2,000
|
|
Los Angeles Department of Water and Power, California, Water System Revenue Bonds, Tender
|
No Opt. Call
|
AA
|
4,721,000
|
|
|
Option Bond Trust T0003, 30.250%, 7/01/42 (IF) (4)
|
|
|
|
1,000
|
|
Oakland Redevelopment Agency, California, Subordinated Housing Set Aside Revenue Bonds,
|
No Opt. Call
|
A
|
1,082,930
|
|
|
Federally Taxable Series 2011A-T, 7.500%, 9/01/19
|
|
|
|
2,175
|
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds,
|
No Opt. Call
|
AAA
|
2,612,632
|
|
|
Build America Taxable Bonds Series 2010A, 5.911%, 4/01/48
|
|
|
|
2,000
|
|
San Francisco City and County, California, Certificates of Participation, 525 Golden Gate
|
No Opt. Call
|
AA–
|
2,623,200
|
|
|
Avenue, San Francisco Public Utilities Commission Office Project, Tender Option Bond Trust
|
|
|
|
|
|
B001-2, 29.277%, 11/01/41 (IF)
|
|
|
|
315
|
|
Stanton Redevelopment Agency, California, Consolidated Project Tax Allocation Bonds, Series
|
No Opt. Call
|
A–
|
328,394
|
|
|
2011A, 7.000%, 12/01/19
|
|
|
|
3,000
|
|
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Build
|
No Opt. Call
|
Aa2
|
3,627,120
|
|
|
America Taxable Bonds, Series 2010H, 6.548%, 5/15/48
|
|
|
|
20,315
|
|
Total California
|
|
|
29,212,027
|
|
|
Colorado – 4.5% (4.2% of Total Investments)
|
|
|
|
4,000
|
|
Colorado State Bridge Enterprise Revenue Bonds, Federally Taxable Build America Series 2010A,
|
No Opt. Call
|
AA
|
4,758,280
|
|
|
6.078%, 12/01/40
|
|
|
|
2,000
|
|
Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, Build
|
No Opt. Call
|
AA+
|
2,394,720
|
|
|
America Series 2010B, 5.844%, 11/01/50
|
|
|
|
6,000
|
|
Total Colorado
|
|
|
7,153,000
|
|
|
Connecticut – 0.8% (0.7% of Total Investments)
|
|
|
|
1,000
|
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue
|
4/20 at 100.00
|
N/R
|
1,230,480
|
|
|
Bonds, Harbor Point Project, Federally Taxable – Issuer Subsidy – Recovery Zone Economic
|
|
|
|
|
|
Development Bond Series 2010B, 12.500%, 4/01/39
|
|
|
|
|
|
District of Columbia – 0.6% (0.5% of Total Investments)
|
|
|
|
800
|
|
District of Columbia, Income Tax Secured Revenue Bonds, Build America Taxable Bonds, Series
|
No Opt. Call
|
AAA
|
923,384
|
|
|
2009E, 5.591%, 12/01/34
|
|
|
|
|
|
Georgia – 3.9% (3.6% of Total Investments)
|
|
|
|
1,830
|
|
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2011C, 1.000%, 7/01/18
|
No Opt. Call
|
N/R
|
852,725
|
2,000
|
|
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Taxable Build
|
No Opt. Call
|
A+
|
2,211,580
|
|
|
America Bonds Series 2010A, 6.637%, 4/01/57
|
|
|
|
3,000
|
|
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project P Bonds, Refunding
|
No Opt. Call
|
A–
|
3,033,060
|
|
|
Taxable Build America Bonds Series 2010A, 7.055%, 4/01/57
|
|
|
|
6,830
|
|
Total Georgia
|
|
|
6,097,365
|
|
|
Illinois – 15.4% (14.3% of Total Investments)
|
|
|
|
3,575
|
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Federally Taxable Build
|
No Opt. Call
|
AA
|
3,900,218
|
|
|
America Bonds, Series 2010B, 6.200%, 12/01/40
|
|
|
|
1,010
|
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien,
|
1/20 at 100.00
|
A2
|
1,117,454
|
|
|
Build America Taxable Bond Series 2010B, 6.845%, 1/01/38
|
|
|
|
5,160
|
|
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Build America Taxable Bond Series
|
No Opt. Call
|
AA
|
6,212,640
|
|
|
2010B, 6.900%, 1/01/40
|
|
|
|
3,545
|
|
Chicago, Illinois, Water Revenue Bonds, Taxable Second Lien Series 2010B, 6.742%, 11/01/40
|
No Opt. Call
|
AA
|
4,407,179
|
1,000
|
|
Cook County, Illinois, General Obligation Bonds, Build America Taxable Bonds, Series 2010D,
|
No Opt. Call
|
AA
|
1,027,300
|
|
|
6.229%, 11/15/34
|
|
|
|
500
|
|
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series
|
10/13 at 100.00
|
Baa3
|
494,065
|
|
|
2006A, 6.100%, 4/01/15
|
|
|
|
2,000
|
|
Illinois State, General Obligation Bonds, Build America Taxable Bonds, Series 2010-5,
|
No Opt. Call
|
A–
|
2,219,860
|
|
|
7.350%, 7/01/35
|
|
|
|
4,110
|
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds,
|
No Opt. Call
|
AA–
|
4,880,009
|
|
|
Senior Lien Series 2009A, 6.184%, 1/01/34
|
|
|
|
20,900
|
|
Total Illinois
|
|
|
24,258,725
|
|
|
Indiana – 2.6% (2.4% of Total Investments)
|
|
|
|
3,480
|
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Build America Taxable Bonds, Series
|
No Opt. Call
|
AA+
|
4,160,201
|
|
|
2010B-2, 6.116%, 1/15/40
|
|
|
|
|
|
Kentucky – 2.4% (2.2% of Total Investments)
|
|
|
|
3,000
|
|
Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage
|
No Opt. Call
|
AA
|
3,695,820
|
|
|
System Revenue Bonds, Build America Taxable Bonds Series 2010A, 6.250%, 5/15/43
|
|
|
|
|
|
Massachusetts – 2.5% (2.3% of Total Investments)
|
|
|
|
2,000
|
|
Massachusetts, Transportation Fund Revenue Bonds, Accelerated Bridge Program, Tender Option
|
No Opt. Call
|
AAA
|
3,865,900
|
|
|
Bond Trust T0004, 25.570%, 6/01/40 (IF) (4)
|
|
|
|
|
|
Michigan – 4.9% (4.6% of Total Investments)
|
|
|
|
500
|
|
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Build America
|
No Opt. Call
|
Aa2
|
564,975
|
|
|
Taxable Bond Series 2009B, 7.747%, 5/01/39
|
|
|
|
3,000
|
|
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Build America
|
5/20 at 100.00
|
Aa2
|
3,086,040
|
|
|
Taxable Bond Series 2010B, 6.845%, 5/01/40
|
|
|
|
2,090
|
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
|
No Opt. Call
|
B2
|
1,786,177
|
|
|
Taxable Turbo Series 2006A, 7.309%, 6/01/34
|
|
|
|
2,000
|
|
Wayne County Building Authority, Michigan, General Obligation Bonds, Jail Facilities,
|
12/20 at 100.00
|
BBB+
|
2,305,120
|
|
|
Federally Taxable Recovery Zone Economic Development Series 2010, 10.000%, 12/01/40
|
|
|
|
7,590
|
|
Total Michigan
|
|
|
7,742,312
|
|
|
Mississippi – 1.8% (1.7% of Total Investments)
|
|
|
|
2,585
|
|
Mississippi State, General Obligation Bonds, Build America Taxable Bond Series 2010F,
|
No Opt. Call
|
AA+
|
2,804,803
|
|
|
5.245%, 11/01/34
|
|
|
|
|
|
Missouri – 1.0% (0.9% of Total Investments)
|
|
|
|
250
|
|
Curators of the University of Missouri, System Facilities Revenue Bonds, Build America Taxable
|
No Opt. Call
|
AA+
|
285,913
|
|
|
Bonds, Series 2009A, 5.960%, 11/01/39
|
|
|
|
1,150
|
|
Curators of the University of Missouri, System Facilities Revenue Bonds, Build America Taxable
|
No Opt. Call
|
AA+
|
1,283,193
|
|
|
Bonds, Series 2010, 5.792%, 11/01/41
|
|
|
|
1,400
|
|
Total Missouri
|
|
|
1,569,106
|
|
|
Nevada – 2.6% (2.4% of Total Investments)
|
|
|
|
1,950
|
|
Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2009B, 6.881%, 7/01/42
|
7/19 at 100.00
|
Aa2
|
2,181,719
|
1,500
|
|
Clark County, Nevada, Airport System Revenue, Taxable Direct Payment Build America Bonds,
|
No Opt. Call
|
Aa2
|
1,964,415
|
|
|
Senior Series 2010C, 6.820%, 7/01/45
|
|
|
|
3,450
|
|
Total Nevada
|
|
|
4,146,134
|
|
|
New Jersey – 6.9% (6.4% of Total Investments)
|
|
|
|
3,055
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Build America
|
No Opt. Call
|
A+
|
3,348,066
|
|
|
Bonds Issuer Subsidy Program, Series 2010C, 5.754%, 12/15/28
|
|
|
|
4,000
|
|
New Jersey Turnpike Authority, Revenue Bonds, Build America Taxable Bonds, Series 2010A,
|
No Opt. Call
|
A+
|
5,188,677
|
|
|
7.102%, 1/01/41
|
|
|
|
2,070
|
|
Rutgers State University, New Jersey, Revenue Bonds, Build America Taxable Bond Series 2010H,
|
No Opt. Call
|
AA–
|
2,356,178
|
|
|
5.665%, 5/01/40
|
|
|
|
9,125
|
|
Total New Jersey
|
|
|
10,892,921
|
|
|
New York – 12.5% (11.6% of Total Investments)
|
|
|
|
2,000
|
|
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender
|
No Opt. Call
|
AAA
|
3,188,300
|
|
|
Option Bond Trust B004, 24.723%, 3/15/40 (IF)
|
|
|
|
3,270
|
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Federally
|
11/13 at 100.00
|
A
|
3,938,519
|
|
|
Taxable Issuer Subsidy Build America Bonds, Series 2010A, 6.668%, 11/15/39
|
|
|
|
1,500
|
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
|
No Opt. Call
|
AA+
|
1,642,815
|
|
|
Bonds, Second Generation Resolution, Build America Taxable Bonds, Fiscal 2011 Series AA,
|
|
|
|
|
|
5.440%, 6/15/43
|
|
|
|
2,000
|
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
|
No Opt. Call
|
AA+
|
3,618,300
|
|
|
Bonds, Second Generation Resolution, Taxable Tender Option Bonds Trust T30001-2,
|
|
|
|
|
|
26.688%, 6/15/44 (IF)
|
|
|
|
3,500
|
|
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Build
|
No Opt. Call
|
AA–
|
4,419,065
|
|
|
America Taxable Bond Fiscal 2011 Series 2010S-1B, 6.828%, 7/15/40
|
|
|
|
2,500
|
|
New York City, New York, General Obligation Bonds, Federally Taxable Build America Bonds,
|
12/20 at 100.00
|
AA
|
2,923,850
|
|
|
Series 2010-F1, 6.646%, 12/01/31
|
|
|
|
14,770
|
|
Total New York
|
|
|
19,730,849
|
|
|
North Carolina – 1.1% (1.0% of Total Investments)
|
|
|
|
1,550
|
|
North Carolina Turnpike Authority, Triangle Expressway System State Annual Appropriation
|
1/19 at 100.00
|
AA
|
1,770,271
|
|
|
Revenue Bonds, Federally Taxable Issuer Subsidy Build America Bonds, Series 2009B,
|
|
|
|
|
|
6.700%, 1/01/39
|
|
|
|
|
|
Ohio – 4.3% (3.9% of Total Investments)
|
|
|
|
3,000
|
|
American Municipal Power Inc., Ohio, Meldahl Hydroelectric Projects Revenue Bonds, Federally
|
No Opt. Call
|
A
|
3,751,170
|
|
|
Taxable Build America Bonds, Series 2010B, 7.499%, 2/15/50
|
|
|
|
2,650
|
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Build America
|
11/20 at 100.00
|
AA+
|
2,958,884
|
|
|
Taxable Bonds, Series 2010, 6.038%, 11/15/40
|
|
|
|
5,650
|
|
Total Ohio
|
|
|
6,710,054
|
|
|
Pennsylvania – 1.7% (1.6% of Total Investments)
|
|
|
|
2,500
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Build America Taxable Bonds, Series
|
No Opt. Call
|
A+
|
2,714,500
|
|
|
2010B, 5.511%, 12/01/45
|
|
|
|
|
|
South Carolina – 8.7% (8.0% of Total Investments)
|
|
|
|
2,395
|
|
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,
|
No Opt. Call
|
AA–
|
2,789,193
|
|
|
Federally Taxable Build America Series 2010C, 6.454%, 1/01/50
|
|
|
|
205
|
|
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,
|
No Opt. Call
|
AA–
|
373,705
|
|
|
Federally Taxable Build America Tender Option Bond Trust T30002, 29.870%, 1/01/50 (IF)
|
|
|
|
8,985
|
|
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,
|
No Opt. Call
|
AA–
|
10,463,841
|
|
|
Federally Taxable Build America Series 2010C, 6.454%, 1/01/50 (UB)
|
|
|
|
11,585
|
|
Total South Carolina
|
|
|
13,626,739
|
|
|
South Dakota – 0.6% (0.6% of Total Investments)
|
|
|
|
1,000
|
|
South Dakota Educational Enhancement Funding Corporation, Tobacco Settlement Revenue Bonds,
|
No Opt. Call
|
A
|
958,180
|
|
|
Series 2013A, 3.539%, 6/01/22
|
|
|
|
|
|
Tennessee – 2.2% (2.1% of Total Investments)
|
|
|
|
3,000
|
|
Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee,
|
No Opt. Call
|
Aa2
|
3,502,080
|
|
|
Tourism Tax Revenue Bonds, Build America Taxable Bonds, Subordinate Lien Series 2010B,
|
|
|
|
|
|
6.731%, 7/01/43
|
|
|
|
|
|
Texas – 4.2% (3.9% of Total Investments)
|
|
|
|
2,000
|
|
Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax Revenue Bonds, Build America Taxable
|
No Opt. Call
|
AA+
|
2,445,200
|
|
|
Bonds, Series 2009B, 5.999%, 12/01/44
|
|
|
|
2,000
|
|
Dallas Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, Build
|
No Opt. Call
|
A+
|
2,375,140
|
|
|
America Taxable Bonds, Series 09B, 7.088%, 1/01/42
|
|
|
|
1,500
|
|
North Texas Tollway Authority, System Revenue Bonds, Subordinate Lien Taxable Revenue Bonds,
|
2/20 at 100.00
|
Baa3
|
1,742,610
|
|
|
Federally Taxable Build America Bonds, Series 2010-B2, 8.910%, 2/01/30
|
|
|
|
5,500
|
|
Total Texas
|
|
|
6,562,950
|
|
|
Virginia – 2.9% (2.7% of Total Investments)
|
|
|
|
2,110
|
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Series
|
No Opt. Call
|
BBB+
|
2,464,564
|
|
|
2009D, 7.462%, 10/01/46 – AGC Insured
|
|
|
|
2,915
|
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds,
|
12/13 at 100.00
|
B2
|
2,148,588
|
|
|
Refunding Senior Lien Series 2007A1, 6.706%, 6/01/46
|
|
|
|
5,025
|
|
Total Virginia
|
|
|
4,613,152
|
|
|
Washington – 0.7% (0.7% of Total Investments)
|
|
|
|
1,000
|
|
Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds,
|
No Opt. Call
|
Aa3
|
1,118,740
|
|
|
Build America Taxable Bond Series 2010B, 6.790%, 7/01/40
|
|
|
|
$ 141,055
|
|
Total Investments (cost $144,637,405) – 108.0%
|
|
|
169,984,223
|
|
|
Borrowings – (7.3)% (5), (6)
|
|
|
(11,500,000)
|
|
|
Floating Rate Obligations – (4.6)%
|
|
|
(7,190,000)
|
|
|
Other Assets Less Liabilities – 3.9% (7)
|
|
|
6,128,769
|
|
|
Net Assets – 100%
|
|
|
$ 157,422,992
|