|
|
|
|
|
|
|
|
|
|
Pioneer Municipal High Income Trust
|
|
|
|
|
|
SCHEDULE OF INVESTMENTS 1/31/11 (unaudited)
|
|
|
|
|
|
|
|
|
|
S&P/Moody's
|
|
|
|
Principal
|
|
Ratings
|
|
|
|
Amount
|
|
(unaudited)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
TAX EXEMPT OBLIGATIONS - 129.2% of Net Assets
|
|
|
|
|
|
Alabama - 1.4%
|
|
$ 1,000,000
|
|
NR/NR
|
|
Huntsville-Redstone Village Special Care Facilities Financing Authority, 5.5%, 1/1/28
|
$ 805,100
|
4,500,000
|
|
NR/NR
|
|
Huntsville-Redstone Village Special Care Facilities Financing Authority, 5.5%, 1/1/43
|
3,204,540
|
|
|
|
|
|
$ 4,009,640
|
|
|
|
|
Arizona - 2.5%
|
|
5,000,000
|
|
BBB-/Baa3
|
|
Apache County Industrial Development Authority, 5.85%, 3/1/28
|
$ 4,839,900
|
994,000
|
|
NR/Baa3
|
|
Pima County Industrial Development Authority, 6.75%, 7/1/31
|
913,228
|
960,000
|
|
NR/Baa3
|
|
Pima County Industrial Development Authority, 7.25%, 7/1/31
|
933,562
|
500,000
|
|
NR/Baa2
|
|
Yavapai County Industrial Development Authority, 6.0%, 8/1/33
|
478,615
|
|
|
|
|
|
$ 7,165,305
|
|
|
|
|
California - 7.4%
|
|
7,885,000
|
(a)
|
AA+/NR
|
|
California State University Revenue, RIB, 10.609%, 11/1/39 (144A)
|
$ 6,250,913
|
602,382
|
(b)
|
NR/NR
|
|
California Statewide Communities Development Authority Environmental Facilities Revenue,
|
|
|
|
|
9.0%, 12/1/38
|
34,637
|
1,000,000
|
|
BB+/NR
|
|
California Statewide Communities Development Authority Revenue, 7.25%, 10/1/38
|
969,170
|
5,150,000
|
†
|
AAA/Aaa
|
|
Golden State Tobacco Securitization Corp., 7.8%, 6/1/42
|
5,931,976
|
7,000,000
|
†
|
AAA/Aaa
|
|
Golden State Tobacco Securitization Corp., 7.875%, 6/1/42
|
8,074,430
|
|
|
|
|
|
$ 21,261,126
|
|
|
|
|
Colorado - 0.3%
|
|
1,000,000
|
|
NR/NR
|
|
Kremmling Memorial Hospital District Project, 7.125%, 12/1/45
|
$ 915,460
|
|
|
|
|
|
|
|
|
|
|
Connecticut - 5.4%
|
|
10,335,000
|
(a)
|
AA+/NR
|
|
Connecticut Health & Educational Facilities Authority Revenue, RIB, 11.129%, 7/1/42 (144A)
|
$ 10,596,992
|
1,000,000
|
|
NR/NR
|
|
Hamden Facility Revenue Bonds, Series 2009A, 7.75%, 1/1/43
|
1,014,650
|
5,000,000
|
|
CCC+/NR
|
|
Mohegan Tribe Indians Gaming Authority, 6.25%, 1/1/31
|
3,809,450
|
|
|
|
|
|
$ 15,421,092
|
|
|
|
|
District of Columbia - 3.6%
|
|
5,000,000
|
|
BBB/Baa3
|
|
District of Columbia Tobacco Settlement Financing Corp., 6.5%, 5/15/33
|
$ 4,800,800
|
6,000,000
|
|
BBB/Baa3
|
|
District of Columbia Tobacco Settlement Financing Corp., 6.75%, 5/15/40
|
5,602,440
|
|
|
|
|
|
$ 10,403,240
|
|
|
|
|
Florida - 5.4%
|
|
1,700,000
|
|
NR/NR
|
|
Beacon Lakes Community Development, 6.9%, 5/1/35
|
$ 1,567,043
|
1,000,000
|
|
NR/NR
|
|
Florida Development Finance Corp, 6.0%, 9/15/40
|
833,730
|
1,000,000
|
†
|
NR/WR
|
|
Hillsborough County Industrial Development Authority Revenue, 8.0%, 8/15/32
|
1,360,980
|
2,390,000
|
|
NR/NR
|
|
Liberty County Subordinate Revenue, 8.25%, 7/1/28
|
2,336,560
|
2,500,000
|
|
A-/A2
|
|
Miami-Dade County Aviation Revenue, 5.5%, 10/1/41
|
2,362,825
|
1,000,000
|
|
NR/NR
|
|
St. Johns County Industrial Development Authority Revenue, 5.25%, 1/1/26
|
800,350
|
2,000,000
|
|
NR/NR
|
|
St. Johns County Industrial Development Authority Revenue, 5.375%, 1/1/40
|
1,429,500
|
5,000,000
|
|
NR/Baa1
|
|
Tallahassee Health Facilities Revenue, 6.375%, 12/1/30
|
4,838,450
|
|
|
|
|
|
$ 15,529,438
|
|
|
|
|
Georgia - 2.5%
|
|
4,240,000
|
(a)
|
NR/Aaa
|
|
Atlanta Georgia Water & Waste Revenue, RIB, 10.609%, 11/1/43 (144A)
|
$ 3,360,751
|
500,000
|
|
CCC+/NR
|
|
Clayton County Development Authority Revenue, 9.0%, 6/1/35
|
534,920
|
2,400,000
|
|
NR/NR
|
|
Fulton County Residential Care Facilities Revenue, 5.0%, 7/1/27
|
1,615,512
|
1,100,000
|
|
NR/NR
|
|
Fulton County Residential Care Facilities Revenue, 5.125%, 7/1/42
|
654,632
|
1,000,000
|
|
NR/NR
|
|
Rockdale County Development Authority Revenue, 6.125%, 1/1/34
|
872,990
|
|
|
|
|
|
$ 7,038,805
|
|
|
|
|
Idaho - 1.8%
|
|
5,000,000
|
|
BBB+/Baa1
|
|
Power County Industrial Development Corp., 6.45%, 8/1/32
|
$ 5,008,500
|
|
|
|
|
|
|
|
|
|
|
Illinois - 18.4%
|
|
2,000,000
|
(c)
|
NR/NR
|
|
Centerpoint Intermodal Center, 8.5%, 6/15/23 (144A)
|
$ 1,997,300
|
12,000,000
|
|
NR/Caa2
|
|
Chicago O'Hare International Airport Special Facility Revenue Refunding Bonds, 5.5%, 12/1/30
|
9,176,520
|
1,000,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 6.0%, 11/15/27
|
747,350
|
3,865,000
|
|
BBB+/NR
|
|
Illinois Finance Authority Revenue, 6.0%, 8/15/38
|
3,581,464
|
2,000,000
|
|
AA+/Aa2
|
|
Illinois Finance Authority Revenue, 6.0%, 8/15/39
|
2,044,120
|
4,000,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 6.0%, 11/15/39
|
2,734,760
|
2,450,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 6.375%, 5/15/17
|
2,382,159
|
2,500,000
|
|
NR/Baa2
|
|
Illinois Finance Authority Revenue, 6.5%, 4/1/39
|
2,495,850
|
500,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 7.0%, 5/15/18
|
480,940
|
1,700,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 7.625%, 5/15/25
|
1,605,361
|
600,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 7.75%, 5/15/30
|
565,122
|
2,000,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 8.0%, 5/15/40
|
1,879,980
|
3,200,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 8.0%, 5/15/46
|
3,000,864
|
2,500,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 8.25%, 2/15/46
|
2,387,550
|
4,000,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 8.25%, 5/15/45
|
3,836,960
|
1,500,000
|
(b)
|
NR/NR
|
|
Illinois Health Facilities Authority Revenue, 6.9%, 11/15/33
|
560,400
|
16,880,000
|
(d)
|
AAA/A2
|
|
Metropolitan Pier & Exposition Authority Dedicated State Tax Revenue, 0.0%, 6/15/22
|
12,258,762
|
1,625,000
|
|
NR/NR
|
|
Southwestern Illinois Development Authority Revenue, 5.625%, 11/1/26
|
1,097,200
|
|
|
|
|
|
$ 52,832,662
|
|
|
|
|
Indiana - 3.7%
|
|
$ 5,000,000
|
|
A+/A1
|
|
Indiana Health & Educational Facility Financing Authority Hospital Revenue, 5.0%, 2/15/39
|
$ 4,265,450
|
4,300,000
|
|
BBB-/WR
|
|
Indiana State Development Finance Authority Revenue, 5.75%, 10/1/11
|
4,326,230
|
2,570,000
|
|
NR/NR
|
|
Vigo County Hospital Authority Revenue, 5.8%, 9/1/47 (144A)
|
2,080,621
|
|
|
|
|
|
$ 10,672,301
|
|
|
|
|
Louisiana - 1.9%
|
|
1,500,000
|
|
BBB-/Ba2
|
|
Louisiana Local Government Environmental Facilities Revenue, 6.75%, 11/1/32
|
$ 1,511,250
|
5,000,000
|
|
NR/NR
|
|
Louisiana Public Facilities Authority Revenue, 5.5%, 5/15/47
|
3,982,100
|
|
|
|
|
|
$ 5,493,350
|
|
|
|
|
Maryland - 0.3%
|
|
1,000,000
|
|
NR/NR
|
|
Maryland Health & Higher Educational Facilities Authority Revenue, 6.25%, 1/1/45
|
$ 939,950
|
|
|
|
|
|
|
|
|
|
|
Massachusetts - 7.0%
|
|
5,000,000
|
|
A/WR
|
|
Massachusetts Development Finance Agency Revenue, 5.75%, 1/1/42
|
$ 4,921,600
|
2,360,000
|
|
NR/NR
|
|
Massachusetts Development Finance Agency Revenue, 7.1%, 7/1/32
|
2,120,082
|
955,000
|
|
AA/NR
|
|
Massachusetts Educational Financing Authority Revenue, 6.0%, 1/1/28
|
969,420
|
3,500,000
|
†
|
NR/Baa2
|
|
Massachusetts Health & Educational Facilities Authority Revenue, 6.25%, 7/1/22
|
3,804,325
|
4,500,000
|
|
NR/NR
|
|
Massachusetts Health & Educational Facilities Authority Revenue, 6.5%, 1/15/38
|
3,645,045
|
5,000,000
|
|
BB-/NR
|
|
Massachusetts Health & Educational Facilities Authority Revenue, 6.75%, 10/1/33
|
4,520,800
|
|
|
|
|
|
$ 19,981,272
|
|
|
|
|
Michigan - 2.9%
|
|
935,000
|
|
NR/NR
|
|
Doctor Charles Drew Academy, 5.7%, 11/1/36
|
$ 574,034
|
1,340,000
|
|
NR/Ba1
|
|
Flint Michigan Hospital Building Authority Revenue, 5.25%, 7/1/16
|
1,272,075
|
1,500,000
|
|
BB/NR
|
|
John Tolfree Health System Corp., 6.0%, 9/15/23
|
1,223,955
|
5,830,000
|
|
BB/NR
|
|
Michigan Tobacco Settlement Finance Authority, 6.0%, 6/1/48
|
3,901,786
|
1,450,000
|
|
BBB/NR
|
|
Star International Academy Certificates of Participation, 6.125%, 3/1/37
|
1,286,165
|
7,720,000
|
(e)(g)
|
NR/NR
|
|
Wayne Charter Escrow, 0.0%, 12/1/15
|
-
|
|
|
|
|
|
$ 8,258,015
|
|
|
|
|
Minnesota - 0.6%
|
|
1,675,000
|
|
BB-/NR
|
|
Duluth Economic Development Authority Health Care Facilities Revenue, 7.25%, 6/15/32
|
$ 1,676,407
|
|
|
|
|
|
|
|
|
|
|
Mississippi - 1.0%
|
|
3,000,000
|
|
BBB/Ba1
|
|
Mississippi Business Finance Corp. Pollution Control Revenue, 5.9%, 5/1/22
|
$ 2,922,810
|
|
|
|
|
|
|
|
|
|
|
Montana - 0.1%
|
|
1,600,000
|
(b)
|
NR/NR
|
|
Two Rivers Authority, Inc. Correctional Facility Improvement Revenue, 7.375%, 11/1/27
|
$ 244,000
|
|
|
|
|
|
|
|
|
|
|
Nebraska - 0.2%
|
|
2,000,000
|
(b)
|
NR/NR
|
|
Grand Island Solid Waste Disposal Facilities Revenue, 7.0%, 6/1/23
|
$ 553,160
|
|
|
|
|
|
|
|
|
|
|
Nevada - 0.0%
|
|
2,000,000
|
(b)
|
NR/NR
|
|
Nevada State Department of Business & Industry, 7.25%, 1/1/23
|
$ 20
|
|
|
|
|
|
|
|
|
|
|
New Jersey - 11.8%
|
|
1,000,000
|
|
B/B3
|
|
New Jersey Economic Development Authority Revenue, 6.25%, 9/15/19
|
$ 945,780
|
13,350,000
|
|
B/B3
|
|
New Jersey Economic Development Authority Revenue, 6.25%, 9/15/29
|
12,084,286
|
6,150,000
|
(c)
|
B/B3
|
|
New Jersey Economic Development Authority Revenue, 7.0%, 11/15/30
|
6,020,358
|
10,370,000
|
|
AA+/Aa1
|
|
New Jersey Transportation Trust Fund Authority, 0.0%, 12/15/27
|
3,653,351
|
10,000,000
|
†
|
AAA/Aaa
|
|
Tobacco Settlement Financing Corp., 6.75%, 6/1/39
|
11,333,400
|
|
|
|
|
|
$ 34,037,175
|
|
|
|
|
New Mexico - 1.3%
|
|
1,500,000
|
|
NR/NR
|
|
Otero County New Mexico Project Revenue, 6.0%, 4/1/23
|
$ 1,293,810
|
2,960,000
|
|
NR/NR
|
|
Otero County New Mexico Project Revenue, 6.0%, 4/1/28
|
2,334,256
|
|
|
|
|
|
$ 3,628,066
|
|
|
|
|
New York - 8.1%
|
|
3,000,000
|
|
NR/NR
|
|
Dutchess County Industrial Development Agency Revenue, 7.5%, 3/1/29
|
$ 2,827,620
|
2,000,000
|
|
BBB+/NR
|
|
Hempstead Local Development Corp. Revenue Bonds, 5.75%, 7/1/39
|
1,966,900
|
2,050,000
|
|
NR/NR
|
|
Nassau County New York Industrial Development Agency Revenue, 6.7%, 1/1/43
|
1,809,658
|
990,000
|
|
CCC+/Caa2
|
|
New York City Industrial Development Agency, 6.9%, 8/1/24
|
874,328
|
2,000,000
|
|
BB-/B1
|
|
New York City Industrial Development Agency, 7.625%, 12/1/32
|
2,003,960
|
2,000,000
|
|
B-/Caa2
|
|
New York City Industrial Development Agency, 8.0%, 8/1/12
|
2,047,780
|
1,000,000
|
|
NR/Ba1
|
|
New York State Dormitory Authority Revenue, 6.125%, 12/1/29
|
939,890
|
7,040,000
|
(a)
|
NR/Aaa
|
|
New York State Dormitory Authority Revenue, RIB, 12.572%, 7/1/26 (144A)
|
8,160,064
|
3,000,000
|
|
NR/NR
|
|
Suffolk County Industrial Development Agency, 7.25%, 1/1/30
|
2,768,280
|
|
|
|
|
|
$ 23,398,480
|
|
|
|
|
North Carolina - 3.1%
|
|
4,935,000
|
|
NR/NR
|
|
Charlotte North Carolina Special Facilities Revenue, 5.6%, 7/1/27
|
$ 4,037,620
|
4,795,000
|
|
NR/NR
|
|
Charlotte North Carolina Special Facilities Revenue, 7.75%, 2/1/28
|
4,794,520
|
|
|
|
|
|
$ 8,832,140
|
|
|
|
|
|
|
|
|
|
|
Oklahoma - 1.9%
|
|
$ 1,225,000
|
|
B-/Caa2
|
|
Tulsa Municipal Airport Revenue, 6.25%, 6/1/20
|
$ 1,157,062
|
4,350,000
|
|
B-/Caa2
|
|
Tulsa Municipal Airport Revenue, 7.35%, 12/1/11
|
4,330,686
|
|
|
|
|
|
$ 5,487,748
|
|
|
|
|
Pennsylvania - 3.5%
|
|
3,000,000
|
|
BB-/B2
|
|
Allegheny County Hospital Development Authority Revenue, 5.0%, 11/15/28
|
$ 2,091,870
|
1,550,000
|
|
NR/Baa2
|
|
Allegheny County Hospital Development Authority Revenue, 5.125%, 5/1/25
|
1,327,032
|
1,000,000
|
|
CCC/NR
|
|
Columbia County Hospital Authority Health Care Revenue, 5.9%, 6/1/29
|
783,260
|
755,000
|
|
BBB/Ba1
|
|
Hazleton Health Services Authority Hospital Revenue, 5.625%, 7/1/17
|
732,259
|
1,280,000
|
(b)
|
NR/Ca
|
|
Langhorne Manor Borough Higher Education & Health Authority Revenue, 7.35%, 7/1/22
|
479,232
|
5,000,000
|
|
B/Caa2
|
|
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue,
|
|
|
|
|
6.0%, 6/1/31
|
4,180,450
|
500,000
|
|
BBB+/NR
|
|
Pennsylvania Higher Educational Facilities Authority Revenue, 5.4%, 7/15/36
|
457,440
|
|
|
|
|
|
$ 10,051,543
|
|
|
|
|
Rhode Island - 1.7%
|
|
6,000,000
|
|
NR/NR
|
|
Central Falls Detention Facilities Revenue, 7.25%, 7/15/35
|
$ 4,801,020
|
|
|
|
|
|
|
|
|
|
|
South Carolina - 1.5%
|
|
3,185,000
|
†
|
BBB+/Baa1
|
|
South Carolina Jobs Economic Development Authority Revenue, 6.375%, 8/1/34
|
$ 3,589,495
|
665,000
|
†
|
BBB+/Baa1
|
|
South Carolina Jobs Economic Development Authority Revenue, 6.375%, 8/1/34
|
752,807
|
|
|
|
|
|
$ 4,342,302
|
|
|
|
|
Tennessee - 4.9%
|
|
7,000,000
|
†
|
NR/A2
|
|
Johnson City Health & Educational Facilities Board Hospital Revenue, 7.5%, 7/1/33
|
$ 7,726,460
|
2,480,000
|
|
NR/NR
|
|
Knox County Health, Educational & Housing Facilities Board Hospital Revenue,
|
|
|
|
|
|
6.375%, 4/15/22
|
2,604,273
|
4,600,000
|
|
BBB+/NR
|
|
Sullivan County Health, Educational & Housing Facilities Board Hospital Revenue,
|
|
|
|
|
|
5.25%, 9/1/36
|
3,877,294
|
|
|
|
|
|
$ 14,208,027
|
|
|
|
|
Texas - 14.5%
|
|
1,345,000
|
|
NR/Ba2
|
|
Bexar County Housing Finance Corp., 8.0%, 12/1/36
|
$ 968,091
|
1,000,000
|
|
CCC+/Caa2
|
|
Dallas-Fort Worth International Airport Revenue, 6.0%, 11/1/14
|
968,150
|
4,000,000
|
|
NR/NR
|
|
Decatur Hospital Authority Revenue, 7.0%, 9/1/25
|
3,861,800
|
769,709
|
(b)
|
NR/NR
|
|
Gulf Coast Industrial Development Authority Revenue, 7.0%, 12/1/36
|
44,258
|
3,750,000
|
|
CCC+/B3
|
|
Houston Airport System Special Facilities Revenue, 5.7%, 7/15/29
|
3,197,325
|
5,340,000
|
|
NR/NR
|
|
Lubbock Health Facilities Development Corp., 6.625%, 7/1/36
|
4,635,974
|
10,000,000
|
|
BBB+/A3
|
|
North Texas Tollway Authority Revenue, 5.75%, 1/1/33
|
9,418,400
|
2,810,000
|
(a)
|
NR/Aaa
|
|
Northside Independent School District, RIB, 10.964%, 6/15/33 (144A)
|
2,859,962
|
2,000,000
|
|
NR/NR
|
|
Tarrant County Cultural Education Facilities Finance Corp., 8.0%, 11/15/34
|
1,913,860
|
1,000,000
|
|
NR/NR
|
|
Tarrant County Cultural Education Facilities Finance Corp., 8.125%, 11/15/39
|
952,810
|
1,500,000
|
|
NR/NR
|
|
Tarrant County Cultural Education Facilities Finance Corp., 8.25%, 11/15/44
|
1,447,755
|
7,040,000
|
(a)
|
NR/Aaa
|
|
Texas State, RIB, 11.81%, 4/1/30 (144A)
|
7,223,814
|
5,000,000
|
|
NR/NR
|
|
Willacy County Local Government Corp. Revenue, 6.875%, 9/1/28
|
4,145,550
|
|
|
|
|
|
$ 41,637,749
|
|
|
|
|
Utah - 0.2%
|
|
800,000
|
|
NR/NR
|
|
Spanish Fork City Charter School Revenue, 5.55%, 11/15/26 (144A)
|
$ 627,104
|
|
|
|
|
|
|
|
|
|
|
Vermont - 0.5%
|
|
1,500,000
|
|
A-/Baa1
|
|
Vermont Educational & Health Buildings Financing Agency Revenue, 6.0%, 10/1/28
|
$ 1,514,910
|
|
|
|
|
|
|
|
|
|
|
Virginia - 0.3%
|
|
1,000,000
|
|
BBB/Baa2
|
|
Peninsula Ports Authority, 6.0%, 4/1/33
|
$ 1,001,610
|
|
|
|
|
|
|
|
|
|
|
Washington - 9.5%
|
|
4,710,000
|
|
A+/Aa3
|
|
Spokane Public Facilities District Hotel/Motel Tax & Sales, 5.75%, 12/1/27
|
$ 4,786,961
|
7,025,000
|
|
BBB/Baa3
|
|
Tobacco Settlement Authority Revenue, 6.625%, 6/1/32
|
6,871,293
|
14,315,000
|
|
AA+/Aa1
|
|
Washington State General Obligation, 0.0%, 6/1/22
|
8,636,240
|
3,795,000
|
|
A/A2
|
|
Washington State Health Care Facilities Authority Revenue, 6.0%, 1/1/33
|
3,713,332
|
5,000,000
|
|
NR/NR
|
|
Washington State Housing Finance Committee Nonprofit Revenue, 5.625%, 1/1/27
|
3,385,500
|
|
|
|
|
|
$ 27,393,326
|
|
|
|
|
Wisconsin - 0.0%
|
|
2,320,000
|
(e)(g)
|
NR/NR
|
|
Aztalan Wisconsin Escrow, 0.0%, 5/1/18
|
$ -
|
|
|
|
|
|
|
|
|
|
|
TOTAL TAX-EXEMPT OBLIGATIONS
|
|
|
|
|
|
(Cost $382,629,084)
|
$ 371,287,753
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 2.1% of Net Assets
|
|
10,000,000
|
(c)(f)
|
NR/NR
|
|
Non-Profit Preferred Funding Trust I, 12.0%, 9/15/37 (144A)
|
$ 6,067,400
|
|
|
|
|
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
|
|
|
|
|
|
(Cost $10,000,000)
|
$ 6,067,400
|
|
|
|
|
|
|
Shares
|
|
|
|
COMMON STOCK - 1.0% of Net Assets
|
|
250,413
|
(g)
|
|
|
Delta Air Lines, Inc.
|
$ 2,922,320
|
|
|
|
|
TOTAL COMMON STOCK
|
|
|
|
|
|
(Cost $6,612,756)
|
$ 2,922,320
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES - 132.3%
|
|
|
|
|
|
(Cost $399,241,840)(h)(i)
|
$ 380,277,473
|
|
|
|
|
OTHER ASSETS AND LIABILITIES 2.8%
|
$ 8,073,759
|
|
|
|
|
PREFERRED SHARES AT REDEMPTION VALUE,
|
|
|
|
|
|
INCLUDING DIVIDENDS PAYABLE - (35.1)%
|
$ (101,006,723)
|
|
|
|
|
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0%
|
$ 287,344,509
|
|
|
|
|
|
|
RIB
|
|
Residual Interest Bonds
|
|
|
|
|
|
|
|
NR
|
|
Security not rated by S&P or Moody's.
|
|
|
|
|
|
|
|
WR
|
|
Withdrawn Rating.
|
|
|
|
|
|
|
|
(144A)
|
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such
|
|
|
|
securities may be resold normally to qualified institutional buyers in a transaction exempt
|
|
|
|
from registration. At January 31, 2011, the value of these securities amounted to
|
|
|
|
$49,224,921, or 17.1% of net assets applicable to common shareowners.
|
|
|
|
|
|
|
|
†
|
|
Prerefunded bonds have been collateralized by U.S. Treasury securities or U.S. Government Agencies which are held in escrow
|
|
|
to pay interest and principal on the tax exempt issue and to retire the bonds in full at the earliest refunding date.
|
|
|
|
|
|
|
(a)
|
|
The interest rate is subject to change periodically and inversely based upon prevailing market rates. The interest
|
|
|
rate shown is the coupon rate at January 31, 2011
|
|
|
|
|
|
|
|
(b)
|
|
Security is in default and is non-income producing.
|
|
|
|
|
|
|
|
(c)
|
|
The interest rate is subject to change periodically. The interest rate shown is the coupon rate at January 31, 2011.
|
|
|
|
|
|
|
(d)
|
|
Debt obligation initially issued at one coupon rate which converts to a higher coupon rate at a specific date.
|
|
|
The rate shown is the coupon rate at January 31, 2011.
|
|
|
|
|
|
|
|
(e)
|
|
Security is valued using fair value methods (other than prices supplied by independent pricing services.)
|
|
|
|
|
|
|
|
(f)
|
|
Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $10,000,000.
|
|
|
The aggregate fair value is $6,067,400, or 2.1% of the total net assets applicable to common shareowners.
|
|
|
|
|
|
|
(g)
|
|
Non-income producing.
|
|
|
|
|
|
|
|
(h)
|
|
The concentration of investments by type of obligation/market sector is as follows:
|
|
|
|
Insured:
|
|
|
|
|
|
NATL-RE
|
6.8
|
|
|
AMBAC
|
1.3
|
|
|
MBIA
|
|
1.0
|
|
|
FSA
|
|
|
1.0
|
|
|
PSF
|
|
|
0.8
|
|
|
ACA
|
|
0.3
|
|
|
Revenue Bonds:
|
|
|
|
Health Revenue
|
28.2
|
|
|
Other Revenue
|
13.5
|
|
|
Tobacco Revenue
|
12.3
|
|
|
Airport Revenue
|
9.9
|
|
|
Development Revenue
|
8.6
|
|
|
Education Revenue
|
4.7
|
|
|
Facilities Revenue
|
4.3
|
|
|
Pollution Control Revenue
|
3.5
|
|
|
Transportation Revenue
|
2.5
|
|
|
Gaming Revenue
|
1.0
|
|
|
Housing Revenue
|
0.3
|
|
|
Utilities Revenue*
|
-
|
|
|
|
|
|
100.0
|
|
*
|
Amount is less than 0.1%
|
|
|
|
|
|
|
|
(i)
|
|
At January 31, 2011, the net unrealized loss on investments based on cost for federal income tax purposes
|
|
|
of $396,885,858 was as follows:
|
|
|
|
|
|
|
|
|
|
Aggregate gross unrealized gain for all investments in which
|
$ 21,989,768
|
|
|
there is an excess of value over tax cost
|
|
|
|
Aggregate gross unrealized loss for all investments in which
|
|
|
|
there is an excess of tax cost over value
|
(38,598,153)
|
|
|
Net unrealized loss
|
$ (16,608,385)
|
|
|
|
|
|
|
|
|
For financial reporting purposes net unrealized loss on investments was $18,964,367
|
|
|
|
and cost of investments aggregated $399,241,840.
|
|
|
|
|
|
|
|
|
|
Purchases and sales of securities (excluding temporary cash investments) for the period ended
|
|
|
|
January 31, 2011, aggregated $30,630,076 and $29,890,258, respectively.
|
|
|
|
|
|
|
|
Various inputs are used in determining the value of the Trust’s investments. These inputs are summarized in the three broad levels listed below.
|
Highest priority is given to Level 1 inputs and lowest priority is given to Level 3.
|
|
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 the Trust’s own assumptions in determining fair value of investments)
|
|
|
|
|
|
|
|
The following is a summary of the inputs used as of January 31, 2011, in valuing the Trust’s investments:
|
|