OMB APPROVAL |
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OMB Number: 3235-0570 |
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Expires: January 31,2014 |
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Estimated average burden hours per response: 20.6 |
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CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES |
2 |
Trust Performance | |
3 |
Dividend Reinvestment Plan | |
4 |
Schedule of Investments | |
18 |
Financial Statements | |
21 |
Notes to Financial Statements | |
27 |
Financial Highlights | |
29 |
Approval of Investment Advisory and Sub-Advisory Agreements | |
31 |
Results of Proxy |
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
Trust at NAV |
11.48 | % | ||
Trust at Market Value |
12.58 | |||
Barclays Capital Municipal Bond Index▼ |
6.39 | |||
Market Price Premium to NAV as of 8/31/11 |
1.26 |
NYSE Symbol | VKI |
2 | Invesco Van Kampen Advantage Municipal Income Trust II |
n | Add to your account: | |
You may increase the amount of shares in your Trust easily and automatically with the Plan. | ||
n | Low transaction costs: | |
Shareholders who participate in the Plan are able to buy shares at below-market prices when the Trust is trading at a premium to its net asset value (NAV). In addition, transaction costs are low because when new shares are issued by a Trust, there is no fee, and when shares are bought in blocks on the open market, the per share fee is shared among all Participants. | ||
n | Convenience: | |
You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent) which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account via the Internet. To do this, please go to invesco.com/us. | ||
n | Safekeeping: | |
The Agent will hold the shares it has acquired for you in safekeeping. |
1. | Premium: If the Trust is trading at a premium a market price that is higher than its NAV youll pay either the NAV or 95 percent of the market price, whichever is greater. When the Trust trades at a premium, youll pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price. | ||
2. | Discount: If the Trust is trading at a discount a market price that is lower than NAV youll pay the market price for your reinvested shares. |
1. | If you opt to continue to hold your non-certificated whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees. | ||
2. | If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting a $2.50 service fee and applicable per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay. | ||
3. | You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply. |
3 | Invesco Van Kampen Advantage Municipal Income Trust II |
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Municipal Obligations168.23% |
||||||||||||||||
Alabama1.80% |
||||||||||||||||
Bessemer Governmental Utility Services Corp.;
Series 2008 A, Ref. Water Supply RB
(INSAGC)(a)(b)
|
5.00 | % | 06/01/39 | $ | 2,375 | $ | 2,420,553 | |||||||||
Birmingham (City of) Airport Authority; Series 2010, RB
(INSAGM)(b)
|
5.25 | % | 07/01/30 | 1,800 | 1,880,046 | |||||||||||
Health Care Authority for Baptist Health (The);
Series 2009 A,
RB(c)(d)
|
6.13 | % | 05/15/12 | 1,450 | 1,491,659 | |||||||||||
Huntsville-Redstone Village (City of) Special Care Facilities
Financing Authority (Redstone Village); Series 2007,
Retirement Facilities RB
|
5.50 | % | 01/01/43 | 1,900 | 1,388,767 | |||||||||||
Mobile (City of) Industrial Development Board (Mobile Energy
Services Co.); Series 1995, Ref. Solid Waste
Disposal RB
|
6.95 | % | 01/01/20 | 4 | | |||||||||||
Selma (City of) Industrial Development Board (Gulf Opportunity
Zone); Series 2009 A, RB
|
6.25 | % | 11/01/33 | 2,200 | 2,307,338 | |||||||||||
9,488,363 | ||||||||||||||||
Arizona4.34% |
||||||||||||||||
Arizona (State of) Transportation Board;
|
||||||||||||||||
Series 2008 B, Highway
RB(a)
|
5.00 | % | 07/01/25 | 1,875 | 2,073,319 | |||||||||||
Series 2008 B, Highway
RB(a)
|
5.00 | % | 07/01/26 | 2,810 | 3,081,081 | |||||||||||
Glendale (City of) Industrial Development Authority (John C.
Lincoln Health Network); Series 2005 B, Ref.
Hospital RB
|
5.00 | % | 12/01/37 | 1,935 | 1,662,455 | |||||||||||
Glendale (City of) Industrial Development Authority (Midwestern
University);
|
||||||||||||||||
Series 2010, RB
|
5.00 | % | 05/15/35 | 500 | 488,425 | |||||||||||
Series 2010, RB
|
5.13 | % | 05/15/40 | 1,250 | 1,221,425 | |||||||||||
Maricopa (County of) Industrial Development Authority (Catholic
Healthcare West); Series 2009 C, Health
Facilities RB(c)(d)
|
5.00 | % | 07/01/14 | 2,425 | 2,649,264 | |||||||||||
Maricopa County Pollution Control Corp. (Arizona Public Service
Co.Palo Verde); Series 2009 B, Ref.
PCR(c)(d)
|
5.50 | % | 05/01/12 | 1,325 | 1,358,576 | |||||||||||
Navajo County Pollution Control Corp.;
|
||||||||||||||||
Series 2009 C,
PCR(c)(d)
|
5.50 | % | 06/01/14 | 675 | 728,804 | |||||||||||
Series 2009 E,
PCR(c)(d)
|
5.75 | % | 06/01/16 | 800 | 913,920 | |||||||||||
Phoenix (City of) Industrial Development Authority (Career
Success Schools);
|
||||||||||||||||
Series 2009, Education RB
|
7.00 | % | 01/01/39 | 690 | 631,481 | |||||||||||
Series 2009, Education RB
|
7.13 | % | 01/01/45 | 660 | 607,457 | |||||||||||
Pima (County of) Industrial Development Authority (Global Water
Resources LLC); Series 2007, Water &
Wastewater RB(e)
|
6.55 | % | 12/01/37 | 2,500 | 2,255,100 | |||||||||||
Salt River Project Agricultural Improvement & Power
District; Series 2009 A, Electric System
RB(a)
|
5.00 | % | 01/01/28 | 2,305 | 2,513,579 | |||||||||||
South Campus Group Housing LLC (Arizona State University South
Campus); Series 2003, Student Housing RB
(INSNATL)(b)
|
5.63 | % | 09/01/35 | 2,685 | 2,686,262 | |||||||||||
22,871,148 | ||||||||||||||||
Arkansas0.34% |
||||||||||||||||
Arkansas (State of) (College Savings); Series 1996 A,
Unlimited Tax CAB GO
Bonds(f)(g)
|
0.00 | % | 06/01/16 | 1,930 | 1,816,323 | |||||||||||
California20.50% |
||||||||||||||||
Anaheim (City of) Public Financing Authority (Anaheim Public
Improvements);
|
||||||||||||||||
Series 1997 C, Sub. Lease CAB RB
(INSAGM)(b)(g)
|
0.00 | % | 09/01/19 | 6,000 | 4,147,260 | |||||||||||
Series 1997 C, Sub. Lease CAB RB
(INSAGM)(b)(g)
|
0.00 | % | 09/01/21 | 7,195 | 4,173,963 | |||||||||||
Series 1997 C, Sub. Lease RB
(INSAGM)(b)
|
6.00 | % | 09/01/16 | 1,300 | 1,470,742 | |||||||||||
Bay Area Governments Association (California Redevelopment
Agency Pool); Series 2004 A, Tax Allocation RB
(INSSGI)(b)
|
5.25 | % | 09/01/35 | 2,095 | 1,627,564 | |||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
California(continued) |
||||||||||||||||
Bay Area Toll Authority (San Francisco Bay Area);
|
||||||||||||||||
Series 2008 F-1, Toll Bridge
RB(a)
|
5.00 | % | 04/01/39 | $ | 4,000 | $ | 4,134,600 | |||||||||
Series 2008 F-1, Toll Bridge RB
|
5.00 | % | 04/01/39 | 2,715 | 2,806,360 | |||||||||||
Beverly Hills Unified School District (Election of 2008);
Series 2009, Unlimited Tax CAB GO
Bonds(g)
|
0.00 | % | 08/01/28 | 900 | 373,320 | |||||||||||
California (State of) County Tobacco Securitization Agency (Los
Angeles County Securitization); Series 2006,
Asset-Backed
RB
|
5.25 | % | 06/01/21 | 2,750 | 2,508,027 | |||||||||||
California (State of) Department of Water Resources (Central
Valley);
|
||||||||||||||||
Series 2008 AE, Water
RB(a)
|
5.00 | % | 12/01/24 | 850 | 957,568 | |||||||||||
Series 2008 AE, Water
RB(a)
|
5.00 | % | 12/01/25 | 1,075 | 1,199,668 | |||||||||||
Series 2008 AE, Water
RB(a)
|
5.00 | % | 12/01/26 | 1,075 | 1,189,176 | |||||||||||
Series 2008 AE, Water
RB(a)
|
5.00 | % | 12/01/27 | 650 | 712,425 | |||||||||||
Series 2008 AE, Water
RB(a)
|
5.00 | % | 12/01/28 | 1,075 | 1,171,481 | |||||||||||
California (State of) Health Facilities Financing Authority
(Catholic Health Care West); Series 2009 A, RB
|
6.00 | % | 07/01/34 | 1,100 | 1,177,110 | |||||||||||
California (State of) Housing Finance Agency;
|
||||||||||||||||
Series 2008 K, Home Mortgage
RB(e)
|
5.30 | % | 08/01/23 | 3,550 | 3,471,687 | |||||||||||
Series 2008 K, Home Mortgage
RB(e)
|
5.45 | % | 08/01/28 | 4,100 | 4,102,460 | |||||||||||
California (State of) Pollution Control Financing Authority
(Waste Management Inc.); Series 2005 C, Solid Waste
Disposal
RB(c)(e)
|
5.13 | % | 11/01/23 | 3,000 | 3,060,930 | |||||||||||
California (State of) Public Works Board (Department of
CorrectionsState Prisons); Series 1993 A, Ref.
Lease RB
(INSAMBAC)(b)
|
5.00 | % | 12/01/19 | 4,000 | 4,251,880 | |||||||||||
California (State of) Public Works Board (Department of Mental
HealthCoalinga State Hospital); Series 2004 A,
Lease RB
|
5.00 | % | 06/01/24 | 3,750 | 3,794,625 | |||||||||||
California (State of) Statewide Communities Development
Authority (Kaiser Permanente); Series 2009 A, RB
|
5.00 | % | 04/01/19 | 1,450 | 1,687,003 | |||||||||||
California (State of);
|
||||||||||||||||
Series 2009, Various Purpose Unlimited Tax GO Bonds
|
5.75 | % | 04/01/31 | 1,300 | 1,413,373 | |||||||||||
Series 2009 A, Ref. Economic Recovery Unlimited Tax GO
Bonds
|
5.25 | % | 07/01/21 | 2,100 | 2,471,679 | |||||||||||
Daly (City of) Housing Development Finance Agency (Franciscan
Mobile Home Park Acquisition); Series 2007 C, Ref.
Third Tier RB
|
6.50 | % | 12/15/47 | 435 | 381,430 | |||||||||||
East Bay Municipal Utility District; Series 2010 A,
Ref. Sub. Water System RB
|
5.00 | % | 06/01/36 | 4,065 | 4,342,274 | |||||||||||
Florin (City of) Resource Conservation District (Elk Grove Water
Service); Series 2003 A, Capital Improvement COP
(INSNATL)(b)
|
5.00 | % | 09/01/33 | 2,000 | 1,716,080 | |||||||||||
Foothill/Eastern Transportation Corridor Agency;
Series 1999, Ref. Toll Road CAB RB
(INSNATL)(b)(g)
|
0.00 | % | 01/15/18 | 5,000 | 3,438,000 | |||||||||||
Los Angeles (City of) Department of Water & Power;
|
||||||||||||||||
Series 2003 A, RB
(INSNATL)(b)
|
5.13 | % | 07/01/40 | 2,855 | 2,871,302 | |||||||||||
Series 2008
A-1, Power
System
RB(a)
|
5.25 | % | 07/01/38 | 3,000 | 3,173,400 | |||||||||||
Morongo Band of Mission Indians (The) (Enterprise Casino);
Series 2008 B,
RB(h)
|
5.50 | % | 03/01/18 | 165 | 160,665 | |||||||||||
Oakland (Port of);
|
||||||||||||||||
Series 2002 L,
RB(d)(e)(f)
|
5.00 | % | 11/01/12 | 610 | 642,123 | |||||||||||
Series 2002 L, RB
(INSNATL)(b)(e)
|
5.00 | % | 11/01/32 | 4,890 | 4,650,586 | |||||||||||
Palomar Pomerado Health Care District; Series 2009, COP
|
6.75 | % | 11/01/39 | 1,225 | 1,249,610 | |||||||||||
Riverside Asset Leasing Corp. (Riverside County Hospital);
Series 1997, Leasehold RB
(INSNATL)(b)(g)
|
0.00 | % | 06/01/21 | 9,000 | 4,977,990 | |||||||||||
San Diego (County of) Regional Airport Authority;
Series 2010 A, Sub. RB
|
5.00 | % | 07/01/34 | 1,600 | 1,608,976 | |||||||||||
San Diego Community College District (Election 2006);
Series 2011, Unlimited Tax GO Bonds
|
5.00 | % | 08/01/36 | 8,490 | 8,898,963 | |||||||||||
San Francisco (City & County of) Airports Commission
(San Francisco International Airport); Series 2008
A-4,
Ref. RB(c)(d)(e)(f)
|
6.50 | % | 05/01/12 | 1,350 | 1,403,595 | |||||||||||
San Francisco (City & County of) Airports Commission;
|
||||||||||||||||
Series 2011 F, Ref. Airport
RB(e)
|
5.00 | % | 05/01/25 | 850 | 868,250 | |||||||||||
Series 2011 F, Ref. Airport
RB(e)
|
5.00 | % | 05/01/26 | 1,700 | 1,720,689 | |||||||||||
San Francisco (City & County of) Public Utilities
Commission; Subseries 2011 A, Water RB
|
5.00 | % | 11/01/36 | 3,690 | 3,889,813 | |||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
California(continued) |
||||||||||||||||
Southern California Tobacco Securitization Authority (San Diego
County Tobacco Asset Securitization Corp.);
|
||||||||||||||||
Series 2006
A-1, Sr.
Tobacco Settlement Asset-Backed RB
|
5.00 | % | 06/01/37 | $ | 1,000 | $ | 677,850 | |||||||||
Series 2006
A-1, Sr.
Tobacco Settlement Asset-Backed RB
|
5.13 | % | 06/01/46 | 11,050 | 7,029,457 | |||||||||||
Vernon (City of); Series 2009 A, Electric System RB
|
5.13 | % | 08/01/21 | 2,350 | 2,477,017 | |||||||||||
108,080,971 | ||||||||||||||||
Colorado3.33% |
||||||||||||||||
Colorado (State of) Educational & Cultural Facilities
Authority (Pinnacle Charter School, Inc.); Series 2003,
Ref. & Improvement Charter School RB
(INSSGI)(b)
|
5.25 | % | 06/01/23 | 1,945 | 1,977,501 | |||||||||||
Colorado (State of) Health Facilities Authority (Catholic
Health); Series 2006 C5, RB
(INSAGM)(a)(b)
|
5.00 | % | 09/01/36 | 5,425 | 5,481,312 | |||||||||||
Colorado (State of) Health Facilities Authority (Evangelical
Lutheran); Series 2005, Health Facilities RB
|
5.00 | % | 06/01/35 | 2,020 | 1,844,401 | |||||||||||
Colorado (State of) Health Facilities Authority (Portercare
Adventist Health); Series 2001, Hospital
RB(d)(f)
|
6.50 | % | 11/15/11 | 2,250 | 2,301,503 | |||||||||||
Colorado (State of) Health Facilities Authority (Volunteers of
America Care); Series 2007 A, Health &
Residential Care Facilities RB
|
5.30 | % | 07/01/37 | 1,200 | 938,784 | |||||||||||
Colorado (State of) Regional Transportation District (Denver
Transit Partners Eagle P3);
|
||||||||||||||||
Series 2010, Private Activity RB
|
6.50 | % | 01/15/30 | 1,500 | 1,581,465 | |||||||||||
Series 2010, Private Activity RB
|
6.00 | % | 01/15/34 | 1,200 | 1,208,100 | |||||||||||
Denver (City & County of); Series 1991 D,
Airport System
RB(e)
|
7.75 | % | 11/15/13 | 740 | 797,668 | |||||||||||
Salida Hospital District; Series 2006, Hospital RB
|
5.25 | % | 10/01/36 | 1,699 | 1,415,930 | |||||||||||
17,546,664 | ||||||||||||||||
Connecticut0.63% |
||||||||||||||||
Connecticut (State of) Housing Finance Authority; Subseries 2010
D-2, Housing Mortgage Finance Program
RB(e)
|
5.00 | % | 05/15/31 | 1,750 | 1,777,650 | |||||||||||
Hamden (Town of) (Whitney Center); Series 2009 B,
Entrance Fee Principal Redemption RB
|
6.13 | % | 01/01/14 | 1,550 | 1,551,969 | |||||||||||
3,329,619 | ||||||||||||||||
District of Columbia2.91% |
||||||||||||||||
District of Columbia (Sibley Memorial Hospital);
|
||||||||||||||||
Series 2009, Hospital RB
|
6.50 | % | 10/01/29 | 800 | 878,952 | |||||||||||
Series 2009, Hospital RB
|
6.38 | % | 10/01/34 | 2,650 | 2,855,030 | |||||||||||
District of Columbia Water & Sewer Authority;
|
||||||||||||||||
Series 2007 A, Public Utility RB
(INSAGM)(b)
|
5.50 | % | 10/01/41 | 5,500 | 5,912,170 | |||||||||||
Series 2008 A, Ref. Public Utility Sub. Lien RB
(INSAGC)(a)(b)
|
5.00 | % | 10/01/29 | 850 | 905,463 | |||||||||||
Series 2008 A, Ref. Public Utility Sub. Lien RB
(INSAGC)(a)(b)
|
5.00 | % | 10/01/34 | 1,725 | 1,795,328 | |||||||||||
Metropolitan Washington Airports Authority;
Series 2002 A, Airport System RB
(INSNATL)(b)(e)
|
5.25 | % | 10/01/32 | 3,000 | 3,015,060 | |||||||||||
15,362,003 | ||||||||||||||||
Florida9.67% |
||||||||||||||||
Alachua (County of) (North Florida Retirement Village, Inc.);
Series 2007, IDR
|
5.88 | % | 11/15/36 | 1,000 | 789,400 | |||||||||||
Brevard (County of) Health Facilities Authority (Buena Vida
Estates, Inc.); Series 2008, Residential Care Facility RB
|
6.75 | % | 01/01/37 | 1,405 | 1,245,687 | |||||||||||
Citizens Property Insurance Corp.; Series 2010
A-1, Sr.
Sec. High Risk Account RB
|
5.25 | % | 06/01/17 | 2,420 | 2,633,710 | |||||||||||
Escambia (County of) Health Facilities Authority (Florida Health
Care Facility Loan Veterans Health Administration Program);
Series 2000, Healthcare Facilities RB
(INSAMBAC)(b)
|
5.95 | % | 07/01/20 | 410 | 427,396 | |||||||||||
Florida (State of) Department of Transportation;
|
||||||||||||||||
Series 2008 A, Ref. Turnpike
RB(a)
|
5.00 | % | 07/01/26 | 1,305 | 1,399,130 | |||||||||||
Series 2008 A, Ref. Turnpike
RB(a)
|
5.00 | % | 07/01/27 | 1,325 | 1,414,835 | |||||||||||
Series 2008 A, Ref. Turnpike
RB(a)
|
5.00 | % | 07/01/28 | 1,440 | 1,529,870 | |||||||||||
Series 2008 A, Ref. Turnpike
RB(a)
|
5.00 | % | 07/01/32 | 2,500 | 2,618,350 | |||||||||||
Florida (State of) Ports Financing Commission (State
Transportation Trust Fund); Series 2011 B, Ref.
RB(e)
|
5.13 | % | 06/01/27 | 1,800 | 1,844,982 | |||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Florida(continued) |
||||||||||||||||
Hillsborough (County of) Aviation Authority;
|
||||||||||||||||
Series 2008 A, RB
(INSAGC)(a)(b)(e)
|
5.38 | % | 10/01/33 | $ | 1,075 | $ | 1,097,468 | |||||||||
Series 2008 A, RB
(INSAGC)(a)(b)(e)
|
5.50 | % | 10/01/38 | 2,425 | 2,463,218 | |||||||||||
Hillsborough (County of) Industrial Development Authority (Tampa
Electric Co.);
|
||||||||||||||||
Series 2006, Ref. PCR
(INSAMBAC)(b)(c)(d)
|
5.00 | % | 03/15/12 | 800 | 817,952 | |||||||||||
Series 2007 B, Ref.
PCR(c)(d)
|
5.15 | % | 09/01/13 | 900 | 973,422 | |||||||||||
Miami-Dade (County of) (Miami International Airport);
Series 2002, Aviation RB
(INSAGC)(b)(e)
|
5.38 | % | 10/01/32 | 11,500 | 11,519,780 | |||||||||||
Miami-Dade (County of) Expressway Authority;
Series 2010 A, Ref. Toll System RB
|
5.00 | % | 07/01/40 | 1,000 | 991,630 | |||||||||||
Miami-Dade (County of) Health Facilities Authority (Miami
Childrens Hospital); Series 2010 A, Ref.
Hospital RB
|
6.13 | % | 08/01/42 | 705 | 732,164 | |||||||||||
Midtown Miami Community Development District;
Series 2004 A, Special Assessment RB
|
6.00 | % | 05/01/24 | 610 | 606,737 | |||||||||||
Ocoee (City of); Series 2003, Water & Sewer
System Ref. & Improvement RB
(INSAMBAC)(b)
|
5.13 | % | 10/01/33 | 5,000 | 4,989,950 | |||||||||||
Orange (County of) Health Facilities Authority (Orlando Lutheran
Towers, Inc.); Series 2005, Ref. Health Care Facilities RB
|
5.38 | % | 07/01/20 | 925 | 862,812 | |||||||||||
Palm Beach (County of) Health Facilities Authority (The
Waterford); Series 2007, RB
|
5.88 | % | 11/15/37 | 1,250 | 1,211,725 | |||||||||||
Palm Beach (County of) Solid Waste Authority; Series 2009,
Improvement RB
(INSBHAC)(a)(b)
|
5.00 | % | 10/01/23 | 2,900 | 3,429,453 | |||||||||||
Putnam (County of) Development Authority (Seminole Electric
Cooperative); Series 2007 A, Ref. PCR
(INSAMBAC)(b)(c)(d)
|
5.35 | % | 05/01/18 | 3,500 | 3,979,675 | |||||||||||
Reunion East Community Development District; Series 2005,
Special Assessment
RB(i)
|
5.80 | % | 05/01/36 | 490 | 240,281 | |||||||||||
Seminole Indian Tribe; Series 2007 A, Special
Obligation
RB(h)
|
5.25 | % | 10/01/27 | 500 | 441,370 | |||||||||||
Seven Oaks Community Development District II (Pasco County);
Series 2004 A, Special Assessment RB
|
5.88 | % | 05/01/35 | 1,010 | 728,493 | |||||||||||
Sterling Hill Community Development District (Hernando County);
Series 2003 A, Capital Improvement Special Assessment
RB
|
6.20 | % | 05/01/35 | 900 | 802,053 | |||||||||||
Tolomato Community Development District;
|
||||||||||||||||
Series 2007, Special Assessment RB
|
6.55 | % | 05/01/27 | 1,000 | 666,220 | |||||||||||
Series 2007, Special Assessment RB
|
6.65 | % | 05/01/40 | 840 | 516,356 | |||||||||||
50,974,119 | ||||||||||||||||
Georgia4.39% |
||||||||||||||||
Atlanta (City of) (Beltline);
|
||||||||||||||||
Series 2009 B, Tax Allocation RB
|
6.75 | % | 01/01/20 | 725 | 745,554 | |||||||||||
Series 2009 B, Tax Allocation RB
|
6.75 | % | 01/01/20 | 400 | 411,340 | |||||||||||
Series 2009 B, Tax Allocation RB
|
7.38 | % | 01/01/31 | 220 | 226,415 | |||||||||||
Atlanta (City of);
|
||||||||||||||||
Series 2004 C, Airport Passenger Facility
Charge & Sub. Lien General RB
(INSAGM)(a)(b) |
5.00 | % | 01/01/33 | 4,000 | 4,039,160 | |||||||||||
Series 2009 A, Water & Wastewater RB
|
6.00 | % | 11/01/27 | 1,350 | 1,519,425 | |||||||||||
Series 2009 A, Water & Wastewater RB
|
6.00 | % | 11/01/28 | 1,450 | 1,622,390 | |||||||||||
Series 2009 A, Water & Wastewater RB
|
6.00 | % | 11/01/29 | 1,350 | 1,501,646 | |||||||||||
Georgia (State of) Municipal Electric Authority;
Series 1993 B, Power
RB(f)
|
5.70 | % | 01/01/19 | 4,910 | 5,979,398 | |||||||||||
Private Colleges & Universities Authority (Emory
University); Series 2009 B,
RB(a)
|
5.00 | % | 09/01/29 | 4,000 | 4,347,160 | |||||||||||
Putnam (County of) Development Authority (Georgia Power Co.);
Series 1996, PCR
|
5.10 | % | 06/01/23 | 1,700 | 1,739,355 | |||||||||||
Richmond (County of) Development Authority (ASU Jaguar Student
Housing LLC); Series 2004 A, Student Housing
Facilities RB
|
5.25 | % | 02/01/35 | 1,000 | 1,005,130 | |||||||||||
23,136,973 | ||||||||||||||||
Hawaii2.41% |
||||||||||||||||
Hawaii (State of) Department of Budget & Finance
(Hawaiian Electric Co., Inc.); Series 1997 A, Special
Purpose RB
(INSNATL)(b)(e)
|
5.65 | % | 10/01/27 | 10,430 | 10,435,528 | |||||||||||
Hawaii (State of); Series 2010 A, Airport System RB
|
5.00 | % | 07/01/39 | 2,250 | 2,282,760 | |||||||||||
12,718,288 | ||||||||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Idaho0.84% |
||||||||||||||||
Idaho (State of) Health Facilities Authority (St. Lukes
Health System);
|
||||||||||||||||
Series 2008 A, RB
|
6.50 | % | 11/01/23 | $ | 850 | $ | 972,111 | |||||||||
Series 2008 A, RB
|
6.75 | % | 11/01/37 | 1,100 | 1,215,357 | |||||||||||
Idaho (State of) Health Facilities Authority (Valley Vista Care
Corp.); Series 2007, Ref. RB
|
6.13 | % | 11/15/27 | 915 | 776,881 | |||||||||||
University of Idaho; Series 2011, Ref. General
RB(c)(d)
|
5.25 | % | 04/01/21 | 1,270 | 1,467,269 | |||||||||||
4,431,618 | ||||||||||||||||
Illinois20.01% |
||||||||||||||||
Bartlett (Village of) (Quarry Redevelopment); Series 2007,
Ref. Sr. Lien Tax Increment Allocation RB
|
5.60 | % | 01/01/23 | 1,450 | 1,249,929 | |||||||||||
Bolingbrook (Village of),
|
||||||||||||||||
Series 1999 B, Unlimted Tax GO CAB Bonds
(INSNATL)(b)(g)
|
0.00 | % | 01/01/32 | 1,365 | 368,127 | |||||||||||
Series 1999 C, Ref. Unlimted Tax GO CAB Bonds
(INSNATL)(b)(g)
|
0.00 | % | 01/01/29 | 1,710 | 584,512 | |||||||||||
Bourbonnais (Village of) (Olivet Nazarene University);
Series 2010, Industrial Project RB
|
5.50 | % | 11/01/40 | 800 | 782,872 | |||||||||||
Chicago (City of) (Neighborhoods Alive 21 Program);
Series 2002 B5, VRD Unlimited Tax GO (LOCNorthern
Trust Co.)(j)(k)
|
0.14 | % | 01/01/37 | 980 | 980,000 | |||||||||||
Chicago (City of) (OHare International Airport);
|
||||||||||||||||
Series 2005 A, General Airport Third Lien RB
(INSAGC)(a)(b)
|
5.25 | % | 01/01/24 | 2,695 | 2,850,178 | |||||||||||
Series 2005 A, General Airport Third Lien RB
(INSAGC)(b)
|
5.25 | % | 01/01/24 | 4,505 | 4,764,398 | |||||||||||
Series 2005 A, General Airport Third Lien RB
(INSAGC)(a)(b)
|
5.25 | % | 01/01/25 | 6,350 | 6,671,628 | |||||||||||
Series 2005 A, General Airport Third Lien RB
(INSAGC)(b)
|
5.25 | % | 01/01/25 | 10,650 | 11,189,422 | |||||||||||
Series 2005 A, General Airport Third Lien RB
(INSAGC)(a)(b)
|
5.25 | % | 01/01/26 | 1,290 | 1,349,585 | |||||||||||
Series 2008 A, General Airport Third Lien RB
(INSAGM)(a)(b)
|
5.00 | % | 01/01/33 | 4,400 | 4,489,408 | |||||||||||
Chicago (City of) Board of Education;
|
||||||||||||||||
Series 2008 C, Ref. Unlimited Tax GO Bonds
(INSAGM)(a)(b)
|
5.00 | % | 12/01/27 | 4,425 | 4,538,235 | |||||||||||
Series 2008 C, Ref. Unlimited Tax GO Bonds
(INSAGM)(b)
|
5.00 | % | 12/01/27 | 3,850 | 3,948,521 | |||||||||||
Chicago (City of);
|
||||||||||||||||
Series 2007 F, Ref. VRD Unlimited Tax GO
Bonds(j)
|
0.23 | % | 01/01/42 | 800 | 800,000 | |||||||||||
Series 2008 A, Unlimited Tax GO Bonds
(INSAGC)(a)(b)
|
5.25 | % | 01/01/25 | 2,700 | 2,851,443 | |||||||||||
Series 2011, Tax Increment COP
|
7.13 | % | 05/01/21 | 1,120 | 1,154,328 | |||||||||||
Cook County School District No. 100 (Berwyn South);
Series 2004 D, Ref. Unlimited Tax GO Bonds
(INSAGM)(b)
|
5.50 | % | 12/01/23 | 3,345 | 3,724,356 | |||||||||||
Granite City (City of) (Waste Management, Inc.);
Series 2002, Solid Waste Disposal
RB(c)(d)(e) |
3.50 | % | 05/01/13 | 950 | 979,393 | |||||||||||
Illinois (State of) (Illinois Fund for Infrastructure, Roads,
Schools & Transit); Series 2002, Unlimited Tax GO
Bonds
(INSAGM)(b)
|
5.25 | % | 04/01/27 | 3,400 | 3,413,124 | |||||||||||
Illinois (State of) Developement Finance Authority (Community
Rehab Providers Facilities Acquisition Program);
Series 2000 A,
RB(f)
|
7.38 | % | 07/01/25 | 760 | 700,918 | |||||||||||
Illinois (State of) Finance Authority (Christian Homes, Inc.);
Series 2007 A, Ref. RB
|
5.75 | % | 05/15/26 | 1,200 | 1,158,348 | |||||||||||
Illinois (State of) Finance Authority (Evangelical Hospital);
|
||||||||||||||||
Series 1992 A, Ref. Health Facilities
RB(f)
|
6.75 | % | 04/15/17 | 1,485 | 1,761,106 | |||||||||||
Series 1992 C, Health Facilities RB
(INSAGM)(b)
|
6.75 | % | 04/15/17 | 825 | 978,392 | |||||||||||
Illinois (State of) Finance Authority (Kish Health System
Obligated Group); Series 2008, Ref. Hospital RB
|
5.50 | % | 10/01/22 | 1,325 | 1,414,067 | |||||||||||
Illinois (State of) Finance Authority (Northwestern Memorial
Hospital);
|
||||||||||||||||
Series 2009 A,
RB(a)
|
5.38 | % | 08/15/24 | 2,400 | 2,662,608 | |||||||||||
Series 2009 A,
RB(a)
|
5.75 | % | 08/15/30 | 1,700 | 1,831,325 | |||||||||||
Illinois (State of) Finance Authority (Park Place of Elmhurst);
Series 2010 D-2, (TEMPS-65sm) RB
|
7.00 | % | 11/15/15 | 1,900 | 1,884,781 | |||||||||||
Illinois (State of) Finance Authority (Resurrection Healthcare);
Series 1999 A, RB
(INSAGM)(b)
|
5.50 | % | 05/15/24 | 2,000 | 2,081,040 | |||||||||||
Illinois (State of) Finance Authority (Riverside Health System);
Series 2009, RB
|
6.25 | % | 11/15/35 | 1,400 | 1,473,164 | |||||||||||
Illinois (State of) Finance Authority (Roosevelt University);
Series 2007, RB
|
5.50 | % | 04/01/37 | 1,000 | 961,490 | |||||||||||
Illinois (State of) Finance Authority (Rush University Medical
Center Obligated Group); Series 2009 A, RB
|
7.25 | % | 11/01/38 | 2,140 | 2,351,154 | |||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Illinois(continued) |
||||||||||||||||
Illinois (State of) Finance Authority (Sherman Health Systems);
Series 2007 A, RB
|
5.50 | % | 08/01/37 | $ | 3,000 | $ | 2,702,250 | |||||||||
Illinois (State of) Finance Authority (The Childrens
Memorial Hospital); Series 1993, Health Facilities RB
(INSNATL)(b)
|
6.25 | % | 08/15/13 | 1,190 | 1,249,429 | |||||||||||
Illinois (State of) Finance Authority (University of Chicago
Medical Center); Series 2011 C, RB
|
5.50 | % | 08/15/41 | 2,595 | 2,694,726 | |||||||||||
Illinois (State of) Finance Authority (Waste Management Inc.);
Series 2005 A, Solid Waste Disposal
RB(e)
|
5.05 | % | 08/01/29 | 1,335 | 1,312,385 | |||||||||||
Northern Illinois University (Hoffman Estates Education Center);
Series 1993, COP
(INSAGM)(b)
|
5.40 | % | 09/01/16 | 1,510 | 1,623,914 | |||||||||||
Peoria, Moline & Freeport (Cities of);
Series 1995 A, Collateralized Single Family Mortgage
RB
(CEPGNMA)(e)
|
7.60 | % | 04/01/27 | 75 | 76,176 | |||||||||||
Railsplitter Tobacco Settlement Authority; Series 2010, RB
|
5.50 | % | 06/01/23 | 3,625 | 3,826,224 | |||||||||||
Regional Transportation Authority; Series 1994 A, RB
(INSAMBAC)(b)
|
8.00 | % | 06/01/17 | 5,000 | 6,253,100 | |||||||||||
Will County Elementary School District No. 122;
Series 2001 B, Ref. Unlimited Tax GO Bonds
(INSNATL)(b)
|
5.25 | % | 11/01/20 | 9,260 | 9,317,319 | |||||||||||
Will-Kankakee Regional Development Authority (Senior Estates
Supportive Living); Series 2007, MFH
RB(e)
|
7.00 | % | 12/01/42 | 575 | 503,344 | |||||||||||
105,506,719 | ||||||||||||||||
Indiana3.82% |
||||||||||||||||
Crown Point (City of) (Wittenberg Village); Series 2009
C-1, (TEMPS-80sm) Economic Development RB
|
7.25 | % | 11/15/14 | 670 | 670,007 | |||||||||||
Indiana (State of) Finance Authority (Ascension Health Senior
Credit); Series 2006 B-6,
RB(a) |
5.00 | % | 11/15/36 | 4,600 | 4,605,934 | |||||||||||
Indiana (State of) Finance Authority (Indianapolis
Power & Light Co.); Series 2009 A, Ref.
Environmental Facilities RB
|
4.90 | % | 01/01/16 | 1,775 | 1,964,251 | |||||||||||
Indiana (State of) Finance Authority;
|
||||||||||||||||
Series 1999, Ref. Exempt Facilities
RB(e)
|
5.95 | % | 08/01/30 | 1,500 | 1,509,060 | |||||||||||
Series 2011 B, Second Lien Waste Water Utility RB
|
5.25 | % | 10/01/31 | 2,550 | 2,668,804 | |||||||||||
Indiana (State of) Health Facility Financing Authority (Columbus
Regional Hospital); Series 1993, Ref. RB
(INSAGM)(b)
|
7.00 | % | 08/15/15 | 1,885 | 2,096,139 | |||||||||||
Petersburg (City of) (Indianapolis Power & Light Co.);
Series 1995,
PCR(e)
|
5.95 | % | 12/01/29 | 2,000 | 2,040,820 | |||||||||||
Reid Hospital & Health Care Service Inc.;
Series 2005 A, VRD Hospital Authority RB
(INSAGM)(b)(j)
|
0.14 | % | 01/01/40 | 1,000 | 1,000,000 | |||||||||||
Southwest Parke Community School Building Corp.;
Series 2004, First Mortgage RB
(INSNATL)(b)
|
5.25 | % | 07/15/21 | 2,850 | 3,145,915 | |||||||||||
Vigo (County of) Hospital Authority (Union Hospital, Inc.);
Series 2007,
RB(h)
|
5.75 | % | 09/01/42 | 500 | 441,830 | |||||||||||
20,142,760 | ||||||||||||||||
Iowa0.26% |
||||||||||||||||
Pottawattamie (County of) (Christian Homes Inc.);
Series 2007 E, Ref. RB
|
5.75 | % | 05/15/26 | 1,400 | 1,351,406 | |||||||||||
Kansas1.29% |
||||||||||||||||
Kansas (State of) Development Finance Authority (Adventist
Health); Series 2009, Hospital RB
|
5.75 | % | 11/15/38 | 2,800 | 3,005,912 | |||||||||||
Kansas (State of) Development Finance Authority (The State of
Kansas); Series 2002 N,
RB(d)(f)
|
5.25 | % | 10/01/12 | 3,615 | 3,809,415 | |||||||||||
6,815,327 | ||||||||||||||||
Kentucky2.17% |
||||||||||||||||
Kentucky (State of) Economic Development Finance Authority
(Louisville Arena Authority, Inc.); Subseries 2008
A-1, RB
(INSAGC)(b)
|
5.75 | % | 12/01/28 | 1,700 | 1,818,303 | |||||||||||
Kentucky (State of) Economic Development Finance Authority
(Owensboro Medical Health System, Inc.);
Series 2010 A, Hospital Facilities RB
|
6.50 | % | 03/01/45 | 1,700 | 1,738,437 | |||||||||||
Kentucky (State of) Property & Building Commission
(No. 93);
|
||||||||||||||||
Series 2009, Ref. RB
(INSAGC)(b)
|
5.25 | % | 02/01/24 | 1,810 | 2,012,901 | |||||||||||
Series 2009, Ref. RB
(INSAGC)(b)
|
5.25 | % | 02/01/25 | 2,035 | 2,241,084 | |||||||||||
Louisville-Jefferson (County of) Metropolitan Government (Norton
Healthcare, Inc.); Series 2006, Health System RB
|
5.25 | % | 10/01/36 | 3,180 | 3,084,982 | |||||||||||
Mount Sterling (City of) (Kentucky League of Cities Funding
Trust Lease Program); Series 1993 B, RB
|
6.10 | % | 03/01/18 | 500 | 557,010 | |||||||||||
11,452,717 | ||||||||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Louisiana5.46% |
||||||||||||||||
Lafayette (City of); Series 2004, Utilities RB
(INSNATL)(b)
|
5.25 | % | 11/01/21 | $ | 5,000 | $ | 5,494,450 | |||||||||
Louisiana (State of) Local Government Environmental
Facilities & Community Development Authority (Parking
Facilities Corp. Garage); Series 2001 A, RB
(INSAMBAC)(b)
|
5.38 | % | 10/01/31 | 2,495 | 2,404,407 | |||||||||||
Louisiana (State of) Local Government Environmental
Facilities & Community Development Authority
(Southeastern Student Housing); Series 2004 A,
RB (INSNATL)(b) |
5.25 | % | 08/01/24 | 5,970 | 6,130,593 | |||||||||||
Louisiana (State of) Public Facilities Authority (Entergy
Louisiana LLC); Series 2010, RB
|
5.00 | % | 06/01/30 | 1,250 | 1,269,012 | |||||||||||
Louisiana State Citizens Property Insurance Corp.;
Series 2009 C-2, Assessment RB
(INSAGC)(b)
|
6.75 | % | 06/01/26 | 2,250 | 2,588,985 | |||||||||||
New Orleans (City of); Series 2002, Ref. Unlimited Tax GO
Bonds
(INSNATL)(b)
|
5.13 | % | 09/01/21 | 6,000 | 6,094,800 | |||||||||||
Rapides Finance Authority (Cleco Power LLC); Series 2007,
RB(c)(d)(e)
|
5.25 | % | 03/01/13 | 2,100 | 2,183,244 | |||||||||||
St. John the Baptist (Parish of) (Marathon Oil Corp.);
Series 2007 A, RB
|
5.13 | % | 06/01/37 | 2,775 | 2,647,017 | |||||||||||
28,812,508 | ||||||||||||||||
Maryland2.42% |
||||||||||||||||
Maryland (State of) Health & Higher Educational
Facilities Authority (Maryland Institute College of Art);
Series 2006, RB
|
5.00 | % | 06/01/40 | 770 | 725,225 | |||||||||||
Maryland (State of) Health & Higher Educational
Facilities Authority (Mercy Medical Center);
Series 2007 A, RB
|
5.50 | % | 07/01/42 | 940 | 860,739 | |||||||||||
Maryland (State of) Transportation Authority
(Baltimore/Washington International Airport);
Series 2002 B, Airport Parking RB
(INSAMBAC)(b)(e)
|
5.13 | % | 03/01/24 | 4,000 | 4,059,760 | |||||||||||
Maryland Economic Development Corp. (Aviation Administration
Facilities); Series 2003, Lease RB
(INSAGM)(b)(e)
|
5.38 | % | 06/01/20 | 5,000 | 5,284,250 | |||||||||||
Maryland Economic Development Corp. (Terminal);
Series 2010 B, RB
|
5.75 | % | 06/01/35 | 1,095 | 1,082,309 | |||||||||||
Maryland Economic Development Corp. (Transportation Facilities);
Series 2010 A, RB
|
5.38 | % | 06/01/25 | 775 | 765,669 | |||||||||||
12,777,952 | ||||||||||||||||
Massachusetts3.39% |
||||||||||||||||
Massachusetts (State of) Bay Transportation Authority;
Series 1994 A, Ref. General Transportation Systems RB
|
6.25 | % | 03/01/12 | 1,200 | 1,235,760 | |||||||||||
Massachusetts (State of) Department of Transportation (Contract
Assistance); Series 2010 B, Metropolitan Highway
Systems RB
|
5.00 | % | 01/01/35 | 1,005 | 1,064,245 | |||||||||||
Massachusetts (State of) Development Finance Agency (Covenant
Health Care Systems); Series 2002, RB
|
6.00 | % | 07/01/31 | 1,380 | 1,396,063 | |||||||||||
Massachusetts (State of) Development Finance Agency (Linden
Ponds Inc.); Series 2007 A, RB
|
5.75 | % | 11/15/35 | 450 | 251,123 | |||||||||||
Massachusetts (State of) Development Finance Agency (St.
Memorial Medical Center); Series 1993 A, RB
|
6.00 | % | 10/01/23 | 1,275 | 1,090,265 | |||||||||||
Massachusetts (State of) Development Finance Agency (Tufts
Medical Center); Series 2011 I, RB
|
7.25 | % | 01/01/32 | 900 | 995,679 | |||||||||||
Massachusetts (State of) Development Finance Agency (Tufts
University); Series 2008 N-2, VRD
RB(j)
|
0.14 | % | 08/15/34 | 500 | 500,000 | |||||||||||
Massachusetts (State of) Development Finance Agency;
Series 2009 B-2, Senior Living Facility RB
|
6.25 | % | 06/01/14 | 815 | 811,153 | |||||||||||
Massachusetts (State of) Industrial Finance Agency (American
Hingham);
|
||||||||||||||||
Series 1995, Water Treatment
RB(e)
|
6.90 | % | 12/01/29 | 925 | 925,148 | |||||||||||
Series 1995, Water Treatment
RB(e)
|
6.95 | % | 12/01/35 | 925 | 924,972 | |||||||||||
Massachusetts (State of) School Building Authority;
Series 2007 A, Dedicated Sales Tax RB
(INSAMBAC)(a)(b)
|
4.50 | % | 08/15/35 | 6,590 | 6,642,984 | |||||||||||
Massachusetts Municipal Wholesale Electric Co. (No. 6);
Series 2001 A, Water Supply System RB
(INSNATL)(b)
|
5.25 | % | 07/01/16 | 2,000 | 2,041,480 | |||||||||||
17,878,872 | ||||||||||||||||
Michigan2.86% |
||||||||||||||||
Detroit (City of);
|
||||||||||||||||
Series 2001 C-1, Ref. Sewage Disposal System Sr. Lien RB
(INSAGM)(b)
|
7.00 | % | 07/01/27 | 2,450 | 2,874,242 | |||||||||||
Series 2003 C, Water Supply Systems RB
(INSNATL)(b)
|
5.25 | % | 07/01/19 | 2,790 | 2,864,828 | |||||||||||
Eastern Michigan University Board of Regents;
Series 2009 B, Ref. VRD General RB (LOCJPMorgan
Chase
Bank, N.A.)(j)(k)
|
0.15 | % | 03/01/49 | 2,200 | 2,200,000 | |||||||||||
Kent Hospital Finance Authority (Spectrum Health System);
|
||||||||||||||||
Series 2008 A,
RB(c)(d)
|
5.25 | % | 01/15/14 | 1,000 | 1,097,120 | |||||||||||
Series 2008 A,
RB(c)(d)
|
5.50 | % | 01/15/15 | 500 | 568,880 | |||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Michigan(continued) |
||||||||||||||||
Taylor (City of) Building Authority; Series 2000, RB
(INSAMBAC)(b)
|
6.00 | % | 03/01/13 | $ | 2,285 | $ | 2,375,349 | |||||||||
Troy Downtown Development Authority; Series 2001, Ref.
Development Tax Allocation RB
(INSNATL)(b)
|
5.50 | % | 11/01/15 | 3,090 | 3,093,399 | |||||||||||
15,073,818 | ||||||||||||||||
Minnesota0.89% |
||||||||||||||||
Minneapolis (City of) (Fairview Health Services);
|
||||||||||||||||
Series 2008 A, Healthcare System RB
|
6.38 | % | 11/15/23 | 2,050 | 2,335,257 | |||||||||||
Series 2008 A, Healthcare System RB
|
6.63 | % | 11/15/28 | 1,350 | 1,497,596 | |||||||||||
St. Paul (City of) Housing & Redevelopment Authority
(Health Partners Obligated Group); Series 2006, Health Care
Facilities RB
|
5.25 | % | 05/15/36 | 900 | 858,042 | |||||||||||
4,690,895 | ||||||||||||||||
Mississippi0.43% |
||||||||||||||||
Mississippi (State of) Development Bank (Limited Obligation
Hospital Improvement); Series 2002, Special Obligation RB
(INSNATL)(b)
|
5.25 | % | 07/01/32 | 1,845 | 1,863,948 | |||||||||||
Mississippi Business Finance Corp. (Chevron U.S.A. Inc.);
Series 2007 C, VRD Gulf Opportunity Zone
IDR(j)
|
0.06 | % | 12/01/30 | 400 | 400,000 | |||||||||||
2,263,948 | ||||||||||||||||
Missouri3.73% |
||||||||||||||||
Cape Girardeau (County of) Industrial Development Authority
(Southeast Missouri Hospital Association); Series 2002,
Health Facilities RB
|
5.63 | % | 06/01/27 | 325 | 325,075 | |||||||||||
Cass (County of); Series 2007, Hospital RB
|
5.63 | % | 05/01/38 | 1,700 | 1,528,351 | |||||||||||
Cole (County of) Industrial Development Authority (Lutheran
Senior Services-Heisinger); Series 2004, Senior Living
Facilities RB
|
5.50 | % | 02/01/35 | 625 | 589,675 | |||||||||||
Kansas City (City of) Industrial Development Authority (Downtown
Redevelopment District); Series 2011 A, Ref. RB
|
5.50 | % | 09/01/28 | 1,670 | 1,806,088 | |||||||||||
Kirkwood (City of) Industrial Development Authority (Aberdeen
Heights); Series 2010 C-1, (TEMPS-75sm) Retirement
Community RB
|
7.50 | % | 11/15/16 | 1,800 | 1,817,586 | |||||||||||
Maryland Heights (City of) (South Heights Redevelopment);
Series 2007 A, Ref. Tax Increment Allocation RB
|
5.50 | % | 09/01/18 | 725 | 703,721 | |||||||||||
Missouri (State of) Development Finance Board (Crackerneck
Creek); Series 2005 C, Infrastructure Facilities Tax
Allocation RB
|
5.00 | % | 03/01/26 | 2,500 | 2,532,200 | |||||||||||
Missouri (State of) Health & Educational Facilities
Authority (Lutheran Senior Services); Series 2010, Senior
Living Facilities RB
|
5.50 | % | 02/01/42 | 1,100 | 1,023,451 | |||||||||||
Missouri (State of) Health & Educational Facilities
Authority (University of Missouri-Columbia Arena);
Series 2001, RB
|
5.00 | % | 11/01/16 | 2,195 | 2,211,638 | |||||||||||
Missouri (State of) Joint Municipal Electric Utility Commission
(Plum Point); Series 2006, Power Project RB
(INSNATL)(b)
|
5.00 | % | 01/01/27 | 4,625 | 4,667,689 | |||||||||||
St. Louis (City of) Industrial Development Authority
(Loughborough Commons Redevelopment); Series 2007, Ref.
Community Improvement Tax Increment Allocation RB
|
5.75 | % | 11/01/27 | 700 | 643,937 | |||||||||||
St. Louis (County of); Series 1993 H, Ctfs. of
Receipt(e)(f)
|
5.40 | % | 07/01/18 | 1,500 | 1,816,185 | |||||||||||
19,665,596 | ||||||||||||||||
Nebraska1.02% |
||||||||||||||||
Omaha (City of) Public Power District; Series 2006 A,
Electric System
RB(a)
|
5.00 | % | 02/01/34 | 5,235 | 5,352,473 | |||||||||||
Nevada2.80% |
||||||||||||||||
Clark (County of) (Alexander Dawson School); Series 2003,
Economic Development RB
|
5.38 | % | 05/15/33 | 2,000 | 2,014,240 | |||||||||||
Clark (County of) (Southwest Gas Corp.);
Series 2004 A, IDR
(INSAMBAC)(b)(e)
|
5.25 | % | 07/01/34 | 7,000 | 6,608,490 | |||||||||||
Las Vegas Valley Water District; Series 2003 B, Ref.
Unlimited Tax GO Bonds
(INSNATL)(b)
|
5.00 | % | 06/01/27 | 4,375 | 4,535,431 | |||||||||||
Reno (City of) (Renown Regional Medical Center);
Series 2007 A, Hospital RB
|
5.25 | % | 06/01/37 | 1,750 | 1,595,860 | |||||||||||
14,754,021 | ||||||||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
New Hampshire0.68% |
||||||||||||||||
New Hampshire (State of) Business Finance Authority (Pennichuck
Water Works, Inc.); Series 1997, Water Facility RB
(INSAMBAC)(b)(e)
|
6.30 | % | 05/01/22 | $ | 800 | $ | 801,448 | |||||||||
New Hampshire (State of) Business Finance Authority (The United
Illuminating Co.);
|
||||||||||||||||
Series 1997,
PCR(c)(d)(e)
|
7.13 | % | 02/01/12 | 800 | 819,040 | |||||||||||
Series 2009 A, Ref.
PCR(c)(d)(e)
|
6.88 | % | 12/01/12 | 570 | 582,945 | |||||||||||
New Hampshire (State of) Health & Education Facilities
Authority (Covenant Health Systems Obligated Group);
Series 2004, Healthcare System RB
|
5.50 | % | 07/01/34 | 1,400 | 1,402,422 | |||||||||||
3,605,855 | ||||||||||||||||
New Jersey5.27% |
||||||||||||||||
New Jersey (State of) Economic Development Authority;
Series 2004 A, Motor Vehicle RB
(INSBHAC)(a)(b)
|
5.25 | % | 07/01/26 | 6,625 | 7,995,845 | |||||||||||
New Jersey (State of) Economic Development Authority (Provident
Group-Montclair Properties LLCMontclair State University
Student Housing); Series 2010 A, RB
|
5.88 | % | 06/01/42 | 1,800 | 1,770,876 | |||||||||||
New Jersey (State of) Health Care Facilities Financing Authority
(The General Hospital Center at Passaic, Inc.);
Series 1994,
RB(f)
|
6.75 | % | 07/01/19 | 2,500 | 3,149,800 | |||||||||||
New Jersey (State of) Housing & Mortgage Finance
Agency; Series 2008 X, Single Family Housing
RB(e)
|
5.10 | % | 10/01/23 | 4,000 | 4,103,840 | |||||||||||
Salem (County of) Pollution Control Financing Authority (Public
Service Electric & Gas Co.); Series 1994, PCR
(INSNATL)(b)(e)
|
5.45 | % | 02/01/32 | 10,750 | 10,750,322 | |||||||||||
27,770,683 | ||||||||||||||||
New Mexico1.03% |
||||||||||||||||
Farmington (City of) (Public Service Co. of New Mexico San
Juan); Series 2010 C, Ref. PCR
|
5.90 | % | 06/01/40 | 2,275 | 2,185,160 | |||||||||||
Jicarilla Apache Nation; Series 2003 A,
RB(h)
|
5.00 | % | 09/01/18 | 1,500 | 1,586,145 | |||||||||||
New Mexico (State of) Hospital Equipment Loan Council
(Presbyterian Health Care Services); Series 2008 A,
Hospital RB(a)
|
6.38 | % | 08/01/32 | 1,500 | 1,662,690 | |||||||||||
5,433,995 | ||||||||||||||||
New York9.27% |
||||||||||||||||
Brooklyn Arena Local Development Corp. (Barclays Center);
|
||||||||||||||||
Series 2009, PILOT RB
|
6.25 | % | 07/15/40 | 1,480 | 1,506,581 | |||||||||||
Series 2009, PILOT RB
|
6.38 | % | 07/15/43 | 620 | 634,868 | |||||||||||
Metropolitan Transportation Authority;
|
||||||||||||||||
Series 2002 A, Ref. RB
(INSNATL)(b)
|
5.25 | % | 11/15/31 | 7,000 | 7,063,700 | |||||||||||
Series 2009 B, Dedicated Tax RB
|
5.25 | % | 11/15/29 | 2,000 | 2,168,200 | |||||||||||
New York (City of) Industrial Development Agency (7 World Trade
Center, LLC); Series 2005 B, Liberty RB
|
6.75 | % | 03/01/15 | 2,000 | 2,009,280 | |||||||||||
New York (City of) Municipal Water Finance Authority;
|
||||||||||||||||
Series 2005 D, Water & Sewer System
RB(a)
|
5.00 | % | 06/15/38 | 5,000 | 5,141,100 | |||||||||||
Series 2010 FF, Second General Resolution Water &
Sewer System RB
|
5.00 | % | 06/15/31 | 3,000 | 3,212,250 | |||||||||||
New York (City of); Subseries 2008 I-1, Unlimited Tax GO
Bonds(a)
|
5.00 | % | 02/01/26 | 5,440 | 5,883,414 | |||||||||||
New York (State of) Dormitory Authority;
Series 2011 A, General Purpose Personal Income Tax RB
|
5.00 | % | 03/15/30 | 2,505 | 2,759,408 | |||||||||||
New York (State of) Mortgage Agency; Series 2007 145,
Homeowner Mortgage
RB(e)
|
5.13 | % | 10/01/37 | 1,000 | 1,005,260 | |||||||||||
New York (State of) Thruway Authority;
|
||||||||||||||||
Series 2009 A, Personal Income Tax
RB(a)
|
5.00 | % | 03/15/26 | 2,000 | 2,223,140 | |||||||||||
Series 2009 A, Personal Income Tax
RB(a)
|
5.00 | % | 03/15/27 | 2,250 | 2,478,960 | |||||||||||
Series 2011
A-1, Second
General Highway & Bridge Trust Fund RB
|
5.00 | % | 04/01/29 | 4,140 | 4,551,516 | |||||||||||
New York Urban Development Corp.; Series 1995, Ref. RB
|
5.70 | % | 04/01/20 | 5,000 | 5,967,200 | |||||||||||
Port Authority of New York & New Jersey (JFK
International Air Terminal, LLC); Series 2010, Special
Obligation RB
|
6.00 | % | 12/01/36 | 2,250 | 2,296,147 | |||||||||||
48,901,024 | ||||||||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
North Carolina0.13% |
||||||||||||||||
North Carolina (State of) Medical Care Commission
(Southminster); Series 2007 A, First Mortgage
Retirement Facilities RB
|
5.75 | % | 10/01/37 | $ | 795 | $ | 673,238 | |||||||||
North Dakota0.19% |
||||||||||||||||
McLean (County of) (Great River Energy);
Series 2010 B, Solid Waste Facilities RB
|
5.15 | % | 07/01/40 | 1,000 | 1,018,400 | |||||||||||
Ohio6.83% |
||||||||||||||||
Dayton (City of) (James M. Cox Dayton); Series 2003 C,
Ref. Airport RB
(INSRadian)(b)(e)
|
5.25 | % | 12/01/27 | 1,000 | 1,006,230 | |||||||||||
Franklin (County of) (OhioHealth Corp.);
Series 2011 A, Hospital Facilities RB
|
5.00 | % | 11/15/36 | 2,685 | 2,699,741 | |||||||||||
Hancock (County of) (Blanchard Valley Regional Health Center);
Series 2011, Hospital RB
|
6.25 | % | 12/01/34 | 875 | 909,195 | |||||||||||
Lorain (County of) (Catholic Healthcare Partners);
|
||||||||||||||||
Series 2003 C-1, Ref. Hospital RB
(INSAGM)(a)(b)
|
5.00 | % | 04/01/24 | 3,600 | 3,829,355 | |||||||||||
Series 2006 A, Hospital Facilities RB
(INSAGM)(a)(b)
|
5.00 | % | 02/01/24 | 3,325 | 3,538,365 | |||||||||||
Series 2006 B, Hospital Facilities RB
(INSAGM)(a)(b)
|
5.00 | % | 02/01/24 | 3,350 | 3,565,070 | |||||||||||
Montgomery (County of) (Catholic Health); Series 2006 C-1,
RB
(INSAGM)(a)(b)
|
5.00 | % | 10/01/41 | 1,625 | 1,632,654 | |||||||||||
Montgomery (County of) (Miami Valley Hospital);
|
||||||||||||||||
Series 2009 A, RB
|
6.00 | % | 11/15/28 | 1,740 | 1,832,359 | |||||||||||
Series 2009 A, RB
|
6.25 | % | 11/15/39 | 1,100 | 1,148,433 | |||||||||||
Ohio (State of) Air Quality Development Authority (Dayton
Power); Series 2006, RB
(INSBHAC)(a)(b)(e)
|
4.80 | % | 09/01/36 | 5,000 | 4,885,400 | |||||||||||
Ohio (State of) Air Quality Development Authority (FirstEnergy
Generation Corp.); Series 2009 C, Ref. PCR
|
5.63 | % | 06/01/18 | 2,800 | 3,149,776 | |||||||||||
Ohio (State of) Air Quality Development Authority (Ohio Power
Co. Galvin); Series 2010 A, Ref.
RB(c)(d)(e)
|
2.88 | % | 08/01/14 | 1,000 | 1,025,180 | |||||||||||
Ohio (State of) Higher Educational Facility Commission (Summa
Health System); Series 2010, RB
|
5.75 | % | 11/15/35 | 1,720 | 1,722,167 | |||||||||||
Ohio (State of) Higher Educational Facility Commission
(University Hospitals Health System, Inc.);
Series 2009 A, RB
|
6.75 | % | 01/15/39 | 2,250 | 2,335,298 | |||||||||||
Ohio (State of) Housing Finance Agency (Mortgage-Backed
Securities Program); Series 2008 F, Residential
Mortgage RB
(CEPGNMA/FNMA/FHLMC)(a)
|
5.50 | % | 09/01/39 | 1,480 | 1,547,340 | |||||||||||
Ohio (State of) Water Development Authority (FirstEnergy Nuclear
Generation Corp.); Series 2009 A, Ref.
PCR(c)(d)
|
5.88 | % | 06/01/16 | 1,050 | 1,180,578 | |||||||||||
36,007,141 | ||||||||||||||||
Oregon0.49% |
||||||||||||||||
Oregon (State of) Department of Administrative Services;
Series 2002 C, Ref. COP
(INSNATL)(b)
|
5.25 | % | 11/01/18 | 2,500 | 2,576,825 | |||||||||||
Pennsylvania1.36% |
||||||||||||||||
Delaware River Port Authority; Series 2010 D, RB
|
5.00 | % | 01/01/35 | 1,100 | 1,135,101 | |||||||||||
Geisinger Authority; Series 2005 A, VRD Health System
RB(j)
|
0.08 | % | 05/15/35 | 2,300 | 2,300,000 | |||||||||||
Pennsylvania (State of) Turnpike Commission;
|
||||||||||||||||
SubSeries 2010
B-2, Conv. CAB
RB(g)
|
0.00 | % | 12/01/28 | 2,500 | 2,072,800 | |||||||||||
SubSeries 2010
B-2, Conv. CAB
RB(g)
|
0.00 | % | 12/01/34 | 1,550 | 1,231,723 | |||||||||||
Philadelphia (City of) Authority for Industrial Development
(NewCourtland Elder Services); Series 2003, VRD RB
(LOCPNC Bank,
N.A.)(j)(k)
|
0.11 | % | 03/01/27 | 405 | 405,000 | |||||||||||
7,144,624 | ||||||||||||||||
Puerto Rico2.44% |
||||||||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority;
|
||||||||||||||||
Series 2010 CCC, RB
|
5.25 | % | 07/01/27 | 2,300 | 2,346,253 | |||||||||||
Series 2010 XX, RB
|
5.25 | % | 07/01/40 | 2,300 | 2,238,222 | |||||||||||
Puerto Rico Sales Tax Financing Corp.;
|
||||||||||||||||
First Subseries 2010 A, RB
|
5.50 | % | 08/01/42 | 2,500 | 2,536,025 | |||||||||||
First Subseries 2010 A, RB
|
5.38 | % | 08/01/39 | 1,750 | 1,765,242 | |||||||||||
First Subseries 2010 C, Tax RB
|
5.25 | % | 08/01/41 | 4,000 | 3,978,880 | |||||||||||
12,864,622 | ||||||||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
South Carolina6.64% |
||||||||||||||||
Charleston Educational Excellence Finance Corp. (Charleston
County School District);
|
||||||||||||||||
Series 2005, RB
|
5.25 | % | 12/01/25 | $ | 3,125 | $ | 3,359,250 | |||||||||
Series 2005, RB
|
5.25 | % | 12/01/26 | 9,375 | 10,025,156 | |||||||||||
Greenville (City of); Series 2002, Ref. & Improvement
RB
(INSNATL)(b)
|
5.25 | % | 04/01/21 | 3,115 | 3,214,649 | |||||||||||
South Carolina (State of) Jobs-Economic Development Authority
(AnMed Health); Series 2009 B, Ref. & Improvement
Hospital RB
(INSAGC)(b)
|
5.50 | % | 02/01/38 | 1,000 | 1,037,210 | |||||||||||
South Carolina (State of) Jobs-Economic Development Authority
(Electric & Gas Co.);
|
||||||||||||||||
Series 2002 A, IDR
(INSAMBAC)(b)
|
5.20 | % | 11/01/27 | 6,500 | 6,722,495 | |||||||||||
Series 2002 B, IDR
(INSAMBAC)(b)(e)
|
5.45 | % | 11/01/32 | 3,750 | 3,752,962 | |||||||||||
South Carolina (State of) Jobs-Economic Development Authority
(Palmetto Health Alliance); Series 2003 A, Ref.
Hospital Facilities RB
|
6.25 | % | 08/01/31 | 2,200 | 2,233,902 | |||||||||||
South Carolina (State of) Jobs-Economic Development Authority
(Wesley Commons); Series 2006, Ref. First Mortgage Health
Facilities RB
|
5.30 | % | 10/01/36 | 1,100 | 856,570 | |||||||||||
South Carolina (State of) Jobs-Economic Development Authority
(Woodlands at Furman); Series 2007 A,
RB(i)
|
6.00 | % | 11/15/42 | 750 | 298,838 | |||||||||||
South Carolina (State of) Public Service Authority (Santee
Cooper); Series 2010 B, Ref. RB
|
5.00 | % | 01/01/33 | 3,300 | 3,499,221 | |||||||||||
35,000,253 | ||||||||||||||||
Tennessee4.20% |
||||||||||||||||
Chattanooga (City of) Health, Educational & Housing
Facility Board (Community Development Financial Institution
Phase I LLC);
|
||||||||||||||||
Series 2005 A, Ref. Sr. RB
|
5.00 | % | 10/01/25 | 2,130 | 2,016,450 | |||||||||||
Series 2005 A, Ref. Sr. RB
|
5.13 | % | 10/01/35 | 2,595 | 2,298,521 | |||||||||||
Elizabethton (City of) Health & Educational Facilities
Board; Series 2000 B, Ref. & Improvement First
Mortgage RB(d)(f)
|
8.00 | % | 07/01/12 | 1,270 | 1,372,603 | |||||||||||
Johnson City (City of) Health & Educational Facilities
Board (Mountain States Health Alliance);
|
||||||||||||||||
Series 2000 A, Ref. First Mortgage Hospital CAB RB
(INSNATL)(b)(g)
|
0.00 | % | 07/01/26 | 12,525 | 5,129,363 | |||||||||||
Series 2000 A, Ref. First Mortgage Hospital
RB(d)(f)
|
7.50 | % | 07/01/12 | 4,800 | 5,168,880 | |||||||||||
Series 2006 A, First Mortgage Hospital RB
|
5.50 | % | 07/01/36 | 2,975 | 2,858,053 | |||||||||||
Shelby (County of) Health, Educational & Housing
Facilities Board (Methodist Healthcare);
Series 2004 B, RB
(INSAGM)(a)(b)
|
5.25 | % | 09/01/27 | 3,100 | 3,277,165 | |||||||||||
22,121,035 | ||||||||||||||||
Texas19.41% |
||||||||||||||||
Alliance Airport Authority, Inc. (Federal Express Corp.);
Series 2006, Ref. Special Facilities
RB(e)
|
4.85 | % | 04/01/21 | 1,750 | 1,819,405 | |||||||||||
Dallas (City of) (Civic Center Convention Complex);
|
||||||||||||||||
Series 2009, Ref. & Improvement RB
(INSAGC)(b)
|
5.00 | % | 08/15/18 | 1,400 | 1,603,798 | |||||||||||
Series 2009, Ref. & Improvement RB
(INSAGC)(b)
|
5.00 | % | 08/15/19 | 1,600 | 1,827,024 | |||||||||||
Dallas (County of) Flood Control District No. 1;
Series 2002, Ref. Unlimited Tax GO Bonds
|
6.75 | % | 04/01/16 | 750 | 789,218 | |||||||||||
Dallas-Fort Worth International Airport Facilities
Improvement Corp.;
|
||||||||||||||||
Series 2001 A, Ref. & Improvement RB
(INSBHAC)(b)(e)
|
5.50 | % | 11/01/31 | 8,000 | 8,007,600 | |||||||||||
Series 2002 C, Joint RB
(INSNATL)(b)(e)
|
5.75 | % | 11/01/18 | 655 | 657,365 | |||||||||||
Series 2002 C, Joint RB
(INSNATL)(b)(e)
|
6.00 | % | 11/01/23 | 1,270 | 1,274,851 | |||||||||||
El Paso (County of) Hospital District; Series 2008 A,
Limited Tax GO Bonds
(INSAGC)(a)(b) |
5.00 | % | 08/15/37 | 5,850 | 6,056,447 | |||||||||||
Harris (County of); Series 2009 A, Sr. Lien Toll Road
RB(a)
|
5.00 | % | 08/15/25 | 4,350 | 4,816,494 | |||||||||||
Harris County Health Facilities Development Corp. (Memorial
Hermann Healthcare System); Series 2008 B, Ref.
Hospital RB
|
7.25 | % | 12/01/35 | 925 | 1,034,668 | |||||||||||
Harris County Industrial Development Corp. (Deer Park Refining
Limited Partnership); Series 2006, Solid Waste Disposal RB
|
5.00 | % | 02/01/23 | 1,100 | 1,172,996 | |||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Texas(continued) |
||||||||||||||||
Houston (City of);
|
||||||||||||||||
Series 2000 A, Sub. Lien Airport System RB
(INSAGM)(b)(e)
|
5.63 | % | 07/01/30 | $ | 750 | $ | 750,375 | |||||||||
Series 2007 A, Ref. First Lien Combined Utility System
RB
(INSAGM)(a)(b)
|
5.00 | % | 11/15/36 | 9,425 | 9,782,962 | |||||||||||
Series 2011 D, First Lien Combined Utility System RB
|
5.00 | % | 11/15/33 | 3,150 | 3,353,175 | |||||||||||
Judson Independent School District (School Building);
Series 2008, Unlimited Tax GO Bonds
(INSAGC)(a)(b)
|
5.00 | % | 02/01/37 | 3,700 | 3,797,754 | |||||||||||
Lower Colorado River Authority; Series 2010 A, Ref. RB
|
5.00 | % | 05/15/40 | 1,750 | 1,783,898 | |||||||||||
Matagorda (County of) Navigation District No. 1 (AEP Texas
Central Co.); Series 2008, Ref.
PCR(c)(d)
|
1.13 | % | 06/01/12 | 2,025 | 2,028,685 | |||||||||||
Matagorda (County of) Navigation District No. 1 (Houston
Lighting & Power Co.); Series 1997, Ref. RB
(INSAMBAC)(b)(e)
|
5.13 | % | 11/01/28 | 5,000 | 5,182,300 | |||||||||||
McLennan County Public Facility Corp.; Series 2009, RB
|
6.63 | % | 06/01/35 | 1,330 | 1,427,556 | |||||||||||
Mission Economic Development Corp. (Waste Management, Inc.);
Series 2008, Solid Waste Disposal
RB(c)(d)(e)
|
6.00 | % | 08/01/13 | 1,000 | 1,082,510 | |||||||||||
North Central Texas Health Facility Development Corp. (Baylor
Healthcare System); Series 2001 A, Hospital RB
|
5.13 | % | 05/15/29 | 500 | 500,160 | |||||||||||
North Texas Tollway Authority;
|
||||||||||||||||
Series 2008 B, Ref. First Tier System RB
|
6.00 | % | 01/01/26 | 1,000 | 1,086,670 | |||||||||||
Series 2008 B, Ref. First Tier System RB
|
6.00 | % | 01/01/27 | 1,250 | 1,347,600 | |||||||||||
Series 2008 B, Ref. First Tier System RB
|
5.63 | % | 01/01/28 | 1,000 | 1,053,730 | |||||||||||
Series 2008 F, Ref. Second Tier System RB
|
5.75 | % | 01/01/33 | 3,200 | 3,251,424 | |||||||||||
Series 2008 L-2, Ref. First Tier System
RB(c)(d)
|
6.00 | % | 01/01/13 | 1,750 | 1,865,447 | |||||||||||
Series 2011 A, Special Projects System RB
|
5.50 | % | 09/01/36 | 3,180 | 3,445,816 | |||||||||||
Stafford Economic Development Corp.;
|
||||||||||||||||
Series 2000, RB
(INSNATL)(b)
|
6.00 | % | 09/01/19 | 1,990 | 2,304,758 | |||||||||||
Series 2000, RB
(INSNATL)(b)
|
5.50 | % | 09/01/30 | 3,960 | 4,112,302 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp.
(Buckingham Senior Living Community, Inc.);
|
||||||||||||||||
Series 2007, Retirement Facility RB
|
5.63 | % | 11/15/27 | 1,000 | 931,000 | |||||||||||
Series 2007, Retirement Facility RB
|
5.75 | % | 11/15/37 | 585 | 520,679 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp.
(Buckner Retirement Services, Inc.); Series 2007,
Retirement Facility RB
|
5.25 | % | 11/15/37 | 7,000 | 6,564,390 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (C.C.
Young Memorial Home);
|
||||||||||||||||
Series 2007, Retirement Facility RB
|
5.75 | % | 02/15/25 | 500 | 431,005 | |||||||||||
Series 2009 B-2, Retirement Facility RB
|
6.50 | % | 02/15/14 | 1,300 | 1,288,092 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp.
(CHRISTUS Health); Series 2008 A, Ref. RB
(INSAGC)(b)
|
6.25 | % | 07/01/28 | 3,600 | 3,938,976 | |||||||||||
Texas (State of) (Transportation CommissionMobility Fund);
Series 2008, Unlimited Tax GO
Bonds(a)
|
5.00 | % | 04/01/28 | 6,450 | 7,044,045 | |||||||||||
Texas Private Activity Bond Surface Transportation Corp. (North
Transit Express Mobility); Series 2009, Sr. Lien RB
|
6.88 | % | 12/31/39 | 1,675 | 1,731,799 | |||||||||||
Tyler Health Facilities Development Corp. (East Texas Medical
Center Regional Healthcare System); Series 2007 A,
Ref. & Improvement Hospital RB
|
5.38 | % | 11/01/37 | 3,100 | 2,653,445 | |||||||||||
102,320,419 | ||||||||||||||||
Utah0.94% |
||||||||||||||||
Intermountain Power Agency; Series 1993 A, Ref. Power
Supply CAB
RB(f)(g)
|
0.00 | % | 07/01/17 | 4,950 | 4,181,810 | |||||||||||
Utah (State of) Charter School Finance Authority (Summit
Academy); Series 2007 A, RB
|
5.80 | % | 06/15/38 | 875 | 770,595 | |||||||||||
4,952,405 | ||||||||||||||||
Virgin Islands0.38% |
||||||||||||||||
Virgin Islands Public Finance Authority (Matching Fund Loan
Note); Series 2010 A, Sr. Lien Working Capital RB
|
5.00 | % | 10/01/25 | 1,975 | 1,979,918 | |||||||||||
Virginia1.23% |
||||||||||||||||
Richmond (City of) Industrial Development Authority;
Series 2001, Government Facilities RB
(INSAMBAC)(b)
|
5.00 | % | 07/15/17 | 1,465 | 1,612,511 | |||||||||||
Tobacco Settlement Financing Corp.; Series 2005,
Asset-Backed
RB(f)
|
5.50 | % | 06/01/26 | 1,520 | 1,687,093 | |||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Virginia(continued) |
||||||||||||||||
Virginia (State of) Small Business Financing Authority (Carilion
Clinic Obligated Group); Series 2008 A, VRD
Hospital RB(j)
|
0.12 | % | 07/01/42 | $ | 1,500 | $ | 1,500,000 | |||||||||
White Oak Village Shops Community Development Authority;
Series 2007, Special Assessment RB
|
5.30 | % | 03/01/17 | 1,637 | 1,682,525 | |||||||||||
6,482,129 | ||||||||||||||||
Washington1.71% |
||||||||||||||||
Chelan (County of) Public Utility District No. 1;
Series 2011 A, Ref. Consolidated
RB(e)
|
5.50 | % | 07/01/25 | 1,675 | 1,880,406 | |||||||||||
Kalispel Tribe of Indians; Series 2008, Priority District
Washington RB
|
6.63 | % | 01/01/28 | 1,500 | 1,274,535 | |||||||||||
Spokane (City of) Public Facilities District; Series 2003,
Hotel, Motel & Sales Use Tax RB
(INSNATL)(b)
|
5.25 | % | 09/01/33 | 3,000 | 3,043,260 | |||||||||||
Washington (State of) Health Care Facilities Authority (Swedish
Health Services); Series 2011 A, RB
|
6.25 | % | 11/15/41 | 1,125 | 1,176,491 | |||||||||||
Washington (State of) Housing Finance Commission (Custodial
Receipts Wesley Homes); Series 2008,
Non-Profit RB(h)
|
6.00 | % | 01/01/27 | 1,720 | 1,643,546 | |||||||||||
9,018,238 | ||||||||||||||||
West Virginia1.33% |
||||||||||||||||
Harrison (County of) (Allegheny Energy);
Series 2007 D, Ref. Solid Waste Disposal
RB(e)
|
5.50 | % | 10/15/37 | 2,500 | 2,419,125 | |||||||||||
West Virginia (State of) Hospital Finance Authority (Thomas
Health System);
|
||||||||||||||||
Series 2008, RB
|
6.00 | % | 10/01/20 | 1,100 | 1,086,327 | |||||||||||
Series 2008, RB
|
6.25 | % | 10/01/23 | 1,270 | 1,247,254 | |||||||||||
West Virginia (State of) Hospital Finance Authority (West
Virginia United Health System Obligated Group);
|
||||||||||||||||
Series 2009 C, Ref. & Improvement RB
|
5.50 | % | 06/01/34 | 1,160 | 1,193,037 | |||||||||||
Series 2009 C, Ref. & Improvement RB
|
5.50 | % | 06/01/39 | 1,065 | 1,085,757 | |||||||||||
7,031,500 | ||||||||||||||||
Wisconsin1.82% |
||||||||||||||||
Superior (City of) (Superior Water, Light & Power Co.);
|
||||||||||||||||
Series 2007 A, Ref. Collateralized Utility
RB(e)
|
5.38 | % | 11/01/21 | 500 | 520,840 | |||||||||||
Series 2007 B, Collateralized Utility
RB(e)
|
5.75 | % | 11/01/37 | 460 | 462,562 | |||||||||||
Wisconsin (State of) Health & Educational Facilities
Authority (Aurora Health Care, Inc.); Series 2009 B,
RB(c)(d)
|
5.13 | % | 08/15/16 | 1,100 | 1,258,774 | |||||||||||
Wisconsin (State of) Health & Educational Facilities
Authority (Prohealth Care, Inc. Obligated Group);
Series 2009, RB
|
6.63 | % | 02/15/39 | 1,340 | 1,438,758 | |||||||||||
Wisconsin (State of) Housing & Economic Development
Authority;
|
||||||||||||||||
Series 2008 A, Home Ownership
RB(a)(e)
|
5.30 | % | 09/01/23 | 3,100 | 3,253,233 | |||||||||||
Series 2008 A, Home Ownership
RB(a)(e)
|
5.50 | % | 09/01/28 | 1,365 | 1,403,915 | |||||||||||
Wisconsin (State of); Series 2009 A, General
Appropriation RB
|
5.38 | % | 05/01/25 | 1,125 | 1,271,194 | |||||||||||
9,609,276 | ||||||||||||||||
Wyoming1.17% |
||||||||||||||||
Sublette (County of) (Exxon); Series 1984, VRD
PCR(j)
|
0.05 | % | 11/01/14 | 2,000 | 2,000,000 | |||||||||||
Sweetwater (County of) (FMC Corp.); Series 2005, Ref. Solid
Waste Disposal
RB(e)
|
5.60 | % | 12/01/35 | 2,790 | 2,720,389 | |||||||||||
Sweetwater (County of) (Idaho Power Co.); Series 2006, Ref.
PCR
|
5.25 | % | 07/15/26 | 1,350 | 1,455,611 | |||||||||||
6,176,000 | ||||||||||||||||
TOTAL
INVESTMENTS(l)168.23%
(Cost $862,671,736)
|
886,982,681 | |||||||||||||||
FLOATING RATE NOTE OBLIGATIONS19.20%
|
||||||||||||||||
Notes with interest rates ranging from 0.21% to 0.36% at
08/31/11,
and contractual maturities of collateral ranging from
09/01/23 to
10/01/41
(See
Note 1I)(m)
|
101,245,000 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES(35.65)%
|
(187,992,321 | ) | ||||||||||||||
PREFERRED SHARES(51.78)%
|
(273,000,000 | ) | ||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES100.00%
|
$ | 527,235,360 | ||||||||||||||
AGC
|
Assured Guaranty Corp. | |
AGM
|
Assured Guaranty Municipal Corp. | |
AMBAC
|
American Municipal Bond Assurance Corp. | |
BHAC
|
Berkshire Hathaway Assurance Corp. | |
CAB
|
Capital Appreciation Bonds | |
CEP
|
Credit Enhancement Provider | |
Conv.
|
Convertible | |
COP
|
Certificates of Participation | |
Ctfs.
|
Certificates | |
FHLMC
|
Federal Home Loan Mortgage Corp. | |
FNMA
|
Federal National Mortgage Association | |
GNMA
|
Government National Mortgage Association | |
GO
|
General Obligation | |
IDR
|
Industrial Development Revenue Bonds | |
INS
|
Insurer | |
LOC
|
Letter of Credit | |
MFH
|
Multi-Family Housing | |
NATL
|
National Public Finance Guarantee Corp. | |
PCR
|
Pollution Control Revenue Bonds | |
PILOT
|
Payment-in-Lieu-of-Tax | |
Radian
|
Radian Asset Assurance, Inc. | |
RB
|
Revenue Bonds | |
Ref.
|
Refunding | |
Sec.
|
Secured | |
SGI
|
Syncora Guarantee, Inc. | |
Sr.
|
Senior | |
Sub.
|
Subordinated | |
TEMPS
|
Tax-Exempt Mandatory Paydown Securities | |
VRD
|
Variable Rate Demand |
(a) | Underlying security related to Dealer Trusts entered into by the Trust. See Note 1I. | |
(b) | Principal and/or interest payments are secured by the bond insurance company listed. | |
(c) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2011. | |
(d) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. | |
(e) | Security subject to the alternative minimum tax. | |
(f) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. | |
(g) | Zero coupon bond issued at a discount. | |
(h) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2011 was $4,273,556, which represented 0.81% of the Trusts Net Assets. | |
(i) | Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at August 31, 2011 was $539,119, which represented 0.10% of the Trusts Net Assets. | |
(j) | Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2011. | |
(k) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. | |
(l) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuers obligations but may be called upon to satisfy the issuers obligations. |
Entities | Percentage | |||
National Public Finance Guarantee Corp.
|
14.1 | % | ||
Assured Guaranty Municipal Corp.
|
10.0 | |||
Assured Guaranty Corp.
|
8.7 | |||
American Municipal Bond Assurance Corp.
|
6.9 | |||
(m) | Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at August 31, 2011. At August 31, 2011, the Trusts investments with a value of $180,808,746 are held by Dealer Trusts and serve as collateral for the $101,245,000 in the floating rate note obligations outstanding at that date. |
Portfolio Composition |
Revenue Bonds
|
86.0 | % | ||
General Obligation Bonds
|
8.6 | |||
Pre-refunded Bonds
|
4.0 | |||
Other
|
1.4 | |||
Assets: |
||||
Investments, at value (Cost $862,671,736)
|
$ | 886,982,681 | ||
Cash
|
1,139,657 | |||
Receivable for:
|
||||
Investments sold
|
4,663,009 | |||
Interest
|
11,460,114 | |||
Other assets
|
17,267 | |||
Total assets
|
904,262,728 | |||
Liabilities: |
||||
Floating rate note obligations
|
101,245,000 | |||
Payable for:
|
||||
Investments purchased
|
2,596,657 | |||
Income distributions preferred and common shares
|
10,628 | |||
Accrued fees to affiliates
|
10,113 | |||
Accrued other operating expenses
|
164,970 | |||
Total liabilities
|
104,027,368 | |||
Preferred shares ($0.01 par value, authorized
100,000,000 shares, 10,920 issued with liquidation
preference of $25,000 per share)
|
273,000,000 | |||
Net assets applicable to common shares
|
$ | 527,235,360 | ||
Net assets applicable to common shares consist of: |
||||
Shares of beneficial interest common shares
|
$ | 588,074,930 | ||
Undistributed net investment income
|
12,636,119 | |||
Undistributed net realized gain (loss)
|
(97,786,634 | ) | ||
Unrealized appreciation
|
24,310,945 | |||
$ | 527,235,360 | |||
Shares outstanding, $0.01 par value per common share, with an unlimited number of shares authorized: |
||||
Common shares outstanding
|
44,298,809 | |||
Net asset value per common share
|
$ | 11.90 | ||
Market value per common share
|
$ | 12.05 | ||
Investment income: |
||||
Interest
|
$ | 22,491,230 | ||
Expenses: |
||||
Advisory fees
|
2,438,044 | |||
Administrative services fees
|
108,910 | |||
Custodian fees
|
14,791 | |||
Interest, facilities and maintenance fees
|
931,998 | |||
Transfer agent fees
|
57,473 | |||
Trustees and officers fees and benefits
|
36,555 | |||
Professional services fees
|
425,738 | |||
Other
|
70,114 | |||
Total expenses
|
4,083,623 | |||
Less: Fees waived
|
(145,073 | ) | ||
Net expenses
|
3,938,550 | |||
Net investment income
|
18,552,680 | |||
Realized and unrealized gain (loss) from: |
||||
Net realized gain (loss) from investment securities
|
(9,515,118 | ) | ||
Change in net unrealized appreciation of investment securities
|
46,564,405 | |||
Net realized and unrealized gain
|
37,049,287 | |||
Distributions to preferred shareholders from net investment
income
|
(402,609 | ) | ||
Net increase in net assets from operations applicable to common
shares
|
$ | 55,199,358 | ||
Six months |
Four months |
|||||||||||
ended |
ended |
Year ended |
||||||||||
August 31, |
February 28, |
October 31, |
||||||||||
2011 | 2011 | 2010 | ||||||||||
Operations: |
||||||||||||
Net investment income
|
$ | 18,552,680 | $ | 13,343,884 | $ | 41,742,273 | ||||||
Net realized gain (loss)
|
(9,515,118 | ) | (3,531,762 | ) | (9,780,725 | ) | ||||||
Change in net unrealized appreciation (depreciation)
|
46,564,405 | (52,755,166 | ) | 42,228,423 | ||||||||
Net increase (decrease) in net assets resulting from operations
|
55,601,967 | (42,943,044 | ) | 74,189,971 | ||||||||
Distributions to preferred shareholders from net investment
income
|
(402,609 | ) | (377,775 | ) | (1,124,937 | ) | ||||||
Net increase (decrease) in net assets from operations applicable
to common shares
|
55,199,358 | (43,320,819 | ) | 73,065,034 | ||||||||
Distributions to common shareholders from net investment income
|
(19,396,706 | ) | (12,923,567 | ) | (38,603,358 | ) | ||||||
Share transactionsnet: |
||||||||||||
Net increase in net assets resulting from share transactions
|
308,744 | 240,302 | 628,607 | |||||||||
Net increase (decrease) in net assets
|
36,111,396 | (56,004,084 | ) | 35,090,283 | ||||||||
Net assets applicable to common shares: |
||||||||||||
Beginning of period
|
491,123,964 | 547,128,048 | 512,037,765 | |||||||||
End of period (includes undistributed net investment income of
$12,636,119, $13,882,754 and $13,897,693, respectively)
|
$ | 527,235,360 | $ | 491,123,964 | $ | 547,128,048 | ||||||
Net increase in net assets from operations applicable to common
shares
|
$ | 55,199,358 | ||
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash used by operating activities: |
||||
Net realized loss on investments
|
9,515,118 | |||
Net change in unrealized appreciation (depreciation) on
investments
|
(46,564,405 | ) | ||
Amortization of premium
|
849,108 | |||
Accretion of discount
|
(745,731 | ) | ||
Cost of purchases of investments
|
(62,291,899 | ) | ||
Proceeds from sales of investments
|
69,238,531 | |||
Decrease in interest receivables and other assets
|
146,991 | |||
Decrease in accrued expenses and other payables
|
(164,719 | ) | ||
Net cash provided by operating activities
|
25,182,352 | |||
Cash flows provided by (used in) financing activities: |
||||
Dividends paid to common shareholders from net investment income
|
(19,108,890 | ) | ||
Decrease in payable to custodian
|
(4,273,805 | ) | ||
Net proceeds from and repayment of floating rate note obligations
|
(660,000 | ) | ||
Net cash provided by (used in) financing activities
|
(24,042,695 | ) | ||
Net increase in cash
|
1,139,657 | |||
Cash at beginning of period
|
| |||
Cash at end of period
|
$ | 1,139,657 | ||
Supplemental disclosure of cash flow information: |
||||
Cash paid during the period for interest, facilities and
maintenance fees
|
$ | 931,998 | ||
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. | |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Securities with a demand feature exercisable within one to seven days are valued at par. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments. | ||
Securities for which market quotations either are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances. |
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. | ||
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. | |
The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held. | ||
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trusts net asset value and, accordingly, they reduce the Trusts total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser. | ||
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. | |
D. | Distributions The Trust declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally paid annually and are distributed on a pro rata basis to common and preferred shareholders. The Trust may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. | |
E. | Federal Income Taxes The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as a regulated investment company and to distribute substantially all of the Trusts taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. | |
In addition, the Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders exempt dividends, as defined in the Internal Revenue Code. | ||
The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period. | ||
F. | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. | |
G. | Indemnifications Under the Trusts organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trusts servicing agreements that contain a variety of indemnification clauses. The Trusts maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. | |
H. | Securities Purchased on a When-Issued and Delayed Delivery Basis The Trust may purchase and sell interests in portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Trust on such interests or securities in connection with such transactions prior to the date the Trust actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Trust will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. | |
I. | Floating Rate Note Obligations The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (RIBs) or Tender Option Bonds (TOBs) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (Dealer Trusts) in exchange for cash and residual interests in the Dealer Trusts assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interest in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each |
reset date. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts. | ||
TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities. | ||
The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trusts investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations. | ||
The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Trusts net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation. | ||
J. | Cash and Cash Equivalents For the purposes of the Statement of Cash Flows the Trust defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received. | |
K. | Other Risks The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. | |
Since, many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Trusts investments in municipal securities. | ||
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. | ||
L. | Interest, Facilities and Maintenance Fees Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining Auction Rate Preferred Shares and floating rate obligations, if any. |
Level 1 | Prices are determined using quoted prices in an active market for identical assets. | |
Level 2 | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |
Level 3 | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trusts own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Municipal Obligations
|
$ | | $ | 886,982,681 | $ | | $ | 886,982,681 | ||||||||
Capital Loss |
||||
Expiration | Carryforward* | |||
February 28, 2014
|
$ | 2,455,675 | ||
February 28, 2015
|
8,594,496 | |||
February 29, 2016
|
30,211,343 | |||
February 28, 2017
|
33,876,054 | |||
February 28, 2018
|
9,753,775 | |||
February 28, 2019
|
3,583,240 | |||
Total capital loss carryforward
|
$ | 88,474,583 | ||
* | Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code. |
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis | ||||
Aggregate unrealized appreciation of investment securities
|
$ | 42,245,989 | ||
Aggregate unrealized (depreciation) of investment securities
|
(16,647,797 | ) | ||
Net unrealized appreciation of investment securities
|
$ | 25,598,192 | ||
Cost of investments for tax purposes is $861,384,489.
|
Six months
ended |
Four months
ended |
Year ended |
||||||||||
August 31, |
February 28, |
October 31, |
||||||||||
2011 | 2011 | 2010 | ||||||||||
Beginning shares
|
44,271,856 | 44,250,437 | 44,198,222 | |||||||||
Shares Issued Through Dividend Reinvestment
|
26,953 | 21,419 | 52,215 | |||||||||
Ending shares
|
44,298,809 | 44,271,856 | 44,250,437 | |||||||||
Amount |
Range of |
|||||||||||||||||||
Series | Shares | (000s omitted) | Rate | Reset Date | Dividend Rates | |||||||||||||||
A
|
1,040 | $ | 26,000 | 0.289 | % | 09/05/11 | 0.107-0.396 | % | ||||||||||||
B
|
1,040 | 26,000 | 0.274 | 09/07/11 | 0.107-0.411 | |||||||||||||||
C
|
1,040 | 26,000 | 0.289 | 09/05/11 | 0.107-0.396 | |||||||||||||||
D
|
1,040 | 26,000 | 0.305 | 09/05/11 | 0.107-0.411 | |||||||||||||||
E
|
910 | 22,750 | 0.274 | 09/07/11 | 0.107-0.411 | |||||||||||||||
F
|
1,300 | 32,500 | 0.305 | 09/02/11 | 0.107-0.411 | |||||||||||||||
G
|
1,300 | 32,500 | 0.305 | 09/21/11 | 0.122-0.381 | |||||||||||||||
H
|
1,300 | 32,500 | 0.305 | 09/15/11 | 0.122-0.411 | |||||||||||||||
I
|
1,300 | 32,500 | 0.274 | 09/28/11 | 0.138-0.396 | |||||||||||||||
J
|
650 | 16,250 | 0.274 | 09/08/11 | 0.110-0.411 | |||||||||||||||
| As of August 31, 2011. | |
| For the six months ended August 31, 2011. |
Series A | Series B | Series C | Series D | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Outstanding at February 28, 2011
|
1,040 | $ | 26,000,000 | 1,040 | $ | 26,000,000 | 1,040 | $ | 26,000,000 | 1,040 | $ | 26,000,000 | ||||||||||||||||||||
Shares retired
|
| | | | | | | | ||||||||||||||||||||||||
Outstanding at August 31, 2011
|
1,040 | $ | 26,000,000 | 1,040 | $ | 26,000,000 | 1,040 | $ | 26,000,000 | 1,040 | $ | 26,000,000 | ||||||||||||||||||||
Series E | Series F | Series G | Series H | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Outstanding at February 28, 2011
|
910 | $ | 22,750,000 | 1,300 | $ | 32,500,000 | 1,300 | $ | 32,500,000 | 1,300 | $ | 32,500,000 | ||||||||||||||||||||
Shares retired
|
| | | | | | | | ||||||||||||||||||||||||
Outstanding at August 31, 2011
|
910 | $ | 22,750,000 | 1,300 | $ | 32,500,000 | 1,300 | $ | 32,500,000 | 1,300 | $ | 32,500,000 | ||||||||||||||||||||
Series I | Series J | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Outstanding at February 28, 2011
|
1,300 | $ | 32,500,000 | 650 | $ | 16,250,000 | ||||||||||
Shares retired
|
| | | | ||||||||||||
Outstanding at August 31, 2011
|
1,300 | $ | 32,500,000 | 650 | $ | 16,250,000 | ||||||||||
Declaration Date | Amount Per Share | Record Date | Payable Date | |||||||||
September 1, 2011
|
$ | 0.0730 | September 15, 2011 | September 30, 2011 | ||||||||
September 30, 2011
|
$ | 0.0730 | October 14, 2011 | October 31, 2011 | ||||||||
Six months |
Four months |
|||||||||||||||||||||||||||
ended |
ended |
|||||||||||||||||||||||||||
August 31, |
February 28, |
Year ended October 31, | ||||||||||||||||||||||||||
2011 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 11.09 | $ | 12.36 | $ | 11.59 | $ | 9.29 | $ | 13.73 | $ | 14.74 | $ | 14.62 | ||||||||||||||
Net investment
income(a)
|
0.42 | 0.30 | 0.94 | 1.01 | 1.12 | 1.05 | 0.98 | |||||||||||||||||||||
Net gains (losses) on securities (both realized and unrealized)
|
0.84 | (1.27 | ) | 0.73 | 2.12 | (4.51 | ) | (1.03 | ) | 0.44 | ||||||||||||||||||
Distributions paid to preferred shareholders from:
|
||||||||||||||||||||||||||||
Net investment income
|
(0.01 | ) | (0.01 | ) | (0.03 | ) | (0.06 | ) | (0.33 | ) | (0.34 | ) | (0.30 | ) | ||||||||||||||
Net realized gain
|
| | | | | | (0.01 | ) | ||||||||||||||||||||
Total from investment operations
|
1.25 | (0.98 | ) | 1.64 | 3.07 | (3.72 | ) | (0.32 | ) | 1.11 | ||||||||||||||||||
Less dividends and distributions to common shareholders from:
|
||||||||||||||||||||||||||||
Net investment income
|
(0.44 | ) | (0.29 | ) | (0.87 | ) | (0.77 | ) | (0.72 | ) | (0.69 | ) | (0.73 | ) | ||||||||||||||
Net realized gains
|
| | | | | | (0.26 | ) | ||||||||||||||||||||
Total dividends and distributions to common shareholders
|
(0.44 | ) | (0.29 | ) | (0.87 | ) | (0.77 | ) | (0.72 | ) | (0.69 | ) | (0.99 | ) | ||||||||||||||
Net asset value, end of period
|
$ | 11.90 | $ | 11.09 | $ | 12.36 | $ | 11.59 | $ | 9.29 | $ | 13.73 | $ | 14.74 | ||||||||||||||
Market value, end of period
|
$ | 12.05 | $ | 11.12 | $ | 12.65 | $ | 11.28 | $ | 8.40 | $ | 12.08 | $ | 13.10 | ||||||||||||||
Total return at net asset
value(b)
|
11.48 | % | (7.92 | )% | 14.71 | % | ||||||||||||||||||||||
Total return at market
value(b)
|
12.58 | % | (9.78 | )% | 20.63 | % | 45.16 | % | (25.96 | )% | (2.89 | )% | 7.86 | % | ||||||||||||||
Net assets applicable to common shares, end of period (000s
omitted)
|
$ | 527,235 | $ | 491,124 | $ | 547,128 | $ | 512,038 | $ | 410,671 | $ | 613,609 | $ | 664,829 | ||||||||||||||
Portfolio turnover
rate(c)
|
8 | % | 2 | % | 9 | % | 15 | % | 56 | % | 18 | % | 14 | % | ||||||||||||||
Ratios/supplemental data based on average net assets applicable to common shares: |
||||||||||||||||||||||||||||
With fee waivers
and/or
expense
reimbursements(d)
|
1.54 | %(e) | 1.37 | %(f) | 1.28 | % | 1.69 | % | 2.32 | % | 2.25 | % | 1.36 | % | ||||||||||||||
With fee waivers
and/or
expense reimbursements excluding interest expense, facilities
and maintenance
fees(d)(g)
|
1.18 | %(e) | 1.09 | %(f) | 1.09 | % | 1.21 | % | 1.07 | % | 1.06 | % | 1.28 | % | ||||||||||||||
Without fee waivers
and/or
expense
reimbursements(d)
|
1.60 | %(e) | 1.39 | %(f) | 1.38 | % | 1.89 | % | 2.49 | % | 2.40 | % | ||||||||||||||||
Ratio of net investment income before preferred share dividends
|
7.28 | %(e) | 8.14 | %(f) | 7.90 | % | 9.96 | % | 8.95 | % | 7.33 | % | 6.90 | % | ||||||||||||||
Preferred share dividends
|
0.16 | %(e) | 0.23 | %(f) | ||||||||||||||||||||||||
Ratio of net investment income after preferred share dividends
|
7.12 | %(e) | 7.91 | %(f) | 7.69 | % | 9.33 | % | 6.31 | % | 4.95 | % | 4.80 | % | ||||||||||||||
Senior securities: |
||||||||||||||||||||||||||||
Total amount of preferred shares outstanding (000s omitted)
|
$ | 273,000 | $ | 273,000 | $ | 273,000 | $ | 301,500 | $ | 336,000 | $ | 420,000 | $ | 420,000 | ||||||||||||||
Asset coverage per preferred
share(h)
|
$ | 73,282 | $ | 69,975 | $ | 75,103 | $ | 67,459 | $ | 55,571 | $ | 61,536 | $ | 64,593 | ||||||||||||||
Liquidating preference per preferred share
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||
(a) | Calculated using average shares outstanding. | |
(b) | Total return at net asset value includes adjustments in accordance with accounting principles generally accepted in the United States of America and measures the changes in common shares value over the period indicated, taking into account dividends as reinvested. Total return at market value is computed based upon the New York Stock Exchange market price of the Trusts common shares and excludes the effects of brokerage commissions. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Trusts dividend reinvestment plan. Total returns are not annualized for periods less than one year, if applicable. | |
(c) | Portfolio turnover is not annualized for periods less than one year, if applicable. | |
(d) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(e) | Ratios are annualized and based on average daily net assets applicable to common shares (000s omitted) of $507,116. | |
(f) | Annualized. | |
(g) | For the years ended October 31, 2010 and prior, ratio does not exclude facilities and maintenance fees. | |
(h) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets and dividing this by preferred shares at liquidation value. |
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers |
B. | Fund Performance |
C. | Advisory and Sub-Advisory Fees and Fee Waivers |
D. | Economies of Scale and Breakpoints |
E. | Profitability and Financial Resources |
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
(1) | Elect four Class III Trustees, three by the holders of Common Shares and one by the holders of the Preferred Shares, each of whom will serve for a three year term or until a successor has been duly elected and qualified. |
Votes |
||||||||||
Matter | Votes For | Withheld | ||||||||
(1)
|
R. Craig Kennedy | 39,425,954 | 1,220,668 | |||||||
Jack E. Nelson | 39,420,538 | 1,226,084 | ||||||||
Colin D. Meadows | 39,466,977 | 1,179,645 |
(1) | Elect four Class III Trustees, three by the holders of Common Shares and one by the holders of the Preferred Shares, each of whom will serve for a three year term or until a successor has been duly elected and qualified. |
Votes |
||||||||||
Matter | Votes For | Withheld | ||||||||
(1)
|
Hugo F. Sonnenschein(P) | 5,065 | 1,696 |
VK-CE-AMINC2-SAR-1 | Invesco Distributors, Inc. |
ITEM 2. | CODE OF ETHICS. |
There were no amendments to the Code of Ethics (the Code) that applies to the Registrants Principal Executive Officer (PEO) and Principal Financial Officer (PFO) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report. |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable. |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable. |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable. |
ITEM 6. | SCHEDULE OF INVESTMENTS. |
Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable. |
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable. |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable. |
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
None. |
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | As of September 16, 2011, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (PEO) and Principal Financial Officer (PFO), to assess the effectiveness of the Registrants disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the Act), as amended. Based on that evaluation, the Registrants officers, including the PEO and PFO, concluded that, as of September 16, 2011, the Registrants disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is |
recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. |
(b) | There have been no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting. |
ITEM 12. | EXHIBITS. |
12(a) (1)
|
Not applicable. | |
12(a) (2)
|
Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. | |
12(a)(3)
|
Not applicable. | |
12(b)
|
Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. |
Registrant: Invesco Van Kampen Advantage Municipal Income Trust II |
||||
By: | /s/ Colin Meadows | |||
Colin Meadows | ||||
Principal Executive Officer | ||||
By: | /s/ Colin Meadows | |||
Colin Meadows | ||||
Principal Executive Officer | ||||
By: | /s/ Sheri Morris | |||
Sheri Morris | ||||
Principal Financial Officer | ||||
12(a) (1)
|
Not applicable. | |
12(a) (2)
|
Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. | |
12(a) (3)
|
Not applicable. | |
12(b)
|
Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. |