522 Fifth Avenue, New York, New York | 10036 | |
(Address of principal executive offices) | (Zip code) |
Randy Takian | ||
522 Fifth Avenue, New York, New York 10036 |
PRINCIPAL | ||||||||||||||||
AMOUNT IN | COUPON | MATURITY | ||||||||||||||
THOUSANDS | RATE | DATE | VALUE | |||||||||||||
Tax-Exempt Municipal Bonds (167.3%) |
||||||||||||||||
Alaska (0.9%) |
||||||||||||||||
$ | 4,000 | Northern Tobacco Securitization Corp., Asset
Backed Ser 2006 A |
5.00 | % | 06/01/46 | $ | 2,701,000 | |||||||||
Arizona (5.8%) |
||||||||||||||||
2,000 | Arizona State Transportation Board, Highway Refg
Ser 2002 A |
5.25 | 07/01/19 | 2,185,920 | ||||||||||||
650 | Maricopa County, Pollution Control Corp., Ser 2009
A |
6.00 | 05/01/29 | 684,086 | ||||||||||||
3,000 | Phoenix Civic Improvement Corp., Airport Ser 2002
B (AMT) (NATL-RE & FGIC Insd) |
5.25 | 07/01/32 | 2,976,420 | ||||||||||||
3,800 | Phoenix Civic Improvement Corp., Jr Lien Water Ser
2002 (NATL-RE & FGIC Insd) |
5.00 | 07/01/26 | 3,853,466 | ||||||||||||
6,000 | Salt River Project Agricultural Improvement &
Power District, 2002 Ser B (a) |
5.00 | 01/01/31 | 6,210,111 | ||||||||||||
2,000 | Surprise Municipal Property Corp., Ser 2007 |
4.90 | 04/01/32 | 1,607,540 | ||||||||||||
17,517,543 | ||||||||||||||||
California (27.8%) |
||||||||||||||||
1,575 | Alhambra Unified School District, Ser 2009 B (AGC
Insd) (b) |
0.00 | 08/01/35 | 310,417 | ||||||||||||
2,545 | Alhambra Unified School District, Ser 2009 B (AGC
Insd) (b) |
0.00 | 08/01/36 | 468,254 | ||||||||||||
2,000 | California Health Facilities Financing Authority,
Cedars-Sinai Medical Center Ser 2005 |
5.00 | 11/15/34 | 1,878,240 | ||||||||||||
2,000 | California Health Facilities Financing Authority,
Kaiser Permanente Ser 2006 A |
5.25 | 04/01/39 | 1,916,400 | ||||||||||||
5,000 | California Infrastructure & Economic Development
Bank, Bay Area Toll Bridges 1st Lien Ser 2003
(AMBAC Insd) (a) |
5.00 | 01/01/28 | (c) | 5,856,409 | |||||||||||
3,000 | California Infrastructure & Economic Development
Bank, The Scripps Research Institute Ser 2005 A |
5.00 | 07/01/29 | 3,085,890 | ||||||||||||
6,000 | California Pollution Control Financing Authority,
Keller Canyon Landfill Co./Browning-Ferris
Industries Inc. Ser 1992 (AMT) |
6.875 | 11/01/27 | 6,006,120 | ||||||||||||
4,000 | California Statewide Communities Development
Authority, Baptist University Ser 2007 A |
5.40 | 11/01/27 | 3,333,400 | ||||||||||||
5,000 | California Statewide Communities Development
Authority, John Muir Health Ser 2006 A |
5.00 | 08/15/32 | 4,784,850 | ||||||||||||
960 | City & County of San Francisco, Laguna Honda
Hospital Refg Ser 2008-R3 (AGC Insd) (a) |
5.00 | 06/15/28 | 983,261 | ||||||||||||
4,000 | City of Los Angeles, Ser 2004 A (NATL-RE Insd) |
5.00 | 09/01/24 | 4,270,400 | ||||||||||||
1,000 | County of San Diego, Burnham Institute for Medical
Research Ser 2006 (COPs) |
5.00 | 09/01/34 | 825,530 | ||||||||||||
4,685 | Dry Creek Joint Elementary School District,
Election 2008 Ser 2009 (b) |
0.00 | 08/01/40 | 600,336 | ||||||||||||
4,535 | Dry Creek Joint Elementary School District,
Election 2008 Ser 2009 (b) |
0.00 | 08/01/41 | 543,248 | ||||||||||||
6,000 | Golden State Tobacco Securitization Corp.,
Enhanced Asset Backed Ser 2005 A (AMBAC Insd) |
5.00 | 06/01/29 | 5,484,960 | ||||||||||||
5,100 | Golden State Tobacco Securitization Corp.,
Enhanced Asset Backed Ser 2007 A-1 |
5.125 | 06/01/47 | 3,522,723 | ||||||||||||
1,150 | Golden State Tobacco Securitization Corp.,
Enhanced Asset Backed Ser 2007 A-1 |
5.75 | 06/01/47 | 878,197 | ||||||||||||
1,745 | Moreland School District, Ser 2014 C (AMBAC Insd)
(b) |
0.00 | 08/01/29 | 509,610 | ||||||||||||
1,270 | Oak Grove School District, Election 2008 Ser A (b) |
0.00 | 08/01/28 | 408,813 | ||||||||||||
110 | Port of Oakland, Ser 2002 L (AMT) (NATL-RE & FGIC
Insd) |
5.00 | 11/01/12 | (c) | 122,473 | |||||||||||
445 | Port of Oakland, Ser 2002 L (AMT) (NATL-RE & FGIC
Insd) |
5.00 | 11/01/12 | (c) | 495,454 |
PRINCIPAL | ||||||||||||||||
AMOUNT IN | COUPON | MATURITY | ||||||||||||||
THOUSANDS | RATE | DATE | VALUE | |||||||||||||
$ | 890 | Port of
Oakland, Ser 2002 L (AMT) (NATL-RE & FGIC Insd) |
5.00 | % | 11/01/21 | $ | 870,820 | |||||||||
3,555 | Port of Oakland, Ser 2002 L (AMT) (NATL-RE & FGIC
Insd) |
5.00 | 11/01/32 | 3,164,981 | ||||||||||||
22,685 | San Bernardino Community College District, Election
2008 Ser B (b) |
0.00 | 08/01/44 | 2,288,009 | ||||||||||||
3,720 | San Diego County Water Authority, Ser 2002 A (COPs)
(NATL-RE Insd) |
5.00 | 05/01/27 | 3,823,007 | ||||||||||||
2,500 | San Francisco City & County Public Utilities
Commission, Ser 2009 A |
5.00 | 11/01/27 | 2,662,700 | ||||||||||||
720 | San Rafael City High School District, Election Ser
2002 B (NATL-RE & FGIC Insd) (b) |
0.00 | 08/01/25 | 294,034 | ||||||||||||
16,000 | Silicon Valley Tobacco Securitization Authority
Tobacco Settlement, Santa Clara Tobacco
Securitization Corp. Ser 2007 (b) |
0.00 | 06/01/36 | 1,693,920 | ||||||||||||
4,000 | State of California, Ser 2004 A |
5.00 | 07/01/16 | 4,164,200 | ||||||||||||
5,000 | State of California, Various Purpose Dtd 05/01/03 |
5.25 | 02/01/19 | 5,241,200 | ||||||||||||
5,000 | Tobacco Securitization Authority of Northern
California, Sacramento County Tobacco
Securitization Corporation Ser 2006 A-1 |
5.00 | 06/01/37 | 3,788,750 | ||||||||||||
1,350 | Twin Rivers Unified School District, Ser 2009
(BANs) (b) |
0.00 | 04/01/14 | 1,181,304 | ||||||||||||
2,760 | University of California, Ser 2007-J (AGM Insd) (a) |
4.50 | 05/15/31 | 2,717,103 | ||||||||||||
2,240 | University of California, Ser 2007-J (AGM Insd) (a) |
4.50 | 05/15/35 | 2,154,189 | ||||||||||||
500 | University of California, Ser 2009 O |
5.25 | 05/15/39 | 524,510 | ||||||||||||
10,100 | William S. Hart Union High School District, Ser
2009 A (b) |
0.00 | 08/01/32 | 2,306,941 | ||||||||||||
83,160,653 | ||||||||||||||||
Colorado (3.1%) |
||||||||||||||||
2,000 | Colorado Educational & Cultural Facilities
Authority, Peak to Peak Charter School Refg & Impr
Ser 2004 (XLCA Insd) |
5.25 | 08/15/34 | 1,956,740 | ||||||||||||
2,000 | Colorado Health Facilities Authority,
Adventist/Sunbelt Ser 2006 D |
5.00 | 07/01/39 | 2,014,880 | ||||||||||||
1,750 | County of Boulder, University Corp. for Atmospheric
Research Ser 2002 (NATL-RE Insd) |
5.375 | 09/01/18 | 1,893,640 | ||||||||||||
1,750 | County of Boulder, University Corp. for Atmospheric
Research Ser 2002 (NATL-RE Insd) |
5.375 | 09/01/21 | 1,890,052 | ||||||||||||
1,590 | Denver Convention Center Hotel Authority, Refg Ser
2006 (XLCA Insd) |
5.00 | 12/01/30 | 1,353,488 | ||||||||||||
265 | Public Authority for Colorado Energy, Natural Gas
Ser 2008 |
6.25 | 11/15/28 | 285,159 | ||||||||||||
9,393,959 | ||||||||||||||||
Connecticut (1.7%) |
||||||||||||||||
5,000 | Connecticut Housing Finance Authority, SubSer A-2
(AMT) |
5.15 | 05/15/38 | 5,012,350 | ||||||||||||
Delaware (0.3%) |
||||||||||||||||
1,000 | County of New Castle, Newark Charter School Inc Ser
2006 |
5.00 | 09/01/36 | 807,010 | ||||||||||||
District of Columbia (1.8%) |
||||||||||||||||
6,000 | District of Columbia Ballpark, Ser 2006 B-1
(NATL-RE & FGIC Insd) |
5.00 | 02/01/31 | 5,441,700 | ||||||||||||
Florida (8.7%) |
||||||||||||||||
2,000 | Broward County School Board, Ser 2001 A (COPs) (AGM
Insd) |
5.00 | 07/01/26 | 2,017,620 | ||||||||||||
2,000 | County of Miami-Dade, Building Better Communities
Program Ser 2009 B-1 |
6.00 | 07/01/38 | 2,208,300 | ||||||||||||
1,250 | County of Miami-Dade, Miami International Airport
Ser 2009 A (AGC Insd) |
5.00 | 10/01/25 | 1,299,500 |
PRINCIPAL | ||||||||||||||||
AMOUNT IN | COUPON | MATURITY | ||||||||||||||
THOUSANDS | RATE | DATE | VALUE | |||||||||||||
$ | 75 | Highlands
County Health Facilities Authority, Adventist Health/Sunbelt Ser 2006 C |
5.25 | % | 11/15/16 | (c) | $ | 88,634 | ||||||||
2,925 | Highlands County Health Facilities Authority,
Adventist Health/Sunbelt Ser 2006 C |
5.25 | 11/15/36 | 2,926,404 | ||||||||||||
3,300 | Jacksonville Electric Authority, St Johns Power
Park Refg Issue 2 Ser 17 |
5.00 | 10/01/18 | 3,487,605 | ||||||||||||
1,500 | Lee County Industrial Development Authority,
Shell Point Village/The Alliance Community for
Retirement Living Inc., Ser 2006 |
5.125 | 11/15/36 | 1,163,130 | ||||||||||||
1,200 | Palm Beach County Solid Waste Authority, Ser
2009 (BHAC Insd) |
5.50 | 10/01/23 | 1,353,084 | ||||||||||||
12,000 | South Miami Health Facilities Authority,
Baptist Health South Florida Ser 2007 |
5.00 | 08/15/42 | 11,498,040 | ||||||||||||
26,042,317 | ||||||||||||||||
Georgia (3.9%) |
||||||||||||||||
2,000 | City of Atlanta, Airport Ser 2004 J (AGM Insd) |
5.00 | 01/01/34 | 2,005,980 | ||||||||||||
6,000 | Georgia State Road & Tollway Authority, Ser 2003 |
5.00 | 10/01/22 | 6,371,580 | ||||||||||||
3,000 | Georgia State Road & Tollway Authority, Ser 2003 |
5.00 | 10/01/23 | 3,178,080 | ||||||||||||
11,555,640 | ||||||||||||||||
Hawaii (3.5%) |
||||||||||||||||
10,000 | City & County of Honolulu, Ser 2003 A (NATL-RE
Insd) (a) |
5.25 | 03/01/26 | 10,489,900 | ||||||||||||
Idaho (1.2%) |
||||||||||||||||
20 | Idaho Housing & Finance Association, Ser 1992 E
(AMT) |
6.75 | 07/01/12 | 20,051 | ||||||||||||
655 | Idaho Housing & Finance Association, Ser 2000 E
(AMT) |
6.00 | 01/01/32 | 688,392 | ||||||||||||
2,600 | Idaho Housing & Finance Association, Ser 2008 A
(AGC Insd) |
5.25 | 07/15/23 | 2,868,398 | ||||||||||||
3,576,841 | ||||||||||||||||
Illinois (8.5%) |
||||||||||||||||
4,000 | City of Chicago, O Hare Intl Airport Third
Lien Ser 2003 B-2 (AMT) (AGM Insd) |
5.75 | 01/01/23 | 4,131,320 | ||||||||||||
7,250 | City of Chicago, Project & Refg Ser 2007 A (CR)
(AGM & FGIC Insd) (a)(d) |
5.00 | 01/01/37 | 7,291,804 | ||||||||||||
1,650 | Illinois Finance Authority, Resurrection Health
Center, Refg Ser 2009 |
6.125 | 05/15/25 | 1,641,404 | ||||||||||||
645 | Illinois Finance Authority, Rush University
Medical Center Obligated Group Ser 2009 A |
7.25 | 11/01/38 | 706,107 | ||||||||||||
830 | Illinois Finance Authority, Ser 2009 B |
5.00 | 08/15/16 | 903,762 | ||||||||||||
1,155 | Illinois Finance Authority, Swedish Covenant
Hospital Ser 2010 A (e) |
5.75 | 08/15/29 | 1,144,270 | ||||||||||||
1,235 | Illinois Finance Authority, Swedish Covenant
Hospital Ser 2010 A (e) |
6.00 | 08/15/38 | 1,224,947 | ||||||||||||
6,000 | State of Illinois, First Ser 2002 (NATL-RE Insd) |
5.375 | 07/01/20 | 6,426,840 | ||||||||||||
2,000 | Village of Schaumburg, Ser 2004 B (NATL-RE &
FGIC Insd) |
5.25 | 12/01/34 | 2,067,340 | ||||||||||||
25,537,794 | ||||||||||||||||
Indiana (6.0%) |
||||||||||||||||
10,000 | Indiana Bond Bank, Revolving Fund Ser 2001 A |
5.00 | 02/01/23 | 10,438,100 | ||||||||||||
5,400 | Indiana Health & Educational Facilities
Financing Authority, Clarian Health Ser 2006 A |
5.25 | 02/15/40 | 5,081,778 | ||||||||||||
1,400 | Marion County Convention & Recreational
Facilities Authority, Refg Ser 2003 A (AMBAC
Insd) |
5.00 | 06/01/21 | 1,425,522 | ||||||||||||
820 | Rockport, Indian Michigan Power Company Project
Refg Ser 2009 B |
6.25 | 06/01/25 | 913,234 | ||||||||||||
17,858,634 | ||||||||||||||||
Iowa (1.3%) |
||||||||||||||||
2,120 | State of Iowa, LJOBS Program Ser 2009 A (a)(d) |
5.00 | 06/01/25 | 2,301,916 |
PRINCIPAL | ||||||||||||||||
AMOUNT IN | COUPON | MATURITY | ||||||||||||||
THOUSANDS | RATE | DATE | VALUE | |||||||||||||
$ | 1,590 | State of Iowa, LJOBS Program Ser 2009 A (a)(d) |
5.00 | % | 06/01/26 | $ | 1,716,368 | |||||||||
4,018,284 | ||||||||||||||||
Kansas (0.3%) |
||||||||||||||||
730 | Kansas Development Finance Authority Hospital
Revenue, Adventist Health System Sunbelt
Obligated Group Ser 2009 C |
5.50 | 11/15/29 | 770,084 | ||||||||||||
Louisiana (0.5%) |
||||||||||||||||
1,500 | Louisiana Offshore Terminal Authority,
Deepwater Port Ser 2007 B-2 |
4.30 | 10/01/37 | 1,534,110 | ||||||||||||
Maryland (2.1%) |
||||||||||||||||
1,105 | County of Baltimore, Oak Crest Village Ser
2007 A |
5.00 | 01/01/37 | 967,582 | ||||||||||||
1,080 | Maryland Economic Development Corp., Ser B |
5.75 | 06/01/35 | 1,095,034 | ||||||||||||
2,885 | Maryland Health & Higher Educational
Facilities Authority, King Farm Presbyterian
Community 2006 Ser B |
5.00 | 01/01/17 | 2,648,170 | ||||||||||||
1,700 | Maryland Health & Higher Educational
Facilities Authority, University of Maryland
Medical Ser 2006 A |
5.00 | 07/01/41 | 1,650,139 | ||||||||||||
6,360,925 | ||||||||||||||||
Massachusetts (0.6%) |
||||||||||||||||
1,600 | Massachusetts Health & Educational Facilities
Authority, Boston College Ser 2008 M-2 |
5.50 | 06/01/30 | 1,889,776 | ||||||||||||
Michigan (3.3%) |
||||||||||||||||
3,000 | County of Wayne, Detroit Metropolitan Wayne
County Airport Refg Ser 2002 D (AMT) (NATL-RE
& FGIC Insd) |
5.50 | 12/01/17 | 3,049,410 | ||||||||||||
5,000 | Michigan Strategic Fund, Detroit Edison Co.
Ser 2001 C (AMT) |
5.65 | 09/01/29 | 5,000,450 | ||||||||||||
1,855 | Wayne State University, Refg Ser 2008 (AGM
Insd) |
5.00 | 11/15/25 | 1,953,445 | ||||||||||||
10,003,305 | ||||||||||||||||
Minnesota (0.7%) |
||||||||||||||||
2,000 | Western Minnesota Municipal Power Agency, Ser
2003 A (NATL-RE Insd) |
5.00 | 01/01/30 | 2,023,200 | ||||||||||||
Missouri (0.4%) |
||||||||||||||||
135 | Missouri Housing Development Commission,
Homeownership Ser 2000 B-1 (AMT) |
6.25 | 03/01/31 | 139,882 | ||||||||||||
1,125 | Missouri State Health & Educational Facilities
Authority, Lutheran Senior Services Ser 2005 A |
5.375 | 02/01/35 | 1,029,105 | ||||||||||||
1,168,987 | ||||||||||||||||
Montana (0.8%) |
||||||||||||||||
2,410 | Montana Board of Housing, 2000 Ser B (AMT) |
6.00 | 12/01/29 | 2,490,398 | ||||||||||||
Nevada (4.4%) |
||||||||||||||||
2,000 | County of Clark, Airport Sub Lien Ser 2004 A-1
(AMT) (NATL-RE & FGIC Insd) |
5.50 | 07/01/20 | 2,045,920 | ||||||||||||
1,000 | County of Clark, Jet Aviation Fuel Tax Ser
2003 C (AMT) (AMBAC Insd) |
5.375 | 07/01/19 | 970,140 | ||||||||||||
1,100 | County of Clark, Jet Aviation Fuel Tax Ser
2003 C (AMT) (AMBAC Insd) |
5.375 | 07/01/20 | 1,065,009 | ||||||||||||
2,000 | County of Clark, Jet Aviation Fuel Tax Ser
2003 C (AMT) (AMBAC Insd) |
5.375 | 07/01/22 | 1,909,200 | ||||||||||||
1,000 | County of Clark, McCarran International
Airport Ser 2010 A (e) |
5.125 | 07/01/34 | 978,820 | ||||||||||||
640 | Las Vegas Redevelopment Agency, Tax Increment
Ser 2009 A |
6.25 | 06/15/16 | 711,949 | ||||||||||||
5,345 | Las Vegas Valley Water District, Water Impr
Refg Ser 2003 A (NATL-RE & FGIC Insd) |
5.25 | 06/01/20 | 5,614,495 | ||||||||||||
13,295,533 | ||||||||||||||||
PRINCIPAL | ||||||||||||||||
AMOUNT IN | COUPON | MATURITY | ||||||||||||||
THOUSANDS | RATE | DATE | VALUE | |||||||||||||
New Hampshire (0.2%) |
||||||||||||||||
$ | 655 | New Hampshire Business Finance
Authority, Ser 2009 (AMT) |
7.125 | % | 07/01/27 | $ | 697,811 | |||||||||
New Jersey (9.2%) |
||||||||||||||||
2,000 | New Jersey Economic Development
Authority, School Facilities
Construction Ser N-1 (AMBAC Insd) |
5.50 | 09/01/24 | 2,262,660 | ||||||||||||
1,430 | New Jersey St Housing & Mortgage
Finance Agency, Home Buyer Ser 2000 CC
(AMT) (NATL-RE Insd) |
5.875 | 10/01/31 | 1,436,921 | ||||||||||||
1,500 | New Jersey State Turnpike Authority,
Ser 2003 A (FGIC Insd) |
5.00 | 01/01/27 | 1,531,590 | ||||||||||||
5,000 | New Jersey Transportation Trust Fund Authority, 1999 Ser A |
5.75 | 06/15/20 | 5,821,100 | ||||||||||||
10,000 | Passaic Valley Sewage Commissioners,
Ser F (NATL-RE & FGIC Insd) |
5.00 | 12/01/20 | 10,024,600 | ||||||||||||
5,000 | Tobacco Settlement Financing Corp.,
Ser 2007-1 A |
4.625 | 06/01/26 | 4,166,200 | ||||||||||||
6,000 | Tobacco Settlement Financing Corp.,
Ser 2007-1 B (b) |
0.00 | 06/01/41 | 387,060 | ||||||||||||
2,000 | University of Medicine & Dentistry of
New Jersey, Ser 2004 (COPs) (NATL-RE
Insd) |
5.25 | 06/15/23 | 2,031,500 | ||||||||||||
27,661,631 | ||||||||||||||||
New York (22.1%) |
||||||||||||||||
820 | Brooklyn Arena Local Development
Corp., Ser 2009 |
6.25 | 07/15/40 | 844,223 | ||||||||||||
340 | Brooklyn Arena Local Development
Corp., Ser 2009 |
6.375 | 07/15/43 | 348,653 | ||||||||||||
2,380 | City of New York, 2009 Subser A-1 (a) |
5.25 | 08/15/27 | 2,559,082 | ||||||||||||
2,380 | City of New York, 2009 Subser A-1 (a) |
5.25 | 08/15/28 | 2,559,082 | ||||||||||||
10,000 | Metropolitan Transportation Authority,
Transportation Refg Ser 2002 A
(NATL-RE & FGIC Insd) |
5.00 | 11/15/25 | 10,312,100 | ||||||||||||
3,500 | New York City Municipal Water Finance
Authority, Ser 2002 A |
5.375 | 06/15/19 | 3,799,285 | ||||||||||||
18,000 | New York City Municipal Water Finance
Authority, Ser 2002 B (a) |
5.00 | 06/15/26 | 18,422,820 | ||||||||||||
3,000 | New York City Municipal Water Finance
Authority, Ser 2003 A |
5.00 | 06/15/35 | 3,050,130 | ||||||||||||
2,040 | New York City Transitional Finance
Authority, 2010 Subser A-1 (a) |
5.00 | 05/01/28 | 2,179,325 | ||||||||||||
1,635 | New York City Transitional Finance
Authority, 2010 Subser A-1 (a) |
5.00 | 05/01/29 | 1,746,665 | ||||||||||||
1,635 | New York City Transitional Finance
Authority, 2010 Subser A-1 (a) |
5.00 | 05/01/30 | 1,746,665 | ||||||||||||
1,935 | New York City Trust for Cultural
Resources, Museum of Modern Art Refg
Ser 2008 1A (a) |
5.00 | 04/01/26 | 2,096,000 | ||||||||||||
2,815 | New York City Trust for Cultural
Resources, Museum of Modern Art Refg
Ser 2008 1A (a) |
5.00 | 04/01/27 | 3,049,220 | ||||||||||||
1,100 | New York State Dormitory Authority,
New York University (AMBAC Insd) |
5.50 | 05/15/29 | 1,197,548 | ||||||||||||
2,000 | Seneca Nation Indians, Ser 2007 A (f) |
5.00 | 12/01/23 | 1,654,640 | ||||||||||||
5,000 | Tobacco Settlement Financing Corp.,
Ser 2003 B-1C |
5.50 | 06/01/17 | 5,226,400 | ||||||||||||
5,000 | Triborough Bridge & Tunnel Authority,
Refg 2002 E
(NATL-RE Insd) (a) |
5.25 | 11/15/22 | 5,358,649 | ||||||||||||
66,150,487 | ||||||||||||||||
North Carolina (1.6%) |
||||||||||||||||
4,500 | City of Charlotte, Water/Sewer Ser 2001 |
5.125 | 06/01/26 | 4,674,285 | ||||||||||||
North Dakota (0.8%) |
||||||||||||||||
2,750 | County of Ward, Trinity Ser 2006 |
5.125 | 07/01/29 | 2,441,422 | ||||||||||||
PRINCIPAL | ||||||||||||||||
AMOUNT IN | COUPON | MATURITY | ||||||||||||||
THOUSANDS | RATE | DATE | VALUE | |||||||||||||
Ohio
(5.5%) |
||||||||||||||||
$ | 5,100 | American Municipal Power-Ohio Inc., Prairie
State Energy Campus Ser 2008 A (AGC Insd) (a) |
5.25 | % | 02/15/33 | $ | 5,307,379 | |||||||||
5,370 | County of Cuyahoga, Cleveland Clinic Ser 2003 A |
6.00 | 01/01/32 | 5,636,513 | ||||||||||||
3,000 | County of Lorain, Catholic Healthcare Partners
Ser 2001 A |
5.625 | 10/01/17 | 3,108,960 | ||||||||||||
2,000 | Ohio State University, General Receipts Ser
2002 A |
5.125 | 12/01/31 | 2,055,980 | ||||||||||||
410 | Ohio State Water Development Authority, Ser
2009 A |
5.875 | 06/01/33 | 446,490 | ||||||||||||
16,555,322 | ||||||||||||||||
Oklahoma (0.4%) |
||||||||||||||||
1,500 | Oklahoma Development Finance Authority, Great
Plains Regional Medical Center Ser 2007 |
5.125 | 12/01/36 | 1,257,810 | ||||||||||||
Oregon (0.3%) |
||||||||||||||||
685 | Oregon State Department of Administrative
Services, Ser 2009 A |
5.25 | 04/01/24 | 774,303 | ||||||||||||
Pennsylvania (1.0%) |
||||||||||||||||
4,000 | Allegheny County Hospital Development
Authority, West Penn Allegheny Health Ser 2007
A |
5.375 | 11/15/40 | 2,962,200 | ||||||||||||
Puerto Rico (1.4%) |
||||||||||||||||
1,375 | Puerto Rico Sales Tax Financing Corp., Ser
2009 A |
5.00 | 08/01/39 | 1,444,272 | ||||||||||||
1,225 | Puerto Rico Sales Tax Financing Corp., Ser
2010 A (e) |
5.375 | 08/01/39 | 1,209,810 | ||||||||||||
1,400 | Puerto Rico Sales Tax Financing Corp., Ser
2010 A (e) |
5.50 | 08/01/42 | 1,389,514 | ||||||||||||
4,043,596 | ||||||||||||||||
South Carolina (5.4%) |
||||||||||||||||
3,000 | Charleston Educational Excellence Finance
Corp., Charleston County School District Ser
2005 |
5.25 | 12/01/29 | 3,097,110 | ||||||||||||
345 | County of Richland, Environmental Improvement,
Paper Co. Ser 2007 A |
4.60 | 09/01/12 | 349,437 | ||||||||||||
70 | Lexington County Health Services District,
Inc., Ser 2007 A |
5.00 | 11/01/16 | 75,578 | ||||||||||||
5,000 | South Carolina State Public Service Authority,
Refg Ser 2002 D (AGM Insd) |
5.00 | 01/01/20 | 5,334,450 | ||||||||||||
7,000 | South Carolina State Public Service Authority,
Santee Cooper Ser 2003 A (AMBAC Insd) (a) |
5.00 | 01/01/22 | 7,380,805 | ||||||||||||
16,237,380 | ||||||||||||||||
Tennessee (0.6%) |
||||||||||||||||
1,620 | Tennessee Energy Acquisition Corp., Ser 2006 A |
5.25 | 09/01/19 | 1,649,614 | ||||||||||||
Texas (20.4%) |
||||||||||||||||
2,000 | Alliance Airport Authority, Federal Express
Corp. Refg Ser 2006 (AMT) |
4.85 | 04/01/21 | 1,975,100 | ||||||||||||
1,045 | Bexar County Health Facilities Development
Corp. (e) |
6.20 | 07/01/45 | 1,048,908 | ||||||||||||
2,500 | City of Arlington, Special Tax Ser 2009 |
5.00 | 08/15/28 | 2,541,775 | ||||||||||||
10,000 | City of Austin, Water & Wastewater Refg Ser
2001 A & B (AGM Insd) (a) |
5.125 | 05/15/27 | 10,341,142 | ||||||||||||
6,000 | City of Houston, Airport Sub Lien Ser 2000 A
(AMT) (AGM Insd) |
5.875 | 07/01/17 | 6,091,500 | ||||||||||||
5,120 | City of Houston, Combined Utility First Lien
Refg 2004 Ser A (NATL-RE & FGIC Insd) |
5.25 | 05/15/23 | 5,405,696 | ||||||||||||
2,000 | City of Houston, Ser 2009 A |
5.00 | 03/01/27 | 2,141,640 | ||||||||||||
5,000 | City of Houston, Ser A 2001 (AMT) (AGM Insd) |
5.625 | 07/01/30 | 5,008,750 | ||||||||||||
8,960 | City of San Antonio, (NATL-RE & FGIC Insd) |
5.00 | 05/15/26 | 9,183,194 | ||||||||||||
2,500 | County of Bexar, Ser 2009 A |
5.00 | 06/15/35 | 2,589,800 | ||||||||||||
2,380 | County of Harris, Ser 2007 C (AGM Insd) |
5.25 | 08/15/31 | 2,731,954 | ||||||||||||
600 | Harris County Industrial
Development Corp., Deer Park
Refinancing Project |
5.00 | 02/01/23 | 599,940 |
PRINCIPAL | ||||||||||||||||
AMOUNT IN | COUPON | MATURITY | ||||||||||||||
THOUSANDS | RATE | DATE | VALUE | |||||||||||||
$ | 8,600 | North Texas Tollway Authority, Refg Ser
2008 D (AGC Insd) (b) |
0.00 | % | 01/01/28 | $ | 3,097,376 | |||||||||
1,650 | North Texas Tollway Authority, Refg Ser
2008 D (AGC Insd) (b) |
0.00 | 01/01/31 | 486,833 | ||||||||||||
2,000 | Tarrant County Cultural Education
Facilities Finance Corp., Air Force
Village II Inc Ser 2007 |
5.125 | 05/15/37 | 1,666,040 | ||||||||||||
915 | Texas Private Activity Bond Surface
Transportation Corp., Senior Lien |
6.875 | 12/31/39 | 956,605 | ||||||||||||
5,100 | University of Houston/TX, Ser 2008 (AGM
Insd) (a) |
5.00 | 02/15/33 | 5,235,762 | ||||||||||||
61,102,015 | ||||||||||||||||
Vermont (0.7%) |
||||||||||||||||
2,500 | Vermont Economic Development Authority,
Wake Robin Corp Ser 2006 A |
5.375 | 05/01/36 | 2,066,350 | ||||||||||||
Virginia (1.5%) |
||||||||||||||||
2,000 | Fairfax County Economic Development
Authority, Goodwin House, Inc. Ser 2007 |
5.125 | 10/01/42 | 1,811,120 | ||||||||||||
1,450 | Henrico County Economic Development
Authority, Residential Care Facility,
Westminster Cantebury-Management Corp. Ser
2006 |
5.00 | 10/01/27 | 1,268,866 | ||||||||||||
1,750 | Henrico County Economic Development
Authority, Residential Care Facility,
Westminster Cantebury-Management Corp. Ser
2006 |
5.00 | 10/01/35 | 1,452,552 | ||||||||||||
4,532,538 | ||||||||||||||||
Washington (8.6%) |
||||||||||||||||
5,000 | Energy Northwest, Ser 2002 A (NATL-RE Insd) |
5.75 | 07/01/18 | 5,478,450 | ||||||||||||
5,000 | Grant County Public Utility District No.
2, Electric Refg Ser 2001 H (AGM Insd) |
5.375 | 01/01/18 | 5,340,100 | ||||||||||||
2,510 | Port of Seattle, Passenger Facility Ser
1998 A (NATL-RE Insd) |
5.00 | 12/01/23 | 2,516,200 | ||||||||||||
2,500 | Spokane County School District No. 81, Ser
2005 (NATL-RE Insd) |
5.125 | 06/01/23 | 2,667,550 | ||||||||||||
3,725 | State of Washington, Various Purpose Ser
2010 A (a) |
5.00 | 08/01/29 | 3,979,141 | ||||||||||||
3,915 | State of Washington, Various Purpose Ser
2010 A (a) |
5.00 | 08/01/30 | 4,182,104 | ||||||||||||
1,500 | Washington Health Care Facilities
Authority, Providence Health Ser 2006 C
(AGM Insd) |
5.25 | 10/01/33 | 1,538,790 | ||||||||||||
25,702,335 | ||||||||||||||||
Total Tax-Exempt Municipal Bonds (Cost $500,095,767) | 501,159,042 | |||||||||||||||
NUMBER OF | ||||||||||||
SHARES (000) | ||||||||||||
Short-Term Investment (g) (3.1%) |
||||||||||||
Investment Company |
||||||||||||
9,199 | Morgan Stanley Institutional Liquidity Funds Tax Exempt Portfolio Institutional Class (Cost $9,198,512) |
9,198,512 | ||||||||||
Total Investments (Cost $509,294,279) (h)(i) |
170.4 | % | 510,357,554 | |||||||||
Liabilities in Excess of Other Assets |
(0.5 | ) | (1,521,750 | ) | ||||||||
Floating Rate Note and Dealer Trusts Obligations Related to Securities Held |
||||||||||||
Notes with interest rates ranging from 0.16% to 0.25% at January 31, 2010 and
contractual maturity dates of collateral ranging from 01/01/22 to 01/01/37 (j) |
(23.9 | ) | (71,659,000 | ) | ||||||||
Preferred Shares of Beneficial Interest |
(46.0 | ) | (137,650,000 | ) | ||||||||
Net Assets Applicable to Common Shareholders |
100.0 | % | $ | 299,526,804 | ||||||||
Note: The categories of investments are shown as a percentage of net assets applicable to common shareholders. | ||
AMT | Alternative Minimum Tax. | |
BANs | Bond Anticipation Notes. |
COPs
|
Certificates of Participation. | |
CR
|
Custodial Receipts. | |
(a)
|
Underlying security related to inverse floater entered into by the Trust. | |
(b)
|
Capital appreciation bond. | |
(c)
|
Prefunded to call date shown. | |
(d)
|
Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $7,335,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater. | |
(e)
|
Security purchased on a when-issued basis. | |
(f)
|
Resale is restricted to qualified institutional investors. | |
(g)
|
The Trust invests in Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio Institutional Class, an open-end management investment company managed by the Investment Adviser. Investment advisory fees paid by the Trust are reduced by an amount equal to the advisory and administrative service fees paid by Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio Institutional Class with respect to assets invested by the Trust in Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio Institutional Class. | |
(h)
|
Securities have been designated as collateral in connection with securities purchased on a when-issued basis and inverse floating rate municipal obligations. | |
(i)
|
The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. | |
(j)
|
Floating rate note obligations related to securities held The Trust enters into transactions in which it transfers to Dealer Trusts (Dealer Trusts), fixed rate bonds in exchange for cash and residual interests in the Dealer Trusts assets and cash flows, which are in the form of inverse floating rate investments. The Dealer Trusts fund the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interest in the bonds. The Trust enters into shortfall agreements with the Dealer Trusts which commit the Trust to pay the Dealer Trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the Dealer Trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts. The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trusts investment assets, and the related floating rate notes reflected as Trust liabilities. The notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. At January 31, 2010, the Trusts investments with a value of $115,864,902 are held by the Dealer Trusts and serve as collateral for the $71,659,000 in floating rate note and dealer trusts obligations outstanding at that date. |
AGC
|
Assured Guaranty Corporation. | |
AGM
|
Assured Guaranty Municipal Corporation. | |
AMBAC
|
AMBAC Assurance Corporation. | |
BHAC
|
Berkshire Hathaway Assurance Corporation. | |
FGIC
|
Financial Guaranty Insurance Company. | |
NATL-RE
|
National Public Finance Guarantee Corporation. | |
XLCA
|
XL Capital Assurance Inc. |
FAIR VALUE MEASUREMENTS AT JANUARY 31, 2010 USING | ||||||||||||||||
UNADJUSTED | ||||||||||||||||
QUOTED PRICES IN | ||||||||||||||||
ACTIVE MARKET | OTHER | |||||||||||||||
FOR | SIGNIFICANT | SIGNIFICANT | ||||||||||||||
IDENTICAL | OBSERVABLE | UNOBSERVABLE | ||||||||||||||
INVESTMENTS | INPUTS | INPUTS | ||||||||||||||
INVESTMENT TYPE | TOTAL | (LEVEL 1) | (LEVEL 2) | (LEVEL 3) | ||||||||||||
Tax-Exempt Municipal Bonds |
$ | 501,159,042 | | $ | 501,159,042 | | ||||||||||
Short-Term Investment Investment Company |
9,198,512 | $ | 9,198,512 | | | |||||||||||
Total |
$ | 510,357,554 | $ | 9,198,512 | $ | 501,159,042 | | |||||||||
* | Morgan Stanley announced on October 19, 2009 that it has entered into a definitive agreement to sell substantially all of its retail asset management business to Invesco Ltd. (Invesco), a leading global investment management company. The Trustees of the Trust approved an Agreement and Plan of Reorganization (the Plan). Pursuant to the Plan, substantially all of the assets of the Trust would be combined with those of a newly organized mutual fund advised by an affiliate of Invesco Ltd. (the New Trust). Pursuant to the Plan, shareholders of the Trust would become shareholders of the New Trust, receiving shares of such New Trust equal to the value of their holdings in the Trust. The Plan is subject to the approval of the Trusts shareholders at a special meeting of shareholders anticipated to be held during the second quarter of 2010. |