As filed with the Securities and Exchange Commission on March 16, 2009 | File No. 333- | |
UNDER THE
SECURITIES ACT OF 1933
o Post-Effective Amendment No.
Chicago, Illinois 60606
Vice President and Secretary
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
(Name and Address of Agent for Service)
David A. Sturms Vedder Price P.C. 222 North LaSalle Street Chicago, Illinois 60601 | Eric F. Fess Chapman and Cutler LLP 111 West Monroe Street Chicago, Illinois 60603 |
Proposed | ||||||||||||||||||||||
Maximum | Proposed | |||||||||||||||||||||
Offering | Maximum | Amount of | ||||||||||||||||||||
Amount Being | Price Per | Aggregate | Registration | |||||||||||||||||||
Title of Securities Being Registered | Registered (1) | Unit(1)(2) | Offering Price(1) | Fee(1)(3) | ||||||||||||||||||
Common Stock, $.01 Par Value Per Share | 70,000 Shares | $ | 11.34 | $ | 793,800.00 | (2) | $ | 44.29 | ||||||||||||||
Municipal Auction Rate Cumulative Preferred Stock, Series M2 | 2 Shares | $ | 25,000.00 | $ | 50,000.00 | $ | 2.79 | |||||||||||||||
Municipal Auction Rate Cumulative Preferred Stock, Series T2 | 2 Shares | $ | 25,000.00 | $ | 50,000.00 | $ | 2.79 | |||||||||||||||
Municipal Auction Rate Cumulative Preferred Stock, Series TH2 | 2 Shares | $ | 25,000.00 | $ | 50,000.00 | $ | 2.79 | |||||||||||||||
Municipal Auction Rate Cumulative Preferred Stock, Series F3 | 2 Shares | $ | 25,000.00 | $ | 50,000.00 | $ | 2.79 | |||||||||||||||
Municipal Auction Rate Cumulative Preferred Stock, Series F4 | 2 Shares | $ | 25,000.00 | $ | 50,000.00 | $ | 2.79 | |||||||||||||||
(1) | Estimated solely for the purpose of calculating the registration fee, pursuant to Rule 457(o) under the Securities Act of 1933. | |
(2) | Closing share price of common stock on March 12, 2009. | |
(3) | Transmitted prior to Filing. | |
NUVEEN PREMIUM INCOME MUNICIPAL FUND 2, INC. (NPM),
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF) AND
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF)
SHAREHOLDERS
Q. | Why am I receiving this Proxy Statement/Prospectus? | |
A. | The Board of Directors of the Nuveen Premium Income Municipal Fund 2, Inc. (the “National Fund”) and the Board of Trustees of the Nuveen Florida Investment Quality Municipal Fund and the Nuveen Florida Quality Income Municipal Fund (each a “Florida Fund” and collectively, the “Florida Funds”) recently voted to recommend a merger of the Funds to shareholders. As a Fund shareholder, you are being asked to vote to approve this proposed merger at a special shareholders meeting to be held on , 2009. | |
Q. | Why has the Board of Directors of the National Fund and the Board of Trustees of each Florida Fund (each a “Board”) recommended merging the Florida Funds into the National Fund? | |
A. | This recommendation reflects various considerations, among them: (i) the price level at which the Florida Funds’ common shares have traded over time in relation to their underlying net asset value on an absolute basis as well as relative to other closed-end funds; (ii) prior efforts to enhance, over time, the secondary market for the Florida Funds’ common shares, including investment strategies aimed at increasing common net earnings as well as common share repurchases; and (iii) the repeal of Florida’s intangible personal property tax which eliminated the state tax benefit to a Florida resident of owning a Florida-specific portfolio of municipal bonds. Each Board believes the proposed merger is in the best interests of the National Fund and the Florida Funds. | |
Q. | What are the proposed mergers’ potential benefits to me as a Fund shareholder? | |
A. | Each Board believes the proposed mergers offer the following potential benefits to National Fund and Florida Funds shareholders: |
• | Lower fees and expenses per common share from greater economies of scale as the combined funds’ size results in a lower management fee rate and allows fixed operating expenses to be spread over a larger asset base. | |
• | Enhanced relative investment performance from increased common net earnings as well as expanded opportunities for enhanced total returns over time from the combined funds’ larger asset base. | |
• | Improved secondary market trading as higher common net earnings and enhanced total returns over time may lead to higher common share market prices relative to net asset value, and the combined funds’ greater market liquidity may lead to narrower bid-ask spreads and smaller trade-to-trade price movements. | |
• | Expanded auction rate preferred securities (“ARPS”) refinancing opportunities because the combined funds’ larger asset base may increase its ability to refinance ARPS with tender |
option bonds. Through such refinancings the Fund seeks to provide liquidity at par for ARPS shareholders and to lower the relative cost of leverage over time for common shareholders. |
• | Lower fees and expenses per common share from greater economies of scale as the combined funds’ size results in a lower management fee rate and allows fixed operating expenses to be spread over a larger asset base. | |
• | Enhanced relative investment performance from increased common net earnings as well as expanded opportunities for enhanced total returns over time from a nationally-diversified portfolio and the combined funds’ larger asset base. | |
• | Continuity of investment strategy by maintaining the Fund’s use of leverage, which offers common shareholders the potential for higher monthly tax-exempt distributions and enhanced total returns on average over market cycles, at a time when the municipal yield spreads are particularly wide or attractive. | |
• | Improved secondary market trading as a national fund instead of a Florida-specific fund potential investor base is expected to promote higher common share market prices relative to net asset value, and the combined funds’ greater market liquidity may lead to narrower bid-ask spreads and smaller trade-to-trade price movements. | |
• | Expanded ARPS refinancing opportunities because greater portfolio diversification and the combined funds’ larger asset base may increase its ability to refinance ARPS with tender option bonds. Through such refinancings the Fund seeks to provide liquidity at par for ARPS shareholders and to lower the relative cost of leverage over time for common shareholders. |
Q. | Do the Funds have similar investment objectives and policies? | |
A. | Yes. The Funds have similar investment objectives and policies except for the Florida Funds’ policies of concentrating their investment portfolios in Florida state-specific municipal securities in comparison to the National Fund’s policy of investing in a nationally diversified portfolio of municipal securities. | |
Q. | What specific proposals will I be asked to vote on in connection with the proposed mergers? | |
A. | Depending on whether you are a National Fund or Florida Fund shareholder, you will be asked to vote on one or both of the following proposals: |
(i) | Approve Agreement and Plan of Reorganization (Both Funds). To approve an Agreement and Plan of Reorganization (the “Agreement”), pursuant to which each Florida Fund would (i) transfer all of its assets to the National Fund in exchange solely for National Fund shares of common stock (“common shares”) and shares of Municipal Auction Rate Cumulative Preferred stock (“MuniPreferred”) and the National Fund’s assumption of all the liabilities of Florida Fund, (ii) distribute such shares of the National Fund to the common shareholders and MuniPreferred shareholders of the Florida Fund and (iii) be liquidated, dissolved and terminated as a trust in accordance with the Florida Fund’s Declaration of Trust (collectively, the “Reorganizations”). |
(ii) | Approve Issuance of Common Shares (National Fund). To approve the issuance of additional National Fund common shares in connection with each Reorganization. |
Q. | How does the Board recommend that I vote? | |
A. | After careful consideration, the Board agreed unanimously that each Reorganization is in the best interests of the Funds and recommends that you vote “FOR” your Fund’s proposal(s). | |
Q. | Will the Florida Funds shareholders receive new shares in exchange for their current shares? | |
A. | Yes. Upon approval of a Reorganization, common shareholders of the Florida Funds, approving such Reorganization, in exchange for their Fund shares will receive common shares of the National Fund of equivalent total value. Upon approval of its Reorganization, shareholders of the Nuveen Florida Investment Quality Municipal Fund’s MuniPreferred, Series T and Series F, will receive in exchange one share of the National Fund’s MuniPreferred, Series T2 and Series F3, for each share of the Nuveen Florida Investment Quality Municipal Fund’s MuniPreferred, Series W and Series TH, respectively, held. Upon approval of its Reorganization, shareholders of the Nuveen Florida Quality Income Municipal Fund’s MuniPreferred, Series M, Series TH and Series F, will receive in exchange one share of the National Fund’s MuniPreferred, Series M2, Series TH2 and Series F4, for each share of the Nuveen Florida Quality Income Municipal Fund’s MuniPreferred, Series M, Series TH and Series F, respectively, held. | |
Q. | Is the Reorganization a taxable event for a Florida Fund’s shareholders? | |
A. | No. The Reorganization is intended to qualify as a reorganization for federal income tax purposes. It is expected that you will recognize no gain or loss for federal income tax purposes as a result of the Reorganization. | |
Q. | What will happen if shareholders do not approve each proposal? | |
A. | If both proposals are not approved with respect to a Reorganization, the Reorganization will not occur. If a Reorganization does not occur, the Board will take such actions as it deems to be in the best interests of that Florida Fund based upon the Fund’s current circumstances and market conditions. | |
Q. | Will I have to pay any direct fees or expenses in connection with a Reorganization? | |
A. | No. However, the expenses associated with a Reorganization will be allocated between the Funds involved and paid out of such Funds’ net assets. Fund shareholders will indirectly bear the costs of their Reorganization. | |
Q. | What is the timetable for the Reorganizations? | |
A. | If Fund shareholders approve each respective proposal at the special shareholders meeting on , 2009, each Reorganization is expected to take effect on , 2009 or as soon as practicable thereafter. |
Q. | Who do I call if I have questions? | |
A. | If you need any assistance, or have any questions regarding the proposal or how to vote your shares, please call Georgeson Inc., your proxy solicitor, at ( ) - , weekdays during its business hours of 7:00 a.m. to 7:00 p.m. Central time. Please have your proxy material available when you call. | |
Q. | How do I vote my shares? | |
A. | You may vote by mail, telephone or over the Internet: |
• | To vote by mail, please mark, sign, date and mail the enclosed proxy card. No postage is required if mailed in the United States. | |
• | To vote by telephone, please call the toll-free number located on your proxy card and follow the recorded instructions, using your proxy card as a guide. | |
• | To vote over the Internet, go to the Internet address provided on your proxy card and follow the instructions, using your proxy card as a guide. |
Q. | Will Nuveen contact me? | |
A. | You may receive a call to verify that you received your proxy materials and to answer any questions you may have about the Reorganizations. |
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF)
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF)
TO BE HELD ON , 2009
• | To vote by mail, please mark, sign, date and mail the enclosed proxy card. No postage is required if mailed in the United States. | |
• | To vote by telephone, please call the toll-free number located on your proxy card and follow the recorded instructions, using your proxy card as a guide. | |
• | To vote over the Internet, go to the Internet address provided on your proxy card and follow the instructions, using your proxy card as a guide. |
CHICAGO, ILLINOIS 60606
(800) 257-8787
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF)
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF)
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NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF)
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF)
SUMMARY | 1 | |
Proposal 1: The Reorganizations | 1 | |
Background and Reasons for the Reorganizations | 2 | |
Certain Federal Income Tax Consequences of the Reorganizations | 4 | |
Comparison of the Acquiring Fund and the Acquired Funds | 4 | |
Capitalization | 8 | |
Comparative Performance Information | 9 | |
Proposal 2: Issuance of Acquiring Fund Common Shares | 10 | |
RISK FACTORS | 10 | |
Differences in Risks | 11 | |
Similarity of Risks | 14 | |
THE SPECIAL MEETING | 23 | |
General | 23 | |
Voting; Proxies | 23 | |
PROPOSAL NO. 1 — THE REORGANIZATIONS (ACQUIRED FUND SHAREHOLDERS AND ACQUIRING FUND MUNIPREFERRED SHAREHOLDERS ONLY) | 24 | |
General | 24 | |
Terms of the Reorganizations | 25 | |
Reasons for the Reorganizations | 26 | |
Votes Required | 29 | |
Rating Agency Considerations | 30 | |
Description of Common Shares Issued by the Acquiring Fund | 30 | |
Comparison of Rights of Holders of Common Shares of the Acquiring Fund and the Acquired Funds | 33 | |
Description of MuniPreferred Issued by the Acquiring Fund | 33 | |
The Auction | 44 | |
Comparison of Rights of Holders of MuniPreferred of the Acquiring Fund and the Acquired Funds | 48 | |
Comparison of the Investment Objectives and Policies of the Acquiring Fund and the Acquired Funds | 48 | |
How the Funds Manage Risk | 57 | |
Certain Provisions in the Acquiring Fund’s Articles of Incorporation | 62 | |
Expenses Associated with the Reorganizations | 63 | |
Dissenting Shareholders’ Rights of Appraisal | 63 |
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Certain Federal Income Tax Consequences of the Reorganizations | 63 | |
PROPOSAL NO. 2. — ISSUANCE OF ADDITIONAL ACQUIRING FUND COMMON SHARES (ACQUIRING FUND COMMON SHAREHOLDERS ONLY) | 65 | |
MANAGEMENT OF THE FUNDS | 66 | |
Board Members and Officers | 66 | |
Investment Adviser | 66 | |
Portfolio Management | 68 | |
ADDITIONAL INFORMATION ABOUT THE FUNDS | 69 | |
General History | 69 | |
Shareholders of the Acquiring Funds and the Acquired Fund | 71 | |
Repurchase of Common Shares; Conversion to Open-End Fund | 72 | |
Custodian, Transfer Agent, Dividend Disbursing Agent and Redemption Agent | 73 | |
Federal Income Tax Matters Associated with Investment in the Funds | 73 | |
NET ASSET VALUE | 75 | |
LEGAL OPINIONS | 76 | |
EXPERTS | 76 | |
SHAREHOLDER PROPOSALS | 76 | |
GENERAL | 77 |
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• | the secondary market trading history of the Funds (i.e., the price level at which the Funds’ shares have traded over time in relation to their underlying net asset value on an absolute basis and as compared to other closed-end funds) and prior efforts to enhance the secondary market for the common shares of the Acquired Funds; | |
• | the elimination of the Florida intangibles tax; | |
• | the compatibility of the investment objectives, policies and strategies of the Funds; | |
• | the potential opportunities to refinance MuniPreferred; | |
• | the relative fees and expense ratios of the Funds, including caps on the Funds’ expenses agreed to by each Funds’ adviser; | |
• | the investment performance of the Funds; | |
• | the anticipated tax-free nature of the Reorganizations; | |
• | the expected costs of the Reorganizations and the extent to which the Funds would bear any such costs; | |
• | the terms of the Reorganizations and whether the Reorganizations would dilute the interests of shareholders of the Funds; and | |
• | any potential benefits of the Reorganizations to the adviser as a result of the Reorganizations. |
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• | Expected lower fees and expenses. After each Reorganization, the combined fund is expected to have lower fees and expenses per common share than the Acquiring Fund and Acquired Fund from achieving greater economies of scale as the larger asset size of the combined fund is expected to result in a lower management fee rate and allow for the fixed operating costs to be spread over a larger asset base. | |
• | Enhanced relative investment performance. The combined fund is estimated to have an increase in common net earnings after each Reorganization compared to that of the Acquiring Fund and Acquired Fund and expected to have expanded opportunities for enhanced total returns due to the larger asset base (and in relation to the Acquired Fund, a nationally-diversified portfolio). | |
• | Improved secondary market trading. The estimated higher common net earnings, expected enhanced total returns over time, and the larger asset base of the combined fund after each Reorganization may lead to higher common share market prices relative to net asset value and the combined fund’s greater market liquidity may lead to narrower bid-ask spreads and smaller trade-to-trade price movements. In addition, with respect to each Acquired Fund, the Board of the Acquired Fund also considered that a potential broader investor base of a national fund may also promote a higher common share price to net asset value. | |
• | Expanded MuniPreferred refinancing opportunities. After each Reorganization, the larger asset size of the combined fund may increase the ability to refinance MuniPreferred with tender option bonds (“TOBs”). The greater portfolio diversification of the Acquiring Fund compared to each Acquired Fund may also enhance the combined fund’s ability to refinance the MuniPreferred compared to that of the Acquired Fund. The Boards also considered that such refinancings may provide liquidity at par for MuniPreferred shareholders and lower the relative costs of leverage over time for common shareholders. | |
• | Continuity of investment objectives and strategies. The Boards considered the compatibility of the Funds’ investment objectives, policies except in relevant part, each Acquired Fund would invest primarily in municipal securities that pay interest exempt from an intangible personal property tax assessed by Florida on the value of stocks, bonds, other evidences of indebtedness and mutual fund shares. Florida repealed the intangible personal property tax in 2007 reducing the attractiveness of Florida bonds to investors formerly subject to the tax. Accordingly, a primary reason for the policy of each Acquired Fund to invest primarily in Florida municipal bonds was eliminated and the continuation of such policy is no longer necessary. With each Reorganization, the Acquired Fund common shareholders would be invested in a more diversified portfolio and their exposure to Florida obligations would decrease. In addition, the Funds have issued MuniPreferred to create leverage. Through the use of leverage, the Funds seek to enhance potential common share earnings over time by borrowing at short-term municipal rates and investing at long-term municipal rates which generally are higher. Although there are no assurances that the use of leverage will result in a higher yield or return to common shareholders, the Boards believe that the Acquiring Fund’s use of leverage would continue to provide common shareholders |
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of each Acquired Fund with the potential for higher monthly tax-exempt distributions and enhanced total returns on average over market cycles at a time when the municipal yield spreads are particularly wide or attractive. In addition, as discussed in more detail above, the larger asset base of the combined fund may increase its ability to refinance MuniPreferred with TOBs. |
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Management Fee Schedule | ||||
Average Daily Net Assets | Rate | |||
Up to $125 million | 0.4500 | % | ||
$125 to $250 million | 0.4375 | % | ||
$250 to $500 million | 0.4250 | % | ||
$500 million to $1 billion | 0.4125 | % | ||
$1 billion to $2 billion | 0.4000 | % | ||
$2 billion to $5 billion | 0.3875 | % | ||
$5 billion and over | 0.3750 | % | ||
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Florida | Florida | |||||||||||||||
Acquiring | Investment | Quality | Combined Fund — | |||||||||||||
Credit Rating | Fund | Quality | Income | Pro-Forma(1) | ||||||||||||
Aaa/AAA* | 31.0 | % | 41.4 | % | 32.8 | % | 33.3 | % | ||||||||
Aa/AA | 34.5 | 32.9 | 41.0 | 37.2 | ||||||||||||
A/A | 16.9 | 15.4 | 16.2 | 15.7 | ||||||||||||
Baa/BBB | 12.6 | 7.9 | 6.4 | 9.8 | ||||||||||||
Below investment grade | 0.6 | — | — | 0.4 | ||||||||||||
Unrated | 4.4 | 2.4 | 3.6 | 3.6 | ||||||||||||
TOTAL | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
* | Includes securities that are backed by an escrow or trust containing sufficient U.S. Government Securities to ensure the timely payment of principal and interest. | |
(1) | Reflects the effect of the Reorganization. |
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Weighted Average | Weighted Average | |||||||
Fund | Leverage Adjusted Duration | Maturity | ||||||
Acquiring | 13.91 | 16.34 | ||||||
Florida Investment Quality | 13.41 | 17.44 | ||||||
Florida Quality Income | 11.03 | 15.56 | ||||||
Combined Fund — Pro-Forma(1) | 13.23 | 16.42 | ||||||
(1) | Reflects the effect of the Reorganization. |
Florida | Florida | Combined | ||||||||||||||
Acquiring | Investment | Quality | Fund — | |||||||||||||
Fund | Quality | Income | Pro Forma(1) | |||||||||||||
Shareholders’ Equity: | ||||||||||||||||
Common Shares, $.01 par value per share; 40,796,161 shares outstanding for Acquiring Fund; 16,368,802 shares outstanding for Florida Investment Quality Fund; 14,154,895 shares outstanding for Florida Quality Income; Fund shares outstanding for Combined Fund — Pro Forma | $ | 407,962 | $ | 163,688 | $ | 141,549 | $ | 724,232 | (2) | |||||||
Paid-in surplus | 566,753,019 | 228,858,884 | 204,131,712 | $ | 999,237,582 | (3) | ||||||||||
Undistributed (over-distribution of) net investment income | (287,678 | ) | 49,866 | (829,788 | ) | $ | (1,117,466 | )(4) | ||||||||
Accumulated net realized gain (loss) from investments and derivative transactions | (9,579,670 | ) | (7,572,491 | ) | (4,837,522 | ) | $ | (21,989,683 | ) | |||||||
Net unrealized appreciation (depreciation) of investments and derivative transactions | (79,691,013 | ) | (26,008,341 | ) | (23,311,124 | ) | $ | (129,010,478 | ) | |||||||
Net assets applicable to common shares | $ | 477,602,620 | $ | 195,491,606 | $ | 175,294,827 | $ | 847,844,187 | ||||||||
(1) | The adjusted balances are presented as if the Reorganization were effective as of October 31, 2008 for information purposes only. The actual closing date of the Reorganization is expected to be , 2009, at which time the results would be reflective of the actual composition of shareholders’ equity at that date. | |
(2) | Assumes the issuance of 16,686,173 and 14,940,870 Acquiring Fund Common Shares in exchange for the net assets of the Florida Investment Quality Fund and Florida Quality Income Fund, respectively, which numbers are based on the net asset value of the Acquiring Fund Common Shares and the net asset value of the Acquired Fund Common Shares, as of October 31, 2008, after adjustment for the distributions referred to in (3) below and the Reorganization costs referred to on (4) below. |
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(3) | Includes the impact of estimated Reorganization costs of $495,000 which will be borne by the shareholders of the Acquiring Fund, Florida Investment Quality Fund and Florida Quality Income Fund ($10,000, $100,000 and $385,000, respectively). | |
(4) | Assumes the Florida Investment Quality Fund distributes all of its undistributed net investment income ($49,866) to its shareholders. |
Average Annual Total Return | Average Annual Total Return | |||||||||||||||||||||||||||||||
on Net Asset Value | on Market Value | |||||||||||||||||||||||||||||||
One | Three | Five | Ten | One | Three | Five | Ten | |||||||||||||||||||||||||
Year | Years | Years | Years | Year | Years | Years | Years | |||||||||||||||||||||||||
Acquiring Fund | −15.93 | % | −3.76 | % | 0.12 | % | 2.93 | % | −21.06 | % | −4.65 | % | −1.10 | % | 1.40 | % | ||||||||||||||||
Florida Investment Quality | −14.63 | % | −3.27 | % | 0.06 | % | 3.36 | % | 25.42 | % | −8.70 | % | −6.14 | % | −0.45 | % | ||||||||||||||||
Florida Quality Income | −12.47 | % | −2.29 | % | 0.79 | % | 3.41 | % | 22.24 | % | −6.92 | % | −4.82 | % | 0.24 | % | ||||||||||||||||
Florida | Florida | |||||||||||||||
Acquiring | Investment | Quality | Combined Fund — | |||||||||||||
Fund | Quality | Income | Pro-Forma | |||||||||||||
10/31/08 | 4/30/08 | 4/30/08 | 10/31/08 | |||||||||||||
Annual Expenses (as a percentage of net assets applicable to Common shares) | ||||||||||||||||
Management Fees | 0.96 | % | 0.96 | % | 0.97 | % | 0.95 | % | ||||||||
Interest Expense | 0.34 | % | 0.47 | % | 0.55 | % | 0.26 | % | ||||||||
Other Expenses | 0.26 | % | 0.25 | % | 0.26 | % | 0.24 | % | ||||||||
Total Annual Expenses — Gross | 1.56 | % | 1.68 | % | 1.78 | % | 1.45 | % | ||||||||
Custodian Fee Credit | (0.02 | %) | (0.01 | %) | (0.01 | %) | (0.02 | %) | ||||||||
Total Annual Expenses — Net | 1.54 | % | 1.67 | % | 1.77 | % | 1.43 | % | ||||||||
(1) | The Comparative Fee Table is presented as of each Fund’s fiscal year end (October 31, 2008 for the Acquiring Fund and April 30, 2008 for the Acquired Funds). The pro forma combined figures assume the consummation of the Reorganization on October 31, 2008 and reflect average net asset levels for both the Acquiring Fund and Acquired Funds for the 12-month period ended October 31, 2008. It is important for you to understand that a decline in the Fund’s average net assets during the current fiscal year due to recent unprecedented market |
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volatility or other factors could cause the Fund’s expense ratios for the Fund’s current fiscal year to be higher than the expense information presented. |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Acquiring Fund | $ | 16 | $ | 49 | $ | 85 | $ | 186 | ||||||||
Florida Investment Quality | $ | 17 | $ | 53 | $ | 91 | $ | 199 | ||||||||
Florida Quality Income | $ | 18 | $ | 56 | $ | 96 | $ | 209 | ||||||||
Combined Fund — Pro-Forma | $ | 15 | $ | 46 | $ | 79 | $ | 174 | ||||||||
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(ACQUIRED FUND SHAREHOLDERS AND ACQUIRING FUND
MUNIPREFERRED SHAREHOLDERS ONLY)
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• | the secondary market trading history of the Funds (i.e., the price level at which the Funds’ shares have traded over time in relation to their underlying net asset value on an absolute basis and as compared to other closed-end funds) and prior efforts to enhance the secondary market for the common shares of the Acquired Funds; |
• | the elimination of the Florida intangibles tax; |
• | the compatibility of the investment objectives, policies and strategies of the Funds; |
• | the potential opportunities to refinance MuniPreferred; |
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• | the relative fees and expense ratios of the Funds, including caps on the Funds’ expenses agreed to by NAM; |
• | the investment performance of the Funds; |
• | the anticipated tax-free nature of the Reorganizations; |
• | the expected costs of the Reorganizations and the extent to which the Funds would bear any such costs; |
• | the terms of the Reorganizations and whether the Reorganizations would dilute the interests of shareholders of the Funds; and |
• | any potential benefits of the Reorganizations to NAM as a result of the Reorganizations. |
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Value of Fund assets less liabilities not constituting senior securities | $ | |||||
= | ||||||
Senior securities representing indebtedness plus liquidation value of the shares of MuniPreferred | ||||||
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• | Hold Order — indicating its desire to hold shares of such series without regard to the Applicable Rate for shares of such series for the next Rate Period thereof. | |
• | Bid — indicating its desire to sell shares of such series at $25,000 per share if the Applicable Rate for shares of such series for the next Rate Period thereof is less than the rate specified in such Bid (also known as a hold-at-a-rate order). | |
• | Sell Order — indicating its desire to sell shares of such series at $25,000 per share without regard to the Applicable Rate for shares of such series for the next Rate Period thereof. |
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(1) | Issue senior securities, as defined in the 1940 Act, other than preferred stock [shares], except to the extent such issuance might be involved with respect to borrowings described under subparagraph (3) below or with respect to transactions involving futures contracts or the writing of options within the limits described [in Portfolio Investments above]; | |
(2) | Make short sales of securities or purchase any securities on margin (except for such short-term credits as are necessary for the clearance of transactions), or write or purchase put or call options, except to the extent that the purchase of a standby commitment may be considered the purchase of a put, and except for transactions involving options within the limits described [in Portfolio Investments above]; | |
(3) | Borrow money, except from banks for temporary or emergency purposes or for repurchase of [the Fund’s] shares, and then only in an amount not exceeding one-third of the value of its total assets including the amount borrowed; while any such borrowings exceed 5% of its total assets, no additional purchases of investment securities will be made; | |
(4) | Underwrite any issue of securities, except to the extent that the purchase of [m]unicipal [o]bligations in accordance with its investment objective[s], policies and limitations may be deemed to be an underwriting; | |
(5) | Invest more than 25% of its total assets in securities of issuers in any one industry; provided, however, that such limitation shall not apply to [m]unicipal [o]bligations other than those [m]unicipal [o]bligations backed only by the assets and revenues of non-governmental users, nor shall it apply to [m]unicipal [o]bligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities; | |
(6) | Purchase or sell real estate, but this shall not prevent the Fund from investing in [m]unicipal [o]bligations secured by real estate or interests therein; | |
(7) | Purchase or sell commodities or commodities contracts, except for transactions involving futures contracts within the limits described [in Portfolio Investments]; | |
(8) | Make loans, other than by entering into repurchase agreements and through the purchase of [m]unicipal [o]bligations or temporary investments in accordance with its investment objective[s], policies and limitations; | |
(9) | Invest in securities other than [Florida] [m]unicipal [o]bligations and temporary investments as described [in Portfolio Investments]; and purchase financial futures and options except within the limits described [in Portfolio Investments]; |
(10) | Invest more than 5% of its total assets in securities of any one issuer, except that this limitation shall not apply to securities of the U.S. Government, its agencies and instrumentalities or to the investment of 25% of its total assets; |
58
(11) | Pledge, mortgage or hypothecate its assets, except that, to secure borrowings permitted by subparagraph (3) above, it may pledge securities having a market value at the time of pledge not exceeding 20% of the value of its total assets; | |
(12) | Invest more than 10% of its total assets in repurchase agreements maturing in more than seven days; and | |
(13) | Purchase or retain the securities of any issuer other than [its own securities] if, to [its] knowledge, those of its directors [trustees], or those officers and directors of the [investment adviser] who individually own beneficially more than 1/2 of 1% of the outstanding securities of such issuer, together own beneficially more than 5% of such outstanding securities. |
59
(1) | Sell securities short, unless the Fund owns or has the right to obtain securities equivalent in kind and amount to the securities sold at no added cost, and provided that transactions in options, futures contracts, options on futures contracts, or other derivative instruments are not deemed to constitute selling securities short; | |
(2) | Purchase securities of open-end or closed-end investment companies except in compliance with the Investment Company Act of 1940 or any exemptive relief obtained thereunder; | |
(3) | Enter into futures contracts or related options or forward contracts, if more than 30% of the Fund’s net assets would be represented by futures contracts or more than 5% of the Fund’s net assets would be committed to initial margin deposits and premiums on futures contracts and related options; | |
(4) | Purchase securities when borrowings exceed 5% of its total assets if and so long as MuniPreferred shares are outstanding; and | |
(5) | Purchase securities of companies for the purpose of exercising control, except that the Fund may invest up to 5% of its net assets in tax-exempt or taxable fixed-income or equity securities, for the purpose of acquiring control of an issuer whose municipal bonds (a) the Fund already owns and (b) have deteriorated or are expected shortly to deteriorate significantly in credit quality, provided NAM determines that such investment should enable the Fund to better maximize the value of its existing investment in such issuer. |
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62
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ACQUIRING FUND COMMON SHARES
(ACQUIRING FUND COMMON SHAREHOLDERS ONLY)
65
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Management Fee Schedule | ||||
Average Daily Net Assets | Rate | |||
Up to $125 million | 0.4500 | % | ||
$125 to $250 million | 0.4375 | % | ||
$250 to $500 million | 0.4250 | % | ||
$500 million to $1 billion | 0.4125 | % | ||
$1 billion to $2 billion | 0.4000 | % | ||
$2 billion to $5 billion | 0.3875 | % | ||
$5 billion and over | 0.3750 | % | ||
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Complex-Level Fee Rates | ||||
Complex-Level Asset | Effective Rate at | |||
Breakpoint Level(1) | Breakpoint Level | |||
$55 billion | 0.2000 | % | ||
$56 billion | 0.1996 | % | ||
$57 billion | 0.1989 | % | ||
$60 billion | 0.1961 | % | ||
$63 billion | 0.1931 | % | ||
$66 billion | 0.1900 | % | ||
$71 billion | 0.1851 | % | ||
$76 billion | 0.1806 | % | ||
$80 billion | 0.1773 | % | ||
$91 billion | 0.1691 | % | ||
$125 billion | 0.1599 | % | ||
$200 billion | 0.1505 | % | ||
$250 billion | 0.1469 | % | ||
$300 billion | 0.1445 | % | ||
(1) | The complex-level fee component of the management fee for the funds is calculated based upon the aggregate Managed Assets (“Managed Assets” means the average daily net assets of each fund including assets attributable to preferred stock issued by or borrowings by the Nuveen funds) of Nuveen sponsored funds in the U.S. Complex Managed Assets were approximately $53.6 billion as of December 31, 2008. |
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(4) | ||||||||||||
(3) | Amount Outstanding | |||||||||||
(1) | (2) | Amount Held by Fund | Exclusive of Amount | |||||||||
Title of Class | Amount Authorized | for its Own Account | Shown Under (3) | |||||||||
Acquiring Fund | ||||||||||||
Common stock | ||||||||||||
Preferred stock | ||||||||||||
Florida Investment Quality | ||||||||||||
Common shares | ||||||||||||
Preferred shares | ||||||||||||
Florida Quality Income | ||||||||||||
Common shares | ||||||||||||
Preferred shares | ||||||||||||
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Acquiring Fund | ||||||||||||||||||||||||
Premium/ | ||||||||||||||||||||||||
Market Price | Net Asset Value | Discount | ||||||||||||||||||||||
Quarter Ended | High | Low | High | Low | High | Low | ||||||||||||||||||
January 2009 | 11.74 | 8.26 | 13.04 | 10.72 | -0.06 | -0.23 | ||||||||||||||||||
October 2008 | 12.86 | 7.73 | 14.11 | 10.81 | -0.07 | -0.32 | ||||||||||||||||||
July 2008 | 13.59 | 12.39 | 14.45 | 13.63 | -0.05 | -0.12 | ||||||||||||||||||
April 2008 | 14.15 | 12.41 | 14.91 | 13.26 | -0.04 | -0.11 | ||||||||||||||||||
January 2008 | 14.09 | 12.51 | 15.14 | 14.49 | -0.05 | -0.14 | ||||||||||||||||||
October 2007 | 13.90 | 12.98 | 15.01 | 14.15 | -0.05 | -0.12 | ||||||||||||||||||
July 2007 | 14.42 | 13.53 | 15.33 | 14.60 | -0.06 | -0.09 | ||||||||||||||||||
April 2007 | 14.62 | 14.09 | 15.52 | 15.15 | -0.05 | -0.08 | ||||||||||||||||||
January 2007 | 14.25 | 13.89 | 15.60 | 15.18 | -0.07 | -0.10 | ||||||||||||||||||
Florida Investment Quality | ||||||||||||||||||||||||
Premium/ | ||||||||||||||||||||||||
Market Price | Net Asset Value | Discount | ||||||||||||||||||||||
Quarter Ended | High | Low | High | Low | High | Low | ||||||||||||||||||
January 2009 | 11.22 | 8.62 | 13.53 | 11.62 | -0.15 | -0.30 | ||||||||||||||||||
October 2008 | 12.32 | 7.76 | 14.37 | 11.39 | -0.13 | -0.38 | ||||||||||||||||||
July 2008 | 12.90 | 12.07 | 14.64 | 13.97 | -0.11 | -0.16 | ||||||||||||||||||
April 2008 | 13.64 | 12.36 | 15.16 | 13.75 | -0.08 | -0.14 | ||||||||||||||||||
January 2008 | 13.77 | 12.53 | 15.39 | 14.72 | -0.10 | -0.15 | ||||||||||||||||||
October 2007 | 13.66 | 12.78 | 15.11 | 14.42 | -0.09 | -0.12 | ||||||||||||||||||
July 2007 | 14.23 | 13.34 | 15.36 | 14.71 | -0.07 | -0.11 | ||||||||||||||||||
April 2007 | 14.20 | 13.92 | 15.51 | 15.19 | -0.07 | -0.09 | ||||||||||||||||||
January 2007 | 14.00 | 13.58 | 15.64 | 15.25 | -0.09 | -0.12 | ||||||||||||||||||
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Florida Quality Income | ||||||||||||||||||||||||
Premium/ | ||||||||||||||||||||||||
Market Price | Net Asset Value | Discount | ||||||||||||||||||||||
Quarter Ended | High | Low | High | Low | High | Low | ||||||||||||||||||
January 2009 | 10.78 | 8.31 | 13.03 | 10.99 | -0.14 | -0.29 | ||||||||||||||||||
October 2008 | 12.23 | 7.62 | 14.19 | 10.84 | -0.13 | -0.37 | ||||||||||||||||||
July 2008 | 12.83 | 11.84 | 14.48 | 13.75 | -0.11 | -0.16 | ||||||||||||||||||
April 2008 | 13.32 | 12.14 | 14.85 | 13.44 | -0.08 | -0.14 | ||||||||||||||||||
January 2008 | 13.47 | 12.25 | 15.08 | 14.50 | -0.10 | -0.16 | ||||||||||||||||||
October 2007 | 13.74 | 12.69 | 14.89 | 14.19 | -0.07 | -0.12 | ||||||||||||||||||
July 2007 | 14.21 | 13.17 | 15.17 | 14.56 | -0.06 | -0.10 | ||||||||||||||||||
April 2007 | 14.20 | 13.88 | 15.36 | 15.04 | -0.06 | -0.09 | ||||||||||||||||||
January 2007 | 14.03 | 13.57 | 15.53 | 15.09 | -0.07 | -0.11 | ||||||||||||||||||
Name and Address | Percentage of | |||||||
Class | of Owner | Ownership | ||||||
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Estimated | ||||||||||||
Pro Forma | ||||||||||||
Ownership of | ||||||||||||
Percentage of | Each Class of | |||||||||||
Ownership of | the Acquiring | |||||||||||
Name and | Each Class of the | Fund Shares After | ||||||||||
Class | Address of Owner | Acquired Fund | Reorganization | |||||||||
Estimated | ||||||||||||
Pro Forma | ||||||||||||
Ownership of | ||||||||||||
Percentage of | Each Class of the | |||||||||||
Ownership of | Acquiring Fund | |||||||||||
Name and Address | Each Class of the | Shares After | ||||||||||
Class | of Owner | Acquired Fund | Reorganization | |||||||||
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AGREEMENT AND PLAN OF REORGANIZATION
TRANSFER OF ASSETS OF THE ACQUIRED FUND IN EXCHANGE FOR ACQUIRING FUND SHARES
AND THE ASSUMPTION OF THE ACQUIRED FUND LIABILITIES AND TERMINATION AND
LIQUIDATION OF THE ACQUIRED FUND
A-1
A-2
A-3
A-4
A-5
A-6
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A-11
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A-16
NUVEEN PREMIUM INCOME MUNICIPAL FUND 2, INC. By: Name: Gifford R. Zimmerman Title: Chief Administrative Officer | ||
ACKNOWLEDGED: By: Name: Mark L. Winget Title: Vice President and Assistant Secretary | ||
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND By: Name: Gifford R. Zimmerman Title: Chief Administrative Officer | ||
ACKNOWLEDGED: By: Name: Mark L. Winget Title: Vice President and Assistant Secretary | ||
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND By: Name: Gifford R. Zimmerman Title: Chief Administrative Officer | ||
ACKNOWLEDGED: By: Name: Mark L. Winget Title: Vice President and Assistant Secretary |
A-17
Year Ended October 31, | ||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||||||||||||||||
Beginning Common Share Net Asset Value | $ | 14.85 | $ | 15.45 | $ | 15.07 | $ | 15.53 | $ | 15.09 | $ | 15.27 | $ | 15.53 | $ | 14.75 | $ | 14.61 | $ | 16.15 | ||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||||||||||||||||||||||
Net Investment Income | 0.97 | 0.97 | 0.97 | 0.98 | 1.02 | 1.08 | 1.17 | 1.21 | 1.22 | 1.18 | ||||||||||||||||||||||||||||||
Net Realized/Unrealized Gain (Loss) | (3.10 | ) | (0.55 | ) | 0.49 | (0.24 | ) | 0.48 | (0.10 | ) | (0.30 | ) | 0.73 | 0.20 | (1.48 | ) | ||||||||||||||||||||||||
Distributions from Net Investment Income to Preferred Shareholders† | (0.29 | ) | (0.30 | ) | (0.25 | ) | (0.16 | ) | (0.08 | ) | (0.07 | ) | (0.11 | ) | (0.27 | ) | (0.34 | ) | (0.24 | ) | ||||||||||||||||||||
Distributions from Capital Gains to Preferred Shareholders† | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | — | (0.01 | ) | (0.01 | ) | — | — | (0.01 | ) | |||||||||||||||||||||||
Total | (2.43 | ) | 0.11 | 1.20 | 0.57 | 1.42 | 0.90 | 0.75 | 1.67 | 1.08 | (0.55 | ) | ||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||
Net Investment Income to Common Shareholders | (0.69 | ) | (0.69 | ) | (0.76 | ) | (0.93 | ) | (0.98 | ) | (0.98 | ) | (0.96 | ) | (0.89 | ) | (0.92 | ) | (0.94 | ) | ||||||||||||||||||||
Capital Gains to Common Shareholders | (0.02 | ) | (0.02 | ) | (0.06 | ) | (0.10 | ) | — | (0.10 | ) | (0.05 | ) | — | (0.02 | ) | (0.04 | ) | ||||||||||||||||||||||
Total | (0.71 | ) | (0.71 | ) | (0.82 | ) | (1.03 | ) | (0.98 | ) | (1.08 | ) | (1.01 | ) | (0.89 | ) | (0.94 | ) | (0.98 | ) | ||||||||||||||||||||
Offering Costs and Preferred Share Underwriting Discounts | — | — | — | — | — | — | — | — | — | (0.01 | ) | |||||||||||||||||||||||||||||
Ending Common Share Net Asset Value | $ | 11.71 | $ | 14.85 | $ | 15.45 | $ | 15.07 | $ | 15.53 | $ | 15.09 | $ | 15.27 | $ | 15.53 | $ | 14.75 | $ | 14.61 | ||||||||||||||||||||
Ending Market Value | $ | 10.28 | $ | 13.25 | $ | 14.05 | $ | 13.97 | $ | 14.57 | $ | 14.25 | $ | 14.40 | $ | 14.61 | $ | 13.25 | $ | 14.50 | ||||||||||||||||||||
Total Returns: | ||||||||||||||||||||||||||||||||||||||||
Based on Market Value* | (17.95 | )% | (0.81 | )% | 6.71 | % | 2.98 | % | 9.48 | % | 6.57 | % | 5.59 | % | 17.31 | % | (2.03 | )% | (8.59 | )% | ||||||||||||||||||||
Based on Common Share Net Asset Value* | (16.96 | )% | 0.71 | % | 8.24 | % | 3.71 | % | 9.77 | % | 6.07 | % | 5.03 | % | 11.63 | % | 7.71 | % | (3.66 | )% |
B-1
Year Ended October 31, | ||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Ending Net Assets Applicable to Common Shares (000) | $ | 477,603 | $ | 605,817 | $ | 634,981 | $ | 619,282 | $ | 637,981 | $ | 619,916 | $ | 627,659 | $ | 638,365 | $ | 605,973 | $ | 600,481 | ||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares Before Credit/Refund††: | ||||||||||||||||||||||||||||||||||||||||
Expenses Including Interest(a) | 1.56 | % | 1.62 | % | 1.20 | % | 1.20 | % | 1.21 | % | 1.22 | % | 1.22 | % | 1.23 | % | 1.23 | % | 1.15 | % | ||||||||||||||||||||
Expenses Excluding Interest(a) | 1.22 | % | 1.19 | % | 1.20 | % | 1.20 | % | 1.21 | % | 1.22 | % | 1.22 | % | 1.23 | % | 1.23 | % | 1.15 | % | ||||||||||||||||||||
Net Investment Income | 6.93 | % | 6.44 | % | 6.42 | % | 6.40 | % | 6.75 | % | 7.06 | % | 7.70 | % | 7.93 | % | 8.38 | % | 7.60 | % | ||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares After Credit/Refund††**: | ||||||||||||||||||||||||||||||||||||||||
Expenses Including Interest(a) | 1.54 | % | 1.60 | % | 1.20 | % | 1.19 | % | 1.21 | % | 1.21 | % | 1.21 | % | 1.21 | % | 1.22 | % | 1.15 | % | ||||||||||||||||||||
Expenses Excluding Interest(a) | 1.20 | % | 1.18 | % | 1.20 | % | 1.19 | % | 1.21 | % | 1.21 | % | 1.21 | % | 1.21 | % | 1.22 | % | 1.15 | % | ||||||||||||||||||||
Net Investment Income | 6.95 | % | 6.45 | % | 6.43 | % | 6.40 | % | 6.76 | % | 7.07 | % | 7.71 | % | 7.95 | % | 8.39 | % | 7.60 | % | ||||||||||||||||||||
Portfolio Turnover Rate | 8 | % | 12 | % | 15 | % | 15 | % | 23 | % | 21 | % | 21 | % | 12 | % | 7 | % | 5 | % | ||||||||||||||||||||
Preferred Shares at End of Period: | ||||||||||||||||||||||||||||||||||||||||
Aggregate Amount Outstanding (000) | $ | 283,550 | $ | 347,000 | $ | 347,000 | $ | 347,000 | $ | 347,000 | $ | 347,000 | $ | 347,000 | $ | 347,000 | $ | 347,000 | $ | 347,000 | ||||||||||||||||||||
Liquidation and Market Value Per Share | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||||||||
Asset Coverage Per Share | $ | 67,109 | $ | 68,647 | $ | 70,748 | $ | 69,617 | $ | 70,964 | $ | 69,663 | $ | 70,220 | $ | 70,992 | $ | 68,658 | $ | 68,262 | ||||||||||||||||||||
* | Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. | |
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. | ||
** | After custodian fee credit and legal fee refund, where applicable. | |
† | The amounts shown are based on common share equivalents. | |
†† | Ratios do not reflect the effect of dividend payments to preferred shareholders; income ratios reflect income earned on assets attributable to preferred shares. | |
(a) | Interest expense arises from the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 – Inverse Floating Rate Securities, in the Fund’s annual report. |
B-2
Year Ended April 30, | Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance | 2009(a) | 2008 | 2007(b) | 2006 | 2005 | 2004 | 2003 | 2002(c) | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||||||||||||||||||||
Beginning Common Share Net Asset Value | $ | 14.30 | $ | 15.16 | $ | 14.70 | $ | 15.63 | $ | 14.81 | $ | 15.87 | $ | 15.19 | $ | 14.76 | $ | 14.24 | $ | 15.03 | $ | 15.66 | $ | 15.55 | ||||||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | 0.50 | 0.97 | 0.79 | 0.94 | 0.96 | 1.06 | 1.10 | 1.13 | 1.19 | 1.21 | 1.16 | 1.18 | ||||||||||||||||||||||||||||||||||||
Net Realized/Unrealized Gain (Loss) | (2.37 | ) | (0.87 | ) | 0.47 | (0.86 | ) | 0.94 | (0.84 | ) | 0.76 | 0.41 | 0.52 | (0.71 | ) | (0.59 | ) | 0.23 | ||||||||||||||||||||||||||||||
Distributions from Net Investment Income to Preferred Shareholders† | (0.16 | ) | (0.29 | ) | (0.23 | ) | (0.21 | ) | (0.11 | ) | (0.06 | ) | (0.07 | ) | (0.11 | ) | (0.30 | ) | (0.29 | ) | (0.20 | ) | (0.22 | ) | ||||||||||||||||||||||||
Distributions from Capital Gains to Preferred Shareholders† | — | — | — | — | — | (0.01 | ) | (0.01 | ) | (0.02 | ) | — | (0.01 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||||||||||||||||||||
Total | (2.03 | ) | (0.19 | ) | 1.03 | (0.13 | ) | 1.79 | 0.15 | 1.78 | 1.41 | 1.41 | 0.20 | 0.36 | 1.17 | |||||||||||||||||||||||||||||||||
Less Distributions: | �� | |||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income to Common Shareholders | (0.33 | ) | (0.67 | ) | (0.57 | ) | (0.80 | ) | (0.97 | ) | (1.01 | ) | (0.97 | ) | (0.92 | ) | (0.89 | ) | (0.94 | ) | (0.96 | ) | (0.99 | ) | ||||||||||||||||||||||||
Capital Gains to Common Shareholders | — | — | — | — | — | (0.20 | ) | (0.13 | ) | (0.06 | ) | — | (0.03 | ) | (0.03 | ) | (0.07 | ) | ||||||||||||||||||||||||||||||
Total | (0.33 | ) | (0.67 | ) | (0.57 | ) | (0.80 | ) | (0.97 | ) | (1.21 | ) | (1.10 | ) | (0.98 | ) | (0.89 | ) | (0.97 | ) | (0.99 | ) | (1.06 | ) | ||||||||||||||||||||||||
Offering Costs and Preferred Share Underwriting Discounts | — | — | — | — | — | — | — | — | — | (0.02 | ) | — | — | |||||||||||||||||||||||||||||||||||
Ending Common Share Net Asset Value | $ | 11.94 | $ | 14.30 | $ | 15.16 | $ | 14.70 | $ | 15.63 | $ | 14.81 | $ | 15.87 | $ | 15.19 | $ | 14.76 | $ | 14.24 | $ | 15.03 | $ | 15.66 | ||||||||||||||||||||||||
Ending Market Value | $ | 9.54 | $ | 12.77 | $ | 14.11 | $ | 13.02 | $ | 15.48 | $ | 14.03 | $ | 16.75 | $ | 15.83 | $ | 14.89 | $ | 14.13 | $ | 16.00 | $ | 17.25 | ||||||||||||||||||||||||
Total Returns: | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on Market Value* | (23.09 | )% | (4.79 | )% | 12.93 | % | (11.13 | )% | 17.51 | % | (9.61 | )% | 13.28 | % | 13.27 | % | 12.03 | % | (5.54 | )% | (1.80 | )% | 9.08 | % | ||||||||||||||||||||||||
Based on Common Share Net Asset Value* | (14.42 | )% | (1.26 | )% | 7.08 | % | (0.85 | )% | 12.40 | % | 0.95 | % | 12.02 | % | 9.77 | % | 10.11 | % | 1.39 | % | 2.22 | % | 7.70 | % | ||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending Net Assets Applicable to Common Shares (000) | $ | 195,492 | $ | 234,106 | $ | 251,475 | $ | 243,913 | $ | 259,071 | $ | 245,045 | $ | 261,856 | $ | 249,833 | $ | 242,223 | $ | 233,290 | $ | 245,644 | $ | 254,755 | ||||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares Before Credit/Reimbursement††: | ||||||||||||||||||||||||||||||||||||||||||||||||
Expenses Including Interest(d) | 1.30 | %*** | 1.68 | % | 1.73 | %*** | 1.20 | % | 1.23 | % | 1.25 | % | 1.20 | % | 1.26 | % | 1.33 | % | 1.26 | % | 1.15 | % | 1.14 | % | ||||||||||||||||||||||||
Expenses Excluding Interest(d) | 1.26 | %*** | 1.21 | % | 1.21 | %*** | 1.20 | % | 1.23 | % | 1.25 | % | 1.20 | % | 1.26 | % | 1.33 | % | 1.26 | % | 1.15 | % | 1.14 | % | ||||||||||||||||||||||||
Net Investment Income | 7.24 | %*** | 6.62 | % | 6.24 | %*** | 6.21 | % | 6.26 | % | 6.92 | % | 7.00 | % | 7.53 | % | 8.10 | % | 8.45 | % | 7.38 | % | 7.55 | % | ||||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares After Credit/Reimbursement††**: | ||||||||||||||||||||||||||||||||||||||||||||||||
Expenses Including Interest(d) | 1.28 | %*** | 1.67 | % | 1.72 | %*** | 1.19 | % | 1.22 | % | 1.25 | % | 1.19 | % | 1.23 | % | 1.29 | % | 1.24 | % | 1.15 | % | 1.14 | % | ||||||||||||||||||||||||
Expenses Excluding Interest(d) | 1.24 | %*** | 1.20 | % | 1.19 | %*** | 1.19 | % | 1.22 | % | 1.25 | % | 1.19 | % | 1.23 | % | 1.29 | % | 1.24 | % | 1.15 | % | 1.14 | % | ||||||||||||||||||||||||
Net Investment Income | 7.25 | %*** | 6.63 | % | 6.25 | %*** | 6.22 | % | 6.27 | % | 6.92 | % | 7.01 | % | 7.56 | % | 8.14 | % | 8.48 | % | 7.39 | % | 7.55 | % |
B-3
Year Ended April 30, | Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance | 2009(a) | 2008 | 2007(b) | 2006 | 2005 | 2004 | 2003 | 2002(c) | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||||||||||||||||||||
Portfolio Turnover Rate | 10 | % | 23 | % | 13 | % | 6 | % | 15 | % | 23 | % | 16 | % | 34 | % | 28 | % | 16 | % | 17 | % | 9 | % | ||||||||||||||||||||||||
Preferred Shares at End of Period: | ||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Amount Outstanding (000) | $ | 132,000 | $ | 132,000 | $ | 132,000 | $ | 132,000 | $ | 132,000 | $ | 132,000 | $ | 132,000 | $ | 132,000 | $ | 132,000 | $ | 132,000 | $ | 110,000 | $ | 110,000 | ||||||||||||||||||||||||
Liquidation and Market Value Per Share | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||||||||||||
Asset Coverage Per Share | $ | 62,025 | $ | 69,338 | $ | 72,628 | $ | 71,196 | $ | 74,066 | $ | 71,410 | $ | 74,594 | $ | 72,317 | $ | 70,876 | $ | 69,184 | $ | 80,828 | $ | 82,899 | ||||||||||||||||||||||||
* | Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. | |
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. | ||
** | After custodian fee credit and expense reimbursement, where applicable. | |
*** | Annualized. | |
† | The amounts shown are based on common share equivalents. | |
†† | Ratios do not reflect the effect of dividend payments to preferred shareholders; income ratios reflect income earned on assets attributable to preferred shares. | |
(a) | For the six months ended October 31, 2008. | |
(b) | For the ten months ended April 30, 2007. | |
(c) | As required, effective July 1, 2001, the Fund has adopted the provisions of the new AICPA Audit and Accounting Guide for Investment Companies and began accreting taxable market discount on debt securities. The effect of this change for the fiscal year ended June 30, 2002, was to increase net investment income per share with a corresponding decrease in net realized/unrealized investment gain (loss) per share and increase each ratio of net investment income to average net assets applicable to common shares as follows: |
2002 per share impact ($) | .01 | |||
2002 income ratio impact (%) | .04 |
(d) | Interest expense arises from the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 – Inverse Floating Rate Securities, in the Fund’s annual report. |
B-4
Year Ended April 30, | Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance | 2009(a) | 2008 | 2007(b) | 2006 | 2005 | 2004 | 2003 | 2002(c) | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||||||||||||||||||||
Beginning Common Share Net Asset Value | $ | 14.45 | $ | 15.34 | $ | 14.86 | $ | 15.72 | $ | 14.81 | $ | 15.75 | $ | 15.23 | $ | 15.02 | $ | 14.57 | $ | 15.37 | $ | 15.96 | $ | 15.66 | ||||||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | 0.46 | 0.95 | 0.78 | 0.92 | 0.94 | 1.04 | 1.08 | 1.18 | 1.20 | 1.19 | 1.14 | 1.16 | ||||||||||||||||||||||||||||||||||||
Net Realized/Unrealized Gain (Loss) | (2.05 | ) | (0.86 | ) | 0.49 | (0.80 | ) | 1.04 | (0.78 | ) | 0.71 | 0.14 | 0.43 | (0.77 | ) | (0.61 | ) | 0.31 | ||||||||||||||||||||||||||||||
Distributions from Net Investment Income to Preferred Shareholders† | (0.16 | ) | (0.31 | ) | (0.24 | ) | (0.21 | ) | (0.11 | ) | (0.05 | ) | (0.07 | ) | (0.12 | ) | (0.30 | ) | (0.29 | ) | (0.22 | ) | (0.25 | ) | ||||||||||||||||||||||||
Distributions from Capital Gains to Preferred Shareholders† | — | — | * | — | — | — | (0.01 | ) | (0.02 | ) | (0.01 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | (1.75 | ) | (0.22 | ) | 1.03 | (0.09 | ) | 1.87 | 0.20 | 1.70 | 1.19 | 1.33 | 0.13 | 0.31 | 1.22 | |||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income to Common Shareholders | (0.32 | ) | (0.66 | ) | (0.55 | ) | (0.77 | ) | (0.96 | ) | (1.00 | ) | (1.00 | ) | (0.94 | ) | (0.88 | ) | (0.91 | ) | (0.90 | ) | (0.92 | ) | ||||||||||||||||||||||||
Capital Gains to Common Shareholders | — | (0.01 | ) | — | — | — | (0.14 | ) | (0.18 | ) | (0.04 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | (0.32 | ) | (0.67 | ) | (0.55 | ) | (0.77 | ) | (0.96 | ) | (1.14 | ) | (1.18 | ) | (0.98 | ) | (0.88 | ) | (0.91 | ) | (0.90 | ) | (0.92 | ) | ||||||||||||||||||||||||
Offering Costs and Preferred Share Underwriting Discounts | — | — | — | — | — | — | — | — | — | (0.02 | ) | — | — | |||||||||||||||||||||||||||||||||||
Ending Common Share Net Asset Value | $ | 12.38 | $ | 14.45 | $ | 15.34 | $ | 14.86 | $ | 15.72 | $ | 14.81 | $ | 15.75 | $ | 15.23 | $ | 15.02 | $ | 14.57 | $ | 15.37 | $ | 15.96 | ||||||||||||||||||||||||
Ending Market Value | $ | 9.97 | $ | 12.75 | $ | 14.04 | $ | 13.07 | $ | 15.27 | $ | 13.84 | $ | 16.60 | $ | 15.99 | $ | 14.97 | $ | 14.13 | $ | 15.75 | $ | 16.19 | ||||||||||||||||||||||||
Total Returns: | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on Market Value** | (19.62 | )% | (4.54 | )% | 11.75 | % | (9.64 | )% | 17.42 | % | (10.29 | )% | 11.56 | % | 13.80 | % | 12.58 | % | (4.28 | )% | 2.79 | % | 7.07 | % | ||||||||||||||||||||||||
Based on Common Share Net Asset Value** | (12.30 | )% | (1.48 | )% | 6.97 | % | (0.55 | )% | 12.89 | % | 1.29 | % | 11.45 | % | 8.15 | % | 9.37 | % | 0.87 | % | 1.88 | % | 7.98 | % | ||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending Net Assets Applicable to Common Shares (000) | $ | 175,295 | $ | 204,552 | $ | 219,447 | $ | 212,504 | $ | 224,792 | $ | 211,659 | $ | 224,311 | $ | 216,044 | $ | 212,618 | $ | 206,212 | $ | 217,433 | $ | 224,973 | ||||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares Before Credit/Reimbursement††: | ||||||||||||||||||||||||||||||||||||||||||||||||
Expenses Including Interest(d) | 1.29 | %**** | 1.78 | % | 1.78 | %**** | 1.22 | % | 1.24 | % | 1.25 | % | 1.24 | % | 1.28 | % | 1.33 | % | 1.26 | % | 1.19 | % | 1.18 | % | ||||||||||||||||||||||||
Expenses Excluding Interest(d) | 1.29 | %**** | 1.22 | % | 1.23 | %**** | 1.22 | % | 1.24 | % | 1.25 | % | 1.24 | % | 1.28 | % | 1.33 | % | 1.26 | % | 1.19 | % | 1.18 | % | ||||||||||||||||||||||||
Net Investment Income | 6.61 | %**** | 6.38 | % | 6.09 | %**** | 6.06 | % | 6.07 | % | 6.83 | % | 6.92 | % | 7.81 | % | 8.00 | % | 8.08 | % | 7.13 | % | 7.26 | % | ||||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares After Credit/Reimbursement††***: | ||||||||||||||||||||||||||||||||||||||||||||||||
Expenses Including Interest(d) | 1.28 | %**** | 1.77 | % | 1.76 | %**** | 1.21 | % | 1.23 | % | 1.25 | % | 1.23 | % | 1.26 | % | 1.25 | % | 1.23 | % | 1.19 | % | 1.18 | % | ||||||||||||||||||||||||
Expenses Excluding Interest(d) | 1.28 | %**** | 1.21 | % | 1.21 | %**** | 1.21 | % | 1.23 | % | 1.25 | % | 1.23 | % | 1.26 | % | 1.25 | % | 1.23 | % | 1.19 | % | 1.18 | % | ||||||||||||||||||||||||
Net Investment Income | 6.61 | %**** | 6.39 | % | 6.11 | %**** | 6.06 | % | 6.07 | % | 6.83 | % | 6.94 | % | 7.83 | % | 8.08 | % | 8.10 | % | 7.13 | % | 7.26 | % | ||||||||||||||||||||||||
Portfolio Turnover Rate | 4 | % | 26 | % | 7 | % | 8 | % | 20 | % | 38 | % | 28 | % | 30 | % | 20 | % | 20 | % | 16 | % | 10 | % |
B-5
Year Ended April 30, | Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance | 2009(a) | 2008 | 2007(b) | 2006 | 2005 | 2004 | 2003 | 2002(c) | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||||||||||||||||||||
Preferred Shares at End of Period: | ||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Amount Outstanding (000) | $ | 117,000 | $ | 117,000 | $ | 117,000 | $ | 117,000 | $ | 117,000 | $ | 117,000 | $ | 117,000 | $ | 117,000 | $ | 117,000 | $ | 117,000 | $ | 105,000 | $ | 105,000 | ||||||||||||||||||||||||
Liquidation and Market Value Per Share | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||||||||||||
Asset Coverage Per Share | $ | 62,456 | $ | 68,708 | $ | 71,890 | $ | 70,407 | $ | 73,033 | $ | 70,226 | $ | 72,930 | $ | 71,163 | $ | 70,431 | $ | 69,062 | $ | 76,770 | $ | 78,565 | ||||||||||||||||||||||||
* | Rounds to less than $.01 per share. | |
** | Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. | |
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. | ||
*** | After custodian fee credit and expense reimbursement, where applicable. | |
**** | Annualized. | |
† | The amounts shown are based on common share equivalents. | |
†† | Ratios do not reflect the effect of dividend payments to preferred shareholders; income ratios reflect income earned on assets attributable to preferred shares. | |
(a) | For the six months ended October 31, 2008. | |
(b) | For the ten months ended April 30, 2007. | |
(c) | As required, effective July 1, 2001, the Fund has adopted the provisions of the new AICPA Audit and Accounting Guide for Investment Companies and began accreting taxable market discount on debt securities. The effect of this change for the fiscal year ended June 30, 2002, was to increase net investment income per share with a corresponding decrease in net realized/unrealized investment gain (loss) per share and increase each ratio of net investment income to average net assets applicable to common shares as follows: |
2002 per share impact ($) | — | |||
2002 income ratio impact (%) | — |
(d) | Interest expense arises from the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 – Inverse Floating Rate Securities, in the Fund’s annual report. |
B-6
![[NUVEEN INVESTMENTS LOGO]](https://capedge.com/proxy/N-14 8C/0000950137-09-001898/c496868cc4968602.gif)
www.nuveen.com | XXX0609 |
RELATING TO THE ACQUISITION OF THE ASSETS AND LIABILITIES OF
(each a “Florida Fund” or an “Acquired Fund” and, collectively, the “Florida Funds” or the
“Acquired Funds”)
(the “National Fund” or the “Acquiring Fund” and, together with the Florida Fund, the “Funds”
and each a “Fund”)
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Additional Information on Municipal Bond Insurance | 3 | |||
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(1) | Issue senior securities, as defined in the 1940 Act, other than preferred stock [shares], except to the extent such issuance might be involved with respect to borrowings described under subparagraph (3) below or with respect to transactions involving futures contracts or the writing of options within the limits described in the [Fund’s] Proxy Statement/Prospectus; | ||
(2) | Make short sales of securities or purchase any securities on margin (except for such short-term credits as are necessary for the clearance of transactions), or write or purchase put or call options, except to the extent that the purchase of a standby commitment may be considered the purchase of a put, and except for transactions involving options within the limits described in the [Fund’s] Proxy Statement/Prospectus; | ||
(3) | Borrow money, except from banks for temporary or emergency purposes or for repurchase of [the Fund’s] shares, and then only in an amount not exceeding one-third of the value of its total assets including the amount borrowed; while any such borrowings exceed 5% of its total assets, no additional purchases of investment securities will be made; | ||
(4) | Underwrite any issue of securities, except to the extent that the purchase of [m]unicipal [o]bligations in accordance with its investment objective[s], policies and limitations may be deemed to be an underwriting; | ||
(5) | Invest more than 25% of its total assets in securities of issuers in any one industry; provided, however, that such limitation shall not apply to [m]unicipal [o]bligations other than those [m]unicipal [o]bligations backed only by the assets and revenues of non-governmental users, nor shall it apply to [m]unicipal [o]bligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities; | ||
(6) | Purchase or sell real estate, but this shall not prevent the Fund from investing in [m]unicipal [o]bligations secured by real estate or interests therein; | ||
(7) | Purchase or sell commodities or commodities contracts, except for transactions involving futures contracts within the limits described in the [Fund’s] Proxy Statement/Prospectus; | ||
(8) | Make loans, other than by entering into repurchase agreements and through the purchase of [m]unicipal [o]bligations or temporary investments in accordance with its investment objective[s], policies and limitations; |
3
(9) | Invest in securities other than [Florida] [m]unicipal [o]bligations and temporary investments as described [in Portfolio Investments]; and purchase financial futures and options except within the limits described in the [Fund’s] Proxy Statement/Prospectus; | ||
(10) | Invest more than 5% of its total assets in securities of any one issuer, except that this limitation shall not apply to securities of the U.S. Government, its agencies and instrumentalities or to the investment of 25% of its total assets; | ||
(11) | Pledge, mortgage or hypothecate its assets, except that, to secure borrowings permitted by subparagraph (3) above, it may pledge securities having a market value at the time of pledge not exceeding 20% of the value of its total assets; | ||
(12) | Invest more than 10% of its total assets in repurchase agreements maturing in more than seven days; and | ||
(13) | Purchase or retain the securities of any issuer other than [its own securities] if, to [its] knowledge, those of its directors [trustees], or those officers and directors of the [investment adviser] who individually own beneficially more than 1/2 of 1% of the outstanding securities of such issuer, together own beneficially more than 5% of such outstanding securities. |
4
(1) | Sell securities short, unless the Fund owns or has the right to obtain securities equivalent in kind and amount to the securities sold at no added cost, and provided that transactions in options, futures contracts, options on futures contracts, or other derivative instruments are not deemed to constitute selling securities short; | ||
(2) | Purchase securities of open-end or closed-end investment companies except in compliance with the Investment Company Act of 1940 or any exemptive relief obtained thereunder; | ||
(3) | Enter into futures contracts or related options or forward contracts, if more than 30% of the Fund’s net assets would be represented by futures contracts or more than 5% of the Fund’s net assets would be committed to initial margin deposits and premiums on futures contracts and related options; | ||
(4) | Purchase securities when borrowings exceed 5% of its total assets if and so long as MuniPreferred shares are outstanding; and | ||
(5) | Purchase securities of companies for the purpose of exercising control, except that the Fund may invest up to 5% of its net assets in tax-exempt or taxable fixed-income or equity securities, for the purpose of acquiring control of an issuer whose municipal bonds (a) the Fund already owns and (b) have deteriorated or are expected shortly to deteriorate significantly in credit quality, provided NAM determines that such investment should enable the Fund to better maximize the value of its existing investment in such issuer. |
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Number | ||||||||||||
of | ||||||||||||
Portfolios | ||||||||||||
in Fund | ||||||||||||
Term of Office | Complex | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Overseen | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | by Board | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | Member | Board Member | |||||||
Independent Board Members: | ||||||||||||
Robert P. Bremner 333 West Wacker Drive Chicago, IL 60606 (8/22/40) | Chairman of the Board and Board Member | Class III/Annual Length of service Since 1996 | Private Investor and Management Consultant. | 193 | N/A | |||||||
Jack B. Evans 333 West Wacker Drive Chicago, IL 60606 (10/22/48) | Board Member | Class III/Annual Length of service- Since 1999 | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Vice Chairman, United Fire Group, a publicly held company; Member of the Board of Regents for the State of Iowa University System; Director, Gazettte Companies; Life Trustee of Coe College and Iowa College Foundation; Member of the Advisory Council of the | 193 | See Principal Occupation description |
20
Number | ||||||||||||
of | ||||||||||||
Portfolios | ||||||||||||
in Fund | ||||||||||||
Term of Office | Complex | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Overseen | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | by Board | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | Member | Board Member | |||||||
Department of Finance in the Tippie College of Business, University of Iowa; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | ||||||||||||
William C. Hunter 333 West Wacker Drive Chicago, IL 60606 (3/6/48) | Board Member | Annual Length of service-Since 2004 | Dean, Tippie College of Business, University of Iowa (since July 2006); Director (since 1997), Credit Research Center at Georgetown University; Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; formerly Director, SS&C Technologies, Inc. (May 2005-October 2005); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003). | 193 | See Principal Occupation description | |||||||
David J. Kundert 333 West Wacker Drive Chicago, IL 60606 (10/28/42) | Board Member | Class II/Annual Length of service-Since 2005 | Director, Northwestern Mutual Wealth Management Company, retired (since 2004) as Chairman, JPMorgan | 193 | See Principal Occupation description |
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Number | ||||||||||||
of | ||||||||||||
Portfolios | ||||||||||||
in Fund | ||||||||||||
Term of Office | Complex | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Overseen | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | by Board | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | Member | Board Member | |||||||
Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Bank One Corporation and Chairman and CEO, Banc One Investment Management Group; Member of the Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; Member of Investment Committee, Greater Milwaukee Foundation. | ||||||||||||
William J. Schneider 333 West Wacker Drive Chicago, IL 60606 (9/24/44) | Board Member | Annual Length of service-Since 1996 | Chairman, formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Partners Ltd., a real estate investment company; Director, Dayton Development Coalition; formerly, Member, Business Advisory Council, Cleveland Federal Reserve Bank. | 193 | See Principal Occupation description | |||||||
Judith M. Stockdale 333 West Wacker Drive Chicago, IL 60606 (12/29/47) | Board Member | Class I/Annual Length of service Since 1997 | Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 193 | N/A |
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Number | ||||||||||||
of | ||||||||||||
Portfolios | ||||||||||||
in Fund | ||||||||||||
Term of Office | Complex | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Overseen | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | by Board | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | Member | Board Member | |||||||
Carole E. Stone 333 West Wacker Drive Chicago, IL 60606 (6/28/47) | Board Member | Class I/Annual Length of service Since 2007 | Director, Chicago Board Options Exchange (since 2006); Commissioner, New York State Commission on Public Authority Reform (since 2005); formerly, Director, New York State Division of the Budget (2000-2004), Chair, Public Authorities Control Board (2000-2004), Director, Local Government Assistance Corporation (2000-2004), formerly Chair, New York Racing Association Oversight Board (2005-2007). | 193 | See Principal Occupation description | |||||||
Terence J. Toth 333 West Wacker Drive Chicago, IL 60606 (9/29/59) | Board Member | Class II/Annual Length of service-Since 2008 | Director, Legal & General Investment Management (since 2008); Private Investor (since 2007); CEO and President, Northern Trust Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); Member: Goodman Theatre Board (since 2004); Chicago Fellowship Board (since 2005), University of Illinois Leadership Council Board (since 2007) and Catalyst Schools of Chicago Board (since 2008); formerly Member: | 193 | N/A |
23
Number | ||||||||||||
of | ||||||||||||
Portfolios | ||||||||||||
in Fund | ||||||||||||
Term of Office | Complex | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Overseen | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | by Board | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | Member | Board Member | |||||||
Northern Trust Mutual Funds Board (2005-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). |
24
Number | ||||||||||||
of | ||||||||||||
Portfolios | ||||||||||||
in Fund | ||||||||||||
Term of Office | Complex | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Overseen | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | by Board | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | Member | Board Member | |||||||
Interested Board Members: | ||||||||||||
John P. Amboian* 333 West Wacker Drive Chicago, IL 60606 (6/14/61) | Board Member | Class II/Annual Length of service-Since 2008 | Chief Executive Officer (since July 2007) and Director (since 1999) of Nuveen Investments, Inc.; Chief Executive Officer (since 2007) of Nuveen Asset Management, Rittenhouse Asset Management, Nuveen Investments Advisors, Inc.; formerly, President (1999-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.** | 193 | See Principal Occupation description |
* | Mr. Amboian is an “interested person” of the Funds, as defined in the 1940 Act, by reason of his positions with Nuveen Investments, Inc. (“Nuveen Investments”) and certain of its subsidiaries. | |
** | Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were reorganized into NAM, effective January 1, 2005. |
25
Number of | ||||||||||
Term of Office | Portfolios | |||||||||
Name, Business | Position(s) | and Length of | in Fund | |||||||
Address and | Held with | Time Served with | Principal Occupation(s) | Complex | ||||||
Birthdate | Funds | Funds | During Past Five Years | Overseen | ||||||
Officers of the Funds: | ||||||||||
Gifford R. Zimmerman 333 West Wacker Drive Chicago, IL 60606 (9/9/56) | Chief Administrative Officer | Term-Until July 2009-Length of Service-Since 1988 | Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Investments, LLC; Managing Director (since 2002) and Assistant Secretary and Associate General Counsel of Nuveen Asset Management; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002); Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); Managing Director, Associate General Counsel and Assistant Secretary of Rittenhouse Asset Management, Inc. and Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of Tradewinds Global Investors, LLC and Santa Barbara Asset Management, LLC (since 2006), and Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); formerly, Managing Director (2002-2004), General Counsel (1998-2004) and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.*; Chartered Financial Analyst. | 193 |
26
Number of | ||||||||||
Term of Office | Portfolios | |||||||||
Name, Business | Position(s) | and Length of | in Fund | |||||||
Address and | Held with | Time Served with | Principal Occupation(s) | Complex | ||||||
Birthdate | Funds | Funds | During Past Five Years | Overseen | ||||||
Williams Adams IV 333 West Wacker Drive Chicago, IL 60606 (6/9/55) | Vice President | Term-Until July 2009-Length of Service-Since 2007 | Executive Vice President, U.S. Structured Products of Nuveen Investments, LLC (since 1999), prior thereto, Managing Director of Structured Investments. | 121 | ||||||
Cedric H. Antosiewicz 333 West Wacker Drive Chicago, IL 60606 (1/11/62) | Vice President | Term-Until July 2009-Length of Service-Since 2007 | Managing Director (since 2004), previously, Vice President (1993-2004) of Nuveen Investments LLC. | 121 | ||||||
Michael T. Atkinson 333 West Wacker Drive Chicago, IL 60606 (2/3/66) | Vice President | Term-Until July 2009-Length of Service-Since 2002 | Vice President of Nuveen Investments, LLC (since 2002) and Nuveen Asset Management (since 2005). | 193 | ||||||
Lorna C. Ferguson 333 West Wacker Drive Chicago, IL 60606 (10/24/45) | Vice President | Term-Until July 2009-Length of Service-Since 1998 | Managing Director (since 2004), formerly, Vice President of Nuveen Investments, LLC; Managing Director (since 2005) of Nuveen Asset Management; Managing Director (2004-2005), formerly, Vice President (1998-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.* | 193 | ||||||
Stephen D. Foy 333 West Wacker Drive Chicago, IL 60606 (5/31/54) | Vice President and Controller | Term-Until July 2009-Length of Service-Since 1993 | Vice President (since 1993) and Funds Controller (since 1998) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen Asset Management; formerly, Vice President and Funds Controller of Nuveen Investments, Inc. (1998-2004); Certified Public Accountant. | 193 |
27
Number of | ||||||||||
Term of Office | Portfolios | |||||||||
Name, Business | Position(s) | and Length of | in Fund | |||||||
Address and | Held with | Time Served with | Principal Occupation(s) | Complex | ||||||
Birthdate | Funds | Funds | During Past Five Years | Overseen | ||||||
Walter M. Kelly 333 West Wacker Drive Chicago, IL 60606 (2/24/70) | Chief Compliance Officer and Vice President | Term-Until July 2009-Length of Service-Since 2003 | Senior Vice President (since 2008), formerly, Vice President, formerly, Assistant Vice President and Assistant General Counsel (2003-2006) of Nuveen Investments, LLC; Senior Vice President (since 2008) and Assistant Secretary (since 2003), formerly, Vice President (2006-2008) of Nuveen Asset Management; previously, Assistant Vice President and Assistant Secretary of the Nuveen Funds (2003-2006). | 193 | ||||||
David J. Lamb 333 West Wacker Drive Chicago, IL 60606 (3/22/63) Tina M. Lazar 333 West Wacker Drive Chicago, IL 60606 (8/27/61) | Vice President Vice President | Term-Until July 2009- Length of Service-Since 2000 Term-Until July 2009-Length of Service-Since 2002 | Vice President of Nuveen Investments, LLC (since 2000) and Nuveen Asset Management (since 2005); Certified Public Accountant. Vice President of Nuveen Investments, LLC (since 1999) and Nuveen Asset Management (since 2005). | 193 193 |
28
Number of | ||||||||||
Term of Office | Portfolios | |||||||||
Name, Business | Position(s) | �� | and Length of | in Fund | ||||||
Address and | Held with | Time Served with | Principal Occupation(s) | Complex | ||||||
Birthdate | Funds | Funds | During Past Five Years | Overseen | ||||||
Larry W. Martin 333 West Wacker Drive Chicago, IL 60606 (7/27/51) | Vice President and Assistant Secretary | Term-Until July 2009-Length of Service-Since 1998 | Vice President, Assistant Secretary and Assistant General Counsel of Nuveen Investments, LLC; Vice President (since 2005) and Assistant Secretary of Nuveen Investments, Inc.; Vice President (since 2005) and Assistant Secretary (since 1997) of Nuveen Asset Management; Vice President (since 2000), Assistant Secretary and Assistant General Counsel (since 1998) of Rittenhouse Asset Management, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002), NWQ Investment Management Company, LLC (since 2002), Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC and Santa Barbara Asset Management LLC (since 2006) and of Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); formerly, Vice President and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.* | 193 |
29
Number of | ||||||||||
Term of Office | Portfolios | |||||||||
Name, Business | Position(s) | and Length of | in Fund | |||||||
Address and | Held with | Time Served with | Principal Occupation(s) | Complex | ||||||
Birthdate | Funds | Funds | During Past Five Years | Overseen | ||||||
Kevin J. McCarthy 333 West Wacker Drive Chicago, IL 60606 (3/26/66) | Vice President and Secretary | Term-Until July 2009- Length of Service-Since 2007 | Managing Director (since 2008), formerly, Vice President (2007-2008) of Nuveen Investments, LLC; Managing Director (since 2008), Vice President and Assistant Secretary (since 2007) of Nuveen Asset Management and Rittenhouse Asset Management, Inc.; Vice President and Assistant Secretary (since 2007) of Nuveen Investment Advisers Inc., Nuveen Investment Institutional Services Group LLC, NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc.; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007). | 193 | ||||||
John V. Miller 333 West Wacker Drive Chicago, IL 60606 (4/10/67) | Vice President | Term-Until July 2009-Length of Service-Since 2007 | Managing Director (since 2007), formerly, Vice President (2002-2007) of Nuveen Asset Management and Nuveen Investments, LLC; Chartered Financial Analyst. | 193 | ||||||
Christopher M. Rohrbacher 333 West Wacker Drive Chicago, IL 60606 (8/1/71) | Vice President and Assistant Secretary | Term-Until July 2009-Length of Service-Since 2008 | Vice President and Assistant Secretary of Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary of Nuveen Asset Management (since 2008); prior thereto, Associate, Skadden, Arps, Slate Meagher & Flom LLP (2002-2008) | 193 |
30
Number of | ||||||||||
Term of Office | Portfolios | |||||||||
Name, Business | Position(s) | and Length of | in Fund | |||||||
Address and | Held with | Time Served with | Principal Occupation(s) | Complex | ||||||
Birthdate | Funds | Funds | During Past Five Years | Overseen | ||||||
James F. Ruane 333 West Wacker Drive Chicago, IL 60606 (7/3/62) | Vice President and Assistant Secretary | Term-Until July 2009-Length of Service-Since 2007 | Vice President of Nuveen Investments, LLC (since 2007); prior thereto, Partner, Deloitte & Touche USA LLP (2005-2007), formerly, senior tax manager (2002-2005); Certified Public Accountant. | 193 | ||||||
Mark L. Winget 333 West Wacker Drive Chicago, IL 60606 (12/21/68) | Vice President and Assistant Secretary | Term-Until July 2009-Length of Service-Since 2008 | Vice President and Assistant Secretary of Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary of Nuveen Asset Management (since 2008); prior thereto, Counsel, Vedder Price P.C. (1997-2007). | 193 |
* | Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were reorganized into NAM, effective January 1, 2005. |
31
32
Aggregate Dollar Range | ||||||
of Equity Securities in | ||||||
All Registered | ||||||
Dollar Range | Dollar Range | Investment Companies | ||||
of Equity | of Equity | Overseen by Board | ||||
Securities in | Securities in | Member in | ||||
the Acquiring | the Acquired | Family of Investment | ||||
Name of Board Member | Fund | Fund | Companies | |||
John M. Amboian | None | None | Over $100,000 | |||
Robert P. Bremner | None | None | Over $100,000 | |||
Jack B. Evans | None | None | Over $100,000 | |||
William C. Hunter | None | None | Over $100,000 | |||
David J. Kundert | None | None | Over $100,000 | |||
William S. Schneider | None | None | Over $100,000 | |||
Judith M. Stockdale | None | None | Over $100,000 | |||
Carole E. Stone | None | None | $10,001 — $50,000 | |||
Terence J. Toth | None | None | $10,001 — $50,000 |
1 | October 31, 2008 would have marked the fiscal year end for the Acquiring Fund and the semi-annual period for the Acquired Funds. |
33
Amount of Total | ||||||||||||
Aggregate | Compensation | Total Compensation | ||||||||||
Compensation | That Has | from Funds and | ||||||||||
from Funds(1) | Been Deferred(2) | Fund Complex(3) | ||||||||||
Robert P. Bremner | $ | $ | $ | |||||||||
Jack B. Evans | ||||||||||||
William C. Hunter | ||||||||||||
David J. Kundert | ||||||||||||
William J. Schneider | ||||||||||||
Judith M. Stockdale | ||||||||||||
Carole E. Stone | ||||||||||||
Terence J. Toth(4) |
(1) | [Describe compensation from each Fund.] | |
(2) | Pursuant to a deferred compensation agreement with certain of the Nuveen Funds, deferred amounts are treated as though an equivalent dollar amount has been invested in shares of one or more eligible Nuveen funds. Total deferred fees for the Funds (including the return from the assumed investment in the eligible Nuveen Funds) payable are stated above. | |
(3) | Based on the compensation paid (including any amounts deferred) for the one year period ending for services to the Nuveen open-end and closed-end funds. | |
(4) | Mr. Toth was appointed to the Board of the Nuveen Funds, effective July 1, 2008. |
34
35
Number of | ||||||||
Type of Account Managed | Accounts | Assets* | ||||||
Registered Investment Company | $____ billion | |||||||
Other Pooled Investment Vehicles | $ | |||||||
Other Accounts | $___ million |
* | None of the assets in these accounts are subject to an advisory fee based on performance. |
Number of | ||||||||
Type of Account Managed | Accounts | Assets* | ||||||
Registered Investment Company | $____ billion | |||||||
Other Pooled Investment Vehicles | $ | |||||||
Other Accounts | $___ million |
* | None of the assets in these accounts are subject to an advisory fee based on performance. |
36
37
38
39
40
41
42
43
44
45
46
Nuveen Florida Quality Income Municipal Fund (NUF) into Nuveen Premium Income Municipal Fund 2, Inc. (NPM)
Pro Forma Portfolio of Investments (Unaudited)
October 31, 2008
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Combined | Investment | Quality | ||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Fund (Pro | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
Alabama — 2.6% (1.6% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
$ | 6,995 | $ | — | $ | — | $ | 6,995 | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39 (UB) | 11/16 at 100.00 | AA | $ | 5,718,343 | $ | — | $ | — | $ | 5,718,343 | ||||||||||||||||||||||
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A: | ||||||||||||||||||||||||||||||||||||||||
3,600 | — | — | 3,600 | 5.250%,11/15/20 | 11/15 at 100.00 | Baa1 | 3,080,916 | — | — | 3,080,916 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | 5.000%,11/15/30 | 11/15 at 100.00 | Baa1 | 721,450 | — | — | 721,450 | ||||||||||||||||||||||||||||||
4,000 | — | — | 4,000 | Birmingham Waterworks And Sewer Board, Alabama, Water and Sewer Revenue Bonds, Tender Option Bond Trust 2707, 0.596%, 1/01/39 — AMBAC Insured (IF) | 1/17 at 100.00 | A+ | 1,527,360 | — | — | 1,527,360 | ||||||||||||||||||||||||||||||
1,960 | — | — | 1,960 | Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25 | 6/15 at 100.00 | BBB | 1,361,122 | — | — | 1,361,122 | ||||||||||||||||||||||||||||||
1,690 | — | — | 1,690 | Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14) | 11/14 at 100.00 | A3 (4) | 1,838,196 | — | — | 1,838,196 | ||||||||||||||||||||||||||||||
8,255 | — | — | 8,255 | University of South Alabama, Student Tuition Revenue Bonds, Series 2004, 5.000%, 3/15/24 — FGIC Insured | 3/14 at 100.00 | A1 | 7,937,595 | — | — | 7,937,595 | ||||||||||||||||||||||||||||||
27,500 | — | — | 27,500 | Total Alabama | 22,184,982 | — | — | 22,184,982 | ||||||||||||||||||||||||||||||||
Arizona — 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B: | ||||||||||||||||||||||||||||||||||||||||
200 | — | — | 200 | 5.250%,12/01/24 | 12/15 at 100.00 | BBB | 162,202 | — | — | 162,202 | ||||||||||||||||||||||||||||||
265 | — | — | 265 | 5.250%,12/01/25 | 12/15 at 100.00 | BBB | 211,550 | — | — | 211,550 | ||||||||||||||||||||||||||||||
1,265 | — | — | 1,265 | Pima County Industrial Development Authority, Arizona, Lease Obligation Revenue Refunding Bonds, Tucson Electric Power Company, Series 1988A, 7.250%, 7/15/10 — FSA Insured | 1/09 at 100.00 | Aaa | 1,271,312 | — | — | 1,271,312 | ||||||||||||||||||||||||||||||
2,750 | — | — | 2,750 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007, 5.000%,12/01/37 | No Opt. Call | AA— | 1,665,043 | — | — | 1,665,043 | ||||||||||||||||||||||||||||||
4,480 | — | — | 4,480 | Total Arizona | 3,310,107 | — | — | 3,310,107 | ||||||||||||||||||||||||||||||||
Arkansas — 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B, 5.000%, 2/01/25 | 2/15 at 100.00 | Baa1 | 776,720 | — | — | 776,720 | ||||||||||||||||||||||||||||||
California — 10.0% (6.0% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
5,690 | — | — | 5,690 | California Department of Veterans Affairs, Home Purchase Revenue Bonds, Series 2002A, 5.300%, 12/01/21 — AMBAC Insured | 6/12 at 101.00 | AA | 5,680,668 | — | — | 5,680,668 | ||||||||||||||||||||||||||||||
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A: | ||||||||||||||||||||||||||||||||||||||||
4,000 | — | — | 4,000 | 6.000%, 5/01/15 (Pre-refunded 5/01/12) | 5/12 at 101.00 | Aaa | 4,448,160 | — | — | 4,448,160 | ||||||||||||||||||||||||||||||
5,500 | — | — | 5,500 | 5.375%, 5/01/21 (Pre-refunded 5/01/12) | 5/12 at 101.00 | Aaa | 6,002,590 | — | — | 6,002,590 | ||||||||||||||||||||||||||||||
California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount University, Series 2001A: | ||||||||||||||||||||||||||||||||||||||||
3,255 | — | — | 3,255 | 0.000%, 10/01/23 — MBIA Insured | No Opt. Call | A2 | 1,343,729 | — | — | 1,343,729 | ||||||||||||||||||||||||||||||
5,890 | — | — | 5,890 | 0.000%, 10/01/24 — MBIA Insured | No Opt. Call | A2 | 2,270,359 | — | — | 2,270,359 | ||||||||||||||||||||||||||||||
7,615 | — | — | 7,615 | 0.000%, 10/01/25 — MBIA Insured | No Opt. Call | A2 | 2,742,009 | — | — | 2,742,009 | ||||||||||||||||||||||||||||||
3,740 | — | — | 3,740 | California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27 | 11/15 at 100.00 | A2 | 3,168,341 | — | — | 3,168,341 | ||||||||||||||||||||||||||||||
795 | — | — | 795 | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 11.475%, 11/15/42 (IF) | 11/16 at 100.00 | AA— | 459,264 | — | — | 459,264 | ||||||||||||||||||||||||||||||
2,055 | — | — | 2,055 | California Infrastructure Economic Development Bank, Infrastructure State Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/21 | 10/14 at 100.00 | AA+ | 2,048,136 | — | — | 2,048,136 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.000%, 7/01/39 | 7/15 at 100.00 | BBB | 648,320 | — | — | 648,320 | ||||||||||||||||||||||||||||||
4,955 | — | — | 4,955 | California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 11.640%, 11/15/48 (IF) | 5/18 at 100.00 | AA— | 3,311,796 | — | — | 3,311,796 | ||||||||||||||||||||||||||||||
2,500 | — | — | 2,500 | California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 | No Opt. Call | AA+ | 2,672,600 | — | — | 2,672,600 | ||||||||||||||||||||||||||||||
8,000 | — | — | 8,000 | California, General Obligation Bonds, Series 2004, 5.125%, 2/01/25 | 2/14 at 100.00 | A+ | 7,696,323 | — | — | 7,696,323 | ||||||||||||||||||||||||||||||
1,900 | — | — | 1,900 | Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21 | 6/14 at 102.00 | A2 | 1,738,807 | — | — | 1,738,807 | ||||||||||||||||||||||||||||||
2,500 | — | — | 2,500 | Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2005A, 5.000%, 10/01/23 — AMBAC Insured | 10/15 at 100.00 | AA | 2,330,378 | — | — | 2,330,378 | ||||||||||||||||||||||||||||||
30,000 | — | — | 30,000 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/21 (ETM) | No Opt. Call | AAA | 15,912,898 | — | — | 15,912,898 |
47
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Combined | Investment | Quality | ||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Fund (Pro | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
1,385 | — | — | 1,385 | Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured | 9/15 at 100.00 | AA | 1,250,117 | — | — | 1,250,117 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47 | 6/17 at 100.00 | BBB | 658,280 | — | — | 658,280 | ||||||||||||||||||||||||||||||
Perris, California, Special Tax Bonds, Community Facilities District 2001-1, May Farms Improvement Area 4, Series 2005A: | ||||||||||||||||||||||||||||||||||||||||
1,420 | — | — | 1,420 | 5.000%,9/01/25 | 9/15 at 102.00 | N/R | 1,047,491 | — | — | 1,047,491 | ||||||||||||||||||||||||||||||
435 | — | — | 435 | 5.100%,9/01/30 | 9/15 at 102.00 | N/R | 308,828 | — | — | 308,828 | ||||||||||||||||||||||||||||||
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006: | ||||||||||||||||||||||||||||||||||||||||
250 | — | — | 250 | 5.000%,9/01/21 | 9/15 at 102.00 | Baa3 | 206,880 | — | — | 206,880 | ||||||||||||||||||||||||||||||
275 | — | — | 275 | 5.000%,9/01/23 | 9/15 at 102.00 | Baa3 | 220,479 | — | — | 220,479 | ||||||||||||||||||||||||||||||
2,220 | — | 2,220 | San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2004A, 5.000%, 9/01/20 – SYNCORA GTY Insured | 9/14 at 100.00 | A3 | 2,158,040 | — | 2,158,040 | ||||||||||||||||||||||||||||||||
960 | — | — | 960 | San Francisco Redevelopment Agency, California, Hotel Tax Revenue Bonds, Series 1994, 6.750%, 7/01/25 – FSA Insured | 1/09 at 100.00 | AAA | 976,090 | — | — | 976,090 | ||||||||||||||||||||||||||||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A: | ||||||||||||||||||||||||||||||||||||||||
4,595 | — | — | 4,595 | 0.000%, 1/15/32 – MBIA Insured | No Opt. Call | AA | 958,425 | — | — | 958,425 | ||||||||||||||||||||||||||||||
32,400 | — | — | 32,400 | 0.000%, 1/15/34 – MBIA Insured | No Opt. Call | AA | 5,860,836 | — | — | 5,860,836 | ||||||||||||||||||||||||||||||
6,000 | — | — | 6,000 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – MBIA Insured | 8/14 at 100.00 | AA | 5,979,540 | — | — | 5,979,540 | ||||||||||||||||||||||||||||||
3,000 | — | — | 3,000 | Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured | 1/14 at 100.00 | AA | 2,720,880 | — | — | 2,720,880 | ||||||||||||||||||||||||||||||
143,335 | — | — | 143,335 | Total California | 84,820,264 | — | — | 84,820,264 | ||||||||||||||||||||||||||||||||
Colorado – 1.4% (0.8% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
1,700 | — | — | 1,700 | Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 12/01/22 – FGIC Insured | 12/14 at 100.00 | AA | 1,656,344 | — | — | 1,656,344 | ||||||||||||||||||||||||||||||
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005: | ||||||||||||||||||||||||||||||||||||||||
1,745 | — | — | 1,745 | 5.250%,6/01/23 | 6/16 at 100.00 | A– | 1,473,670 | — | — | 1,473,670 | ||||||||||||||||||||||||||||||
475 | — | — | 475 | 5.000%,6/01/29 | 6/16 at 100.00 | A– | 358,701 | — | — | 358,701 | ||||||||||||||||||||||||||||||
400 | — | — | 400 | Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25 | 3/15 at 100.00 | BBB+ | 293,072 | — | — | 293,072 | ||||||||||||||||||||||||||||||
15 | — | — | 15 | Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1995D, 7.375%, 6/01/26 (Alternative Minimum Tax) | 12/08 at 103.50 | Aaa | 15,387 | — | — | 15,387 | ||||||||||||||||||||||||||||||
355 | — | — | 355 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax) | No Opt. Call | A+ | 377,986 | — | — | 377,986 | ||||||||||||||||||||||||||||||
6,925 | — | — | 6,925 | Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2006, 5.125%, 12/01/25 – SYNCORA GTY Insured | 11/16 at 100.00 | BBB– | 5,775,312 | — | — | 5,775,312 | ||||||||||||||||||||||||||||||
1,700 | — | — | 1,700 | Denver, Colorado, FHA-Insured Multifamily Housing Revenue Bonds, Boston Lofts Project, Series 1997A, 5.750%, 10/01/27 (Alternative Minimum Tax) | 4/09 at 101.00 | AA | 1,513,136 | — | — | 1,513,136 | ||||||||||||||||||||||||||||||
13,315 | — | — | 13,315 | Total Colorado | 11,463,608 | — | — | 11,463,608 | ||||||||||||||||||||||||||||||||
Connecticut – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2003B, 5.000%, 1/01/21 – FGIC Insured | 1/14 at 100.00 | AA | 4,999,650 | — | — | 4,999,650 | ||||||||||||||||||||||||||||||
District of Columbia – 1.7% (1.0% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
District of Columbia, Revenue Bonds, Georgetown University, Series 2001A: | ||||||||||||||||||||||||||||||||||||||||
11,720 | — | — | 11,720 | 0.000%, 4/01/27 (Pre-refunded 4/01/11) – MBIA Insured | 4/11 at 39.61 | AA (4) | 4,291,278 | — | — | 4,291,278 | ||||||||||||||||||||||||||||||
13,780 | — | — | 13,780 | 0.000%, 4/01/28 (Pre-refunded 4/01/11) – MBIA Insured | 4/11 at 37.21 | AA (4) | 4,740,182 | — | — | 4,740,182 | ||||||||||||||||||||||||||||||
15,855 | — | — | 15,855 | 0.000%, 4/01/29 (Pre-refunded 4/01/11) – MBIA Insured | 4/11 at 35.07 | AA (4) | 5,139,874 | — | — | 5,139,874 | ||||||||||||||||||||||||||||||
1,335 | — | — | 1,335 | Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 1.947%, 10/01/30 – AMBAC Insured (IF) | 10/16 at 100.00 | AA | 627,597 | — | — | 627,597 | ||||||||||||||||||||||||||||||
42,690 | — | — | 42,690 | Total District of Columbia | 14,798,931 | — | — | 14,798,931 | ||||||||||||||||||||||||||||||||
Florida – 72.4% (43.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,000 | 1,000 | Alachua County School Board, Florida, Certificates of Participation, Series 2001, 5.000%, 7/01/21 – AMBAC Insured | 7/11 at 101.00 | Aa3 | — | — | 978,820 | 978,820 | ||||||||||||||||||||||||||||||
— | — | 7,285 | 7,285 | Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 1999, 5.750%, 10/01/18 – ACA Insured | 10/09 at 101.00 | N/R | — | — | 5,966,196 | 5,966,196 | ||||||||||||||||||||||||||||||
— | — | 1,055 | 1,055 | Bay County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 7/01/24 – AMBAC Insured | 7/14 at 100.00 | Aa3 | — | — | 960,715 | 960,715 | ||||||||||||||||||||||||||||||
— | — | 1,500 | 1,500 | Bradford County Health Facility Authority, Florida, Revenue Refunding Bonds, Santa Fe Healthcare Inc., Series 1993, 6.050%, 11/15/16 (ETM) | No Opt. Call | AAA | — | — | 1,653,015 | 1,653,015 | ||||||||||||||||||||||||||||||
Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2005: | ||||||||||||||||||||||||||||||||||||||||
4,230 | — | — | 4,230 | 5.000%,4/01/24 | 4/16 at 100.00 | A2 | 3,051,311 | — | 3,051,311 | |||||||||||||||||||||||||||||||
— | 1,000 | 1,000 | 2,000 | 5.000%,4/01/34 | 4/16 at 100.00 | A2 | — | 668,860 | 668,860 | 1,337,720 | ||||||||||||||||||||||||||||||
Broward County Educational Facilities Authority, Florida, Revenue Bonds, Nova Southeastern University, Series 2004B: |
48
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Combined | Investment | Quality | ||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Fund (Pro | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
— | — | 1,000 | 1,000 | 5.500%,4/01/24 | 4/14 at 100.00 | BBB | — | — | 839,890 | 839,890 | ||||||||||||||||||||||||||||||
— | 2,000 | 500 | 2,500 | 5.625%,4/01/34 | 4/14 at 100.00 | BBB | — | 1,573,060 | 393,265 | 1,966,325 | ||||||||||||||||||||||||||||||
Broward County, Florida, Airport System Revenue Bonds, Series 2001-J1: | ||||||||||||||||||||||||||||||||||||||||
— | — | 2,225 | 2,225 | 5.250%, 10/01/21 - AMBAC Insured (Alternative Minimum Tax) | 10/11 at 101.00 | AA | — | — | 1,934,971 | 1,934,971 | ||||||||||||||||||||||||||||||
— | 8,900 | — | 8,900 | 5.250%, 10/01/26 - AMBAC Insured (Alternative Minimum Tax) | 10/11 at 101.00 | AA | — | 7,338,851 | — | 7,338,851 | ||||||||||||||||||||||||||||||
— | 2,150 | — | 2,150 | Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured | 10/14 at 100.00 | AA | — | 1,991,889 | — | 1,991,889 | ||||||||||||||||||||||||||||||
Broward County Housing Finance Authority, Florida, GNMA Collateralized Multifamily Housing Revenue Refunding Bonds, Tamarac Pointe Apartments, Series 1996: | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,500 | 1,500 | 6.250%,7/01/26 | 1/09 at 100.00 | AAA | — | — | 1,500,045 | 1,500,045 | ||||||||||||||||||||||||||||||
— | — | 1,000 | 1,000 | 6.300%,1/01/32 | 1/09 at 100.00 | AAA | — | — | 999,880 | 999,880 | ||||||||||||||||||||||||||||||
— | 980 | — | 980 | Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Emerald Palms Apartments, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax) | 5/10 at 101.00 | AAA | — | 891,555 | — | 891,555 | ||||||||||||||||||||||||||||||
— | — | 370 | 370 | Broward County Housing Finance Authority, Florida, Single Family Mortgage Revenue Bonds, Series 2001C, 0.000%, 4/01/33 (Alternative Minimum Tax) | 4/10 at 25.36 | Aaa | — | — | 60,155 | 60,155 | ||||||||||||||||||||||||||||||
— | — | 260 | 260 | Broward County Housing Finance Authority, Florida, Single Family Mortgage Revenue Refunding Bonds, Series 2000B, 0.000%, 4/01/29 (Alternative Minimum Tax) | 4/09 at 25.51 | Aaa | — | — | 64,956 | 64,956 | ||||||||||||||||||||||||||||||
— | — | 3,870 | 3,870 | Broward County School Board, Florida, Certificates of Participation, Series 2004C, 5.250%, 7/01/20 – FSA Insured | 7/14 at 100.00 | AAA | — | — | 3,829,829 | 3,829,829 | ||||||||||||||||||||||||||||||
— | — | 1,500 | 1,500 | Citrus County Hospital Board, Florida, Revenue Refunding Bonds, Citrus Memorial Hospital, Series 2002, 6.375%, 8/15/32 | 8/13 at 100.00 | Baa3 | — | — | 1,331,955 | 1,331,955 | ||||||||||||||||||||||||||||||
— | 3,010 | — | 3,010 | Cocoa, Florida, Water and Sewerage System Revenue Refunding Bonds, Series 2003, 5.500%, 10/01/23 – AMBAC Insured | No Opt. Call | AA | — | 2,878,252 | — | 2,878,252 | ||||||||||||||||||||||||||||||
— | 1,665 | 1,500 | 3,165 | Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 – MBIA Insured | 10/14 at 100.00 | AA | — | 1,612,203 | 1,452,435 | 3,064,638 | ||||||||||||||||||||||||||||||
— | — | 1,290 | 1,290 | Escambia County, Florida, Tourist Development Revenue Refunding Bonds, Series 2002, 5.000%, 10/01/18 – MBIA Insured | 10/12 at 100.00 | AA | — | — | 1,298,604 | 1,298,604 | ||||||||||||||||||||||||||||||
2,500 | — | — | 2,500 | Escambia County Health Facilities Authority, Florida, Health Facility Revenue Refunding Bonds, Baptist Hospital and Baptist Manor, Series 1998, 5.125%, 10/01/19 | 10/10 at 100.00 | Baa1 | 2,144,450 | — | 2,144,450 | |||||||||||||||||||||||||||||||
— | 12,800 | — | 12,800 | Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit Group, Series 1999A-2, 6.000%, 11/15/31 (Pre-refunded 11/15/09) | 11/09 at 101.00 | AAA | — | 13,456,636 | — | 13,456,636 | ||||||||||||||||||||||||||||||
— | 230 | 4,000 | 4,230 | Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – MBIA Insured | 10/15 at 100.00 | AA | — | 202,913 | 3,528,920 | 3,731,833 | ||||||||||||||||||||||||||||||
— | — | 2,000 | 2,000 | Florida Board of Education, Lottery Revenue Bonds, Series 2001B, 5.000%, 7/01/20 – FGIC Insured | 7/11 at 101.00 | AAA | — | — | 1,989,380 | 1,989,380 | ||||||||||||||||||||||||||||||
— | — | 8,425 | 8,425 | Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Series 2003C, 5.000%, 7/01/19 – AMBAC Insured | 7/13 at 101.00 | AA | — | — | 8,436,795 | 8,436,795 | ||||||||||||||||||||||||||||||
— | — | 185 | 185 | Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17 | No Opt. Call | AAA | — | — | 196,797 | 196,797 | ||||||||||||||||||||||||||||||
— | 345 | — | 345 | Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, New Money and Refunding Issue, Series 1996-2, 6.350%, 7/01/28 (Alternative Minimum Tax) | 1/09 at 100.00 | AA+ | — | 348,002 | — | 348,002 | ||||||||||||||||||||||||||||||
— | 790 | — | 790 | Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, Series 1997-2, 5.900%, 7/01/29 – MBIA Insured (Alternative Minimum Tax) | 1/09 at 101.00 | AA+ | — | 787,685 | — | 787,685 | ||||||||||||||||||||||||||||||
— | — | 1,000 | 1,000 | Florida Housing Finance Agency, Housing Revenue Bonds, Holly Cove Apartments, Series 1995F, 6.150%, 10/01/25 – AMBAC Insured (Alternative Minimum Tax) | 4/09 at 100.00 | AA | — | — | 938,040 | 938,040 | ||||||||||||||||||||||||||||||
— | — | 5,790 | 5,790 | Florida Housing Finance Corporation, FNMA Revenue Bonds, Villa de Mallorca Apartments, Series 2000H-1, 6.000%, 7/01/33 (Alternative Minimum Tax) | 10/10 at 102.00 | Aaa | — | — | 5,095,316 | 5,095,316 | ||||||||||||||||||||||||||||||
555 | — | — | 555 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2000-11, 5.850%, 1/01/22 – FSA Insured (Alternative Minimum Tax) | 1/10 at 100.00 | AAA | 521,484 | — | 521,484 | |||||||||||||||||||||||||||||||
— | 930 | 930 | 1,860 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2006-6, 4.625%, 7/01/31 (Alternative Minimum Tax) | 1/16 at 100.00 | AA+ | — | 659,407 | 659,407 | 1,318,814 | ||||||||||||||||||||||||||||||
— | 5,000 | 5,000 | 10,000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2007-3, 5.150%, 7/01/38 (Alternative Minimum Tax) | 1/17 at 100.00 | AA+ | — | 3,784,750 | 3,784,750 | 7,569,500 | ||||||||||||||||||||||||||||||
— | — | 3,170 | 3,170 | Florida Housing Finance Corporation, Housing Revenue Refunding Bonds, Hunters Ridge at Deerwood Apartments, Series 1998-0, 5.300%, 12/01/28 | 12/08 at 102.00 | AA | — | — | 2,696,148 | 2,696,148 | ||||||||||||||||||||||||||||||
— | 1,280 | — | 1,280 | Florida Intergovernmental Finance Commission, Capital Revenue Bonds, Daytona Beach Community Redevelopment Agency, Series 2001C-1, 5.000%, 2/01/20 – AMBAC Insured | 8/11 at 100.00 | Aa3 | — | 1,264,730 | — | 1,264,730 | ||||||||||||||||||||||||||||||
Florida Municipal Loan Council, Revenue Bonds, Series 2000B: | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,040 | 1,040 | 0.000%, 11/01/25 – MBIA Insured | No Opt. Call | AA | — | — | 357,562 | 357,562 | ||||||||||||||||||||||||||||||
— | — | 1,590 | 1,590 | 0.000%, 11/01/26 – MBIA Insured | No Opt. Call | AA | — | — | 508,037 | 508,037 | ||||||||||||||||||||||||||||||
— | 1,685 | — | 1,685 | Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5.000%, 5/01/22 – MBIA Insured | 5/13 at 100.00 | AA | — | 1,576,469 | — | 1,576,469 | ||||||||||||||||||||||||||||||
— | 5,000 | — | 5,000 | Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund, Series 1996, 5.375%, 6/01/27 – MBIA Insured (Alternative Minimum Tax) | 12/08 at 100.50 | AA | — | 4,178,050 | — | 4,178,050 | ||||||||||||||||||||||||||||||
— | 9,230 | — | 9,230 | Florida State Board of Education, Full Faith and Credit, Public Education Capital Outlay Bonds, Series 2001C, 5.125%, 6/01/31 – FGIC Insured | 6/11 at 101.00 | AAA | — | 8,571,163 | — | 8,571,163 | ||||||||||||||||||||||||||||||
— | — | 13,925 | 13,925 | Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2002B, 5.000%, 6/01/20 – MBIA Insured | 6/12 at 101.00 | AAA | — | — | 14,003,673 | 14,003,673 | ||||||||||||||||||||||||||||||
— | 8,000 | — | 8,000 | Florida State Board of Education, Full Faith and Credit, Public Education Capital Outlay Refunding Bonds, Series 2002D, 5.375%, 6/01/16 | 6/12 at 100.00 | AAA | — | 8,417,600 | — | 8,417,600 |
49
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Combined | Investment | Quality | ||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Fund (Pro | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
— | 185 | — | 185 | Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2002F, 5.000%, 6/01/22 – MBIA Insured | 6/12 at 101.00 | AAA | — | 184,090 | — | 184,090 | ||||||||||||||||||||||||||||||
— | — | 14,985 | 14,985 | Florida State Board of Education, State University System Revenue Bonds, Series 2006A, 5.000%, 7/01/30 – FGIC Insured | 7/15 at 101.00 | AA | — | — | 13,705,431 | 13,705,431 | ||||||||||||||||||||||||||||||
— | 2,980 | 3,000 | 5,980 | Florida State Department of Management Services, Certificates of Participation, Series 2006A, 5.000%, 8/01/23 – MBIA Insured | 8/15 at 101.00 | AA+ | — | 2,897,961 | 2,917,410 | 5,815,371 | ||||||||||||||||||||||||||||||
— | — | 2,580 | 2,580 | Florida State Education System, Housing Facility Revenue Bonds, Florida International University, Series 2004A, 5.000%, 7/01/14 – MBIA Insured | No Opt. Call | AA | — | — | 2,633,380 | 2,633,380 | ||||||||||||||||||||||||||||||
— | 6,000 | — | 6,000 | Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Series 2003C, 5.000%, 7/01/33 | 7/13 at 101.00 | Aa2 | — | 5,446,920 | — | 5,446,920 | ||||||||||||||||||||||||||||||
— | — | 2,345 | 2,345 | FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/16 – AMBAC Insured | 10/14 at 100.00 | AA | — | — | 2,417,507 | 2,417,507 | ||||||||||||||||||||||||||||||
— | — | 750 | 750 | Gainesville, Florida, Utilities System Revenue Bonds, Series 2003A, 5.250%, 10/01/21 (Pre-refunded 10/01/13) | 10/13 at 100.00 | AA (4) | — | — | 817,808 | 817,808 | ||||||||||||||||||||||||||||||
— | 12,000 | — | 12,000 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 1999A, 5.125%, 10/01/28 – FGIC Insured (Alternative Minimum Tax) | 10/09 at 101.00 | Aa3 | — | 9,547,080 | — | 9,547,080 | ||||||||||||||||||||||||||||||
— | 4,000 | 4,000 | 8,000 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002B, 5.125%, 10/01/21 – FSA Insured (Alternative Minimum Tax) | 10/12 at 100.00 | AAA | — | 3,459,320 | 3,459,320 | 6,918,640 | ||||||||||||||||||||||||||||||
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006: | ||||||||||||||||||||||||||||||||||||||||
— | 1,000 | 1,000 | 2,000 | 5.250%,6/01/26 | 6/16 at 100.00 | BBB+ | — | 795,360 | 795,360 | 1,590,720 | ||||||||||||||||||||||||||||||
— | 3,625 | 3,240 | 6,865 | 5.000%,6/01/38 | 6/16 at 100.00 | BBB+ | — | 2,480,298 | 2,216,873 | 4,697,171 | ||||||||||||||||||||||||||||||
— | 3,075 | 2,310 | 5,385 | 5.500%, 6/01/38 – FSA Insured | 6/18 at 100.00 | AAA | — | 2,698,466 | 2,027,141 | 4,725,607 | ||||||||||||||||||||||||||||||
— | 5,000 | — | 5,000 | Hernando County, Florida, Revenue Bonds, Criminal Justice Complex Financing Program, Series 1986, 7.650%, 7/01/16 – FGIC Insured | No Opt. Call | AA | — | 5,783,050 | — | 5,783,050 | ||||||||||||||||||||||||||||||
— | — | 1,000 | 1,000 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005C, 5.000%, 11/15/31 | 11/15 at 100.00 | A+ | — | — | 767,180 | 767,180 | ||||||||||||||||||||||||||||||
— | 4,600 | 2,600 | 7,200 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2001A, 6.000%, 11/15/31 (Pre-refunded 11/15/11) | 11/11 at 101.00 | A1 (4) | — | 5,040,634 | 2,849,054 | 7,889,688 | ||||||||||||||||||||||||||||||
— | 1,535 | — | 1,535 | Hillsborough County, Florida, Community Investment Tax Revenue Bonds, Series 2004, 5.000%, 5/01/24 – AMBAC Insured | 11/13 at 101.00 | AA+ | — | 1,488,305 | — | 1,488,305 | ||||||||||||||||||||||||||||||
— | 2,170 | — | 2,170 | Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 – FGIC Insured | 10/15 at 100.00 | AA+ | — | 2,067,489 | — | 2,067,489 | ||||||||||||||||||||||||||||||
3,600 | 5,400 | 4,600 | 13,600 | Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax) | 4/10 at 101.00 | N/R | 2,415,780 | 3,623,670 | 3,086,830 | 9,126,280 | ||||||||||||||||||||||||||||||
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2003B: | ||||||||||||||||||||||||||||||||||||||||
— | 1,000 | 500 | 1,500 | 5.250%,10/01/28 | 10/13 at 100.00 | A3 | — | 764,080 | 382,040 | 1,146,120 | ||||||||||||||||||||||||||||||
— | 2,330 | 1,590 | 3,920 | 5.250%,10/01/34 | 10/13 at 100.00 | A3 | — | 1,670,960 | 1,140,269 | 2,811,229 | ||||||||||||||||||||||||||||||
— | 1,185 | 1,180 | 2,365 | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41 | 10/16 at 100.00 | A3 | — | 832,901 | 829,387 | 1,662,288 | ||||||||||||||||||||||||||||||
— | — | 2,000 | 2,000 | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Refunding Bonds, Tampa General Hospital, Series 2003A, 5.250%, 10/01/24 | 10/13 at 100.00 | A3 | — | — | 1,599,980 | 1,599,980 | ||||||||||||||||||||||||||||||
— | 4,330 | 4,800 | 9,130 | Hillsborough County Industrial Development Authority, Florida, Pollution Control Revenue Bonds, Tampa Electric Company Project, Series 2002, 5.100%, 10/01/13 | 10/12 at 100.00 | Baa2 | — | 4,070,113 | 4,511,904 | 8,582,017 | ||||||||||||||||||||||||||||||
— | — | 1,500 | 1,500 | Hollywood, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 2003, 5.000%, 10/01/20 – FSA Insured | 10/13 at 100.00 | Aaa | — | — | 1,481,400 | 1,481,400 | ||||||||||||||||||||||||||||||
— | 4,250 | — | 4,250 | Lakeland, Florida, Energy System Revenue Refunding Bonds, Series 1999C, 6.050%, 10/01/11 – FGIC Insured | No Opt. Call | AAA | — | 4,568,623 | — | 4,568,623 | ||||||||||||||||||||||||||||||
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Medical Center, Series 2006: | ||||||||||||||||||||||||||||||||||||||||
— | 3,235 | — | 3,235 | 5.000%,11/15/26 | 11/16 at 100.00 | A2 | — | 2,500,655 | — | 2,500,655 | ||||||||||||||||||||||||||||||
— | — | 3,000 | 3,000 | 5.000%,11/15/32 | 11/16 at 100.00 | A2 | — | — | 2,146,980 | 2,146,980 | ||||||||||||||||||||||||||||||
— | 2,000 | 1,500 | 3,500 | Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – MBIA Insured | 4/17 at 100.00 | AA | — | 1,666,260 | 1,249,695 | 2,915,955 | ||||||||||||||||||||||||||||||
— | 2,345 | — | 2,345 | Leesburg, Florida, Hospital Revenue Bonds, Leesburg Regional Medical Center Project, Series 2002, 5.375%, 7/01/22 | 7/12 at 100.00 | BBB+ | — | 2,001,903 | — | 2,001,903 | ||||||||||||||||||||||||||||||
— | — | 3,430 | 3,430 | Leesburg, Florida, Hospital Revenue Refunding Bonds, Leesburg Regional Medical Center Project, Series 2003, 5.000%, 7/01/12 | No Opt. Call | BBB+ | — | — | 3,352,379 | 3,352,379 | ||||||||||||||||||||||||||||||
— | 1,050 | — | 1,050 | Jacksonville Beach, Florida, Utility Revenue Refunding Bonds, Series 2002, 5.000%, 4/01/17 – AMBAC Insured | 10/10 at 100.00 | Aa3 | — | 1,062,359 | — | 1,062,359 | ||||||||||||||||||||||||||||||
— | — | 1,430 | 1,430 | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%, 10/01/23 – AMBAC Insured | 10/11 at 100.00 | AA | — | — | 1,384,655 | 1,384,655 | ||||||||||||||||||||||||||||||
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, | ||||||||||||||||||||||||||||||||||||||||
— | — | 2,090 | 2,090 | 5.000%, 10/01/22 - MBIA Insured | 10/13 at 100.00 | AA | — | — | 2,036,747 | 2,036,747 | ||||||||||||||||||||||||||||||
— | 4,990 | — | 4,990 | 5.250%, 10/01/21 - MBIA Insured | 10/13 at 100.00 | AA | — | 5,000,479 | — | 5,000,479 | ||||||||||||||||||||||||||||||
— | — | 3,145 | 3,145 | Jacksonville, Florida, Excise Taxes Revenue Refunding Bonds, Series 2003C, 5.250%, 10/01/18 – MBIA Insured (Alternative Minimum Tax) | 10/13 at 100.00 | AA | — | — | 2,869,309 | 2,869,309 |
50
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Combined | Investment | Quality | ||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Fund (Pro | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds, Series 2002 | ||||||||||||||||||||||||||||||||||||||||
— | — | 2,230 | 2,230 | 5.000%, 10/01/21 – FGIC Insured | 10/12 at 100.00 | A+ | — | — | 2,167,895 | 2,167,895 | ||||||||||||||||||||||||||||||
— | 2,000 | — | 2,000 | 5.000%, 10/01/22 – FGIC Insured | 10/12 at 100.00 | A+ | — | 1,941,360 | — | 1,941,360 | ||||||||||||||||||||||||||||||
— | — | 2,750 | 2,750 | Jacksonville, Florida, Local Government Sales Tax Revenue Refunding and Improvement Bonds, Series 2002, 5.375%, 10/01/17 – FGIC Insured | 10/12 at 100.00 | AA+ | — | — | 2,792,488 | 2,792,488 | ||||||||||||||||||||||||||||||
— | — | 1,000 | 1,000 | Jacksonville, Florida, Local Government Sales Tax Revenue Refunding Bonds, Series 2001, 5.500%, 10/01/14 – FGIC Insured | No Opt. Call | AA+ | — | — | 1,069,060 | 1,069,060 | ||||||||||||||||||||||||||||||
— | 1,000 | — | 1,000 | Jacksonville, Florida, Water and Sewer Revenue Bonds, United Water Florida Project, Series 1995, 6.350%, 8/01/25 – AMBAC Insured (Alternative Minimum Tax) | 2/09 at 100.00 | AA | — | 941,590 | — | 941,590 | ||||||||||||||||||||||||||||||
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A: | ||||||||||||||||||||||||||||||||||||||||
— | — | 3,235 | 3,235 | 5.000%, 10/01/18 – FGIC Insured | 10/13 at 100.00 | AA | — | — | 3,274,208 | 3,274,208 | ||||||||||||||||||||||||||||||
— | — | 5,090 | 5,090 | 5.000%, 10/01/19 – FGIC Insured | 10/13 at 100.00 | AA | — | — | 5,120,642 | 5,120,642 | ||||||||||||||||||||||||||||||
— | — | 3,000 | 3,000 | 5.000%, 10/01/23 – FGIC Insured | 10/13 at 100.00 | AA | — | — | 2,904,870 | 2,904,870 | ||||||||||||||||||||||||||||||
— | — | 9,440 | 9,440 | JEA St. John’s River Power Park System, Florida, Revenue Refunding Bonds, Issue 2, Series 2002-17, 5.000%, 10/01/15 | 10/11 at 100.00 | Aa2 | — | — | 9,692,426 | 9,692,426 | ||||||||||||||||||||||||||||||
Lake County School Board, Florida, Certificates of Participation, Series 2004A: | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,190 | 1,190 | 5.000%, 7/01/20 – AMBAC Insured | 7/14 at 100.00 | AA | — | — | 1,142,138 | 1,142,138 | ||||||||||||||||||||||||||||||
— | — | 1,340 | 1,340 | 5.000%, 7/01/22 – AMBAC Insured | 7/14 at 100.00 | AA | — | — | 1,260,163 | 1,260,163 | ||||||||||||||||||||||||||||||
— | — | 1,470 | 1,470 | 5.000%, 7/01/24 – AMBAC Insured | 7/14 at 100.00 | AA | — | — | 1,358,456 | 1,358,456 | ||||||||||||||||||||||||||||||
— | 2,500 | 2,500 | 5,000 | Lee County, Florida, Airport Revenue Bonds, Series 2006, 5.000%, 10/01/33 – FSA Insured | 10/15 at 100.00 | AAA | — | 2,250,150 | 2,250,150 | 4,500,300 | ||||||||||||||||||||||||||||||
— | — | 1,000 | 1,000 | Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/14 – AMBAC Insured | No Opt. Call | AA | — | — | 1,029,610 | 1,029,610 | ||||||||||||||||||||||||||||||
— | 1,525 | — | 1,525 | Lee County, Florida, Water and Sewer Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/20 – MBIA Insured | 10/13 at 100.00 | A2 | — | 1,520,867 | — | 1,520,867 | ||||||||||||||||||||||||||||||
— | — | 1,065 | 1,065 | Lee County Industrial Development Authority, Florida, Utilities Revenue Bonds, Bonita Springs Utilities Inc. Project, Series 2002, 5.000%, 11/01/19 – MBIA Insured (Alternative Minimum Tax) | 11/12 at 100.00 | AA | — | — | 934,122 | 934,122 | ||||||||||||||||||||||||||||||
— | — | 5,130 | 5,130 | Manatee County School District, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 10/01/17 – AMBAC Insured | 10/13 at 100.00 | AA | — | — | 5,193,304 | 5,193,304 | ||||||||||||||||||||||||||||||
— | 3,750 | 3,750 | 7,500 | Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34 | 10/17 at 100.00 | A2 | — | 2,652,488 | 2,652,488 | 5,304,976 | ||||||||||||||||||||||||||||||
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2004A: | ||||||||||||||||||||||||||||||||||||||||
— | 2,290 | — | 2,290 | 5.000%, 4/01/19 (Pre-refunded 4/01/14) – AMBAC Insured | 4/14 at 100.00 | AA (4) | — | 2,451,674 | — | 2,451,674 | ||||||||||||||||||||||||||||||
— | 3,305 | — | 3,305 | 5.000%, 4/01/22 (Pre-refunded 4/01/14) – AMBAC Insured | 4/14 at 100.00 | AA (4) | — | 3,538,333 | — | 3,538,333 | ||||||||||||||||||||||||||||||
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2004B: | ||||||||||||||||||||||||||||||||||||||||
— | — | 3,955 | 3,955 | 5.250%, 7/01/17 – FGIC Insured | 7/14 at 100.00 | AA | — | — | 4,080,492 | 4,080,492 | ||||||||||||||||||||||||||||||
— | — | 2,000 | 2,000 | 5.250%, 7/01/18 – FGIC Insured | 7/14 at 100.00 | AA | — | — | 2,023,180 | 2,023,180 | ||||||||||||||||||||||||||||||
— | 6,690 | — | 6,690 | 5.000%, 7/01/20 – FGIC Insured | 7/14 at 100.00 | AA | — | 6,608,114 | — | 6,608,114 | ||||||||||||||||||||||||||||||
— | — | 2,000 | 2,000 | 5.000%, 7/01/23 – FGIC Insured | 7/14 at 100.00 | AA | — | — | 1,858,180 | 1,858,180 | ||||||||||||||||||||||||||||||
— | — | 4,500 | 4,500 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2006, 5.000%, 7/01/37 – AMBAC Insured | 7/16 at 100.00 | AA | — | — | 3,811,680 | 3,811,680 | ||||||||||||||||||||||||||||||
— | — | 2,000 | 2,000 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Refunding Bonds, Series 2001, 5.000%, 7/01/21 – FGIC Insured | 7/11 at 101.00 | A3 | — | — | 1,916,520 | 1,916,520 | ||||||||||||||||||||||||||||||
— | — | 7,500 | 7,500 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 1998A, 5.000%, 10/01/24 – FGIC Insured (Alternative Minimum Tax) | 4/09 at 101.00 | AA | — | — | 6,054,900 | 6,054,900 | ||||||||||||||||||||||||||||||
— | — | 4,000 | 4,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 1998C, 5.000%, 10/01/23 – MBIA Insured (Alternative Minimum Tax) | 4/09 at 101.00 | AA | — | — | 3,282,520 | 3,282,520 | ||||||||||||||||||||||||||||||
— | 5,390 | — | 5,390 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002, 5.750%, 10/01/18 – FGIC Insured (Alternative Minimum Tax) | 10/12 at 100.00 | A2 | — | 5,078,781 | — | 5,078,781 | ||||||||||||||||||||||||||||||
— | 1,325 | 1,320 | 2,645 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A, 5.000%, 10/01/38 – CIFG Insured (Alternative Minimum Tax) | 10/15 at 100.00 | A2 | — | 948,939 | 945,358 | 1,894,297 | ||||||||||||||||||||||||||||||
Miami-Dade County, Florida, Beacon Tradeport Community Development District, Special Assessment Bonds, Commercial Project, Series 2002A: | ||||||||||||||||||||||||||||||||||||||||
— | 2,090 | — | 2,090 | 5.250%, 5/01/16 – RAAI Insured | 5/12 at 102.00 | BBB+ | — | 2,037,855 | — | 2,037,855 | ||||||||||||||||||||||||||||||
— | — | 1,975 | 1,975 | 5.500%, 5/01/22 – RAAI Insured | 5/12 at 102.00 | BBB+ | — | — | 1,805,901 | 1,805,901 | ||||||||||||||||||||||||||||||
1,700 | 1,700 | 850 | 4,250 | 5.625%, 5/01/32 – RAAI Insured | 5/12 at 102.00 | BBB+ | 1,461,966 | 1,461,966 | 730,983 | 3,654,915 | ||||||||||||||||||||||||||||||
— | 10,900 | 5,000 | 15,900 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 – FSA Insured | 7/18 at 100.00 | AAA | — | 9,602,355 | 4,404,750 | 14,007,105 | ||||||||||||||||||||||||||||||
— | 3,300 | — | 3,300 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 10/01/29 – FGIC Insured | 10/09 at 101.00 | A+ | — | 3,057,648 | — | 3,057,648 | ||||||||||||||||||||||||||||||
— | 3,000 | — | 3,000 | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Refunding Bonds, Miami Children’s Hospital, Series 2001A, 5.125%, 8/15/26 (Pre-refunded 8/15/11) – AMBAC Insured | 8/11 at 101.00 | AAA | — | 3,188,580 | — | 3,188,580 | ||||||||||||||||||||||||||||||
— | — | 30 | 30 | Miami-Dade County Housing Authority, Florida, Home Owner Mortgage Revenue Bonds, Series 1999A-1, 5.550%, 10/01/19 (Alternative Minimum Tax) | 4/09 at 100.75 | Aaa | — | — | 29,596 | 29,596 | ||||||||||||||||||||||||||||||
— | — | 3,630 | 3,630 | Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Sunset Bay Apartments, Series 2000-5A, 5.950%, 7/01/30 – FSA Insured (Alternative Minimum Tax) | 1/11 at 102.00 | AAA | — | — | 3,229,865 | 3,229,865 | ||||||||||||||||||||||||||||||
— | 1,750 | — | 1,750 | Miami-Dade County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Airis Miami II LLC – Miami International Airport, Series 1999, 6.000%, 10/15/25 – AMBAC Insured (Alternative Minimum Tax) | 10/09 at 101.00 | Aaa | — | 1,587,443 | — | 1,587,443 |
51
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Combined | Investment | Quality | ||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Fund (Pro | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
— | 3,000 | — | 3,000 | Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006B, 5.000%, 11/01/31 – AMBAC Insured | 11/16 at 100.00 | AA | — | 2,628,360 | — | 2,628,360 | ||||||||||||||||||||||||||||||
— | 1,175 | — | 1,175 | Naples, Florida, Water and Sewer Revenue Bonds, Series 2002, 5.000%, 9/01/14 (Pre-refunded 9/01/12) | 9/12 at 100.00 | Aa2 (4) | — | 1,256,463 | — | 1,256,463 | ||||||||||||||||||||||||||||||
North Broward Hospital District, Florida, Revenue and Improvement Bonds, Series 2001: | ||||||||||||||||||||||||||||||||||||||||
— | 5,450 | 8,175 | 13,625 | 6.000%, 1/15/31 (Pre-refunded 1/15/11) | 1/11 at 101.00 | A (4) | — | 5,864,527 | 8,796,791 | 14,661,318 | ||||||||||||||||||||||||||||||
— | 550 | 825 | 1,375 | 6.000%, 1/15/31 (Pre-refunded 1/15/11) | 1/11 at 101.00 | A (4) | — | 591,833 | 887,750 | 1,479,583 | ||||||||||||||||||||||||||||||
— | 1,215 | 1,200 | 2,415 | North Dade Community Development District, Florida, Special Assessment Bonds, Series 2007A, 5.350%, 5/01/38 | 5/17 at 100.00 | N/R | — | 857,486 | 846,900 | 1,704,386 | ||||||||||||||||||||||||||||||
— | — | 2,475 | 2,475 | Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and Improvement Development Unit 19, Series 2000, 6.100%, 8/01/21 – RAAI Insured | 8/10 at 102.00 | BBB+ | — | — | 2,418,446 | 2,418,446 | ||||||||||||||||||||||||||||||
— | — | 2,000 | 2,000 | Opa-Locka, Florida, Capital Improvement Revenue Bonds, Series 1994, 6.125%, 1/01/24 – FGIC Insured | 1/09 at 100.00 | AA | — | — | 1,999,980 | 1,999,980 | ||||||||||||||||||||||||||||||
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A: | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,665 | 1,665 | 5.125%, 1/01/20 – FGIC Insured | 1/13 at 100.00 | AA | — | — | 1,644,687 | 1,644,687 | ||||||||||||||||||||||||||||||
— | — | 3,400 | 3,400 | 5.125%, 1/01/23 – FGIC Insured | 1/13 at 100.00 | AA | — | — | 3,278,654 | 3,278,654 | ||||||||||||||||||||||||||||||
— | 6,000 | — | 6,000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2000, 6.500%, 11/15/30 (Pre-refunded 11/15/10) | 11/10 at 101.00 | A1 (4) | — | 6,521,100 | — | 6,521,100 | ||||||||||||||||||||||||||||||
— | — | 5,000 | 5,000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2002, 5.250%, 11/15/18 (Pre-refunded 11/15/12) | 11/12 at 101.00 | A2 (4) | — | — | 5,414,550 | 5,414,550 | ||||||||||||||||||||||||||||||
— | 3,695 | — | 3,695 | 5.750%, 12/01/27 (Pre-refunded 12/01/12) | 12/12 at 100.00 | AAA | — | 4,041,332 | — | 4,041,332 | ||||||||||||||||||||||||||||||
— | — | 3,000 | 3,000 | 5.750%, 12/01/32 (Pre-refunded 12/01/12) – Insured | 12/12 at 100.00 | AAA | — | — | 3,281,190 | 3,281,190 | ||||||||||||||||||||||||||||||
— | — | 2,440 | 2,440 | Orange County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/22 – AMBAC Insured | 8/14 at 100.00 | Aa3 | — | — | 2,294,015 | 2,294,015 | ||||||||||||||||||||||||||||||
Orlando Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Republic Drive-Universal Boulevard – I-4 Interchange Project, Series 2002: | ||||||||||||||||||||||||||||||||||||||||
— | 1,495 | — | 5.125%, 4/01/20 – AMBAC Insured | 4/12 at 100.00 | AA | — | 1,473,995 | — | 1,473,995 | |||||||||||||||||||||||||||||||
— | 1,225 | — | 1,495 | 5.125%, 4/01/21 – AMBAC Insured | 4/12 at 100.00 | AA | — | 1,191,509 | — | 1,191,509 | ||||||||||||||||||||||||||||||
— | 5,000 | — | 5,000 | Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 1992, 6.000%, 10/01/10 | No Opt. Call | Aa1 | — | 5,294,500 | — | 5,294,500 | ||||||||||||||||||||||||||||||
— | — | 1,220 | 1,220 | Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/17 | 10/11 at 101.00 | Aa1 | — | — | 1,263,408 | 1,263,408 | ||||||||||||||||||||||||||||||
Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2002C: | ||||||||||||||||||||||||||||||||||||||||
— | — | 445 | 445 | 5.250%,10/01/17 | 10/12 at 100.00 | Aa1 | — | — | 460,833 | 460,833 | ||||||||||||||||||||||||||||||
— | 4,295 | — | 4,295 | 5.250%, 10/01/18 (Pre-refunded 10/01/12) | 10/12 at 100.00 | Aa1 (4) | — | 4,619,058 | — | 4,619,058 | ||||||||||||||||||||||||||||||
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004: | ||||||||||||||||||||||||||||||||||||||||
— | 3,745 | — | 3,745 | 5.000%, 4/01/22 – MBIA Insured | 4/14 at 100.00 | A2 | — | 3,651,974 | — | 3,651,974 | ||||||||||||||||||||||||||||||
— | 2,000 | — | 2,000 | 5.000%, 4/01/23 – MBIA Insured | 4/14 at 100.00 | A2 | — | 1,867,260 | — | 1,867,260 | ||||||||||||||||||||||||||||||
— | 575 | — | 575 | Osceola County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, P.M. Wells Charter School Project, Series 2001A, 5.000%, 8/01/23 – MBIA Insured | 8/11 at 101.00 | AA | — | 528,695 | — | 528,695 | ||||||||||||||||||||||||||||||
— | 4,490 | — | 4,490 | Palm Beach County, Florida, Public Improvement Revenue Bonds, Biomedical Research Park Project, Series 2005A, 5.000%, 6/01/25 – AMBAC Insured | 6/15 at 100.00 | AA+ | — | 4,205,828 | — | 4,205,828 | ||||||||||||||||||||||||||||||
5,000 | 5,000 | 10,000 | Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/31 | 10/16 at 100.00 | AAA | — | 4,621,200 | 4,621,200 | 9,242,400 | |||||||||||||||||||||||||||||||
— | 3,270 | 3,275 | 6,545 | Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, Trust 2622, 9.486%,10/01/36 (IF) | 10/16 at 100.00 | Aaa | — | 2,500,471 | 2,504,294 | 5,004,765 | ||||||||||||||||||||||||||||||
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001: | ||||||||||||||||||||||||||||||||||||||||
— | 3,410 | — | 3,410 | 5.500%,12/01/21 | 12/11 at 101.00 | BBB– | — | 2,822,593 | — | 2,822,593 | ||||||||||||||||||||||||||||||
— | 5,340 | — | 5,340 | 5.625%,12/01/31 | 12/11 at 101.00 | BBB– | — | 3,968,902 | — | 3,968,902 | ||||||||||||||||||||||||||||||
— | 6,090 | — | 6,090 | Palm Beach County School Board, Florida, Certificates of Participation, Drivers Trust 2089, 9.181%, 8/01/31 – FSA Insured (IF) | 8/16 at 100.00 | AAA | — | 4,522,425 | — | 4,522,425 | ||||||||||||||||||||||||||||||
Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D: | ||||||||||||||||||||||||||||||||||||||||
— | — | 2,040 | 2,040 | 5.250%, 8/01/21 – FSA Insured | 8/12 at 100.00 | AAA | — | — | 2,043,958 | 2,043,958 | ||||||||||||||||||||||||||||||
— | 4,000 | — | 4,000 | 5.000%, 8/01/28 – FSA Insured | 8/12 at 100.00 | AAA | — | 3,674,760 | — | 3,674,760 | ||||||||||||||||||||||||||||||
Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,500 | 1,500 | 5.000%, 8/01/22 – FGIC Insured | 8/14 at 100.00 | AA | — | — | 1,404,795 | 1,404,795 | ||||||||||||||||||||||||||||||
— | 2,560 | — | 2,560 | 5.000%, 8/01/23 – FGIC Insured | 8/14 at 100.00 | AA | — | 2,377,779 | — | 2,377,779 | ||||||||||||||||||||||||||||||
— | 5,000 | — | 5,000 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 – MBIA Insured | 8/17 at 100.00 | AA | — | 4,514,200 | — | 4,514,200 | ||||||||||||||||||||||||||||||
— | 2,060 | — | 2,060 | Polk County, Florida, Utility System Revenue Bonds, Series 2003, 5.250%, 10/01/22 – FGIC Insured | 10/13 at 100.00 | A2 | — | 2,018,100 | — | 2,018,100 | ||||||||||||||||||||||||||||||
— | 2,500 | — | 2,500 | Polk County School District, Florida, Sales Tax Revenue Bonds, Series 2004, 5.250%, 10/01/18 – FSA Insured | 10/14 at 100.00 | AAA | — | 2,567,600 | — | 2,567,600 | ||||||||||||||||||||||||||||||
— | — | 1,350 | 1,350 | Port Saint Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 9/01/21 – MBIA Insured | 9/13 at 100.00 | AA | — | — | 1,317,452 | 1,317,452 | ||||||||||||||||||||||||||||||
— | 1,000 | 1,000 | 2,000 | Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – MBIA Insured | 7/17 at 100.00 | AA | — | 840,440 | 840,440 | 1,680,880 | ||||||||||||||||||||||||||||||
— | — | 650 | 650 | Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 2005-1, 5.000%, 10/01/25 – AMBAC Insured | 10/15 at 100.00 | AA | — | — | 595,049 | 595,049 |
52
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Combined | Investment | Quality | ||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Fund (Pro | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
— | — | 3,240 | 3,240 | Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation Bonds, Series 2004A, 5.000%, 6/01/22 – MBIA Insured | 4/14 at 100.00 | AA | — | — | 3,192,793 | 3,192,793 | ||||||||||||||||||||||||||||||
— | 820 | 820 | 1,640 | Rivercrest Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.000%, 5/01/30 – RAAI Insured | 5/18 at 100.00 | A– | — | 685,241 | 685,241 | 1,370,482 | ||||||||||||||||||||||||||||||
— | 2,780 | — | 2,780 | Riviera Beach, Palm Beach County, Florida, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 10/01/24 – FGIC Insured | 10/14 at 100.00 | N/R | — | 2,518,541 | — | 2,518,541 | ||||||||||||||||||||||||||||||
— | 2,750 | — | 2,750 | Saint Johns County, Florida, Transportation Improvement Revenue Bonds, Series 2003, 5.000%, 10/01/23 – AMBAC Insured | 10/13 at 100.00 | AA | — | 2,651,825 | — | 2,651,825 | ||||||||||||||||||||||||||||||
— | 2,275 | — | 2,275 | Sarasota County, Florida, Utility System Revenue Bonds, Series 2005A, 5.000%, 10/01/27 – FGIC Insured | 10/15 at 100.00 | AA | — | 2,109,380 | — | 2,109,380 | ||||||||||||||||||||||||||||||
— | 3,000 | 2,000 | 5,000 | School Board of Duval County, Florida, Certificates of Participation, Master Lease Program, Series 2008, 5.000%, 7/01/33 – FSA Insured | 7/17 at 100.00 | Aaa | — | 2,633,550 | 1,755,700 | 4,389,250 | ||||||||||||||||||||||||||||||
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992: | ||||||||||||||||||||||||||||||||||||||||
— | 3,570 | — | 3,570 | 6.000%, 10/01/19 – MBIA Insured (ETM) | No Opt. Call | AAA | — | 3,954,560 | — | 3,954,560 | ||||||||||||||||||||||||||||||
— | 1,680 | — | 1,680 | 6.000%, 10/01/19 – MBIA Insured | No Opt. Call | AA | — | 1,794,694 | — | 1,794,694 | ||||||||||||||||||||||||||||||
— | 635 | — | 635 | Sonoma Bay Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.450%, 5/01/36 | 5/15 at 100.00 | N/R | — | 456,006 | — | 456,006 | ||||||||||||||||||||||||||||||
— | 5,375 | 4,625 | 10,000 | South Broward Hospital District, Florida, Hospital Revenue Bonds, Series 2002, 5.625%, 5/01/32 (Pre-refunded 5/01/12) | 5/12 at 101.00 | AA– (4) | — | 5,846,764 | 5,030,936 | 10,877,700 | ||||||||||||||||||||||||||||||
— | 7,500 | — | 7,500 | South Florida Water Management District, Certificates of Participation, Series 2006, Trust 1036, 6.508%, 10/01/36 – AMBAC Insured (IF) | 10/16 at 100.00 | AA+ | — | 5,945,250 | — | 5,945,250 | ||||||||||||||||||||||||||||||
— | 5,000 | — | 5,000 | South Florida Water Management District, Certificates of Participation, Series 2006, 5.000%, 10/01/36 – AMBAC Insured | 10/16 at 100.00 | AA+ | — | 4,481,550 | — | 4,481,550 | ||||||||||||||||||||||||||||||
2,455 | — | — | 2,455 | South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) | 8/17 at 100.00 | AA– | 1,931,471 | — | 1,931,471 | |||||||||||||||||||||||||||||||
St. John’s County Industrial Development Authority, Florida, First Mortgage Revenue Bonds, Presbyterian Retirement Communities, Series 2004A: | ||||||||||||||||||||||||||||||||||||||||
— | 1,125 | 1,125 | 2,250 | 5.850%,8/01/24 | 8/14 at 101.00 | N/R | — | 948,364 | 948,364 | 1,896,728 | ||||||||||||||||||||||||||||||
— | 1,565 | 1,570 | 3,135 | 5.625%,8/01/34 | 8/14 at 101.00 | N/R | — | 1,168,570 | 1,172,303 | 2,340,873 | ||||||||||||||||||||||||||||||
— | — | 5,000 | 5,000 | Sumter County, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.000%, 6/01/36 – AMBAC Insured | 6/16 at 100.00 | AA | — | — | 4,471,450 | 4,471,450 | ||||||||||||||||||||||||||||||
— | — | 1,170 | 1,170 | Tallahassee, Florida, Consolidated Utility System Revenue Bonds, Series 2005, 5.000%, 10/01/25 – AMBAC Insured | 10/15 at 100.00 | AA | — | — | 1,132,326 | 1,132,326 | ||||||||||||||||||||||||||||||
— | 5,360 | 5,000 | 10,360 | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Series 2005, 5.000%, 7/01/16 – AMBAC Insured | 7/15 at 101.00 | AA | — | 5,438,042 | 5,072,800 | 10,510,842 | ||||||||||||||||||||||||||||||
Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose Bonds, Stadium Project, Series 1995: | ||||||||||||||||||||||||||||||||||||||||
— | 1,250 | — | 1,250 | 5.750%, 10/01/20 – MBIA Insured | No Opt. Call | AA | — | 1,263,363 | — | 1,263,363 | ||||||||||||||||||||||||||||||
— | 2,785 | — | 2,785 | 5.750%, 10/01/25 – MBIA Insured | No Opt. Call | AA | — | 2,725,930 | — | 2,725,930 | ||||||||||||||||||||||||||||||
— | — | 2,275 | 2,275 | University of Central Florida, Certificates of Participation, Athletic Association, Series 2004A, 5.125%, 10/01/21 – FGIC Insured | 10/14 at 100.00 | AA | — | — | 2,025,273 | 2,025,273 | ||||||||||||||||||||||||||||||
Volusia County School Board, Florida, Sales Tax Revenue Bonds, Series 2002: | ||||||||||||||||||||||||||||||||||||||||
— | — | 11,815 | 11,815 | 5.375%, 10/01/14 – FSA | 10/12 at 100.00 | AAA | — | — | 12,388,500 | 12,388,500 | ||||||||||||||||||||||||||||||
— | 8,605 | — | 8,605 | 5.375%, 10/01/15 – FSA | 10/12 at 100.00 | AAA | — | 9,012,877 | — | 9,012,877 | ||||||||||||||||||||||||||||||
— | — | 1,000 | 1,000 | Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%, 12/01/24 – FSA Insured | 12/14 at 100.00 | Aaa | — | — | 950,100 | 950,100 | ||||||||||||||||||||||||||||||
Winter Springs, Florida, Water and Sewer Revenue Refunding Bonds, Series 2001: | ||||||||||||||||||||||||||||||||||||||||
— | 700 | — | 700 | 5.250%, 4/01/16 – MBIA Insured | 4/11 at 101.00 | AA | — | 710,052 | — | 710,052 | ||||||||||||||||||||||||||||||
— | 1,585 | — | 1,585 | 5.000%, 4/01/20 – MBIA Insured | 4/11 at 101.00 | AA | — | 1,545,914 | — | 1,545,914 | ||||||||||||||||||||||||||||||
15,040 | 338,295 | 311,735 | 663,845 | Total Florida | 11,526,462 | 313,634,057 | 288,562,578 | 613,723,097 | ||||||||||||||||||||||||||||||||
Georgia – 1.1% (0.7% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
500 | — | — | 500 | Chatham County Hospital Authority, Savannah, Georgia, Hospital Revenue Bonds, Memorial Health University Medical Center Inc., Series 2004A, 5.375%, 1/01/26 | 1/14 at 100.00 | BBB | 332,595 | — | — | 332,595 | ||||||||||||||||||||||||||||||
10 | — | — | 10 | Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A, 5.250%, 11/01/15 (Pre-refunded 11/01/13) – MBIA Insured | 11/13 at 100.00 | AAA | 10,914 | — | — | 10,914 | ||||||||||||||||||||||||||||||
Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A: | ||||||||||||||||||||||||||||||||||||||||
3,405 | — | — | 3,405 | 5.250%, 11/01/15 – MBIA Insured | 11/13 at 100.00 | AA | 3,565,205 | — | — | 3,565,205 | ||||||||||||||||||||||||||||||
3,365 | — | — | 3,365 | 5.000%, 11/01/18 – MBIA Insured | 11/13 at 100.00 | AA | 3,402,049 | — | — | 3,402,049 | ||||||||||||||||||||||||||||||
2,235 | — | — | 2,235 | Richmond County Development Authority, Georgia, Revenue Bonds, Medical College of Georgia, Cancer Research Center Project, Series 2004A, 5.000%, 12/15/24 – AMBAC Insured | 12/14 at 100.00 | AA | 2,031,771 | — | — | 2,031,771 | ||||||||||||||||||||||||||||||
9,515 | — | — | 9,515 | Total Georgia | 9,342,534 | — | — | 9,342,534 | ||||||||||||||||||||||||||||||||
Idaho – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
150 | — | — | 150 | Idaho Housing Agency, Senior Lien Single Family Mortgage Bonds, Series 1995F, 6.450%, 7/01/27 (Alternative Minimum Tax) | 1/09 at 100.00 | Aaa | 152,594 | — | — | 152,594 | ||||||||||||||||||||||||||||||
3,150 | — | — | 3,150 | Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood Terrace Project, Series 2002A-1, 7.250%, 3/20/37 | 3/12 at 105.00 | Aaa | 3,050,460 | — | — | 3,050,460 |
53
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Combined | Investment | Quality | ||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Fund (Pro | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
200 | — | — | 200 | Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1996G, 6.350%, 7/01/26 (Alternative Minimum Tax) | 1/09 at 100.00 | Aa1 | 203,480 | — | — | 203,480 | ||||||||||||||||||||||||||||||
165 | — | — | 165 | Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000B, 6.250%, 7/01/22 (Alternative Minimum Tax) | 1/10 at 100.00 | Aa2 | 167,643 | — | — | 167,643 | ||||||||||||||||||||||||||||||
295 | — | — | 295 | Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 7/01/20 (Alternative Minimum Tax) | 7/10 at 100.00 | Aaa | 295,074 | — | — | 295,074 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006, 5.250%, 9/01/30 | 9/16 at 100.00 | BBB— | 725,420 | — | — | 725,420 | ||||||||||||||||||||||||||||||
4,960 | — | — | 4,960 | Total Idaho | 4,594,671 | — | — | 4,594,671 | ||||||||||||||||||||||||||||||||
Illinois — 8.6% (5.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/20 — FGIC Insured | No Opt. Call | AA | 2,571,950 | — | — | 2,571,950 | ||||||||||||||||||||||||||||||
22,670 | — | — | 22,670 | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/25 — FGIC Insured | No Opt. Call | AA | 8,981,401 | — | — | 8,981,401 | ||||||||||||||||||||||||||||||
1,175 | — | — | 1,175 | Chicago, Illinois, GNMA Collateralized Multifamily Housing Revenue Bonds, Bryn Mawr-Belle Shores Project, Series 1997, 5.800%, 6/01/23 (Alternative Minimum Tax) | 6/09 at 102.00 | Aaa | 1,079,508 | — | — | 1,079,508 | ||||||||||||||||||||||||||||||
2,875 | — | — | 2,875 | Chicago, Illinois, Tax Increment Allocation Bonds, Read-Dunning Redevelopment Project, Series 1996B, 7.250%, 1/01/14 | 1/09 at 100.00 | N/R | 2,876,495 | — | — | 2,876,495 | ||||||||||||||||||||||||||||||
2,815 | — | — | 2,815 | Chicago, Illinois, Tax Increment Allocation Bonds, Sanitary Drainage and Ship Canal Redevelopment Project, Series 1997A, 7.750%, 1/01/14 | 1/09 at 100.00 | N/R | 2,818,744 | — | — | 2,818,744 | ||||||||||||||||||||||||||||||
4,865 | — | — | 4,865 | Cook County Community Consolidated School District 15, Palatine, Illinois, General Obligation Bonds, Series 2001, 0.000%, 12/01/20 — FGIC Insured (ETM) | No Opt. Call | Aa3 (4) | 2,404,526 | — | — | 2,404,526 | ||||||||||||||||||||||||||||||
2,575 | — | — | 2,575 | Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 — MBIA Insured | No Opt. Call | A2 | 1,272,694 | — | — | 1,272,694 | ||||||||||||||||||||||||||||||
3,615 | — | — | 3,615 | Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 — MBIA Insured (ETM) | No Opt. Call | A2 (4) | 1,933,121 | — | — | 1,933,121 | ||||||||||||||||||||||||||||||
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004: | �� | |||||||||||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | 5.250%,11/15/14 | 5/14 at 100.00 | A | 1,929,780 | — | — | 1,929,780 | ||||||||||||||||||||||||||||||
4,420 | — | — | 4,420 | 5.250%,11/15/15 | 5/14 at 100.00 | A | 4,196,083 | — | — | 4,196,083 | ||||||||||||||||||||||||||||||
395 | — | — | 395 | Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25 | 1/16 at 100.00 | BBB— | 305,758 | — | — | 305,758 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 5.500%, 5/15/32 | 5/12 at 100.00 | Baa3 | 771,390 | — | — | 771,390 | ||||||||||||||||||||||||||||||
3,090 | — | — | 3,090 | Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 6.000%, 7/01/33 | 7/13 at 100.00 | A— | 2,795,987 | — | — | 2,795,987 | ||||||||||||||||||||||||||||||
3,000 | — | — | 3,000 | Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 6.000%, 4/01/18 | No Opt. Call | Aa3 | 3,177,210 | — | — | 3,177,210 | ||||||||||||||||||||||||||||||
Illinois Housing Development Authority, Housing Finance Bonds, Series 2000A: | ||||||||||||||||||||||||||||||||||||||||
260 | — | — | 260 | 5.750%, 9/01/10 (Alternative Minimum Tax) | 3/10 at 100.00 | AA | 264,917 | — | — | 264,917 | ||||||||||||||||||||||||||||||
1,245 | — | — | 1,245 | 6.200%, 9/01/20 (Alternative Minimum Tax) | 3/10 at 100.00 | AA | 1,164,648 | — | — | 1,164,648 | ||||||||||||||||||||||||||||||
11,000 | — | — | 11,000 | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 — FGIC Insured | No Opt. Call | AA | 11,472,010 | — | — | 11,472,010 | ||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.500%, 2/01/18 — FGIC Insured Illinois (continued) | 2/12 at 100.00 | AA | 2,051,480 | — | — | 2,051,480 | ||||||||||||||||||||||||||||||
Lake County Community Unit School District 60, Waukegan, Illinois, General Obligation Refunding Bonds, Series 2001B: | ||||||||||||||||||||||||||||||||||||||||
3,230 | — | — | 3,230 | 0.000%, 11/01/19 — FSA Insured | No Opt. Call | Aaa | 1,790,324 | — | — | 1,790,324 | ||||||||||||||||||||||||||||||
1,740 | — | — | 1,740 | 0.000%, 11/01/21 — FSA Insured | No Opt. Call | Aaa | 844,370 | — | — | 844,370 | ||||||||||||||||||||||||||||||
4,020 | — | — | 4,020 | Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, School Refunding Bonds, Series 2002, 5.250%, 12/01/20 — FSA Insured (UB) | No Opt. Call | AAA | 4,207,573 | — | — | 4,207,573 | ||||||||||||||||||||||||||||||
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B: | ||||||||||||||||||||||||||||||||||||||||
855 | — | — | 855 | 5.250%,1/01/25 | 1/16 at 100.00 | AA | 793,320 | — | — | 793,320 | ||||||||||||||||||||||||||||||
1,750 | — | — | 1,750 | 5.250%,1/01/30 | 1/16 at 100.00 | AA | 1,578,185 | — | — | 1,578,185 | ||||||||||||||||||||||||||||||
17,945 | — | — | 17,945 | McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, General Obligation Bonds, Series 2003, 0.000%, 1/01/22 — FGIC Insured | No Opt. Call | N/R | 7,809,126 | — | — | 7,809,126 | ||||||||||||||||||||||||||||||
2,910 | — | — | 2,910 | McHenry County Community High School District 154, Marengo, Illinois, Capital Appreciation School Bonds, Series 2001, 0.000%, 1/01/21 — FGIC Insured | No Opt. Call | A1 | 1,420,837 | — | — | 1,420,837 | ||||||||||||||||||||||||||||||
2,540 | — | — | 2,540 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 5.000%, 12/15/28 — MBIA Insured | 6/12 at 101.00 | AAA | 2,431,110 | — | — | 2,431,110 | ||||||||||||||||||||||||||||||
108,990 | — | — | 108,990 | Total Illinois | 72,942,547 | — | — | 72,942,547 | ||||||||||||||||||||||||||||||||
Indiana — 1.8% (1.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Ball State University, Indiana, Student Fee Revenue Bonds, Series 2002K, 5.750%, 7/01/20 (Pre-refunded 1/01/12) — FGIC Insured | 1/12 at 100.00 | A+ (4) | 1,082,600 | — | — | 1,082,600 | ||||||||||||||||||||||||||||||
3,500 | — | — | 3,500 | Indiana Bond Bank, Special Program Bonds, East Chicago Facilities Building Corporation, Series 2000A, 6.125%, 2/01/25 (Pre-refunded 2/01/10) — AMBAC Insured | 2/10 at 101.00 | AA (4) | 3,702,300 | — | — | 3,702,300 | ||||||||||||||||||||||||||||||
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2000: | ||||||||||||||||||||||||||||||||||||||||
805 | — | — | 805 | 5.375%, 12/01/25 (Pre-refunded 12/01/10) | 12/10 at 100.00 | AA+ (4) | 851,529 | — | — | 851,529 |
54
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Combined | Investment | Quality | ||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Fund (Pro | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
4,195 | — | — | 4,195 | 5.375%, 12/01/25 (Pre-refunded 12/01/10) | 12/10 at 100.00 | AA+ (4) | 4,437,471 | — | — | 4,437,471 | ||||||||||||||||||||||||||||||
Indiana University, Student Fee Revenue Bonds, Series 2004P: | ||||||||||||||||||||||||||||||||||||||||
2,750 | — | — | 2,750 | 5.000%, 8/01/22 — AMBAC Insured | 8/14 at 100.00 | Aa1 | 2,727,670 | — | — | 2,727,670 | ||||||||||||||||||||||||||||||
1,600 | — | — | 1,600 | 5.000%, 8/01/24 — AMBAC Insured | 8/14 at 100.00 | Aa1 | 1,567,440 | — | — | 1,567,440 | ||||||||||||||||||||||||||||||
1,550 | — | — | 1,550 | St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005, 5.250%, 2/15/23 | 2/15 at 100.00 | BBB– | 1,261,173 | — | — | 1,261,173 | ||||||||||||||||||||||||||||||
15,400 | — | — | 15,400 | Total Indiana | 15,630,183 | — | — | 15,630,183 | ||||||||||||||||||||||||||||||||
Iowa — 1.0% (0.6% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | Iowa Finance Authority, Healthcare Revenue Bonds, Genesis Medical Center, Series 2000, 6.250%, 7/01/25 | 7/10 at 100.00 | A1 | 2,001,340 | — | — | 2,001,340 | ||||||||||||||||||||||||||||||
8,000 | — | — | 8,000 | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42 | 6/15 at 100.00 | BBB | 4,704,080 | — | — | 4,704,080 | ||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B, 5.300%, 6/01/25 (Pre-refunded 6/01/11) | 6/11 at 101.00 | AAA | 2,114,960 | — | — | 2,114,960 | ||||||||||||||||||||||||||||||
12,000 | — | — | 12,000 | Total Iowa | 8,820,380 | — | — | 8,820,380 | ||||||||||||||||||||||||||||||||
Kansas — 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
95 | — | — | 95 | Sedgwick and Shawnee Counties, Kansas, GNMA Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1994A-1, 7.900%, 5/01/24 (Alternative Minimum Tax) | No Opt. Call | Aaa | 96,720 | — | — | 96,720 | ||||||||||||||||||||||||||||||
Louisiana — 3.6% (2.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
275 | — | — | 275 | Bossier Public Trust Financing Authority, Louisiana, Single Family Mortgage Revenue Refunding Bonds, Series 1995B, 6.125%, 8/01/28 | 2/09 at 100.00 | AAA | 282,189 | — | — | 282,189 | ||||||||||||||||||||||||||||||
2,105 | — | — | 2,105 | East Baton Rouge Parish Mortgage Finance Authority, Louisiana, GNMA/FNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1994C, 6.350%, 10/01/28 (Alternative Minimum Tax) | 4/09 at 100.50 | Aaa | 2,123,061 | — | — | 2,123,061 | ||||||||||||||||||||||||||||||
4,350 | — | — | 4,350 | Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006, 5.000%, 6/01/22 — AMBAC Insured | 6/16 at 100.00 | AA | 4,092,002 | — | — | 4,092,002 | ||||||||||||||||||||||||||||||
4,000 | — | — | 4,000 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31 | 8/15 at 100.00 | A+ | 3,162,280 | — | — | 3,162,280 | ||||||||||||||||||||||||||||||
2,700 | — | — | 2,700 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 | 5/17 at 100.00 | A3 | 2,103,867 | — | — | 2,103,867 | ||||||||||||||||||||||||||||||
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A: | ||||||||||||||||||||||||||||||||||||||||
14,550 | — | — | 14,550 | 4.750%, 5/01/39 — FSA Insured (UB) | 5/16 at 100.00 | AAA | 11,811,254 | — | — | 11,811,254 | ||||||||||||||||||||||||||||||
5,920 | — | — | 5,920 | 4.500%, 5/01/41 — FGIC Insured (UB) | 5/16 at 100.00 | Aa3 | 4,538,804 | — | — | 4,538,804 | ||||||||||||||||||||||||||||||
2,485 | — | — | 2,485 | Orleans Levee District, Louisiana, Levee District General Obligation Bonds, Series 1986, 5.950%, 11/01/15 — FSA Insured | 12/08 at 100.00 | AAA | 2,488,131 | — | — | 2,488,131 | ||||||||||||||||||||||||||||||
36,385 | — | — | 36,385 | Total Louisiana | 30,601,588 | — | — | 30,601,588 | ||||||||||||||||||||||||||||||||
Maryland — 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
1,865 | — | — | 1,865 | Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 — SYNCORA GTY Insured | 9/16 at 100.00 | BBB– | 1,585,810 | — | — | 1,585,810 | ||||||||||||||||||||||||||||||
1,205 | — | — | 1,205 | Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/28 — CIFG Insured | 6/16 at 100.00 | Baa2 | 1,006,320 | — | — | 1,006,320 | ||||||||||||||||||||||||||||||
1,390 | — | — | 1,390 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2004A, 5.250%, 7/01/19 (Pre-refunded 7/01/14) | 7/14 at 100.00 | A2 (4) | 1,494,375 | — | — | 1,494,375 | ||||||||||||||||||||||||||||||
4,460 | — | — | 4,460 | Total Maryland | 4,086,505 | — | — | 4,086,505 | ||||||||||||||||||||||||||||||||
Massachusetts — 4.5% (2.7% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
1,920 | — | — | 1,920 | Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2000A, 8.375%, 7/01/14 (Alternative Minimum Tax) | No Opt. Call | N/R | 1,816,608 | — | — | 1,816,608 | ||||||||||||||||||||||||||||||
1,595 | — | — | 1,595 | Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax) | No Opt. Call | N/R | 1,392,770 | — | — | 1,392,770 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Massachusetts Development Finance Authority, Revenue Bonds, Hampshire College, Series 2004, 5.700%, 10/01/34 | 10/14 at 100.00 | BBB | 777,570 | — | — | 777,570 | ||||||||||||||||||||||||||||||
9,175 | — | — | 9,175 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2001E, 5.700%, 10/01/25 — RAAI Insured | 10/11 at 101.00 | BBB+ | 7,369,360 | — | — | 7,369,360 | ||||||||||||||||||||||||||||||
1,100 | — | — | 1,100 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caritas Christi Obligated Group, Series 1999A, 5.625%, 7/01/20 | 1/09 at 101.00 | BBB | 967,450 | — | — | 967,450 | ||||||||||||||||||||||||||||||
2,645 | — | — | 2,645 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, New England Medical Center Hospitals, Series 2002H, 5.000%, 5/15/25 — FGIC Insured | 5/12 at 100.00 | N/R | 2,158,267 | — | — | 2,158,267 | ||||||||||||||||||||||||||||||
105 | — | — | 105 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, New England Medical Center Hospitals, Series 2002H, 5.000%, 5/15/25 (Pre-refunded 5/15/12) — FGIC Insured | 5/12 at 100.00 | N/R (4) | 111,927 | — | — | 111,927 | ||||||||||||||||||||||||||||||
3,795 | — | — | 3,795 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 — FSA Insured (UB) | 2/17 at 100.00 | AAA | 2,927,729 | — | — | 2,927,729 | ||||||||||||||||||||||||||||||
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002E: | ||||||||||||||||||||||||||||||||||||||||
11,400 | — | — | 11,400 | 5.250%, 1/01/21 (Pre-refunded 1/01/13) — FSA Insured | 1/13 at 100.00 | AAA | 12,064,618 | — | — | 12,064,618 | ||||||||||||||||||||||||||||||
1,850 | — | — | 1,850 | 5.250%, 1/01/21 (Pre-refunded 1/01/13) — FSA Insured | 1/13 at 100.00 | AAA | 1,957,855 | — | — | 1,957,855 | ||||||||||||||||||||||||||||||
Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004: | ||||||||||||||||||||||||||||||||||||||||
2,250 | — | — | 2,250 | 5.250%, 1/01/21 (Pre-refunded 1/01/14) — FGIC Insured | 1/14 at 100.00 | A (4) | 2,340,023 | — | — | 2,340,023 | ||||||||||||||||||||||||||||||
4,000 | — | — | 4,000 | 5.250%, 1/01/24 (Pre-refunded 1/01/14) — FGIC Insured | 1/14 at 100.00 | A (4) | 4,160,040 | — | — | 4,160,040 | ||||||||||||||||||||||||||||||
40,835 | — | — | 40,835 | Total Massachusetts | 38,044,217 | — | — | 38,044,217 | ||||||||||||||||||||||||||||||||
55
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Combined | Investment | Quality | ||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Fund (Pro | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
Michigan – 2.5% (1.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General Obligation Bonds, Devos Place Project, Series 2001: | ||||||||||||||||||||||||||||||||||||||||
7,660 | — | — | 7,660 | 0.000%,12/01/21 | No Opt. Call | AAA | 3,756,924 | — | — | 3,756,924 | ||||||||||||||||||||||||||||||
7,955 | — | — | 7,955 | 0.000%,12/01/22 | No Opt. Call | AAA | 3,659,539 | — | — | 3,659,539 | ||||||||||||||||||||||||||||||
8,260 | — | — | 8,260 | 0.000%,12/01/23 | No Opt. Call | AAA | 3,564,520 | — | — | 3,564,520 | ||||||||||||||||||||||||||||||
8,575 | — | — | 8,575 | 0.000%,12/01/24 | No Opt. Call | AAA | 3,456,411 | — | — | 3,456,411 | ||||||||||||||||||||||||||||||
1,200 | — | — | 1,200 | Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35 | 7/15 at 100.00 | BBB | 947,796 | — | — | 947,796 | ||||||||||||||||||||||||||||||
1,500 | — | — | 1,500 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB) | 12/16 at 100.00 | Aa2 | 1,285,425 | — | — | 1,285,425 | ||||||||||||||||||||||||||||||
1,220 | — | — | 1,220 | Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993A, 6.375%, 8/15/09 | 2/09 at 100.00 | BB | 1,211,875 | — | — | 1,211,875 | ||||||||||||||||||||||||||||||
340 | — | — | 340 | Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35 | 6/16 at 100.00 | Baa3 | 214,129 | — | — | 214,129 | ||||||||||||||||||||||||||||||
3,270 | — | — | 3,270 | Romulus Community Schools, Wayne County, Michigan, General Obligation Bonds, Series 2003, 5.000%, 5/01/22 | 5/13 at 100.00 | AA– | 3,254,141 | — | — | 3,254,141 | ||||||||||||||||||||||||||||||
39,980 | — | — | 39,980 | Total Michigan | 21,350,760 | — | — | 21,350,760 | ||||||||||||||||||||||||||||||||
Minnesota – 2.6% (1.6% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
8,165 | — | — | 8,165 | Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22 | 7/14 at 100.00 | A– | 6,996,344 | — | — | 6,996,344 | ||||||||||||||||||||||||||||||
Minneapolis-St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, HealthPartners Inc., Series 2003: | ||||||||||||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | 6.000%,12/01/18 | 12/13 at 100.00 | Baa1 | 960,660 | — | — | 960,660 | ||||||||||||||||||||||||||||||
1,050 | — | — | 1,050 | 5.875%,12/01/29 | 12/13 at 100.00 | Baa1 | 897,162 | — | — | 897,162 | ||||||||||||||||||||||||||||||
2,400 | — | — | 2,400 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Series 2001A, 5.250%, 1/01/25 (Pre-refunded 1/01/11) – FGIC Insured | 1/11 at 100.00 | AAA | 2,529,672 | — | — | 2,529,672 | ||||||||||||||||||||||||||||||
3,000 | — | — | 3,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Subordinate Airport Revenue Bonds, Series 2001C, 5.250%, 1/01/26 (Pre-refunded 1/01/11) – FGIC Insured | 1/11 at 100.00 | A (4) | 3,162,090 | — | — | 3,162,090 | ||||||||||||||||||||||||||||||
310 | — | — | 310 | Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.950%, 2/01/18 – MBIA Insured | 2/09 at 100.00 | Aa1 | 310,766 | — | — | 310,766 | ||||||||||||||||||||||||||||||
530 | — | — | 530 | Minnesota Housing Finance Agency, Single Family Mortgage Bonds, Series 1996G, 6.250%, 7/01/26 (Alternative Minimum Tax) | 1/09 at 100.00 | AA+ | 534,240 | — | — | 534,240 | ||||||||||||||||||||||||||||||
810 | — | — | 810 | Minnesota Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2000C, 6.100%, 7/01/30 (Alternative Minimum Tax) | 7/09 at 100.00 | AA+ | 813,645 | — | — | 813,645 | ||||||||||||||||||||||||||||||
1,015 | — | — | 1,015 | Minnesota Housing Finance Agency, Single Family Remarketed Mortgage Bonds, Series 1998H-2, 6.050%, 7/01/31 (Alternative Minimum Tax) | 1/11 at 101.00 | AA+ | 1,022,937 | — | — | 1,022,937 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/19 | 10/14 at 100.00 | A3 | 966,500 | — | — | 966,500 | ||||||||||||||||||||||||||||||
1,540 | — | — | 1,540 | Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1992B, 5.750%, 1/01/11 (ETM) | 1/09 at 100.00 | Aaa | 1,581,087 | — | — | 1,581,087 | ||||||||||||||||||||||||||||||
1,620 | — | — | 1,620 | St. Louis Park, Minnesota, Revenue Bonds, Park Nicollet Health Services, Series 2003B, 5.500%, 7/01/25 (Pre-refunded 7/01/14) | 7/14 at 100.00 | N/R (4) | 1,779,473 | — | — | 1,779,473 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25 | 11/15 at 100.00 | Baa3 | 806,060 | — | — | 806,060 | ||||||||||||||||||||||||||||||
23,440 | — | — | 23,440 | Total Minnesota | 22,360,636 | — | — | 22,360,636 | ||||||||||||||||||||||||||||||||
Mississippi – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
3,675 | — | — | 3,675 | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) | 9/14 at 100.00 | AA | 3,247,451 | — | — | 3,247,451 | ||||||||||||||||||||||||||||||
Missouri – 2.7% (1.6% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.250%, 2/01/24 | 2/14 at 100.00 | N/R | 1,713,420 | — | — | 1,713,420 | ||||||||||||||||||||||||||||||
200 | — | — | 200 | Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%, 3/01/22 | 3/16 at 100.00 | BBB+ | 169,840 | — | — | 169,840 | ||||||||||||||||||||||||||||||
2,885 | — | — | 2,885 | Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/24 | 2/15 at 102.00 | BBB+ | 2,487,245 | — | — | 2,487,245 | ||||||||||||||||||||||||||||||
9,000 | — | — | 9,000 | Kansas City, Missouri, Airport Revenue Bonds, General Improvement Projects, Series 2003B, 5.250%, 9/01/17 – FGIC Insured | 9/12 at 100.00 | A+ | 9,054,180 | — | — | 9,054,180 | ||||||||||||||||||||||||||||||
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A: | ||||||||||||||||||||||||||||||||||||||||
780 | — | — | 780 | 6.000%,6/01/20 | No Opt. Call | BBB+ | 701,579 | — | — | 701,579 | ||||||||||||||||||||||||||||||
1,225 | — | — | 1,225 | 5.000%,6/01/35 | 6/15 at 100.00 | BBB+ | 823,617 | — | — | 823,617 | ||||||||||||||||||||||||||||||
2,500 | — | — | 2,500 | Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 2003, 5.125%, 5/15/24 | 5/13 at 100.00 | AA | 2,227,425 | — | — | 2,227,425 | ||||||||||||||||||||||||||||||
1,200 | — | — | 1,200 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2003, 5.125%, 2/15/18 | 2/14 at 100.00 | BBB+ | 1,087,560 | — | — | 1,087,560 | ||||||||||||||||||||||||||||||
1,250 | — | — | 1,250 | Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2001A, 5.250%, 6/01/21 – AMBAC Insured | 6/11 at 101.00 | AA | 1,176,988 | — | — | 1,176,988 | ||||||||||||||||||||||||||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2001A: |
56
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Combined | Investment | Quality | ||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Fund (Pro | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
1,250 | — | — | 1,250 | 5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured | 6/11 at 101.00 | AA (4) | 1,337,675 | — | — | 1,337,675 | ||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | 5.250%, 6/01/28 (Pre-refunded 6/01/11) – AMBAC Insured | 6/11 at 101.00 | AA (4) | 2,134,060 | — | — | 2,134,060 | ||||||||||||||||||||||||||||||
24,290 | — | — | 24,290 | Total Missouri | 22,913,589 | — | — | 22,913,589 | ||||||||||||||||||||||||||||||||
Nebraska – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
1,470 | — | — | 1,470 | Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series 2003A, 5.250%, 4/01/23 – FSA Insured | 4/13 at 100.00 | AAA | 1,455,285 | — | — | 1,455,285 | ||||||||||||||||||||||||||||||
1,050 | — | — | 1,050 | Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, Trust 11673, 14.495%, 2/01/49 – AMBAC Insured (IF) | 2/17 at 100.00 | AAA | 933,072 | — | — | 933,072 | ||||||||||||||||||||||||||||||
2,520 | — | — | 2,520 | Total Nebraska | 2,388,357 | — | — | 2,388,357 | ||||||||||||||||||||||||||||||||
Nevada – 2.5% (1.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
10,410 | — | — | 10,410 | Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/18 (Pre-refunded 6/15/12) – MBIA Insured | 6/12 at 100.00 | AA (4) | 11,277,986 | — | — | 11,277,986 | ||||||||||||||||||||||||||||||
5,795 | — | — | 5,795 | Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003, 5.000%, 7/01/23 – AMBAC Insured | 7/13 at 100.00 | AA | 5,613,095 | — | — | 5,613,095 | ||||||||||||||||||||||||||||||
4,000 | — | — | 4,000 | Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/25 – FGIC Insured | 7/14 at 100.00 | Aa3 | 3,677,600 | — | — | 3,677,600 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 – AMBAC Insured | 1/10 at 100.00 | AA | 601,140 | — | — | 601,140 | ||||||||||||||||||||||||||||||
21,205 | — | — | 21,205 | Total Nevada | 21,169,821 | — | — | 21,169,821 | ||||||||||||||||||||||||||||||||
New Jersey – 4.1% (2.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
5,480 | — | — | 5,480 | Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.125%, 12/15/20 – FSA Insured | 12/13 at 100.00 | Aaa | 5,544,828 | — | — | 5,544,828 | ||||||||||||||||||||||||||||||
135 | — | — | 135 | Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.125%, 12/15/20 (Pre-refunded 12/15/13) – FSA Insured | 12/13 at 100.00 | Aaa | 146,718 | — | — | 146,718 | ||||||||||||||||||||||||||||||
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P: | ||||||||||||||||||||||||||||||||||||||||
1,325 | — | — | 1,325 | 5.250%,9/01/24 | 9/15 at 100.00 | AA– | 1,326,405 | — | — | 1,326,405 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | 5.250%,9/01/26 | 9/15 at 100.00 | AA– | 993,060 | — | — | 993,060 | ||||||||||||||||||||||||||||||
520 | — | — | 520 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 | 7/18 at 100.00 | Baa2 | 404,326 | — | — | 404,326 | ||||||||||||||||||||||||||||||
3,675 | — | — | 3,675 | New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 1997A, 5.650%, 5/01/40 – AMBAC Insured (Alternative Minimum Tax) | 11/08 at 100.75 | Aaa | 3,091,925 | — | — | 3,091,925 | ||||||||||||||||||||||||||||||
3,400 | — | — | 3,400 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 5.500%, 6/15/22 (Pre-refunded 6/15/13) | 6/13 at 100.00 | AAA | 3,730,310 | — | — | 3,730,310 | ||||||||||||||||||||||||||||||
3,425 | — | — | 3,425 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006A, 5.250%, 12/15/20 | No Opt. Call | AA– | 3,464,936 | — | — | 3,464,936 | ||||||||||||||||||||||||||||||
4,000 | — | — | 4,000 | New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured | 7/13 at 100.00 | AA | 3,952,680 | — | — | 3,952,680 | ||||||||||||||||||||||||||||||
3,000 | — | — | 3,000 | New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/24 – FSA Insured (UB) | 1/15 at 100.00 | AAA | 3,009,270 | — | — | 3,009,270 | ||||||||||||||||||||||||||||||
10,500 | — | — | 10,500 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/29 | 6/17 at 100.00 | BBB | 6,594,735 | — | — | 6,594,735 | ||||||||||||||||||||||||||||||
3,185 | — | — | 3,185 | Union County Utilities Authority, New Jersey, Solid Waste Facility Subordinate Lease Revenue Bonds, Ogden Martin Systems of Union Inc., Series 1998A, 5.350%, 6/01/23 – AMBAC Insured (Alternative Minimum Tax) | 12/08 at 101.00 | AA | 2,735,883 | — | — | 2,735,883 | ||||||||||||||||||||||||||||||
39,645 | — | — | 39,645 | Total New Jersey | 34,995,076 | — | — | 34,995,076 | ||||||||||||||||||||||||||||||||
New York – 6.5% (3.9% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/28 – FGIC Insured | 2/15 at 100.00 | AA | 4,265,500 | — | — | 4,265,500 | ||||||||||||||||||||||||||||||
Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series 1999: | ||||||||||||||||||||||||||||||||||||||||
1,975 | — | — | 1,975 | 6.375%, 7/01/16 – RAAI Insured | 7/09 at 101.00 | BBB+ | 2,035,001 | — | — | 2,035,001 | ||||||||||||||||||||||||||||||
2,080 | — | — | 2,080 | 6.375%, 7/01/17 – RAAI Insured | 7/09 at 101.00 | BBB+ | 2,143,190 | — | — | 2,143,190 | ||||||||||||||||||||||||||||||
1,500 | — | — | 1,500 | Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2004B, 5.250%, 7/01/19 | 7/14 at 100.00 | AA– | 1,528,935 | — | — | 1,528,935 | ||||||||||||||||||||||||||||||
1,250 | — | — | 1,250 | Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/30 | 10/15 at 100.00 | A | 1,133,963 | — | — | 1,133,963 | ||||||||||||||||||||||||||||||
150 | — | — | 150 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Driver Trust 1649, 2006, 4.745%, 2/15/47 – MBIA Insured (IF) | 2/17 at 100.00 | AA | 61,782 | — | — | 61,782 | ||||||||||||||||||||||||||||||
4,580 | — | — | 4,580 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – MBIA Insured (UB) | 2/17 at 100.00 | AA | 3,259,449 | — | — | 3,259,449 | ||||||||||||||||||||||||||||||
3,300 | — | — | 3,300 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – MBIA Insured (UB) | 11/16 at 100.00 | AA | 2,453,253 | — | — | 2,453,253 | ||||||||||||||||||||||||||||||
2,500 | — | — | 2,500 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/22 (UB) | 2/14 at 100.00 | AAA | 2,504,400 | — | — | 2,504,400 | ||||||||||||||||||||||||||||||
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Tender Option Bond Trust 3218: | ||||||||||||||||||||||||||||||||||||||||
1,720 | — | — | 1,720 | 12.996%, 8/01/23 (IF) | 8/13 at 100.00 | AAA | 1,708,132 | — | — | 1,708,132 | ||||||||||||||||||||||||||||||
1,815 | — | — | 1,815 | 13.003%, 8/01/24 (IF) | 8/13 at 100.00 | AAA | 1,767,592 | — | — | 1,767,592 | ||||||||||||||||||||||||||||||
35 | — | — | 35 | New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26 | No Opt. Call | AA | 35,543 | — | — | 35,543 |
57
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Combined | Investment | Quality | ||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Fund (Pro | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
New York (continued) | ||||||||||||||||||||||||||||||||||||||||
2,150 | — | — | 2,150 | New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/25 | 3/15 at 100.00 | AA | 2,032,739 | — | — | 2,032,739 | ||||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 (UB) | 4/15 at 100.00 | AA | 4,757,150 | — | — | 4,757,150 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | New York City, New York, General Obligation Bonds, Series 2008, Trust 3217, 13.994%, 8/15/20 (IF) | 8/14 at 100.00 | AA | 988,780 | — | — | 988,780 | ||||||||||||||||||||||||||||||
1,855 | — | — | 1,855 | New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Trust 2364, 8.714%, 11/15/44 – AMBAC Insured (IF) | 11/15 at 100.00 | A2 | 1,105,543 | — | — | 1,105,543 | ||||||||||||||||||||||||||||||
New York State Municipal Bond Bank Agency, Special School Purpose Revenue Bonds, Series 2003C: | ||||||||||||||||||||||||||||||||||||||||
6,000 | — | — | 6,000 | 5.250%,6/01/20 | 6/13 at 100.00 | A+ | 6,014,220 | — | — | 6,014,220 | ||||||||||||||||||||||||||||||
5,100 | — | — | 5,100 | 5.250%,6/01/21 | 6/13 at 100.00 | A+ | 5,076,540 | — | — | 5,076,540 | ||||||||||||||||||||||||||||||
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: | ||||||||||||||||||||||||||||||||||||||||
3,400 | — | — | 3,400 | 5.500%,6/01/16 | 6/10 at 100.00 | AA– | 3,429,002 | — | — | 3,429,002 | ||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | 5.500%,6/01/19 | 6/13 at 100.00 | AA– | 2,015,180 | — | — | 2,015,180 | ||||||||||||||||||||||||||||||
6,250 | — | — | 6,250 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – MBIA Insured (Alternative Minimum Tax) | No Opt. Call | AA | 5,907,313 | — | — | 5,907,313 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Rensselaer County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Rensselaer Polytechnic Institute, Series 2006, 5.000%, 3/01/26 | 3/16 at 100.00 | A | 929,720 | — | — | 929,720 | ||||||||||||||||||||||||||||||
59,660 | — | — | 59,660 | Total New York | 55,152,927 | — | — | 55,152,927 | ||||||||||||||||||||||||||||||||
North Carolina – 1.0% (0.6% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
3,195 | — | — | 3,195 | Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas Healthcare System Revenue Bonds, Series 2008, Trust 1149, 6.780%, 1/15/47 (IF) | 1/18 at 100.00 | AA– | 1,964,669 | — | — | 1,964,669 | ||||||||||||||||||||||||||||||
2,105 | — | — | 2,105 | Durham Urban Redevelopment Authority, North Carolina, FHA-Insured Mortgage Loan Revenue Bonds, Durham Hosiery Mill, Series 1987, 7.500%, 8/01/29 (Alternative Minimum Tax) | 2/09 at 104.00 | AAA | 2,017,327 | — | — | 2,017,327 | ||||||||||||||||||||||||||||||
470 | — | — | 470 | North Carolina Housing Finance Agency, Single Family Revenue Bonds, Series 1996JJ, 6.450%, 9/01/27 (Alternative Minimum Tax) | 3/09 at 100.00 | AA | 474,376 | — | — | 474,376 | ||||||||||||||||||||||||||||||
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional Facilities, Series 2004A: | ||||||||||||||||||||||||||||||||||||||||
1,250 | — | — | 1,250 | 5.000%,2/01/21 | 2/14 at 100.00 | AA+ | 1,254,138 | — | — | 1,254,138 | ||||||||||||||||||||||||||||||
2,445 | — | — | 2,445 | 5.000%,2/01/22 | 2/14 at 100.00 | AA+ | 2,437,298 | — | — | 2,437,298 | ||||||||||||||||||||||||||||||
9,465 | — | — | 9,465 | Total North Carolina | 8,147,808 | — | — | 8,147,808 | ||||||||||||||||||||||||||||||||
North Dakota – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
610 | — | — | 610 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2000C, 6.150%, 7/01/31 (Alternative Minimum Tax) | 7/10 at 100.00 | Aa1 | 619,931 | — | — | 619,931 | ||||||||||||||||||||||||||||||
Ohio – 2.8% (1.6% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | ||||||||||||||||||||||||||||||||||||||||
90 | — | — | 90 | 5.125%,6/01/24 | 6/17 at 100.00 | BBB | 70,542 | — | — | 70,542 | ||||||||||||||||||||||||||||||
900 | — | — | 900 | 5.875%,6/01/30 | 6/17 at 100.00 | BBB | 630,909 | — | — | 630,909 | ||||||||||||||||||||||||||||||
845 | — | — | 845 | 5.750%,6/01/34 | 6/17 at 100.00 | BBB | 562,770 | — | — | 562,770 | ||||||||||||||||||||||||||||||
1,965 | — | — | 1,965 | 5.875%,6/01/47 | 6/17 at 100.00 | BBB | 1,229,324 | — | — | 1,229,324 | ||||||||||||||||||||||||||||||
3,000 | — | — | 3,000 | Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/24 (Pre-refunded 12/01/14) – FSA Insured | 12/14 at 100.00 | AAA | 3,285,000 | — | — | 3,285,000 | ||||||||||||||||||||||||||||||
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2003C: | ||||||||||||||||||||||||||||||||||||||||
2,330 | — | — | 2,330 | 5.250%, 5/15/17 – MBIA Insured | 5/13 at 100.00 | AA | 2,334,777 | — | — | 2,334,777 | ||||||||||||||||||||||||||||||
4,105 | — | — | 4,105 | 5.250%, 5/15/18 – MBIA Insured | 5/13 at 100.00 | AA | 4,079,056 | — | — | 4,079,056 | ||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Courtyards of Kettering, Series 1998B-1, 5.550%, 1/01/40 (Alternative Minimum Tax) | 1/09 at 101.00 | Aa2 | 1,602,340 | — | — | 1,602,340 | ||||||||||||||||||||||||||||||
5,550 | — | — | 5,550 | Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, Bay Shore Power, Series 1998A, 5.875%, 9/01/20 (Alternative Minimum Tax) | 3/09 at 102.00 | N/R | 4,448,769 | — | — | 4,448,769 | ||||||||||||||||||||||||||||||
6,000 | — | — | 6,000 | Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, Bay Shore Power, Series 1998B, 6.625%, 9/01/20 (Alternative Minimum Tax) | 9/09 at 102.00 | N/R | 5,145,420 | — | — | 5,145,420 | ||||||||||||||||||||||||||||||
26,785 | — | — | 26,785 | Total Ohio | 23,388,907 | — | — | 23,388,907 | ||||||||||||||||||||||||||||||||
Oklahoma – 2.5% (1.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005: | ||||||||||||||||||||||||||||||||||||||||
500 | — | — | 500 | 5.375%,9/01/29 | 9/16 at 100.00 | BBB | 384,080 | — | — | 384,080 | ||||||||||||||||||||||||||||||
750 | — | — | 750 | 5.375%,9/01/36 | 9/16 at 100.00 | BBB | 547,103 | — | — | 547,103 | ||||||||||||||||||||||||||||||
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: | ||||||||||||||||||||||||||||||||||||||||
5,020 | — | — | 5,020 | 5.000%,2/15/37 | 2/17 at 100.00 | AA– | 4,151,389 | — | — | 4,151,389 | ||||||||||||||||||||||||||||||
1,020 | — | — | 1,020 | 5.000%,2/15/42 | 2/17 at 100.00 | AA– | 824,180 | — | — | 824,180 | ||||||||||||||||||||||||||||||
10,000 | — | — | 10,000 | Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured | 1/17 at 100.00 | AA | 7,147,400 | — | — | 7,147,400 | ||||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | Oklahoma State Student Loan Authority, Senior Lien Revenue Bonds, Series 2001A-1, 5.625%, 6/01/31 (Alternative Minimum Tax) | 6/11 at 102.00 | AAA | 4,195,450 | — | — | 4,195,450 | ||||||||||||||||||||||||||||||
99 | — | — | 99 | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, Trust 3500, 7.261%, 12/15/36 (IF) | 12/16 at 100.00 | AA | 54,982 | — | — | 54,982 | ||||||||||||||||||||||||||||||
5,460 | — | — | 5,460 | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB) | 12/16 at 100.00 | AA | 4,246,187 | — | — | 4,246,187 | ||||||||||||||||||||||||||||||
27,849 | — | — | 27,849 | Total Oklahoma | 21,550,771 | — | — | 21,550,771 | ||||||||||||||||||||||||||||||||
58
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Combined | Investment | Quality | ||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Fund (Pro | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
Oregon – 0.2% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
7,860 | — | — | 7,860 | Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Sisters of Providence Health System, Series 2004, 5.500%, 10/01/21 (UB) | 10/14 at 100.00 | AA | 7,566,586 | — | — | 7,566,586 | ||||||||||||||||||||||||||||||
Pennsylvania – 1.5% (0.9% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
3,500 | — | — | 3,500 | Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – MBIA Insured | 12/15 at 100.00 | AA | 3,214,260 | — | — | 3,214,260 | ||||||||||||||||||||||||||||||
1,500 | — | — | 1,500 | Annville-Cleona School District, Lebanon County, Pennsylvania, General Obligation Bonds, Series 2005, 6.000%, 3/01/28 – FSA Insured | 3/15 at 100.00 | Aaa | 1,554,105 | — | — | 1,554,105 | ||||||||||||||||||||||||||||||
500 | — | — | 500 | Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37 | 3/17 at 100.00 | BBB | 323,625 | — | — | 323,625 | ||||||||||||||||||||||||||||||
1,050 | — | — | 1,050 | Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 1997B, 5.700%, 7/01/27 – AMBAC Insured | No Opt. Call | AA | 1,006,856 | — | — | 1,006,856 | ||||||||||||||||||||||||||||||
5,850 | — | — | 5,850 | Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – FSA Insured (UB) | 12/16 at 100.00 | AAA | 4,650,341 | — | — | 4,650,341 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29 | 9/15 at 100.00 | AA | 953,870 | — | — | 953,870 | ||||||||||||||||||||||||||||||
1,050 | — | — | 1,050 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured | 6/16 at 100.00 | AA | 1,003,013 | — | — | 1,003,013 | ||||||||||||||||||||||||||||||
14,450 | — | — | 14,450 | Total Pennsylvania | 12,706,070 | — | — | 12,706,070 | ||||||||||||||||||||||||||||||||
Puerto Rico – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
— | 5,000 | — | 5,000 | Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39 | 5/12 at 100.00 | BBB | — | 3,627,800 | — | 3,627,800 | ||||||||||||||||||||||||||||||
Rhode Island – 1.6% (0.9% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A: | ||||||||||||||||||||||||||||||||||||||||
9,710 | — | — | 9,710 | 6.000%,6/01/23 | 6/12 at 100.00 | BBB | 8,682,294 | — | — | 8,682,294 | ||||||||||||||||||||||||||||||
6,000 | — | — | 6,000 | 6.125%,6/01/32 | 6/12 at 100.00 | BBB | 4,683,660 | — | — | 4,683,660 | ||||||||||||||||||||||||||||||
15,710 | — | — | 15,710 | Total Rhode Island | 13,365,954 | — | — | 13,365,954 | ||||||||||||||||||||||||||||||||
South Carolina – 6.7% (4.0% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
14,000 | — | — | 14,000 | Berkeley County School District, South Carolina, Installment Purchase Revenue Bonds, Securing Assets for Education, Series 2003, 5.250%, 12/01/24 | 12/13 at 100.00 | A– | 13,313,298 | — | — | 13,313,298 | ||||||||||||||||||||||||||||||
15,445 | — | — | 15,445 | Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2002, 5.875%, 12/01/17 (Pre-refunded 12/01/12) | 12/12 at 101.00 | AA (4) | 17,220,397 | — | — | 17,220,397 | ||||||||||||||||||||||||||||||
2,500 | — | — | 2,500 | Greenville, South Carolina, Hospital Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 5/01/25 – AMBAC Insured | 5/13 at 100.00 | AA | 2,209,325 | — | — | 2,209,325 | ||||||||||||||||||||||||||||||
7,600 | — | — | 7,600 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 4.000%, 1/01/23 – MBIA Insured | 1/09 at 100.00 | AA | 6,528,248 | — | — | 6,528,248 | ||||||||||||||||||||||||||||||
1,250 | — | — | 1,250 | South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12) | 11/12 at 100.00 | A– (4) | 1,366,200 | — | — | 1,366,200 | ||||||||||||||||||||||||||||||
4,750 | — | — | 4,750 | South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30 | 11/12 at 100.00 | A– | 4,054,648 | — | — | 4,054,648 | ||||||||||||||||||||||||||||||
South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement Revenue Bonds, Palmetto Health Alliance, Series 2003C: | ||||||||||||||||||||||||||||||||||||||||
1,335 | — | — | 1,335 | 6.875%, 8/01/27 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ (4) | 1,508,857 | — | — | 1,508,857 | ||||||||||||||||||||||||||||||
165 | — | — | 165 | 6.875%, 8/01/27 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ (4) | 189,187 | — | — | 189,187 | ||||||||||||||||||||||||||||||
4,450 | — | — | 4,450 | 6.375%, 8/01/34 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ (4) | 4,934,828 | — | — | 4,934,828 | ||||||||||||||||||||||||||||||
550 | — | — | 550 | 6.375%, 8/01/34 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ (4) | 618,816 | — | — | 618,816 | ||||||||||||||||||||||||||||||
4,475 | — | — | 4,475 | Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/12) | 5/12 at 100.00 | BBB (4) | 4,654,134 | — | — | 4,654,134 | ||||||||||||||||||||||||||||||
56,520 | — | — | 56,520 | Total South Carolina | 56,597,938 | — | — | 56,597,938 | ||||||||||||||||||||||||||||||||
Tennessee – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
3,200 | — | — | 3,200 | Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36 | 7/16 at 100.00 | BBB+ | 2,254,720 | — | — | 2,254,720 | ||||||||||||||||||||||||||||||
1,500 | — | — | 1,500 | Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 1999D, 6.000%, 3/01/19 – AMBAC Insured (Alternative Minimum Tax) | 3/10 at 101.00 | AA | 1,453,770 | — | — | 1,453,770 | ||||||||||||||||||||||||||||||
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007: | ||||||||||||||||||||||||||||||||||||||||
800 | — | — | 800 | 5.500%,11/01/37 | 11/17 at 100.00 | N/R | 593,344 | — | — | 593,344 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | 5.500%,11/01/46 | 11/17 at 100.00 | N/R | 719,410 | — | — | 719,410 | ||||||||||||||||||||||||||||||
6,500 | — | — | 6,500 | Total Tennessee | 5,021,244 | — | — | 5,021,244 | ||||||||||||||||||||||||||||||||
Texas – 7.6% (4.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
5,810 | — | — | 5,810 | Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB) | 2/17 at 100.00 | AAA | 4,480,963 | — | — | 4,480,963 | ||||||||||||||||||||||||||||||
5,110 | — | — | 5,110 | Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) | 4/13 at 101.00 | Caa1 | 3,801,993 | — | — | 3,801,993 | ||||||||||||||||||||||||||||||
10,000 | — | — | 10,000 | Brazos River Harbor Navigation District, Brazoria County, Texas, Environmental Facilities Revenue Bonds, Dow Chemical Company Project, Series 2002A-6, 6.250%, 5/15/33 (Mandatory put 5/15/17) (Alternative Minimum Tax) | 5/12 at 101.00 | A– | 8,790,900 | — | — | 8,790,900 | ||||||||||||||||||||||||||||||
3,345 | �� | — | 3,345 | Fort Worth, Texas, Water and Sewerage Revenue Bonds, Series 2001, 5.625%, 2/15/19 (Pre-refunded 2/15/12) | 2/12 at 100.00 | AA (4) | 3,616,781 | — | — | 3,616,781 |
59
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Combined | Investment | Quality | ||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Fund (Pro | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | Gulf Coast Industrial Development Authority, Texas, Waste Disposal Revenue Bonds, Valero Refining and Marketing Company Project, Series 1997, 5.600%, 12/01/31 (Alternative Minimum Tax) | 6/10 at 100.00 | BBB | 3,204,250 | — | — | 3,204,250 | ||||||||||||||||||||||||||||||
Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2004A: | ||||||||||||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | 5.000%,12/01/20 | 12/14 at 100.00 | A | 869,800 | — | — | 869,800 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | 5.000%,12/01/21 | 12/14 at 100.00 | A | 851,010 | — | — | 851,010 | ||||||||||||||||||||||||||||||
2,500 | — | — | 2,500 | 5.125%,12/01/22 | 12/14 at 100.00 | A | 2,134,300 | — | — | 2,134,300 | ||||||||||||||||||||||||||||||
2,800 | — | — | 2,800 | Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G, 5.250%, 11/15/30 – MBIA Insured | 11/11 at 100.00 | AA | 2,416,400 | — | — | 2,416,400 | ||||||||||||||||||||||||||||||
4,000 | — | — | 4,000 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/24 – FGIC Insured | 5/14 at 100.00 | AA | 3,726,200 | — | — | 3,726,200 | ||||||||||||||||||||||||||||||
10,850 | — | — | 10,850 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/25 – AMBAC Insured | No Opt. Call | AA | 3,875,620 | — | — | 3,875,620 | ||||||||||||||||||||||||||||||
725 | — | — | 725 | Keller Independent School District, Tarrant County, Texas, Unlimited Tax General Obligation Refunding Bonds, Series 2001, 5.250%, 8/15/26 | 8/11 at 100.00 | AAA | 727,175 | — | — | 727,175 | ||||||||||||||||||||||||||||||
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005: | ||||||||||||||||||||||||||||||||||||||||
800 | — | — | 800 | 5.250%,8/15/21 | No Opt. Call | BBB– | 682,272 | — | — | 682,272 | ||||||||||||||||||||||||||||||
1,250 | — | — | 1,250 | 5.125%,8/15/26 | No Opt. Call | BBB– | 979,775 | — | — | 979,775 | ||||||||||||||||||||||||||||||
3,100 | — | — | 3,100 | North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008, 5.750%, 1/01/38 | 1/18 at 100.00 | A3 | 2,617,144 | — | — | 2,617,144 | ||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | Pearland Independent School District, Brazoria County, Texas, Unlimited Tax Schoolhouse Bonds, Series 2001A, 5.250%, 2/15/22 (Pre-refunded 2/15/11) | 2/11 at 100.00 | AAA | 2,110,560 | — | — | 2,110,560 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 | 11/15 at 100.00 | Caa1 | 566,540 | — | — | 566,540 | ||||||||||||||||||||||||||||||
3,935 | — | — | 3,935 | Spring Branch Independent School District, Harris County, Texas, Limited Tax Schoolhouse and Refunding Bonds, Series 2001, 5.125%, 2/01/26 (Pre-refunded 2/01/11) | 2/11 at 100.00 | AAA | 4,141,981 | — | — | 4,141,981 | ||||||||||||||||||||||||||||||
7,100 | — | — | 7,100 | Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Series 2007A, 5.000%, 2/15/36 (UB) | 2/17 at 100.00 | AA– | 5,770,170 | — | — | 5,770,170 | ||||||||||||||||||||||||||||||
3,755 | — | — | 3,755 | Texas State, General Obligation Bonds, Series 2008, Trust 3213, 10.466%, 4/01/33 (IF) | 4/17 at 100.00 | Aa1 | 3,097,086 | — | — | 3,097,086 | ||||||||||||||||||||||||||||||
3,900 | — | — | 3,900 | Texas, General Obligation Bonds, Veterans Housing Assistance Program Fund II, Series 2001C-1, 5.200%, 12/01/21 (Alternative Minimum Tax) | 12/11 at 101.00 | Aa1 | 3,548,844 | — | — | 3,548,844 | ||||||||||||||||||||||||||||||
2,905 | — | — | 2,905 | Weatherford Independent School District, Parker County, Texas, Unlimited Tax School Building and Refunding Bonds, Series 2001, 0.000%, 2/15/25 | 2/11 at 44.73 | AAA | 1,066,048 | — | — | 1,066,048 | ||||||||||||||||||||||||||||||
4,040 | — | — | 4,040 | Weatherford Independent School District, Parker County, Texas, Unlimited Tax School Building and Refunding Bonds, Series 2001, 0.000%, 2/15/25 (Pre-refunded 2/15/11) | 2/11 at 44.73 | AAA | 1,680,761 | — | — | 1,680,761 | ||||||||||||||||||||||||||||||
85,925 | — | — | 85,925 | Total Texas | 64,756,573 | — | — | 64,756,573 | ||||||||||||||||||||||||||||||||
Utah – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
170 | — | — | 170 | Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1997C, 5.600%, 7/01/18 (Alternative Minimum Tax) | 1/09 at 101.50 | AAA | 167,977 | — | — | 167,977 | ||||||||||||||||||||||||||||||
95 | — | — | 95 | Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1997E-2, 5.875%, 1/01/19 (Alternative Minimum Tax) | 1/09 at 101.00 | AAA | 94,869 | — | — | 94,869 | ||||||||||||||||||||||||||||||
265 | — | — | 265 | Total Utah | 262,846 | — | — | 262,846 | ||||||||||||||||||||||||||||||||
Virgin Islands – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
— | 900 | — | 900 | Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project Hovensa LLC, Series 2007, 4.700%, 7/01/22 (Alternative Minimum Tax) | 1/15 at 100.00 | BBB | — | 605,250 | — | 605,250 | ||||||||||||||||||||||||||||||
Washington – 6.3% (3.7% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
15,000 | — | — | 15,000 | Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2002A, 5.450%, 7/01/37 – AMBAC Insured (Alternative Minimum Tax) | 7/12 at 100.00 | AA | 11,763,748 | — | — | 11,763,748 | ||||||||||||||||||||||||||||||
7,500 | — | — | 7,500 | Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 – MBIA Insured | 7/12 at 100.00 | Aaa | 7,936,500 | — | — | 7,936,500 | ||||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2003A, 5.500%, 7/01/16 (UB) | 7/13 at 100.00 | Aaa | 5,257,450 | — | — | 5,257,450 | ||||||||||||||||||||||||||||||
10,080 | — | — | 10,080 | King County School District 401, Highline, Washington, General Obligation Bonds, Series 2002, 5.500%, 12/01/16 – FGIC Insured | 6/12 at 100.00 | AA+ | 10,610,006 | — | — | 10,610,006 | ||||||||||||||||||||||||||||||
6,965 | — | — | 6,965 | Port of Seattle, Washington, Revenue Bonds, Series 1999A, 5.250%, 9/01/22 – FGIC Insured | 9/12 at 100.00 | AA | 6,648,023 | — | — | 6,648,023 | ||||||||||||||||||||||||||||||
2,820 | — | — | 2,820 | Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A, 5.375%, 12/01/19 – MBIA Insured | 12/14 at 100.00 | A2 | 2,825,809 | — | — | 2,825,809 | ||||||||||||||||||||||||||||||
2,500 | — | — | 2,500 | Snohomish County, Washington, Limited Tax General Obligation Bonds, Series 2001, 5.125%, 12/01/22 – MBIA Insured | 12/11 at 100.00 | AA | 2,505,175 | — | — | 2,505,175 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 | No Opt. Call | N/R | 712,520 | — | — | 712,520 | ||||||||||||||||||||||||||||||
4,905 | — | — | 4,905 | Washington, Various Purpose General Obligation Bonds, Series 1999B, 5.000%, 1/01/19 | 1/09 at 100.00 | AA+ | 4,916,821 | — | — | 4,916,821 | ||||||||||||||||||||||||||||||
55,770 | — | — | 55,770 | Total Washington | 53,176,052 | — | — | 53,176,052 | ||||||||||||||||||||||||||||||||
West Virginia – 0.9% (0.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 | 10/11 at 100.00 | BBB | 4,303,600 | — | — | 4,303,600 |
60
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Combined | Investment | Quality | ||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Fund (Pro | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Pleasants County, West Virginia, Pollution Control Revenue Bonds, West Penn Power Company Pleasants Station Project, Series 1999E, 5.500%, 4/01/29 – AMBAC Insured (Alternative Minimum Tax) | 4/09 at 101.00 | Aa3 | 839,190 | — | — | 839,190 | ||||||||||||||||||||||||||||||
2,355 | — | — | 2,355 | West Virginia University, Unlimited Tax General Revenue Bonds, Student Fees, Series 2004C, 5.000%, 10/01/24 – FGIC Insured | 10/14 at 100.00 | A+ | 2,257,574 | — | — | 2,257,574 | ||||||||||||||||||||||||||||||
8,355 | — | — | 8,355 | Total West Virginia | 7,400,364 | — | — | 7,400,364 | ||||||||||||||||||||||||||||||||
Wisconsin – 1.9% (1.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
5,105 | — | — | 5,105 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care Inc., Series 1999A, 5.600%, 2/15/29 | 2/09 at 101.00 | BBB+ | 4,138,675 | — | — | 4,138,675 | ||||||||||||||||||||||||||||||
315 | — | — | 315 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32 | 5/16 at 100.00 | BBB | 224,841 | — | — | 224,841 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/24 | 5/14 at 100.00 | BBB+ | 882,040 | — | — | 882,040 | ||||||||||||||||||||||||||||||
3,215 | — | — | 3,215 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 1997, 5.625%, 2/15/17 – MBIA Insured | 2/09 at 100.00 | AA | 3,068,203 | — | — | 3,068,203 | ||||||||||||||||||||||||||||||
4,530 | — | — | 4,530 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006, 5.250%, 8/15/34 | 8/16 at 100.00 | A– | 2,836,822 | — | — | 2,836,822 | ||||||||||||||||||||||||||||||
5,300 | — | — | 5,300 | Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB) | 5/16 at 100.00 | AA | 5,021,114 | — | — | 5,021,114 | ||||||||||||||||||||||||||||||
19,465 | — | — | 19,465 | Total Wisconsin | 16,171,695 | — | — | 16,171,695 | ||||||||||||||||||||||||||||||||
Wyoming – 0.3% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
2,750 | — | — | 2,750 | Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax) | 12/15 at 100.00 | BBB | 1,796,795 | — | — | 1,796,795 | ||||||||||||||||||||||||||||||
$ | 1,037,694 | $ | 344,195 | $ | 311,735 | $ | 1,692,399 | Total Long-Term Investments (cost $893,839,233, $343,875,448, $311,873,702 and $1,549,588,383, respectively) – 167.5% | 814,148,220 | 317,867,107 | 288,562,578 | 1,420,577,905 | ||||||||||||||||||||||||||||
Short-Term Investments – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
$ | 3,000 | $ | — | $ | — | $ | 3,000 | Red River Authority, Texas, Pollution Control Revenue Bonds, Southwestern Public Service Company, Series 1996, Variable Rate Demand Obligations, 8.300%, 7/01/16 – AMBAC Insured (5) | VMIG-1 | 3,000,000 | — | — | 3,000,000 | |||||||||||||||||||||||||||
Total Short-Term Investments (cost $3,000,000, $0, $0 and $3,000,000, respectively) | 3,000,000 | — | — | 3,000,000 | ||||||||||||||||||||||||||||||||||||
Total Investments (cost $896,839,233, $343,875,448, $311,873,702 and $1,552,588,383, respectively) – 167.9% | 817,148,220 | 317,867,107 | 288,562,578 | 1,423,577,905 | ||||||||||||||||||||||||||||||||||||
Floating Rate Obligations – (8.2)% | (69,424,000 | ) | — | — | (69,424,000 | ) | ||||||||||||||||||||||||||||||||||
Other Assets Less Liabilities – 3.1% | 13,428,400 | 9,624,499 | 3,732,249 | (544,866 | ) (7) | 26,240,282 | ||||||||||||||||||||||||||||||||||
Preferred Shares, at Liquidation Value – (62.8)% (6) | (283,550,000 | ) | (132,000,000 | ) | (117,000,000 | ) | (532,550,000 | ) | ||||||||||||||||||||||||||||||||
Net Assets Applicable to Common Shares – 100% | $ | 477,602,620 | $ | 195,491,606 | $ | 175,294,827 | $ | (544,866 | ) | $ | 847,844,187 | |||||||||||||||||||||||||||||
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares of the Combined Fund 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 & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by The Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. | |
(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. Such investments are normally considered to be equivalent to AAA rated securities. | |
(5) | Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
(6) | Preferred Shares, at Liquidation Value as a percentage of Total Investments of the Combined Fund is 37.4%. | |
(7) | Non-recurring costs associated with the proposed Reorganization (estimated to be $495,000) which will be borne by the shareholders of the National Fund, Florida Investment Quality Fund and Florida Quality Income Fund ($10,000, $100,000, and $385,000, respectively) and the distribution of the Florida Investment Quality Fund undistributed net investment income balance ($49,866). | |
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 pursuant to the provisions of SFAS No. 140. | |
See accompanying notes to financial statements. |
61
October 31, 2008
Florida Investment | Florida Quality Income | |||||||||||||||||||
National Fund | Quality Fund | Fund | Pro Forma | Combined Fund | ||||||||||||||||
(Actual) | (Actual) | (Actual) | (Adjustments) | (As Adjusted) | ||||||||||||||||
Assets | ||||||||||||||||||||
Investments at value (cost $896,839,233, $343,875,448, $311,873,702 and $1,552, 588,383, respectively) | $ | 817,148,220 | $ | 317,867,107 | $ | 288,562,578 | $ | 1,423,577,905 | ||||||||||||
Cash | 1,923,437 | 6,319,276 | 400,695 | 8,643,408 | ||||||||||||||||
Receivables: | ||||||||||||||||||||
Interest | 14,010,261 | 4,460,336 | 3,915,755 | 22,386,352 | ||||||||||||||||
Investments sold | 280,153 | — | 376,969 | 657,122 | ||||||||||||||||
Other assets | 84,917 | 40,373 | 30,013 | 155,303 | ||||||||||||||||
Total assets | 833,446,988 | 328,687,092 | 293,286,010 | 1,455,420,090 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Floating rate obligations | 69,424,000 | — | — | 69,424,000 | ||||||||||||||||
Payables: | ||||||||||||||||||||
Common shares dividends | 2,051,500 | 857,185 | 698,435 | 49,866 | (c) | 3,656,986 | ||||||||||||||
Preferred share dividends | 78,741 | 44,457 | 34,170 | 157,368 | ||||||||||||||||
Accrued expenses: | ||||||||||||||||||||
Management fees | 404,657 | 176,911 | 158,271 | 739,839 | ||||||||||||||||
Other | 335,470 | 116,933 | 100,307 | 552,710 | ||||||||||||||||
Reorganization costs | — | — | — | 495,000 | (a) | 495,000 | ||||||||||||||
Total liabilities | 72,294,368 | 1,195,486 | 991,183 | 544,866 | 2,731,535 | |||||||||||||||
Preferred shares, at liquidation value | 283,550,000 | 132,000,000 | 117,000,000 | 532,550,000 | ||||||||||||||||
Net assets applicable to common shares | $ | 477,602,620 | $ | 195,491,606 | $ | 175,294,827 | $ | (544,866 | ) | $ | 847,844,187 | |||||||||
Common shares outstanding | 40,796,161 | 16,368,802 | 14,154,895 | 1,103,346 | (b) | 72,423,204 | ||||||||||||||
Net asste value per common share outstanding (net assets applicable to common shares, divided by common shares outstanding) | $ | 11.71 | $ | 11.94 | $ | 12.38 | $ | 11.71 | ||||||||||||
Net assets applicable to common shares consist of: | ||||||||||||||||||||
Common shares, $.01 par value per share | $ | 407,962 | $ | 163,688 | $ | 141,549 | $ | 11,033 | (a) | $ | 724,232 | |||||||||
Paid-in surplus | 566,753,019 | 228,858,884 | 204,131,712 | (506,033 | )(a) | 999,237,582 | ||||||||||||||
Undistributed (Over-distribution of) net investment income | (287,678 | ) | 49,866 | (829,788 | ) | (49,866 | )(c) | (1,117,466 | ) | |||||||||||
Accumulated net realized gain (loss) from investments and derivative transactions | (9,579,670 | ) | (7,572,491 | ) | (4,837,522 | ) | (21,989,683 | ) | ||||||||||||
Net unrealized appreciation (depreciation) of investments and dervative transactions | (79,691,013 | ) | (26,008,341 | ) | (23,311,124 | ) | (129,010,478 | ) | ||||||||||||
Net assets applicable to common shares | $ | 477,602,620 | $ | 195,491,606 | $ | 175,294,827 | $ | (544,866 | ) | $ | 847,844,187 | |||||||||
Authorized shares: | ||||||||||||||||||||
Common | 200,000,000 | Unlimited | Unlimited | 1,000,000 | ||||||||||||||||
Preferred | 1,000,000 | Unlimited | Unlimited | 200,000,000 | ||||||||||||||||
(a) | Non-recurring cost associated with the proposed Reorganization (estimated to be $495,000) which will be borne by the shareholders of the National Fund, Florida Investment Quality Fund and Florida Quality Income Fund ($10,000, $100,000 and $385,000, respectively). | |
(b) | The pro forma statements presume the issuance by the National Fund of approximately 16,686,173 and 14,940,870 common shares in exchange for the assets and liabilities of the Florida Investment Quality Fund and Florida Quality Income Fund, respectively, after the reduction for the costs associated with the proposed reorganization. | |
(c) | Assumes the Florida Investment Quality Fund distributes all of its undistributed net investment income ($49,866) to its shareholders. |
62
Year Ended October 31, 2008
National Fund | Florida Investment Quality Fund | Florida Quality Income Fund | Pro Forma | Combined Fund | ||||||||||||||||
(Actual) | (Actual) | (Actual) | (Adjustments) | (As Adjusted) | ||||||||||||||||
Investment Income | $ | 48,566,161 | $ | 19,291,950 | $ | 16,190,796 | $ | 84,048,907 | ||||||||||||
Expenses | ||||||||||||||||||||
Management fees | 5,512,651 | 2,268,871 | 2,006,810 | (257,956 | )(a) | 9,530,376 | ||||||||||||||
Auction fees | 822,579 | 330,455 | 292,903 | 1,445,937 | ||||||||||||||||
Dividend disbursing agent fees | 60,000 | 20,000 | 30,000 | (50,000 | )(b) | 60,000 | ||||||||||||||
Shareholders’ servicing agent fees and expenses | 51,501 | 17,486 | 12,346 | 81,333 | ||||||||||||||||
Interest expense | 1,964,810 | 270,909 | 356,691 | 2,592,410 | ||||||||||||||||
Custodian’s fees and expenses | 150,028 | 89,111 | 83,535 | (3,780 | )(b) | 318,894 | ||||||||||||||
Directors/Trustees’ fees and expenses | 18,745 | 7,506 | 6,521 | 32,772 | ||||||||||||||||
Professional fees | 60,512 | 28,197 | 26,067 | (18,129 | )(b) | 96,647 | ||||||||||||||
Shareholders’ reports — printing and mailing expenses | 107,079 | 44,215 | 38,530 | 189,824 | ||||||||||||||||
Stock exchange listing fees | 14,122 | 9,293 | 9,293 | (7,768 | )(b) | 24,940 | ||||||||||||||
Investor relations expense | 114,280 | 36,493 | 32,135 | 182,908 | ||||||||||||||||
Other expenses | 47,191 | 20,641 | 19,998 | (22,400 | )(b) | 65,430 | ||||||||||||||
Total expenses before custodian fee credit | 8,923,498 | 3,143,177 | 2,914,829 | (360,033 | ) | 14,621,471 | ||||||||||||||
Custodian fee credit | (120,607 | ) | (42,403 | ) | (16,758 | ) | (179,768 | ) | ||||||||||||
Net expenses | 8,802,891 | 3,100,774 | 2,898,071 | (360,033 | ) | 14,441,703 | ||||||||||||||
Net investment income | 39,763,270 | 16,191,176 | 13,292,725 | 360,033 | 69,607,204 | |||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments | (6,788,025 | ) | (5,163,341 | ) | (4,837,989 | ) | (16,789,355 | ) | ||||||||||||
Forward swaps | (2,800,000 | ) | (765,000 | ) | — | (3,565,000 | ) | |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments | (117,638,815 | ) | (40,784,084 | ) | (31,242,092 | ) | (189,664,991 | ) | ||||||||||||
Forward swaps | 791,405 | 364,596 | — | 1,156,001 | ||||||||||||||||
Net realized and unrealized gain (loss) | (126,435,435 | ) | (46,347,829 | ) | (36,080,081 | ) | (208,863,345 | ) | ||||||||||||
Distributions to Preferred Shareholders | ||||||||||||||||||||
From net investment income | (11,883,074 | ) | (4,918,937 | ) | (4,422,946 | ) | (21,224,957 | ) | ||||||||||||
From accumulated net realized gains | (408,199 | ) | — | (44,456 | ) | (452,655 | ) | |||||||||||||
Decrease in net assets applicable to common shares from distributions to preferred shareholders | (12,291,273 | ) | (4,918,937 | ) | (4,467,402 | ) | (21,677,612 | ) | ||||||||||||
Net increase (decrease) in net assets from operations | $ | (98,963,438 | ) | $ | (35,075,590 | ) | $ | (27,254,758 | ) | 360,033 | (160,933,753 | ) | ||||||||
(a) | Reflects the impact of applying the Combined Fund’s fund-level management fee schedule to the Combined Fund’s average net assets. | |
(b) | Reflects the anticipated reduction of certain duplicative expenses eliminated as a result of the Reorganization. |
63
64
65
Number of Shares: | ||||
Series M | 3,334 | |||
Series T | 5,531 | |||
Series W | 1,634 | |||
Series TH | 4,152 | |||
Series F | 5,115 | |||
Series F2 | 1,536 | |||
21,302 | ||||
66
67
68
69
70
Gross unrealized: | ||||
Appreciation | 23,917,993 | |||
Depreciation | (152,410,548 | ) | ||
Net unrealized appreciation | ||||
(depreciation) of investments | $ | (128,492,555 | ) | |
71
Expiration: | ||||
October 31, 2012 | $ | 1,449,778 | ||
October 31, 2013 | — | |||
October 31, 2014 | — | |||
October 31, 2015 | 197,103 | |||
October 31, 2016 | 9,320,812 | |||
Total | $ | 10,967,693 | ||
Average Daily Net Assets (including net assets attributable to Preferred shares) | Fund-Level Fee Rate | |||
For the first $125 million | 0.4500 | % | ||
For the next $125 million | 0.4375 | |||
For the next $250 million | 0.4250 | |||
For the next $500 million | 0.4125 | |||
For the next $1 billion | 0.4000 | |||
For the next $3 billion | 0.3875 | |||
For net assets over $5 billion | 0.3750 | |||
Effective Rate at | ||||
Complex-Level Asset Breakpoint Level (1) | Breakpoint Level | |||
$55 billion | 0.2000 | % | ||
$56 billion | 0.1996 | |||
$57 billion | 0.1989 | |||
$60 billion | 0.1961 | |||
$63 billion | 0.1931 | |||
$66 billion | 0.1900 | |||
$71 billion | 0.1851 | |||
$76 billion | 0.1806 | |||
$80 billion | 0.1773 | |||
$91 billion | 0.1691 | |||
$125 billion | 0.1599 | |||
$200 billion | 0.1505 | |||
$250 billion | 0.1469 | |||
$300 billion | 0.1445 | |||
(1) | The complex-level component of the management fee for the funds is calculated based upon the aggregate daily net assets of all Nuveen funds, with such daily net assets to include assets attributable to preferred stock issued by or borrowings by such funds but to exclude assets attributable to investments in other Nuveen funds. |
72
73
STATEMENT ESTABLISHING AND FIXING THE RIGHTS
AND PREFERENCES OF
MUNICIPAL AUCTION RATE
CUMULATIVE PREFERRED STOCK (“MUNIPREFERRED®”)
TABLE OF CONTENTS
Page | ||||||||||
DEFINITIONS | 1 | |||||||||
“AA” Composite Commercial Paper Rate | 1 | |||||||||
Accountant’s Confirmation | 2 | |||||||||
Affiliate | 2 | |||||||||
Agent Member | 2 | |||||||||
Anticipation Notes | 2 | |||||||||
Applicable Rate | 2 | |||||||||
Articles | 2 | |||||||||
Auction | 2 | |||||||||
Auction Agency Agreement | 2 | |||||||||
Auction Agent | 3 | |||||||||
Auction Date | 3 | |||||||||
Auction Procedures | 3 | |||||||||
Available MuniPreferred | 3 | |||||||||
Benchmark Rate | 3 | |||||||||
Beneficial Owner | 3 | |||||||||
Bid and Bids | 3 | |||||||||
Bidder and Bidders | 3 | |||||||||
Board of Directors | 3 | |||||||||
Broker Dealer | 3 | |||||||||
Broker Dealer Agreement | 3 | |||||||||
Business Day | 3 | |||||||||
Code | 4 | |||||||||
Commercial Paper Dealers | 4 | |||||||||
Common Stock | 4 | |||||||||
Cure Date | 4 | |||||||||
Date of Original Issue | 4 | |||||||||
Deposit Securities | 4 | |||||||||
Discounted Value | 4 | |||||||||
Dividend Payment Date | 4 | |||||||||
Dividend Period | 4 | |||||||||
Existing Holder | 4 | |||||||||
Failure to Deposit | 5 | |||||||||
Federal Tax Rate Increase | 5 | |||||||||
Fund | 5 | |||||||||
Gross up Payment | 5 | |||||||||
Hold Order and Hold Orders | 5 | |||||||||
Holder | 5 | |||||||||
Independent Accountant | 5 | |||||||||
Initial Rate Period | 5 | |||||||||
Interest Equivalent | 5 | |||||||||
Issue Type Category | 5 | |||||||||
Kenny Index | 6 |
i
(continued)
Page | ||||||||||
Late Charge | 6 | |||||||||
Liquidation Preference | 6 | |||||||||
Market Value | 6 | |||||||||
Maximum Potential Gross up Payment Liability | 6 | |||||||||
Maximum Rate | 6 | |||||||||
Minimum Rate Period | 7 | |||||||||
Moody’s | 7 | |||||||||
Moody’s Discount Factor | 7 | |||||||||
Moody’s Eligible Asset | 7 | |||||||||
Moody’s Exposure Period | 7 | |||||||||
Moody’s Volatility Factor | 7 | |||||||||
Municipal Obligations shall mean Municipal Obligations | 9 | |||||||||
MuniPreferred | 8 | |||||||||
MuniPreferred Basic Maintenance Amount | 8 | |||||||||
MuniPreferred Basic Maintenance Cure Date | 9 | |||||||||
MuniPreferred Basic Maintenance Report | 9 | |||||||||
1940 Act | 10 | |||||||||
1940 Act Cure Date | 10 | |||||||||
1940 Act MuniPreferred Asset Coverage | 10 | |||||||||
Notice of Redemption | 10 | |||||||||
Notice of Special Rate Period | 10 | |||||||||
Order and Orders | 10 | |||||||||
Original Issue Insurance | 10 | |||||||||
Other Issues | 10 | |||||||||
Outstanding | 10 | |||||||||
Permanent Insurance | 10 | |||||||||
Person | 10 | |||||||||
Portfolio Insurance | 11 | |||||||||
Potential Beneficial Owner | 11 | |||||||||
Potential Holder | 11 | |||||||||
Preferred Stock | 11 | |||||||||
Quarterly Valuation Date | 11 | |||||||||
Rate Multiple | 11 | |||||||||
Rate Period | 11 | |||||||||
Rate Period Days | 11 | |||||||||
Receivables for Municipal Obligations Sold | 11 | |||||||||
Redemption Price | 12 | |||||||||
Reference Rate | 12 | |||||||||
Registration Statement | 12 | |||||||||
S&P | 12 | |||||||||
S&P Discount Factor | 12 | |||||||||
S&P Eligible Asset | 12 | |||||||||
S&P Exposure Period | 12 |
ii
(continued)
Page | ||||||||||
S&P Volatility Factor | 12 | |||||||||
Secondary Market Insurance | 12 | |||||||||
Securities Depository | 12 | |||||||||
Sell Order and Sell Orders | 12 | |||||||||
Special Rate Period | 13 | |||||||||
Special Redemption Provisions | 13 | |||||||||
Submission Deadline | 13 | |||||||||
Submitted Bid and Submitted Bids | 13 | |||||||||
Submitted Hold Order and Submitted Hold Orders | 13 | |||||||||
Submitted Order and Submitted Orders | 13 | |||||||||
Subsequent Rate Period | 13 | |||||||||
Substitute Commercial Paper Dealer | 13 | |||||||||
Substitute U.S. Government Securities Dealer | 13 | |||||||||
Sufficient Clearing Bids | 14 | |||||||||
Taxable Allocation | 14 | |||||||||
Taxable Equivalent of the Short Term Municipal Bond Rate | 14 | |||||||||
Taxable Income | 14 | |||||||||
Treasury Bill | 14 | |||||||||
Treasury Bill Rate | 14 | |||||||||
Treasury Note | 15 | |||||||||
Treasury Note Rate | 15 | |||||||||
U.S. Government Securities Dealer | 15 | |||||||||
Valuation Date | 15 | |||||||||
Volatility Factor | 15 | |||||||||
Voting Period | 15 | |||||||||
Winning Bid Rate | 15 | |||||||||
PART I. | 15 | |||||||||
1. | Number of Authorized Shares | 15 | ||||||||
2. | Dividends | 15 | ||||||||
(a) | Ranking | 15 | ||||||||
(b) | Cumulative Cash Dividends | 15 | ||||||||
(c) | Dividends Cumulative From Date of Original Issue | 15 | ||||||||
(d) | Dividend Payment Dates and Adjustment Thereof | 16 | ||||||||
(e) | Dividend Rates and Calculation of Dividends | 16 | ||||||||
(i) | Dividend Rates | 16 | ||||||||
(ii) | Calculation of Dividends | 18 | ||||||||
(f) | Curing a Failure to Deposit | 18 | ||||||||
(g) | Dividend Payments by Fund to Auction Agent | 19 | ||||||||
(h) | Auction Agent as Trustee of Dividend Payments by Fund | 19 | ||||||||
(i) | Dividends Paid to Holders | 19 | ||||||||
(j) | Dividends Credited Against Earliest Accumulated But Unpaid Dividends | 19 |
iii
(continued)
Page | ||||||||||
(k) | Dividends Designated as Exempt Interest Dividends | 19 | ||||||||
3. | Gross up Payments | 19 | ||||||||
(a) | Minimum Rate Periods and Special Rate Periods of 28 Rate Period Days or Fewer | 19 | ||||||||
(b) | Special Rate Periods of More Than 28 Rate Period Days | 20 | ||||||||
(c) | No Gross up Payments In the Event of a Reallocation | 20 | ||||||||
4. | Designation of Special Rate Periods | 20 | ||||||||
(a) | Length of and Preconditions for Special Rate Period | 20 | ||||||||
(b) | Adjustment of Length of Special Rate Period | 20 | ||||||||
(c) | Notice of Proposed Special Rate Period | 21 | ||||||||
(d) | Notice of Special Rate Period | 21 | ||||||||
(e) | Failure to Deliver Notice of Special Rate Period | 22 | ||||||||
5. | Voting Rights | 22 | ||||||||
(a) | One Vote Per Share of MuniPreferred | 22 | ||||||||
(b) | Voting For Additional Directors | 23 | ||||||||
(i) | Voting Period | 23 | ||||||||
(ii) | Notice of Special Meeting | 23 | ||||||||
(iii) | Terms of Office of Existing Directors | 24 | ||||||||
(iv) | Terms of Office of Certain Directors | 24 | ||||||||
to Terminate Upon Termination of Voting Period | ||||||||||
(c) | Holders of MuniPreferred To Vote On Certain Other Matters | 24 | ||||||||
(i) | Increases in Capitalization | 24 | ||||||||
(ii) | 1940 Act Matters | 25 | ||||||||
(d) | Board May Take Certain Actions Without Shareholder Approval | 25 | ||||||||
(e) | Voting Rights Set Forth Herein Are Sole Voting Rights | 26 | ||||||||
(f) | No Preemptive Rights or Cumulative Voting | 26 | ||||||||
(g) | Voting for Directors Sole Remedy for Fund’s Failure to Pay Dividends | 26 | ||||||||
(h) | Holders Entitled to Vote | 26 | ||||||||
6. | 1940 Act MuniPreferred Asset Coverage | 27 | ||||||||
7. | MuniPreferred Basic Maintenance Amount | 27 | ||||||||
8. | [Reserved] | 29 | ||||||||
9. | Restrictions on Dividends and Other Distributions | 29 | ||||||||
(a) | Dividends on Preferred Stock Other Than MuniPreferred | 29 | ||||||||
(b) | Dividends and Other Distributions With Respect to Common Stock Under the 1940 Act | 29 | ||||||||
(c) | Other Restrictions On Dividends and Other Distributions | 29 | ||||||||
10. | Rating Agency Restrictions | 30 | ||||||||
11. | Redemption | 31 | ||||||||
(a) | Optional Redemption | 31 | ||||||||
(b) | Mandatory Redemption | 32 | ||||||||
(c) | Notice of Redemption | 33 | ||||||||
(d) | No Redemption Under Certain Circumstances | 34 |
iv
Page | ||||||||||
(e) | Absence of Funds Available for Redemption | 34 | ||||||||
(f) | Auction Agent as Trustee of Redemption Payments by Fund | 34 | ||||||||
(g) | Shares for Which Notice of Redemption Has Been Given Are No Longer Outstanding | 34 | ||||||||
(h) | Compliance With Applicable Law | 35 | ||||||||
(i) | Only Whole Shares of MuniPreferred May Be Redeemed | 35 | ||||||||
12. | Liquidation Rights | 35 | ||||||||
(a) | Ranking | 35 | ||||||||
(b) | Distributions Upon Liquidation | 35 | ||||||||
(c) | Pro Rata Distributions | 35 | ||||||||
(d) | Rights of Junior Stock | 36 | ||||||||
(e) | Certain Events Not Constituting Liquidation | 36 | ||||||||
13. | Miscellaneous | 36 | ||||||||
(a) | Amendment of Appendix A to Add Additional Series | 36 | ||||||||
(b) | Appendix A Incorporated By Reference | 36 | ||||||||
(c) | No Fractional Shares | 36 | ||||||||
(d) | Status of Shares of MuniPreferred Redeemed, Exchanged or Otherwise Acquired by the Fund | 36 | ||||||||
(e) | Board May Resolve Ambiguities | 37 | ||||||||
(f) | Headings Not Determinative | 37 | ||||||||
(g) | Notices | 37 | ||||||||
PART II. | 37 | |||||||||
1. | Orders | 37 | ||||||||
2. | Submission of Orders by Broker Dealers to Auction Agent | 39 | ||||||||
3. | Determination of Sufficient Clearing Bids, Winning Bid Rate and Applicable Rate | 41 | ||||||||
4. | Acceptance and Rejection of Submitted Bids and Submitted Sell Orders and Allocation of Shares | 42 | ||||||||
5. | Notification of Allocations | 45 | ||||||||
6. | Auction Agent | 45 | ||||||||
7. | Transfer of Shares of MuniPreferred | 46 | ||||||||
8. | Global Certificate | 46 | ||||||||
APPENDIX A | 48 | |||||||||
Section 1. | Designation As To Series | 48 | ||||||||
Section 2. | Number of Authorized Shares Per Series | 49 | ||||||||
Section 3. | Exceptions to Certain Definitions | 49 | ||||||||
Section 4. | Certain Definitions | 49 | ||||||||
Section 5. | Initial Rate Periods | 55 | ||||||||
Section 6. | Date for Purposes of Paragraph (yyy) Contained Under the Heading “Definitions” in this Statement | 56 | ||||||||
Section 7. | Party Named for Purposes of the Definition of “Rate Multiple” in this Statement | 56 | ||||||||
Section 8. | Additional Definitions | 56 |
v
(continued)
Page | ||||||||||
Section 9. | Dividend Payment Dates | 56 | ||||||||
Section 10. | Amount for Purposes of Subparagraph (c)(i) of Section 5 of Part I of this Statement | 57 | ||||||||
Section 11. | Redemption Provisions Applicable to Initial Rate Periods | 57 | ||||||||
Section 12. | Applicable Rate for Purposes of Subparagraph(b)(iii) of Section 3 of Part II of this Statement | 57 |
vi
2
3
4
5
6
7
Federal Volatility | ||||
Tax Rate Increase | Factor | |||
5% | 295 | % | ||
10% | 317 | % | ||
15% | 341 | % | ||
20% | 369 | % | ||
25% | 400 | % | ||
30% | 436 | % | ||
35% | 477 | % | ||
40% | 525 | % |
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Deposit Securities | Issue Type Category | |
Discounted Value | Market Value | |
Escrowed Bonds | Maximum Potential Gross-up | |
Payment Liability | S&P Eligible Asset | |
MuniPreferred Basic Maintenance Amount | S&P Exposure Period | |
S&P Volatility Factor | ||
MuniPreferred Basic Maintenance Cure Date | Valuation Date | |
Volatility Factor | ||
MuniPreferred Basic Maintenance Report | ||
Moody’s Discount Factor | ||
Moody’s Eligible Asset | ||
Moody’s Exposure Period | ||
Moody’s Volatility Factor | ||
1940 Act Cure Date | ||
1940 Act MuniPreferred Asset Coverage | ||
Other Issues | ||
Quarterly Valuation Date | ||
Receivables for Municipal | ||
Obligations Sold | ||
S&P Discount Factor |
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
NUVEEN PREMIUM INCOME MUNICIPAL FUND 2, INC. | ||||
By: | ||||
Kevin J. McCarthy | ||||
Vice President | ||||
ATTEST: | ||||
Virginia O’Neal Assistant Secretary |
47
48
49
50
51
Rating Category | ||||||||||||||||||||||||||||
(V)MIG | SP-1 | |||||||||||||||||||||||||||
Exposure Period | Aaa* | Aa* | A* | Baa* | Other** | -1*** | +*** | |||||||||||||||||||||
7 weeks | 151 | % | 159 | % | 168 | % | 202 | % | 229 | % | 136 | % | 148 | % | ||||||||||||||
8 weeks or less but greater than seven weeks | 154 | 164 | 173 | 205 | 235 | 137 | 149 | |||||||||||||||||||||
9 weeks or less but greater than eight weeks | 158 | 169 | 179 | 209 | 242 | 138 | 150 |
* | Moody’s rating. | |
** | Municipal Obligations not rated by Moody’s but rated BBB by S&P. | |
*** | Municipal Obligations rated MIG-1 or VMIG-1 or, if not rated by Moody’s, rated SP-1+ by S&P, which do not mature or have a demand feature at par exercisable in 30 days and which do not have a long term rating. |
52
53
Prevailing Rating | Percentage | |
“aa3”/AA- or higher | 110% | |
“a3”/A- | 125% | |
“baa3”/BBB- | 150% | |
“ba3”/BB- | 200% | |
Below “ba3”/BB- | 250% |
54
Rating Category | ||||||||||||||||
Exposure Period | AAA* | AA* | A* | BBB* | ||||||||||||
40 Business Days | 190 | % | 195 | % | 210 | % | 250 | % | ||||||||
22 Business Days | 170 | 175 | 190 | 230 | ||||||||||||
10 Business Days | 155 | 160 | 175 | 215 | ||||||||||||
7 Business Days | 150 | 155 | 170 | 210 | ||||||||||||
3 Business Days | 130 | 135 | 150 | 190 |
* | S&P rating. |
55
56
Party: | Series of MuniPreferred: | |||
Series M | ||||
Series M2 | ||||
Series T | ||||
Series T2 |
57
Party: | Series of MuniPreferred: | |||
Series W | ||||
Series TH | ||||
Series TH2 | ||||
Series F | ||||
Series F2 | ||||
Series F3 | ||||
Series F4 |
58
59
B-1
B-2
B-3
B-4
B-5
• | Leading market positions in well-established industries. | ||
• | High rates of return on funds employed. | ||
• | Conservative capitalization structures with moderate reliance on debt and ample asset protection. | ||
• | Broad margins in earnings coverage of fixed financial charges and high internal cash generation. | ||
• | Well-established access to a range of financial markets and assured sources of alternate liquidity. |
B-6
B-7
B-8
B-9
SINGLE- | FEDERAL | |||||||||||||||||||||||||||
RETURN | JOINT-RETURN | TAX | ||||||||||||||||||||||||||
BRACKET | BRACKET | RATE | 4.00% | 4.25% | 4.50% | 4.75% | 5.00% | 5.25% | 5.50% | |||||||||||||||||||
0-$8,025 | 0-$16,050 | 10.0 | % | 4.44 | % | 5.00 | % | 5.56 | % | 6.11 | % | |||||||||||||||||
$8,025-$32,550 | $16,050-$65,100 | 15.0 | % | 4.71 | % | 5.29 | % | 5.88 | % | 6.47 | % | |||||||||||||||||
$32,550-$78,850 | $65,100-$131,450 | 25.0 | % | 5.33 | % | 6.00 | % | 6.67 | % | 7.33 | % | |||||||||||||||||
$78,850-$164,550 | $131,450-$200,300 | 28.0 | % | 5.56 | % | 6.25 | % | 6.94 | % | 7.64 | % | |||||||||||||||||
$164,550-$357,700 | $200,300-$357,700 | 33.0 | % | 5.97 | % | 6.72 | % | 7.46 | % | 8.21 | % | |||||||||||||||||
Over $357,700 | Over $357,700 | 35.0 | % | 6.15 | % | 6.92 | % | 7.69 | % | 8.46 | % |
5.75% | 6.00% | 6.25% | 6.50% | 6.75% | 7.00% | 7.25% | 7.50% | |||||||||||||||
6.67 | % | 7.22 | % | 7.78 | % | 8.33 | % | |||||||||||||||
7.06 | % | 7.65 | % | 8.24 | % | 8.82 | % | |||||||||||||||
8.00 | % | 8.67 | % | 9.33 | % | 10.00 | % | |||||||||||||||
8.33 | % | 9.03 | % | 9.72 | % | 10.42 | % | |||||||||||||||
8.96 | % | 9.70 | % | 10.45 | % | 11.19 | % | |||||||||||||||
9.23 | % | 10.00 | % | 10.77 | % | 11.54 | % |
C-1
(1)(a) | Articles of Incorporation of Registrant, as amended dated January 6, 1994.(1) | |
(2)(a) | By-Laws of Registrant.(1) | |
(2)(b) | Amended and Restated By-Laws of Registrant, dated February 20, 2006.(3) | |
(3) | Not Applicable. | |
(4) | Form of Agreement and Plan of Reorganization is filed herein as Appendix A to Part A of this Registration Statement. | |
(5) | Form of Specimen Certificate of Shares of the Registrant.(3) | |
(6)(a) | Investment Management Agreement between Registrant and Nuveen Asset Management, dated November 13, 2007.(3) | |
(7) | Not Applicable. | |
(8) | Not Applicable. | |
(9) | Amended and Restated Master Custodian Agreement between Registrant and State Street Bank and Trust Company, dated February 25, 2005.(3) | |
(10) | Not Applicable. | |
(11) | Opinion and Consent of Vedder Price P.C.(3) | |
(12) | Form of Opinion and Consent of Vedder Price P.C. supporting tax matters and consequences.(3) | |
(13) | Not Applicable. | |
(14) | Consent of Independent Public Accountants.(3) | |
(15) | Not Applicable. | |
(16) | Original Powers of Attorney, dated February 27, 2009.(2) | |
(17)(a) | Form of Proxy.(3) | |
(17)(b) | Terms and Conditions of the Dividend Reinvestment Plan.(1) |
(1) | Incorporated by reference to Registrant’s registration statement on Form N-2 (File No. 333-78911), as filed on May 20, 1999. | |
(2) | Filed herewith. | |
(3) | To be filed by amendment. | |
(1) | Registrant undertakes to suspend the offering of its shares until it amends its prospectus if (1) subsequent to the effective date of its Registration Statement, the net asset value declines more than 10 percent from its net asset value as of the effective date of the Registration Statement, or (2) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus. | |
(2) | Not Applicable. | |
(3) | Not Applicable. | |
(4) | Not Applicable. | |
(5) | The Registrant undertakes that: |
(6) | Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any Statement of Additional Information. |
(7) | Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding (is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
NUVEEN PREMIUM INCOME MUNICIPAL FUND 2, INC. | ||||
/s/ Kevin J. McCarthy Vice President and Secretary |
Signature | Title | Date | ||||
/s/ Stephen D. Foy | Vice President and Controller (principal financial and accounting officer) | March 16, 2009 | ||||
/s/ Gifford R. Zimmerman | Chief Administrative Officer (principal executive officer) | March 16, 2009 | ||||
Robert P. Bremner* | Chairman and Trustee | |||||
John P. Amboian* | Trustee | |||||
Jack B. Evans* | Trustee | |||||
William C. Hunter* | Trustee | |||||
By /s/ Kevin J. McCarthy | ||||||
David J. Kundert* | Trustee | Kevin J. McCarthy | ||||
William J. Schneider* | Trustee | Attorney-in-Fact March 16, 2009 | ||||
Judith M. Stockdale* | Trustee | |||||
Carole E. Stone* | Trustee | |||||
Terence J. Toth* | Trustee |
* | An original power of attorney authorizing, among others, Kevin J. McCarthy, Larry W. Martin and Gifford R. Zimmerman to execute this registration statement, and amendments thereto, for each of the trustees of the Registrant on whose behalf this registration statement is filed, has been executed and is filed herein as Exhibit 16 and is incorporated by reference herein. | |
Exhibit | ||
Number | Exhibit | |
(16) | Powers of Attorney for Méssrs. Amboian, Bremner, Evans, Hunter, Kundert, Schneider and Toth and Mss. Stockdale and Stone. |