|
|
|
|
Pioneer Municipal High Income Trust
|
|
|
|
|
|
SCHEDULE OF INVESTMENTS 7/31/11 (unaudited)
|
|
|
|
|
|
|
|
|
|
S&P/Moody's
|
|
|
Principal
|
|
Ratings
|
|
|
|
Amount
|
|
(unaudited)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
TAX EXEMPT OBLIGATIONS - 129.6% of Net Assets
|
|
|
|
|
|
Alabama - 1.3%
|
|
$ 1,000,000
|
|
NR/NR
|
|
Huntsville-Redstone Village Special Care Facilities Financing Authority, 5.5%, 1/1/28
|
$ 805,590
|
4,500,000
|
|
NR/NR
|
|
Huntsville-Redstone Village Special Care Facilities Financing Authority, 5.5%, 1/1/43
|
3,252,420
|
|
|
|
|
|
$ 4,058,010
|
|
|
|
|
Arizona - 2.1%
|
|
5,000,000
|
|
BBB-/Baa3
|
|
Apache County Industrial Development Authority, 5.85%, 3/1/28
|
$ 4,989,200
|
994,000
|
|
NR/Baa3
|
|
Pima County Industrial Development Authority, 6.75%, 7/1/31
|
963,812
|
10,000
|
|
NR/Baa3
|
|
Pima County Industrial Development Authority, 7.25%, 7/1/31
|
10,020
|
500,000
|
|
NR/Baa2
|
|
Yavapai County Industrial Development Authority, 6.0%, 8/1/33
|
494,580
|
|
|
|
|
|
$ 6,457,612
|
|
|
|
|
California - 9.4%
|
|
3,000,000
|
|
NR/A1
|
|
ABAG Finance Authority for Nonprofit Corp. Revenue Bonds, 5.75%, 7/1/37
|
$ 2,909,490
|
1,000,000
|
|
NR/NR
|
|
California Enterprise Development Authority Recovery Zone Facility Revenue, 8.5%, 4/1/31
|
1,027,020
|
7,885,000
|
(a)
|
AAA/Aaa
|
|
California State University Revenue, RIB, 10.813%, 11/1/39 (144A)
|
7,923,479
|
602,381
|
(b)
|
NR/NR
|
|
California Statewide Communities Development Authority Environmental Facilities Revenue,
|
|
|
|
|
9.0%, 12/1/38
|
33,613
|
3,000,000
|
|
BB+/NR
|
|
California Statewide Communities Development Authority Revenue, 7.25%, 10/1/38 (144A)
|
3,042,150
|
5,150,000
|
†
|
AAA/Aaa
|
|
Golden State Tobacco Securitization Corp., 7.8%, 6/1/42
|
5,835,310
|
7,000,000
|
†
|
AAA/Aaa
|
|
Golden State Tobacco Securitization Corp., 7.875%, 6/1/42
|
7,940,660
|
|
|
|
|
|
$ 28,711,722
|
|
|
|
|
Colorado - 0.9%
|
|
2,000,000
|
|
BBB+/NR
|
|
Colorado Health Facilities Authority Revenue, 5.25%, 5/15/42
|
$ 1,735,200
|
1,000,000
|
|
NR/NR
|
|
Kremmling Memorial Hospital District Project, 7.125%, 12/1/45
|
987,230
|
|
|
|
|
|
$ 2,722,430
|
|
|
|
|
Connecticut - 5.3%
|
|
10,335,000
|
(a)
|
NR/Aaa
|
|
Connecticut Health & Educational Facilities Authority Revenue, RIB, 11.489%, 7/1/42 (144A)
|
$ 11,163,143
|
1,000,000
|
|
NR/NR
|
|
Hamden Facility Revenue Bonds, Series 2009A, 7.75%, 1/1/43
|
1,034,200
|
5,000,000
|
|
CCC+/NR
|
|
Mohegan Tribe Indians Gaming Authority, 6.25%, 1/1/31
|
4,011,000
|
|
|
|
|
|
$ 16,208,343
|
|
|
|
|
District of Columbia - 3.6%
|
|
5,000,000
|
|
BBB/Baa3
|
|
District of Columbia Tobacco Settlement Financing Corp., 6.5%, 5/15/33
|
$ 5,105,100
|
6,000,000
|
|
BBB/Baa3
|
|
District of Columbia Tobacco Settlement Financing Corp., 6.75%, 5/15/40
|
5,836,140
|
|
|
|
|
|
$ 10,941,240
|
|
|
|
|
Florida - 6.3%
|
|
1,600,000
|
|
NR/NR
|
|
Beacon Lakes Community Development, 6.9%, 5/1/35
|
$ 1,604,128
|
1,000,000
|
|
NR/Ba3
|
|
Capital Trust Agency Revenue Bonds, 7.75%, 1/1/41
|
999,910
|
1,000,000
|
|
NR/NR
|
|
Florida Development Finance Corp., Educational Facilities Revenue 6.0%, 9/15/40
|
902,520
|
2,000,000
|
|
NR/NR
|
|
Florida Development Finance Corp., Educational Facilities Revenue, 7.625%, 6/15/41
|
2,017,940
|
1,000,000
|
†
|
NR/WR
|
|
Hillsborough County Industrial Development Authority Revenue, 8.0%, 8/15/32
|
1,398,870
|
2,330,000
|
|
NR/NR
|
|
Liberty County Subordinate Revenue, 8.25%, 7/1/28
|
2,312,572
|
2,500,000
|
|
A-/A2
|
|
Miami-Dade County Aviation Revenue, 5.5%, 10/1/41
|
2,534,275
|
1,000,000
|
|
NR/NR
|
|
St. Johns County Industrial Development Authority Revenue, 5.25%, 1/1/26
|
836,230
|
2,000,000
|
|
NR/NR
|
|
St. Johns County Industrial Development Authority Revenue, 5.375%, 1/1/40
|
1,501,620
|
5,000,000
|
|
NR/Baa1
|
|
Tallahassee Health Facilities Revenue, 6.375%, 12/1/30
|
5,001,350
|
|
|
|
|
|
$ 19,109,415
|
|
|
|
|
Georgia - 2.4%
|
|
4,240,000
|
(a)
|
NR/Aa3
|
|
Atlanta Georgia Water & Waste Revenue, RIB, 10.813%, 11/1/43 (144A)
|
$ 4,105,380
|
500,000
|
|
CCC+/NR
|
|
Clayton County Development Authority Revenue, 9.0%, 6/1/35
|
536,335
|
2,400,000
|
|
NR/NR
|
|
Fulton County Residential Care Facilities Revenue, 5.0%, 7/1/27
|
1,773,648
|
1,100,000
|
|
NR/NR
|
|
Fulton County Residential Care Facilities Revenue, 5.125%, 7/1/42
|
718,938
|
|
|
|
|
|
$ 7,134,301
|
|
|
|
|
Idaho - 1.6%
|
|
5,000,000
|
|
BBB+/Baa1
|
|
Power County Industrial Development Corp., 6.45%, 8/1/32
|
$ 5,003,400
|
|
|
|
|
|
|
|
|
|
|
Illinois - 18.0%
|
|
2,000,000
|
(c)
|
NR/NR
|
|
Centerpoint Intermodal Center, 8.5%, 6/15/23 (144A)
|
$ 2,000,300
|
12,000,000
|
|
NR/Caa2
|
|
Chicago O'Hare International Airport Special Facility Revenue Refunding Bonds, 5.5%, 12/1/30
|
9,477,720
|
1,000,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 6.0%, 11/15/27
|
599,290
|
3,865,000
|
|
BBB+/NR
|
|
Illinois Finance Authority Revenue, 6.0%, 8/15/38
|
3,773,979
|
2,000,000
|
|
AA+/Aa2
|
|
Illinois Finance Authority Revenue, 6.0%, 8/15/39
|
2,135,180
|
4,000,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 6.0%, 11/15/39
|
2,397,160
|
2,450,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 6.375%, 5/15/17
|
2,443,042
|
2,500,000
|
|
NR/Baa2
|
|
Illinois Finance Authority Revenue, 6.5%, 4/1/39
|
2,532,550
|
500,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 7.0%, 5/15/18
|
499,125
|
1,700,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 7.625%, 5/15/25
|
1,667,122
|
600,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 7.75%, 5/15/30
|
588,282
|
2,000,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 8.0%, 5/15/40
|
1,955,660
|
3,200,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 8.0%, 5/15/46
|
3,126,080
|
4,000,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 8.25%, 5/15/45
|
3,914,640
|
2,500,000
|
|
NR/NR
|
|
Illinois Finance Authority Revenue, 8.25%, 2/15/46
|
2,456,400
|
1,500,000
|
(b)
|
NR/NR
|
|
Illinois Health Facilities Authority Revenue, 6.9%, 11/15/33
|
524,685
|
16,880,000
|
(d)
|
AAA/A2
|
|
Metropolitan Pier & Exposition Authority Dedicated State Tax Revenue, 0.0%, 6/15/22
|
13,462,982
|
1,605,000
|
|
NR/NR
|
|
Southwestern Illinois Development Authority Revenue, 5.625%, 11/1/26
|
1,213,573
|
|
|
|
|
|
$ 54,767,770
|
|
|
|
|
Indiana - 2.2%
|
|
$ 3,000,000
|
|
A+/A1
|
|
Indiana Health & Educational Facility Financing Authority Hospital Revenue, 5.0%, 2/15/39
|
$ 2,768,430
|
1,800,000
|
|
BBB-/NR
|
|
Indiana State Development Finance Authority Revenue, 5.75%, 10/1/11
|
1,803,582
|
2,570,000
|
|
NR/NR
|
|
Vigo County Hospital Authority Revenue, 5.8%, 9/1/47 (144A)
|
2,154,996
|
|
|
|
|
|
$ 6,727,008
|
|
|
|
|
Louisiana - 2.0%
|
|
1,500,000
|
|
BBB-/Ba2
|
|
Louisiana Local Government Environmental Facilities Revenue, 6.75%, 11/1/32
|
$ 1,566,510
|
5,000,000
|
|
NR/Baa1
|
|
Louisiana Public Facilities Authority Revenue, 5.5%, 5/15/47
|
4,617,250
|
|
|
|
|
|
$ 6,183,760
|
|
|
|
|
Maine - 0.5%
|
|
1,500,000
|
|
NR/Baa3
|
|
Maine Health & Higher Educational Facilities Authority Revenue, 7.5%, 7/1/32
|
$ 1,612,860
|
|
|
|
|
|
|
|
|
|
|
Maryland - 0.3%
|
|
1,000,000
|
|
NR/NR
|
|
Maryland Health & Higher Educational Facilities Authority Revenue, 6.25%, 1/1/45
|
$ 1,021,340
|
|
|
|
|
|
|
|
|
|
|
Massachusetts - 7.4%
|
|
7,100,000
|
|
A/WR
|
|
Massachusetts Development Finance Agency Revenue, 5.75%, 1/1/42
|
$ 7,264,862
|
2,305,000
|
|
NR/NR
|
|
Massachusetts Development Finance Agency Revenue, 7.1%, 7/1/32
|
2,034,393
|
910,000
|
|
NR/NR
|
|
Massachusetts Educational Financing Authority Revenue, 6.0%, 1/1/28
|
978,359
|
3,500,000
|
†
|
NR/WR
|
|
Massachusetts Health & Educational Facilities Authority Revenue, 6.25%, 7/1/22
|
3,726,205
|
4,500,000
|
|
NR/NR
|
|
Massachusetts Health & Educational Facilities Authority Revenue, 6.5%, 1/15/38
|
3,593,340
|
5,000,000
|
|
BB-/NR
|
|
Massachusetts Health & Educational Facilities Authority Revenue, 6.75%, 10/1/33
|
4,856,900
|
|
|
|
|
|
$ 22,454,059
|
|
|
|
|
Michigan - 2.5%
|
|
935,000
|
|
NR/NR
|
|
Doctor Charles Drew Academy, 5.7%, 11/1/36
|
$ 609,994
|
1,500,000
|
|
BB/NR
|
|
John Tolfree Health System Corp., 6.0%, 9/15/23
|
1,258,380
|
5,830,000
|
|
BB/NR
|
|
Michigan Tobacco Settlement Finance Authority, 6.0%, 6/1/48
|
4,330,466
|
1,430,000
|
|
BBB/NR
|
|
Star International Academy Certificates of Participation, 6.125%, 3/1/37
|
1,280,322
|
|
|
|
|
|
$ 7,479,162
|
|
|
|
|
Minnesota - 0.9%
|
|
1,675,000
|
|
BB-/NR
|
|
Duluth Economic Development Authority Health Care Facilities Revenue, 7.25%, 6/15/32
|
$ 1,676,976
|
1,000,000
|
|
NR/NR
|
|
Port Authority of the City of Bloomington Minnesota Facility Revenue Bonds, 9.0%, 12/1/35
|
1,018,000
|
|
|
|
|
|
$ 2,694,976
|
|
|
|
|
Montana - 0.1%
|
|
1,600,000
|
(b)(e)
|
NR/NR
|
|
Two Rivers Authority, Inc. Correctional Facility Improvement Revenue, 7.375%, 11/1/27
|
$ 245,104
|
|
|
|
|
|
|
|
|
|
|
Nebraska - 0.2%
|
|
2,000,000
|
(b)(e)
|
NR/NR
|
|
Grand Island Solid Waste Disposal Facilities Revenue, 7.0%, 6/1/23
|
$ 560,780
|
|
|
|
|
|
|
|
|
|
|
Nevada - 0.0%
|
|
2,000,000
|
(b)(e)
|
NR/NR
|
|
Nevada State Department of Business & Industry, 7.25%, 1/1/23
|
$ 3,200
|
|
|
|
|
|
|
|
|
|
|
New Jersey - 9.5%
|
|
1,000,000
|
|
B/B3
|
|
New Jersey Economic Development Authority Revenue, 6.25%, 9/15/19
|
$ 992,700
|
13,350,000
|
|
B/B3
|
|
New Jersey Economic Development Authority Revenue, 6.25%, 9/15/29
|
12,743,776
|
6,150,000
|
(c)
|
B/B3
|
|
New Jersey Economic Development Authority Revenue, 7.0%, 11/15/30
|
6,153,136
|
8,000,000
|
†
|
AAA/Aaa
|
|
Tobacco Settlement Financing Corp., 6.75%, 6/1/39
|
8,932,880
|
|
|
|
|
|
$ 28,822,492
|
|
|
|
|
New Mexico - 1.2%
|
|
1,500,000
|
|
NR/NR
|
|
Otero County New Mexico Project Revenue, 6.0%, 4/1/23
|
$ 1,316,235
|
2,960,000
|
|
NR/NR
|
|
Otero County New Mexico Project Revenue, 6.0%, 4/1/28
|
2,406,865
|
|
|
|
|
|
$ 3,723,100
|
|
|
|
|
New York - 9.1%
|
|
3,000,000
|
|
NR/NR
|
|
Dutchess County Industrial Development Agency Revenue, 7.5%, 3/1/29
|
$ 2,934,780
|
2,000,000
|
|
BBB+/NR
|
|
Hempstead Local Development Corp. Revenue Bonds, 5.75%, 7/1/39
|
2,029,100
|
2,050,000
|
|
NR/NR
|
|
Nassau County New York Industrial Development Agency Revenue, 6.7%, 1/1/43
|
1,930,628
|
990,000
|
|
CCC+/Caa2
|
|
New York City Industrial Development Agency, 6.9%, 8/1/24
|
853,796
|
2,000,000
|
|
BB-/B1
|
|
New York City Industrial Development Agency, 7.625%, 12/1/32
|
2,024,160
|
2,000,000
|
|
B-/Caa2
|
|
New York City Industrial Development Agency, 8.0%, 8/1/12
|
2,055,060
|
1,000,000
|
|
NR/Ba1
|
|
New York State Dormitory Authority Revenue, 6.125%, 12/1/29
|
983,900
|
7,040,000
|
(a)
|
NR/Aaa
|
|
New York State Dormitory Authority Revenue, RIB, 13.0%, 7/1/26 (144A)
|
9,326,803
|
2,750,000
|
|
BB/NR
|
|
Seneca Nation Indians Capital Improvement Authority Revenue, 5.25%, 12/1/16 (144A)
|
2,592,370
|
3,000,000
|
|
NR/NR
|
|
Suffolk County Industrial Development Agency, 7.25%, 1/1/30
|
2,908,080
|
|
|
|
|
|
$ 27,638,677
|
|
|
|
|
North Carolina - 3.0%
|
|
4,785,000
|
|
NR/NR
|
|
Charlotte North Carolina Special Facilities Revenue, 5.6%, 7/1/27
|
$ 4,201,900
|
4,795,000
|
|
NR/NR
|
|
Charlotte North Carolina Special Facilities Revenue, 7.75%, 2/1/28
|
4,791,883
|
|
|
|
|
|
$ 8,993,783
|
|
|
|
|
Oklahoma - 1.8%
|
|
$ 1,225,000
|
|
B-/Caa2
|
|
Tulsa Municipal Airport Revenue, 6.25%, 6/1/20
|
$ 1,190,283
|
4,350,000
|
|
B-/Caa2
|
|
Tulsa Municipal Airport Revenue, 7.35%, 12/1/11
|
4,361,528
|
|
|
|
|
|
$ 5,551,811
|
|
|
|
|
Pennsylvania - 2.7%
|
|
1,550,000
|
|
NR/Baa2
|
|
Allegheny County Hospital Development Authority Revenue, 5.125%, 5/1/25
|
$ 1,434,169
|
1,000,000
|
|
CCC/NR
|
|
Columbia County Hospital Authority Health Care Revenue, 5.9%, 6/1/29
|
810,670
|
665,000
|
|
BBB/Ba1
|
|
Hazleton Health Services Authority Hospital Revenue, 5.625%, 7/1/17
|
664,987
|
1,280,000
|
(b)
|
NR/Ca
|
|
Langhorne Manor Borough Higher Education & Health Authority Revenue, 7.35%, 7/1/22
|
409,600
|
5,000,000
|
|
B/Caa2
|
|
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue,
|
|
|
|
|
6.0%, 6/1/31
|
4,315,750
|
500,000
|
|
BBB+/NR
|
|
Pennsylvania Higher Educational Facilities Authority Revenue, 5.4%, 7/15/36
|
500,445
|
|
|
|
|
|
$ 8,135,621
|
|
|
|
|
Rhode Island - 2.1%
|
|
6,000,000
|
(e)
|
NR/NR
|
|
Central Falls Detention Facilities Revenue, 7.25%, 7/15/35
|
$ 4,887,480
|
1,500,000
|
|
NR/NR
|
|
Rhode Island Health & Educational Building Corp. Revenue, 8.375%, 1/1/46
|
1,518,600
|
|
|
|
|
|
$ 6,406,080
|
|
|
|
|
South Carolina - 1.4%
|
|
3,185,000
|
†
|
BBB+/Baa1
|
|
South Carolina Jobs Economic Development Authority Revenue, 6.375%, 8/1/34
|
$ 3,558,409
|
665,000
|
†
|
BBB+/Baa1
|
|
South Carolina Jobs Economic Development Authority Revenue, 6.375%, 8/1/34
|
742,965
|
|
|
|
|
|
$ 4,301,374
|
|
|
|
|
Tennessee - 4.7%
|
|
7,000,000
|
†
|
NR/A2
|
|
Johnson City Health & Educational Facilities Board Hospital Revenue, 7.5%, 7/1/33
|
$ 7,572,460
|
2,480,000
|
|
NR/A1
|
|
Knox County Health, Educational & Housing Facilities Board Hospital Revenue,
|
|
|
|
|
|
6.375%, 4/15/22
|
2,577,786
|
4,600,000
|
|
BBB+/NR
|
|
Sullivan County Health, Educational & Housing Facilities Board Hospital Revenue,
|
|
|
|
|
|
5.25%, 9/1/36
|
4,138,758
|
|
|
|
|
|
$ 14,289,004
|
|
|
|
|
Texas - 15.3%
|
|
1,345,000
|
|
NR/B3
|
|
Bexar County Housing Finance Corp., 8.0%, 12/1/36
|
$ 935,246
|
2,500,000
|
|
BB+/Ba1
|
|
Central Texas Regional Mobility Authority Revenue, 6.75%, 1/1/41
|
2,443,625
|
1,000,000
|
|
CCC+/Caa2
|
|
Dallas-Fort Worth International Airport Revenue, 6.0%, 11/1/14
|
957,370
|
4,000,000
|
|
NR/NR
|
|
Decatur Hospital Authority Revenue, 7.0%, 9/1/25
|
4,001,840
|
769,709
|
(b)(e)
|
NR/NR
|
|
Gulf Coast Industrial Development Authority Revenue, 7.0%, 12/1/36
|
42,950
|
3,750,000
|
|
CCC+/B3
|
|
Houston Airport System Special Facilities Revenue, 5.7%, 7/15/29
|
3,341,813
|
5,340,000
|
|
NR/NR
|
|
Lubbock Health Facilities Development Corp., 6.625%, 7/1/36
|
4,859,400
|
10,000,000
|
|
BBB+/A3
|
|
North Texas Tollway Authority Revenue, 5.75%, 1/1/33
|
10,138,600
|
2,810,000
|
(a)
|
NR/Aaa
|
|
Northside Independent School District, RIB, 11.299%, 6/15/33 (144A)
|
3,009,089
|
2,000,000
|
|
NR/NR
|
|
Tarrant County Cultural Education Facilities Finance Corp., 8.0%, 11/15/34
|
2,003,500
|
1,000,000
|
|
NR/NR
|
|
Tarrant County Cultural Education Facilities Finance Corp., 8.125%, 11/15/39
|
1,000,280
|
1,500,000
|
|
NR/NR
|
|
Tarrant County Cultural Education Facilities Finance Corp., 8.25%, 11/15/44
|
1,503,705
|
7,040,000
|
(a)
|
NR/Aaa
|
|
Texas State, RIB, 12.206%, 4/1/30 (144A)
|
8,015,462
|
5,000,000
|
|
NR/NR
|
|
Willacy County Local Government Corp. Revenue, 6.875%, 9/1/28
|
4,452,800
|
|
|
|
|
|
$ 46,705,680
|
|
|
|
|
Utah - 0.2%
|
|
800,000
|
|
NR/NR
|
|
Spanish Fork City Charter School Revenue, 5.55%, 11/15/26 (144A)
|
$ 684,672
|
|
|
|
|
|
|
|
|
|
|
Vermont - 0.5%
|
|
1,500,000
|
|
A-/Baa1
|
|
Vermont Educational & Health Buildings Financing Agency Revenue, 6.0%, 10/1/28
|
$ 1,519,305
|
|
|
|
|
|
|
|
|
|
|
Virginia - 0.3%
|
|
1,000,000
|
|
BBB/Baa2
|
|
Peninsula Ports Authority, 6.0%, 4/1/33
|
$ 1,014,160
|
|
|
|
|
|
|
|
|
|
|
Washington - 9.5%
|
|
4,710,000
|
|
A+/Aa3
|
|
Spokane Public Facilities District Hotel/Motel Tax & Sales, 5.75%, 12/1/27
|
$ 4,861,191
|
7,025,000
|
|
BBB/Baa3
|
|
Tobacco Settlement Authority Revenue, 6.625%, 6/1/32
|
7,095,953
|
14,315,000
|
|
AA+/Aa1
|
|
Washington State General Obligation, 0.0%, 6/1/22
|
9,509,884
|
3,795,000
|
|
A/A2
|
|
Washington State Health Care Facilities Authority Revenue, 6.0%, 1/1/33
|
3,888,433
|
5,000,000
|
|
NR/NR
|
|
Washington State Housing Finance Committee Nonprofit Revenue, 5.625%, 1/1/27
|
3,597,100
|
|
|
|
|
|
$ 28,952,561
|
|
|
|
|
West Virginia - 0.5%
|
|
1,495,000
|
|
NR/NR
|
|
West Virginia Hospital Finance Authority Hospital Revenue Bonds, 9.125%, 10/1/41
|
$ 1,542,137
|
|
|
|
|
|
|
|
|
|
|
Wisconsin - 0.8%
|
|
2,500,000
|
|
NR/NR
|
|
Wisconsin Public Finance Authority Continuing Care Retirement Community Revenue, 8.25%, 6/1/46
|
$ 2,517,375
|
|
|
|
|
|
|
|
|
|
|
TOTAL TAX-EXEMPT OBLIGATIONS
|
|
|
|
|
|
(Cost $388,055,390)
|
$ 394,894,324
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 2.1% of Net Assets
|
|
10,000,000
|
(c)(e)
|
NR/NR
|
|
Non-Profit Preferred Funding Trust I, 12.0%, 9/15/37 (144A)
|
$ 6,270,800
|
|
|
|
|
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
|
|
|
|
|
|
(Cost $10,000,000)
|
$ 6,270,800
|
|
|
|
|
|
|
Shares
|
|
|
|
COMMON STOCK - 0.6% of Net Assets
|
|
250,413
|
(f)
|
|
|
Delta Air Lines, Inc.
|
$ 1,975,759
|
|
|
|
|
TOTAL COMMON STOCK
|
|
|
|
|
|
(Cost $6,612,756)
|
$ 1,975,759
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES - 132.3%
|
|
|
|
|
|
(Cost $404,668,146)(g)(h)
|
$ 403,140,883
|
|
|
|
|
OTHER ASSETS AND LIABILITIES 0.8%
|
$ 2,637,111
|
|
|
|
|
PREFERRED SHARES AT REDEMPTION VALUE,
|
|
|
|
|
|
INCLUDING DIVIDENDS PAYABLE - (33.1)%
|
$ (101,001,505)
|
|
|
|
|
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0%
|
$ 304,776,489
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 July 31, 2011 the value of these securities amounted to
|
|
|
|
$60,288,644, or 19.8% of net assets applicable to common shareowners.
|
|
|
|
|
|
|
|
RIB
|
|
Residual Interest Bonds
|
|
|
|
|
|
|
|
NR
|
|
Security not rated by S&P or Moody's.
|
|
|
|
|
|
|
|
WR
|
|
Security rating withdrawn by Moody's.
|
|
|
|
|
|
|
|
†
|
|
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 July 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 July 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 July 31, 2011.
|
|
|
|
|
|
|
|
(e)
|
|
Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $22,130,123.
|
|
|
The aggregate fair value is $12,010,314, or 3.9% of the total net assets applicable to common shareowners.
|
|
|
|
|
|
|
(f)
|
|
Non-income producing.
|
|
|
|
|
|
|
|
(g)
|
|
The concentration of investments by type of obligation/market sector is as follows:
|
|
|
|
Insured:
|
|
|
|
|
|
NATL-RE
|
6.9
|
|
|
FSA
|
|
3.0
|
|
|
AMBAC
|
1.8
|
|
|
PSF
|
|
0.8
|
|
|
Revenue Bonds:
|
|
|
|
Health Revenue
|
29.3
|
|
|
Other Revenue
|
12.6
|
|
|
Tobacco Revenue
|
11.2
|
|
|
Airport Revenue
|
9.6
|
|
|
Development Revenue
|
8.2
|
|
|
Education Revenue
|
5.6
|
|
|
Facilities Revenue
|
4.2
|
|
|
Pollution Control Revenue
|
2.5
|
|
|
Transportation Revenue
|
2.5
|
|
|
Gaming Revenue
|
1.6
|
|
|
Housing Revenue
|
0.2
|
|
|
Utilities Revenue*
|
-
|
|
|
|
|
|
100.0
|
|
*
|
Amount is less than 0.1%
|
|
|
|
|
|
|
|
(h)
|
|
At July 31, 2011, the net unrealized loss on investments based on cost for federal income tax purposes
|
|
|
of $403,775,581 was as follows:
|
|
|
|
|
|
|
|
|
|
Aggregate gross unrealized gain for all investments in which
|
$ 29,084,377
|
|
|
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
|
(29,719,075)
|
|
|
Net unrealized loss
|
$ (634,698)
|
|
|
|
|
|
|
|
|
For financial reporting purposes net unrealized loss on investments was $1,527,264
|
|
|
|
and cost of investments aggregated $404,668,146.
|
|
|
|
|
|
|
|
|
|
Purchases and sales of securities (excluding temporary cash investments) for the period ended
|
|
|
|
July 31, 2011, aggregated $15,608,570 and $10,504,410, 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)
|
|
|
|
|
|
|
|
Generally, equity securities are categorized as level 1, fixed income securities and senior loans are categorized as level 2 and securities valued
|
using fair value methods are categorized as level 3.
|
|
|
|
|
|
|
|
The following is a summary of the inputs used as of July 31, 2011, in valuing the Trust’s investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|