing Authority

 

 

 

 

 

Springhouse, Inc.,

 

 

 

 

 

Series 1998,

 

 

 

 

 

5.875% 07/01/20

 

385,000

 

387,880

 

MA Development Finance Agency

 

 

 

 

 

Loomis Communities:

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

5.625% 07/01/15

 

650,000

 

645,067

 

Series 2002 A,

 

 

 

 

 

6.900% 03/01/32

 

220,000

 

234,190

 

MD Westminster Economic Development Authority

 

 

 

 

 

Carroll Lutheran Village, Inc.,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

6.250% 05/01/34

 

1,750,000

 

1,797,985

 

 

See Accompanying Notes to Financial Statements.

 

3



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Continuing Care Retirement – (continued)

 

 

 

 

 

MO Health & Educational Facilities Authority

 

 

 

 

 

Lutheran Senior Services,

 

 

 

 

 

Series 1997,

 

 

 

 

 

5.750% 02/01/17

 

2,000,000

 

2,083,820

 

NH Higher Educational & Health Facilities Authority

 

 

 

 

 

Rivermead at Peterborough,

 

 

 

 

 

Series 1998:

 

 

 

 

 

5.625% 07/01/18

 

500,000

 

492,505

 

5.750% 07/01/28

 

1,665,000

 

1,606,825

 

NJ Economic Development Authority

 

 

 

 

 

Seabrook Village, Inc.,

 

 

 

 

 

Series 2000 A,

 

 

 

 

 

8.250% 11/15/30

 

1,125,000

 

1,228,455

 

Winchester Gardens,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.800% 11/01/31

 

750,000

 

764,535

 

PA Chartiers Valley Industrial & Commercial Development Authority

 

 

 

 

 

Asbury Health Center,

 

 

 

 

 

Series 1999,

 

 

 

 

 

6.375% 12/01/24

 

750,000

 

762,885

 

Friendship Village of South Hills,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

5.750% 08/15/20

 

1,000,000

 

994,280

 

PA Delaware County Authority

 

 

 

 

 

Dunwoody Village,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

5.375% 04/01/17

 

750,000

 

784,965

 

PA Lancaster Industrial Development Authority

 

 

 

 

 

Garden Spot Village,

 

 

 

 

 

Series 2000 A,

 

 

 

 

 

7.625% 05/01/31

 

825,000

 

892,889

 

PA Montgomery County Industrial Development Authority

 

 

 

 

 

Whitemarsh Continuing Care Retirement Community,

 

 

 

 

 

Series 2005,

 

 

 

 

 

6.250% 02/01/35

 

1,350,000

 

1,371,262

 

TN Johnson City Health & Educational Facilities Authority

 

 

 

 

 

Appalachian Christian Village Project,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

6.250% 02/15/32

 

250,000

 

250,245

 

TN Metropolitan Government Nashville & Davidson Counties

 

 

 

 

 

Blakeford at Green Hills,

 

 

 

 

 

Series 1998,

 

 

 

 

 

5.650% 07/01/24

 

1,825,000

 

1,741,908

 

 

See Accompanying Notes to Financial Statements.

 

4



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Continuing Care Retirement – (continued)

 

 

 

 

 

TN Shelby County Health, Educational & Housing Facilities Board

 

 

 

 

 

Germantown Village,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

7.250% 12/01/34

 

675,000

 

700,454

 

TX Abilene Health Facilities Development Corp.

 

 

 

 

 

Sears Methodist Retirement Center:

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

5.900% 11/15/25

 

1,350,000

 

1,299,753

 

Series 2003 A,

 

 

 

 

 

7.000% 11/15/33

 

800,000

 

834,912

 

TX Houston Health Facilities Development Corp.

 

 

 

 

 

Buckingham Senior Living Community, Inc.,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

7.125% 02/15/34

 

1,000,000

 

1,045,350

 

WI Health & Educational Facilities Authority

 

 

 

 

 

Attic Angel Obligated Group,

 

 

 

 

 

Series 1998,

 

 

 

 

 

5.750% 11/15/27

 

2,125,000

 

1,986,917

 

Clement Manor,

 

 

 

 

 

Series 1998,

 

 

 

 

 

5.750% 08/15/24

 

2,200,000

 

2,161,522

 

Eastcastle Place, Inc.,

 

 

 

 

 

Series 2004,

 

 

 

 

 

6.125% 12/01/34

 

500,000

 

490,975

 

Three Pillars Senior Living Communities:

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.600% 08/15/23

 

790,000

 

797,829

 

Series 2004 A,

 

 

 

 

 

5.500% 08/15/34

 

870,000

 

848,172

 

United Lutheran Program for the Aging,

 

 

 

 

 

Series 1998,

 

 

 

 

 

5.700% 03/01/28

 

750,000

 

706,897

 

Continuing Care Retirement Total

 

42,837,705

 

Health Services – 0.8%

 

 

 

 

 

CO Health Facilities Authority

 

 

 

 

 

National Jewish Medical & Research Center,

 

 

 

 

 

Series 1998,

 

 

 

 

 

5.375% 01/01/23

 

1,080,000

 

1,053,972

 

MA Development Finance Agency

 

 

 

 

 

Boston Biomedical Research Institute,

 

 

 

 

 

Series 1999:

 

 

 

 

 

5.650% 02/01/19

 

370,000

 

361,472

 

5.750% 02/01/29

 

550,000

 

557,254

 

MA Health & Educational Facilities Authority

 

 

 

 

 

Civic Investments, Inc.,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

9.000% 12/15/15

 

1,500,000

 

1,706,190

 

 

See Accompanying Notes to Financial Statements.

 

5



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Health Services – (continued)

 

 

 

 

 

MN Minneapolis & St. Paul Housing Redevelopment Authority

 

 

 

 

 

Healthpartners Project,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.875% 12/01/29

 

400,000

 

417,224

 

Health Services Total

 

4,096,112

 

Hospitals – 11.8%

 

 

 

 

 

AZ Health Facilities Authority

 

 

 

 

 

Phoenix Memorial Hospital,

 

 

 

 

 

Series 1991,

 

 

 

 

 

8.125% 06/01/12(c)

 

1,849,099

 

4,623

 

CA ABAG Finance Authority for Nonprofit Corps.

 

 

 

 

 

San Diego Hospital Association,

 

 

 

 

 

Series 2003 C,

 

 

 

 

 

5.375% 03/01/21

 

500,000

 

519,055

 

CA Health Facilities Financing Authority

 

 

 

 

 

Catholic Healthcare West,

 

 

 

 

 

Series 2004 G,

 

 

 

 

 

5.250% 07/01/23

 

500,000

 

514,915

 

Stanford Hospital & Clinics Projects,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

5.000% 11/15/23

 

1,500,000

 

1,525,140

 

CA Rancho Mirage Joint Powers Financing Authority

 

 

 

 

 

Eisenhower Medical Center,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.625% 07/01/29

 

2,000,000

 

2,075,740

 

CA Statewide Communities Development Authority

 

 

 

 

 

Kaiser Permanente,

 

 

 

 

 

Series 2004 I,

 

 

 

 

 

3.450% 04/01/35

 

1,750,000

 

1,688,260

 

CA Turlock Health Facility

 

 

 

 

 

Emanuel Medical Center, Inc.,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.375% 10/15/34

 

2,000,000

 

2,022,560

 

CA Whittier Health Facility

 

 

 

 

 

Presbyterian Intercommunity Hospital,

 

 

 

 

 

Series 2002,

 

 

 

 

 

5.750% 06/01/31

 

1,000,000

 

1,049,800

 

CO Health Facilities Authority

 

 

 

 

 

Parkview Medical Center, Inc.,

 

 

 

 

 

Series 2001,

 

 

 

 

 

6.600% 09/01/25

 

300,000

 

326,313

 

Vail Valley Medical Center Project,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.000% 01/15/20

 

1,000,000

 

1,005,310

 

CO La Junta

 

 

 

 

 

Arkansas Valley Regional Medical Center Project,

 

 

 

 

 

Series 1999,

 

 

 

 

 

6.100% 04/01/24

 

300,000

 

311,709

 

 

See Accompanying Notes to Financial Statements.

 

6



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Hospitals – (continued)

 

 

 

 

 

FL Hillsborough County Industrial Development Authority

 

 

 

 

 

Tampa General Hospital Project,

 

 

 

 

 

Series 2003 B,

 

 

 

 

 

5.250% 10/01/34

 

1,000,000

 

1,016,170

 

FL Miami Health Facilities Authority

 

 

 

 

 

Catholic Health East,

 

 

 

 

 

Series 2003 B,

 

 

 

 

 

5.125% 11/15/24

 

1,000,000

 

1,012,870

 

FL Orange County Health Facilities Authority

 

 

 

 

 

Orlando Regional Healthcare System:

 

 

 

 

 

Series 1999,

 

 

 

 

 

6.000% 10/01/26

 

875,000

 

919,511

 

Series 2002,

 

 

 

 

 

5.750% 12/01/32

 

350,000

 

369,964

 

FL South Lake County Hospital District

 

 

 

 

 

South Lake Hospital, Inc.,

 

 

 

 

 

Series 2003:

 

 

 

 

 

6.375% 10/01/28

 

750,000

 

773,145

 

6.375% 10/01/34

 

500,000

 

513,885

 

FL West Orange Healthcare District

 

 

 

 

 

Series 2001 A,

 

 

 

 

 

5.650% 02/01/22

 

1,450,000

 

1,509,232

 

GA Coffee County Hospital Authority

 

 

 

 

 

Coffee Regional Medical Center, Inc.,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.000% 12/01/26

 

700,000

 

687,323

 

IL Health Facilities Authority

 

 

 

 

 

Thorek Hospital & Medical Center,

 

 

 

 

 

Series 1998,

 

 

 

 

 

5.375% 08/15/28

 

500,000

 

496,285

 

IL Southwestern Illinois Development Authority

 

 

 

 

 

Anderson Hospital,

 

 

 

 

 

Series 1999:

 

 

 

 

 

5.500% 08/15/20

 

500,000

 

512,755

 

5.625% 08/15/29

 

250,000

 

255,738

 

IN Health Facility Financing Authority

 

 

 

 

 

Community Foundation of Northwest Indiana, Inc.,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

6.000% 03/01/34

 

850,000

 

887,213

 

MA Health & Educational Facilities Authority

 

 

 

 

 

Jordan Hospital:

 

 

 

 

 

Series 1998 D,

 

 

 

 

 

5.250% 10/01/18

 

600,000

 

565,752

 

Series 2003 E,

 

 

 

 

 

6.750% 10/01/33

 

750,000

 

798,840

 

 

See Accompanying Notes to Financial Statements.

 

7



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Hospitals – (continued)

 

 

 

 

 

Milford-Whitinsville Regional Hospital:

 

 

 

 

 

Series 1998 C,

 

 

 

 

 

5.750% 07/15/13

 

610,000

 

630,380

 

Series 2002 D,

 

 

 

 

 

6.350% 07/15/32

 

1,715,000

 

1,782,245

 

MD Health & Higher Educational Facilities Authority

 

 

 

 

 

Adventist Healthcare,

 

 

 

 

 

Series 2003 A:

 

 

 

 

 

5.000% 01/01/16

 

400,000

 

405,060

 

5.750% 01/01/25

 

600,000

 

623,334

 

MI Dickinson County Healthcare System

 

 

 

 

 

Series 1999,

 

 

 

 

 

5.800% 11/01/24

 

1,000,000

 

991,400

 

MI Flint Hospital Building Authority

 

 

 

 

 

Hurley Medical Center,

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

5.375% 07/01/20

 

465,000

 

449,925

 

MI Hospital Finance Authority

 

 

 

 

 

Oakwood Obligated Group,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.500% 11/01/18

 

1,600,000

 

1,693,200

 

MN St. Paul Housing & Redevelopment Authority

 

 

 

 

 

HealthEast, Inc.,

 

 

 

 

 

Series 1993 B,

 

 

 

 

 

6.625% 11/01/17

 

230,000

 

231,323

 

MN Washington County Housing & Redevelopment Authority

 

 

 

 

 

HealthEast, Inc.,

 

 

 

 

 

Series 1998,

 

 

 

 

 

5.250% 11/15/12

 

1,100,000

 

1,086,316

 

MO Health & Educational Facilities Authority

 

 

 

 

 

Lake Regional Health Systems Project,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.700% 02/15/34

 

1,000,000

 

1,035,180

 

MT Facility Finance Authority

 

 

 

 

 

Montana’s Children’s Home and Hospital,

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

4.750% 01/01/24(d)

 

750,000

 

724,643

 

NC Medical Care Commission

 

 

 

 

 

Stanly Memorial Hospital,

 

 

 

 

 

Series 1999,

 

 

 

 

 

6.375% 10/01/29

 

1,000,000

 

1,062,930

 

NH Higher Educational & Health Facilities
Authority

 

 

 

 

 

Catholic Medical Center,

 

 

 

 

 

Series 2002,

 

 

 

 

 

6.125% 07/01/32

 

400,000

 

411,612

 

 

See Accompanying Notes to Financial Statements.

 

8



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Hospitals – (continued)

 

 

 

 

 

Littleton Hospital Association, Inc.:

 

 

 

 

 

Series 1998 A:

 

 

 

 

 

5.900% 05/01/18

 

500,000

 

485,420

 

6.000% 05/01/28

 

1,000,000

 

948,400

 

Series 1998 B,

 

 

 

 

 

5.900% 05/01/28

 

675,000

 

632,097

 

NJ Health Care Facilities Financing Authority

 

 

 

 

 

Capital Health Systems, Inc.,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

5.750% 07/01/23

 

1,250,000

 

1,321,725

 

NM Farmington

 

 

 

 

 

San Juan Medical Center Project,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.000% 06/01/23

 

500,000

 

504,210

 

NV Henderson Health Care Facilities Authority

 

 

 

 

 

Catholic Healthcare West,

 

 

 

 

 

Series 1998,

 

 

 

 

 

5.125% 07/01/28

 

540,000

 

537,775

 

NV Henderson Healthcare Facility

 

 

 

 

 

Catholic Healthcare West,

 

 

 

 

 

Series 1998,

 

 

 

 

 

5.375% 07/01/26

 

790,000

 

802,008

 

NY Dormitory Authority

 

 

 

 

 

Memorial Sloan-Kettering Cancer Center:

 

 

 

 

 

Series 2003,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(b) 07/01/25

 

3,600,000

 

1,369,548

 

Series 2003,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(b) 07/01/26

 

4,400,000

 

1,585,980

 

North Shore - Long Island Jewish Medical Center,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.500% 05/01/33

 

400,000

 

416,304

 

OH Belmont County

 

 

 

 

 

East Ohio Regional Hospital,

 

 

 

 

 

Series 1998,

 

 

 

 

 

5.700% 01/01/13

 

700,000

 

652,820

 

OH Highland County Joint Township Hospital District

 

 

 

 

 

Series 1999,

 

 

 

 

 

6.750% 12/01/29

 

1,875,000

 

1,826,137

 

OH Lakewood Hospital Improvement District

 

 

 

 

 

Lakewood Hospital Association,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.500% 02/15/15

 

1,250,000

 

1,323,188

 

 

See Accompanying Notes to Financial Statements.

 

9



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Hospitals – (continued)

 

 

 

 

 

OH Miami County Hospital Facilities Authority

 

 

 

 

 

Upper Valley Medical Center, Inc.:

 

 

 

 

 

Series 1996 A:

 

 

 

 

 

6.250% 05/15/16

 

500,000

 

519,360

 

6.375% 05/15/26

 

1,015,000

 

1,054,169

 

Series 1996 C,

 

 

 

 

 

6.250% 05/15/13

 

285,000

 

296,585

 

OH Sandusky County

 

 

 

 

 

Memorial Hospital,

 

 

 

 

 

Series 1998,

 

 

 

 

 

5.150% 01/01/10

 

250,000

 

253,448

 

OK Development Finance Authority

 

 

 

 

 

Duncan Regional Hospital,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

5.125% 12/01/23

 

2,000,000

 

2,007,360

 

OK Stillwater Medical Center Authority

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.625% 05/15/23

 

1,000,000

 

1,024,450

 

PA Allegheny County Hospital Development Authority

 

 

 

 

 

Ohio Valley General Hospital,

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

5.450% 01/01/28

 

1,550,000

 

1,475,770

 

SC Jobs Economic Development Authority

 

 

 

 

 

Bon Secours Health Systems, Inc.,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

5.500% 11/15/23

 

2,250,000

 

2,309,107

 

SD Health & Educational Facilities Authority

 

 

 

 

 

Sioux Valley Hospital & Health System,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.250% 11/01/34

 

1,100,000

 

1,115,004

 

TN Knox County Health, Educational & Housing Facilities Authority

 

 

 

 

 

East Tennessee Hospital,

 

 

 

 

 

Series 2003 B,

 

 

 

 

 

5.750% 07/01/33

 

150,000

 

156,384

 

TX Tyler Health Facilities Development Corp.

 

 

 

 

 

Mother Frances Hospital,

 

 

 

 

 

Series 2001,

 

 

 

 

 

6.000% 07/01/31

 

750,000

 

779,820

 

VA Augusta County Industrial Development Authority

 

 

 

 

 

Augusta Health Care, Inc.,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.250% 09/01/19

 

2,000,000

 

2,138,000

 

WA Health Care Facilities Authority

 

 

 

 

 

Kadlec Medical Center,

 

 

 

 

 

Series 2001,

 

 

 

 

 

Insured: RAD

 

 

 

 

 

5.875% 12/01/21

 

600,000

 

653,010

 

 

See Accompanying Notes to Financial Statements.

 

10



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Hospitals – (continued)

 

 

 

 

 

WA Skagit County Public Hospital District No. 1

 

 

 

 

 

Series 2003,

 

 

 

 

 

6.000% 12/01/23

 

1,000,000

 

1,013,450

 

WI Health & Educational Facilities Authority

 

 

 

 

 

Aurora Health Care, Inc.,

 

 

 

 

 

Series 2003,

 

 

 

 

 

6.400% 04/15/33

 

700,000

 

762,853

 

Fort Healthcare, Inc. Project,

 

 

 

 

 

Series 2004,

 

 

 

 

 

6.100% 05/01/34

 

1,965,000

 

2,053,287

 

Wheaton Franciscan Services,

 

 

 

 

 

Series 2002,

 

 

 

 

 

5.750% 08/15/30

 

1,050,000

 

1,104,432

 

Total Hospitals

 

63,611,757

 

Intermediate Care Facilities – 1.1%

 

 

 

 

 

IL Development Facilities Finance Authority

 

 

 

 

 

Hoosier Care, Inc.,

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

7.125% 06/01/34

 

1,455,000

 

1,244,796

 

IN Health Facilities Financing Authority

 

 

 

 

 

Hoosier Care, Inc.,

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

7.125% 06/01/34

 

1,200,000

 

1,026,636

 

LA Public Facilities Authority

 

 

 

 

 

Progressive Healthcare Providers, Inc.,

 

 

 

 

 

Series 1998,

 

 

 

 

 

6.375% 10/01/28

 

2,000,000

 

1,849,720

 

PA Economic Development Financing Authority

 

 

 

 

 

Northwestern Human Services, Inc.,

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

5.250% 06/01/14

 

2,000,000

 

1,828,220

 

Intermediate Care Facilities

 

5,949,372

 

Nursing Homes – 2.7%

 

 

 

 

 

AK Juneau

 

 

 

 

 

St. Ann’s Care Center, Inc.,

 

 

 

 

 

Series 1999,

 

 

 

 

 

6.875% 12/01/25

 

1,750,000

 

1,763,510

 

CO Health Facilities Authority

 

 

 

 

 

Volunteers of America Care Facilities:

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

5.750% 07/01/20

 

700,000

 

663,439

 

Series 1999 A:

 

 

 

 

 

5.750% 07/01/10

 

785,000

 

773,201

 

6.000% 07/01/29

 

520,000

 

491,364

 

DE Economic Development Authority

 

 

 

 

 

Churchman Village Project,

 

 

 

 

 

Series 1991 A,

 

 

 

 

 

10.000% 03/01/21

 

650,000

 

655,681

 

 

See Accompanying Notes to Financial Statements.

 

11



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Nursing Homes – (continued)

 

 

 

 

 

IA Finance Authority

 

 

 

 

 

Care Initiatives Project:

 

 

 

 

 

Series 1996,

 

 

 

 

 

9.250% 07/01/25

 

485,000

 

584,813

 

Series 1998 B:

 

 

 

 

 

5.500% 07/01/08

 

395,000

 

393,693

 

5.750% 07/01/18

 

600,000

 

589,704

 

5.750% 07/01/28

 

1,475,000

 

1,341,085

 

MA Development Finance Agency

 

 

 

 

 

Alliance Health Care Facilities,

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

7.100% 07/01/32

 

2,225,000

 

2,208,468

 

MA Industrial Finance Agency

 

 

 

 

 

GF/Massachusetts, Inc.,

 

 

 

 

 

Series 1994,

 

 

 

 

 

8.300% 07/01/23

 

875,000

 

877,739

 

MI Cheboygan County Economic Development Corp.

 

 

 

 

 

Metro Health Foundation Project,

 

 

 

 

 

Series 1993,

 

 

 

 

 

11.000% 11/01/22(c)

 

476,050

 

15,710

 

MN Carlton

 

 

 

 

 

Inter-Faith Social Services, Inc.,

 

 

 

 

 

Series 2000,

 

 

 

 

 

7.500% 04/01/19

 

250,000

 

264,502

 

MN Sartell

 

 

 

 

 

Foundation for Healthcare,

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

6.625% 09/01/29

 

2,000,000

 

2,041,340

 

PA Chester County Industrial Development Authority

 

 

 

 

 

RHA/Pennsylvania Nursing Home,

 

 

 

 

 

Series 2002,

 

 

 

 

 

8.500% 05/01/32

 

395,000

 

386,195

 

PA Delaware County Authority

 

 

 

 

 

Main Line & Haverford Nursing,

 

 

 

 

 

Series 1992,

 

 

 

 

 

9.000% 08/01/22

 

50,000

 

44,000

 

PA Lackawanna County Industrial Development Authority

 

 

 

 

 

Greenridge Nursing Center,

 

 

 

 

 

Series 1990,

 

 

 

 

 

7.750% 12/01/10(e)(f)

 

95,000

 

85,500

 

PA Luzerne County Industrial Development Authority

 

 

 

 

 

Millville Nursing Center,

 

 

 

 

 

Series 1990,

 

 

 

 

 

7.750% 12/01/12(e)(f)

 

160,000

 

144,000

 

 

See Accompanying Notes to Financial Statements.

 

12



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Nursing Homes – (continued)

 

 

 

 

 

TX Kirbyville Health Facilities Development Corp.

 

 

 

 

 

Heartway III Project,

 

 

 

 

 

Series 1997 A,

 

 

 

 

 

10.000% 03/20/18(g)

 

539,213

 

161,764

 

WA Kitsap County Consolidated Housing Authority

 

 

 

 

 

Martha & Mary Health Services,

 

 

 

 

 

Series 1996,

 

 

 

 

 

Insured: GNMA

 

 

 

 

 

7.100% 02/20/36

 

1,000,000

 

1,151,140

 

Nursing Homes Total

 

14,636,848

 

HEALTH CARE TOTAL

 

131,131,794

 

HOUSING – 7.2%

 

 

 

 

 

Assisted Living/Senior – 2.4%

 

 

 

 

 

DE Kent County

 

 

 

 

 

Heritage at Dover,

 

 

 

 

 

Series 1999, AMT,

 

 

 

 

 

7.625% 01/01/30

 

2,390,000

 

2,146,340

 

GA Columbus Housing Authority

 

 

 

 

 

The Gardens at Calvary Project,

 

 

 

 

 

Series 1999,

 

 

 

 

 

7.000% 11/15/29

 

2,000,000

 

1,721,980

 

IL Development Finance Authority

 

 

 

 

 

Care Institute, Inc.,

 

 

 

 

 

Series 1995,

 

 

 

 

 

8.250% 06/01/25

 

1,880,000

 

1,958,076

 

MN Roseville

 

 

 

 

 

Care Institute, Inc.,

 

 

 

 

 

Series 1993,

 

 

 

 

 

7.750% 11/01/23(g)

 

1,270,000

 

825,500

 

NC Medical Care Commission Health Care Facilities

 

 

 

 

 

DePaul Community Facilities:

 

 

 

 

 

Series 1998,

 

 

 

 

 

6.125% 01/01/28

 

500,000

 

450,305

 

Series 1999,

 

 

 

 

 

7.625% 11/01/29

 

1,940,000

 

2,007,279

 

NY Huntington Housing Authority

 

 

 

 

 

Gurwin Jewish Senior Center,

 

 

 

 

 

Series 1999 A:

 

 

 

 

 

5.875% 05/01/19

 

1,900,000

 

1,825,653

 

6.000% 05/01/29

 

625,000

 

594,381

 

NY Suffolk County Industrial Development Agency

 

 

 

 

 

Gurwin-Jewish Phase II,

 

 

 

 

 

Series 2004,

 

 

 

 

 

6.700% 05/01/39

 

500,000

 

511,285

 

 

See Accompanying Notes to Financial Statements.

 

13



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HOUSING – (continued)

 

 

 

 

 

Assisted Living/Senior – (continued)

 

 

 

 

 

TX Bell County Health Facility Development Corp.

 

 

 

 

 

Care Institute, Inc.,

 

 

 

 

 

Series 1994,

 

 

 

 

 

9.000% 11/01/24

 

930,000

 

861,933

 

Total Assisted Living/Senior

 

12,902,732

 

Multi-Family – 3.2%

 

 

 

 

 

CO Health Facilities Authority

 

 

 

 

 

Birchwood Manor Project,

 

 

 

 

 

Series 1991 A,

 

 

 

 

 

Insured: GNMA

 

 

 

 

 

7.250% 04/01/11

 

410,000

 

411,492

 

DC Housing Finance Agency

 

 

 

 

 

FDS Residential II LP,

 

 

 

 

 

Series 2004, AMT,

 

 

 

 

 

Insured: FHA

 

 

 

 

 

4.850% 06/01/35

 

1,460,000

 

1,399,658

 

DE Wilmington

 

 

 

 

 

Electra Arms Senior Association Project,

 

 

 

 

 

Series 1998, AMT,

 

 

 

 

 

6.250% 06/01/28

 

930,000

 

755,365

 

FL Broward County Housing Finance Authority

 

 

 

 

 

Chaves Lake Apartment Project,

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

7.500% 07/01/40

 

1,250,000

 

1,239,300

 

FL Clay County Housing Finance Authority

 

 

 

 

 

Madison Commons Apartments,

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

7.450% 07/01/40

 

1,230,000

 

1,227,011

 

IN New Castle

 

 

 

 

 

Raintree Apartments,

 

 

 

 

 

Series 1988 B,

 

 

 

 

 

(b) 03/01/18(g)

 

30,625,000

 

306

 

MN Lakeville

 

 

 

 

 

Southfork Apartments Project,

 

 

 

 

 

Series 1989 A,

 

 

 

 

 

9.875% 02/01/20

 

700,000

 

699,699

 

MN Washington County Housing & Redevelopment Authority

 

 

 

 

 

Cottages of Aspen,

 

 

 

 

 

Series 1992, AMT,

 

 

 

 

 

9.250% 06/01/22

 

450,000

 

459,221

 

MN White Bear Lake

 

 

 

 

 

Birch Lake Townhomes,

 

 

 

 

 

Series 1989 A,

 

 

 

 

 

9.750% 07/15/19

 

750,000

 

750,990

 

NC Medical Care Commission

 

 

 

 

 

ARC Projects,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.800% 10/01/34

 

800,000

 

795,304

 

 

See Accompanying Notes to Financial Statements.

 

14



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HOUSING – (continued)

 

 

 

 

 

Multi-Family – (continued)

 

 

 

 

 

NC Raleigh Housing Authority

 

 

 

 

 

Cedar Point Apartments,

 

 

 

 

 

Series 1999 A:

 

 

 

 

 

5.100% 11/01/10(g)

 

250,000

 

135,028

 

5.875% 11/01/24(g)

 

200,000

 

108,004

 

NJ Housing & Mortgage Finance Agency

 

 

 

 

 

Series 2005 A, AMT,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

4.950% 11/01/37

 

2,685,000

 

2,604,611

 

Resolution Trust Corp.

 

 

 

 

 

Pass-Through Certificates,

 

 

 

 

 

Series 1993 A,

 

 

 

 

 

8.500% 12/01/16

 

455,481

 

442,755

 

TN Franklin Industrial Development Board

 

 

 

 

 

Landings Apartment Project,

 

 

 

 

 

Series 1996 B,

 

 

 

 

 

8.750% 04/01/27

 

1,550,000

 

1,577,265

 

TX Affordable Housing Corp.

 

 

 

 

 

NHT/GTEX Project,

 

 

 

 

 

Series 2001 C,

 

 

 

 

 

10.000% 10/01/31(g)

 

1,560,000

 

54,600

 

TX El Paso County Housing Finance Corp.

 

 

 

 

 

American Village Communities:

 

 

 

 

 

Series 2000 C,

 

 

 

 

 

8.000% 12/01/32

 

580,000

 

594,552

 

Series 2000 D,

 

 

 

 

 

10.000% 12/01/32

 

685,000

 

705,036

 

VA Alexandria Redevelopment & Housing Authority

 

 

 

 

 

Courthouse Commons Apartments,

 

 

 

 

 

Series 1990 A, AMT,

 

 

 

 

 

10.000% 01/01/21

 

500,000

 

414,705

 

WA Tacoma Housing Authority

 

 

 

 

 

Redwood,

 

 

 

 

 

Series 2005, AMT,

 

 

 

 

 

Insured: GNMA

 

 

 

 

 

5.050% 11/20/37

 

3,000,000

 

2,937,780

 

Multi-family Total

 

17,312,682

 

Single-Family – 1.6%

 

 

 

 

 

CO Housing and Finance Authority

 

 

 

 

 

Series 1995 D-1 AMT,

 

 

 

 

 

7.375% 06/01/26

 

115,000

 

115,645

 

Series 1997 A-2, AMT,

 

 

 

 

 

7.250% 05/01/27

 

90,000

 

90,246

 

MT Board of Housing

 

 

 

 

 

Series 2005 A, AMT,

 

 

 

 

 

5.000% 06/01/36(d)

 

1,000,000

 

1,001,170

 

NJ Housing & Mortgage Finance Agency

 

 

 

 

 

Series 2005 M, AMT,

 

 

 

 

 

5.000% 10/01/36

 

2,000,000

 

2,001,240

 

 

See Accompanying Notes to Financial Statements.

 

15



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HOUSING – (continued)

 

 

 

 

 

Single-Family – (continued)

 

 

 

 

 

RI Housing & Mortgage Finance Corp.

 

 

 

 

 

Series 2005, AMT

 

 

 

 

 

4.750% 10/01/30

 

4,000,000

 

3,924,600

 

VI Housing Development Authority

 

 

 

 

 

Series 2005 A, AMT,

 

 

 

 

 

5.000% 01/01/31(d)

 

1,500,000

 

1,501,995

 

Single-Family Total

 

8,634,896

 

HOUSING TOTAL

 

38,850,310

 

INDUSTRIALS – 5.1%

 

 

 

 

 

Food Products – 0.9%

 

 

 

 

 

LA Port of New Orleans Industrial Development,

 

 

 

 

 

Continental Grain Co.,

 

 

 

 

 

Series 1993,

 

 

 

 

 

7.500% 07/01/13

 

2,000,000

 

2,048,520

 

MI Strategic Fund

 

 

 

 

 

Michigan Sugar Co.:

 

 

 

 

 

Carrollton Project,

 

 

 

 

 

Series 1998 C, AMT,

 

 

 

 

 

6.550% 11/01/25

 

1,500,000

 

1,402,995

 

Sebewaing Project,

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

6.250% 11/01/15

 

1,000,000

 

992,860

 

OH Toledo Lucas County Port Authority

 

 

 

 

 

Cargill, Inc. Project,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

4.800% 03/01/22

 

500,000

 

497,115

 

Total Food Products

 

4,941,490

 

Forest Products & Paper – 1.9%

 

 

 

 

 

AL Camden Industrial Development Board

 

 

 

 

 

Weyerhaeuser Co.,

 

 

 

 

 

Series 2003 B, AMT,

 

 

 

 

 

6.375% 12/01/24

 

275,000

 

297,690

 

AL Courtland Industrial Development Board

 

 

 

 

 

International Paper Co.,

 

 

 

 

 

Series 2003 B, AMT,

 

 

 

 

 

6.250% 08/01/25

 

2,000,000

 

2,136,200

 

AL Phenix City Industrial Development Board

 

 

 

 

 

Meadwestvaco Corp.,

 

 

 

 

 

Series 2002 A, AMT,

 

 

 

 

 

6.350% 05/15/35

 

1,000,000

 

1,070,100

 

AR Camden Environmental Improvement

 

 

 

 

 

International Paper Co.,

 

 

 

 

 

Series 2004 A, AMT,

 

 

 

 

 

5.000% 11/01/18

 

250,000

 

250,368

 

 

See Accompanying Notes to Financial Statements.

 

16



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

INDUSTRIALS – (continued)

 

 

 

 

 

Forest Products & Paper – (continued)

 

 

 

 

 

GA Rockdale County Development Authority

 

 

 

 

 

Visy Paper, Inc.,

 

 

 

 

 

Series 1993, AMT,

 

 

 

 

 

7.500% 01/01/26

 

2,800,000

 

2,851,044

 

MI Delta County Economic Development Corp.

 

 

 

 

 

Mead Westvaco-Escanaba,

 

 

 

 

 

Series 2002 B, AMT,

 

 

 

 

 

6.450% 04/15/23

 

750,000

 

837,097

 

MS Lowndes County Solid Waste Disposal & Pollution Control

 

 

 

 

 

Weyerhaeuser Company Project:

 

 

 

 

 

Series 1992 A,

 

 

 

 

 

6.800% 04/01/22

 

1,995,000

 

2,379,018

 

Series 1992 B,

 

 

 

 

 

6.700% 04/01/22

 

230,000

 

274,337

 

VA Bedford County Industrial Development Authority

 

 

 

 

 

Nekoosa Packaging Corp.,

 

 

 

 

 

Series 1998, AMT,

 

 

 

 

 

5.600% 12/01/25

 

400,000

 

394,148

 

Forest Products & Paper Total

 

10,490,002

 

Manufacturing – 0.5%

 

 

 

 

 

IL Will-Kankakee Regional Development Authority

 

 

 

 

 

Flanders Corp., Precisionaire Project,

 

 

 

 

 

Series 1997, AMT,

 

 

 

 

 

6.500% 12/15/17

 

780,000

 

786,809

 

KS Wichita Airport Authority

 

 

 

 

 

Cessna Citation Service Center,

 

 

 

 

 

Series 2002 A, AMT,

 

 

 

 

 

6.250% 06/15/32

 

1,875,000

 

1,982,775

 

Manufacturing Total

 

2,769,584

 

Metals & Mining – 0.3%

 

 

 

 

 

NV Department of Business & Industry

 

 

 

 

 

Wheeling-Pittsburgh Steel Corp.,

 

 

 

 

 

Series 1999 A, AMT,

 

 

 

 

 

8.000% 09/01/14(h)

 

444,193

 

453,264

 

VA Greensville County Industrial Development Authority

 

 

 

 

 

Wheeling-Pittsburgh Steel Corp.,

 

 

 

 

 

Series 1999 A, AMT,

 

 

 

 

 

7.000% 04/01/14

 

930,000

 

895,302

 

Metals & Mining Total

 

1,348,566

 

Oil & Gas – 1.5%

 

 

 

 

 

NJ Middlesex County Pollution Control Authority

 

 

 

 

 

Amerada Hess Corp.,

 

 

 

 

 

Series 2004,

 

 

 

 

 

6.050% 09/15/34

 

285,000

 

299,350

 

 

See Accompanying Notes to Financial Statements.

 

17



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

INDUSTRIALS – (continued)

 

 

 

 

 

Oil & Gas – (continued)

 

 

 

 

 

NV Clark County Industrial Development Authority

 

 

 

 

 

Southwest Gas Corp.,

 

 

 

 

 

Series 2003 E, AMT,

 

 

 

 

 

5.800% 03/01/38

 

1,750,000

 

1,872,973

 

TX Gulf Coast Industrial Development Authority

 

 

 

 

 

Citgo Petroleum,

 

 

 

 

 

Series 1998, AMT,

 

 

 

 

 

8.000% 04/01/28

 

875,000

 

982,126

 

TX Texas City Industrial Development Corp.

 

 

 

 

 

Arco Pipe Line Co. Project,

 

 

 

 

 

Series 1990,

 

 

 

 

 

7.375% 10/01/20

 

2,000,000

 

2,564,960

 

VI Virgin Islands Government

 

 

 

 

 

Hovensa,

 

 

 

 

 

Series 2002, AMT,

 

 

 

 

 

6.500% 07/01/21

 

125,000

 

136,410

 

VI Virgin Islands Public Finance Authority

 

 

 

 

 

Hovensa:

 

 

 

 

 

Series 2003, AMT,

 

 

 

 

 

6.125% 07/01/22

 

875,000

 

936,635

 

Series 2004, AMT,

 

 

 

 

 

5.875% 07/01/22

 

1,000,000

 

1,058,920

 

Oil & Gas Total

 

7,851,374

 

INDUSTRIALS TOTAL

 

27,401,016

 

OTHER – 8.3%

 

 

 

 

 

Other – 0.6%

 

 

 

 

 

NJ Economic Development Authority

 

 

 

 

 

Motor Vehicle Commission,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(b) 07/01/14

 

2,500,000

 

1,685,150

 

NY Convention Center Operating Corp.

 

 

 

 

 

Yale Building Project,

 

 

 

 

 

Series 2003,

 

 

 

 

 

(b) 06/01/08

 

2,100,000

 

1,804,173

 

Other Total

 

3,489,323

 

Pool/Bond Bank – 0.4%

 

 

 

 

 

OH Cleveland Cuyahoga County Port Authority

 

 

 

 

 

Myers University Project,

 

 

 

 

 

Series 2004 E,

 

 

 

 

 

5.600% 05/15/25

 

530,000

 

531,055

 

 

See Accompanying Notes to Financial Statements.

 

18



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

OTHER – (continued)

 

 

 

 

 

Pool/Bond Bank – (continued)

 

 

 

 

 

SD Economic Development Finance Authority

 

 

 

 

 

Davis Family Sodak,

 

 

 

 

 

Series 2004 4-A, AMT,

 

 

 

 

 

6.000% 04/01/29

 

1,400,000

 

1,429,246

 

Pool/Bond Bank Total

 

1,960,301

 

Refunded/Escrowed(i) – 5.7%

 

 

 

 

 

CO Adams County

 

 

 

 

 

Series 1991 B:

 

 

 

 

 

Pre-refunded 09/01/09,

 

 

 

 

 

11.250% 09/01/11(j)

 

325,000

 

427,209

 

Pre-refunded 09/01/10,

 

 

 

 

 

11.250% 09/01/11

 

360,000

 

493,391

 

Escrowed to Maturity,

 

 

 

 

 

11.250% 09/01/11

 

220,000

 

312,677

 

CO Department of Transportation

 

 

 

 

 

Series 2001,

 

 

 

 

 

Pre-refunded 06/15/11,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

8.066% 12/15/08(k)

 

2,000,000

 

2,476,260

 

Series 2001 832R-A,

 

 

 

 

 

Pre-refunded 06/15/11,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

8.066% 12/15/08(k)

 

3,000,000

 

3,715,080

 

CO E-470 Public Highway Authority

 

 

 

 

 

Series 2000 B,

 

 

 

 

 

Pre-refunded 09/01/10,

 

 

 

 

 

(b) 09/01/35

 

17,500,000

 

2,187,675

 

CT Development Authority Sewer Sludge Disposal Facilities

 

 

 

 

 

New Haven Residuals LP,

 

 

 

 

 

Series 1996, AMT,

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

8.250% 12/01/06

 

335,000

 

356,483

 

FL Tampa Bay Water Utility System

 

 

 

 

 

Series 1999,

 

 

 

 

 

Pre-refunded 10/01/11,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

8.554% 10/01/23(k)(h)

 

7,500,000

 

9,375,000

 

GA Forsyth County Hospital Authority

 

 

 

 

 

Georgia Baptist Health Care System,

 

 

 

 

 

Series 1998,

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

6.000% 10/01/08

 

620,000

 

653,102

 

GA Municipal Electric Authority

 

 

 

 

 

Series 1991 V,

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

6.600% 01/01/18

 

690,000

 

834,175

 

IL University of Illinois Certificates of Participation

 

 

 

 

 

Utility Infrastructure Projects,

 

 

 

 

 

Series 2001 A,

 

 

 

 

 

Pre-refunded 08/15/11,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

5.500% 08/15/16

 

1,425,000

 

1,577,461

 

 

See Accompanying Notes to Financial Statements.

 

19



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

OTHER – (continued)

 

 

 

 

 

Refunded/Escrowed(i) – (continued)

 

 

 

 

 

NC Eastern Municipal Power Agency

 

 

 

 

 

Series 1991 A,

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

6.500% 01/01/18

 

3,320,000

 

4,089,875

 

NC Lincoln County

 

 

 

 

 

Lincoln County Hospital,

 

 

 

 

 

Series 1991,

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

9.000% 05/01/07

 

125,000

 

132,745

 

NJ Economic Development Authority

 

 

 

 

 

Winchester Gardens:

 

 

 

 

 

Series 1996 A,

 

 

 

 

 

Pre-refunded 11/01/06,

 

 

 

 

 

8.625% 11/01/25

 

2,000,000

 

2,218,160

 

TN Shelby County Health, Educational & Housing Facilities Board

 

 

 

 

 

Open Arms Development Centers:

 

 

 

 

 

Series 1992 A,

 

 

 

 

 

Pre-refunded 08/01/07,

 

 

 

 

 

9.750% 08/01/19

 

280,000

 

329,076

 

Series 1992 C,

 

 

 

 

 

Pre-refunded 08/01/07,

 

 

 

 

 

9.750% 08/01/19

 

280,000

 

329,076

 

WV Hospital Finance Authority

 

 

 

 

 

Charleston Area Medical Center,

 

 

 

 

 

Series 2000,

 

 

 

 

 

Pre-refunded 09/01/10,

 

 

 

 

 

6.750% 09/01/30

 

925,000

 

1,081,945

 

Refunded/Escrowed Total

 

30,589,390

 

Tobacco – 1.6%

 

 

 

 

 

CA Golden State Tobacco Securitization Corp.

 

 

 

 

 

Series 2003 A-1:

 

 

 

 

 

6.250% 06/01/33

 

2,050,000

 

2,098,421

 

6.750% 06/01/39

 

1,000,000

 

1,054,350

 

Series 2003 B,

 

 

 

 

 

5.500% 06/01/43

 

1,250,000

 

1,319,687

 

LA Tobacco Settlement Financing Corp.

 

 

 

 

 

Series 2001 B,

 

 

 

 

 

5.875% 05/15/39

 

1,000,000

 

987,580

 

NJ Tobacco Settlement Financing Corp.

 

 

 

 

 

Series 2003,

 

 

 

 

 

6.750% 06/01/39

 

2,000,000

 

2,104,740

 

 

See Accompanying Notes to Financial Statements.

 

20



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

OTHER – (continued)

 

 

 

 

 

Tobacco – (continued)

 

 

 

 

 

SC Tobacco Settlement Financing Corp.

 

 

 

 

 

Series 2001 B,

 

 

 

 

 

6.375% 05/15/28

 

1,000,000

 

1,019,650

 

Tobacco Total

 

8,584,428

 

OTHER TOTAL

 

44,623,442

 

OTHER REVENUE – 2.6%

 

 

 

 

 

Hotels – 0.8%

 

 

 

 

 

NJ Middlesex County Improvement Authority

 

 

 

 

 

Heldrich Associates LLC,

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

6.250% 01/01/37(d)

 

2,250,000

 

2,163,082

 

PA Philadelphia Authority for Industrial Development

 

 

 

 

 

Doubletree Project,

 

 

 

 

 

Series 1997 A,

 

 

 

 

 

6.500% 10/01/27

 

2,000,000

 

2,067,200

 

Hotels Total

 

4,230,282

 

Recreation – 1.4%

 

 

 

 

 

CA Agua Caliente Band Cahuilla Indians

 

 

 

 

 

Series 2003,

 

 

 

 

 

6.000% 07/01/18

 

1,000,000

 

1,028,360

 

CA Cabazon Band Mission Indians

 

 

 

 

 

Series 2004:

 

 

 

 

 

8.375% 10/01/15(h)

 

550,000

 

548,993

 

8.750% 10/01/19(h)

 

1,950,000

 

1,954,368

 

CT Mashantucket Western Pequot Tribe

 

 

 

 

 

Series 1999 B,

 

 

 

 

 

(b) 09/01/15(h)

 

2,000,000

 

1,149,260

 

CT Mohegan Tribe Gaming Authority

 

 

 

 

 

Series 2001,

 

 

 

 

 

6.250% 01/01/31(h)

 

475,000

 

505,671

 

FL Capital Trust Agency

 

 

 

 

 

Seminole Tribe Convention Center,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

10.000% 10/01/33(h)

 

2,050,000

 

2,299,854

 

NM Red River Sports Facility

 

 

 

 

 

Red River Ski Area Project,

 

 

 

 

 

Series 1998,

 

 

 

 

 

6.450% 06/01/07

 

155,000

 

156,282

 

Recreation Total

 

7,642,788

 

Retail – 0.4%

 

 

 

 

 

LA Beauregard Parish

 

 

 

 

 

Boise Cascade Corp.,

 

 

 

 

 

Series 2002,

 

 

 

 

 

6.800% 02/01/27

 

1,750,000

 

1,869,298

 

OH Lake County

 

 

 

 

 

North Madison Properties,

 

 

 

 

 

Series 1993,

 

 

 

 

 

8.819% 09/01/11

 

445,000

 

442,815

 

 

See Accompanying Notes to Financial Statements.

 

21



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

OTHER REVENUE – (continued)

 

 

 

 

 

Retail – (continued)

 

 

 

 

 

Retail Total

 

2,312,113

 

OTHER REVENUE TOTAL

 

14,185,183

 

RESOURCE RECOVERY – 1.8%

 

 

 

 

 

Disposal – 0.7%

 

 

 

 

 

IL Development Finance Authority

 

 

 

 

 

Waste Management, Inc.,

 

 

 

 

 

Series 1997, AMT,

 

 

 

 

 

5.050% 01/01/10

 

250,000

 

258,178

 

MA Industrial Finance Agency

 

 

 

 

 

Peabody Monofill Associates, Inc.,

 

 

 

 

 

Series 1994,

 

 

 

 

 

9.000% 09/01/05

 

180,000

 

181,674

 

OH Solid Waste

 

 

 

 

 

Republic Services,

 

 

 

 

 

Series 2004, AMT,

 

 

 

 

 

4.250% 04/01/33

 

2,000,000

 

1,934,560

 

UT Carbon County Solid Waste Disposal Revenue

 

 

 

 

 

Laidlaw Environmental,

 

 

 

 

 

Series 1997 A, AMT,

 

 

 

 

 

7.450% 07/01/17

 

1,500,000

 

1,541,055

 

Disposal Total

 

3,915,467

 

Resource Recovery – 1.1%

 

 

 

 

 

MA Development Finance Agency

 

 

 

 

 

Ogden Haverhill Associates,

 

 

 

 

 

Series 1999 A, AMT,

 

 

 

 

 

6.700% 12/01/14

 

750,000

 

795,945

 

MA Industrial Finance Agency

 

 

 

 

 

Ogden Haverhill Associates,

 

 

 

 

 

Series 1998 A, AMT:

 

 

 

 

 

5.500% 12/01/13

 

500,000

 

504,515

 

5.600% 12/01/19

 

1,000,000

 

1,004,730

 

NY Niagara County Industrial Development Agency

 

 

 

 

 

American REF-Fuel Co., LLC,

 

 

 

 

 

Series 2001 A, AMT,

 

 

 

 

 

5.450% 11/15/26

 

1,000,000

 

1,071,660

 

 

See Accompanying Notes to Financial Statements.

 

22



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

RESOURCE RECOVERY – (continued)

 

 

 

 

 

Resource Recovery – (continued)

 

 

 

 

 

PA Delaware County Industrial Development Authority

 

 

 

 

 

American REF-Fuel Co.,

 

 

 

 

 

Series 1997 A,

 

 

 

 

 

6.200% 07/01/19

 

2,225,000

 

2,324,546

 

Resource Recovery Total

 

5,701,396

 

RESOURCE RECOVERY TOTAL

 

9,616,863

 

TAX-BACKED – 17.6%

 

 

 

 

 

Local Appropriated – 1.9%

 

 

 

 

 

CA Compton

 

 

 

 

 

Civic Center & Capital Improvements,

 

 

 

 

 

Series 1997 A,

 

 

 

 

 

5.500% 09/01/15

 

1,500,000

 

1,557,405

 

CA Southeast Resource Recovery
Facilities Authority

 

 

 

 

 

Series 2003 B, AMT,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

5.375% 12/01/18

 

2,000,000

 

2,118,140

 

MN Andover Economic Development Authority

 

 

 

 

 

Andover Community Center,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.200% 02/01/34

 

750,000

 

759,427

 

MO Industrial Development Authority

 

 

 

 

 

Convention Center Hotel,

 

 

 

 

 

Series 2000,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

(b) 07/15/18

 

3,000,000

 

1,599,330

 

SC Berkeley County School District

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.000% 12/01/28

 

2,000,000

 

2,002,660

 

SC Dorchester County School District No. 2

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.250% 12/01/29

 

1,000,000

 

1,026,620

 

SC Lancaster Educational Assistance Program

 

 

 

 

 

Lancaster County School District,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.000% 12/01/26

 

1,350,000

 

1,344,600

 

Local Appropriated Total

 

10,408,182

 

Local General Obligations – 4.6%

 

 

 

 

 

CA East Side Union High School District

 

 

 

 

 

Series 2003 B,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.100% 02/01/20

 

1,320,000

 

1,440,925

 

CA Empire Union School District

 

 

 

 

 

Series 1987-1 A,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

(b) 10/01/21

 

1,665,000

 

732,367

 

 

See Accompanying Notes to Financial Statements.

 

23



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

Local General Obligations – (continued)

 

 

 

 

 

CA Los Angeles Community College District

 

 

 

 

 

Series 2003 B,

 

 

 

 

 

Insured: FSA

 

 

 

 

 

5.000% 08/01/19

 

2,000,000

 

2,115,520

 

CA Los Angeles Unified School District

 

 

 

 

 

Series 1997 E,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.125% 01/01/27

 

3,800,000

 

3,950,024

 

Series 2002,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.750% 07/01/16

 

800,000

 

922,640

 

CA Modesto High School District

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

(b) 08/01/19

 

2,650,000

 

1,324,046

 

CA Pasadena Community College District

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.000% 06/01/19

 

1,290,000

 

1,363,891

 

CA Rocklin Unified School District

 

 

 

 

 

Series 2003,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

(b) 08/01/17

 

3,130,000

 

1,760,625

 

CA William S. Hart Union High School District

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.000% 09/01/19

 

1,625,000

 

1,710,427

 

CO Red Sky Ranch Metropolitan District

 

 

 

 

 

Series 2003,

 

 

 

 

 

6.050% 12/01/33

 

1,000,000

 

1,014,230

 

IL Hoffman Estates Park District

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.250% 12/01/23

 

1,000,000

 

1,039,900

 

NY New York City

 

 

 

 

 

Series 1995 B,

 

 

 

 

 

7.250% 08/15/07

 

1,000,000

 

1,093,680

 

Series 2003 J,

 

 

 

 

 

5.500% 06/01/18

 

1,500,000

 

1,612,080

 

OH Dublin City School District

 

 

 

 

 

Series 2003,

 

 

 

 

 

Insured: FSA

 

 

 

 

 

5.000% 12/01/20

 

2,450,000

 

2,578,282

 

TX Dallas County Flood Control District

 

 

 

 

 

Series 2002,

 

 

 

 

 

7.250% 04/01/32

 

1,000,000

 

1,029,220

 

WA Clark County School District No. 37

 

 

 

 

 

Series 2001 C,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

(b) 12/01/18

 

2,500,000

 

1,302,175

 

Local General Obligations Total

 

24,990,032

 

 

See Accompanying Notes to Financial Statements.

 

24



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

Special Non-Property Tax – 2.5%

 

 

 

 

 

FL Northern Palm Beach County Improvement District

 

 

 

 

 

Series 1999:

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.900% 08/01/19

 

500,000

 

545,765

 

6.000% 08/01/29

 

750,000

 

822,877

 

MO St. Louis County Industrial Development Authority

 

 

 

 

 

Kiel Center Arena,

 

 

 

 

 

Series 1992, AMT,

 

 

 

 

 

7.875% 12/01/24

 

3,000,000

 

3,009,930

 

NJ Economic Development Authority

 

 

 

 

 

Cigarette Tax,

 

 

 

 

 

Series 2004:

 

 

 

 

 

5.500% 06/15/31

 

315,000

 

322,743

 

5.750% 06/15/29

 

1,000,000

 

1,050,190

 

NY Thruway Authority

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.000% 03/15/20

 

3,500,000

 

3,681,125

 

PR Commonwealth of Puerto Rico Highway & Transportation Authority

 

 

 

 

 

Series 2003 AA:

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.500% 07/01/18

 

1,225,000

 

1,404,315

 

5.500% 07/01/19

 

2,320,000

 

2,667,745

 

Special Non-Property Tax Total

 

13,504,690

 

Special Property Tax – 5.3%

 

 

 

 

 

CA Carson Improvement Bond Act 1915

 

 

 

 

 

Series 1992,

 

 

 

 

 

7.375% 09/02/22

 

135,000

 

137,388

 

CA Huntington Beach Community Facilities District

 

 

 

 

 

Grand Coast Resort,

 

 

 

 

 

Series 2001-1,

 

 

 

 

 

6.450% 09/01/31

 

1,250,000

 

1,296,637

 

CA Irvine Improvement Bond Act 1915

 

 

 

 

 

No. 00-18-GRP 3,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.550% 09/02/26

 

500,000

 

500,635

 

CA Lincoln Community Facilities District No. 2003-1

 

 

 

 

 

Series 2004:

 

 

 

 

 

5.750% 09/01/20

 

500,000

 

496,940

 

5.900% 09/01/24

 

500,000

 

502,280

 

CA Oakdale Public Financing Authority

 

 

 

 

 

Central City Redevelopment Project,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.375% 06/01/33

 

2,000,000

 

2,013,520

 

 

See Accompanying Notes to Financial Statements.

 

25



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

Special Property Tax – (continued)

 

 

 

 

 

CA Oceanside Community Development Commission

 

 

 

 

 

Downtown Redevelopment Project,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.700% 09/01/25

 

500,000

 

516,840

 

CA Orange County Community Facilities District

 

 

 

 

 

Ladera Ranch:

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

6.500% 08/15/21

 

1,000,000

 

1,148,930

 

Series 2003 A,

 

 

 

 

 

5.550% 08/15/33

 

1,000,000

 

1,015,000

 

CA Orange County Improvement Bond Act 1915

 

 

 

 

 

Phase IV, No. 01-1-B,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.750% 09/02/33

 

1,000,000

 

1,018,610

 

CA Redwood City Community Facilities District No. 1

 

 

 

 

 

Series 2003 B,

 

 

 

 

 

6.000% 09/01/33

 

700,000

 

721,840

 

CA Temecula Valley Unified School District No. 1

 

 

 

 

 

Series 2003,

 

 

 

 

 

6.125% 09/01/33

 

600,000

 

618,900

 

FL Brandy Creek Community Development District

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

6.350% 05/01/34

 

1,000,000

 

1,037,970

 

FL Celebration Community Development District

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

6.400% 05/01/34

 

1,000,000

 

1,049,390

 

FL Colonial Country Club Community Development District

 

 

 

 

 

Series 2003,

 

 

 

 

 

6.400% 05/01/33

 

745,000

 

781,796

 

FL Concorde Estates Community Development District

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.850% 05/01/35

 

1,320,000

 

1,320,620

 

FL Double Branch Community Development District

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

6.700% 05/01/34

 

700,000

 

751,681

 

Series 2003 B,

 

 

 

 

 

5.375% 05/01/08

 

1,000,000

 

1,010,720

 

 

See Accompanying Notes to Financial Statements.

 

26



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

Special Property Tax – (continued)

 

 

 

 

 

FL Heritage Palms Community Development District

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

6.250% 11/01/07

 

250,000

 

249,880

 

FL Islands at Doral Southwest Community Development District

 

 

 

 

 

Series 2003,

 

 

 

 

 

6.375% 05/01/35

 

770,000

 

806,121

 

FL Lexington Oaks Community Development District

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

6.125% 05/01/19

 

250,000

 

253,643

 

Series 1998 B,

 

 

 

 

 

5.500% 05/01/05

 

25,000

 

25,008

 

Series 2000 A,

 

 

 

 

 

7.200% 05/01/30

 

675,000

 

706,111

 

Series 2002 A,

 

 

 

 

 

6.700% 05/01/33

 

250,000

 

263,865

 

FL Middle Village Community Development District

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

6.000% 05/01/35

 

2,000,000

 

2,035,880

 

FL Orlando

 

 

 

 

 

Conroy Road Interchange Project,

 

 

 

 

 

Series 1998 A:

 

 

 

 

 

5.500% 05/01/10

 

325,000

 

332,839

 

5.800% 05/01/26

 

600,000

 

609,264

 

FL Seven Oaks Community Development District

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.875% 05/01/35

 

500,000

 

500,315

 

Series 2004 B,

 

 

 

 

 

5.000% 05/01/09

 

750,000

 

751,882

 

FL Stoneybrook Community Development District

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

6.100% 05/01/19

 

800,000

 

811,896

 

Series 1998 B,

 

 

 

 

 

5.700% 05/01/08

 

25,000

 

25,244

 

FL Westchester Community Development District

 

 

 

 

 

Series 2003,

 

 

 

 

 

6.125% 05/01/35

 

800,000

 

824,072

 

IL Chicago Tax Increment

 

 

 

 

 

Pilsen Redevelopment,

 

 

 

 

 

Series 2004 B,

 

 

 

 

 

6.750% 06/01/22

 

1,225,000

 

1,255,747

 

IL Lincolnshire Special Services Area No. 1

 

 

 

 

 

Sedgebrook Project,

 

 

 

 

 

Series 2004,

 

 

 

 

 

6.250% 03/01/34

 

750,000

 

779,130

 

MI Pontiac Finance Authority

 

 

 

 

 

Development Area No. 3,

 

 

 

 

 

Series 2002,

 

 

 

 

 

6.375% 06/01/31

 

1,000,000

 

1,018,080

 

 

See Accompanying Notes to Financial Statements.

 

27



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

Special Property Tax – (continued)

 

 

 

 

 

MO Riverside Tax Increment

 

 

 

 

 

L-385 Levee Project,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.250% 05/01/20

 

1,275,000

 

1,300,959

 

Special Property Tax Total

 

28,489,633

 

State Appropriated – 0.8%

 

 

 

 

 

CA Public Works Board

 

 

 

 

 

Colinga State Hospital,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.500% 06/01/19

 

1,000,000

 

1,090,850

 

LA Military Department

 

 

 

 

 

Custody Receipts,

 

 

 

 

 

Series 2004,

 

 

 

 

 

4.850% 05/01/24

 

1,500,000

 

1,491,810

 

NY Triborough Bridge & Tunnel Authority

 

 

 

 

 

Javits Convention Center Project,

 

 

 

 

 

Series 1990 E,

 

 

 

 

 

7.250% 01/01/10

 

1,525,000

 

1,689,121

 

State Appropriated Total

 

4,271,781

 

State General Obligations – 2.5%

 

 

 

 

 

CA State

 

 

 

 

 

Series 2003:

 

 

 

 

 

5.250% 02/01/18

 

2,000,000

 

2,167,260

 

5.250% 02/01/20

 

2,000,000

 

2,169,980

 

5.250% 02/01/23

 

800,000

 

864,792

 

MA Massachusetts Bay Transportation Authority

 

 

 

 

 

Series 1992 B,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

6.200% 03/01/16

 

5,825,000

 

6,794,222

 

PR Commonwealth of Puerto Rico

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.000% 07/01/30

 

1,200,000

 

1,267,068

 

State General Obligations Total

 

13,263,322

 

TAX-BACKED TOTAL

 

94,927,640

 

TRANSPORTATION – 6.3%

 

 

 

 

 

Air Transportation – 2.6%

 

 

 

 

 

CA Los Angeles Regional Airports Improvement Corp.

 

 

 

 

 

American Airlines, Inc.,

 

 

 

 

 

Series 2000 C, AMT,

 

 

 

 

 

7.500% 12/01/24

 

400,000

 

403,588

 

FL Capital Trust Agency

 

 

 

 

 

Air Cargo Orlando Project,

 

 

 

 

 

Series 2003, AMT,

 

 

 

 

 

6.750% 01/01/32

 

650,000

 

635,681

 

 

See Accompanying Notes to Financial Statements.

 

28



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

TRANSPORTATION – (continued)

 

 

 

 

 

Air Transportation – (continued)

 

 

 

 

 

IL Chicago O’Hare International Airport

 

 

 

 

 

United Air Lines, Inc.,

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

6.750% 11/01/11(c)

 

1,600,000

 

573,360

 

IN Indianapolis Airport Authority

 

 

 

 

 

Fed Ex Corp.,

 

 

 

 

 

Series 2004, AMT,

 

 

 

 

 

5.100% 01/15/17

 

1,000,000

 

1,051,090

 

MA Port Authority

 

 

 

 

 

Delta Air Lines, Inc.,

 

 

 

 

 

Series 2001 A, AMT,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

5.500% 01/01/16

 

2,935,000

 

3,109,251

 

MN Minneapolis & St. Paul Metropolitan Airports Commission

 

 

 

 

 

Northwest Airlines, Inc.:

 

 

 

 

 

Series 2001 A, AMT,

 

 

 

 

 

7.000% 04/01/25

 

1,800,000

 

1,639,026

 

Series 2001 B, AMT,

 

 

 

 

 

6.500% 04/01/25

 

500,000

 

505,000

 

Series 2005, AMT,

 

 

 

 

 

7.375% 04/01/25

 

500,000

 

473,535

 

NC Charlotte Douglas International Airport

 

 

 

 

 

US Airways, Inc.:

 

 

 

 

 

Series 1998, AMT,

 

 

 

 

 

5.600% 07/01/27(l)

 

500,000

 

294,150

 

Series 2000, AMT,

 

 

 

 

 

7.750% 02/01/28(l)

 

1,250,000

 

868,787

 

NJ Economic Development Authority

 

 

 

 

 

Continental Airlines, Inc.:

 

 

 

 

 

Series 1999, AMT:

 

 

 

 

 

6.250% 09/15/19

 

1,000,000

 

818,500

 

6.250% 09/15/29

 

500,000

 

387,865

 

Series 2003, AMT,

 

 

 

 

 

9.000% 06/01/33

 

1,000,000

 

1,003,220

 

PA Philadelphia Authority for Industrial Development

 

 

 

 

 

Aero Philadelphia,

 

 

 

 

 

Series 1999, AMT:

 

 

 

 

 

5.250% 01/01/09

 

250,000

 

250,735

 

5.500% 01/01/24

 

1,000,000

 

948,060

 

TX Houston Industrial Development Corp.

 

 

 

 

 

United Parcel Services,

 

 

 

 

 

Series 2002, AMT,

 

 

 

 

 

6.000% 03/01/23

 

1,035,000

 

1,062,386

 

Air Transportation Total

 

14,024,234

 

Airports – 1.3%

 

 

 

 

 

DC Metropolitan Washington Airports Authority

 

 

 

 

 

Series 2003 A, AMT,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.000% 10/01/33

 

1,500,000

 

1,510,320

 

 

See Accompanying Notes to Financial Statements.

 

29



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

TRANSPORTATION – (continued)

 

 

 

 

 

Airports – (continued)

 

 

 

 

 

GA Augusta Airport Revenue

 

 

 

 

 

Series 2005,

 

 

 

 

 

5.150% 01/01/35

 

600,000

 

594,000

 

NC Charlotte Douglas International Airport

 

 

 

 

 

Series 1999, AMT,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

9.560% 04/20/1(k)(h)(j)

 

4,000,000

 

4,818,800

 

Airports Total

 

6,923,120

 

Ports – 1.1%

 

 

 

 

 

WA Port of Seattle

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

9.008% 08/01/07(k)(h)

 

1,250,000

 

1,488,787

 

Series 2000 B, AMT,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

9.008% 08/01/08(k)(h)

 

3,750,000

 

4,512,375

 

Ports Total

 

6,001,162

 

Toll Facilities – 0.9%

 

 

 

 

 

CO E-470 Public Highway Authority

 

 

 

 

 

Series 2000 B,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(b) 09/01/18

 

4,000,000

 

2,100,200

 

CO Northwest Parkway Public Highway Authority

 

 

 

 

 

Series 2001 D,

 

 

 

 

 

7.125% 06/15/41

 

2,750,000

 

2,940,493

 

Toll Facilities Total

 

5,040,693

 

Transportation – 0.4%

 

 

 

 

 

NV Department of Business & Industry

 

 

 

 

 

Las Vegas Monorail Project,

 

 

 

 

 

Series 2000,

 

 

 

 

 

7.375% 01/01/40

 

1,750,000

 

1,814,050

 

Transportation Total

 

1,814,050

 

TRANSPORTATION TOTAL

 

33,803,259

 

UTILITIES – 14.9%

 

 

 

 

 

Independent Power Producers – 2.5%

 

 

 

 

 

MI Midland County Economic Development Corp.

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

6.875% 07/23/09

 

1,650,000

 

1,703,790

 

NY Port Authority of New York & New Jersey

 

 

 

 

 

KIAC Partners,

 

 

 

 

 

Series 1996 IV, AMT,

 

 

 

 

 

6.750% 10/01/11

 

1,000,000

 

1,058,070

 

 

See Accompanying Notes to Financial Statements.

 

30



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

UTILITIES – (continued)

 

 

 

 

 

Independent Power Producers – (continued)

 

 

 

 

 

PA Carbon City Industrial Development Authority

 

 

 

 

 

Panther Creek Partners Project,

 

 

 

 

 

Series 2000, AMT,

 

 

 

 

 

6.650% 05/01/10

 

920,000

 

992,183

 

PA Economic Development Financing Authority

 

 

 

 

 

Colver Project,

 

 

 

 

 

Series 1994 D, AMT,

 

 

 

 

 

7.150% 12/01/18

 

1,650,000

 

1,689,204

 

Northampton Generating:

 

 

 

 

 

Series 1994 A, AMT,

 

 

 

 

 

6.500% 01/01/13

 

3,000,000

 

3,025,800

 

Series 1994 B, AMT,

 

 

 

 

 

6.750% 01/01/07

 

1,320,000

 

1,357,092

 

VA Pittsylvania County Industrial Development Authority

 

 

 

 

 

Multi-trade of Pittsylvania,

 

 

 

 

 

Series 1994 A, AMT:

 

 

 

 

 

7.450% 01/01/09

 

2,900,000

 

2,996,135

 

7.500% 01/01/14

 

500,000

 

516,100

 

Independent Power Producers Total

 

13,338,374

 

Investor Owned – 5.5%

 

 

 

 

 

AZ Maricopa County Pollution Control Corp.

 

 

 

 

 

El Paso Electric Co.,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

6.250% 05/01/37

 

1,000,000

 

1,011,080

 

Southern California Edison Co.,

 

 

 

 

 

Series 2000 A,

 

 

 

 

 

2.900% 06/01/35

 

1,000,000

 

971,750

 

CA Chula Vista Industrial Development Authority

 

 

 

 

 

San Diego Gas & Electric,

 

 

 

 

 

Series 1996, AMT,

 

 

 

 

 

5.500% 12/01/21

 

1,275,000

 

1,334,517

 

FL Polk County Industrial Development Authority

 

 

 

 

 

Tampa Electric Co. Project,

 

 

 

 

 

Series 1996, AMT,

 

 

 

 

 

5.850% 12/01/30

 

1,500,000

 

1,529,295

 

IL Development Finance Authority

 

 

 

 

 

Peoples Gas Light & Coke Co.,

 

 

 

 

 

Series 2003 E, AMT,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

4.875% 11/01/38

 

2,500,000

 

2,523,725

 

IN Petersburg

 

 

 

 

 

Indianapolis Power & Light Co.,

 

 

 

 

 

Series 1991,

 

 

 

 

 

5.750% 08/01/21

 

1,000,000

 

1,042,840

 

Series 1995,

 

 

 

 

 

6.625% 12/01/24

 

255,000

 

260,595

 

 

See Accompanying Notes to Financial Statements.

 

31



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

UTILITIES – (continued)

 

 

 

 

 

Investor Owned – (continued)

 

 

 

 

 

LA Calcasieu Parish Industrial Development Board

 

 

 

 

 

Entergy Gulf States, Inc.,

 

 

 

 

 

Series 1999,

 

 

 

 

 

5.450% 07/01/10

 

500,000

 

507,990

 

LA West Feliciana Parish

 

 

 

 

 

Entergy Gulf States, Inc.,

 

 

 

 

 

Series 1999 B,

 

 

 

 

 

6.600% 09/01/28

 

250,000

 

253,740

 

MS Business Finance Corp.

 

 

 

 

 

Systems Energy Resources, Inc. Project,

 

 

 

 

 

Series 1999,

 

 

 

 

 

5.900% 05/01/22

 

1,500,000

 

1,535,700

 

MT Forsyth

 

 

 

 

 

Portland General,

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

5.200% 05/01/33

 

375,000

 

391,699

 

NC Wake County Industrial Facilities & Pollution Control Financing Authority

 

 

 

 

 

Carolina Power & Light Co.,

 

 

 

 

 

Series 2002,

 

 

 

 

 

5.375% 02/01/17

 

2,000,000

 

2,119,020

 

NM Farmington

 

 

 

 

 

Tucson Electric Power Co.,

 

 

 

 

 

Series 1997 A,

 

 

 

 

 

6.950% 10/01/20

 

2,000,000

 

2,096,280

 

NV Clark County Industrial Development Authority

 

 

 

 

 

Nevada Power Co.:

 

 

 

 

 

Series 1995 B, AMT,

 

 

 

 

 

5.900% 10/01/30

 

2,135,000

 

2,126,844

 

Series 1997 A, AMT,

 

 

 

 

 

5.900% 11/01/32

 

750,000

 

747,067

 

Southern California Edison Co.,

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

3.250% 06/01/31

 

1,000,000

 

974,900

 

PA Beaver County Industrial
Development Authority

 

 

 

 

 

Toledo Edison Co. Project,

 

 

 

 

 

Series 1995,

 

 

 

 

 

7.625% 05/01/20

 

2,000,000

 

2,048,560

 

PA Economic Development Financing Authority

 

 

 

 

 

Reliant Energy, Inc.,

 

 

 

 

 

Series 2001 A, AMT,

 

 

 

 

 

6.750% 12/01/36

 

800,000

 

853,144

 

SC Berkeley County Pollution Control Facilities Authority

 

 

 

 

 

South Carolina Generating Co. Project,

 

 

 

 

 

Series 2003,

 

 

 

 

 

4.875% 10/01/14

 

1,500,000

 

1,559,565

 

 

See Accompanying Notes to Financial Statements.

 

32



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

UTILITIES – (continued)

 

 

 

 

 

Investor Owned – (continued)

 

 

 

 

 

TX Brazos River Authority

 

 

 

 

 

TXU Energy Co. LLC:

 

 

 

 

 

Series 2001, AMT,

 

 

 

 

 

5.750% 05/01/36

 

515,000

 

547,090

 

Series 2003 C, AMT,

 

 

 

 

 

6.750% 10/01/38

 

1,180,000

 

1,286,106

 

WY Campbell County

 

 

 

 

 

Black Hills Power, Inc.,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.350% 10/01/24

 

2,250,000

 

2,287,327

 

WY Converse County

 

 

 

 

 

PacifiCorp,

 

 

 

 

 

Series 1988,

 

 

 

 

 

3.900% 01/01/14

 

1,500,000

 

1,431,630

 

Investor Owned Total

 

29,440,464

 

Joint Power Authority – 1.3%

 

 

 

 

 

GA Municipal Electric Authority

 

 

 

 

 

Series 1991 V,

 

 

 

 

 

6.600% 01/01/18

 

3,375,000

 

4,008,049

 

NC Eastern Municipal Power Agency

 

 

 

 

 

Series 1991 A,

 

 

 

 

 

6.500% 01/01/18

 

1,680,000

 

1,976,268

 

Series 2003 C,

 

 

 

 

 

5.375% 01/01/17

 

1,000,000

 

1,047,310

 

Joint Power Authority Total

 

7,031,627

 

Municipal Electric – 4.1%

 

 

 

 

 

MN Western Municipal Power Agency

 

 

 

 

 

Series 2003 B,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.000% 01/01/15

 

500,000

 

540,010

 

NY Long Island Power Authority

 

 

 

 

 

Series 1998,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

5.000% 04/01/10

 

2,000,000

 

2,144,580

 

Series 2003 A,

 

 

 

 

 

5.000% 06/01/09

 

2,000,000

 

2,117,660

 

PR Electric Power Authority

 

 

 

 

 

Series 1998 NN,

 

 

 

 

 

5.500% 07/01/20

 

1,005,000

 

1,120,857

 

TX Lower Colorado River Authority

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

5.500% 05/15/21

 

15,000,000

 

16,161,600

 

Municipal Electric Total

 

22,084,707

 

Water & Sewer – 1.5%

 

 

 

 

 

AZ Gilbert Water Resources Municipal Property Corp.

 

 

 

 

 

Wastewater Systems & Utilities Revenue,

 

 

 

 

 

Series 2004,

 

 

 

 

 

4.900% 04/01/19

 

1,000,000

 

971,390

 

 

See Accompanying Notes to Financial Statements.

 

33



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

UTILITIES – (continued)

 

 

 

 

 

Water & Sewer – (continued)

 

 

 

 

 

CA Department of Water Resources

 

 

 

 

 

Central Valley Project,

 

 

 

 

 

Series 2002 X,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.500% 12/01/17

 

1,300,000

 

1,478,347

 

FL Key West

 

 

 

 

 

Sewer Revenue,

 

 

 

 

 

Series 2003,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.250% 10/01/18

 

1,000,000

 

1,082,650

 

MS V Lakes Utility District,

 

 

 

 

 

Series 1994,

 

 

 

 

 

8.250% 07/15/24

 

400,000

 

396,188

 

NH Industrial Development Authority

 

 

 

 

 

Pennichuck Water Works, Inc.,

 

 

 

 

 

Series 1988, AMT,

 

 

 

 

 

7.500% 07/01/18

 

440,000

 

502,902

 

PA Dauphin County Industrial Development Authority

 

 

 

 

 

Dauphin Water Supply Co.,

 

 

 

 

 

Series 1992 A, AMT,

 

 

 

 

 

6.900% 06/01/24

 

3,200,000

 

3,997,664

 

Water & Sewer Total

 

8,429,141

 

TOTAL UTILITIES

 

80,324,313

 

Total Municipal Bonds
(cost of $494,605,331)

 

505,765,752

 

Municipal Preferred Stocks – 1.6%

 

 

 

 

 

HOUSING – 1.6%

 

 

 

 

 

Multi-Family – 1.6%

 

 

 

 

 

Charter Municipal Mortgage Acceptance Co.

 

 

 

 

 

AMT:

 

 

 

 

 

6.625% 06/30/09(h)

 

2,000,000

 

2,189,500

 

7.600% 11/30/10(h)

 

1,500,000

 

1,717,680

 

6.300% 04/30/19(h)

 

1,000,000

 

1,063,820

 

GMAC Municipal Mortgage Trust

 

 

 

 

 

AMT:

 

 

 

 

 

5.700% 10/31/40(h)

 

1,500,000

 

1,494,615

 

5.600% 10/31/39(h)

 

1,000,000

 

1,018,040

 

 

See Accompanying Notes to Financial Statements.

 

34



 

 

 

Par ($)

 

Value ($)

 

Municipal Preferred Stocks – (continued)

 

 

 

 

 

HOUSING – (continued)

 

 

 

 

 

Multi-Family – (continued)

 

 

 

 

 

Munimae Trust

 

 

 

 

 

AMT,

 

 

 

 

 

5.800% 06/30/49(h)

 

1,000,000

 

994,170

 

Multi-Family Total

 

8,477,825

 

HOUSING TOTAL

 

8,477,825

 

Total Municipal Preferred Stocks
(cost of $8,000,000)

 

8,477,825

 

 

 

 

Shares

 

 

 

Investment Management Company – 0.0%

 

 

 

 

 

Dreyfus Tax-Exempt Cash Management Fund

 

9,179

 

9,179

 

Total Investment Management Company
(cost of $9,179)

 

9,179

 

 

 

 

Par ($)

 

 

 

Short-Term Obligations – 4.2%

 

 

 

 

 

VARIABLE RATE DEMAND NOTES(m) – 4.2%

 

 

 

 

 

FL Alachua Health Facilities Authority

 

 

 

 

 

Oak Hammock at the University of Florida,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

2.050% 10/01/32

 

1,700,000

 

1,700,000

 

FL Collier County Health Facilities Authority

 

 

 

 

 

Lutheran Hospital,

 

 

 

 

 

Series 2003 C-1,

 

 

 

 

 

2.040% 01/01/35

 

1,500,000

 

1,500,000

 

IA Finance Authority

 

 

 

 

 

Drake University,

 

 

 

 

 

Series 2001,

 

 

 

 

 

2.100% 07/01/31

 

700,000

 

700,000

 

Museum of Art Foundation,

 

 

 

 

 

Series 2003,

 

 

 

 

 

2.100% 06/01/33

 

600,000

 

600,000

 

Village Court Associates,

 

 

 

 

 

Series 1985 A,

 

 

 

 

 

2.280% 11/01/15

 

600,000

 

600,000

 

IA Higher Education Loan Authority

 

 

 

 

 

Loras College,

 

 

 

 

 

Series 2000,

 

 

 

 

 

2.050% 11/01/30

 

900,000

 

900,000

 

IA Woodbury County Educational Facility

 

 

 

 

 

Siouxland Medical Educational Foundation,

 

 

 

 

 

Series 1996,

 

 

 

 

 

2.330% 11/01/16

 

1,500,000

 

1,500,000

 

IL Health Facilities Authority

 

 

 

 

 

OSF Healthcare System,

 

 

 

 

 

Series 2002,

 

 

 

 

 

2.050% 11/15/27

 

1,700,000

 

1,700,000

 

IN Health Facility Financing Authority

 

 

 

 

 

Fayette Memorial Hospital Association, Inc.,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

2.100% 10/01/32

 

600,000

 

600,000

 

 

See Accompanying Notes to Financial Statements.

 

35



 

 

 

Par ($)

 

Value ($)

 

Short-Term Obligations – (continued)

 

 

 

 

 

VARIABLE RATE DEMAND NOTES(m) – (continued)

 

 

 

 

 

Golden Years Homestead, Inc.,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

2.280% 06/01/25

 

500,000

 

500,000

 

MA Water Resources Authority

 

 

 

 

 

Series 2002 D,

 

 

 

 

 

2.050% 08/01/17

 

100,000

 

100,000

 

MI Northern Michigan University

 

 

 

 

 

Series 2001,

 

 

 

 

 

2.050% 06/01/31

 

2,500,000

 

2,500,000

 

MN Cohasset

 

 

 

 

 

Minnesota Power & Light Co.,

 

 

 

 

 

Series 1997 B,

 

 

 

 

 

2.050% 06/01/13

 

300,000

 

300,000

 

MN Higher Education Facilities Authority

 

 

 

 

 

St. Olaf College,

 

 

 

 

 

Series 2002,

 

 

 

 

 

LOC: Harris Trust & Savings Bank,

 

 

 

 

 

2.050% 10/01/32

 

1,600,000

 

1,600,000

 

MO Health & Educational Facilities Authority

 

 

 

 

 

Washington University,

 

 

 

 

 

Series 1996 D,

 

 

 

 

 

2.050% 09/01/30

 

1,900,000

 

1,900,000

 

MS Jackson County

 

 

 

 

 

Chevron Corp.,

 

 

 

 

 

Series 1992,

 

 

 

 

 

2.050% 12/01/16–06/01/23

 

1,400,000

 

1,400,000

 

ND Ward County Health Care Facilities

 

 

 

 

 

Trinity Health,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

2.100% 07/01/29

 

195,000

 

195,000

 

TX Harris County Health Facilities Development Corp.

 

 

 

 

 

YMCA of the Greater Houston Area,

 

 

 

 

 

Series 2002,

 

 

 

 

 

2.050% 07/01/37

 

500,000

 

500,000

 

UT Eagle Mountain Gas & Electric

 

 

 

 

 

Series 2001,

 

 

 

 

 

2.300% 12/01/25

 

400,000

 

400,000

 

WI Health & Educational Facilities Authority

 

 

 

 

 

Riverview Hospital Association,

 

 

 

 

 

Series 2001,

 

 

 

 

 

2.100% 10/01/30

 

1,005,000

 

1,005,000

 

 

See Accompanying Notes to Financial Statements.

 

36



 

 

 

Par ($)

 

Value ($)

 

Short-Term Obligations – (continued)

 

 

 

 

 

VARIABLE RATE DEMAND NOTES(m) – (continued)

 

 

 

 

 

WY Uinta County Pollution Control Revenue

 

 

 

 

 

Chevron Corp.,

 

 

 

 

 

Series 1993:

 

 

 

 

 

2.050% 08/15/20

 

900,000

 

900,000

 

2.210% 08/15/20

 

1,300,000

 

1,300,000

 

VARIABLE RATE DEMAND NOTES TOTAL

 

22,400,000

 

 

 

 

 

Total Short-Term Obligations
(cost of $22,400,000)

 

22,400,000

 

 

 

 

 

Total Investments – 99.7%
(cost of $525,014,510)(n)(o)

 

536,652,756

 

 

 

 

 

Other Assets & Liabilities, Net – 0.3%

 

1,879,671

 

 

 

 

 

Net Assets – 100.0%

 

538,532,427

 

 


 

Notes to Investment Portfolio:

 

*

Security Valuation:

 

 

Debt securities generally are valued by pricing services approved by the Fund’s Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account

 

 

appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis.

 

 

 

 

 

Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value.

 

 

 

 

 

Investments in other investment companies are valued at net asset value.

 

 

 

 

 

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

 

 

 

 

 

Investments for which market quotations are not readily available, or quotations which management believes are not appropriate, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees.

 

See Accompanying Notes to Financial Statements.

 

37



 

 

(a)

Denotes a restricted security, which is subject to registration with the SEC or is required to be exempted from such registration prior to resale. At March 31, 2005, the value of these securities amounted to $4,899,881, which represents 0.9% of net assets.

 

 

 

 

 

 

 

Acquisition

 

Acquisition

 

Security

 

 

 

 

 

Date

 

Cost

 

CA ABAG Finance Authority for Nonprofit Corps.

 

 

 

 

 

 

 

 

 

Eskaton Gold River Lodge, Series 1998:

 

 

 

 

 

 

 

 

 

 

 

6.375%

 

11/15/15

 

07/30/98

 

$

622,221

 

 

 

6.375%

 

11/15/28

 

07/30/98

 

541,298

 

CA California Statewide Communities Development Authority

 

 

 

 

 

 

 

 

 

Crossroads School for Arts & Sciences, Series 1998,

 

 

 

 

 

 

 

 

 

 

 

6.000%

 

08/01/28

 

08/21/98

 

980,000

 

San Francisco Art Institute, Series 2002,

 

 

 

 

 

 

 

 

 

 

 

7.375%

 

04/01/32

 

07/05/02

 

750,000

 

CA Statewide Community Development Authority

 

 

 

 

 

 

 

 

 

Eskaton Village - Grass Valley, Series 2000,

 

 

 

 

 

 

 

 

 

 

 

8.250%

 

11/15/31

 

09/08/00

 

1,730,000

 

 

 

 

 

 

 

 

 

$

4,623,519

 

 

 

(b)

Zero coupon bond.

 

 

 

 

(c)

The issuer has filed for bankruptcy protection under Chapter 11 and is in default of certain debt covenants. Income is not being accrued. As of March 31, 2005, the value of these securities amounted to $593,693, which represents 0.1% of net assets.

 

 

 

 

(d)

Security purchased on a delayed delivery basis.

 

 

 

 

(e)

Represents fair value as determined in good faith under procedures approved by the Board of Trustees.

 

 

 

 

(f)

The issuer is in default of certain debt covenants. Income is being partially accrued based on the execution of the forbearance agreement with the borrower. As of March 31, 2005, the value of these securities amounted to $229,500, which represents less than 0.1% of net assets.

 

 

 

 

(g)

The issuer is in default of certain debt covenants. Income is not being accrued. As of March 31, 2005, the value of these securities amounted to $1,285,202, which represents 0.1% of net assets.

 

 

 

 

(h)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, these securities amounted to $35,584,197, which represents 6.6% of net assets.

 

 

 

 

(i)

The Fund has been informed that each issuer has placed direct obligation of the U.S. Government in an irrevocable trust, solely for the payment principal and interest.

 

 

 

 

(j)

The security or a portion of the security is pledged as collateral for open futures contracts. At March 31, 2005, the total market value of securities pledged amounted to $1,758,403.

 

 

 

 

(k)

Variable rate security. The interest rate shown reflects the rate as of March 31, 2005.

 

 

 

 

(l)

The issuer has filed for bankruptcy protection under Chapter 11. Income is being accrued. As of March 31, 2005, the value of these securities amounted to $1,162,937, which represents 0.2% of net assets.

 

 

 

 

(m)

Variable rate demand notes. These securities are payable upon demand and are secured by letters of credit or other credit support agreements from banks. The interest rates change periodically and the interest rates shown reflect the rates at March 31, 2005.

 

 

 

 

(n)

Cost for federal income tax purposes is $524,704,764.

 

See Accompanying Notes to Financial Statements.

 

38



 

 

(o)

Unrealized appreciation and depreciation at March 31, 2005 based on cost of investments for federal income tax purposes was:

 

 

 

Unrealized
Appreciation

 

Unrealized
Depreciation

 

Net Unrealized
Appreciation

 

 

 

$

23,454,131

 

$

(11,506,139

)

$

11,947,992

 

 

At March 31, 2005, the Fund held the following open short futures contracts.

 

Type

 

Number of
Contracts

 

Value

 

Aggregate
Face Value

 

Expiration
Date

 

Unrealized
Depreciation

 

10-Year U.S. Treasury Notes

 

393

 

$

42,941,391

 

$

43,296,651

 

Jun-05

 

$

355,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Long Bonds

 

450

 

50,118,750

 

50,474,871

 

Jun-05

 

356,121

 

 

 

 

 

 

 

 

 

 

 

$

711,381

 

 

Acronym

 

Name

 

 

 

ABAG

 

Association of Bay Area Government

AMBAC

 

Ambac Assurance Corp.

AMT

 

Alternative Minimum Tax

FGIC

 

Financial Guaranty Insurance Co.

FHA

 

Federal Housing Administration

FSA

 

Financial Security Assurance, Inc.

GNMA

 

Government National Mortgage Assn.

MBIA

 

MBIA Insurance Corp.

RAD

 

Radian Asset Assurance, Inc.

 

39



 

INVESTMENT PORTFOLIO

 

 

March 31, 2005 (Unaudited)

 

Columbia Managed Municipals Fund

 

 

 

Par ($)

 

Value ($)*

 

Municipal Bonds – 96.2%

 

 

 

 

 

EDUCATION – 5.1%

 

 

 

 

 

Education – 4.3%

 

 

 

 

 

CA Educational Facilities Authority

 

 

 

 

 

Loyola Marymount University,

 

 

 

 

 

Series 2001,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(a) 10/01/20

 

1,000,000

 

465,110

 

MA Health & Education Facilities Authority

 

 

 

 

 

Massachusetts Institute of Technology,

 

 

 

 

 

Series 2002 K,

 

 

 

 

 

5.500% 07/01/22

 

1,000,000

 

1,151,660

 

MA College Building Authority

 

 

 

 

 

Series 1994 A:

 

 

 

 

 

7.500% 05/01/11

 

1,500,000

 

1,809,705

 

7.500% 05/01/14

 

3,500,000

 

4,363,555

 

OH Higher Educational Facility Revenue

 

 

 

 

 

Case Western Reserve University,

 

 

 

 

 

Series 1994,

 

 

 

 

 

6.250% 10/01/17

 

4,340,000

 

5,198,409

 

VA College Building Authority

 

 

 

 

 

Virginia Educational Facilities,

 

 

 

 

 

Washington & Lee University,

 

 

 

 

 

Series 2001,

 

 

 

 

 

5.375% 01/01/21

 

2,000,000

 

2,239,140

 

WV State University

 

 

 

 

 

Series 2000 A,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

(a) 04/01/18

 

3,800,000

 

2,052,912

 

Education Total

 

17,280,491

 

Student Loan – 0.8%

 

 

 

 

 

ME Educational Loan Marketing Corp.

 

 

 

 

 

Series 1994 B-1, AMT,

 

 

 

 

 

6.500% 11/01/09

 

3,000,000

 

3,247,530

 

Student Loan Total

 

3,247,530

 

EDUCATION TOTAL

 

20,528,021

 

HEALTH CARE – 6.2%

 

 

 

 

 

Continuing Care Retirement – 0.7%

 

 

 

 

 

FL Capital Projects Finance Authority

 

 

 

 

 

Glenridge on Palmer Ranch,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

8.000% 06/01/32

 

500,000

 

546,180

 

HI Department of Budget & Finance

 

 

 

 

 

Kahala Nui Project,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

7.875% 11/15/23

 

1,000,000

 

1,100,610

 

OH Hamilton County Health Care Facilities Revenue

 

 

 

 

 

Twin Towers, Series 1998 A,

 

 

 

 

 

5.125% 10/01/18

 

500,000

 

499,420

 

 

See Accompanying Notes to Financial Statements.

 

1



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Continuing Care Retirement – (continued)

 

 

 

 

 

PA Montgomery County Industrial Development Authority

 

 

 

 

 

Whitemarsh Continuing Care Retirement Community,

 

 

 

 

 

6.125% 02/01/28

 

500,000

 

506,995

 

Continuing Care Retirement Total

 

2,653,205

 

Health Services – 0.5%

 

 

 

 

 

MA Development Finance Agency

 

 

 

 

 

Boston Biomedical Research Institute,

 

 

 

 

 

Series 1999,

 

 

 

 

 

5.650% 02/01/19

 

310,000

 

302,855

 

WI Health & Educational Facilities Authority

 

 

 

 

 

Marshfield Clinic,

 

 

 

 

 

Series 1999,

 

 

 

 

 

Insured: RAD

 

 

 

 

 

6.250% 02/15/29

 

1,600,000

 

1,766,560

 

Health Services Total

 

2,069,415

 

Hospital – 4.5%

 

 

 

 

 

CA ABAG Finance Authority for Nonprofit Corps.

 

 

 

 

 

San Diego Hospital Association,

 

 

 

 

 

Series 2003 C,

 

 

 

 

 

5.375% 03/01/20

 

1,320,000

 

1,369,434

 

CA Health Facilities Financing Authority

 

 

 

 

 

Catholic Healthcare West,

 

 

 

 

 

Series 2004 G,

 

 

 

 

 

5.250% 07/01/23

 

500,000

 

514,915

 

FL Hillsborough County Industrial Development Authority

 

 

 

 

 

Tampa General Hospital,

 

 

 

 

 

Series 2003 A:

 

 

 

 

 

5.250% 10/01/24

 

800,000

 

819,944

 

5.000% 10/01/18

 

825,000

 

840,040

 

FL West Orange Healthcare District

 

 

 

 

 

Series 2001 A,

 

 

 

 

 

5.650% 02/01/22

 

1,050,000

 

1,092,892

 

LA Public Facilities Authority

 

 

 

 

 

Touro Infirmary,

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

5.625% 08/15/29

 

1,240,000

 

1,254,731

 

MA Health & Educational Facilities Authority

 

 

 

 

 

South Shore Hospital,

 

 

 

 

 

Series 1999 F:

 

 

 

 

 

5.625% 07/01/19

 

1,000,000

 

1,039,080

 

5.750% 07/01/29

 

2,500,000

 

2,576,025

 

MD Health & Educational Facilities Authority

 

 

 

 

 

University of Maryland Medical System,

 

 

 

 

 

Series 2000,

 

 

 

 

 

6.750% 07/01/30

 

500,000

 

559,230

 

 

See Accompanying Notes to Financial Statements.

 

2



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Hospital – (continued)

 

 

 

 

 

MO Health & Educational Facilities Authority

 

 

 

 

 

Lake Regional Health Systems,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.600% 02/15/25

 

625,000

 

645,869

 

MS Medical Center Educational Building Corp.

 

 

 

 

 

University of Mississippi Medical Center,

 

 

 

 

 

Series 1998 B,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

5.500% 12/01/23

 

1,000,000

 

1,132,130

 

NM Farmington

 

 

 

 

 

San Juan Medical Center Project,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.000% 06/01/23

 

500,000

 

504,210

 

NV Henderson Healthcare Facility

 

 

 

 

 

Catholic Healthcare West,

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

6.750% 07/01/20

 

1,000,000

 

1,104,350

 

OH Highland County Joint Township Hospital District

 

 

 

 

 

Series 1999,

 

 

 

 

 

6.750% 12/01/29

 

475,000

 

462,622

 

OH Miami County Hospital Facilities Revenue

 

 

 

 

 

Upper Valley Medical Center,

 

 

 

 

 

Series 1996 C,

 

 

 

 

 

6.000% 05/15/06

 

525,000

 

541,385

 

OK Development Finance Authority

 

 

 

 

 

Duncan Regional Hospital,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

5.125% 12/01/23

 

1,000,000

 

1,003,680

 

TN Knox County Health, Educational & Housing Facilities Authority

 

 

 

 

 

East Tennessee Hospital,

 

 

 

 

 

Series 2003 B,

 

 

 

 

 

5.750% 07/01/33

 

650,000

 

677,664

 

WI Health & Educational Facilities Authority

 

 

 

 

 

Aurora Health Care, Inc.,

 

 

 

 

 

Series 2003,

 

 

 

 

 

6.400% 04/15/33

 

1,075,000

 

1,171,524

 

Wheaton Franciscan Services,

 

 

 

 

 

Series 2002,

 

 

 

 

 

5.750% 08/15/30

 

900,000

 

946,656

 

Hospitals Total

 

18,256,381

 

Intermediate Care Facilities – 0.5%

 

 

 

 

 

IN Health Facilities Financing Authority

 

 

 

 

 

Hoosier Care, Inc.,

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

7.125% 06/01/34

 

2,395,000

 

2,048,994

 

 

See Accompanying Notes to Financial Statements.

 

3



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Intermediate Care Facilities – (continued)

 

 

 

 

 

Intermediate Care Facilities

 

2,048,994

 

HEALTH CARE TOTAL

 

25,027,995

 

HOUSING – 1.5%

 

 

 

 

 

Assisted Living/Senior – 0.2%

 

 

 

 

 

NY Suffolk County Industrial Development Agency

 

 

 

 

 

Gurwin-Jewish Phase II,

 

 

 

 

 

Series 2004,

 

 

 

 

 

6.700% 05/01/39

 

900,000

 

920,313

 

Assisted Living/Senior Total

 

920,313

 

Multi-Family – 0.9%

 

 

 

 

 

FL Broward County Housing Finance Authority

 

 

 

 

 

Chaves Lake Apartment Project,

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

7.500% 07/01/40

 

1,500,000

 

1,487,160

 

FL Clay County Housing Finance Authority

 

 

 

 

 

Madison Commons Apartments,

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

7.450% 07/01/40

 

725,000

 

723,238

 

NC Medical Care Commission

 

 

 

 

 

ARC Projects,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.800% 10/01/34

 

1,400,000

 

1,391,782

 

Multi-Family Total

 

3,602,180

 

Single-Family – 0.4%

 

 

 

 

 

NM Mortgage Finance Authority

 

 

 

 

 

Series 2000 A-2, AMT,

 

 

 

 

 

Insured: FHA

 

 

 

 

 

7.100% 09/01/30

 

465,000

 

481,289

 

NV Housing Division

 

 

 

 

 

Series 1991 A-2, AMT,

 

 

 

 

 

Insured: FHA

 

 

 

 

 

7.750% 04/01/22

 

295,000

 

295,528

 

OH Housing Finance Agency

 

 

 

 

 

Series 1997 A-1, AMT,

 

 

 

 

 

Insured: GNMA

 

 

 

 

 

6.050% 09/01/17

 

405,000

 

424,177

 

RI Housing & Mortgage Finance Corp.

 

 

 

 

 

Series 1988, AMT,

 

 

 

 

 

Insured: FHA

 

 

 

 

 

7.550% 10/01/22

 

515,000

 

515,582

 

 

See Accompanying Notes to Financial Statements.

 

4



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

HOUSING – (continued)

 

 

 

 

 

Single-Family – (continued)

 

 

 

 

 

Single-Family Total

 

1,716,576

 

HOUSING TOTAL

 

6,239,069

 

INDUSTRIALS – 5.1%

 

 

 

 

 

Food Products – 2.9%

 

 

 

 

 

GA Cartersville Development Authority

 

 

 

 

 

Anheuser Busch Companies,

 

 

 

 

 

Series 1989 A, AMT,

 

 

 

 

 

7.375% 05/01/09(b)

 

9,000,000

 

10,227,870

 

MI Strategic Fund

 

 

 

 

 

Michigan Sugar Co.:

 

 

 

 

 

Carrollton Project,

 

 

 

 

 

Series 1998 C, AMT,

 

 

 

 

 

6.550% 11/01/25

 

800,000

 

748,264

 

Imperial Holly Corp.,

 

 

 

 

 

Series 1998 B,

 

 

 

 

 

6.450% 11/01/25

 

700,000

 

647,241

 

Food Products Total

 

11,623,375

 

Forest Products & Paper – 1.4%

 

 

 

 

 

FL Escambia County Environmental Improvement Authority

 

 

 

 

 

International Paper Co.,

 

 

 

 

 

Series 2003 A, AMT,

 

 

 

 

 

5.750% 11/01/27

 

550,000

 

565,719

 

WA Port Longview Industrial Development Corp.

 

 

 

 

 

Weyerhaeuser Corp.,

 

 

 

 

 

Series 1992, AMT,

 

 

 

 

 

6.875% 10/01/08

 

4,750,000

 

5,241,673

 

Forest Products & Paper Total

 

5,807,392

 

Manufacturing – 0.4%

 

 

 

 

 

MO Development Finance Board

 

 

 

 

 

Procter & Gamble Co.,

 

 

 

 

 

Series 1999, AMT,

 

 

 

 

 

5.200% 03/15/29

 

1,385,000

 

1,471,507

 

Manufacturing Total

 

1,471,507

 

Oil & Gas – 0.3%

 

 

 

 

 

NJ Middlesex County Pollution Control Authority

 

 

 

 

 

Amerada Hess Corp.,

 

 

 

 

 

Series 2004,

 

 

 

 

 

6.050% 09/15/34

 

240,000

 

252,084

 

VI Virgin Islands Public Finance Authority

 

 

 

 

 

Hovensa LCC,

 

 

 

 

 

Series 2003, AMT,

 

 

 

 

 

6.125% 07/01/22

 

875,000

 

936,635

 

Oil & Gas Total

 

1,188,719

 

 

See Accompanying Notes to Financial Statements.

 

5



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

INDUSTRIALS – (continued)

 

 

 

 

 

Other Industrial Development Bonds – 0.1%

 

 

 

 

 

MI Strategic Fund Obligation Ltd.

 

 

 

 

 

NSF International Project,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.250% 08/01/26

 

600,000

 

613,770

 

Other Industrial Development Bonds Total

 

613,770

 

INDUSTRIALS TOTAL

 

20,704,763

 

OTHER – 13.7%

 

 

 

 

 

Refunded/Escrowed(c) – 13.4%

 

 

 

 

 

CA Foothill Eastern Transportation Corridor Agency

 

 

 

 

 

Series 1995 A,

 

 

 

 

 

Pre-refunded Escrowed to Maturity

 

 

 

 

 

(a) 01/01/18

 

10,000,000

 

5,620,800

 

FL Jacksonville Transportation Authority

 

 

 

 

 

Series 1985,

 

 

 

 

 

Pre-refunded Escrowed to Maturity

 

 

 

 

 

9.200% 01/01/15

 

2,000,000

 

2,688,000

 

GA Fulton County Water & Sewer

 

 

 

 

 

Series 1992,

 

 

 

 

 

Pre-refunded Escrowed to Maturity

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

6.375% 01/01/14

 

13,270,000

 

15,379,797

 

GA Municipal Electric Authority

 

 

 

 

 

Series 1991,

 

 

 

 

 

Pre-refunded Escrowed to Maturity

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

6.600% 01/01/18

 

3,600,000

 

4,328,244

 

ID Health Facilities Authority

 

 

 

 

 

IHC Hospitals, Inc.,

 

 

 

 

 

Series 1992,

 

 

 

 

 

Pre-refunded Escrowed to Maturity

 

 

 

 

 

6.650% 02/15/21

 

1,200,000

 

1,516,164

 

IL Health Facilities Authority

 

 

 

 

 

Swedish American Hospital,

 

 

 

 

 

Series 2000,

 

 

 

 

 

Pre-refunded 05/15/10

 

 

 

 

 

6.875% 11/15/30

 

1,000,000

 

1,168,200

 

IL Metropolitan Pier & Exposition Authority

 

 

 

 

 

Series 1996,

 

 

 

 

 

Pre-refunded Escrowed to Maturity

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(a) 06/15/12

 

2,655,000

 

1,998,127

 

NC Eastern Municipal Power Agency

 

 

 

 

 

Series 1991 A,

 

 

 

 

 

Pre-refunded Escrowed to Maturity

 

 

 

 

 

6.500% 01/01/18

 

4,315,000

 

5,315,605

 

NY Triborough Bridge & Tunnel Authority

 

 

 

 

 

Series 1992 Y,

 

 

 

 

 

Pre-refunded Escrowed to Maturity

 

 

 

 

 

6.125% 01/01/21

 

5,500,000

 

6,622,935

 

 

See Accompanying Notes to Financial Statements.

 

6



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

OTHER – (continued)

 

 

 

 

 

Refunded/Escrowed(c) – (continued)

 

 

 

 

 

OH Cleveland-Cuyahoga County Port Authority

 

 

 

 

 

Oglebay Norton Co.,

 

 

 

 

 

Series 1997, AMT,

 

 

 

 

 

Pre-refunded Escrowed to Maturity

 

 

 

 

 

6.000% 03/01/07

 

140,000

 

145,811

 

OH Hilliard School District

 

 

 

 

 

Series 1995 A,

 

 

 

 

 

Pre-refunded Escrowed to Maturity

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

(a) 12/01/12

 

2,505,000

 

1,848,590

 

OH Water Development Authority

 

 

 

 

 

Series 1990,

 

 

 

 

 

Pre-refunded Escrowed to Maturity

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

6.000% 12/01/16

 

1,000,000

 

1,131,890

 

SC Calhoun County Solid Waste Disposal Facilities Revenue

 

 

 

 

 

Eastman Kodak Co.,

 

 

 

 

 

Series 1992, AMT,

 

 

 

 

 

Pre-refunded Escrowed to Maturity

 

 

 

 

 

6.750% 05/01/17

 

3,000,000

 

3,651,990

 

TX Houston Water & Sewer Revenue

 

 

 

 

 

Series 1998,

 

 

 

 

 

Pre-refunded Escrowed to Maturity

 

 

 

 

 

Insured: FSA

 

 

 

 

 

(a) 12/01/23

 

2,515,000

 

1,004,064

 

TX Municipal Power Agency

 

 

 

 

 

Series 1989,

 

 

 

 

 

Pre-refunded Escrowed to Maturity

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

(a) 09/01/08

 

75,000

 

67,229

 

WV Hospital Finance Authority

 

 

 

 

 

Charleston Area Medical Center,

 

 

 

 

 

Series 2000,

 

 

 

 

 

Pre-refunded 09/01/10

 

 

 

 

 

6.750% 09/01/30

 

1,610,000

 

1,883,169

 

Refunded/Escrowed Total

 

54,370,615

 

Tobacco – 0.3%

 

 

 

 

 

NJ Tobacco Settlement Financing Corp.

 

 

 

 

 

Series 2003,

 

 

 

 

 

6.750% 06/01/39

 

1,415,000

 

1,489,103

 

Tobacco Total

 

1,489,103

 

OTHER TOTAL

 

55,859,718

 

OTHER REVENUE – 1.6%

 

 

 

 

 

Hotels – 0.2%

 

 

 

 

 

NJ Middlesex County Improvement Authority

 

 

 

 

 

Heldrich Associates LLC,

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

6.250% 01/01/37(d)

 

1,000,000

 

961,370

 

Hotels Total

 

961,370

 

 

See Accompanying Notes to Financial Statements.

 

7



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

OTHER REVENUE – (continued)

 

 

 

 

 

Recreation – 1.2%

 

 

 

 

 

CA Agua Caliente Band Cahuilla Indians

 

 

 

 

 

Series 2003,

 

 

 

 

 

6.000% 07/01/18

 

350,000

 

359,926

 

CA Cabazon Band Mission Indians

 

 

 

 

 

Series 2004:

 

 

 

 

 

8.375% 10/01/15(e)

 

595,000

 

593,911

 

8.750% 10/01/19(e)

 

2,100,000

 

2,104,704

 

FL Capital Trust Agency

 

 

 

 

 

Seminole Tribe Convention Center,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

10.000% 10/01/33(e)

 

1,500,000

 

1,682,820

 

Recreation Total

 

4,741,361

 

Retail – 0.2%

 

 

 

 

 

NJ Economic Development Authority

 

 

 

 

 

Glimcher Properties LP Project,

 

 

 

 

 

Series1998, AMT,

 

 

 

 

 

6.000% 11/01/28

 

650,000

 

653,777

 

OH Lake County

 

 

 

 

 

North Madison Properties,

 

 

 

 

 

Series 1993,

 

 

 

 

 

8.819% 09/01/11

 

160,000

 

159,214

 

Retail Total

 

812,991

 

OTHER REVENUE TOTAL

 

6,515,722

 

RESOURCE RECOVERY – 0.4%

 

 

 

 

 

Disposal – 0.4%

 

 

 

 

 

IL Development Finance Authority

 

 

 

 

 

Waste Management, Inc.,

 

 

 

 

 

Series 1997, AMT,

 

 

 

 

 

5.050% 01/01/10

 

500,000

 

516,355

 

MI Strategic Fund

 

 

 

 

 

Waste Management,

 

 

 

 

 

Series 1995, AMT,

 

 

 

 

 

5.200% 04/01/10

 

500,000

 

519,710

 

NV Department of Business & Industry

 

 

 

 

 

Republic Services, Inc. Project,

 

 

 

 

 

Series 2003, AMT,

 

 

 

 

 

5.625% 12/01/26

 

500,000

 

541,410

 

Disposal Total

 

1,577,475

 

RESOURCE RECOVERY TOTAL

 

1,577,475

 

TAX-BACKED – 32.1%

 

 

 

 

 

Local Appropriated – 1.7%

 

 

 

 

 

IL Chicago Board of Education

 

 

 

 

 

Series 1992 A,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

6.000% 01/01/16

 

5,000,000

 

5,795,250

 

 

See Accompanying Notes to Financial Statements.

 

8



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

Local Appropriated – (continued)

 

 

 

 

 

IN Crown Point School Building Corp.

 

 

 

 

 

Series 2000,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(a) 01/15/19

 

1,665,000

 

850,682

 

Local Appropriated Total

 

6,645,932

 

Local General Obligations – 12.7%

 

 

 

 

 

AK North Slope Borough

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(a) 06/30/10

 

2,515,000

 

2,065,066

 

Series 2000 B,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(a) 06/30/10

 

2,000,000

 

1,643,880

 

Series 2001 A,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(a) 06/30/12

 

5,000,000

 

3,704,350

 

CA Golden West School Authority

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(a) 08/01/15

 

1,500,000

 

944,970

 

CA Los Angeles Unified School District

 

 

 

 

 

Series 2002 E,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.750% 07/01/16

 

400,000

 

461,320

 

CA West Contra Costa Unified School District

 

 

 

 

 

Series 2001 B,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

6.000% 08/01/24

 

465,000

 

559,125

 

CA Yuba City Unified School District

 

 

 

 

 

Series 2000,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

(a) 09/01/18

 

1,160,000

 

613,060

 

IL Champaign County

 

 

 

 

 

Series 1999,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

8.250% 01/01/20

 

1,015,000

 

1,421,284

 

IL Chicago Board of Education

 

 

 

 

 

Series 1998 B-1,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

(a) 12/01/21

 

1,500,000

 

654,030

 

Insured: MBIA

 

 

 

 

 

6.250% 12/01/12

 

2,500,000

 

2,896,350

 

IL Chicago

 

 

 

 

 

Series 1999,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.500% 01/01/23

 

2,250,000

 

2,546,572

 

IL Cook County School District No. 102

 

 

 

 

 

Series 2001,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

(a) 12/01/20

 

3,065,000

 

1,416,061

 

 

See Accompanying Notes to Financial Statements.

 

9



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

Local General Obligations – (continued)

 

 

 

 

 

IL Will County Forest Preservation District

 

 

 

 

 

Series 1999 B,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

(a) 12/01/16

 

1,000,000

 

580,930

 

IL Will County United School District No. 365-UVY

 

 

 

 

 

Series 1999 B,

 

 

 

 

 

Insured: FSA

 

 

 

 

 

(a) 11/01/18

 

1,900,000

 

987,031

 

LA New Orleans

 

 

 

 

 

Series 1991,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

(a) 09/01/12

 

6,250,000

 

4,603,000

 

MO Springfield School District No. R-12

 

 

 

 

 

Series 1991 B,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

9.500% 03/01/07

 

600,000

 

672,150

 

NE Omaha Convention Center/Arena

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.250% 04/01/23

 

1,000,000

 

1,116,870

 

OH Adams County Ohio Valley Local School District

 

 

 

 

 

Series 1995,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

7.000% 12/01/15

 

3,000,000

 

3,652,920

 

OH Beavercreek Local School District

 

 

 

 

 

Series 1996,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

6.600% 12/01/15

 

2,500,000

 

3,002,375

 

OH Crooksville Exempt Village School District

 

 

 

 

 

Series 1986,

 

 

 

 

 

7.375% 12/01/07

 

25,000

 

27,348

 

OH Cuyahoga County

 

 

 

 

 

Series 1993 A,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(a) 10/01/12

 

1,000,000

 

743,010

 

OH Dublin City School District

 

 

 

 

 

Series 1997,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(a) 12/01/11

 

900,000

 

698,283

 

OH Eastern Local School District Brown & Highland Counties

 

 

 

 

 

Series 1995,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

6.250% 12/01/17

 

1,160,000

 

1,387,882

 

OH Gahanna-Jefferson City School District

 

 

 

 

 

Series 1993,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

(a) 12/01/11

 

795,000

 

616,817

 

 

See Accompanying Notes to Financial Statements.

 

10



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

Local General Obligations – (continued)

 

 

 

 

 

OH Hilliard School District

 

 

 

 

 

Series 2000,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.750% 12/01/24

 

1,000,000

 

1,126,920

 

OH Kings Local School District

 

 

 

 

 

Series 1995,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

7.500% 12/01/16

 

2,110,000

 

2,662,398

 

OH Lakota Local School District

 

 

 

 

 

Series 2001,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.500% 12/01/18

 

1,460,000

 

1,660,648

 

OH Massillon City School District

 

 

 

 

 

Series 2002:

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

(a) 12/01/09

 

900,000

 

766,512

 

(a) 12/01/11

 

1,000,000

 

775,870

 

OH Monroe Local School District

 

 

 

 

 

Series 2002,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

5.750% 12/01/19

 

1,195,000

 

1,393,358

 

OH North Fork Local School District

 

 

 

 

 

Series 2001,

 

 

 

 

 

Insured: FSA

 

 

 

 

 

5.750% 12/01/17

 

510,000

 

593,013

 

OH Pickerington Local School District

 

 

 

 

 

Series 2001,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

(a) 12/01/16

 

1,340,000

 

797,313

 

OH River Valley Local School District

 

 

 

 

 

School Facilities Construction & Improvement,

 

 

 

 

 

Series 2001,

 

 

 

 

 

Insured: FSA

 

 

 

 

 

5.250% 11/01/23

 

500,000

 

555,575

 

OH Shaker Heights City School District

 

 

 

 

 

Series 1990 A,

 

 

 

 

 

7.100% 12/15/10

 

550,000

 

615,863

 

OH Southwest Licking Local School District

 

 

 

 

 

Series 1999,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.750% 12/01/16

 

400,000

 

460,288

 

OH Tri-County North Local School District

 

 

 

 

 

Series 1986,

 

 

 

 

 

8.125% 12/01/06

 

75,000

 

80,527

 

OH West Chester Township

 

 

 

 

 

Series 2002,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

5.750% 12/01/20

 

1,000,000

 

1,168,990

 

 

See Accompanying Notes to Financial Statements.

 

11



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

Local General Obligations – (continued)

 

 

 

 

 

TX Dallas County Flood Control District

 

 

 

 

 

Series 2002,

 

 

 

 

 

7.250% 04/01/32

 

1,500,000

 

1,543,830

 

WA Clark County School District No. 37

 

 

 

 

 

Series 2001 C,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

(a) 12/01/20

 

1,150,000

 

536,211

 

Local General Obligations Total

 

51,752,000

 

Special Non-Property Tax – 5.7%

 

 

 

 

 

IL Metropolitan Pier & Exposition Authority

 

 

 

 

 

Series 1996 A:

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(a) 06/15/12

 

2,345,000

 

1,737,668

 

(a) 12/15/12

 

8,850,000

 

6,412,002

 

MA Massachusetts Bay Transportation Authority

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

5.250% 07/01/19

 

1,200,000

 

1,329,912

 

Series 2005 A,

 

 

 

 

 

5.000% 07/01/25

 

3,000,000

 

3,214,350

 

MI Trunk Line

 

 

 

 

 

Series 2004,

 

 

 

 

 

Insured: FSA

 

 

 

 

 

5.000% 11/01/19

 

1,000,000

 

1,084,270

 

NJ Economic Development Authority

 

 

 

 

 

Cigarette Tax,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.500% 06/15/31

 

150,000

 

153,687

 

NY Dormitory Authority

 

 

 

 

 

State Personal Income Tax Revenue,

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

5.500% 03/15/27

 

3,860,000

 

4,435,951

 

NY Local Government Assistance Corp.

 

 

 

 

 

Series 1993 E,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.000% 04/01/21

 

1,000,000

 

1,076,770

 

OH Hamilton County Sales Tax Revenue

 

 

 

 

 

Series 2000 B,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

(a) 12/01/20

 

2,000,000

 

958,560

 

PR Commonwealth of Puerto Rico Highway & Transportation Authority

 

 

 

 

 

Series 2003 AA,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.500% 07/01/19

 

1,000,000

 

1,149,890

 

 

See Accompanying Notes to Financial Statements.

 

12



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

Special Non-Property Tax – (continued)

 

 

 

 

 

WA Central Puget Sound Regional Transportation Authority

 

 

 

 

 

Series 1998,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.250% 02/01/21

 

1,500,000

 

1,647,810

 

Special Non-Property Tax Total

 

23,200,870

 

Special Property Tax – 0.7%

 

 

 

 

 

CA Huntington Beach Community Facilities District

 

 

 

 

 

Grand Coast Resort,

 

 

 

 

 

Series 2001-1,

 

 

 

 

 

6.450% 09/01/31

 

500,000

 

518,655

 

CA Santa Margarita Water District

 

 

 

 

 

Series 1999,

 

 

 

 

 

6.250% 09/01/29

 

750,000

 

798,375

 

FL Double Branch Community Development District

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

6.700% 05/01/34

 

400,000

 

429,532

 

FL Westchester Community Development District No. 1

 

 

 

 

 

Special Assessment,

 

 

 

 

 

Series 2003,

 

 

 

 

 

6.000% 05/01/23

 

560,000

 

576,750

 

IL Sports Facilities Authority

 

 

 

 

 

Series 2001,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

(a) 06/15/18

 

1,000,000

 

537,980

 

Special Property Tax Total

 

2,861,292

 

State Appropriated – 4.5%

 

 

 

 

 

CA Public Works Board

 

 

 

 

 

Department of Mental Health Lease Revenue, Coalinga State Hospital,

 

 

 

 

 

Series A,

 

 

 

 

 

5.500% 06/01/15

 

1,000,000

 

1,099,840

 

KY Turnpike Authority

 

 

 

 

 

Series 1992,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

(a) 01/01/10

 

7,500,000

 

6,318,975

 

NJ Transportation Trust Fund Authority

 

 

 

 

 

Series 1999 A:

 

 

 

 

 

5.750% 06/15/18

 

5,000,000

 

5,702,650

 

5.750% 06/15/20

 

1,000,000

 

1,147,250

 

UT Building Ownership Authority

 

 

 

 

 

Facilities Master Lease,

 

 

 

 

 

Series 1998 C,

 

 

 

 

 

Insured: FSA

 

 

 

 

 

5.500% 05/15/19

 

3,450,000

 

3,896,395

 

State Appropriated Total

 

18,165,110

 

State General Obligations – 6.8%

 

 

 

 

 

CA State

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.250% 02/01/23

 

2,000,000

 

2,161,980

 

 

See Accompanying Notes to Financial Statements.

 

13



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

State General Obligations – (continued)

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.000% 02/01/22

 

2,000,000

 

2,072,100

 

IL State

 

 

 

 

 

Series 2001,

 

 

 

 

 

Insured: FGIG

 

 

 

 

 

6.000% 11/01/26

 

3,000,000

 

3,626,520

 

MA Massachusetts Bay Transportation Authority

 

 

 

 

 

Series 1992 B,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

6.200% 03/01/16

 

3,825,000

 

4,461,442

 

Series 1994 A,

 

 

 

 

 

7.000% 03/01/14

 

3,150,000

 

3,798,774

 

Insured: FSA

 

 

 

 

 

7.000% 03/01/19

 

2,500,000

 

3,143,975

 

OH State

 

 

 

 

 

Series 1992,

 

 

 

 

 

6.100% 08/01/12

 

380,000

 

437,137

 

PR Commonwealth of Puerto Rico

 

 

 

 

 

Public Improvement:

 

 

 

 

 

Series 2001 A,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.500% 07/01/16

 

4,230,000

 

4,812,386

 

Series 2004 A,

 

 

 

 

 

5.250% 07/01/21

 

3,000,000

 

3,182,490

 

State General Obligations Total

 

27,696,804

 

TAX-BACKED TOTAL

 

130,322,008

 

TRANSPORTATION – 6.2%

 

 

 

 

 

Air Transportation – 1.7%

 

 

 

 

 

IL Chicago O’Hare International Airport

 

 

 

 

 

United Air Lines, Inc.,

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

6.750% 11/01/11(f)

 

1,600,000

 

573,360

 

IN Indianapolis Airport Authority

 

 

 

 

 

Fed Ex Corp.,

 

 

 

 

 

Series 2004, AMT,

 

 

 

 

 

5.100% 01/15/17

 

500,000

 

525,545

 

United Airlines, Inc.,

 

 

 

 

 

Series 1995 A, AMT,

 

 

 

 

 

6.500% 11/15/31(f)

 

1,360,000

 

135,293

 

KY Kenton County Airport Board

 

 

 

 

 

Delta Airlines, Inc.,

 

 

 

 

 

Series 1992 A, AMT,

 

 

 

 

 

7.500% 02/01/20

 

1,000,000

 

857,640

 

MN Minneapolis & St. Paul Metropolitan Airports Commission

 

 

 

 

 

Northwest Airlines, Inc.:

 

 

 

 

 

Series 2001 A, AMT,

 

 

 

 

 

7.000% 04/01/25

 

1,250,000

 

1,138,212

 

 

See Accompanying Notes to Financial Statements.

 

14



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

TRANSPORTATION – (continued)

 

 

 

 

 

Air Transportation – (continued)

 

 

 

 

 

Series 2001 B, AMT,

 

 

 

 

 

6.500% 04/01/25

 

500,000

 

505,000

 

NC Charlotte Douglas International Airport

 

 

 

 

 

US Airways, Inc.:

 

 

 

 

 

Series 1998, AMT,

 

 

 

 

 

5.600% 07/01/27(g)

 

1,000,000

 

588,300

 

Series 2000, AMT,

 

 

 

 

 

7.750% 02/01/28(g)

 

1,000,000

 

695,030

 

NJ Economic Development Authority

 

 

 

 

 

Continental Airlines, Inc.,

 

 

 

 

 

Series 1999, AMT,

 

 

 

 

 

6.250% 09/15/29

 

2,000,000

 

1,551,460

 

TN Memphis Shelby County Airport Authority Special Facilities Revenue,

 

 

 

 

 

Federal Express Corp. Project,

 

 

 

 

 

Series 2002,

 

 

 

 

 

5.050% 09/01/12

 

500,000

 

534,715

 

Air Transportation Total

 

7,104,555

 

Airports – 0.3%

 

 

 

 

 

MA Port Authority

 

 

 

 

 

Series 1999, AMT, IFRN,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

9.066% 01/01/21(e)(h)

 

1,000,000

 

1,180,390

 

Airports Total

 

1,180,390

 

Toll Facilities – 2.2%

 

 

 

 

 

CO E-470 Public Highway Authority

 

 

 

 

 

Series 2000 B,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(a) 09/01/18

 

4,600,000

 

2,415,230

 

MA Turnpike Authority

 

 

 

 

 

Series 1997 C,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(a) 01/01/20

 

2,000,000

 

994,960

 

NY Triborough Bridge & Tunnel Authority

 

 

 

 

 

Series 2002,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.500% 11/15/20

 

2,050,000

 

2,340,259

 

OH Turnpike Commission

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.500% 02/15/17

 

1,690,000

 

1,908,855

 

VA Richmond Metropolitan Authority

 

 

 

 

 

Series 1998,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.250% 07/15/22

 

1,100,000

 

1,219,361

 

Toll Facilities Total

 

8,878,665

 

Transportation – 2.0%

 

 

 

 

 

GA Metropolitan Atlanta Rapid Transit Authority

 

 

 

 

 

Series 1992 P,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

6.250% 07/01/20

 

4,000,000

 

4,752,000

 

 

See Accompanying Notes to Financial Statements.

 

15



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

TRANSPORTATION – (continued)

 

 

 

 

 

Transportation – (continued)

 

 

 

 

 

NV Department of Business & Industry

 

 

 

 

 

Las Vegas Monorail Project,

 

 

 

 

 

Series 2000:

 

 

 

 

 

7.375% 01/01/30

 

650,000

 

678,919

 

7.375% 01/01/40

 

500,000

 

518,300

 

OH Toledo-Lucas County Port Authority

 

 

 

 

 

CSX Transportation, Inc.,

 

 

 

 

 

Series 1992,

 

 

 

 

 

6.450% 12/15/21

 

2,000,000

 

2,254,320

 

Transportation Total

 

8,203,539

 

TRANSPORTATION TOTAL

 

25,367,149

 

UTILITIES – 24.3%

 

 

 

 

 

Independent Power Producers – 0.6%

 

 

 

 

 

NY Suffolk County Industrial Development Authority

 

 

 

 

 

Nissequogue Cogeneration Partners Facilities,

 

 

 

 

 

Series 1998, AMT,

 

 

 

 

 

5.500% 01/01/23

 

1,000,000

 

963,360

 

PA Carbon City Industrial Development Authority

 

 

 

 

 

Panther Creek Partners Project,

 

 

 

 

 

Series 2000, AMT,

 

 

 

 

 

6.650% 05/01/10

 

830,000

 

895,122

 

PR Commonwealth of Puerto Rico Industrial, Educational, Medical & Environmental Authority

 

 

 

 

 

AES Project,

 

 

 

 

 

Series 2000, AMT,

 

 

 

 

 

6.625% 06/01/26

 

645,000

 

695,561

 

Independent Power Producers Total

 

2,554,043

 

Investor Owned – 2.0%

 

 

 

 

 

IN Development Finance Authority

 

 

 

 

 

Series 1999, AMT,

 

 

 

 

 

5.950% 08/01/30

 

1,000,000

 

1,020,300

 

IN Petersburg

 

 

 

 

 

Series 1995 C, AMT,

 

 

 

 

 

5.950% 12/01/29

 

1,500,000

 

1,566,165

 

OH Air Quality Development Authority

 

 

 

 

 

Cleveland Electric Illuminating Company:

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

6.000% 12/01/13

 

500,000

 

528,000

 

JMG Funding Limited Partnership:

 

 

 

 

 

Series 1997, AMT,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

5.625% 01/01/23

 

1,000,000

 

1,056,370

 

 

See Accompanying Notes to Financial Statements.

 

16



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

UTILITIES – (continued)

 

 

 

 

 

Investor Owned – (continued)

 

 

 

 

 

TX Brazos River Authority

 

 

 

 

 

TXU Energy Co. LLC:

 

 

 

 

 

Series 1999 B, AMT,

 

 

 

 

 

6.750% 09/01/34

 

2,455,000

 

2,836,949

 

Series 2001 C, AMT,

 

 

 

 

 

5.750% 05/01/36

 

395,000

 

419,612

 

WY Lincoln County Environmental Improvement

 

 

 

 

 

Pacificorp Project,

 

 

 

 

 

Series 1995, AMT,

 

 

 

 

 

4.125% 11/01/25

 

500,000

 

482,165

 

Investor Owned Total

 

7,909,561

 

Joint Power Authority – 10.9%

 

 

 

 

 

GA Municipal Electric Authority

 

 

 

 

 

Series 1991,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

6.600% 01/01/18

 

17,700,000

 

21,186,723

 

NC Eastern Municipal Power Agency

 

 

 

 

 

Series 1991 A,

 

 

 

 

 

6.500% 01/01/18

 

2,185,000

 

2,570,325

 

Series 1993,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

6.000% 01/01/18

 

7,000,000

 

8,143,100

 

Series1992,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(a) 01/01/09

 

2,260,000

 

1,991,602

 

WA Public Power Supply System

 

 

 

 

 

Nuclear Project No. 2, Series 1992 A,

 

 

 

 

 

6.300% 07/01/12

 

3,500,000

 

4,044,915

 

Nuclear Project No. 3, Series 1989 B,

 

 

 

 

 

(a) 07/01/08

 

7,000,000

 

6,259,540

 

Joint Power Authority Total

 

44,196,205

 

Municipal Electric – 3.3%

 

 

 

 

 

OH Cleveland Public Power Systems Revenue

 

 

 

 

 

Series 1994 A,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(a) 11/15/13

 

2,000,000

 

1,404,720

 

PA Westmoreland County Municipal Authority

 

 

 

 

 

Series 2000 A,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

(a) 08/15/23

 

1,400,000

 

554,022

 

PR Commonwealth of Puerto Rico Electric Power Authority

 

 

 

 

 

Series 2002 KK,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.500% 07/01/16

 

2,000,000

 

2,275,360

 

 

See Accompanying Notes to Financial Statements.

 

17



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

UTILITIES – (continued)

 

 

 

 

 

Municipal Electric – (continued)

 

 

 

 

 

SD Heartland Consumers Power District

 

 

 

 

 

Series 1992,

 

 

 

 

 

Insured: FSA

 

 

 

 

 

6.000% 01/01/17

 

8,000,000

 

9,291,840

 

Municipal Electric Total

 

13,525,942

 

Water & Sewer – 7.5%

 

 

 

 

 

GA Atlanta Water & Wastewater Revenue

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.500% 11/01/22

 

3,225,000

 

3,673,114

 

Series 2001 A,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.500% 11/01/27

 

1,500,000

 

1,711,260

 

GA Fulton County

 

 

 

 

 

Series 1992,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

6.375% 01/01/14

 

430,000

 

495,859

 

OH Cleveland Waterworks Revenue

 

 

 

 

 

Series 1993,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.500% 01/01/21

 

3,000,000

 

3,397,530

 

OH Lakewood Water Systems Revenue

 

 

 

 

 

Series 1995,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

5.850% 07/01/20

 

2,405,000

 

2,830,469

 

OH Warren Waterworks Revenue

 

 

 

 

 

Series 1997,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.500% 11/01/15

 

500,000

 

555,400

 

OH Water Development Authority

 

 

 

 

 

Series 1991 B,

 

 

 

 

 

Insured: FSA

 

 

 

 

 

5.500% 06/01/18

 

1,000,000

 

1,135,830

 

PA Allegheny County Sanitation Authority

 

 

 

 

 

Series 1991 A,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

(a) 06/01/07

 

2,370,000

 

2,217,040

 

PA Dauphin County Industrial Development Authority

 

 

 

 

 

Dauphin Water Supply Co.,

 

 

 

 

 

Series 1992 A, AMT,

 

 

 

 

 

6.900% 06/01/24

 

3,400,000

 

4,247,518

 

TX Houston Water & Sewer System Revenue

 

 

 

 

 

Series 1991 C:

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

(a) 12/01/08

 

4,000,000

 

3,537,040

 

(a) 12/01/09

 

4,000,000

 

3,388,040

 

(a) 12/01/10

 

3,750,000

 

3,025,087

 

 

See Accompanying Notes to Financial Statements.

 

18



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

UTILITIES – (continued)

 

 

 

 

 

Water & Sewer – (continued)

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

Insured: FSA

 

 

 

 

 

(a) 12/01/23

 

985,000

 

382,653

 

Water & Sewer Total

 

30,596,840

 

UTILITIES TOTAL

 

98,782,591

 

Total Municipal Bonds
(cost of $356,852,541)

 

390,924,511

 

Municipal Preferred Stocks – 1.1%

 

 

 

 

 

HOUSING – 1.1%

 

 

 

 

 

Multi-Family – 1.1%

 

 

 

 

 

Charter Municipal Mortgage Acceptance Co.

 

 

 

 

 

AMT,

 

 

 

 

 

6.625% 06/30/09(e)(h)

 

2,000,000

 

2,189,500

 

MuniMae Trust

 

 

 

 

 

AMT,

 

 

 

 

 

7.750% 06/30/50(e)(h)

 

2,000,000

 

2,301,160

 

Multi-Family Total

 

4,490,660

 

HOUSING TOTAL

 

4,490,660

 

Total Municipal Preferred Stocks
(cost of $4,000,000)

 

4,490,660

 

 

 

 

Shares

 

 

 

Investment Management Company – 0.0%

 

 

 

 

 

Dreyfus Tax-Exempt Cash Management Fund

 

1

 

1

 

Total Investment Management
Company
(cost of $1)

 

1

 

 

 

 

Par ($)

 

 

 

Short-Term Obligations – 1.9%

 

 

 

 

 

VARIABLE RATE DEMAND NOTES(i) – 1.9%

 

 

 

 

 

Variable Rate Demand Notes – 1.9%

 

 

 

 

 

FL Orange County School Board

 

 

 

 

 

Series 2002 B,

 

 

 

 

 

2.050% 08/01/27

 

3,100,000

 

3,100,000

 

IN Health Facility Financing Authority

 

 

 

 

 

Fayette Memorial Hospital Association, Inc.,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

2.100% 10/01/32

 

1,900,000

 

1,900,000

 

MN Brooklyn Center Revenue

 

 

 

 

 

BCC Associates LLC,

 

 

 

 

 

Series 2001,

 

 

 

 

 

2.100% 12/01/14

 

400,000

 

400,000

 

MN Higher Education Facilities Authority

 

 

 

 

 

St. Olaf College,

 

 

 

 

 

Series 2000,

 

 

 

 

 

2.050% 10/01/30

 

1,300,000

 

1,300,000

 

MN Mankato

 

 

 

 

 

Bethany Lutheran College, Inc.,

 

 

 

 

 

Series 2000 B,

 

 

 

 

 

2.100% 11/01/15

 

100,000

 

100,000

 

 

See Accompanying Notes to Financial Statements.

 

19



 

 

 

Par ($)

 

Value ($)

 

Short-Term Obligations – (continued)

 

 

 

 

 

VARIABLE RATE DEMAND NOTES(i) – (continued)

 

 

 

 

 

Variable Rate Demand Notes – (continued)

 

 

 

 

 

MO Health & Educational Facilities Authority

 

 

 

 

 

Bethesda Health Group of St. Louis, Inc.,

 

 

 

 

 

Series 2001 A,

 

 

 

 

 

2.100% 08/01/31

 

100,000

 

100,000

 

MS Jackson County

 

 

 

 

 

Chevron Corp.,

 

 

 

 

 

Series 1992,

 

 

 

 

 

2.050% 12/01/16

 

600,000

 

600,000

 

WI Health & Educational Facilities Authority

 

 

 

 

 

ProHealth Care, Inc.,

 

 

 

 

 

Series 2001 B,

 

 

 

 

 

2.050% 08/15/30

 

300,000

 

300,000

 

Variable Rate Demand Notes Total

 

7,800,000

 

VARIABLE RATE DEMAND NOTES TOTAL

 

7,800,000

 

 

 

 

 

Total Short-Term Obligations
(cost of $7,800,000)

 

7,800,000

 

 

 

 

 

Total Investments – 99.2%
(cost of $368,652,542)(j)(k)

 

403,215,172

 

 

 

 

 

Other Assets & Liabilities, Net – 0.8%

 

3,257,957

 

 

 

 

 

Net Assets – 100.0%

 

406,473,129

 

 

See Accompanying Notes to Financial Statements.

 

20



 


 

Notes to Investment Portfolio:

 

 

Security Valuation: 

 

 

Debt securities generally are valued by pricing services approved by the Fund’s Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis.

 

 

 

 

 

Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value.

 

 

 

 

 

Investments in other investment companies are valued at net asset value.

 

 

 

 

 

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

 

 

 

 

 

Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees.

 

 

 

 

(a)

Zero coupon bond.

 

 

 

 

(b)

A portion of this security with a market value of $3,295,647 is pledged as collateral for open futures contracts.

 

 

 

 

(c)

The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest.

 

 

 

 

(d)

Security purchased on a delayed delivery basis.

 

 

 

 

(e)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, these securities amounted to $10,052,485, which represents 2.5% of net assets.

 

 

 

 

(f)

The issuer has filed for bankruptcy protection under Chapter 11, and is in default of certain debt covenants. Income is not being accrued. As of March 31, 2005, the value of these securities amounted to $708,653, which represents 0.2% of net assets.

 

 

 

 

(g)

The issuer has filed for bankruptcy protection under Chapter 11. Income is being accrued. As of March 31, 2005, the value of these securities amounted to $1,283,330, which represents 0.3% of net assets.

 

 

 

 

(h)

Variable rate security. The interest rate shown reflects the rate as of March 31, 2005.

 

 

 

 

(i)

Variable rate demand notes. These securities are payable upon demand and are secured by letters of credit or other credit support agreements from banks. The interest rates change periodically and the interest rates shown reflect the rates at March 31, 2005.

 

 

 

 

(j)

Cost for federal income tax purposes is $368,652,542.

 

 

 

 

(k)

Unrealized appreciation and depreciation at March 31, 2005 based on cost of investments for federal income tax purposes was:

 

See Accompanying Notes to Financial Statements.

 

21



 

 

 

Unrealized

 

Unrealized

 

Net Unrealized

 

 

 

Appreciation

 

Depreciation

 

Appreciation

 

 

 

$

38,301,994

 

$

(3,739,364

)

$

34,562,630

 

 

At March 31, 2005, the Fund held the following open short futures contracts.

 

 

 

Number of

 

 

 

Aggregate

 

Expiration

 

Unrealized

 

Type

 

Contracts

 

Value

 

Face Value

 

Date

 

Depreciation

 

10-Year U.S. Treasury Notes

 

117

 

$

12,784,078

 

$

12,779,778

 

Jun-05

 

$

(4,300

)

 

 

Acronym

 

Name

 

 

 

ABAG

 

Association of Bay Area Government

AMBAC

 

Ambac Assurance Corp.

AMT

 

Alternative Minimum Tax

FGIC

 

Financial Guaranty Insurance Co.

FHA

 

Federal Housing Administration

FSA

 

Financial Security Assurance Inc.

GNMA

 

Government National Mortgage Co.

IFRN

 

Inverse Floating Rate Note

MBIA

 

MBIA Insurance Corp.

RAD

 

Radian Asset Assurance, Inc.

 

See Accompanying Notes to Financial Statements.

 

22



 

Item 2. Controls and Procedures.

 

(a)          The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-Q is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

(b)         There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(registrant)

 

Columbia Funds Trust IX

 

 

 

 

 

 

 

By (Signature and Title)

 

/S/ Christopher L. Wilson

 

 

Christopher L. Wilson, President

 

 

 

 

 

 

 

Date

 

May 27, 2005

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By (Signature and Title)

 

/S/ Christopher L. Wilson

 

 

Christopher L. Wilson, President

 

 

 

 

 

 

 

Date

 

May 27, 2005

 

 

 

 

 

 

 

By (Signature and Title)

 

/S/ J. Kevin Connaughton

 

 

J. Kevin Connaughton, Treasurer

 

 

 

 

 

 

 

Date

 

May 27, 2005