UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-5785

 

 

Colonial Investment Grade Municipal Trust

(Exact name of registrant as specified in charter)

 

One Financial Center, Boston, Massachusetts

 

02111

(Address of principal executive offices)

 

(Zip code)

 

James R. Bordewick, Jr., Esq.

Columbia Management Advisors, LLC

One Financial Center

Boston, MA 02111

(Name and address of agent for service)

 

Registrant's telephone number, including area code:

1-617-426-3750

 

 

Date of fiscal year end:

11/30/2007

 

 

 

 

Date of reporting period:

2/28/2007

 

 


 


 

Item 1. Schedule of Investments.

 



INVESTMENT PORTFOLIO

February 28, 2007 (Unaudited)

 

Colonial Investment Grade Municipal Trust

 

 

 

Par ($)

 

Value ($)*

 

Municipal Bonds – 142.3%

 

 

 

 

 

EDUCATION – 6.6%

 

 

 

 

 

Education – 2.9%

 

 

 

 

 

FL Broward County Educational Facilities Authority

 

 

 

 

 

Nova Southeastern University,

 

 

 

 

 

Series 2004 B,

 

 

 

 

 

5.500% 04/01/24

 

155,000

 

166,357

 

IL Chicago State University

 

 

 

 

 

Series 1998,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.500% 12/01/23

 

1,085,000

 

1,288,166

 

PA Higher Education Facilities Authority

 

 

 

 

 

Philadelphia University,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.125% 06/01/25

 

500,000

 

519,920

 

TN Metropolitan Government, Nashville & Davidson County, Health & Educational Facilities Board

 

 

 

 

 

Meharry Medical College,

 

 

 

 

 

Series 1996,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

6.000% 12/01/16

 

1,575,000

 

1,825,567

 

Education Total

 

3,800,010

 

Prep School – 1.2%

 

 

 

 

 

IL Finance Authority

 

 

 

 

 

Chicago Charter School Foundation,

 

 

 

 

 

Series 2007,

 

 

 

 

 

5.000% 12/01/36

 

750,000

 

771,540

 

KY Louisville & Jefferson County Metropolitan Government

 

 

 

 

 

Assumption High School, Inc.,

 

 

 

 

 

Series 2006,

 

 

 

 

 

5.000% 10/01/35

 

500,000

 

518,885

 

NH Business Finance Authority

 

 

 

 

 

Proctor Academy,

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

5.400% 06/01/17

 

340,000

 

348,354

 

Prep School Total

 

1,638,779

 

Student Loan – 2.5%

 

 

 

 

 

CT Higher Education Supplemental Loan Authority

 

 

 

 

 

Series 2005 A, AMT,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

4.250% 11/15/19

 

1,700,000

 

1,715,504

 

 

1



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

EDUCATION – (continued)

 

 

 

 

 

Student Loan (continued)

 

 

 

 

 

NE Nebhelp, Inc.

 

 

 

 

 

Series 1993 A-6, AMT,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

6.450% 06/01/18

 

1,500,000

 

1,608,345

 

Student Loan Total

 

3,323,849

 

EDUCATION TOTAL

 

8,762,638

 

HEALTH CARE – 31.2%

 

 

 

 

 

Continuing Care Retirement 11.4%

 

 

 

 

 

CA La Verne

 

 

 

 

 

Brethren Hillcrest Homes,

 

 

 

 

 

Series 2003 B,

 

 

 

 

 

6.625% 02/15/25

 

350,000

 

388,297

 

CO Health Facilities Authority

 

 

 

 

 

Covenant Retirement Communities, Inc.,

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

5.000% 12/01/16

 

860,000

 

899,147

 

CT Development Authority

 

 

 

 

 

Elim Park Baptist, Inc.,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.750% 12/01/23

 

250,000

 

267,835

 

FL Lee County Industrial Development Authority

 

 

 

 

 

Shell Point Village,

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

5.500% 11/15/29

 

175,000

 

179,652

 

FL St. John’s County Industrial Development Authority

 

 

 

 

 

Ponte Vedra, Inc.,

 

 

 

 

 

Series 2007,

 

 

 

 

 

5.000% 02/15/27

 

165,000

 

170,092

 

GA Fulton County

 

 

 

 

 

Canterbury Court Project,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

6.125% 02/15/34

 

250,000

 

264,260

 

Lenbrook Project,

 

 

 

 

 

Series 2006 A,

 

 

 

 

 

5.000% 07/01/29

 

270,000

 

263,933

 

GA Savannah Economic Development Authority

 

 

 

 

 

Marshes of Skidaway,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

7.400% 01/01/24

 

250,000

 

267,040

 

IL Finance Authority

 

 

 

 

 

Lutheran Senior Services,

 

 

 

 

 

Series 2006,

 

 

 

 

 

5.125% 02/01/26

 

875,000

 

924,822

 

Washington & Jane Smith Community,

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

6.250% 11/15/35

 

500,000

 

528,595

 

 

2



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Continuing Care Retirement (continued)

 

 

 

 

 

IL Health Facilities Authority

 

 

 

 

 

Washington & Jane Smith Community,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

7.000% 11/15/32

 

250,000

 

272,157

 

IN Health & Educational Facilities Financing Authority

 

 

 

 

 

Baptist Homes of Indiana, Inc.,

 

 

 

 

 

Series 2005,

 

 

 

 

 

5.250% 11/15/35

 

500,000

 

527,120

 

MA Development Finance Agency

 

 

 

 

 

Loomis House, Inc.,

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

5.625% 07/01/15

 

200,000

 

205,838

 

MD Westminster Economic Development Authority

 

 

 

 

 

Carroll Lutheran Village, Inc.,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.875% 05/01/21

 

500,000

 

521,395

 

MI Kentwood Economic Development Corp.

 

 

 

 

 

Holland Home,

 

 

 

 

 

Series 2006 A,

 

 

 

 

 

5.375% 11/15/36

 

500,000

 

529,040

 

MO Cole County Industrial Development Authority

 

 

 

 

 

St. John’s Lutheran Service,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.500% 02/01/35

 

500,000

 

530,060

 

MT Facility Finance Authority

 

 

 

 

 

St. John’s Lutheran Ministries, Inc.,

 

 

 

 

 

Series 2006 A,

 

 

 

 

 

6.125% 05/15/36

 

200,000

 

209,926

 

NC Medical Care Commission

 

 

 

 

 

United Methodist Retirement Home, Inc.,

 

 

 

 

 

Series 2005 C,

 

 

 

 

 

5.250% 10/01/24

 

250,000

 

257,905

 

NJ Economic Development Authority

 

 

 

 

 

Lions Gate,

 

 

 

 

 

Series 2005 A:

 

 

 

 

 

5.750% 01/01/25

 

310,000

 

323,488

 

5.875% 01/01/37

 

100,000

 

104,211

 

Lutheran Social Ministries,

 

 

 

 

 

Series 2005,

 

 

 

 

 

5.100% 06/01/27

 

250,000

 

256,512

 

Marcus L. Ward Home,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.750% 11/01/24

 

350,000

 

380,947

 

PA Bucks County Industrial Development Authority

 

 

 

 

 

Ann’s Choice, Inc.,

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

6.125% 01/01/25

 

500,000

 

532,135

 

 

3



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Continuing Care Retirement (continued)

 

 

 

 

 

PA Chartiers Valley Industrial & Commercial Development Authority

 

 

 

 

 

Friendship Village/South,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

5.250% 08/15/13

 

500,000

 

508,685

 

PA Delaware County Authority

 

 

 

 

 

Dunwoody Village,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

5.375% 04/01/17

 

250,000

 

266,712

 

PA Montgomery County Industrial Development Authority

 

 

 

 

 

Whitemarsh Continuing Care Retirement Community,

 

 

 

 

 

Series 2005:

 

 

 

 

 

6.125% 02/01/28

 

200,000

 

213,092

 

6.250% 02/01/35

 

300,000

 

319,239

 

SC Jobs-Economic Development Authority

 

 

 

 

 

Wesley Commons,

 

 

 

 

 

Series 2006,

 

 

 

 

 

5.300% 10/01/36

 

250,000

 

255,723

 

TN Johnson City Health & Educational Facilities Authority

 

 

 

 

 

Appalachian Christian Village,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

6.250% 02/15/32

 

250,000

 

261,580

 

TN Shelby County Health, Educational & Housing Facilities Board

 

 

 

 

 

Germantown Village,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

7.250% 12/01/34

 

150,000

 

155,333

 

Trezevant Manor,

 

 

 

 

 

Series 2006 A,

 

 

 

 

 

5.750% 09/01/37

 

250,000

 

257,677

 

TX Abilene Health Facilities Development Corp.

 

 

 

 

 

Sears Methodist Retirement Center,

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

7.000% 11/15/33

 

500,000

 

544,290

 

TX Bexar County Health Facilities Development Corp.

 

 

 

 

 

Army Retirement Residence Foundation,

 

 

 

 

 

Series 2007,

 

 

 

 

 

5.000% 07/01/33

 

760,000

 

786,646

 

TX Tarrant County Cultural Education Facilities

 

 

 

 

 

Northwest Senior Housing-Edgemere,

 

 

 

 

 

Series 2006 A,

 

 

 

 

 

6.000% 11/15/36

 

250,000

 

267,780

 

VA Suffolk Industrial Development Authority Retirement Facilities

 

 

 

 

 

Lake Prince Center,

 

 

 

 

 

Series 2006,

 

 

 

 

 

5.300% 09/01/31

 

250,000

 

256,068

 

 

4



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Continuing Care Retirement (continued)

 

 

 

 

 

VA Virginia Beach Development Authority

 

 

 

 

 

Westminster-Canterbury of Hampton,

 

 

 

 

 

Series 2005,

 

 

 

 

 

5.250% 11/01/26

 

300,000

 

309,990

 

VA Winchester Industrial Development Authority

 

 

 

 

 

Westminster-Canterbury,

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

5.300% 01/01/35

 

250,000

 

256,118

 

WI Health & Educational Facilities Authority

 

 

 

 

 

Eastcastle Place, Inc.,

 

 

 

 

 

Series 2004,

 

 

 

 

 

6.125% 12/01/34

 

150,000

 

153,537

 

Milwaukee Catholic Home,

 

 

 

 

 

Series 2006,

 

 

 

 

 

5.000% 07/01/26

 

1,000,000

 

1,047,840

 

Three Pillars Senior Living Communities,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.600% 08/15/23

 

300,000

 

317,223

 

Continuing Care Retirement Total

 

14,981,940

 

Health Services 1.5%

 

 

 

 

 

CO Health Facilities Authority

 

 

 

 

 

National Jewish Medical & Research Center,

 

 

 

 

 

Series 1998 B,

 

 

 

 

 

5.375% 01/01/29

 

250,000

 

253,660

 

LA Public Facilities Authority

 

 

 

 

 

Pennington Medical Foundation,

 

 

 

 

 

Series 2006,

 

 

 

 

 

5.000% 07/01/21

 

1,000,000

 

1,061,240

 

MA Health & Educational Facilities Authority

 

 

 

 

 

Civic Investments, Inc.,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

9.000% 12/15/15

 

250,000

 

308,158

 

MN Minneapolis St. Paul Housing & Redevelopment Authority

 

 

 

 

 

HealthPartners,

 

 

 

 

 

Series 2006,

 

 

 

 

 

5.250% 05/15/23

 

325,000

 

347,418

 

Health Services Total

 

1,970,476

 

Hospitals 14.7%

 

 

 

 

 

AL Health Care Authority

 

 

 

 

 

Baptist Health,

 

 

 

 

 

Series 2006 B,

 

 

 

 

 

5.000% 11/15/21

 

850,000

 

886,524

 

AR Washington County

 

 

 

 

 

Washington Regional Medical Center,

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

5.000% 02/01/30

 

400,000

 

413,196

 

CA Health Facilities Financing Authority

 

 

 

 

 

Catholic Healthcare West,

 

 

 

 

 

Series 2004 I,

 

 

 

 

 

4.950% 07/01/26

 

200,000

 

211,844

 

 

5



 

 

 

 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Hospitals (continued)

 

 

 

 

 

CA Turlock

 

 

 

 

 

Emanuel Medical Center, Inc.,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.375% 10/15/34

 

500,000

 

527,800

 

CO Health Facilities Authority

 

 

 

 

 

Parkview Medical Center,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.000% 09/01/25

 

250,000

 

257,980

 

Vail Valley Medical Center,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.000% 01/15/20

 

250,000

 

261,750

 

DE Health Facilities Authority

 

 

 

 

 

Beebe Medical Center,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.000% 06/01/16

 

500,000

 

523,495

 

FL Hillsborough County Industrial Development Authority

 

 

 

 

 

Health Science Center,

 

 

 

 

 

Series 2006 G,

 

 

 

 

 

5.000% 10/01/21

 

400,000

 

423,740

 

FL Orange County Health Facilities Authority

 

 

 

 

 

Orlando Regional Healthcare System:

 

 

 

 

 

Series 1996 C,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

6.250% 10/01/13

 

720,000

 

819,281

 

Series 1999 E,

 

 

 

 

 

6.000% 10/01/26

 

170,000

 

179,948

 

FL South Broward Hospital District

 

 

 

 

 

Series 2002,

 

 

 

 

 

5.625% 05/01/32

 

1,000,000

 

1,079,470

 

IL Southwestern Development Authority

 

 

 

 

 

Anderson Hospital:

 

 

 

 

 

Series 1999,

 

 

 

 

 

5.375% 08/15/15

 

380,000

 

392,491

 

Series 2006,

 

 

 

 

 

5.125% 08/15/36

 

1,000,000

 

1,036,710

 

IN Health & Educational Facility Financing Authority

 

 

 

 

 

Jackson County Schneck Memorial,

 

 

 

 

 

Series 2006 A,

 

 

 

 

 

5.250% 02/15/36

 

350,000

 

372,102

 

IN Health Facility Financing Authority

 

 

 

 

 

Community Foundation of Northwest Indiana, Inc.,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

6.000% 03/01/34

 

150,000

 

161,960

 

 

6



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Hospitals (continued)

 

 

 

 

 

KS University Hospital Authority

 

 

 

 

 

Series 2006:

 

 

 

 

 

4.500% 09/01/32

 

250,000

 

250,383

 

5.000% 09/01/36

 

500,000

 

521,525

 

LA Public Facilities Authority

 

 

 

 

 

Touro Infirmary,

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

5.625% 08/15/29

 

500,000

 

516,065

 

MA Health & Educational Facilities Authority

 

 

 

 

 

Milford-Whitinsville Regional Hospital,

 

 

 

 

 

Series 1998 C,

 

 

 

 

 

5.750% 07/15/13

 

500,000

 

518,815

 

South Shore Hospital,

 

 

 

 

 

Series 1999 F,

 

 

 

 

 

5.750% 07/01/29

 

1,000,000

 

1,047,690

 

MD Health & Higher Educational Facilities Authority

 

 

 

 

 

Adventist Health Care,

 

 

 

 

 

Series 2003 A:

 

 

 

 

 

5.000% 01/01/16

 

250,000

 

257,723

 

5.750% 01/01/25

 

250,000

 

268,740

 

MI Hospital Finance Authority

 

 

 

 

 

Oakwood Obligated Group,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.500% 11/01/18

 

400,000

 

431,420

 

MN St. Paul Housing & Redevelopment Authority

 

 

 

 

 

HealthEast, Inc.:

 

 

 

 

 

Series 2001 A,

 

 

 

 

 

5.700% 11/01/15

 

250,000

 

257,265

 

Series 2005,

 

 

 

 

 

5.150% 11/15/20

 

250,000

 

265,197

 

MN St. Paul Port Authority

 

 

 

 

 

Regions Hospital,

 

 

 

 

 

Series 2007 1,

 

 

 

 

 

5.000% 08/01/36

 

675,000

 

682,891

 

MO Saline County Industrial Development Authority

 

 

 

 

 

John Fitzgibbon Memorial Hospital,

 

 

 

 

 

Series 2005,

 

 

 

 

 

5.625% 12/01/35

 

500,000

 

511,255

 

MT Facilities Finance Authority

 

 

 

 

 

Montana’s Children’s Home and Hospital,

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

4.750% 01/01/24

 

250,000

 

257,240

 

 

7



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Hospitals (continued)

 

 

 

 

 

NH Higher Educational & Health Facilities Authority

 

 

 

 

 

Catholic Medical Center,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

6.125% 07/01/32

 

60,000

 

65,696

 

The Memorial Hospital at North Conway,

 

 

 

 

 

Series 2006,

 

 

 

 

 

5.250% 06/01/36

 

300,000

 

314,085

 

NV Henderson

 

 

 

 

 

Catholic Healthcare West,

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

6.750% 07/01/20

 

60,000

 

65,418

 

St. Rose Dominican Hospital,

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

5.375% 07/01/26

 

195,000

 

199,701

 

NY Dormitory Authority

 

 

 

 

 

Mount Sinai Hospital:

 

 

 

 

 

Series 2000 C,

 

 

 

 

 

5.500% 07/01/26

 

300,000

 

304,329

 

Series 2000,

 

 

 

 

 

5.500% 07/01/26

 

200,000

 

202,886

 

North-Shore Long Island Jewish Medical Center,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.500% 05/01/33

 

100,000

 

107,733

 

OH Lakewood Hospital Improvement District

 

 

 

 

 

Lakewood Hospital Association,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.500% 02/15/14

 

385,000

 

411,534

 

RI Health & Educational Building Corp.

 

 

 

 

 

Lifespan Obligated Group,

 

 

 

 

 

Series 2002,

 

 

 

 

 

6.375% 08/15/21

 

65,000

 

71,704

 

SC Jobs Economic Development Authority

 

 

 

 

 

Bon Secours-St. Francis Medical Center,

 

 

 

 

 

Series 2002,

 

 

 

 

 

5.500% 11/15/23

 

500,000

 

533,990

 

SC Lexington County Health Services

 

 

 

 

 

Lexington Medical Center,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.500% 11/01/23

 

500,000

 

534,165

 

SD Health & Educational Facilities Authority

 

 

 

 

 

Sioux Valley Hospital & Health System,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.250% 11/01/34

 

250,000

 

265,537

 

TN Sullivan County Health Educational & Housing Facilities Board

 

 

 

 

 

Wellmont Health System,

 

 

 

 

 

Series 2006 C,

 

 

 

 

 

5.250% 09/01/26

 

1,000,000

 

1,065,460

 

 

8



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Hospitals (continued)

 

 

 

 

 

VA Augusta County Industrial Development Authority

 

 

 

 

 

Augusta Health Care, Inc.,

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.250% 09/01/19

 

1,000,000

 

1,098,280

 

VT Educational & Health Buildings Financing Agency

 

 

 

 

 

Fletcher Allen Health Care,

 

 

 

 

 

Series 2007 A,

 

 

 

 

 

4.750% 12/01/36

 

200,000

 

202,324

 

WI Health & Educational Facilities Authority

 

 

 

 

 

Aurora Health Care, Inc.,

 

 

 

 

 

Series 2003,

 

 

 

 

 

6.400% 04/15/33

 

175,000

 

195,648

 

Fort Healthcare, Inc.,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.375% 05/01/18

 

385,000

 

411,519

 

Hospitals Total

 

19,384,509

 

Intermediate Care Facilities 0.5%

 

 

 

 

 

IL Development Finance Authority

 

 

 

 

 

Hoosier Care, Inc.,

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

7.125% 06/01/34

 

450,000

 

464,971

 

MA Development Finance Agency

 

 

 

 

 

Evergreen Center, Inc.,

 

 

 

 

 

Series 2005,

 

 

 

 

 

5.000% 01/01/24

 

250,000

 

251,273

 

Intermediate Care Facilities Total

 

716,244

 

Nursing Homes 3.1%

 

 

 

 

 

AK Juneau

 

 

 

 

 

St. Ann’s Care Center, Inc.,

 

 

 

 

 

Series 1999,

 

 

 

 

 

6.875% 12/01/25

 

470,000

 

470,729

 

CO Health Facilities Authority

 

 

 

 

 

Evangelical Lutheran Good Samaritan Foundation,

 

 

 

 

 

Series 2005,

 

 

 

 

 

5.000% 06/01/35

 

125,000

 

130,066

 

Pioneer Health Care,

 

 

 

 

 

Series 1989,

 

 

 

 

 

10.500% 05/01/19

 

1,400,000

 

1,400,028

 

DE Economic Development Authority

 

 

 

 

 

Churchman Village Project,

 

 

 

 

 

Series 1991 A,

 

 

 

 

 

10.000% 03/01/21

 

840,000

 

840,613

 

PA Chester County Industrial Development Authority

 

 

 

 

 

Pennsylvania Nursing Home,

 

 

 

 

 

Series 2002,

 

 

 

 

 

8.500% 05/01/32

 

740,000

 

773,204

 

 

9



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

Nursing Homes (continued)

 

 

 

 

 

PA Delaware County Industrial Development Authority

 

 

 

 

 

Care Institute-Main Line LLC,

 

 

 

 

 

Series 2005,

 

 

 

 

 

9.000% 08/01/31

 

540,000

 

437,049

 

Nursing Homes Total

 

4,051,689

 

HEALTH CARE TOTAL

 

41,104,858

 

HOUSING – 13.5%

 

 

 

 

 

Assisted Living/Senior 1.2%

 

 

 

 

 

NC Medical Care Commission

 

 

 

 

 

DePaul Community Facilities, Inc.,

 

 

 

 

 

Series 1998,

 

 

 

 

 

6.125% 01/01/28

 

500,000

 

497,125

 

NY Suffolk County Industrial Development Agency

 

 

 

 

 

Gurwin Jewish Phase II,

 

 

 

 

 

Series 2004,

 

 

 

 

 

6.700% 05/01/39

 

500,000

 

544,625

 

OR Clackamas County Hospital Facility Authority

 

 

 

 

 

Robison Jewish Home,

 

 

 

 

 

Series 2005,

 

 

 

 

 

5.250% 10/01/27

 

500,000

 

507,360

 

Assisted Living/Senior Total

 

1,549,110

 

Multi-Family 7.7%

 

 

 

 

 

DC Housing Finance Agency

 

 

 

 

 

Henson Ridge,

 

 

 

 

 

Series 2004 E, AMT,

 

 

 

 

 

Insured: FHA

 

 

 

 

 

5.100% 06/01/37

 

500,000

 

521,060

 

FL Broward County Housing Finance Authority

 

 

 

 

 

Chaves Lake Apartments Ltd.,

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

7.500% 07/01/40

 

500,000

 

531,690

 

FL Capital Trust Agency

 

 

 

 

 

Atlantic Housing Foundation, Inc.,

 

 

 

 

 

Series 2005 C,

 

 

 

 

 

5.875% 01/01/28

 

375,000

 

383,224

 

FL Clay County Housing Finance Authority

 

 

 

 

 

Breckenridge Commons Ltd.,

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

7.450% 07/01/40

 

245,000

 

259,097

 

MA Housing Finance Agency

 

 

 

 

 

Series 2004 A, AMT,

 

 

 

 

 

Insured: FSA

 

 

 

 

 

5.250% 07/01/25

 

2,000,000

 

2,071,800

 

Series 2005 E, AMT,

 

 

 

 

 

5.000% 12/01/28

 

250,000

 

259,752

 

ME Housing Authority

 

 

 

 

 

Series 2005 A-2, AMT,

 

 

 

 

 

4.950% 11/15/27

 

500,000

 

510,300

 

 

10



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

HOUSING – (continued)

 

 

 

 

 

Multi-Family (continued)

 

 

 

 

 

MN Minneapolis Student Housing

 

 

 

 

 

Riverton Community Housing, Inc.,

 

 

 

 

 

Series 2006 A,

 

 

 

 

 

5.700% 08/01/40

 

250,000

 

252,973

 

MN White Bear Lake

 

 

 

 

 

Birch Lake Townhomes:

 

 

 

 

 

Series 1989 A, AMT,

 

 

 

 

 

10.250% 07/15/19

 

775,000

 

735,087

 

Series 1989 B, AMT,

 

 

 

 

 

(a) 07/15/19

 

665,000

 

199,600

 

NC Durham Housing Authority

 

 

 

 

 

Magnolia Pointe Apartments,

 

 

 

 

 

Series 2005, AMT,

 

 

 

 

 

5.650% 02/01/38

 

400,000

 

401,340

 

NC Medical Care Commission

 

 

 

 

 

ARC Project,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.800% 10/01/34

 

655,000

 

709,928

 

NJ Middlesex County Improvement Authority

 

 

 

 

 

Student Housing Urban Renewal,

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.000% 08/15/18

 

300,000

 

317,403

 

NM Mortgage Finance Authority

 

 

 

 

 

Series 2005 E, AMT,

 

 

 

 

 

Insured: FHA

 

 

 

 

 

4.800% 09/01/40

 

500,000

 

500,310

 

NY New York City Housing Development Corp.

 

 

 

 

 

Series 2005 F-1,

 

 

 

 

 

4.650% 11/01/25

 

500,000

 

514,725

 

OH Montgomery County

 

 

 

 

 

Heartland of Centerville LLC,

 

 

 

 

 

Series 2005, AMT,

 

 

 

 

 

Insured: FHLMC

 

 

 

 

 

4.950% 11/01/35

 

250,000

 

256,853

 

Resolution Trust Corp.

 

 

 

 

 

Pass-Through Certificates,

 

 

 

 

 

Series 1993 A,

 

 

 

 

 

8.500% 12/01/16(b)

 

227,741

 

226,083

 

WA Seattle Housing Authority

 

 

 

 

 

High Rise Rehabilitation Phase I LP,

 

 

 

 

 

Series 2005, AMT,

 

 

 

 

 

Insured: FSA

 

 

 

 

 

5.000% 11/01/25

 

500,000

 

514,500

 

WA Tacoma Housing Authority

 

 

 

 

 

Redwood,

 

 

 

 

 

Series 2005, AMT,

 

 

 

 

 

Guarantor: GNMA

 

 

 

 

 

5.050% 11/20/37

 

1,040,000

 

1,074,923

 

Multi-Family Total

 

10,240,648

 

 

11



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

HOUSING – (continued)

 

 

 

 

 

Single-Family 4.6%

 

 

 

 

 

CO Housing & Finance Authority

 

 

 

 

 

Series 2000 B-2, AMT,

 

 

 

 

 

7.250% 10/01/31

 

65,000

 

65,471

 

IL Chicago

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

Guarantor: FNMA

 

 

 

 

 

7.150% 09/01/31

 

25,000

 

25,667

 

MA Housing Finance Agency

 

 

 

 

 

Series 2005, AMT,

 

 

 

 

 

4.850% 12/01/35

 

750,000

 

756,997

 

Series 2005 B,

 

 

 

 

 

5.000% 06/01/30

 

455,000

 

472,062

 

MN Minneapolis St. Paul Housing Finance Board

 

 

 

 

 

Series 2006, AMT,

 

 

 

 

 

Guarantor: GNMA

 

 

 

 

 

5.000% 12/01/38

 

498,880

 

514,809

 

MT Board of Housing

 

 

 

 

 

Series 2005 A, AMT,

 

 

 

 

 

5.000% 06/01/36

 

955,000

 

980,059

 

ND Housing Finance Agency

 

 

 

 

 

Series 2006 A, AMT,

 

 

 

 

 

4.850% 07/01/21

 

500,000

 

515,270

 

OK Housing Finance Agency

 

 

 

 

 

Series 2006 C, AMT,

 

 

 

 

 

Guarantor: GNMA

 

 

 

 

 

4.900% 09/01/21

 

705,000

 

728,272

 

PA Pittsburgh Urban Redevelopment Authority

 

 

 

 

 

Series 2006 C,

 

 

 

 

 

Guarantor: GNMA

 

 

 

 

 

4.800% 04/01/28

 

500,000

 

508,785

 

TN Housing Development Agency

 

 

 

 

 

Series 2007-1, AMT,

 

 

 

 

 

4.650% 07/01/27(c)

 

1,000,000

 

1,008,600

 

WI Housing & Economic Development Authority

 

 

 

 

 

Series 2005 C, AMT,

 

 

 

 

 

4.875% 03/01/36

 

485,000

 

492,770

 

Single-Family Total

 

6,068,762

 

HOUSING TOTAL

 

17,858,520

 

INDUSTRIALS – 5.0%

 

 

 

 

 

Food Products 1.0%

 

 

 

 

 

MI Strategic Fund

 

 

 

 

 

Imperial Holly Corp.,

 

 

 

 

 

Series 1998 C, AMT,

 

 

 

 

 

6.550% 11/01/25

 

250,000

 

256,983

 

 

12



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

INDUSTRIALS – (continued)

 

 

 

 

 

Food Products (continued)

 

 

 

 

 

NE Washington County WasteWater Facilities Authority

 

 

 

 

 

Cargill, Inc.,

 

 

 

 

 

Series 2002, AMT,

 

 

 

 

 

5.900% 11/01/27

 

1,000,000

 

1,098,620

 

Food Products Total

 

1,355,603

 

Forest Products & Paper 1.1%

 

 

 

 

 

AL Camden Industrial Development Board

 

 

 

 

 

Weyerhaeuser Co.,

 

 

 

 

 

Series 2003 B, AMT,

 

 

 

 

 

6.375% 12/01/24

 

275,000

 

302,888

 

AR Camden Environmental Improvement Authority

 

 

 

 

 

International Paper Co.,

 

 

 

 

 

Series 2004 A, AMT,

 

 

 

 

 

5.000% 11/01/18

 

500,000

 

512,780

 

FL Escambia County Environmental Improvement Revenue

 

 

 

 

 

International Paper Co.,

 

 

 

 

 

Series 2003 A, AMT,

 

 

 

 

 

5.750% 11/01/27

 

250,000

 

265,755

 

MS Lowndes County

 

 

 

 

 

Weyerhaeuser Co.,

 

 

 

 

 

Series 1992 B,

 

 

 

 

 

6.700% 04/01/22

 

325,000

 

395,271

 

Forest Products & Paper Total

 

1,476,694

 

Manufacturing 1.8%

 

 

 

 

 

MO Development Finance Board

 

 

 

 

 

Procter & Gamble Co.,

 

 

 

 

 

Series 1999, AMT,

 

 

 

 

 

5.200% 03/15/29

 

250,000

 

282,992

 

MS Business Finance Corp.

 

 

 

 

 

Northrop Grumman Ship Systems, Inc.,

 

 

 

 

 

Series 2006,

 

 

 

 

 

4.550% 12/01/28

 

2,000,000

 

2,018,100

 

Manufacturing Total

 

2,301,092

 

Oil & Gas 0.7%

 

 

 

 

 

NJ Middlesex County Pollution Control Authority

 

 

 

 

 

Amerada Hess Corp.,

 

 

 

 

 

Series 2004,

 

 

 

 

 

6.050% 09/15/34

 

175,000

 

192,117

 

NV Clark County Industrial Development Authority

 

 

 

 

 

Southwest Gas Corp.,

 

 

 

 

 

Series 2003 E, AMT,

 

 

 

 

 

5.800% 03/01/38

 

250,000

 

266,538

 

 

13



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

INDUSTRIALS – (continued)

 

 

 

 

 

Oil & Gas (continued)

 

 

 

 

 

TX Gulf Coast Industrial Development Authority

 

 

 

 

 

Citgo Petroleum,

 

 

 

 

 

Series 1998, AMT,

 

 

 

 

 

8.000% 04/01/28

 

250,000

 

282,837

 

VI Virgin Islands Public Finance Authority

 

 

 

 

 

Hovensa LLC,

 

 

 

 

 

Series 2003, AMT,

 

 

 

 

 

6.125% 07/01/22

 

200,000

 

222,298

 

Oil & Gas Total

 

963,790

 

Other Industrial Development Bonds 0.4%

 

 

 

 

 

NJ Economic Development Authority

 

 

 

 

 

GMT Realty LLC,

 

 

 

 

 

Series 2006 B, AMT,

 

 

 

 

 

6.875% 01/01/37

 

500,000

 

523,440

 

Other Industrial Development Bonds Total

 

523,440

 

INDUSTRIALS TOTAL

 

6,620,619

 

OTHER – 16.7%

 

 

 

 

 

Other 0.2%

 

 

 

 

 

PR Commonwealth of Puerto Rico Government Development Bank

 

 

 

 

 

Series 2006 B,

 

 

 

 

 

5.000% 12/01/15

 

250,000

 

269,493

 

Other Total

 

269,493

 

Pool/Bond Bank 0.4%

 

 

 

 

 

OH Summit County Port Authority

 

 

 

 

 

Seville Project,

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

5.100% 05/15/25

 

490,000

 

502,519

 

Pool/Bond Bank Total

 

502,519

 

Refunded/Escrowed(d) 13.9%

 

 

 

 

 

CA Golden State Tobacco Securitization Corp.

 

 

 

 

 

Series 2003 B,

 

 

 

 

 

Pre-refunded 06/01/13,

 

 

 

 

 

5.500% 06/01/43

 

500,000

 

549,545

 

CO Highlands Ranch Metropolitan District No. 2

 

 

 

 

 

Series 1996,

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

Insured: CGIC

 

 

 

 

 

6.500% 06/15/11

 

725,000

 

806,135

 

FL Capital Projects Finance Authority

 

 

 

 

 

Glenridge on Palmer Ranch,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

Pre-refunded 06/01/12,

 

 

 

 

 

8.000% 06/01/32

 

500,000

 

599,480

 

 

14



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

OTHER – (continued)

 

 

 

 

 

Refunded/Escrowed(d) (continued)

 

 

 

 

 

FL Orange County Health Facilities Authority

 

 

 

 

 

Orlando Regional Healthcare System:

 

 

 

 

 

Series 1996 C,

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

6.250% 10/01/13

 

1,740,000

 

1,999,556

 

Series 1999 E,

 

 

 

 

 

Pre-refunded 10/01/09,

 

 

 

 

 

6.000% 10/01/26

 

5,000

 

5,323

 

Series 2002,

 

 

 

 

 

Pre-refunded 12/01/12,

 

 

 

 

 

5.750% 12/01/32

 

150,000

 

164,747

 

IL Development Finance Authority

 

 

 

 

 

Adventist Health System,

 

 

 

 

 

Series 1999,

 

 

 

 

 

Pre-refunded 11/15/09,

 

 

 

 

 

5.500% 11/15/20

 

900,000

 

950,274

 

IL Health Facilities Authority

 

 

 

 

 

Lutheran Senior Ministries,

 

 

 

 

 

Series 2001 A,

 

 

 

 

 

Pre-refunded 08/15/11,

 

 

 

 

 

7.375% 08/15/31

 

250,000

 

289,452

 

Swedish American Hospital,

 

 

 

 

 

Series 2000,

 

 

 

 

 

Pre-refunded 05/15/10,

 

 

 

 

 

6.875% 11/15/30

 

500,000

 

546,770

 

KS University Hospital Authority

 

 

 

 

 

Jayhawk Primary Care,

 

 

 

 

 

Series 2002,

 

 

 

 

 

Pre-refunded 09/01/12,

 

 

 

 

 

5.625% 09/01/32

 

500,000

 

547,305

 

MA Development Finance Agency

 

 

 

 

 

Western New England College,

 

 

 

 

 

Series 2002,

 

 

 

 

 

Pre-refunded 12/01/12,

 

 

 

 

 

6.125% 12/01/32

 

315,000

 

355,944

 

MD Health & Higher Educational Facilities Authority

 

 

 

 

 

University of Maryland Medical System,

 

 

 

 

 

Series 2000,

 

 

 

 

 

Pre-refunded 07/01/10,

 

 

 

 

 

6.750% 07/01/30

 

250,000

 

276,372

 

MI Garden City School District

 

 

 

 

 

Series 2001,

 

 

 

 

 

Insured: QSBLF,

 

 

 

 

 

Pre-refunded 05/01/11,

 

 

 

 

 

5.500% 05/01/16

 

325,000

 

347,942

 

MN University of Minnesota

 

 

 

 

 

Series 1996 A,

 

 

 

 

 

Escrowed to Maturity:

 

 

 

 

 

5.500% 07/01/21

 

2,000,000

 

2,327,200

 

5.750% 07/01/14

 

500,000

 

566,030

 

 

15



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

OTHER – (continued)

 

 

 

 

 

Refunded/Escrowed(d) (continued)

 

 

 

 

 

MO Health & Educational Facilities Authority

 

 

 

 

 

Central Institute for the Deaf,

 

 

 

 

 

Series 1999,

 

 

 

 

 

Pre-refunded 01/01/10,

 

 

 

 

 

Insured: RAD

 

 

 

 

 

5.850% 01/01/22

 

600,000

 

634,626

 

NC Lincoln County

 

 

 

 

 

Lincoln County Hospital,

 

 

 

 

 

Series 1991,

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

9.000% 05/01/07

 

25,000

 

25,200

 

NC Municipal Power Agency

 

 

 

 

 

Catawba No. 1,

 

 

 

 

 

Series 1986,

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

5.000% 01/01/20

 

1,670,000

 

1,852,965

 

NH Health & Educational Facilities Authority

 

 

 

 

 

Catholic Medical Center,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

Pre-refunded 7/01/12,

 

 

 

 

 

6.125% 07/01/32

 

440,000

 

491,929

 

NV Henderson

 

 

 

 

 

Catholic Healthcare West,

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

Pre-refunded 07/01/10,

 

 

 

 

 

6.750% 07/01/20

 

440,000

 

485,540

 

St. Rose Dominican Hospital,

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

Pre-refunded 07/01/08,

 

 

 

 

 

5.375% 07/01/26

 

55,000

 

56,497

 

NY Convention Center Operating Corp.

 

 

 

 

 

Yale Building Project,

 

 

 

 

 

Series 2003,

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

(a) 06/01/08

 

700,000

 

668,920

 

RI Health & Educational Building Corp.

 

 

 

 

 

Hospital Financing Lifespan,

 

 

 

 

 

Series 2002,

 

 

 

 

 

Pre-refunded 08/15/12,

 

 

 

 

 

6.375% 08/15/21

 

435,000

 

491,850

 

TN Shelby County Health, Educational & Housing Facilities Board

 

 

 

 

 

Open Arms Development Centers:

 

 

 

 

 

Series 1992 A,

 

 

 

 

 

Pre-refunded 08/01/07,

 

 

 

 

 

9.750% 08/01/19

 

375,000

 

401,677

 

Series 1992 C,

 

 

 

 

 

Pre-refunded 08/01/07,

 

 

 

 

 

9.750% 08/01/19

 

380,000

 

407,033

 

TX Tech University

 

 

 

 

 

Series 1999,

 

 

 

 

 

Insured: AMBAC,

 

 

 

 

 

Pre-refunded 02/15/09,

 

 

 

 

 

5.000% 02/15/29

 

2,500,000

 

2,563,850

 

Refunded/Escrowed Total

 

18,412,162

 

 

16



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

OTHER – (continued)

 

 

 

 

 

Tobacco (continued)

 

 

 

 

 

Tobacco 2.2%

 

 

 

 

 

CA Golden State Tobacco Securitization Corp.

 

 

 

 

 

Series 2003 A-1,

 

 

 

 

 

6.250% 06/01/33

 

750,000

 

839,782

 

CA Tobacco Securitization Authority

 

 

 

 

 

San Diego County Tobacco,

 

 

 

 

 

Series 2006,

 

 

 

 

 

(a) 06/01/46

 

6,000,000

 

556,080

 

NY TSASC, Inc.

 

 

 

 

 

Series 2006 1,

 

 

 

 

 

5.125% 06/01/42

 

750,000

 

773,647

 

SC Tobacco Settlement Management Authority

 

 

 

 

 

San Diego County Tobacco,

 

 

 

 

 

Series 2001 B,

 

 

 

 

 

6.375% 05/15/28

 

400,000

 

432,692

 

WI Badger Tobacco Asset Securitization Corp.

 

 

 

 

 

Series 2002,

 

 

 

 

 

6.375% 06/01/32

 

250,000

 

271,883

 

Tobacco Total

 

2,874,084

 

OTHER TOTAL

 

22,058,258

 

OTHER REVENUE – 2.2%

 

 

 

 

 

Hotels 0.6%

 

 

 

 

 

MA Boston Industrial Development Financing Authority

 

 

 

 

 

Crosstown Center Hotel LLC,

 

 

 

 

 

Series 2002, AMT,

 

 

 

 

 

6.500% 09/01/35

 

280,000

 

291,931

 

NJ Middlesex County Improvement Authority

 

 

 

 

 

Heldrich Associates LLC,

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

6.250% 01/01/37

 

500,000

 

519,380

 

Hotels Total

 

811,311

 

Recreation 1.6%

 

 

 

 

 

CA Cabazon Band Mission Indians

 

 

 

 

 

Series 2004:

 

 

 

 

 

8.375% 10/01/15(b)

 

100,000

 

106,200

 

8.750% 10/01/19(b)

 

360,000

 

382,320

 

DC District of Columbia

 

 

 

 

 

Smithsonian Institute,

 

 

 

 

 

Series 1997,

 

 

 

 

 

5.000% 02/01/28

 

1,000,000

 

1,016,650

 

NY Liberty Development Corp.

 

 

 

 

 

National Sports Museum,

 

 

 

 

 

Series 2006 A,

 

 

 

 

 

6.125% 02/15/19(b)

 

250,000

 

262,800

 

 

17



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

OTHER REVENUE – (continued)

 

 

 

 

 

Recreation (continued)

 

 

 

 

 

OR Cow Creek Band Umpqua Tribe of Indians

 

 

 

 

 

Series 2006 C,

 

 

 

 

 

5.625% 10/01/26(b)

 

350,000

 

358,659

 

Recreation Total

 

2,126,629

 

OTHER REVENUE TOTAL

 

2,937,940

 

RESOURCE RECOVERY – 3.4%

 

 

 

 

 

Disposal 1.6%

 

 

 

 

 

FL Lee County Solid Waste Systems

 

 

 

 

 

Series 2006 A, AMT,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

5.000% 10/01/17

 

1,500,000

 

1,612,275

 

OH Solid Waste

 

 

 

 

 

Republic Services, Inc.,

 

 

 

 

 

Series 2004, AMT,

 

 

 

 

 

4.250% 04/01/33

 

500,000

 

491,570

 

Disposal Total

 

2,103,845

 

Resource Recovery 1.8%

 

 

 

 

 

MA Industrial Finance Agency

 

 

 

 

 

Ogden Haverhill Associates,

 

 

 

 

 

Series 1998 A, AMT,

 

 

 

 

 

5.450% 12/01/12

 

1,250,000

 

1,297,850

 

PA Delaware County Industrial Development Authority

 

 

 

 

 

American REF-Fuel Co.,

 

 

 

 

 

Series 1997 A,

 

 

 

 

 

6.100% 07/01/13

 

1,000,000

 

1,034,700

 

Resource Recovery Total

 

2,332,550

 

RESOURCE RECOVERY TOTAL

 

4,436,395

 

TAX-BACKED – 41.9%

 

 

 

 

 

Local Appropriated 4.5%

 

 

 

 

 

AZ Game & Fish Department & Commission

 

 

 

 

 

Series 2006,

 

 

 

 

 

5.000% 07/01/26

 

900,000

 

951,543

 

CA Compton

 

 

 

 

 

Civic Center & Capital Improvements,

 

 

 

 

 

Series 1997 A,

 

 

 

 

 

5.500% 09/01/15

 

500,000

 

513,640

 

CA Los Angeles County

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

(a) 08/01/21

 

2,135,000

 

1,154,138

 

MN Andover Economic Development Authority

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.000% 02/01/19

 

600,000

 

634,104

 

 

18



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

Local Appropriated (continued)

 

 

 

 

 

MN Hibbing Economic Development Authority

 

 

 

 

 

Series 1997,

 

 

 

 

 

6.400% 02/01/12

 

335,000

 

336,688

 

MO St. Louis Industrial Development Authority

 

 

 

 

 

St. Louis Convention Center,

 

 

 

 

 

Series 2000,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

(a) 07/15/18

 

300,000

 

188,817

 

SC Berkeley County School District

 

 

 

 

 

Series 2003,

 

 

 

 

 

5.000% 12/01/28

 

500,000

 

520,605

 

SC Dorchester County School District No. 2

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.250% 12/01/29

 

250,000

 

266,700

 

SC Lancaster Educational Assistance Program

 

 

 

 

 

Lancaster County School District,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.000% 12/01/26

 

550,000

 

573,661

 

SC Laurens County School District No. 55

 

 

 

 

 

Series 2005,

 

 

 

 

 

5.250% 12/01/30

 

350,000

 

373,765

 

SC Newberry County School District

 

 

 

 

 

Series 2005,

 

 

 

 

 

5.000% 12/01/30

 

350,000

 

365,362

 

Local Appropriated Total

 

5,879,023

 

Local General Obligations 10.3%

 

 

 

 

 

CA Modesto High School District

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

(a) 08/01/19

 

1,350,000

 

809,392

 

CA Pomona Unified School District

 

 

 

 

 

Series 2000 A,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

6.450% 08/01/22

 

1,000,000

 

1,279,420

 

CA West Contra Costa Unified School District

 

 

 

 

 

Series 2001 B,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

6.000% 08/01/24

 

250,000

 

310,508

 

CO Highlands Ranch Metropolitan District No. 2

 

 

 

 

 

Series 1996,

 

 

 

 

 

Insured: CGIC

 

 

 

 

 

6.500% 06/15/11

 

650,000

 

722,195

 

 

19



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

Local General Obligations (continued)

 

 

 

 

 

IL Chicago

 

 

 

 

 

Series 1996 A-2,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

6.250% 01/01/14

 

1,480,000

 

1,700,402

 

Series 1999,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.500% 01/01/23

 

1,000,000

 

1,179,880

 

IL Hoffman Estates Park District

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.000% 12/01/16

 

500,000

 

530,980

 

IL St. Clair County

 

 

 

 

 

Series 1997 B,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

(a) 12/01/13

 

2,000,000

 

1,531,340

 

Series 1999,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

(a) 10/01/16

 

2,000,000

 

1,357,900

 

IL Will County School District No. 17

 

 

 

 

 

Series 2001,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

8.500% 12/01/15

 

1,400,000

 

1,885,184

 

MI St. John’s Public School

 

 

 

 

 

Series 1998,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

5.100% 05/01/25

 

1,000,000

 

1,141,060

 

NY New York City

 

 

 

 

 

Series 2003 J,

 

 

 

 

 

5.500% 06/01/18

 

500,000

 

544,885

 

TX Dallas County Flood Control District

 

 

 

 

 

Series 2002,

 

 

 

 

 

7.250% 04/01/32

 

500,000

 

535,120

 

Local General Obligations Total

 

13,528,266

 

Special Non-Property Tax 7.1%

 

 

 

 

 

FL Tampa Sports Authority

 

 

 

 

 

Series 1995,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.750% 10/01/25

 

1,000,000

 

1,219,020

 

IL Bolingbrook

 

 

 

 

 

Sales Tax Revenue,

 

 

 

 

 

Series 2005,

 

 

 

 

 

(e) 01/01/24 (6.250% 01/01/08)

 

250,000

 

248,615

 

KS Wyandotte County

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

5.000% 12/01/20

 

100,000

 

104,389

 

NJ Economic Development Authority

 

 

 

 

 

Cigarette Tax,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.750% 06/15/29

 

500,000

 

542,450

 

 

20



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

Special Non-Property Tax (continued)

 

 

 

 

 

NM Dona Ana County

 

 

 

 

 

Series 1998,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

5.500% 06/01/15

 

1,000,000

 

1,124,900

 

NY Local Government Assistance Corp.

 

 

 

 

 

Series 1993 E,

 

 

 

 

 

5.000% 04/01/21

 

3,000,000

 

3,313,110

 

NY New York City Transitional Finance Authority

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

5.000% 11/15/26

 

1,960,000

 

2,058,098

 

PR Commonwealth of Puerto Rico Infrastructure Financing Authority

 

 

 

 

 

Series 2006 B,

 

 

 

 

 

5.000% 07/01/26

 

750,000

 

797,715

 

Special Non-Property Tax Total

 

9,408,297

 

Special Property Tax 5.6%

 

 

 

 

 

CA Huntington Beach Community Facilities District

 

 

 

 

 

Grand Coast Resort,

 

 

 

 

 

Series 2001-1,

 

 

 

 

 

6.450% 09/01/31

 

300,000

 

323,091

 

CA Lincoln Community Facilities District No. 2003-1

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.550% 09/01/18

 

455,000

 

475,807

 

CA Oakdale Public Financing Authority

 

 

 

 

 

Central City Redevelopment Project,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.375% 06/01/33

 

500,000

 

530,930

 

FL Celebration Community Development District

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

6.400% 05/01/34

 

240,000

 

256,003

 

FL Double Branch Community Development District

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

6.700% 05/01/34

 

325,000

 

357,337

 

FL Seven Oaks Community Development District II

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

5.875% 05/01/35

 

495,000

 

511,924

 

Series 2004 B,

 

 

 

 

 

5.000% 05/01/09

 

165,000

 

165,289

 

FL West Villages Improvement District

 

 

 

 

 

Series 2006,

 

 

 

 

 

5.500% 05/01/37

 

500,000

 

506,755

 

FL Westridge Community Development District

 

 

 

 

 

Series 2005,

 

 

 

 

 

5.800% 05/01/37

 

500,000

 

514,580

 

 

21



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

Special Property Tax (continued)

 

 

 

 

 

GA Atlanta

 

 

 

 

 

Series 2005 A, AMT,

 

 

 

 

 

5.625% 01/01/16

 

400,000

 

414,388

 

IL Chicago

 

 

 

 

 

Pilsen Redevelopment,

 

 

 

 

 

Series 2004 B,

 

 

 

 

 

6.750% 06/01/22

 

610,000

 

663,308

 

IL Du Page County Special Service Area No. 31

 

 

 

 

 

Series 2006,

 

 

 

 

 

5.400% 03/01/16

 

250,000

 

259,355

 

IL Lincolnshire Special Services Area No. 1

 

 

 

 

 

Sedgebrook Project,

 

 

 

 

 

Series 2004,

 

 

 

 

 

6.250% 03/01/34

 

225,000

 

239,351

 

IL Plano Special Service Area No. 4

 

 

 

 

 

Series 2005 5-B,

 

 

 

 

 

6.000% 03/01/35

 

750,000

 

759,367

 

IL Volo Village Special Service Area No. 3

 

 

 

 

 

Series 2006-1,

 

 

 

 

 

6.000% 03/01/36

 

250,000

 

257,290

 

IN Portage

 

 

 

 

 

Series 2006,

 

 

 

 

 

5.000% 01/15/27

 

105,000

 

108,166

 

MO Fenton

 

 

 

 

 

Tax Increment Revenue,

 

 

 

 

 

Series 2006,

 

 

 

 

 

4.500% 04/01/21

 

500,000

 

504,395

 

MO Riverside

 

 

 

 

 

Tax Increment Revenue,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.250% 05/01/20

 

500,000

 

519,140

 

Special Property Tax Total

 

7,366,476

 

State Appropriated 10.8%

 

 

 

 

 

IN Office Building Commission

 

 

 

 

 

Series 1995 B,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

6.250% 07/01/16

 

2,820,000

 

3,290,545

 

KY Property & Buildings Commission

 

 

 

 

 

Series 2001,

 

 

 

 

 

5.500% 11/01/14

 

455,000

 

489,029

 

NY Dormitory Authority

 

 

 

 

 

Series 1993 A,

 

 

 

 

 

5.750% 07/01/18

 

5,000,000

 

5,680,750

 

Series 2000 C,

 

 

 

 

 

Insured: FSA

 

 

 

 

 

5.750% 05/15/17

 

1,000,000

 

1,166,780

 

 

22



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

State Appropriated (continued)

 

 

 

 

 

NY Urban Development Corp.

 

 

 

 

 

Series 1995,

 

 

 

 

 

5.600% 04/01/15

 

1,000,000

 

1,100,930

 

UT Building Ownership Authority

 

 

 

 

 

Series 1998,

 

 

 

 

 

Insured: FSA

 

 

 

 

 

5.500% 05/15/19

 

1,750,000

 

2,016,228

 

WV Building Commission

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

5.375% 07/01/18

 

500,000

 

563,140

 

State Appropriated Total

 

14,307,402

 

State General Obligations 3.6%

 

 

 

 

 

CA State

 

 

 

 

 

Series 1995,

 

 

 

 

 

5.750% 03/01/19

 

70,000

 

70,631

 

MA State

 

 

 

 

 

Series 1998 C,

 

 

 

 

 

5.250% 08/01/17

 

1,000,000

 

1,122,730

 

PR Commonwealth of Puerto Rico Aqueduct & Sewer Authority

 

 

 

 

 

Series 1995,

 

 

 

 

 

Insured: MBIA:

 

 

 

 

 

6.250% 07/01/12

 

1,000,000

 

1,125,090

 

6.250% 07/01/13

 

750,000

 

859,463

 

Series 2004 A,

 

 

 

 

 

5.000% 07/01/30

 

415,000

 

433,339

 

PR Commonwealth of Puerto Rico

 

 

 

 

 

Series 2001,

 

 

 

 

 

Insured: FSA

 

 

 

 

 

5.500% 07/01/17

 

1,000,000

 

1,151,140

 

State General Obligations Total

 

4,762,393

 

TAX-BACKED TOTAL

 

55,251,857

 

TRANSPORTATION – 8.6%

 

 

 

 

 

Air Transportation 2.3%

 

 

 

 

 

IN Indianapolis Airport Authority

 

 

 

 

 

Fed Ex Corp.,

 

 

 

 

 

Series 2004, AMT,

 

 

 

 

 

5.100% 01/15/17

 

250,000

 

265,413

 

NC Charlotte/Douglas International Airport

 

 

 

 

 

US Airways, Inc.,

 

 

 

 

 

Series 2000, AMT,

 

 

 

 

 

7.750% 02/01/28

 

500,000

 

543,460

 

NJ Economic Development Authority

 

 

 

 

 

Continental Airlines, Inc.,

 

 

 

 

 

Series 1999, AMT,

 

 

 

 

 

6.250% 09/15/19

 

500,000

 

520,280

 

 

23



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

TRANSPORTATION – (continued)

 

 

 

 

 

Air Transportation (continued)

 

 

 

 

 

NY New York City Industrial Development Agency

 

 

 

 

 

Terminal One Group Association LP,

 

 

 

 

 

Series 2005, AMT,

 

 

 

 

 

5.500% 01/01/21

 

250,000

 

274,170

 

NY Port Authority of New York & New Jersey

 

 

 

 

 

JFK International Air Terminal LLC,

 

 

 

 

 

Series 1997, AMT,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

6.250% 12/01/08

 

1,000,000

 

1,041,570

 

TX Houston Industrial Development Corp.

 

 

 

 

 

United Parcel Service,

 

 

 

 

 

Series 2002, AMT,

 

 

 

 

 

6.000% 03/01/23

 

365,000

 

387,535

 

Air Transportation Total

 

3,032,428

 

Airports 1.6%

 

 

 

 

 

MA Port Authority

 

 

 

 

 

Series 1999 C,

 

 

 

 

 

5.750% 07/01/29(f)

 

2,000,000

 

2,131,460

 

Airports Total

 

2,131,460

 

Toll Facilities 2.3%

 

 

 

 

 

CA Foothill/Eastern Transportation Corridor Agency

 

 

 

 

 

Series 1995 A,

 

 

 

 

 

5.000% 01/01/35(g)

 

1,000,000

 

1,010,750

 

CA San Joaquin Hills Transportation Corridor Agency

 

 

 

 

 

Series 1997 A,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

(a) 01/15/15

 

2,000,000

 

1,468,340

 

CO Northwest Parkway Public Highway Authority

 

 

 

 

 

Series 2001 D,

 

 

 

 

 

7.125% 06/15/41

 

500,000

 

540,025

 

Toll Facilities Total

 

3,019,115

 

Transportation 2.4%

 

 

 

 

 

IL Regional Transportation Authority

 

 

 

 

 

Series 1994 C,

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

7.750% 06/01/20

 

1,000,000

 

1,380,360

 

NV Department of Business & Industry

 

 

 

 

 

Las Vegas Monorail Co.,

 

 

 

 

 

Series 2000:

 

 

 

 

 

7.375% 01/01/30

 

250,000

 

264,542

 

7.375% 01/01/40

 

250,000

 

264,153

 

 

24



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

TRANSPORTATION – (continued)

 

 

 

 

 

Transportation (continued)

 

 

 

 

 

OH Toledo-Lucas County Port Authority

 

 

 

 

 

Series 1992,

 

 

 

 

 

6.450% 12/15/21

 

1,000,000

 

1,218,690

 

Transportation Total

 

3,127,745

 

TRANSPORTATION TOTAL

 

11,310,748

 

UTILITIES – 13.2%

 

 

 

 

 

Independent Power Producers 1.5%

 

 

 

 

 

NY Suffolk County Industrial Development Agency

 

 

 

 

 

Nissequogue Cogeneration Partners Facilities,

 

 

 

 

 

Series 1998, AMT,

 

 

 

 

 

5.500% 01/01/23

 

550,000

 

550,891

 

OR Western Generation Agency

 

 

 

 

 

Wauna Cogeneration Project,

 

 

 

 

 

Series 2006 B, AMT,

 

 

 

 

 

5.000% 01/01/16

 

500,000

 

514,780

 

PA Carbon County Industrial Development Authority

 

 

 

 

 

Panther Creek Partners,

 

 

 

 

 

Series 2000, AMT,

 

 

 

 

 

6.650% 05/01/10

 

110,000

 

114,676

 

PA Economic Development Financing Authority

 

 

 

 

 

Colver Project,

 

 

 

 

 

Series 2005, AMT,

 

 

 

 

 

5.125% 12/01/15

 

425,000

 

432,213

 

PR Commonwealth of Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Cogeneration Facilities

 

 

 

 

 

AES Project,

 

 

 

 

 

Series 2000, AMT,

 

 

 

 

 

6.625% 06/01/26

 

320,000

 

346,963

 

Independent Power Producers Total

 

1,959,523

 

Investor Owned 10.9%

 

 

 

 

 

CA Chula Vista Industrial Development Authority

 

 

 

 

 

San Diego Gas & Electric Co.,

 

 

 

 

 

Series 1996 B, AMT,

 

 

 

 

 

5.500% 12/01/21

 

625,000

 

692,075

 

FL Polk County Industrial Development Authority

 

 

 

 

 

Tampa Electric Co.,

 

 

 

 

 

Series 1996, AMT,

 

 

 

 

 

5.850% 12/01/30

 

500,000

 

510,730

 

IN Petersburg

 

 

 

 

 

Indianapolis Power & Light Co.,

 

 

 

 

 

Series 1993 B,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.400% 08/01/17

 

2,500,000

 

2,797,700

 

MI Strategic Fund

 

 

 

 

 

Detroit Edison Co.,

 

 

 

 

 

Series 1998 A, AMT,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.550% 09/01/29

 

3,000,000

 

3,162,390

 

 

25



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

UTILITIES – (continued)

 

 

 

 

 

Investor Owned (continued)

 

 

 

 

 

MS Business Finance Corp.

 

 

 

 

 

Systems Energy Resources, Inc. Project,

 

 

 

 

 

Series 1998,

 

 

 

 

 

5.875% 04/01/22

 

1,000,000

 

1,003,500

 

MT Forsyth

 

 

 

 

 

Northwestern Corp.,

 

 

 

 

 

Series 2006,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

4.650% 08/01/23

 

500,000

 

522,740

 

Portland General,

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

5.200% 05/01/33

 

150,000

 

153,708

 

NH Business Finance Authority

 

 

 

 

 

Public Service Co.,

 

 

 

 

 

Series 2006 B, AMT,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

4.750% 05/01/21

 

250,000

 

257,780

 

NV Clark County Industrial Development Authority

 

 

 

 

 

Nevada Power Co.:

 

 

 

 

 

Series 1995 B, AMT,

 

 

 

 

 

5.900% 10/01/30

 

250,000

 

250,158

 

Series 1997 A, AMT,

 

 

 

 

 

5.900% 11/01/32

 

250,000

 

250,213

 

OH Air Quality Development Authority

 

 

 

 

 

Cleveland Electric Illuminating Co.,

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

6.000% 12/01/13

 

650,000

 

665,229

 

PA Economic Development Financing Authority

 

 

 

 

 

Reliant Energy, Inc.,

 

 

 

 

 

Series 2001 A, AMT,

 

 

 

 

 

6.750% 12/01/36

 

200,000

 

220,902

 

TX Brazos River Authority

 

 

 

 

 

TXU Energy Co., LLC:

 

 

 

 

 

Series 1999, AMT,

 

 

 

 

 

7.700% 04/01/33

 

250,000

 

287,047

 

Series 2001 C, AMT,

 

 

 

 

 

5.750% 05/01/36

 

100,000

 

103,126

 

Series 2003 C, AMT,

 

 

 

 

 

6.750% 10/01/38

 

270,000

 

298,350

 

TX Matagorda County Navigation District No. 1

 

 

 

 

 

Centerpoint Energy, Inc.,

 

 

 

 

 

Series 1997, AMT,

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

5.125% 11/01/28

 

2,000,000

 

2,240,080

 

 

26



 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds (continued)

 

 

 

 

 

UTILITIES – (continued)

 

 

 

 

 

Investor Owned (continued)

 

 

 

 

 

WY Campbell County

 

 

 

 

 

Black Hills Power, Inc.,

 

 

 

 

 

Series 2004,

 

 

 

 

 

5.350% 10/01/24

 

500,000

 

528,640

 

WY Converse County

 

 

 

 

 

PacifiCorp,

 

 

 

 

 

Series 1988,

 

 

 

 

 

3.900% 01/01/14

 

500,000

 

485,880

 

Investor Owned Total

 

14,430,248

 

Joint Power Authority 0.7%

 

 

 

 

 

NC Eastern Municipal Power Agency

 

 

 

 

 

Series 2003 F,

 

 

 

 

 

5.500% 01/01/16

 

285,000

 

306,905

 

NC Municipal Power Agency

 

 

 

 

 

Catawba Electric No. 1,

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

5.500% 01/01/15

 

640,000

 

714,989

 

Joint Power Authority Total

 

1,021,894

 

Water & Sewer 0.1%

 

 

 

 

 

MS V Lakes Utility District

 

 

 

 

 

Series 1994,

 

 

 

 

 

8.250% 07/15/24(i)

 

135,000

 

81,031

 

UTILITIES TOTAL

 

17,492,696

 

Total Municipal Bonds
(cost of $177,479,859)

 

 

 

187,864,529

 

 

 

Shares

 

 

 

Municipal Preferred Stocks 2.0%

 

 

 

 

 

HOUSING – 2.0%

 

 

 

 

 

Multi-Family 2.0%

 

 

 

 

 

Charter Mac Equity Issuer Trust

 

 

 

 

 

AMT,

 

 

 

 

 

6.300% 04/30/19(b)

 

500,000

 

565,850

 

Series 2000, AMT,

 

 

 

 

 

7.600% 11/30/10(b)

 

500,000

 

551,250

 

GMAC Municipal Mortgage Trust

 

 

 

 

 

AMT,

 

 

 

 

 

5.600% 10/31/39(b)

 

500,000

 

540,780

 

Munimae TE Bond Subsidiary LLC

 

 

 

 

 

Series 2005 C-3, AMT,

 

 

 

 

 

5.500% 11/29/49(b)

 

1,000,000

 

1,055,740

 

Multi-Family Total

 

2,713,620

 

HOUSING TOTAL

 

2,713,620

 

Total Municipal Preferred Stocks
(cost of $2,500,000)

 

2,713,620

 

 

27



 

 

 

Shares

 

Value ($)

 

Investment Company 0.0%

 

 

 

 

 

Dreyfus Tax-Exempt Cash Management Fund

 

1,695

 

1,695

 

Total Investment Companies
(cost of $1,695)

 

1,695

 

 

 

Par ($)

 

 

 

Short-Term Obligations 1.4%

 

 

 

 

 

VARIABLE RATE DEMAND NOTES (j) – 1.4%

 

 

 

 

 

MO Health & Educational Facilities Authority

 

 

 

 

 

SSM Health Care Corp.,

 

 

 

 

 

Series 2005 C-1,

 

 

 

 

 

Insured: FSA,

 

 

 

 

 

SPA: UBS AG

 

 

 

 

 

3.650% 06/01/19

 

800,000

 

800,000

 

MS Jackson County Pollution Control

 

 

 

 

 

Chevron Corp.,

 

 

 

 

 

Series 1993,

 

 

 

 

 

3.650% 06/01/23

 

100,000

 

100,000

 

NY New York City

 

 

 

 

 

Series 1993 A-7,

 

 

 

 

 

LOC: Morgan Guaranty Trust

 

 

 

 

 

3.610% 08/01/20

 

700,000

 

700,000

 

WY Uinta County

 

 

 

 

 

Chevron Corp.,

 

 

 

 

 

Series 1993,

 

 

 

 

 

3.650% 08/15/20

 

200,000

 

200,000

 

VARIABLE RATE DEMAND NOTES TOTAL

 

1,800,000

 

Total Short-Term Obligations
(cost of $1,800,000)

 

1,800,000

 

Total Investments – 145.7%
(cost of $181,781,554)(j)(k)

 

192,379,844

 

Auction Preferred Shares Plus Cumulative
Unpaid Distributions- (45.4)%

 

(60,008,956)

 

Other Assets & Liabilities, Net – (0.3)%

 

(364,944)

 

Net Assets – 100.0%

 

132,005,944

 

 

28



 

 

 

Notes to Investment Portfolio:

 

 

*

Security Valuation:

Debt securities generally are valued by pricing services approved by the Fund’s Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis.

Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value.

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

The Fund may engage in swap transactions such as interest rate (and forward) swaps, consistent with its investment objective and policies to obtain a desired return at a lower cost than if the Fund had invested directly in the asset that yielded the desired return. Swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest or total return throughout the lives of the agreements. The interest to be paid or received on swaps is included in net realized gain/(loss) on investments. Unrealized gains are reported as an asset and unrealized losses are reported as a liability on the Statement of Assets and Liabilities. A realized gain or loss is recorded upon termination of swap agreements and is equal to the difference between the Fund’s basis in the swap and the proceeds from (or cost of) the closing transaction. Swap agreements are stated at fair value. Notional principal amounts are used to express the extent of involvement in these transactions, but the amounts potentially subject to credit risk are much smaller.

If there is a default by the counterparty to a swap contract, the Fund will be limited to contractual remedies pursuant to the agreements related to the transaction. There is no assurance that the swap contract counterparties will be able to meet their obligations pursuant to the swap contracts or that, in the event of default, the Fund will succeed in pursuing contractual remedies. The Fund thus assumes the risk that it may be delayed in or prevented from obtaining payments owed to it pursuant to the swap contracts.

Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at a “fair value”, such value is likely to be different from the last quoted market price for the security.

 

 

 

 

 

 

(a)

Zero coupon bond.

 

 

 

 

 

 

(b)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2007, these securities, which did not include any illiquid securities except the following, amounted to $4,049,682 which represents 3.1% of net assets.

 

 

 

Acquisition

 

 

 

 

 

 

 

Security

 

Date

 

Par/Unit

 

Cost

 

Value

 

Resolution Trust Corp. Pass Through Certificates, Series 1993 A, 8.500% 12/01/16

 

08/27/93

 

$

227,741

 

$

232,276

 

$

226,083

 

 

 

 

 

 

 

 

 

 

 

 

 

(c)

Security purchased on a delayed delivery basis.

 

 

 

 

 

 

(d)

The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest.

 

29



 

 

 

 

 

 

 

(e)

Step bond. This security is currently not paying coupon. Shown parenthetically is the next interest rate to be paid and the date the Fund will begin accruing at this rate.

 

 

 

 

 

 

(f)

Security represents the underlying bond transferred to a special purpose entity established in a floating rate note transaction in which the Fund acquired the residual interest. This security serves as collateral serve in the transaction.

 

 

 

 

 

 

(g)

The security or a portion of the security is pledged as collateral for open futures contracts. At February 28, 2007, the total market value of securities pledged amounted to $1,010,750.

 

 

 

 

 

 

(h)

The issuer is in default of certain debt covenants. Income is not being accrued. At February 28, 2007, the value of this security represents 0.1% of net assets.

 

 

 

 

 

 

(i)

Variable rate demand notes. These securities are payable upon demand and are secured by letters of credit or other credit support agreements from banks. The interest rates change periodically and the interest rates shown reflect the rates at February 28, 2007.

 

 

 

 

 

 

(j)

Cost for federal income tax purposes is $180,442,034.

 

 

 

 

 

 

(k)

Unrealized appreciation and depreciation at February 28, 2007 based on cost of investments for federal income tax purposes was:

 

Unrealized

 

Unrealized

 

Net Unrealized

Appreciation

 

Depreciation

 

Appreciation

$

15,835,770

 

$

(3,897,960)

 

$

11,937,810

 

At February 28, 2007, the Trust held the following open short futures contracts:

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

Number of

 

 

 

Aggregate

 

Expiration

 

Appreciation/

 

Type

 

Contracts

 

Value

 

Face Value

 

Date

 

(Depreciation)

 

U.S Treasury Bonds

 

35

 

$

3,955,000

 

$

3,978,128

 

Mar-07

 

$

23,128

 

10-Year U.S Treasury Notes

 

35

 

3,800,781

 

3,780,160

 

Jun-07

 

(20,621

)

 

 

 

 

 

 

 

 

 

 

$

2,507

 

 

At February 28, 2007, the Trust held the following forward swap contract:

 

Notional

 

Effective

 

Expiration

 

Counter-

 

Receive

 

Fixed

 

Variable

 

Unrealized

 

Amount

 

Date

 

Date

 

party

 

(Pay)

 

Rate

 

Rate

 

Depreciation

 

$

9,000,000

 

02/01/07

 

05/08/07

 

JPMorgan Chase Bank

 

(Pay

)

3.903

 

BMA Index

 

$

(145,972

)

 

 

 

Acronym

 

Name

 

 

AMBAC

 

Ambac Assurance Corp.

 

 

AMT

 

Alternative Minimum Tax

 

 

CGIC

 

Capital Guaranty Insurance Corp.

 

 

FGIC

 

Financial Guaranty Insurance Co.

 

 

FHA

 

Federal Housing Administration

 

 

FHLMC

 

Federal Home Loan Mortgage Corp.

 

 

FNMA

 

Federal National Mortgage Association

 

 

FSA

 

Financial Security Assurance, Inc.

 

 

GNMA

 

Government National Mortgage Association

 

 

LOC

 

Letter of Credit

 

 

MBIA

 

MBIA Insurance Corp.

 

 

QSBLF

 

Qualified State Bond Loan Fund

 

 

RAD

 

Radian Asset Assurance, Inc.

 

 

SPA

 

Stand-by Purchase Agreement

 

30



 

Item  2. Controls and Procedures.

 

(a)          The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-Q is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

(b)         There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(registrant)

 

 

Colonial Investment Grade Municipal Trust

 

 

 

 

 

By (Signature and Title)

 

 

/s/ Christopher L. Wilson

 

 

 

 

Christopher L. Wilson, President

 

 

 

 

Date

 

 

April 26, 2007

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)

 

 

/s/ Christopher L. Wilson

 

 

 

 

Christopher L. Wilson, President

 

 

 

 

 

 

 

Date

 

 

April 26, 2007

 

 

 

 

 

 

 

By (Signature and Title)

 

 

/s/ J. Kevin Connaughton

 

 

 

 

J. Kevin Connaughton, Treasurer

 

 

 

 

 

 

 

Date

 

 

April 26, 2007