N-Q 1 a11-7208_2nq.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

811-04367

 

 

Columbia Funds Series Trust I

(Exact name of registrant as specified in charter)

 

225 Franklin Street, Boston, Massachusetts

 

02110

(Address of principal executive offices)

 

(Zip code)

 

Scott R. Plummer

5228 Ameriprise Financial Center

Minneapolis, MN 55474

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

1-612-671-1947

 

 

Date of fiscal year end:

November 30

 

 

 

 

Date of reporting period:

February 28, 2011

 

 


 

Item 1. Schedule of Investments.

 

 


 

INVESTMENT PORTFOLIO

 

February 28, 2011 (Unaudited)

Columbia Tax-Exempt Fund

 

 

 

Par ($)

 

Value ($)*

 

Municipal Bonds — 96.2%

 

 

 

 

 

EDUCATION — 5.7%

 

 

 

 

 

Education — 4.7%

 

 

 

 

 

AZ Glendale Industrial Development Authority

 

 

 

 

 

 

 

Midwestern University,

 

 

 

 

 

 

Series 2010,

 

 

 

 

 

 

5.000% 05/15/35

 

3,000,000

 

2,657,580

 

CA Educational Facilities Authority

 

 

 

 

 

 

 

Loyola Marymount University,

 

 

 

 

 

 

Series 2001,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 10/01/17

 

2,525,000

 

1,854,764

 

IN Purdue University

 

 

 

 

 

 

 

Certificates of Participation,

 

 

 

 

 

 

Series 2006,

 

 

 

 

 

 

5.250% 07/01/22

 

2,000,000

 

2,259,180

 

MA College Building Authority

 

 

 

 

 

 

 

Series 1994 A,

 

 

 

 

 

 

7.500% 05/01/14

 

3,500,000

 

3,897,005

 

MA Health & Educational Facilities Authority

 

 

 

 

 

 

 

Boston College,

 

 

 

 

 

 

Series 2008,

 

 

 

 

 

 

5.500% 06/01/35

 

19,500,000

 

21,206,640

 

 

Harvard University,

 

 

 

 

 

 

Series 1991 N,

 

 

 

 

 

 

6.250% 04/01/20

 

2,000,000

 

2,558,360

 

 

Massachusetts Institute of Technology,

 

 

 

 

 

 

Series 2002 K,

 

 

 

 

 

 

5.500% 07/01/22

 

8,000,000

 

9,729,680

 

NY Dormitory Authority

 

 

 

 

 

 

 

Educational Housing Services,

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.250% 07/01/30

 

3,000,000

 

2,809,410

 

 

Mt. Sinai School of Medicine,

 

 

 

 

 

 

Series 2009,

 

 

 

 

 

 

5.125% 07/01/39

 

15,000,000

 

13,754,100

 

 

New York University:

 

 

 

 

 

 

Series 2001 1,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.500% 07/01/40

 

5,000,000

 

5,189,200

 

 

Series 2008 A,

 

 

 

 

 

 

5.000% 07/01/29

 

3,845,000

 

3,937,280

 

 

Upstate Community Colleges,

 

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.500% 07/01/23

 

2,000,000

 

2,260,660

 

UT Weber State University Revenue

 

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

4.250% 04/01/29

 

5,100,000

 

4,633,146

 

 

1


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

EDUCATION — (continued)

 

 

 

 

 

VA College Building Authority

 

 

 

 

 

 

 

Washington & Lee University,

 

 

 

 

 

 

Series 2001,

 

 

 

 

 

 

5.375% 01/01/21

 

5,000,000

 

5,735,750

 

WV University of West Virginia

 

 

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.250% 04/01/28

 

5,000,000

 

5,183,150

 

 

Series 2000 A,

 

 

 

 

 

 

Insured: AMBAC:

 

 

 

 

 

 

(a) 04/01/16

 

3,300,000

 

2,797,344

 

 

(a) 04/01/18

 

3,800,000

 

2,867,708

 

Education Total

 

93,330,957

 

Prep School — 0.5%

 

 

 

 

 

CA Municipal Finance Authority

 

 

 

 

 

 

 

Escondido Charter,

 

 

 

 

 

 

Series 2006 A,

 

 

 

 

 

 

5.250% 06/01/36

 

1,750,000

 

1,306,533

 

CA Statewide Communities Development Authority

 

 

 

 

 

 

 

College for Certain LLC,

 

 

 

 

 

 

Series 2010,

 

 

 

 

 

 

GTY AGMT: PCSD Guaranty Pool LLC

 

 

 

 

 

 

6.000% 07/01/30

 

5,000,000

 

4,572,600

 

TX La Vernia Higher Education Finance Corp.

 

 

 

 

 

 

 

Kipp, Inc.,

 

 

 

 

 

 

Series 2009 A,

 

 

 

 

 

 

6.375% 08/15/44

 

5,000,000

 

4,921,700

 

Prep School Total

 

10,800,833

 

Student Loan — 0.5%

 

 

 

 

 

MA Educational Financing Authority

 

 

 

 

 

 

 

Series 2008 H, AMT,

 

 

 

 

 

 

Insured: AGC

 

 

 

 

 

 

6.350% 01/01/30

 

8,885,000

 

9,091,487

 

Student Loan Total

 

9,091,487

 

EDUCATION TOTAL

 

113,223,277

 

HEALTH CARE — 7.8%

 

 

 

 

 

Continuing Care Retirement — 1.4%

 

 

 

 

 

MA Development Finance Agency

 

 

 

 

 

 

 

Series 2009,

 

 

 

 

 

 

7.750% 06/01/39

 

2,250,000

 

2,229,210

 

MD Baltimore County

 

 

 

 

 

 

 

Oak Crest Village, Inc.,

 

 

 

 

 

 

Series 2007 A,

 

 

 

 

 

 

GTY AGMT: Oak Campus Partners LLC

 

 

 

 

 

 

5.000% 01/01/37

 

5,000,000

 

4,242,950

 

MO Health & Educational Facilities Authority

 

 

 

 

 

 

 

Series 2010,

 

 

 

 

 

 

5.500% 02/01/42

 

2,000,000

 

1,715,960

 

 

2


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

HEALTH CARE — (continued)

 

 

 

 

 

MO St. Louis Industrial Development Authority

 

 

 

 

 

 

 

St. Andrew’s Resources for Seniors,

 

 

 

 

 

 

Series 2007 A,

 

 

 

 

 

 

6.375% 12/01/41

 

7,000,000

 

5,991,860

 

NC Medical Care Commission

 

 

 

 

 

 

 

First Givens Estates, Inc.,

 

 

 

 

 

 

Series 2007,

 

 

 

 

 

 

5.000% 07/01/33

 

5,000,000

 

4,317,100

 

 

Glenaire, Inc.,

 

 

 

 

 

 

Series 2006,

 

 

 

 

 

 

5.500% 10/01/31

 

2,500,000

 

2,167,450

 

PA Montgomery County Industrial Development Authority

 

 

 

 

 

 

 

Whitemarsh Continuing Care Retirement Community,

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

6.125% 02/01/28

 

2,000,000

 

1,686,440

 

TX Bexar County Health Facilities Development Corp.

 

 

 

 

 

 

 

Series 2010,

 

 

 

 

 

 

6.200% 07/01/45

 

2,300,000

 

2,196,316

 

TX Tarrant County Cultural Education Facilities Finance Corp.

 

 

 

 

 

 

 

CC Young Memorial Home,

 

 

 

 

 

 

Series 2009,

 

 

 

 

 

 

8.000% 02/15/38

 

4,000,000

 

3,875,440

 

Continuing Care Retirement Total

 

28,422,726

 

Health Services — 0.5%

 

 

 

 

 

MA Development Finance Agency

 

 

 

 

 

 

 

Boston Biomedical Research Institute,

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

5.650% 02/01/19

 

1,105,000

 

1,066,601

 

MN Minneapolis & St. Paul Housing & Redevelopment Authority

 

 

 

 

 

 

 

Group Health Plan, Inc.,

 

 

 

 

 

 

Series 2003,

 

 

 

 

 

 

6.000% 12/01/17

 

1,650,000

 

1,735,734

 

WI Health & Educational Facilities Authority

 

 

 

 

 

 

 

Marshfield Clinic,

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

Insured: RAD

 

 

 

 

 

 

6.250% 02/15/29

 

7,200,000

 

7,146,072

 

Health Services Total

 

9,948,407

 

Hospitals — 4.5%

 

 

 

 

 

AL Montgomery Medical Clinic Board

 

 

 

 

 

 

 

Jackson Hospital & Clinic,

 

 

 

 

 

 

Series 2006,

 

 

 

 

 

 

4.750% 03/01/36

 

1,000,000

 

766,930

 

CA ABAG Finance Authority for Nonprofit Corps.

 

 

 

 

 

 

 

San Diego Hospital Association,

 

 

 

 

 

 

Series 2003 C,

 

 

 

 

 

 

5.375% 03/01/20

 

1,320,000

 

1,336,592

 

 

3


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

HEALTH CARE — (continued)

 

 

 

 

 

CA Kaweah Delta Health Care District

 

 

 

 

 

 

 

Series 2006,

 

 

 

 

 

 

4.500% 06/01/34

 

9,500,000

 

7,378,080

 

FL Hillsborough County Industrial Development Authority

 

 

 

 

 

 

 

Tampa General Hospital,

 

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

 

5.000% 10/01/18

 

825,000

 

833,943

 

GA Chatham County Hospital Authority

 

 

 

 

 

 

 

Memorial Health University Medical Center,

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

5.500% 01/01/34

 

2,500,000

 

1,974,750

 

LA Public Facilities Authority

 

 

 

 

 

 

 

Touro Infirmary,

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

5.625% 08/15/29

 

10,940,000

 

8,614,484

 

MA Health & Educational Facilities Authority

 

 

 

 

 

 

 

Care Group, Inc.,

 

 

 

 

 

 

Series 2008,

 

 

 

 

 

 

5.125% 07/01/33

 

1,000,000

 

924,220

 

 

Partners Healthcare System,

 

 

 

 

 

 

Series 2010,

 

 

 

 

 

 

5.000% 07/01/34

 

9,900,000

 

9,440,442

 

 

Series 1998 B-2,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.375% 02/01/28

 

1,380,000

 

1,358,113

 

MD Health & Higher Educational Facilities Authority

 

 

 

 

 

 

 

University of Maryland Medical Systems,

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.250% 07/01/28

 

3,000,000

 

3,049,080

 

MS Medical Center Building Corp.

 

 

 

 

 

 

 

University of Mississippi Medical Center,

 

 

 

 

 

 

Series 1998,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.500% 12/01/23

 

5,300,000

 

5,729,565

 

NC Medical Care Commission

 

 

 

 

 

 

 

Wilson Memorial Hospital,

 

 

 

 

 

 

Series 1997,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

(a) 11/01/14

 

1,380,000

 

1,212,854

 

NJ Health Care Facilities Financing Authority

 

 

 

 

 

 

 

St. Joseph’s Hospital & Medical Center,

 

 

 

 

 

 

Series 2008,

 

 

 

 

 

 

6.625% 07/01/38

 

4,000,000

 

3,748,840

 

NY Albany Industrial Development Agency

 

 

 

 

 

 

 

St. Peter’s Hospital,

 

 

 

 

 

 

Series 2008 A,

 

 

 

 

 

 

5.250% 11/15/27

 

3,830,000

 

3,551,980

 

 

4


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

HEALTH CARE — (continued)

 

 

 

 

 

NY Dormitory Authority

 

 

 

 

 

 

 

Long Island Jewish Medical,

 

 

 

 

 

 

Series 2009,

 

 

 

 

 

 

5.500% 05/01/37

 

4,250,000

 

4,117,910

 

SC Greenville Hospital System Board

 

 

 

 

 

 

 

GHS Partners in Health,

 

 

 

 

 

 

Series 2001,

 

 

 

 

 

 

GTY AGMT: Endowment Fund Greenville,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.500% 05/01/26

 

5,000,000

 

5,067,600

 

TN Knox County Health, Educational & Housing Facilities Authority

 

 

 

 

 

 

 

Fort Sanders Alliance,

 

 

 

 

 

 

Series 1993,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.250% 01/01/15

 

5,000,000

 

5,352,600

 

TN Sullivan County Health, Educational & Housing Facilities Board

 

 

 

 

 

 

 

Wellmont Health System,

 

 

 

 

 

 

Series 2006 C,

 

 

 

 

 

 

5.250% 09/01/36

 

6,865,000

 

5,699,392

 

VA Fairfax County Industrial Development Authority

 

 

 

 

 

 

 

Inova Health System,

 

 

 

 

 

 

Series 1993,

 

 

 

 

 

 

5.000% 08/15/23

 

10,000,000

 

10,522,300

 

WI Health & Educational Facilities Authority

 

 

 

 

 

 

 

Aurora Health Care, Inc.:

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

5.600% 02/15/29

 

3,845,000

 

3,763,986

 

 

Series 2003,

 

 

 

 

 

 

6.400% 04/15/33

 

4,250,000

 

4,290,758

 

Hospitals Total

 

88,734,419

 

Intermediate Care Facilities — 0.6%

 

 

 

 

 

IL Development Finance Authority

 

 

 

 

 

 

 

Hoosier Care, Inc.,

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

7.125% 06/01/34

 

2,180,000

 

1,885,722

 

IN Health Facilities Financing Authority

 

 

 

 

 

 

 

Hoosier Care, Inc.,

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

7.125% 06/01/34

 

11,245,000

 

9,727,037

 

Intermediate Care Facilities Total

 

11,612,759

 

Nursing Homes — 0.8%

 

 

 

 

 

IA Finance Authority

 

 

 

 

 

 

 

Care Initiatives,

 

 

 

 

 

 

Series 1998 B,

 

 

 

 

 

 

5.750% 07/01/28

 

4,500,000

 

3,686,130

 

IA Marion Health Care Facilities

 

 

 

 

 

 

 

AHF/Kentucky-Iowa, Inc.,

 

 

 

 

 

 

Series 2003,

 

 

 

 

 

 

8.000% 01/01/29

 

178,000

 

172,242

 

 

5

 


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

HEALTH CARE — (continued)

 

 

 

 

 

MA Industrial Finance Agency

 

 

 

 

 

 

 

Quaside, Inc.,

 

 

 

 

 

 

Series 1994,

 

 

 

 

 

 

8.300% 07/01/23 (b)

 

9,385,000

 

3,615,102

 

PA Chester County Industrial Development Authority

 

 

 

 

 

 

 

Pennsylvania Nursing Home,

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

8.500% 05/01/32

 

6,050,000

 

5,265,678

 

PA Washington County Industrial Development Authority

 

 

 

 

 

 

 

AHF Project,

 

 

 

 

 

 

Series 2003,

 

 

 

 

 

 

8.500% 01/01/29 (01/01/25) (c)(d)

 

2,126,000

 

2,061,285

 

TN Metropolitan Government Nashville & Davidson County Health & Education Board

 

 

 

 

 

 

 

AHF Project,

 

 

 

 

 

 

Series 2003,

 

 

 

 

 

 

8.500% 01/01/29 (01/01/25) (c)(d)

 

488,000

 

473,145

 

Nursing Homes Total

 

15,273,582

 

HEALTH CARE TOTAL

 

153,991,893

 

HOUSING — 3.8%

 

 

 

 

 

Assisted Living/Senior — 0.2%

 

 

 

 

 

MN Roseville

 

 

 

 

 

 

 

Care Institute, Inc.,

 

 

 

 

 

 

Series 1993,

 

 

 

 

 

 

7.750% 11/01/23

 

3,275,000

 

2,521,095

 

NY Suffolk County Industrial Development Agency

 

 

 

 

 

 

 

Gurwin Jewish-Phase II,

 

 

 

 

 

 

Series 2004,

 

 

 

 

 

 

6.700% 05/01/39

 

880,000

 

820,125

 

Assisted Living/Senior Total

 

3,341,220

 

Multi-Family — 3.5%

 

 

 

 

 

CO Educational & Cultural Facilities Authority

 

 

 

 

 

 

 

Campus Village Apartments LLC,

 

 

 

 

 

 

Series 2008 CA:

 

 

 

 

 

 

5.500% 06/01/33

 

2,000,000

 

1,920,500

 

 

5.500% 06/01/38

 

6,000,000

 

5,523,960

 

FL Broward County Housing Finance Authority

 

 

 

 

 

 

 

Chaves Lake Apartments Ltd.,

 

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

 

7.500% 07/01/40

 

7,925,000

 

7,297,023

 

 

Cross Keys Apartments,

 

 

 

 

 

 

Series 1998 A, AMT,

 

 

 

 

 

 

5.750% 10/01/28

 

985,000

 

913,026

 

FL Capital Trust Agency

 

 

 

 

 

 

 

Atlantic Housing Foundation,

 

 

 

 

 

 

Series 2008 B,

 

 

 

 

 

 

5.478% 07/15/32 (07/15/11) (c)(d)(e)

 

1,895,000

 

926,049

 

 

6


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

HOUSING — (continued)

 

 

 

 

 

IL Finance Authority

 

 

 

 

 

 

 

CHF-Normal LLC,

 

 

 

 

 

 

Series 2011,

 

 

 

 

 

 

7.000% 04/01/43

 

5,550,000

 

5,521,362

 

MA Housing Finance Agency

 

 

 

 

 

 

 

Series 2004 A, AMT,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

5.250% 07/01/25

 

10,000,000

 

9,880,300

 

MD Economic Development Corp.

 

 

 

 

 

 

 

Collegiate Housing Foundation,

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

6.000% 06/01/30

 

3,000,000

 

2,805,000

 

MO St. Louis Area Housing Finance Corp.

 

 

 

 

 

 

 

Wellington Arms III,

 

 

 

 

 

 

Series 1979,

 

 

 

 

 

 

7.375% 01/01/21

 

1,281,376

 

1,286,066

 

NC Durham Housing Authority

 

 

 

 

 

 

 

Magnolia Pointe Apartments,

 

 

 

 

 

 

Series 2005, AMT,

 

 

 

 

 

 

5.650% 02/01/38

 

3,227,928

 

2,385,600

 

NC Medical Care Commission

 

 

 

 

 

 

 

ARC Project,

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

5.800% 10/01/34

 

1,400,000

 

1,334,298

 

NJ Economic Development Authority

 

 

 

 

 

 

 

Provident Group-Montclair,

 

 

 

 

 

 

Series 2010,

 

 

 

 

 

 

5.875% 06/01/42

 

13,000,000

 

11,853,400

 

NY New York City Housing Development Corp.

 

 

 

 

 

 

 

Series 2005 F-1,

 

 

 

 

 

 

4.650% 11/01/25

 

5,000,000

 

4,967,100

 

OK County Finance Authority

 

 

 

 

 

 

 

Sail Associates LLC,

 

 

 

 

 

 

Series 2007, AMT,

 

 

 

 

 

 

LOC: Bank of the West

 

 

 

 

 

 

5.250% 12/01/41 (c)

 

1,475,000

 

1,444,423

 

PA Higher Educational Facilities Authority

 

 

 

 

 

 

 

Edinboro University Foundation:

 

 

 

 

 

 

Series 2008,

 

 

 

 

 

 

5.750% 07/01/28

 

3,000,000

 

2,891,400

 

 

Series 2010,

 

 

 

 

 

 

6.000% 07/01/43

 

1,450,000

 

1,356,098

 

Resolution Trust Corp.

 

 

 

 

 

 

 

Pass-Through Certificates,

 

 

 

 

 

 

Series 1993 A,

 

 

 

 

 

 

8.500% 12/01/16 (f)

 

6,615,223

 

6,260,183

 

Multi-Family Total

 

68,565,788

 

Single-Family — 0.1%

 

 

 

 

 

CA Department of Veterans Affairs

 

 

 

 

 

 

 

Series 2007, AMT,

 

 

 

 

 

 

4.850% 12/01/22

 

1,700,000

 

1,661,597

 

 

7


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

HOUSING — (continued)

 

 

 

 

 

CO El Paso County School District No. 11

 

 

 

 

 

 

 

Series 1988 A, AMT,

 

 

 

 

 

 

Guarantor: GNMA

 

 

 

 

 

 

8.375% 03/25/19

 

58,255

 

59,327

 

FL Brevard County

 

 

 

 

 

 

 

Series 1985,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

(a) 04/01/17

 

375,000

 

208,560

 

Single-Family Total

 

1,929,484

 

HOUSING TOTAL

 

73,836,492

 

INDUSTRIALS — 3.2%

 

 

 

 

 

Chemicals — 0.1%

 

 

 

 

 

LA Local Government Environmental Facilities & Community Development Authority

 

 

 

 

 

 

 

Series 2010 A2,

 

 

 

 

 

 

6.500% 11/01/35

 

2,800,000

 

2,847,488

 

Chemicals Total

 

2,847,488

 

Food Products — 0.3%

 

 

 

 

 

MI Strategic Fund

 

 

 

 

 

 

 

Imperial Sugar Co.:

 

 

 

 

 

 

Series 1998 B,

 

 

 

 

 

 

6.450% 11/01/25

 

3,500,000

 

2,964,010

 

 

Series 1998 C, AMT,

 

 

 

 

 

 

GTY AGMT: Imperial Sugar Co.

 

 

 

 

 

 

6.550% 11/01/25

 

4,250,000

 

3,479,177

 

Food Products Total

 

6,443,187

 

Forest Products & Paper — 0.4%

 

 

 

 

 

FL Escambia County Environmental Improvement Revenue

 

 

 

 

 

 

 

International Paper Co.,

 

 

 

 

 

 

Series 2003 A, AMT,

 

 

 

 

 

 

5.750% 11/01/27

 

2,750,000

 

2,697,777

 

GA Rockdale County Development Authority

 

 

 

 

 

 

 

Visy Paper, Inc.,

 

 

 

 

 

 

Series 2007 A, AMT,

 

 

 

 

 

 

GTY AGMT: Pratt USA

 

 

 

 

 

 

6.125% 01/01/34

 

2,000,000

 

1,760,560

 

MS Lowndes County

 

 

 

 

 

 

 

Weyerhaeuser Co.,

 

 

 

 

 

 

Series 1992 A,

 

 

 

 

 

 

6.800% 04/01/22

 

2,470,000

 

2,626,030

 

SC Richland County

 

 

 

 

 

 

 

International Paper Co.,

 

 

 

 

 

 

Series 2003, AMT,

 

 

 

 

 

 

6.100% 04/01/23

 

1,000,000

 

1,002,630

 

Forest Products & Paper Total

 

8,086,997

 

 

8


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

INDUSTRIALS — (continued)

 

 

 

 

 

Manufacturing — 0.6%

 

 

 

 

 

IL Will-Kankakee Regional Development Authority

 

 

 

 

 

 

 

Flanders Corp.,

 

 

 

 

 

 

Series 1997, AMT,

 

 

 

 

 

 

6.500% 12/15/17

 

1,495,000

 

1,440,941

 

KS Wichita Airport Authority

 

 

 

 

 

 

 

Cessna Citation Service Center,

 

 

 

 

 

 

Series 2002 A, AMT,

 

 

 

 

 

 

GTY AGMT: Textron, Inc.

 

 

 

 

 

 

6.250% 06/15/32

 

5,000,000

 

4,308,450

 

MO Development Finance Board

 

 

 

 

 

 

 

Procter & Gamble Co.,

 

 

 

 

 

 

Series 1999, AMT,

 

 

 

 

 

 

5.200% 03/15/29

 

4,385,000

 

4,349,394

 

MO St. Louis Industrial Development Authority

 

 

 

 

 

 

 

Anheuser-Busch Companies, Inc.,

 

 

 

 

 

 

Series 1991,

 

 

 

 

 

 

6.650% 05/01/16

 

1,400,000

 

1,626,422

 

Manufacturing Total

 

11,725,207

 

Oil & Gas — 1.1%

 

 

 

 

 

AZ Salt Verde Financial Corp. Senior Gas Revenue

 

 

 

 

 

 

 

Series 2007,

 

 

 

 

 

 

5.000% 12/01/32

 

5,400,000

 

4,671,648

 

LA St. John Baptist Parish

 

 

 

 

 

 

 

Marathon Oil Corp.,

 

 

 

 

 

 

Series 2007 A,

 

 

 

 

 

 

5.125% 06/01/37

 

12,750,000

 

11,708,070

 

TX Texas City Industrial Development Corp.

 

 

 

 

 

 

 

BP Pipelines N.A., Inc.,

 

 

 

 

 

 

Series 1990,

 

 

 

 

 

 

GTY AGMT: Atlantic Richfield Co.

 

 

 

 

 

 

7.375% 10/01/20

 

2,000,000

 

2,300,640

 

VI Virgin Islands Public Finance Authority

 

 

 

 

 

 

 

Hovensa LLC,

 

 

 

 

 

 

Series 2003, AMT,

 

 

 

 

 

 

6.125% 07/01/22

 

2,975,000

 

2,773,354

 

Oil & Gas Total

 

21,453,712

 

Other Industrial Development Bonds — 0.7%

 

 

 

 

 

IL Chicago Recovery Zone

 

 

 

 

 

 

 

Asphalt Operating Services,

 

 

 

 

 

 

Series 2010,

 

 

 

 

 

 

6.125% 12/01/18

 

2,535,000

 

2,530,843

 

MI Strategic Fund

 

 

 

 

 

 

 

NSF International,

 

 

 

 

 

 

Series 2004,

 

 

 

 

 

 

5.250% 08/01/26

 

600,000

 

561,984

 

NJ Economic Development Authority

 

 

 

 

 

 

 

GMT Realty LLC,

 

 

 

 

 

 

Series 2006 B, AMT,

 

 

 

 

 

 

6.875% 01/01/37

 

7,000,000

 

5,911,850

 

 

9


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

INDUSTRIALS — (continued)

 

 

 

 

 

PA Dauphin County Industrial Development Authority

 

 

 

 

 

 

 

General Waterworks Corp.,

 

 

 

 

 

 

Series 1992 A, AMT,

 

 

 

 

 

 

6.900% 06/01/24

 

3,400,000

 

3,866,276

 

Other Industrial Development Bonds Total

 

12,870,953

 

INDUSTRIALS TOTAL

 

63,427,544

 

OTHER — 13.3%

 

 

 

 

 

Other — 0.8%

 

 

 

 

 

LA New Orleans Aviation Board

 

 

 

 

 

 

 

Series 2009 A,

 

 

 

 

 

 

6.250% 01/01/30

 

5,250,000

 

5,288,220

 

TX Capital Area Cultural Education Facilities Finance Corp.

 

 

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

 

6.125% 04/01/45

 

11,000,000

 

10,421,950

 

Other Total

 

15,710,170

 

Pool/Bond Bank — 1.3%

 

 

 

 

 

IL Metropolitan Water Reclamation District Greater Chicago

 

 

 

 

 

 

 

Series 2007 C,

 

 

 

 

 

 

5.250% 12/01/33

 

13,210,000

 

14,237,077

 

MA Water Pollution Abatement Trust

 

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

6.000% 08/01/17

 

10,000,000

 

12,131,500

 

Pool/Bond Bank Total

 

26,368,577

 

Refunded/Escrowed(g) — 10.2%

 

 

 

 

 

AZ Pima County Industrial Development Authority

 

 

 

 

 

 

 

Series 1989, AMT,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

8.200% 09/01/21

 

11,845,000

 

15,627,108

 

CA Foothill Eastern Transportation Corridor Agency

 

 

 

 

 

 

 

Series 1995 A,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

(a) 01/01/18

 

10,000,000

 

8,290,000

 

CA Palmdale Community Redevelopment Agency

 

 

 

 

 

 

 

Series 1986 D, AMT,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

Insured: FHA

 

 

 

 

 

 

8.000% 04/01/16

 

7,000,000

 

8,802,990

 

CA Perris Community Facilities District

 

 

 

 

 

 

 

Series 1991 2-90,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

8.750% 10/01/21

 

6,165,000

 

9,168,588

 

 

10


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

OTHER — (continued)

 

 

 

 

 

CA Pomona

 

 

 

 

 

 

 

Series 1990 A,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

Guarantor: GNMA

 

 

 

 

 

 

7.600% 05/01/23

 

8,315,000

 

10,739,321

 

CO Health Facilities Authority

 

 

 

 

 

 

 

American Housing Foundation I, Inc.,

 

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

 

Pre-refunded 12/01/11,

 

 

 

 

 

 

8.500% 12/01/31

 

855,000

 

901,623

 

FL Jacksonville Transportation Authority

 

 

 

 

 

 

 

Series 1985,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

9.200% 01/01/15

 

1,595,000

 

1,872,658

 

FL Mid-Bay Bridge Authority

 

 

 

 

 

 

 

Series 1991 A,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

6.875% 10/01/22

 

2,000,000

 

2,569,220

 

FL Seminole County

 

 

 

 

 

 

 

Series 1992,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

6.000% 10/01/19

 

1,030,000

 

1,212,145

 

GA Fulton County Water & Sewer

 

 

 

 

 

 

 

Series 1992,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

6.375% 01/01/14

 

9,045,000

 

9,879,582

 

GA Municipal Electric Authority

 

 

 

 

 

 

 

Series 1991:

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

6.600% 01/01/18

 

3,600,000

 

4,283,172

 

 

Pre-refunded to Various Dates,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

6.600% 01/01/18

 

420,000

 

481,820

 

ID Health Facilities Authority

 

 

 

 

 

 

 

IHC Hospitals, Inc.,

 

 

 

 

 

 

Series 1992,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

6.650% 02/15/21

 

6,000,000

 

7,737,420

 

IL Glendale Heights

 

 

 

 

 

 

 

Series 1985 B,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

7.100% 12/01/15

 

915,000

 

1,054,007

 

MA College Building Authority

 

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 05/01/19

 

7,710,000

 

5,949,499

 

MA Water Resources Authority

 

 

 

 

 

 

 

Series 1992 A,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

6.500% 07/15/19

 

5,000,000

 

6,027,250

 

 

11


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

OTHER — (continued)

 

 

 

 

 

MI State

 

 

 

 

 

 

 

525 Redevco, Inc.,

 

 

 

 

 

 

Series 2000,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

(a) 06/01/21

 

6,000,000

 

4,114,680

 

MN University of Minnesota

 

 

 

 

 

 

 

Series 1996 A,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

5.500% 07/01/21

 

1,000,000

 

1,159,990

 

MN Western Minnesota Municipal Power Agency

 

 

 

 

 

 

 

Series 1983 A,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

9.750% 01/01/16

 

1,000,000

 

1,311,920

 

NC Eastern Municipal Power Agency

 

 

 

 

 

 

 

Series 1987 A,

 

 

 

 

 

 

Pre-refunded 01/01/22,

 

 

 

 

 

 

4.500% 01/01/24

 

1,750,000

 

1,928,273

 

 

Series 1991 A,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

5.000% 01/01/21

 

8,735,000

 

10,005,418

 

NE Omaha Public Power District

 

 

 

 

 

 

 

Series 1992 B,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

6.200% 02/01/17

 

1,600,000

 

1,822,752

 

NJ Turnpike Authority

 

 

 

 

 

 

 

Series 1991 C,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

6.500% 01/01/16

 

11,000,000

 

12,388,090

 

NY Triborough Bridge & Tunnel Authority

 

 

 

 

 

 

 

Series 1992 Y,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

6.125% 01/01/21

 

11,000,000

 

13,708,090

 

 

Series 1992,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

Insured: CAP

 

 

 

 

 

 

6.125% 01/01/21

 

7,000,000

 

8,723,330

 

PA Cambria County Industrial Development Authority

 

 

 

 

 

 

 

Beverly Enterprises,

 

 

 

 

 

 

Series 1987,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

10.000% 06/18/12

 

400,000

 

426,416

 

PA Convention Center Authority

 

 

 

 

 

 

 

Series 1989 A,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

6.000% 09/01/19

 

14,010,000

 

16,718,974

 

PR Commonwealth of Puerto Rico Public Finance Corp.

 

 

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

 

Economically Defeased to Maturity,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.125% 06/01/24

 

3,000,000

 

3,317,280

 

 

12


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

OTHER — (continued)

 

 

 

 

 

 

Series 2002 E,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

6.000% 08/01/26

 

2,470,000

 

3,044,151

 

TX Houston Water & Sewer System

 

 

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

(a) 12/01/19

 

26,955,000

 

20,160,184

 

UT Provo

 

 

 

 

 

 

 

Series 1980,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

10.125% 04/01/15

 

975,000

 

1,153,669

 

VA Tobacco Settlement Financing Corp.

 

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

Refunded to Various Dates

 

 

 

 

 

 

5.500% 06/01/26

 

5,000,000

 

5,541,050

 

Refunded/Escrowed Total

 

200,120,670

 

Tobacco — 1.0%

 

 

 

 

 

CA Golden State Tobacco Securitization Corp.

 

 

 

 

 

 

 

Series 2007 A-1,

 

 

 

 

 

 

5.000% 06/01/33

 

2,500,000

 

1,622,675

 

IL Railsplitter Tobacco Settlement Authority

 

 

 

 

 

 

 

Series 2010,

 

 

 

 

 

 

6.000% 06/01/28

 

12,440,000

 

12,151,516

 

NJ Tobacco Settlement Financing Corp.

 

 

 

 

 

 

 

Series 2007 1-A,

 

 

 

 

 

 

4.625% 06/01/26

 

5,055,000

 

3,583,692

 

OH Buckeye Tobacco Settlement Financing Authority

 

 

 

 

 

 

 

Series 2007 A-2,

 

 

 

 

 

 

5.125% 06/01/24

 

3,750,000

 

2,803,050

 

Tobacco Total

 

20,160,933

 

OTHER TOTAL

 

262,360,350

 

OTHER REVENUE — 1.5%

 

 

 

 

 

Hotels — 0.1%

 

 

 

 

 

MA Boston Industrial Development Financing Authority

 

 

 

 

 

 

 

Crosstown Center Hotel LLC,

 

 

 

 

 

 

Series 2002, AMT,

 

 

 

 

 

 

6.500% 09/01/35

 

2,845,000

 

1,620,256

 

NJ Middlesex County Improvement Authority

 

 

 

 

 

 

 

Heldrich Associates LLC:

 

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

 

6.250% 01/01/37 (b)

 

4,000,000

 

400,000

 

 

Series 2005 C,

 

 

 

 

 

 

8.750% 01/01/37 (b)

 

1,500,000

 

75,000

 

Hotels Total

 

2,095,256

 

 

13


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

OTHER REVENUE — (continued)

 

 

 

 

 

Recreation — 1.4%

 

 

 

 

 

CA Agua Caliente Band Cahuilla Indians

 

 

 

 

 

 

 

Series 2003,

 

 

 

 

 

 

6.000% 07/01/18 (f)

 

1,750,000

 

1,763,405

 

CA Cabazon Band Mission Indians

 

 

 

 

 

 

 

Series 2004:

 

 

 

 

 

 

4.840% 10/01/15 (04/01/11) (c)(d)(e)

 

1,740,000

 

1,181,477

 

 

5.050% 10/01/19 (04/01/11) (c)(d)(e)

 

8,670,000

 

5,703,820

 

 

7.358% 10/01/11 (04/01/11) (c)(d)(e)

 

400,000

 

329,656

 

 

Series 2010,

 

 

 

 

 

 

8.375% 10/01/20

 

1,415,000

 

1,370,258

 

CT Mashantucket Western Pequot Tribe

 

 

 

 

 

 

 

Series 2007 A,

 

 

 

 

 

 

5.750% 09/01/34 (b)(f)

 

4,000,000

 

1,600,000

 

FL Seminole Indian Tribe

 

 

 

 

 

 

 

Series 2007 A,

 

 

 

 

 

 

5.250% 10/01/27 (f)

 

6,750,000

 

5,630,513

 

NY Industrial Development Agency

 

 

 

 

 

 

 

Yankee Stadium,

 

 

 

 

 

 

Series 2006,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

5.000% 03/01/46

 

2,000,000

 

1,700,800

 

OK Chickasaw Nation

 

 

 

 

 

 

 

Series 2007,

 

 

 

 

 

 

6.000% 12/01/25 (f)

 

6,030,000

 

6,284,164

 

OR Cow Creek Band Umpqua Tribe of Indians

 

 

 

 

 

 

 

Series 2006 C,

 

 

 

 

 

 

5.625% 10/01/26

 

3,500,000

 

2,707,285

 

Recreation Total

 

28,271,378

 

OTHER REVENUE TOTAL

 

30,366,634

 

RESOURCE RECOVERY — 0.4%

 

 

 

 

 

Disposal — 0.1%

 

 

 

 

 

NV Department of Business & Industry

 

 

 

 

 

 

 

Republic Services, Inc.,

 

 

 

 

 

 

Series 2003, AMT,

 

 

 

 

 

 

5.625% 12/01/26 (06/01/18) (c)(d)

 

2,000,000

 

2,113,800

 

Disposal Total

 

2,113,800

 

 

14


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

RESOURCE RECOVERY — (continued)

 

 

 

 

 

Resource Recovery — 0.3%

 

 

 

 

 

PA Economic Development Financing Authority

 

 

 

 

 

 

 

Philidelphia Project Finance,

 

 

 

 

 

 

Series 2009 B,

 

 

 

 

 

 

6.250% 01/01/32

 

5,325,000

 

5,363,979

 

Resource Recovery Total

 

5,363,979

 

RESOURCE RECOVERY TOTAL

 

7,477,779

 

TAX-BACKED — 35.3%

 

 

 

 

 

Local Appropriated — 2.4%

 

 

 

 

 

CA Los Angeles County Schools

 

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

(a) 08/01/22

 

2,180,000

 

991,094

 

IL Chicago Board of Education

 

 

 

 

 

 

 

Series 1992 A,

 

 

 

 

 

 

Insured: NPFGC:

 

 

 

 

 

 

6.000% 01/01/16

 

5,000,000

 

5,580,300

 

 

6.000% 01/01/20

 

8,000,000

 

8,804,560

 

 

6.250% 01/01/15

 

12,900,000

 

13,890,849

 

IN Crown Point School Building Corp.

 

 

 

 

 

 

 

Series 2000,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 01/15/19

 

8,165,000

 

5,658,427

 

IN Noblesville Redevelopment Authority

 

 

 

 

 

 

 

Series 2006 A,

 

 

 

 

 

 

5.250% 08/01/25

 

2,000,000

 

2,074,740

 

MN Hibbing Economic Development Authority

 

 

 

 

 

 

 

Series 1997,

 

 

 

 

 

 

6.400% 02/01/12

 

140,000

 

140,123

 

MO St. Louis Industrial Development Authority

 

 

 

 

 

 

 

St. Louis Convention Center,

 

 

 

 

 

 

Series 2000,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

(a) 07/15/18

 

2,000,000

 

1,239,900

 

SC Scago Educational Facilities Corp. for Spartanburg School District No. 5

 

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

4.600% 04/01/22

 

8,885,000

 

8,952,348

 

Local Appropriated Total

 

47,332,341

 

Local General Obligations — 7.2%

 

 

 

 

 

AZ Tucson

 

 

 

 

 

 

 

Series 1994 G,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

7.625% 07/01/14

 

3,140,000

 

3,712,548

 

CA Alvord Unified School District

 

 

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.900% 02/01/19

 

1,975,000

 

2,234,515

 

CA Clovis Unified School District

 

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 08/01/20

 

7,000,000

 

4,291,980

 

 

15


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

TAX-BACKED — (continued)

 

 

 

 

 

CA Norwalk LA Mirada Unified School District

 

 

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 08/01/23

 

9,790,000

 

4,554,308

 

CA San Juan Unified School District

 

 

 

 

 

 

 

Series 2001,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

(a) 08/01/18

 

1,785,000

 

1,268,296

 

CA San Ysidro School District

 

 

 

 

 

 

 

Series 2005 D,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 08/01/23

 

2,330,000

 

1,030,489

 

CA Vallejo City Unified School District

 

 

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.900% 02/01/20

 

1,000,000

 

1,040,450

 

CA West Contra Costa Unified School District

 

 

 

 

 

 

 

Series 2001 B,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

6.000% 08/01/24

 

2,320,000

 

2,453,191

 

CA Yuba City Unified School District

 

 

 

 

 

 

 

Series 2000,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 09/01/18

 

1,160,000

 

765,449

 

IL Champaign County

 

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

Insured: NPFGC:

 

 

 

 

 

 

8.250% 01/01/20

 

1,015,000

 

1,336,187

 

 

8.250% 01/01/23

 

1,420,000

 

1,926,571

 

IL Chicago Board of Education

 

 

 

 

 

 

 

Series 1998 B-1,

 

 

 

 

 

 

Insured: NPFGC:

 

 

 

 

 

 

(a) 12/01/21

 

8,000,000

 

4,341,920

 

 

(a) 12/01/22

 

25,200,000

 

12,713,652

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.500% 12/01/22

 

4,750,000

 

5,021,652

 

IL Chicago

 

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.500% 01/01/23

 

9,750,000

 

9,908,242

 

IL Cook County School District No. 102

 

 

 

 

 

 

 

Series 2001,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 12/01/20

 

3,065,000

 

1,853,896

 

IL Cook County School District No. 209-Provisional Township

 

 

 

 

 

 

 

Series 2004,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

5.000% 12/01/15

 

1,750,000

 

1,867,775

 

 

16


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

TAX-BACKED — (continued)

 

 

 

 

 

IL De Kalb County Community Unified School District No. 424

 

 

 

 

 

 

 

Series 2001,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

(a) 01/01/21

 

2,675,000

 

1,557,786

 

IL Du Page County Community High School District No. 99

 

 

 

 

 

 

 

Series 1993,

 

 

 

 

 

 

5.600% 01/01/21

 

2,565,000

 

2,919,611

 

IL Kane & De Kalb Counties Community Unit School District No. 302

 

 

 

 

 

 

 

Series 2004,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 02/01/21

 

3,165,000

 

1,833,105

 

IL Lake County School District No. 56

 

 

 

 

 

 

 

Series 1997,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

9.000% 01/01/17

 

10,440,000

 

13,700,830

 

LA New Orleans

 

 

 

 

 

 

 

Series 1991,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

(a) 09/01/12

 

6,250,000

 

5,915,500

 

MI Detroit City School District

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

5.000% 05/01/17

 

2,500,000

 

2,577,750

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

5.250% 05/01/30

 

10,000,000

 

9,693,700

 

MI Paw Paw Public School District

 

 

 

 

 

 

 

Series 1998,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.000% 05/01/25

 

1,020,000

 

1,112,953

 

MI St. John’s Public School

 

 

 

 

 

 

 

Series 1998,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.100% 05/01/25

 

1,790,000

 

1,954,053

 

NJ Washington Township Board of Education Mercer County

 

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

5.250% 01/01/27

 

1,410,000

 

1,583,430

 

NY State

 

 

 

 

 

 

 

Series 2007 M,

 

 

 

 

 

 

5.000% 04/01/22

 

2,000,000

 

2,113,340

 

OH Adams County Ohio Valley Local School District

 

 

 

 

 

 

 

Series 1995,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

7.000% 12/01/15

 

2,595,000

 

2,888,027

 

OH Cincinnati City School District

 

 

 

 

 

 

 

Series 2006,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.250% 12/01/30

 

4,000,000

 

4,254,200

 

 

17

 


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

TAX-BACKED — (continued)

 

 

 

 

 

OH Kings Local School District

 

 

 

 

 

 

 

Series 1995,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

7.500% 12/01/16

 

2,110,000

 

2,514,888

 

OR Linn County Community School District No. 9

 

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.500% 06/15/30

 

1,435,000

 

1,604,818

 

TX Dallas County Flood Control District

 

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

7.250% 04/01/32

 

7,500,000

 

7,685,925

 

TX Deaf Smith County Hospital District

 

 

 

 

 

 

 

Series 2010 A,

 

 

 

 

 

 

6.500% 03/01/40

 

4,000,000

 

3,800,480

 

TX North East Independent School District

 

 

 

 

 

 

 

Series 2007,

 

 

 

 

 

 

Insured: PSFG

 

 

 

 

 

 

5.250% 02/01/31

 

10,000,000

 

11,007,500

 

WA Clark County School District No. 37 Vancouver

 

 

 

 

 

 

 

Series 2001 C,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 12/01/16

 

3,000,000

 

2,539,650

 

Total Local General Obligations

 

141,578,667

 

Special Non-Property Tax — 8.4%

 

 

 

 

 

AL Jefferson County

 

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

5.250% 01/01/19

 

2,790,000

 

2,583,233

 

FL Tampa Sports Authority

 

 

 

 

 

 

 

Series 1995,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.750% 10/01/25

 

2,500,000

 

2,444,550

 

GA Metropolitan Atlanta Rapid Transit Authority

 

 

 

 

 

 

 

Series 1992 P,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

6.250% 07/01/20

 

6,000,000

 

7,018,320

 

GU Territory of Guam

 

 

 

 

 

 

 

Series 2009 A,

 

 

 

 

 

 

5.750% 12/01/34

 

2,000,000

 

1,946,780

 

IL Metropolitan Pier & Exposition Authority

 

 

 

 

 

 

 

Series 1993 A,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 06/15/16

 

3,750,000

 

3,048,862

 

 

Series 2010 B-2,

 

 

 

 

 

 

5.000% 06/15/50

 

2,875,000

 

2,383,231

 

 

18


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

TAX-BACKED — (continued)

 

 

 

 

 

IL Regional Transportation Authority

 

 

 

 

 

 

 

Series 1994 C,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

7.750% 06/01/20

 

5,000,000

 

6,007,300

 

 

Series 2002 A,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

6.000% 07/01/31

 

5,400,000

 

5,873,742

 

IL Sales Tax Revenue

 

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

6.000% 06/15/23

 

4,000,000

 

4,450,680

 

KS Wyandotte County-Kansas City Unified Government

 

 

 

 

 

 

 

Series 2010,

 

 

 

 

 

 

(a) 06/01/21

 

18,550,000

 

10,023,863

 

KY Economic Development Finance Authority

 

 

 

 

 

 

 

Louisville Arena Project,

 

 

 

 

 

 

Series 2008 A1,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

6.000% 12/01/38

 

2,850,000

 

2,905,034

 

MA Bay Transportation Authority

 

 

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

 

Insured: NPFGC:

 

 

 

 

 

 

5.500% 07/01/26

 

1,500,000

 

1,733,580

 

 

5.500% 07/01/29

 

2,000,000

 

2,261,260

 

 

Series 2006 A:

 

 

 

 

 

 

5.250% 07/01/29

 

3,185,000

 

3,501,971

 

 

5.250% 07/01/34

 

14,000,000

 

14,939,120

 

MO Manchester

 

 

 

 

 

 

 

Series 2010,

 

 

 

 

 

 

6.875% 11/01/39

 

1,500,000

 

1,453,365

 

NV Sparks Tourism Improvement District No. 1

 

 

 

 

 

 

 

Series 2008 A,

 

 

 

 

 

 

6.750% 06/15/28 (f)

 

2,000,000

 

1,732,540

 

NY Dormitory Authority

 

 

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

 

Insured: AMBAC:

 

 

 

 

 

 

5.500% 03/15/27

 

11,240,000

 

12,833,944

 

 

5.500% 03/15/29

 

2,030,000

 

2,284,379

 

 

5.500% 03/15/30

 

6,040,000

 

6,732,788

 

 

Series 2008 B,

 

 

 

 

 

 

5.250% 03/15/38

 

5,000,000

 

5,039,000

 

NY Local Government Assistance Corp.

 

 

 

 

 

 

 

Series 1993 E:

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.250% 04/01/16

 

10,000,000

 

11,285,700

 

 

Insured: NPFGC

 

 

 

 

 

 

5.000% 04/01/21

 

3,655,000

 

4,030,040

 

NY Metropolitan Transportation Authority

 

 

 

 

 

 

 

Series 2009 B,

 

 

 

 

 

 

5.000% 11/15/34

 

3,000,000

 

2,934,540

 

 

19


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

TAX-BACKED — (continued)

 

 

 

 

 

NY Sales Tax Asset Receivables Corp.

 

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.000% 10/15/32

 

3,950,000

 

3,978,440

 

PR Commonwealth of Puerto Rico Highway & Transportation Authority

 

 

 

 

 

 

 

Series 1996 Z,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

6.000% 07/01/18

 

10,000,000

 

11,076,500

 

PR Commonwealth of Puerto Rico Sales Tax Financing Corp.

 

 

 

 

 

 

 

Series 2010 C,

 

 

 

 

 

 

5.250% 08/01/41

 

10,000,000

 

9,007,800

 

TX Harris County Houston Sports Authority

 

 

 

 

 

 

 

Series 2001 A,

 

 

 

 

 

 

Insured: NPFGC:

 

 

 

 

 

 

(a) 11/15/14

 

3,905,000

 

2,995,838

 

 

(a) 11/15/15

 

3,975,000

 

2,826,623

 

 

(a) 11/15/16

 

4,040,000

 

2,647,493

 

TX Houston Hotel Occupancy

 

 

 

 

 

 

 

Series 2001 B,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

(a) 09/01/17

 

2,000,000

 

1,433,400

 

UT Transit Authority Sales Tax Revenue

 

 

 

 

 

 

 

Series 2006 C,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

5.250% 06/15/29

 

10,000,000

 

11,059,900

 

VA Peninsula Town Center Community Development Authority

 

 

 

 

 

 

 

Series 2007,

 

 

 

 

 

 

6.250% 09/01/24

 

2,375,000

 

2,266,843

 

Special Non-Property Tax Total

 

166,740,659

 

Special Property Tax — 1.4%

 

 

 

 

 

CA Huntington Beach Community Facilities District

 

 

 

 

 

 

 

Grand Coast Resort,

 

 

 

 

 

 

Series 2001-1,

 

 

 

 

 

 

6.450% 09/01/31

 

1,850,000

 

1,796,831

 

CT Harbor Point Infrastructure Improvement District

 

 

 

 

 

 

 

Series 2010 A,

 

 

 

 

 

 

7.875% 04/01/39

 

8,000,000

 

8,105,040

 

FL Double Branch Community Development District

 

 

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

 

6.700% 05/01/34

 

1,295,000

 

1,305,477

 

 

20


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

TAX-BACKED — (continued)

 

 

 

 

 

FL Tolomato Community Development District

 

 

 

 

 

 

 

Series 2007:

 

 

 

 

 

 

6.375% 05/01/17

 

1,000,000

 

740,400

 

 

6.550% 05/01/27

 

3,500,000

 

2,475,830

 

FL Village Center Community Development District

 

 

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.500% 11/01/12

 

750,000

 

781,747

 

FL Waterset North Community Development District

 

 

 

 

 

 

 

Series 2007 A,

 

 

 

 

 

 

6.600% 05/01/39

 

3,000,000

 

1,723,410

 

FL Westchester Community Development District No. 1

 

 

 

 

 

 

 

Series 2003,

 

 

 

 

 

 

6.000% 05/01/23

 

2,095,000

 

1,891,743

 

IL Sports Facilities Authority

 

 

 

 

 

 

 

Series 2001,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

(a) 06/15/18

 

4,000,000

 

2,765,720

 

IN Portage

 

 

 

 

 

 

 

Series 2006,

 

 

 

 

 

 

5.000% 01/15/27

 

410,000

 

374,601

 

OH Hickory Chase Community Authority

 

 

 

 

 

 

 

Series 2008,

 

 

 

 

 

 

6.750% 12/01/27

 

6,165,000

 

4,038,445

 

OH Toledo-Lucas County Port Authority

 

 

 

 

 

 

 

Series 2007,

 

 

 

 

 

 

5.400% 11/01/36

 

2,630,000

 

1,999,799

 

Special Property Tax Total

 

27,999,043

 

State Appropriated — 6.5%

 

 

 

 

 

CA Public Works Board

 

 

 

 

 

 

 

Series 2009,

 

 

 

 

 

 

6.125% 11/01/29

 

6,000,000

 

6,143,160

 

IN Office Building Commission

 

 

 

 

 

 

 

Series 1995 B,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

6.250% 07/01/16

 

8,000,000

 

9,010,880

 

NJ Economic Development Authority

 

 

 

 

 

 

 

Series 2005 N-1:

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

5.500% 09/01/25

 

23,990,000

 

25,756,384

 

 

Insured: NPFGC

 

 

 

 

 

 

5.500% 09/01/27

 

5,000,000

 

5,267,200

 

NJ Transportation Trust Fund Authority

 

 

 

 

 

 

 

Series 1999 A:

 

 

 

 

 

 

5.750% 06/15/18

 

5,000,000

 

5,540,350

 

 

5.750% 06/15/20

 

4,150,000

 

4,672,444

 

 

Series 2006 A,

 

 

 

 

 

 

5.500% 12/15/23

 

3,000,000

 

3,155,670

 

 

21


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

TAX-BACKED — (continued)

 

 

 

 

 

NY Dormitory Authority

 

 

 

 

 

 

 

Series 1993 A:

 

 

 

 

 

 

Insured: CGIC

 

 

 

 

 

 

6.000% 07/01/20

 

6,140,000

 

7,022,686

 

 

Insured: NPFGC

 

 

 

 

 

 

5.875% 05/15/17

 

28,240,000

 

32,093,630

 

 

Series 1993,

 

 

 

 

 

 

6.000% 07/01/20

 

13,350,000

 

15,215,929

 

UT Building Ownership Authority

 

 

 

 

 

 

 

Series 1998 C,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

5.500% 05/15/19

 

3,450,000

 

3,955,770

 

WI State

 

 

 

 

 

 

 

Series 2009 A,

 

 

 

 

 

 

5.750% 05/01/33

 

5,700,000

 

6,010,935

 

WV Building Commission

 

 

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.375% 07/01/21

 

3,215,000

 

3,516,342

 

State Appropriated Total

 

127,361,380

 

State General Obligations — 9.4%

 

 

 

 

 

CA State

 

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

6.000% 04/01/17

 

2,500,000

 

2,903,775

 

 

Series 2006,

 

 

 

 

 

 

4.500% 10/01/36

 

4,015,000

 

3,389,182

 

 

Series 2007:

 

 

 

 

 

 

4.500% 08/01/30

 

30,500,000

 

26,919,605

 

 

5.000% 12/01/37

 

8,500,000

 

7,840,485

 

 

Series 2008,

 

 

 

 

 

 

5.250% 03/01/38

 

8,250,000

 

7,883,453

 

 

Series 2009:

 

 

 

 

 

 

5.500% 11/01/39

 

15,520,000

 

15,364,024

 

 

5.750% 04/01/31

 

9,500,000

 

9,803,050

 

 

6.000% 04/01/35

 

15,000,000

 

15,553,050

 

 

Series 2010:

 

 

 

 

 

 

5.500% 03/01/40

 

11,200,000

 

11,087,776

 

 

6.000% 03/01/33

 

5,000,000

 

5,248,100

 

 

 

 

 

 

 

FL Board of Education

 

 

 

 

 

 

 

Series 1985,

 

 

 

 

 

 

9.125% 06/01/14

 

1,025,000

 

1,116,420

 

IL State

 

 

 

 

 

 

 

Series 2001,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

6.000% 11/01/26

 

3,000,000

 

3,114,300

 

 

22


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

TAX-BACKED — (continued)

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

5.000% 03/01/34

 

3,000,000

 

2,669,340

 

 

Series 2006,

 

 

 

 

 

 

5.500% 01/01/31

 

7,985,000

 

7,713,270

 

MA Bay Transportation Authority

 

 

 

 

 

 

 

Series 1994 A,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

7.000% 03/01/19

 

2,500,000

 

3,013,025

 

MA State

 

 

 

 

 

 

 

Series 2006 B,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

5.250% 09/01/25

 

5,000,000

 

5,678,750

 

PR Commonwealth of Puerto Rico Public Buildings Authority

 

 

 

 

 

 

 

Series 2002 F,

 

 

 

 

 

 

5.250% 07/01/20

 

2,000,000

 

2,002,780

 

 

Series 2007,

 

 

 

 

 

 

6.250% 07/01/31

 

27,000,000

 

28,108,350

 

PR Commonwealth of Puerto Rico

 

 

 

 

 

 

 

Series 1996 B,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

6.500% 07/01/15

 

2,650,000

 

2,901,644

 

WA State

 

 

 

 

 

 

 

Series 2007 D,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

4.500% 01/01/30

 

24,470,000

 

23,951,236

 

State General Obligations Total

 

186,261,615

 

TAX-BACKED TOTAL

 

697,273,705

 

TRANSPORTATION — 9.9%

 

 

 

 

 

Air Transportation — 0.8%

 

 

 

 

 

CO Denver City & County Special Facility Authority

 

 

 

 

 

 

 

United Airlines, Inc.,

 

 

 

 

 

 

Series 2007, AMT,

 

 

 

 

 

 

5.250% 10/01/32 (h)

 

5,000,000

 

4,100,000

 

IN Indianapolis Airport Authority

 

 

 

 

 

 

 

United Airlines, Inc.,

 

 

 

 

 

 

Series 1995 A, AMT,

 

 

 

 

 

 

6.500% 11/15/31 (i)

 

1,348,945

 

6,745

 

NJ Economic Development Authority

 

 

 

 

 

 

 

Continental Airlines, Inc.,

 

 

 

 

 

 

Series 1999, AMT:

 

 

 

 

 

 

6.250% 09/15/19

 

1,300,000

 

1,246,947

 

 

6.250% 09/15/29

 

2,000,000

 

1,869,080

 

 

6.400% 09/15/23

 

4,000,000

 

3,814,560

 

NY New York City Industrial Development Agency

 

 

 

 

 

 

 

American Airlines, Inc.,

 

 

 

 

 

 

Series 2005, AMT,

 

 

 

 

 

 

GTY AGMT: AMR Corp.

 

 

 

 

 

 

7.625% 08/01/25 (c)

 

1,000,000

 

1,010,290

 

 

23


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

TRANSPORTATION — (continued)

 

 

 

 

 

NY Port Authority of NY & New Jersey

 

 

 

 

 

 

 

JFK International Air Terminal LLC,

 

 

 

 

 

 

Series 2010

 

 

 

 

 

 

6.000% 12/01/36

 

3,500,000

 

3,418,905

 

Air Transportation Total

 

15,466,527

 

Airports — 0.8%

 

 

 

 

 

FL Miami-Dade

 

 

 

 

 

 

 

Series 2010 A1,

 

 

 

 

 

 

5.375% 10/01/35

 

6,000,000

 

5,720,580

 

TX Houston

 

 

 

 

 

 

 

Series 2009 A,

 

 

 

 

 

 

5.500% 07/01/34

 

10,500,000

 

10,587,465

 

Airports Total

 

16,308,045

 

Toll Facilities — 6.6%

 

 

 

 

 

CA San Joaquin Hills Transportation Corridor Agency

 

 

 

 

 

 

 

Series 1997 A,

 

 

 

 

 

 

Insured: NPFGC:

 

 

 

 

 

 

(a) 01/15/12

 

2,500,000

 

2,391,625

 

 

(a) 01/15/14

 

14,450,000

 

12,204,181

 

CO E-470 Public Highway Authority

 

 

 

 

 

 

 

Series 1997 B,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 09/01/22

 

6,515,000

 

3,032,342

 

 

Series 2000,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 09/01/18

 

18,600,000

 

12,025,272

 

FL Mid-Bay Bridge Authority

 

 

 

 

 

 

 

Series 2011 A,

 

 

 

 

 

 

7.250% 10/01/40

 

7,000,000

 

6,953,730

 

FL Orlando-Orange County Expressway Authority

 

 

 

 

 

 

 

Series 2010 C,

 

 

 

 

 

 

5.000% 07/01/40

 

10,000,000

 

9,139,700

 

MA Turnpike Authority

 

 

 

 

 

 

 

Series 1997 A,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 01/01/24

 

7,000,000

 

3,461,360

 

 

Series 1997 C,

 

 

 

 

 

 

Insured: NPFGC:

 

 

 

 

 

 

(a) 01/01/18

 

4,700,000

 

3,480,303

 

 

(a) 01/01/20

 

17,000,000

 

11,051,870

 

NJ Turnpike Authority

 

 

 

 

 

 

 

Series 1991 C,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

6.500% 01/01/16

 

1,415,000

 

1,680,779

 

 

Series 2004 C-2,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.500% 01/01/25

 

2,500,000

 

2,766,225

 

 

Series 2005,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

5.250% 01/01/30

 

2,000,000

 

2,128,620

 

 

24


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

TRANSPORTATION — (continued)

 

 

 

 

 

 

Series 2009 E,

 

 

 

 

 

 

5.250% 01/01/40

 

4,425,000

 

4,392,166

 

NY Triborough Bridge & Tunnel Authority

 

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.500% 11/15/20

 

6,800,000

 

7,811,092

 

TX Central Texas Regional Mobility Authority

 

 

 

 

 

 

 

Series 2010,

 

 

 

 

 

 

(a) 01/01/25

 

2,000,000

 

753,320

 

TX North Texas Tollway Authority

 

 

 

 

 

 

 

Series 2008 F,

 

 

 

 

 

 

5.750% 01/01/38

 

11,355,000

 

10,661,664

 

 

Series 2009 C,

 

 

 

 

 

 

5.250% 01/01/44

 

10,000,000

 

8,812,200

 

TX Turnpike Authority

 

 

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

 

Insured: AMBAC:

 

 

 

 

 

 

(a) 08/15/16

 

7,000,000

 

5,530,910

 

 

(a) 08/15/18

 

10,000,000

 

6,874,800

 

 

(a) 08/15/19

 

10,330,000

 

6,616,055

 

VA Richmond Metropolitan Authority

 

 

 

 

 

 

 

Series 1998,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.250% 07/15/22

 

7,800,000

 

8,402,082

 

Toll Facilities Total

 

130,170,296

 

Transportation — 1.7%

 

 

 

 

 

IN Finance Authority Highway Revenue

 

 

 

 

 

 

 

Series 2007 A,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

4.500% 06/01/29

 

10,000,000

 

9,816,100

 

NV Department of Business & Industry

 

 

 

 

 

 

 

Las Vegas Monorail Co., 2nd Tier,

 

 

 

 

 

 

Series 2000:

 

 

 

 

 

 

7.375% 01/01/30 (b)

 

1,650,000

 

17

 

 

7.375% 01/01/40 (b)

 

3,750,000

 

38

 

NY Metropolitan Transportation Authority

 

 

 

 

 

 

 

Series 2007 A,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

5.000% 11/15/33

 

12,000,000

 

11,681,280

 

 

Series 2007 B,

 

 

 

 

 

 

5.000% 11/15/24

 

6,820,000

 

6,965,675

 

 

25


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

TRANSPORTATION — (continued)

 

 

 

 

 

OH Toledo-Lucas County Port Authority

 

 

 

 

 

 

 

Series 1992,

 

 

 

 

 

 

6.450% 12/15/21

 

3,950,000

 

4,437,074

 

Transportation Total

 

32,900,184

 

TRANSPORTATION TOTAL

 

194,845,052

 

UTILITIES — 15.3%

 

 

 

 

 

Independent Power Producers — 0.7%

 

 

 

 

 

NY Port Authority of New York & New Jersey

 

 

 

 

 

 

 

KIAC Partners,

 

 

 

 

 

 

Series 1996 IV, AMT,

 

 

 

 

 

 

6.750% 10/01/19

 

7,000,000

 

6,604,220

 

NY Suffolk County Industrial Development Agency

 

 

 

 

 

 

 

Nissequogue Cogeneration Partners Facilities,

 

 

 

 

 

 

Series 1998, AMT,

 

 

 

 

 

 

5.500% 01/01/23

 

7,800,000

 

6,879,912

 

Independent Power Producers Total

 

13,484,132

 

Investor Owned — 3.8%

 

 

 

 

 

DE Economic Development Authority

 

 

 

 

 

 

 

Delmarva Power & Light Co.,

 

 

 

 

 

 

Series 2010,

 

 

 

 

 

 

5.400% 02/01/31

 

5,000,000

 

4,793,750

 

HI Department of Budget & Finance

 

 

 

 

 

 

 

Hawaiian Electric Co.,

 

 

 

 

 

 

Series 2009,

 

 

 

 

 

 

GTY AGMT: Hawaiian Electric Co.

 

 

 

 

 

 

6.500% 07/01/39

 

5,250,000

 

5,147,573

 

IN Development Finance Authority

 

 

 

 

 

 

 

Series 1999, AMT,

 

 

 

 

 

 

5.950% 08/01/30

 

5,000,000

 

4,826,900

 

IN Jasper County Pollution Control Revenue

 

 

 

 

 

 

 

Northern Indiana Public Service Co.:

 

 

 

 

 

 

Series 1994 C,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.850% 04/01/19

 

3,000,000

 

3,289,890

 

 

Series 2003,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.700% 07/01/17

 

2,000,000

 

2,187,620

 

IN Petersburg

 

 

 

 

 

 

 

Series 1995 C, AMT,

 

 

 

 

 

 

5.950% 12/01/29

 

5,000,000

 

5,019,000

 

MA Development Finance Agency

 

 

 

 

 

 

 

Dominion Energy Brayton,

 

 

 

 

 

 

Series 2006, AMT,

 

 

 

 

 

 

5.000% 02/01/36 (c)

 

3,000,000

 

2,729,640

 

MI Strategic Fund

 

 

 

 

 

 

 

Detroit Edison Co.,

 

 

 

 

 

 

Series 1991 BB,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

7.000% 05/01/21

 

2,505,000

 

2,884,733

 

 

26


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

UTILITIES — (continued)

 

 

 

 

 

NY Energy & Research Development Authority

 

 

 

 

 

 

 

Brooklyn Union Gas Co., IFRN,

 

 

 

 

 

 

Series 1993,

 

 

 

 

 

 

11.976% 04/01/20 (12/15/10) (c)(d)

 

13,000,000

 

13,460,720

 

PA Economic Development Financing Authority

 

 

 

 

 

 

 

Allegheny Energy Speciality Co.,

 

 

 

 

 

 

Series 2009,

 

 

 

 

 

 

7.000% 07/15/39

 

13,000,000

 

13,960,310

 

TX Brazos River Authority Pollution Control Revenue

 

 

 

 

 

 

 

TXU Energy Co. LLC:

 

 

 

 

 

 

Series 1999 B, AMT,

 

 

 

 

 

 

6.750% 09/01/34 (04/01/13) (c)(d)

 

12,455,000

 

9,161,275

 

 

Series 2001 A, AMT,

 

 

 

 

 

 

8.250% 10/01/30

 

5,250,000

 

1,985,970

 

 

Series 2003 A, AMT,

 

 

 

 

 

 

6.750% 04/01/38 (c)

 

1,900,000

 

1,397,545

 

TX Matagorda County Navigation District No. 1

 

 

 

 

 

 

 

Series 2001 A,

 

 

 

 

 

 

6.300% 11/01/29

 

2,800,000

 

2,885,512

 

TX Sabine River Authority Pollution Control Revenue

 

 

 

 

 

 

 

Series 2001 C,

 

 

 

 

 

 

5.200% 05/01/28

 

3,000,000

 

1,022,700

 

Investor Owned Total

 

74,753,138

 

Joint Power Authority — 4.0%

 

 

 

 

 

AZ Salt River Project Agricultural Improvement & Power District

 

 

 

 

 

 

 

Series 2006 A,

 

 

 

 

 

 

5.000% 01/01/37

 

5,000,000

 

4,978,100

 

GA Municipal Electric Authority

 

 

 

 

 

 

 

Series 1991,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

6.600% 01/01/18

 

17,280,000

 

19,959,955

 

KY Ohio County Pollution Control

 

 

 

 

 

 

 

Series 2010 A,

 

 

 

 

 

 

6.000% 07/15/31

 

10,770,000

 

10,462,409

 

NC Eastern Municipal Power Agency

 

 

 

 

 

 

 

Series 1991 A,

 

 

 

 

 

 

6.500% 01/01/18

 

2,185,000

 

2,573,362

 

 

Series 2009 B,

 

 

 

 

 

 

5.000% 01/01/26

 

7,000,000

 

6,877,220

 

ND McLean

 

 

 

 

 

 

 

Great River Energy,

 

 

 

 

 

 

Series 2010 B,

 

 

 

 

 

 

5.150% 07/01/40

 

7,900,000

 

7,315,321

 

 

27


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

UTILITIES — (continued)

 

 

 

 

 

SC Piedmont Municipal Power Agency

 

 

 

 

 

 

 

Series 1993,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.375% 01/01/25

 

11,370,000

 

12,007,175

 

 

Series 2004 A,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 01/01/24

 

5,000,000

 

2,435,600

 

TX Sam Rayburn Municipal Power Agency

 

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

6.000% 10/01/16

 

5,000,000

 

5,177,550

 

WY Campbell

 

 

 

 

 

 

 

Basin Electric Power Cooperative,

 

 

 

 

 

 

Series 2009,

 

 

 

 

 

 

5.750% 07/15/39

 

7,900,000

 

8,186,217

 

Joint Power Authority Total

 

79,972,909

 

Municipal Electric — 1.8%

 

 

 

 

 

NY Long Island Power Authority

 

 

 

 

 

 

 

Series 2008 A,

 

 

 

 

 

 

6.000% 05/01/33

 

2,725,000

 

2,917,113

 

PA Westmoreland County Municipal Authority

 

 

 

 

 

 

 

Series 1995 A,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 08/15/23

 

5,540,000

 

2,856,092

 

 

Series 1999 A,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 08/15/22

 

2,000,000

 

1,150,380

 

PR Commonwealth of Puerto Rico Electric Power Authority

 

 

 

 

 

 

 

Series 2007 VV,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.250% 07/01/34

 

10,870,000

 

9,739,411

 

 

Series 2010 XX,

 

 

 

 

 

 

5.250% 07/01/40

 

4,250,000

 

3,691,592

 

SD Heartland Consumers Power District

 

 

 

 

 

 

 

Series 1992,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

6.000% 01/01/17

 

13,600,000

 

15,288,712

 

Municipal Electric Total

 

35,643,300

 

Water & Sewer — 5.0%

 

 

 

 

 

AL Birmingham Waterworks & Sewer Board

 

 

 

 

 

 

 

Series 2007 A,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

4.375% 01/01/32

 

6,000,000

 

5,283,780

 

AL Jefferson County

 

 

 

 

 

 

 

Series 1997 A,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

5.625% 02/01/22

 

570,000

 

328,611

 

CA Castaic Lake Water Agency

 

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

(a) 08/01/24

 

9,445,000

 

4,200,286

 

 

28


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

UTILITIES — (continued)

 

 

 

 

 

CA San Diego Public Facilities Financing Authority

 

 

 

 

 

 

 

Series 2009,

 

 

 

 

 

 

5.250% 05/15/39

 

17,000,000

 

16,776,790

 

CA San Francisco City & County Public Utilities Commission

 

 

 

 

 

 

 

Series 2006 A,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

4.500% 11/01/31

 

17,800,000

 

16,551,508

 

FL Seminole County

 

 

 

 

 

 

 

Series 1992,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

6.000% 10/01/19

 

470,000

 

535,974

 

GA Atlanta Water & Wastewater Revenue

 

 

 

 

 

 

 

Series 1991 A,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.500% 11/01/22

 

5,475,000

 

5,947,054

 

 

Series 2001 A,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.500% 11/01/27

 

1,500,000

 

1,527,855

 

GA Henry County Water & Sewer Authority

 

 

 

 

 

 

 

Series 1997,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

6.150% 02/01/20

 

5,390,000

 

6,394,373

 

GA Milledgeville Water & Sewer Revenue

 

 

 

 

 

 

 

Series 1996,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

6.000% 12/01/21

 

1,000,000

 

1,130,410

 

IL Chicago

 

 

 

 

 

 

 

Series 1998,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

(a) 01/01/20

 

7,275,000

 

4,620,716

 

IN Bond Bank Revenue

 

 

 

 

 

 

 

Series 2008 B,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

(a) 06/01/29

 

6,000,000

 

2,112,420

 

MA Water Resources Authority

 

 

 

 

 

 

 

Series 2002 J,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

5.500% 08/01/21

 

5,000,000

 

6,006,550

 

 

Series 2006 A,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.000% 08/01/24

 

2,170,000

 

2,337,329

 

MS V Lakes Utility District

 

 

 

 

 

 

 

Series 1994,

 

 

 

 

 

 

7.000% 07/15/37 (07/15/24) (c)(d)

 

465,000

 

393,715

 

NY New York City Municipal Water Finance Authority

 

 

 

 

 

 

 

Series 2001 D,

 

 

 

 

 

 

5.250% 06/15/25

 

2,535,000

 

2,581,999

 

 

29

 


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds — (continued)

 

 

 

 

 

 

UTILITIES — (continued)

 

 

 

 

 

OH Cleveland Waterworks Revenue

 

 

 

 

 

 

 

Series 1993 G,

 

 

 

 

 

 

Insured: NPFGC

 

 

 

 

 

 

5.500% 01/01/21

 

4,015,000

 

4,581,476

 

OH Lakewood Water Systems Revenue

 

 

 

 

 

 

 

Series 1995,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.850% 07/01/20

 

1,825,000

 

2,101,743

 

OH Water Development Authority

 

 

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

 

4.750% 06/01/25

 

920,000

 

953,138

 

TX Houston Water & Sewer Systems

 

 

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

 

Insured: AGMC

 

 

 

 

 

 

(a) 12/01/19

 

9,545,000

 

6,850,065

 

VA Fairfax County Water Authority

 

 

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

 

5.250% 04/01/24

 

6,175,000

 

7,222,527

 

Water & Sewer Total

 

98,438,319

 

UTILITIES TOTAL

 

302,291,798

 

 

 

 

 

 

Total Municipal Bonds
(cost of $1,905,173,816)

 

1,899,094,524

 

 

 

 

 

Shares

 

 

 

Municipal Preferred Stocks — 0.4%

 

 

 

 

 

HOUSING — 0.4%

 

 

 

 

 

Multi-Family — 0.4%

 

 

 

 

 

Munimae TE Bond Subsidiary LLC

 

 

 

 

 

 

 

Series 2000 B, AMT,

 

 

 

 

 

 

9.560% 06/30/50 (05/17/11) (c)(d)(f)

 

10,000,000

 

7,813,100

 

 

Series 2005 C-3, AMT,

 

 

 

 

 

 

5.500% 11/29/49 (f)

 

1,000,000

 

620,640

 

Multi-Family Total

 

8,433,740

 

HOUSING TOTAL

 

8,433,740

 

 

 

 

 

 

 

Total Municipal Preferred Stocks
(cost of $11,000,000)

 

8,433,740

 

 

 

 

 

Investment Companies — 1.6%

 

 

 

 

 

 

BofA Tax-Exempt Reserves, Capital Class (7 day yield of 0.110%)

 

13,625,235

 

13,625,235

 

 

Dreyfus Tax-Exempt Cash Management Fund (7 day yield of 0.100%)

 

17,209,735

 

17,209,735

 

 

 

 

 

 

 

Total Investment Companies
(cost of $30,834,970)

 

30,834,970

 

 

 

 

 

 

 

Total Investments — 98.2%
(cost of $1,947,008,786)(j)(k)

 

1,938,363,234

 

 

 

 

 

 

 

Other Assets & Liabilities, Net — 1.8%

 

34,724,572

 

 

 

 

 

 

 

Net Assets — 100.0%

 

1,973,087,806

 

 

30


 

 

Notes to Investment Portfolio:

 

 

 

 

 

  *

Security Valuation:

 

Debt securities generally are valued by pricing services approved by the Trust’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 may also be valued based upon 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 investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

 

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

 

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, 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. If a security is valued at a fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

 

31


 

 

 

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

 

Fair value inputs are summarized in the three broad levels listed below:

 

·      Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

 

·      Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

 

·      Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

 

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value.  The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy. Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment.

 

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

 

32


 

The following table is a summary of the inputs used to value the Fund’s investments as of February 28, 2011:

 

Description

 

Quoted Prices
(Level 1)

 

Other
Significant
Observable
Inputs
(Level 2)

 

Significant
Unobservable Inputs
(Level 3)

 

Total

 

Municipal Bonds

 

 

 

 

 

 

 

 

 

Education

 

$

—

 

$

113,223,277

 

$

—

 

$

113,223,277

 

Health Care

 

—

 

150,376,791

 

3,615,102

 

153,991,893

 

Housing

 

—

 

73,836,492

 

—

 

73,836,492

 

Industrials

 

—

 

63,427,544

 

—

 

63,427,544

 

Other

 

—

 

262,360,350

 

—

 

262,360,350

 

Other Revenue

 

—

 

30,366,634

 

—

 

30,366,634

 

Resource Recovery

 

—

 

7,477,779

 

—

 

7,477,779

 

Tax-Backed

 

—

 

697,273,705

 

—

 

697,273,705

 

Transportation

 

—

 

194,845,052

 

—

 

194,845,052

 

Utilities

 

—

 

302,291,798

 

—

 

302,291,798

 

Total Municipal Bonds

 

—

 

1,895,479,422

 

3,615,102

 

1,899,094,524

 

Total Municipal Preferred Stocks

 

—

 

8,433,740

 

—

 

8,433,740

 

Total Investment Companies

 

30,834,970

 

—

 

—

 

30,834,970

 

Total Investments

 

$

30,834,970

 

$

1,903,913,162

 

$

3,615,102

 

$

1,938,363,234

 

 

There were no significant transfers of financial assets between Levels 1 and 2 during the period.

 

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.

 

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances.  Certain municipal bonds classified as Level 3 securities are valued using the income approach.  To determine fair value  for these securities, various factors including, but not limited to, the distressed nature of the security, estimates of future cash flows from  the underlying assets, and discount rates observed in the market for similar assets.

 

The following table reconciles asset balances for the three month period ending February 28, 2011, in which significant unobservable inputs (Level 3) were used in determining value:

 

Investments in Securities

 

Balance as of
November 30,
2010

 

Accrued
Discounts /
(Premiums)

 

Realized
Gain / (Loss)

 

Change in
Unrealized
Appreciation
(Depreciation)

 

Purchases

 

(Sales)

 

Transfers
into Level 3

 

Transfers out of
Level 3

 

Balance as of
February 28,
2011

 

Municipal Bonds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care

 

$

4,759,227

 

$

—

 

$

—

 

$

(1,144,125

)

$

—

 

$

—

 

$

—

 

$

—

 

$

3,615,102

 

 

The information in the above reconciliation represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.

 

The change in unrealized depreciation attributable to securities owned at February 28, 2011, which were valued using significant unobservable inputs (Level 3) amounted to $1,144,125.

 

 

(a)

Zero coupon bond.

 

 

 

 

(b)

The issuer is in default of certain debt covenants.  Income is not being accrued.  At February 28, 2011, the value of these securities amounted to $5,690,157, which represents 0.3% of net assets.

 

 

 

 

(c)

The interest rate shown on floating rate or variable rate securities reflects the rate at February 28, 2011.

 

 

 

 

(d)

Parenthetical date represents the next interest rate reset date for the security.

 

 

 

 

(e)

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.  At February 28, 2011, the value of these securities amounted to $8,141,002, which represents  0.4% of net assets.

 

 

 

 

(f)

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 February 28, 2011, these securities, which are not illiquid except for the following, amounted to $31,704,545, which represents 1.6% of net assets.

 

33


 

Security

 

Acquisition
Date(s)

 

Shares

 

Cost

 

Value

 

Munimae TE Bond Subsidiary, LLC: Series 2000 B, AMT, 9.560% 06/30/50

 

09/05/02

 

10,000,000

 

10,000,000

 

$

7,813,100

 

 

 

 

 

 

 

 

 

 

 

Series 2005 C-3, AMT,5.500% 11/29/49

 

11/04/05

 

1,000,000

 

1,000,000

 

620,640

 

 

 

 

 

 

 

 

 

$

8,433,740

 

 

 

(g)

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.

 

 

 

 

(h)

Position reflects anticipated residual bankruptcy claims. Income is not being accrued.

 

 

 

 

(i)

The issuer has filed for bankruptcy protection under Chapter 11, and is in default of certain debt covenants.  Income is not being accrued.  At February 28, 2011, the value of this security amounted to $6,745, which represents 0.0% of net assets.

 

 

 

 

(j)

Cost for federal income tax purposes is $1,947,008,786.

 

 

 

 

(k)

Unrealized appreciation and depreciation at February 28, 2011 based on cost of investments for federal income tax purposes was:

 

 

 

 

 

Unrealized

 

Unrealized

 

Net Unrealized

 

 

 

 

Appreciation

 

Depreciation

 

Depreciation

 

 

 

 

$

89,160,632

 

$

(97,806,184

)

$

(8,645,552

)

 

 

 

 

 

 

Acronym

 

Name

 

AGC

 

Assured Guaranty Corp.

 

AGMC

 

Assured Guaranty Municipal Corp.

 

AMBAC

 

Ambac Assurance Corp.

 

AMT

 

Alternative Minimum Tax

 

CAP

 

Capital Markets Assurance Corp.

 

CGIC

 

Capital Guaranty Insurance Corp.

 

FGIC

 

Financial Guaranty Insurance Co.

 

FHA

 

Federal Housing Administration

 

GNMA

 

Government National Mortgage Association

 

GTY AGMT

 

Guaranty Agreement

 

IFRN

 

Inverse Floating Rate Note

 

LOC

 

Letter of Credit

 

NPFGC

 

National Public Finance Guarantee Corp.

 

PSFG

 

Permanent School Fund Guarantee

 

RAD

 

Radian Asset Assurance, Inc.

 

34

 


 

Item  2. Controls and Procedures.

 

(a)   The registrant’s principal executive officer and principal financial officers, 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 was no change 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 Series Trust I

 

 

 

 

 

By (Signature and Title)

 

/s/ J. Kevin Connaughton

 

 

J. Kevin Connaughton, President

 

 

 

 

 

Date

 

April 21, 2011

 

 

 

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/ J. Kevin Connaughton

 

 

J. Kevin Connaughton, President

 

 

 

 

 

Date

 

April 21, 2011

 

 

 

 

 

By (Signature and Title)

 

/s/ Michael G. Clarke

 

 

Michael G. Clarke, Chief Financial Officer

 

 

 

 

 

Date

 

April 21, 2011