OMB APPROVAL | ||
OMB Number: 3235-0578
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Expires: April 30, 2013
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Estimated average burden hours per response: 5.6
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Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Municipal Obligations177.49% |
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Guam1.43% |
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Guam (Territory of) (Section 30); |
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Series 2009 A, Limited Obligation RB |
5.63 | % | 12/01/29 | $ | 750 | $ | 724,193 | |||||||||
Series 2009 A, Limited Obligation RB |
5.75 | % | 12/01/34 | 500 | 478,720 | |||||||||||
Guam (Territory of) Government Waterworks Authority; Series 2010, Water & Wastewater System RB |
5.63 | % | 07/01/40 | 1,010 | 879,659 | |||||||||||
Guam (Territory of) Power Authority; Series 2010 A, RB |
5.50 | % | 10/01/40 | 820 | 766,643 | |||||||||||
2,849,215 | ||||||||||||||||
New York168.09% |
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Albany (City of) Capital Resource Corp. (St. Peters Hospital); Series 2011, RB |
6.25 | % | 11/15/38 | 1,860 | 1,840,433 | |||||||||||
Albany (City of) Industrial Development Agency (St. Peters Hospital); Series 2008 D, Civic Facility IDR |
5.75 | % | 11/15/27 | 1,000 | 960,400 | |||||||||||
Brooklyn (City of) Arena Local Development Corp. (Barclays Center); |
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Series 2009, RB (a) |
0.00 | % | 07/15/34 | 6,700 | 1,346,298 | |||||||||||
Series 2009, RB |
6.25 | % | 07/15/40 | 825 | 805,456 | |||||||||||
Series 2009, RB |
6.38 | % | 07/15/43 | 825 | 808,467 | |||||||||||
Chautauqua (County of) Industrial Development Agency (NRG Dunkirk Power); Series 2009, Exempt Facility IDR |
5.88 | % | 04/01/42 | 2,340 | 2,219,981 | |||||||||||
Dutchess (County of) Industrial Development Agency (Elant Fishkill, Inc.); Series 2007 A, Civic Facility IDR |
5.25 | % | 01/01/37 | 920 | 633,871 | |||||||||||
East Rochester (City of) Housing Authority (Senior Living Woodland Village); Series 2006, Ref. RB |
5.50 | % | 08/01/33 | 2,400 | 1,875,624 | |||||||||||
Essex (County of) Industrial Development Agency (International Paper); Series 2005 A, Solid Waste Disposal Ref. IDR (b) |
5.20 | % | 12/01/23 | 2,150 | 2,035,684 | |||||||||||
Hempstead (Town of) Industrial Development Agency (Adelphi University); Series 2002, Civic Facility IDR |
5.50 | % | 06/01/32 | 2,000 | 2,000,860 | |||||||||||
Hempstead (Town of) Local Development Corp. (Molloy College); Series 2009, Corporate RB |
5.75 | % | 07/01/39 | 1,655 | 1,636,630 | |||||||||||
Islip (City of) Resource Recovery Agency (1985 Facility); Series 1994 B, RB (INS-AMBAC) (b)(c) |
7.25 | % | 07/01/11 | 2,000 | 2,050,060 | |||||||||||
Long Island (City of) Power Authority; |
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Series 2003 C, Electric System RB (INS-CIFG) (c) |
5.25 | % | 09/01/29 | 400 | 398,572 | |||||||||||
Series 2006 E, Electric System RB |
5.00 | % | 12/01/17 | 1,975 | 2,160,966 | |||||||||||
Series 2009 A, Electric System RB |
6.25 | % | 04/01/33 | 1,860 | 2,021,969 | |||||||||||
Madison (County of) Industrial Development Agency (Colgate University); Series 2005 A, Civic Facility IDR (INS-AMBAC) (c) |
5.00 | % | 07/01/35 | 1,620 | 1,585,283 | |||||||||||
Madison (County of) Industrial Development Agency (Morrisville State College Foundation); Series 2005 A, Civic Facility IDR (INS-CIFG) (c) |
5.00 | % | 06/01/28 | 1,000 | 877,390 | |||||||||||
Madison (County of) Industrial Development Agency (Oneida Health Systems, Inc.); Series 2007 A, Civic Facility IDR |
5.50 | % | 02/01/32 | 750 | 640,335 | |||||||||||
Metropolitan Transportation Authority; |
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Series 2005 B, RB (INS-BHAC) (c)(d) |
5.00 | % | 11/15/31 | 10,000 | 9,722,100 | |||||||||||
Series 2009 B, Dedicated Tax RB |
5.25 | % | 11/15/27 | 1,535 | 1,559,714 | |||||||||||
Montgomery (County of) Industrial Development Agency (Hamilton Fulton Montgomery Board of Cooperative Educational Services); Series 2005 A, Lease IDR (INS-SYNCORA)
(c) |
5.00 | % | 07/01/34 | 1,500 | 1,212,720 | |||||||||||
Nassau (County of) (General Improvement); Series 2009 C, Unlimited Tax GO Bonds (INS-AGL) (c) |
5.00 | % | 10/01/27 | 2,935 | 2,890,770 | |||||||||||
Nassau (County of) Industrial Development Agency (Amsterdam at Harborside); Series 2007 A, Continuing Care Retirement Community IDR |
6.70 | % | 01/01/43 | 5,000 | 4,440,600 | |||||||||||
New York (City of) Health & Hospital Corp.; Series 2010 A, Health System RB |
5.00 | % | 02/15/30 | 2,230 | 2,111,966 | |||||||||||
New York (City of) Industrial Development Agency (7 World Trade Center, LLC); Series 2005 B, Liberty IDR |
6.75 | % | 03/01/15 | 2,000 | 2,001,080 | |||||||||||
New York (City of) Industrial Development Agency (IAC/Interactive Corp.); Series 2005, Liberty IDR |
5.00 | % | 09/01/35 | 1,940 | 1,580,828 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
New York (City of) Industrial Development Agency (New York Stock Exchange); |
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Series 2009 A, Special Facility Ref. IDR |
5.00 | % | 05/01/25 | $ | 500 | $ | 507,730 | |||||||||
Series 2009 A, Special Facility Ref. IDR |
5.00 | % | 05/01/21 | 2,445 | 2,594,047 | |||||||||||
Series 2009 A, Special Facility Ref. IDR |
5.00 | % | 05/01/29 | 1,500 | 1,469,985 | |||||||||||
New York (City of) Industrial Development Agency (Polytechnic University); Series 2007, Civic Facility IDR (INS-ACA) (c) |
5.25 | % | 11/01/37 | 3,500 | 3,165,050 | |||||||||||
New York (City of) Industrial Development Agency (Queens Baseball Stadium); |
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Series 2006, PILOT IDR (INS-AMBAC) (c) |
5.00 | % | 01/01/36 | 2,000 | 1,633,160 | |||||||||||
Series 2009, PILOT IDR (INS-AGL) (c) |
6.50 | % | 01/01/46 | 2,000 | 2,105,240 | |||||||||||
New York (City of) Industrial Development Agency (Staten Island University Hospital); Series 2001 B, Civic Facility IDR |
6.38 | % | 07/01/31 | 1,735 | 1,678,612 | |||||||||||
New York (City of) Industrial Development Agency (Terminal One Group Association, L.P.); |
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Series 2005, Special Facility IDR (b)(e)(f) |
5.50 | % | 01/01/19 | 3,710 | 3,853,614 | |||||||||||
Series 2005, Special Facility IDR (b)(e)(f) |
5.50 | % | 01/01/20 | 3,000 | 3,073,710 | |||||||||||
Series 2005, Special Facility IDR (b)(e)(f) |
5.50 | % | 01/01/21 | 4,000 | 4,056,480 | |||||||||||
New York (City of) Industrial Development Agency (YMCA of Greater New York); Series 1997, Civic Facility IDR |
5.80 | % | 08/01/16 | 1,125 | 1,127,115 | |||||||||||
New York (City of) Liberty Development Corp. (Bank of America Tower at One Bryant Park); Series 2010, Second Priority Liberty Revenue Ref. RB |
6.38 | % | 07/15/49 | 2,230 | 2,248,799 | |||||||||||
New York (City of) Municipal Water Finance Authority; |
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Series 2005 C, Water & Sewer System RB (d) |
5.00 | % | 06/15/31 | 10,000 | 9,993,100 | |||||||||||
Series 2005 D, Water & Sewer System RB (d) |
5.00 | % | 06/15/37 | 12,000 | 11,615,160 | |||||||||||
Series 2009 FF-2, Water & Sewer System RB |
5.50 | % | 06/15/40 | 1,500 | 1,535,760 | |||||||||||
New York (City of) Transitional Finance Authority; |
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Series 2009 S-1, Building Aid RB |
5.50 | % | 07/15/38 | 2,950 | 3,006,787 | |||||||||||
Series 2009 S-2, Building Aid RB |
6.00 | % | 07/15/33 | 1,350 | 1,445,688 | |||||||||||
Series 2009 S-3, Building Aid RB |
5.25 | % | 01/15/27 | 4,500 | 4,621,995 | |||||||||||
Series 2009 S-3, Building Aid RB |
5.25 | % | 01/15/39 | 2,000 | 2,001,880 | |||||||||||
New York (City of) Trust for Cultural Resources (American Museum of Natural History); Series 2004 A, Ref. RB (INS-NATL) (c)(d) |
5.00 | % | 07/01/44 | 10,890 | 10,421,403 | |||||||||||
New York (City of) Trust for Cultural Resources (Carnegie Hall); Series 2009 A, RB |
5.00 | % | 12/01/39 | 1,500 | 1,408,530 | |||||||||||
New York (City of); |
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Series 2008 F1, Unlimited Tax GO Bonds |
5.50 | % | 11/15/28 | 3,300 | 3,434,046 | |||||||||||
Subseries 1993 E-5, Unlimited Tax GO Bonds (LOC-JP Morgan Chase Bank)(g) |
0.24 | % | 08/01/17 | 5,500 | 5,500,000 | |||||||||||
Subseries 2008 I-1, Unlimited Tax GO Bonds (d) |
5.00 | % | 02/01/26 | 10,000 | 10,132,600 | |||||||||||
Subseries 2008 L-1, Unlimited Tax GO Bonds (d) |
5.00 | % | 04/01/27 | 10,000 | 10,074,200 | |||||||||||
Subseries 2009 I-1, Unlimited Tax GO Bonds |
5.25 | % | 04/01/32 | 4,700 | 4,757,246 | |||||||||||
New York (State of) Dormitory Authority (Brooklyn Law School); Series 2003 B, RB (INS-SYNCORA) (c) |
5.38 | % | 07/01/23 | 2,340 | 2,390,333 | |||||||||||
New York (State of) Dormitory Authority (Catholic Health Services of Long Island St. Francis Hospital); Series 2004, Obligated Group RB |
5.00 | % | 07/01/27 | 2,200 | 2,063,864 | |||||||||||
New York (State of) Dormitory Authority (City of New York Issue); Series 2005 A, Court Facilities Lease Non State Supported Debt RB (INS-AMBAC) (c) |
5.50 | % | 05/15/30 | 6,000 | 5,999,460 | |||||||||||
New York (State of) Dormitory Authority (City University System Consolidated); |
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Series 1993 A, RB |
5.75 | % | 07/01/13 | 1,925 | 2,029,585 | |||||||||||
Series 1995 A, RB |
5.63 | % | 07/01/16 | 3,000 | 3,266,880 | |||||||||||
New York (State of) Dormitory Authority (Columbia University); Series 2011, Non State Supported Debt RB |
5.00 | % | 10/01/41 | 2,225 | 2,264,805 | |||||||||||
New York (State of) Dormitory Authority (Convent of The Sacred Heart); Series 2011, Non State Supported Debt RB (INS-AGM) (c) |
5.75 | % | 11/01/40 | 1,255 | 1,247,784 | |||||||||||
New York (State of) Dormitory Authority (Department of Health); Series 2005 A, Supported Debt Ref. RB (INS-CIFG) (c) |
5.00 | % | 07/01/25 | 1,500 | 1,519,485 | |||||||||||
New York (State of) Dormitory Authority (Education); Series 2008 B, State Personal Income Tax RB |
5.75 | % | 03/15/36 | 2,150 | 2,258,618 | |||||||||||
New York (State of) Dormitory Authority (FIT Student Housing Corp.); Series 2007, Non State Supported Debt RB (INS-NATL/FGIC) (c) |
5.25 | % | 07/01/28 | 1,655 | 1,565,498 | |||||||||||
New York (State of) Dormitory Authority (Fordham University); Series 2008 B, Non State Supported Debt RB (INS-AGL) (c) |
5.00 | % | 07/01/33 | 915 | 898,622 | |||||||||||
New York (State of) Dormitory Authority (John T. Mather Memorial Hospital); Series 1996, RB |
6.50 | % | 07/01/11 | 1,720 | 1,742,635 | |||||||||||
New York (State of) Dormitory Authority (Maimonides Medical Center); Series 2004, Mortgage Hospital RB (INS-NATL) (c) |
5.00 | % | 08/01/33 | 1,950 | 1,813,149 | |||||||||||
New York (State of) Dormitory Authority (Manhattan College); Series 2007 A, Non State Supported Debt RB (INS-RADIAN) (c) |
5.00 | % | 07/01/41 | 2,315 | 1,904,226 |
Principal | |||||||||||||||
Interest | Maturity | Amount | |||||||||||||
Rate | Date | (000) | Value | ||||||||||||
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer Center); Series 1998 C, RB (INS-NATL) (c) |
5.50 | % | 07/01/23 | $ | 3,750 | $ | 4,066,762 | ||||||||
New York (State of) Dormitory Authority (Mental Health Services Facilities Improvement); |
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Series 2007 A, State Supported Debt RB (INS-AGM) (c) |
5.00 | % | 02/15/27 | 2,000 | 2,007,200 | ||||||||||
Series 2008 C, RB (INS-AGM) (b)(c) |
5.25 | % | 02/15/28 | 2,000 | 1,866,500 | ||||||||||
New York (State of) Dormitory Authority (Mount Sinai School of Medicine); Series 2009, Non State Supported Debt RB |
5.13 | % | 07/01/39 | 1,750 | 1,621,848 | ||||||||||
New York (State of) Dormitory Authority (New School); Series 2010, Non State Supported Debt RB |
5.50 | % | 07/01/40 | 2,200 | 2,154,372 | ||||||||||
New York (State of) Dormitory Authority (New York University); |
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Series 2001 1, RB (INS-AMBAC) (c) |
5.50 | % | 07/01/31 | 2,000 | 2,097,800 | ||||||||||
Series 2001 1, RB (INS-AMBAC/BHAC) (c) |
5.50 | % | 07/01/31 | 830 | 845,828 | ||||||||||
Series 2008 C, Non State Supported Debt RB |
5.00 | % | 07/01/38 | 2,870 | 2,800,833 | ||||||||||
New York (State of) Dormitory Authority (North Shore Long Island Jewish Obligated Group); |
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Series 2006 A, Non State Supported Debt RB |
5.00 | % | 11/01/26 | 4,000 | 3,832,200 | ||||||||||
Series 2009 A, Non State Supported Debt RB |
5.50 | % | 05/01/37 | 1,250 | 1,196,388 | ||||||||||
New York (State of) Dormitory Authority (NYU Hospitals Center); Series 2007 A, Non State Supported Debt RB |
5.00 | % | 07/01/36 | 1,500 | 1,302,060 | ||||||||||
New York (State of) Dormitory Authority (Orange Regional Medical Center); |
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Series 2008, Non State Supported Debt RB |
6.13 | % | 12/01/29 | 1,000 | 944,990 | ||||||||||
Series 2008, Non State Supported Debt RB |
6.50 | % | 12/01/21 | 3,000 | 3,017,910 | ||||||||||
New York (State of) Dormitory Authority (Pratt Institution); Series 2009 C, Non State Supported Debt RB (INS-AGL) (c) |
5.13 | % | 07/01/39 | 600 | 573,624 | ||||||||||
New York (State of) Dormitory Authority (Providence Rest); |
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Series 2005, Non State Supported Debt RB (INS-ACA) (c) |
5.00 | % | 07/01/35 | 2,000 | 1,210,560 | ||||||||||
Series 2005, Non State Supported Debt RB (INS-ACA) (c) |
5.13 | % | 07/01/30 | 2,525 | 1,673,595 | ||||||||||
New York (State of) Dormitory Authority (Rochester Institute of Technology); Series 2010, Non State Supported Debt RB |
5.00 | % | 07/01/40 | 1,350 | 1,289,925 | ||||||||||
New York (State of) Dormitory Authority (School District Revenue Bond Financing Program); Series 2008 D, RB (INS-AGL) (c) |
5.75 | % | 10/01/24 | 2,000 | 2,155,740 | ||||||||||
New York (State of) Dormitory Authority (St. Francis College); Series 2010, Non State Supported Debt RB |
5.00 | % | 10/01/40 | 750 | 688,230 | ||||||||||
New York (State of) Dormitory Authority (St. Josephs College); Series 2010, Non State Supported Debt RB |
5.25 | % | 07/01/35 | 1,000 | 911,610 | ||||||||||
New York (State of) Dormitory Authority (State University Dormitory Facilities Issue); Series 2010 A, Lease RB |
5.00 | % | 07/01/35 | 735 | 705,446 | ||||||||||
New York (State of) Dormitory Authority (State University Dormitory Facilities Issue); Series 2008 A, State Supported Debt Lease RB |
5.00 | % | 07/01/25 | 2,205 | 2,243,169 | ||||||||||
New York (State of) Dormitory Authority (State University Educational Facilities); |
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Series 1993 A, RB (INS-NATL/IBC) (c) |
5.25 | % | 05/15/15 | 3,600 | 3,958,236 | ||||||||||
Series 1993 B, RB |
5.25 | % | 05/15/19 | 5,010 | 5,508,645 | ||||||||||
New York (State of) Dormitory Authority (Vassar College); Series 2007, Non State Supported Debt RB |
5.00 | % | 07/01/46 | 1,670 | 1,594,065 | ||||||||||
New York (State of) Environmental Facilities Corp. (New York City Municipal Water Finance Authority); |
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Series 1994 A, State Water PCR (h) |
5.75 | % | 06/15/12 | 300 | 321,798 | ||||||||||
Series 1994 A, State Water PCR (h) |
5.75 | % | 06/15/12 | 500 | 536,260 | ||||||||||
Series 1994 A, State Water PCR |
5.75 | % | 06/15/12 | 95 | 101,688 | ||||||||||
New York (State of) Environmental Facilities Corp.; Series 2010 C, RB |
5.00 | % | 10/15/39 | 1,505 | 1,490,161 | ||||||||||
New York (State of) Mortgage Agency; |
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Series 1998 71, Homeowner Mortgage RB (b) |
5.40 | % | 04/01/29 | 800 | 792,448 | ||||||||||
Series 2007 145, Homeowner Mortgage RB (b) |
5.05 | % | 10/01/29 | 1,555 | 1,466,940 | ||||||||||
New York (State of) Thruway Authority; |
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Series 2007 H, RB (INS NATL/FGIC) (c) |
5.00 | % | 01/01/29 | 2,500 | 2,449,200 | ||||||||||
Series 2008 B, Second General Highway & Bridge Trust Fund RB |
5.00 | % | 04/01/27 | 1,000 | 1,015,520 | ||||||||||
New York (State of) Urban Development Corp. (Correctional Facility); Series 1994 A, Ref. RB |
5.50 | % | 01/01/14 | 3,315 | 3,542,807 | ||||||||||
New York (State of) Urban Development Corp. (Rensselaer Polytechnic Institute Center for Industrial Innovation); Series 1995, Ref. RB |
5.50 | % | 01/01/13 | 855 | 890,927 | ||||||||||
New York (State of) Urban Development Corp.; Series 2008 B, Service Contract Ref. RB |
5.25 | % | 01/01/25 | 2,000 | 2,058,040 | ||||||||||
Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); Series 1999 A, Airport RB (INS-NATL) (b)(c) |
5.63 | % | 04/01/29 | 3,570 | 3,386,859 |
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Oneida (County of) Industrial Development Agency (St. Elizabeth Medical Center Facility); Series 1999 B, Civic Facility RB |
6.00 | % | 12/01/19 | $ | 1,355 | $ | 1,336,640 | |||||||||
Onondaga Civic Development Corp. (Le Moyne College); Series 2010, RB |
5.38 | % | 07/01/40 | 1,950 | 1,868,022 | |||||||||||
Port Authority of New York & New Jersey (JFK International Air Terminal, LLC); |
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Series 1997, Special Obligation RB (INS-NATL) (b)(c) |
5.75 | % | 12/01/22 | 2,000 | 1,954,900 | |||||||||||
Series 1997, Special Obligation RB (INS-NATL) (b)(c) |
5.75 | % | 12/01/25 | 2,500 | 2,401,025 | |||||||||||
Series 2010, Special Obligation RB |
6.00 | % | 12/01/42 | 1,540 | 1,463,539 | |||||||||||
Port Authority of New York & New Jersey; |
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Series 2006 144th, Consolidated RB (d) |
5.00 | % | 10/01/35 | 35,000 | 34,197,100 | |||||||||||
Series 2008 152nd, Consolidated RB (b)(d) |
5.00 | % | 11/01/25 | 10,000 | 9,630,400 | |||||||||||
Rockland (County of) Solid Waste Management Authority; Series 2003 B, RB (INS-AMBAC) (b)(c) |
5.13 | % | 12/15/28 | 1,000 | 917,620 | |||||||||||
Saratoga (County of) Industrial Development Agency (Saratoga Hospital); Series 2007 B, Civic Facility IDR |
5.13 | % | 12/01/27 | 1,000 | 919,920 | |||||||||||
Seneca (County of) Industrial Development Agency (Seneca Meadows, Inc.); Series 2005, Solid Waste Disposal IDR (b)(e)(f)(i) |
6.63 | % | 10/01/13 | 1,500 | 1,490,070 | |||||||||||
Sodus Central School District; Series 2002, Unlimited Tax Ref. GO Bonds (INS-NATL/FGIC) (c) |
5.13 | % | 06/15/17 | 1,250 | 1,313,875 | |||||||||||
Suffolk (County of) Economic Development Corp. (Peconic Landing at Southold, Inc.); Series 2010, Ref. RB |
6.00 | % | 12/01/40 | 825 | 765,765 | |||||||||||
Suffolk (County of) Industrial Development Agency (Eastern Long Island Hospital Association); Series 2007, Civic Facility IDR (i) |
5.38 | % | 01/01/27 | 1,995 | 1,517,736 | |||||||||||
Tompkins (County of) Industrial Development Agency (Cornell University); Series 2008 A, Civic Facility IDR |
5.00 | % | 07/01/37 | 750 | 746,153 | |||||||||||
Triborough Bridge & Tunnel Authority; Series 2001 A, General Purpose RB |
5.00 | % | 01/01/32 | 15 | 14,817 | |||||||||||
Troy (City of) Capital Resource Corp. (Rensselaer Polytechnic); Series 2010 A, RB |
5.00 | % | 09/01/30 | 2,000 | 1,878,640 | |||||||||||
TSASC, Inc.; |
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Series 2006 1, Tobacco Settlement RB |
5.00 | % | 06/01/34 | 2,000 | 1,509,660 | |||||||||||
Series 2006 1, Tobacco Settlement RB |
5.13 | % | 06/01/42 | 6,000 | 4,239,540 | |||||||||||
United Nations Development Corp. Series 2009 A, Ref. RB |
5.00 | % | 07/01/25 | 1,000 | 1,010,220 | |||||||||||
Warren & Washington (County of) Industrial Development Agency (Glens Falls Hospital); Series 2003 A, Civic Facility IDR (INS-AGM) (c) |
5.00 | % | 12/01/35 | 1,360 | 1,252,002 | |||||||||||
Westchester (County of) Industrial Development Agency (Kendal on Hudson); Series 2003 A, Continuing Care Retirement Mortgage IDR (f)(j) |
6.50 | % | 01/01/13 | 3,000 | 3,315,780 | |||||||||||
Westchester (County of) Tobacco Asset Securitization Corp.; Series 2005, RB |
5.13 | % | 06/01/45 | 5,500 | 3,841,695 | |||||||||||
335,750,241 | ||||||||||||||||
Puerto Rico6.39% |
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Puerto Rico (Commonwealth of) Electric Power Authority; |
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Series 2010 XX, Power RB |
5.75 | % | 07/01/36 | 600 | 580,530 | |||||||||||
Series 2007 TT, Power RB |
5.00 | % | 07/01/37 | 1,000 | 857,660 | |||||||||||
Series 2008 WW, Power RB |
5.00 | % | 07/01/28 | 1,000 | 931,650 | |||||||||||
Series 2008 WW, Power RB |
5.25 | % | 07/01/33 | 1,500 | 1,357,110 | |||||||||||
Series 2008 WW, Power RB |
5.50 | % | 07/01/21 | 1,000 | 1,031,250 | |||||||||||
Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2005 C, Special Tax Ref. RB (INS-AMBAC) (c) |
5.50 | % | 07/01/27 | 1,225 | 1,157,858 | |||||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); Series 2004 I, RB (f)(j) |
5.25 | % | 07/01/14 | 75 | 84,506 | |||||||||||
Puerto Rico (Commonwealth of) Sales Tax Financing Corp.; |
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Series 2009 A, First Sub. Sales Tax RB (e)(f)(j) |
5.00 | % | 08/01/11 | 2,500 | 2,558,300 | |||||||||||
Series 2009 A, First Sub. Sales Tax RB |
6.38 | % | 08/01/39 | 1,500 | 1,540,035 | |||||||||||
Series 2010 A, First Sub. Sales Tax RB |
5.38 | % | 08/01/39 | 945 | 870,846 | |||||||||||
Series 2010 C, First Sub. Sales Tax RB |
5.25 | % | 08/01/41 | 2,000 | 1,796,320 | |||||||||||
12,766,065 | ||||||||||||||||
Virgin Islands1.58% |
||||||||||||||||
Virgin Islands (Government of) Public Finance Authority (Gross Receipts Taxes Loan Note); Series 1999 A, RB |
6.38 | % | 10/01/19 | 1,500 | 1,515,750 | |||||||||||
Virgin Islands (Government of) Public Finance Authority (Virgin Islands Matching Fund Loan Note Diageo); Series 2009 A, Sub. RB |
6.63 | % | 10/01/29 | 1,600 | 1,644,785 | |||||||||||
3,160,535 | ||||||||||||||||
Principal | ||||||||||||||||
Interest | Maturity | Amount | ||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
TOTAL INVESTMENTS(k)177.49% (Cost $366,921,658) |
$ | 354,526,056 | ||||||||||||||
Floating Rate Note and Dealer Trust Obligations Related to
Securities Held(32.46)% (l) |
||||||||||||||||
Notes with interest rates ranging from 0.29% to 0.38% at 01/31/11 and contractual maturities of collateral ranging from 07/01/24 to 06/15/37 (See Note 1D) |
(64,835,000 | ) | ||||||||||||||
PREFERRED SHARES OF BENEFICIAL INTEREST(43.56)% |
(87,000,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES(1.47)% |
(2,948,660 | ) | ||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES100.00% |
$ | 199,742,396 | ||||||||||||||
ACA | ACA Financial Guaranty Corp. | |
AGL | Assured Guaranty Ltd. | |
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | Ambac Assurance Corp.* | |
BHAC | Berkshire Hathaway Assurance Corp. | |
CIFG | CIFG Assurance North America, Inc. | |
FGIC | Financial Guaranty Insurance Co. | |
GO | General Obligation | |
IBC | International Bancshares Corp. | |
IDR | Industrial Development Revenue Bonds | |
INS | Insurer | |
LOC | Letter of Credit | |
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 | |
SYNCORA | Syncora Guarantee Inc. | |
Sub. | Subordinated |
(a) | Capital appreciation bond. Security traded on a discount basis. | |
(b) | Security subject to the alternative minimum tax. | |
(c) | Principal and/or interest payments are secured by the bond insurance company listed. | |
(d) | Underlying security related to Special Purpose Trusts entered into by the Trust. See Note 1(D). | |
(e) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2011. | |
(f) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. | |
(g) | 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 January 31, 2011. | |
(h) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. | |
(i) | 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 January 31, 2011 was $3,007,806, which represented 1.51% of the Trusts Net Assets. | |
(j) | Advance Refunded. |
(k) | 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. |
Entity | Percentage | |||
National Public Finance Guarantee Corp. |
8.71 | % |
(l) | Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at January 31, 2011. At January 31, 2011, the Trusts investments with a value of $105,786,063 are held by Special Purpose Trusts established by a Broker Dealer (Dealer Trusts) and serve as collateral for the $64,835,000 in the floating rate note obligations outstanding at that date. | |
* | AMBAC filed for bankruptcy on November 8, 2010. |
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
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. |
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. | Inverse Floating Rate Obligations The Trust may invest 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 obligations. 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. |
E. | Securities Purchased on a When-Issued and Delayed Delivery Basis The Trust may purchase and sell interests in Corporate Loans and Corporate Debt Securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Trust on such interests or securities in connection with such transactions prior to the date the Trust actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Trust will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. |
F. | 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. |
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 |
$ | 0 | $ | 354,526,056 | $ | 0 | $ | 354,526,056 | ||||||||
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis | ||||
Aggregate unrealized appreciation of investment securities |
$ | 7,669,077 | ||
Aggregate unrealized (depreciation) of investment securities |
(18,520,109 | ) | ||
Net unrealized appreciation (depreciation) of investment securities |
$ | (10,851,032 | ) | |
Cost of investments for tax purposes is $365,377,088. |
(a) | As of March 21, 2011, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (PEO) and Principal Financial Officer (PFO), to assess the effectiveness of the Registrants disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (Act), as amended. Based on that evaluation, the Registrants officers, including the PEO and PFO, concluded that, as of March 21, 2011, the Registrants disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. | ||
(b) | There have been no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting. |
Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940. |
By: | /s/ Colin Meadows | |||
Colin Meadows Principal Executive Officer |
||||
By: | /s/ Colin Meadows | |||
Colin Meadows | ||||
Principal Executive Officer | ||||
By: | /s/ Sheri Morris | |||
Sheri Morris | ||||
Principal Financial Officer | ||||