Portfolio of Investments (Unaudited) | ||||
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) | ||||
December 31, 2009 | ||||
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Consumer Staples 2.9% (1.9% of Total Investments) | ||||
$ 1,805 | New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, | 6/11 at 101.00 | BBB | $ 1,715,219 |
5.250%, 6/01/25 | ||||
1,000 | New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, | 6/13 at 100.00 | BBB | 940,040 |
5.750%, 6/01/33 | ||||
755 | Puerto Rico, The Childrens Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, | 5/12 at 100.00 | BBB | 724,415 |
Series 2002, 5.375%, 5/15/33 | ||||
3,560 | Total Consumer Staples | 3,379,674 | ||
Education and Civic Organizations 20.6% (13.8% of Total Investments) | ||||
395 | Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of | No Opt. Call | A | 383,869 |
Technology, Series 2007, 5.250%, 7/01/34 FGIC Insured | ||||
4,000 | Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of | No Opt. Call | A | 4,080,400 |
Medicine, Series 1994A, 5.150%, 7/01/24 NPFG Insured | ||||
1,280 | Dormitory Authority of the State of New York, Insured Revenue Bonds, New York Medical College, | 1/10 at 100.50 | A | 1,289,843 |
Series 1998, 5.000%, 7/01/21 NPFG Insured | ||||
1,000 | Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory | No Opt. Call | AA | 1,106,120 |
Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) SYNCORA GTY Insured | ||||
140 | Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory | 7/15 at 100.00 | AA | 141,541 |
Facilities, Series 2004A, 5.000%, 7/01/29 NPFG Insured | ||||
920 | Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory | 7/16 at 100.00 | AA | 943,589 |
Facilities, Series 2006A, 5.000%, 7/01/31 NPFG Insured | ||||
240 | Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A, | 7/17 at 100.00 | A | 238,579 |
5.000%, 7/01/37 FGIC Insured | ||||
3,250 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series | No Opt. Call | AA | 3,831,165 |
1998A, 6.000%, 7/01/18 NPFG Insured | ||||
510 | Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Colgate | 7/15 at 100.00 | AA+ | 545,175 |
University, Tender Option Bond Trust 3127, 12.821%, 7/01/40 BHAC Insured (IF) | ||||
300 | New York City Industrial Development Agency, New York, Payment in Lieu of Taxes Revenue Bonds, | 1/19 at 100.00 | AAA | 338,070 |
Queens Baseball Stadium Project, Series 2009, 6.125%, 1/01/29 AGC Insured | ||||
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball | ||||
Stadium Project, Series 2006: | ||||
1,000 | 5.000%, 1/01/36 AMBAC Insured | 1/17 at 100.00 | BBB | 920,910 |
1,060 | 5.000%, 1/01/46 AMBAC Insured | 1/17 at 100.00 | BBB | 965,013 |
885 | New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project | 3/19 at 100.00 | AAA | 1,020,210 |
Pilot, Series 2009A, 7.000%, 3/01/49 AGC Insured | ||||
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium | ||||
Project, Series 2006: | ||||
395 | 5.000%, 3/01/31 FGIC Insured | 9/16 at 100.00 | BBB | 377,581 |
2,210 | 5.000%, 3/01/36 NPFG Insured | 9/16 at 100.00 | A | 2,045,974 |
1,920 | 4.500%, 3/01/39 FGIC Insured | 9/16 at 100.00 | BBB | 1,602,432 |
4,000 | New York City Trust for Cultural Resources, New York, Revenue Bonds, Museum of Modern Art, | 7/12 at 100.00 | Aa2 | 4,062,920 |
Series 2001D, 5.125%, 7/01/31 AMBAC Insured | ||||
330 | New York State Dormitory Authority, Revenue Bonds, New York University, Series 2007, 5.000%, | 7/17 at 100.00 | AA | 341,042 |
7/01/32 AMBAC Insured | ||||
23,835 | Total Education and Civic Organizations | 24,234,433 | ||
Health Care 23.6% (15.7% of Total Investments) | ||||
1,940 | Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, New | 2/10 at 100.00 | N/R | 1,940,330 |
York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 AMBAC Insured | ||||
1,400 | Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, St. | 8/12 at 100.00 | N/R | 1,438,934 |
Barnabas Hospital, Series 2002A, 5.125%, 2/01/22 AMBAC Insured | ||||
785 | Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson | 8/17 at 100.00 | AAA | 810,049 |
Valley Hospital Center, Series 2007, 5.000%, 8/15/27 FSA Insured | ||||
9,800 | Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, New York | 2/10 at 101.00 | N/R | 9,905,935 |
Hospital Medical Center of Queens, Series 1999, 5.600%, 2/15/39 AMBAC Insured | ||||
1,500 | Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical | 2/15 at 100.00 | A | 1,523,460 |
Center, Series 2005, 5.000%, 2/01/22 FGIC Insured | ||||
2,050 | Dormitory Authority of the State of New York, Hospital Revenue Bonds, Catholic Health Services | 1/10 at 101.00 | A | 2,067,282 |
of Long Island Obligated Group St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 | ||||
NPFG Insured | ||||
170 | Dormitory Authority of the State of New York, Revenue Bonds, Catholic Health Services of Long | 1/10 at 101.00 | A | 170,605 |
Island Obligated Group St. Charles Hospital and Rehabilitation Center, Series 1999A, 5.500%, | ||||
7/01/22 NPFG Insured | ||||
585 | Dormitory Authority of the State of New York, Revenue Bonds, Health Quest System Inc., Series | 7/17 at 100.00 | AAA | 623,007 |
2007B, 5.250%, 7/01/27 AGC Insured | ||||
1,725 | Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer | 7/13 at 100.00 | AA | 1,796,553 |
Center, Series 2003-1, 5.000%, 7/01/21 NPFG Insured | ||||
910 | Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian | 8/14 at 100.00 | AAA | 984,083 |
Hospital, Series 2004A, 5.250%, 8/15/15 FSA Insured | ||||
600 | Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities | 7/13 at 100.00 | Baa1 | 600,186 |
Hospital, Series 2003B, 5.500%, 7/01/23 | ||||
700 | Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian | 8/14 at 100.00 | AAA | 707,728 |
Hospital Project, Series 2007, 5.000%, 8/15/36 FSA Insured | ||||
690 | New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series | 2/12 at 100.00 | AAA | 722,934 |
2002A, 5.500%, 2/15/17 FSA Insured | ||||
New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, | ||||
Series 2003A: | ||||
1,500 | 5.250%, 2/15/21 AMBAC Insured | 2/13 at 100.00 | A+ | 1,539,210 |
1,000 | 5.250%, 2/15/22 AMBAC Insured | 2/13 at 100.00 | A+ | 1,024,730 |
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Huntington Hospital, | ||||
Series 2002C: | ||||
725 | 6.000%, 11/01/22 | 11/12 at 100.00 | BBB+ | 742,719 |
1,045 | 5.875%, 11/01/32 | 11/12 at 100.00 | BBB+ | 1,050,977 |
27,125 | Total Health Care | 27,648,722 | ||
Housing/Multifamily 4.5% (3.0% of Total Investments) | ||||
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, | ||||
Series 2002A: | ||||
2,725 | 5.375%, 11/01/23 (Alternative Minimum Tax) | 5/12 at 100.00 | AA | 2,760,807 |
1,375 | 5.500%, 11/01/34 (Alternative Minimum Tax) | 5/12 at 100.00 | AA | 1,379,056 |
180 | New York City, New York, Multifamily Housing Revenue Bonds, Seaview Towers, Series 2006A, | 1/17 at 100.00 | AAA | 167,454 |
4.750%, 7/15/39 AMBAC Insured (Alternative Minimum Tax) | ||||
1,000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2007B, 5.300%, | 11/17 at 100.00 | Aa2 | 981,370 |
11/01/37 (Alternative Minimum Tax) | ||||
5,280 | Total Housing/Multifamily | 5,288,687 | ||
Long-Term Care 2.6% (1.8% of Total Investments) | ||||
525 | Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of | 2/17 at 103.00 | A | 520,648 |
Westchester Project, Series 2006, 5.200%, 2/15/41 | ||||
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Willow Towers | ||||
Inc., Series 2002: | ||||
1,000 | 5.250%, 2/01/22 | 8/12 at 101.00 | AAA | 1,045,300 |
1,500 | 5.400%, 2/01/34 | 8/12 at 101.00 | AAA | 1,545,450 |
3,025 | Total Long-Term Care | 3,111,398 | ||
Tax Obligation/General 10.6% (7.1% of Total Investments) | ||||
Buffalo, New York, General Obligation Bonds, Series 2002B: | ||||
1,490 | 5.375%, 11/15/18 NPFG Insured | 11/12 at 100.00 | A | 1,561,028 |
2,375 | 5.375%, 11/15/20 NPFG Insured | 11/12 at 100.00 | A | 2,472,351 |
1,240 | Canandaigua City School District, Ontario County, New York, General Obligation Refunding | 4/12 at 101.00 | Aa3 | 1,361,520 |
Bonds, Series 2002A, 5.375%, 4/01/17 FSA Insured | ||||
200 | New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28 | 8/19 at 100.00 | AA | 211,054 |
3,000 | New York City, New York, General Obligation Bonds, Fiscal Series 2001H, 5.250%, 3/15/16 | 3/11 at 101.00 | AA | 3,154,830 |
FGIC Insured | ||||
80 | New York City, New York, General Obligation Bonds, Fiscal Series 2002C, 5.125%, 3/15/25 | 3/12 at 100.00 | AAA | 81,657 |
FSA Insured | ||||
525 | New York City, New York, General Obligation Bonds, Fiscal Series 2006C, 5.000%, 8/01/16 | 8/15 at 100.00 | AAA | 583,160 |
FSA Insured | ||||
New York City, New York, General Obligation Bonds: | ||||
1,700 | 5.000%, 11/01/19 FSA Insured (UB) | 11/14 at 100.00 | AAA | 1,815,532 |
1,100 | 5.000%, 11/01/20 FSA Insured (UB) | 11/14 at 100.00 | AAA | 1,168,354 |
11,710 | Total Tax Obligation/General | 12,409,486 | ||
Tax Obligation/Limited 45.0% (30.1% of Total Investments) | ||||
230 | Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, | 7/10 at 100.00 | N/R | 231,704 |
Vanderheyden Hall Inc., Issue 2, Series 1998F, 5.250%, 7/01/18 AMBAC Insured | ||||
3,000 | Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing | 10/12 at 100.00 | A+ | 3,085,050 |
Program, Series 2002D, 5.250%, 10/01/23 NPFG Insured | ||||
160 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series | 3/15 at 100.00 | AAA | 171,763 |
2005F, 5.000%, 3/15/21 FSA Insured | ||||
400 | Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo | 5/12 at 100.00 | AAA | 436,576 |
City School District, Series 2003, 5.750%, 5/01/20 FSA Insured | ||||
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo | ||||
City School District: | ||||
590 | 5.750%, 5/01/27 FSA Insured (UB) | 5/18 at 100.00 | AAA | 652,829 |
190 | 5.750%, 5/01/28 FSA Insured (UB) | 5/18 at 100.00 | AAA | 209,673 |
2,485 | Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo | 5/17 at 100.00 | AAA | 2,715,956 |
City School District, Trust 2090, 5.750%, 5/01/28 FSA Insured (UB) | ||||
4,760 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, | 2/17 at 100.00 | A | 4,432,940 |
2/15/47 FGIC Insured | ||||
2,290 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A, | 11/12 at 100.00 | AAA | 2,415,836 |
5.250%, 11/15/25 FSA Insured | ||||
4,000 | Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, | 7/12 at 100.00 | AA | 4,169,800 |
Series 2002A, 5.000%, 7/01/25 FGIC Insured | ||||
1,000 | Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series | 11/13 at 100.00 | AAA | 1,065,290 |
2003A, 5.000%, 11/15/18 AMBAC Insured | ||||
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local | ||||
Government Assistance Corporation, Series 2004A: | ||||
3,400 | 5.000%, 10/15/25 NPFG Insured | 10/14 at 100.00 | AAA | 3,642,896 |
1,040 | 5.000%, 10/15/26 NPFG Insured | 10/14 at 100.00 | AAA | 1,103,419 |
300 | 5.000%, 10/15/29 AMBAC Insured | 10/14 at 100.00 | AAA | 314,472 |
2,500 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal | 1/17 at 100.00 | AA | 2,630,075 |
Series 2007S-2, 5.000%, 1/15/28 FGIC Insured | ||||
5,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal | 11/11 at 101.00 | AAA | 5,409,301 |
Series 2002B, 5.250%, 5/01/16 NPFG Insured | ||||
890 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal | 8/12 at 100.00 | AAA | 963,016 |
Series 2003C, 5.250%, 8/01/21 AMBAC Insured | ||||
500 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal | 2/14 at 100.00 | AAA | 542,435 |
Series 2004C, 5.000%, 2/01/19 SYNCORA GTY Insured | ||||
New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Tender Option | ||||
Bonds Trust 3095: | ||||
165 | 13.417%, 11/15/30 AMBAC Insured (IF) | 11/15 at 100.00 | AAA | 188,283 |
140 | 13.403%, 11/15/44 AMBAC Insured (IF) | 11/15 at 100.00 | AAA | 149,190 |
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, | ||||
Series 2005B: | ||||
2,625 | 5.500%, 4/01/20 AMBAC Insured | No Opt. Call | AA | 3,058,991 |
500 | 5.000%, 4/01/21 AMBAC Insured | 10/15 at 100.00 | AA | 536,120 |
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and | ||||
State Contingency Contract-Backed Bonds, Series 2003A-1: | ||||
1,900 | 5.250%, 6/01/20 AMBAC Insured | 6/13 at 100.00 | AA | 2,008,965 |
1,000 | 5.250%, 6/01/22 AMBAC Insured | 6/13 at 100.00 | AA | 1,053,620 |
750 | New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and | 6/13 at 100.00 | AA | 797,093 |
State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21 | ||||
8,600 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, | No Opt. Call | AAA | 10,041,188 |
5.700%, 4/01/20 FSA Insured (UB) | ||||
1,225 | Syracuse Industrial Development Authority, New York, PILOT Mortgage Revenue Bonds, Carousel | 1/17 at 100.00 | BBB | 854,658 |
Center Project, Series 2007A, 5.000%, 1/01/36 SYNCORA GTY Insured (Alternative Minimum Tax) | ||||
49,640 | Total Tax Obligation/Limited | 52,881,139 | ||
Transportation 14.7% (9.8% of Total Investments) | ||||
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, | ||||
Series 2002A: | ||||
2,000 | 5.125%, 11/15/22 FGIC Insured | 11/12 at 100.00 | A | 2,084,820 |
4,000 | 5.000%, 11/15/25 FGIC Insured | 11/12 at 100.00 | A | 4,129,280 |
865 | New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/20 | 1/15 at 100.00 | A+ | 913,077 |
AMBAC Insured | ||||
350 | New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 | 7/15 at 100.00 | AAA | 361,715 |
FSA Insured (UB) | ||||
315 | New York State Thruway Authority, General Revenue Bonds, Series 2007H, 5.000%, 1/01/25 | 1/18 at 100.00 | A+ | 334,832 |
FGIC Insured | ||||
85 | Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara | 4/10 at 100.50 | A | 85,190 |
International Airport, Series 1999A, 5.625%, 4/01/29 NPFG Insured (Alternative Minimum Tax) | ||||
2,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fifty | 5/18 at 100.00 | AA | 2,003,920 |
Second Series 2007, 5.000%, 11/01/28 (Alternative Minimum Tax) | ||||
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth | ||||
Series 2005: | ||||
500 | 5.000%, 12/01/19 FSA Insured | 6/15 at 101.00 | AAA | 540,510 |
1,000 | 5.000%, 12/01/28 SYNCORA GTY Insured | 6/15 at 101.00 | AA | 1,060,320 |
345 | 5.000%, 12/01/31 SYNCORA GTY Insured | 6/15 at 101.00 | AA | 360,477 |
390 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty | 8/17 at 100.00 | AAA | 466,253 |
Eighth Series 2008, Trust 2920, 17.292%, 8/15/32 FSA Insured (IF) | ||||
4,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred | 8/10 at 100.00 | AA | 4,031,800 |
Twenty-Fourth Series 2001, 5.000%, 8/01/11 FGIC Insured (Alternative Minimum Tax) | ||||
780 | Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue | No Opt. Call | Aa3 | 912,327 |
Refunding Bonds, Series 2002E, 5.500%, 11/15/20 NPFG Insured | ||||
16,630 | Total Transportation | 17,284,521 | ||
U.S. Guaranteed 7.0% (4.7% of Total Investments) (4) | ||||
135 | Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk | No Opt. Call | AAA | 161,451 |
County Issue, Series 1986, 7.375%, 7/01/16 (ETM) | ||||
110 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal | 8/12 at 100.00 | AAA | 122,715 |
Series 2003C, 5.250%, 8/01/21 (Pre-refunded 8/01/12) AMBAC Insured | ||||
3,170 | New York City, New York, General Obligation Bonds, Fiscal Series 2002C, 5.125%, 3/15/25 | 3/12 at 100.00 | AAA | 3,479,804 |
(Pre-refunded 3/15/12) FSA Insured | ||||
350 | New York State Housing Finance Agency, Construction Fund Bonds, State University, Series | No Opt. Call | AAA | 371,102 |
1986A, 8.000%, 5/01/11 (ETM) | ||||
2,575 | Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A, | 10/10 at 101.00 | AAA | 2,702,437 |
5.500%, 10/01/40 | ||||
1,265 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2002-1, 5.500%, 7/15/24 | 7/12 at 100.00 | AAA | 1,386,959 |
(Pre-refunded 7/15/12) | ||||
7,605 | Total U.S. Guaranteed | 8,224,468 | ||
Utilities 11.5% (7.7% of Total Investments) | ||||
5,000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A, | 9/11 at 100.00 | AAA | 5,077,150 |
5.000%, 9/01/27 FSA Insured | ||||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A: | ||||
1,700 | 5.000%, 12/01/23 FGIC Insured | 6/16 at 100.00 | A | 1,776,721 |
1,300 | 5.000%, 12/01/25 FGIC Insured | 6/16 at 100.00 | A | 1,348,295 |
250 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, | 6/16 at 100.00 | A | 252,585 |
5.000%, 12/01/35 CIFG Insured | ||||
5,000 | New York State Energy Research and Development Authority, Pollution Control Revenue Refunding | 5/10 at 101.00 | A | 5,030,450 |
Bonds, Niagara Mohawk Power Corporation, Series 1998A, 5.150%, 11/01/25 AMBAC Insured | ||||
13,250 | Total Utilities | 13,485,201 | ||
Water and Sewer 3.1% (2.0% of Total Investments) | ||||
1,140 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue | 6/16 at 100.00 | AAA | 1,170,962 |
Bonds, 5.000%, 6/15/36 NPFG Insured (UB) | ||||
2,295 | Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2005C, 5.000%, | 6/15 at 100.00 | AA+ | 2,411,402 |
6/01/28 NPFG Insured | ||||
3,435 | Total Water and Sewer | 3,582,364 | ||
$ 165,095 | Total Long-Term Municipal Bonds (cost $166,741,169) | 171,530,093 | ||
Short-Term Investments 3.7% (2.4% of Total Investments) | ||||
Euro Dollar Time Deposit 3.7% (2.4% of Total Investments) | ||||
$ 4,307 | State Street Bank Euro Dollar Time Deposit, 0.010%, 1/04/10 | N/A | N/A | 4,307,169 |
Total Short-Term Investments (cost $4,307,169) | 4,307,169 | |||
Total Investments (cost $171,048,338) 149.8% | 175,837,262 | |||
Floating Rate Obligations (9.9)% | (11,620,000) | |||
Variable Rate Demand Preferred Shares, at Liquidation Value (42.6)% | (50,000,000) | |||
Other Assets Less Liabilities 2.7% | 3,194,062 | |||
Net Assets Applicable to Common Shares 100% | $ 117,411,324 |
Fair Value Measurements
In determining the value of the Funds investments, various inputs are used. These inputs are summarized in the three broad levels listed below:
Level 1 Quoted prices in active markets for identical securities.
Level 2 Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 Significant unobservable inputs (including managements assumptions in determining the fair of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Funds fair value measurements as of December 31, 2009:
Level 1 | Level 2 | Level 3 | Total | |
Investments: | ||||
Municipal Bonds | $ | $171,530,093 | $ | $171,530,093 |
Short-Term Investments | 4,307,169 | | | 4,307,169 |
Total | $4,307,169 | $171,530,093 | $ | $175,837,262 |
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
At December 31, 2009, the cost of investments was $160,256,580.
Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2009, were as follows:
Gross unrealized: | |
Appreciation | $ 5,868,887 |
Depreciation | (1,892,632) |
Net unrealized appreciation (depreciation) of investments | $ 3,976,255 |
At least 80% of the Funds net assets are invested in municipal securities that guarantee the timely | |
payment of principal and interest. | |
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common |
shares unless otherwise noted. | |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. |
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities | |
may be subject to periodic principal paydowns. | |
(3) | Ratings: Using the higher of Standard & Poors Group (Standard & Poors) or Moodys Investor Service, |
Inc. (Moodys) rating. Ratings below BBB by Standard & Poors or Baa by Moodys are considered to be | |
below investment grade. | |
The Portfolio of Investments may reflect the ratings on certain bonds whose insurer has experienced | |
downgrades as of the end of the reporting period. Subsequent to the reporting period, and during the | |
period this Portfolio of Investments was prepared, there may have been reductions to the ratings of certain | |
bonds resulting from changes to the ratings of the underlying insurers both during the period and after | |
period end. Such reductions would likely reduce the effective rating of many of the bonds insured by | |
that insurer or insurers presented at period end. | |
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities |
which ensure the timely payment of principal and interest. | |
(5) | Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.4%. |
N/A | Not applicable. |
N/R | Not rated. |
(ETM) | Escrowed to maturity. |
(IF) | Inverse floating rate investment. |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction. |
a.
|
The
registrant's principal executive and principal financial officers, or
persons performing similar functions, have concluded that the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
270.30a-3(c))) are effective, as of a date within 90 days of the filing
date of this report that includes the disclosure required by this
paragraph, based on their evaluation of the controls and procedures
required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and
Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17
CFR 240.13a-15(b) or
240.15d-15(b)).
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b.
|
There
were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
270.30a-3(d)) that occurred during the registrant's last fiscal quarter
that have materially affected, or are reasonably likely to materially
affect, the registrant's internal control over financial
reporting.
|