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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TS&W/Claymore Tax-Advantaged Balanced Fund Common Stock | NYSE:TYW | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.70 | 0.00 | 01:00:00 |
Investment Company Act file number
|
811-21515
|
TS&W/Claymore Tax-Advantaged Balanced Fund
|
|
(Exact name of registrant as specified in charter)
|
|
2455 Corporate West Drive Lisle, IL 60532
|
|
(Address of principal executive offices) (Zip code) | |
Kevin M. Robinson
2455 Corporate West Drive Lisle, IL 60532
|
|
(Name and address of agent for service)
|
TYW TS&W/Claymore Tax-Advantaged Balanced Fund
|
||||||||||
Portfolio of Investments
|
||||||||||
September 30, 2011 (unaudited)
|
||||||||||
Principal
|
Rating |
Optional
|
||||||||
Amount
|
Description
|
(S&P)*
|
Coupon
|
Maturity
|
Call Provisions**
|
Value
|
||||
Long-Term Investments - 157.1%
|
||||||||||
Municipal Bonds - 91.5%
|
||||||||||
Alabama - 4.5%
|
||||||||||
$7,000,000
|
Birmingham Special Care Facilities Financing Authority, Health Care Facilities Revenue (Assured Gty)
|
AA+
|
6.00%
|
06/01/2039
|
06/01/19 @ 100
|
$ 7,710,430
|
||||
Arizona - 1.8%
|
||||||||||
3,000,000
|
Glendale Western Loop 101, Public Facilities Corp., Third Lien Excise Tax Revenue, Series A
|
AA
|
7.00%
|
07/01/2033
|
01/01/14 @ 100
|
3,172,530
|
||||
California - 8.4%
|
||||||||||
4,165,000
|
Alhambra Certificates of Participation, Police Facilities 91-1-RMK (AMBAC)
|
NR
|
6.75%
|
09/01/2023
|
N/A
|
4,893,417
|
||||
2,000,000
|
California Statewide Communities Development Authority, American Baptist Homes West
|
BBB
|
6.25%
|
10/01/2039
|
10/01/19 @ 100
|
2,037,760
|
||||
3,835,000
|
Centinela Valley Union High School District, County of Los Angeles, General Obligation Bonds, Series A
|
A+
|
5.75%
|
08/01/2041
|
08/01/21 @ 100
|
4,231,615
|
||||
3,000,000
|
Community Redevelopment Agency of the City of Santa Ana, Tax Allocation Bonds, Merged Project Area, Series A
|
A
|
6.75%
|
09/01/2028
|
03/01/21 @ 100
|
3,299,280
|
||||
14,462,072
|
||||||||||
Connecticut - 3.5%
|
||||||||||
1,000,000
|
Connecticut State Health and Educational Facilities Authority Revenue Bonds, Western Connecticut Health Network Issue, Series M
|
A
|
5.38%
|
07/01/2041
|
07/01/21 @ 100
|
1,038,760
|
||||
1,000,000
|
State of Connecticut Health and Educational Facilities Authority Revenue Bonds, Hartford Healthcare Issue, Series A
|
A
|
5.00%
|
07/01/2032
|
07/01/21 @ 100
|
1,006,830
|
||||
4,000,000
|
State of Connecticut Health and Educational Facilities Authority Revenue Bonds, Hartford Healthcare Issue, Series A
|
A
|
5.00%
|
07/01/2041
|
07/01/21 @ 100
|
3,987,400
|
||||
6,032,990
|
||||||||||
Florida - 4.2%
|
||||||||||
1,975,000
|
Palace at Coral Gables Community Development District Special Assessment Revenue Bonds, Series 2011
|
AA
|
5.63%
|
05/01/2042
|
05/01/22 @ 100
|
2,124,191
|
||||
5,000,000
|
Town of Davie, Florida Water and Sewer Revenue Bonds, Series 2011 (AGM)
|
AA+
|
5.00%
|
10/01/2041
|
10/01/21 @ 100
|
5,183,250
|
||||
7,307,441
|
||||||||||
Illinois - 4.8%
|
||||||||||
2,500,000
|
Chicago O'Hare International Airport, General Airport Third Lien Revenue Bonds, Series 2011A
|
A-
|
5.75%
|
01/01/2039
|
01/01/21 @ 100
|
2,762,075
|
||||
2,000,000
|
Chicago Park District General Obligation Limited Tax Park Bonds, Series 2011A
|
AA+
|
5.00%
|
01/01/2036
|
01/01/22 @ 100
|
2,104,780
|
||||
1,085,000
|
Community College District No. 502 Counties of DuPage, Cook and Will and State of Illinois, General Obligation Community College Bonds, Series 2011A
|
AAA
|
5.00%
|
06/01/2030
|
06/01/21 @ 100
|
1,190,397
|
||||
2,000,000
|
Will County, Illinois, Township High School District Number 204, General Obligation Limited School Bonds, Series 2011A
|
AA
|
6.25%
|
01/01/2031
|
01/01/21 @ 100
|
2,255,880
|
||||
8,313,132
|
||||||||||
Louisiana - 3.3%
|
||||||||||
4,980,000
|
Louisiana State Citizens Property Insurance Corp. Assessment Revenue, Series C-2-RMKT (Assured Gty)
|
AA+
|
6.75%
|
06/01/2026
|
06/01/18 @ 100
|
5,753,942
|
||||
Massachusetts - 2.2%
|
||||||||||
2,500,000
|
Massachusetts Development Finance Agency Revenue Bonds, Tufts Medical Center Issue, Series I
|
BBB
|
6.88%
|
01/01/2041
|
01/01/21 @ 100
|
2,680,800
|
||||
1,000,000
|
Massachusetts Development Finance Agency Revenue Bonds, UMass Memorial Issue, Series H
|
A-
|
5.50%
|
07/01/2031
|
07/01/21 @ 100
|
1,024,170
|
||||
3,704,970
|
||||||||||
Michigan - 14.9%
|
||||||||||
5,000,000
|
Detroit Michigan Sewer Disposal Revenue, Refunding-Senior Lien, Series C-1-RMKT (AGM)
|
AA+
|
7.00%
|
07/01/2027
|
07/01/19 @ 100
|
5,899,700
|
||||
5,350,000
|
Detroit Michigan Sewer Disposal Revenue, Rols RR II R 11841-1 (Underlying obligor: Detroit Michigan Sewer Disposal) (AGM)(a)
|
AA+
|
14.33%
|
07/01/2017
|
N/A
|
7,437,998
|
||||
5,000,000
|
Detroit Michigan Water Supply System Revenue, Refunding-Senior Lien, Series C-RMKT (BHAC)
|
AA+
|
5.75%
|
07/01/2026
|
07/01/18 @ 100
|
5,420,650
|
||||
3,405,000
|
Detroit Michigan Water Supply System Revenue, Rols RR II R 11898-1 (Underlying obligor: Detroit Michigan Water Supply System), Series 2006B (AGM)(a)
|
AA+
|
13.25%
|
07/01/2017
|
N/A
|
4,643,330
|
||||
2,500,000
|
Michigan Public Educational Facilities Authority Revenue, Refunding-Limited, Obligation-Landmark Academy
|
BBB-
|
7.00%
|
12/01/2039
|
06/01/20 @ 100
|
2,419,225
|
||||
25,820,903
|
||||||||||
New Jersey - 9.4%
|
||||||||||
10,000,000
|
Hudson County Improvement Authority, New Jersey, County-Guaranteed Solid Waste System Revenue Refunding Bonds, Series 2010A
|
Aa3
|
6.00%
|
01/01/2040
|
01/01/20 @ 100
|
11,393,300
|
||||
4,150,000
|
Newark Housing Authority Revenue, South Ward Police Facility (Assured Gty)
|
Aa3
|
6.75%
|
12/01/2038
|
12/01/19 @ 100
|
4,890,858
|
||||
16,284,158
|
||||||||||
New York - 16.8%
|
||||||||||
2,500,000
|
City of New York Tax-Exempt Bonds, Subseries D-1
|
AA
|
5.00%
|
10/01/2036
|
10/01/21 @ 100
|
2,689,475
|
||||
1,500,000
|
Long Island Power Authority Electric System General Revenue Bonds, Series 2011A (AGM)
|
AA+
|
5.00%
|
05/01/2036
|
05/01/21 @ 100
|
1,579,320
|
||||
2,000,000
|
Long Island Power Authority Electric System General Revenue Bonds, Series 2011A
|
A-
|
5.00%
|
05/01/2038
|
05/01/21 @ 100
|
2,077,100
|
||||
2,000,000
|
New York Liberty Development Corp. Revenue, Refunding Bonds - 2nd Priority - Bank of America
|
BBB-
|
6.38%
|
07/15/2049
|
01/15/20 @ 100
|
2,128,480
|
||||
4,500,000
|
New York State Dormitory Authority Revenue, Health, Hospital & Nursing Home Improvements (FHA)
|
AA+
|
6.25%
|
08/15/2034
|
08/15/19 @ 100
|
5,304,420
|
||||
2,500,000
|
New York State Dormitory Authority Revenue, Health, Hospital & Nursing Home Improvements (FHA)
|
AA+
|
6.00%
|
08/15/2038
|
08/15/19 @ 100
|
2,889,575
|
||||
1,000,000
|
New York State Dormitory Authority Revenue, The Bronx-Lebanon Hospital Center
|
Aa2
|
6.50%
|
08/15/2030
|
02/15/19 @ 100
|
1,128,290
|
||||
1,000,000
|
New York State Dormitory Authority, North Shore - Long Island Jewish Obligated Group Revenue Bonds, Series 2011A
|
A-
|
5.00%
|
05/01/2041
|
05/01/21 @ 100
|
1,012,110
|
||||
1,330,000
|
New York State Dormitory Authority, Secured Hospital Revenue Refunding Bonds, New York Downtown Hospital, Series 2011
|
AA-
|
5.00%
|
02/15/2022
|
02/15/21 @ 100
|
1,499,442
|
||||
2,000,000
|
New York State Thruway Authority State Personal Income Tax Revenue Bonds, Series 2011A
|
AAA
|
5.00%
|
03/15/2025
|
03/15/21 @ 100
|
2,309,440
|
||||
2,000,000
|
New York State Thruway Authority State Personal Income Tax Revenue Bonds, Series 2011A
|
AAA
|
5.00%
|
03/15/2026
|
03/15/21 @ 100
|
2,286,500
|
||||
4,000,000
|
Port Authority of New York & New Jersey, Special Obligation Revenue JFK International Airport Terminal
|
BBB-
|
6.50%
|
12/01/2028
|
12/01/15 @ 100
|
4,207,600
|
||||
29,111,752
|
||||||||||
Pennsylvania - 0.6%
|
||||||||||
1,000,000
|
Central Bradford Progress Authority Revenue Bonds, Guthrie Health Issue, Series 2011
|
AA-
|
5.38%
|
12/01/2041
|
12/01/21 @ 100
|
1,032,760
|
||||
Puerto Rico - 3.0%
|
||||||||||
1,000,000
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Revenue and Refunding Bonds, Series 2011A
|
A-
|
6.00%
|
07/01/2033
|
07/01/21 @ 100
|
1,048,020
|
||||
4,000,000
|
Puerto Rico Public Buildings Authority Government Facilities Revenue Bonds, Guaranteed by the Commonwealth of Puerto Rico, Series S
|
BBB
|
6.00%
|
07/01/2041
|
07/01/21 @ 100
|
4,158,200
|
||||
5,206,220
|
||||||||||
Rhode Island - 4.3%
|
||||||||||
235,000
|
Rhode Island State Health & Educational Building Corp. Revenue, Hospital Financing Lifespan Obligation
|
A-
|
6.38%
|
08/15/2021
|
08/15/12 @ 100
|
239,538
|
||||
5,500,000
|
Rhode Island State Health & Educational Building Corp. Revenue, Hospital Financing Lifespan Obligation, Series A (Underlying Obligor: Rhode Island State Health and Education Building Corp.) (Assured Gty)(a)
|
AA+
|
13.31%
|
05/15/2017
|
N/A
|
7,162,650
|
||||
7,402,188
|
||||||||||
Tennessee - 3.1%
|
||||||||||
5,000,000
|
Memphis Center City Revenue Finance Corporation Tax Exempt Subordinate Revenue Bonds, Pyramid and Pinch District Redevelopment Project, Series 2011B (AGM)
|
AA+
|
5.25%
|
11/01/2030
|
11/01/21 @ 100
|
5,263,850
|
||||
Texas - 5.1%
|
||||||||||
3,000,000
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A
|
AA
|
6.00%
|
09/01/2041
|
09/01/21 @ 100
|
3,463,260
|
||||
5,000,000
|
North Texas Tollway Authority, System Revenue Refunding Bonds, First Tier Current Interest Bonds, Series 2008A (BHAC)
|
AA+
|
5.75%
|
01/01/2040
|
01/01/18 @ 100
|
5,401,950
|
||||
8,865,210
|
||||||||||
Wisconsin - 1.6%
|
||||||||||
1,930,000
|
Wisconsin State Health & Educational Facilities Authority Revenue, Aurora Health Care, Series A
|
A3
|
5.60%
|
02/15/2029
|
11/07/11 @ 100
|
1,930,618
|
||||
750,000
|
Wisconsin State Health & Educational Facilities Authority Revenue, Blood Center Southeastern Project
|
A-
|
5.75%
|
06/01/2034
|
06/01/14 @ 100
|
766,275
|
||||
2,696,893
|
||||||||||
Total Municipal Bonds - 91.5%
|
||||||||||
(Cost $149,318,602)
|
158,141,441
|
|||||||||
Corporate Bonds - 16.1%
|
||||||||||
Aerospace & Defense - 0.5%
|
||||||||||
$500,000
|
Kratos Defense and Security Solutions, Inc.
|
B+
|
10.00%
|
06/01/2017
|
06/01/14 @ 105
|
$497,500
|
||||
350,000
|
Triumph Group, Inc.
|
B+
|
8.00%
|
11/15/2017
|
11/15/13 @ 104
|
364,875
|
||||
862,375
|
||||||||||
Airlines - 0.3%
|
||||||||||
600,000
|
Air Canada (Canada)(b)
|
B+
|
9.25%
|
08/01/2015
|
08/01/12 @ 107
|
570,000
|
||||
Auto Manufacturers - 1.0%
|
||||||||||
701,000
|
Navistar International Corp.
|
BB-
|
8.25%
|
11/01/2021
|
11/01/14 @ 104
|
719,401
|
||||
1,000,000
|
Oshkosh Corp.
|
BB
|
8.25%
|
03/01/2017
|
03/01/14 @ 104
|
970,000
|
||||
1,689,401
|
||||||||||
Auto Parts & Equipment - 1.2%
|
||||||||||
700,000
|
Cooper Tire & Rubber Co.
|
BB-
|
8.00%
|
12/15/2019
|
N/A
|
679,000
|
||||
1,300,000
|
Goodyear Tire & Rubber Co.
|
B+
|
8.25%
|
08/15/2020
|
08/15/15 @ 104
|
1,322,750
|
||||
2,001,750
|
||||||||||
Chemicals - 0.4%
|
||||||||||
700,000
|
NewMarket Corp.
|
BB+
|
7.13%
|
12/15/2016
|
12/15/12 @ 102
|
721,000
|
||||
Coal - 0.2%
|
||||||||||
350,000
|
Consol Energy, Inc.
|
BB
|
8.00%
|
04/01/2017
|
04/01/14 @ 104
|
365,750
|
||||
Computers - 0.3%
|
||||||||||
425,000
|
Unisys Corp.
|
BB-
|
12.50%
|
01/15/2016
|
01/15/12 @ 106
|
452,625
|
||||
Diversified Financial Services - 0.6%
|
||||||||||
780,000
|
Capital One Capital V
|
BB
|
10.25%
|
08/15/2039
|
N/A
|
791,700
|
||||
500,000
|
Goldman Sachs Capital II(c) (d) (e)
|
BBB-
|
5.79%
|
-
|
06/01/12 @ 100
|
310,000
|
||||
1,101,700
|
||||||||||
Electric - 0.6%
|
||||||||||
1,105,000
|
NRG Energy, Inc.
|
BB-
|
8.50%
|
06/15/2019
|
06/15/14 @ 104
|
1,066,325
|
||||
Electronics - 0.1%
|
||||||||||
175,000
|
Kemet Corp.
|
B+
|
10.50%
|
05/01/2018
|
05/01/14 @ 105
|
183,750
|
||||
Entertainment - 0.6%
|
||||||||||
975,000
|
Regal Entertainment Group
|
B-
|
9.13%
|
08/15/2018
|
08/15/14 @ 105
|
965,250
|
||||
Food - 0.4%
|
||||||||||
665,000
|
Dean Foods Co.
|
B-
|
7.00%
|
06/01/2016
|
N/A
|
626,762
|
||||
Health Care Services - 0.7%
|
||||||||||
1,200,000
|
Community Health Systems, Inc.
|
B
|
8.88%
|
07/15/2015
|
07/15/12 @ 102
|
1,179,000
|
||||
Household Products & Housewares - 0.1%
|
||||||||||
185,000
|
Jarden Corp.
|
B
|
7.50%
|
01/15/2020
|
01/15/15 @ 104
|
187,081
|
||||
Housewares - 0.6%
|
||||||||||
899,000
|
Libbey Glass, Inc.
|
B+
|
10.00%
|
02/15/2015
|
08/15/12 @ 105
|
941,703
|
||||
Insurance - 0.5%
|
||||||||||
500,000
|
Genworth Financial, Inc.(c)
|
BB+
|
6.15%
|
11/15/2066
|
11/15/16 @ 100
|
250,000
|
||||
700,000
|
HUB International Holdings, Inc.(b)
|
CCC+
|
10.25%
|
06/15/2015
|
06/15/12 @ 103
|
647,500
|
||||
897,500
|
||||||||||
Internet - 0.4%
|
||||||||||
650,000
|
NetFlix, Inc.
|
BB+
|
8.50%
|
11/15/2017
|
11/15/13 @ 104
|
703,625
|
||||
Iron & Steel - 0.4%
|
||||||||||
350,000
|
Allegheny Technologies, Inc.
|
BBB-
|
9.38%
|
06/01/2019
|
N/A
|
440,568
|
||||
250,000
|
Steel Dynamics, Inc.
|
BB+
|
7.75%
|
04/15/2016
|
04/15/12 @ 104
|
246,250
|
||||
686,818
|
||||||||||
Oil & Gas - 2.0%
|
||||||||||
1,115,000
|
Bill Barrett Corp.
|
BB-
|
9.88%
|
07/15/2016
|
07/15/13 @ 105
|
1,215,350
|
||||
650,000
|
EXCO Resources, Inc.
|
B
|
7.50%
|
09/15/2018
|
09/15/14 @ 104
|
572,000
|
||||
553,000
|
McMoRan Exploration Co.
|
B
|
11.88%
|
11/15/2014
|
11/15/12 @ 105
|
569,590
|
||||
700,000
|
Stone Energy Corp.
|
B
|
8.63%
|
02/01/2017
|
02/01/14 @ 104
|
658,000
|
||||
600,000
|
Venoco, Inc.
|
B
|
8.88%
|
02/15/2019
|
02/15/15 @ 104
|
516,000
|
||||
3,530,940
|
||||||||||
Real Estate - 0.3%
|
||||||||||
525,000
|
CB Richard Ellis Services, Inc.
|
B+
|
11.63%
|
06/15/2017
|
06/15/13 @ 106
|
591,938
|
||||
Retail - 1.8%
|
||||||||||
700,000
|
Dillard's, Inc.
|
BB-
|
7.13%
|
08/01/2018
|
N/A
|
700,000
|
||||
238,000
|
Dillard's, Inc.
|
BB-
|
7.75%
|
05/15/2027
|
N/A
|
220,150
|
||||
1,290,000
|
Foot Locker, Inc.
|
BB-
|
8.50%
|
01/15/2022
|
N/A
|
1,259,363
|
||||
900,000
|
Macy's Retail Holdings, Inc.
|
BBB-
|
7.60%
|
06/01/2025
|
N/A
|
972,320
|
||||
3,151,833
|
||||||||||
Semiconductors - 0.6%
|
||||||||||
1,100,000
|
Advanced Micro Devices, Inc.
|
B+
|
7.75%
|
08/01/2020
|
08/01/15 @ 104
|
1,078,000
|
||||
Telecommunications - 1.7%
|
||||||||||
375,000
|
Cincinnati Bell, Inc.
|
B
|
8.38%
|
10/15/2020
|
10/15/15 @ 104
|
348,750
|
||||
500,000
|
CommScope, Inc.(b)
|
B
|
8.25%
|
01/15/2019
|
01/15/15 @ 104
|
487,500
|
||||
508,000
|
Crown Castle International Corp.
|
B-
|
9.00%
|
01/15/2015
|
01/15/13 @ 106
|
538,480
|
||||
450,000
|
Frontier Communications Corp.
|
BB
|
8.50%
|
04/15/2020
|
N/A
|
436,500
|
||||
1,000,000
|
NII Capital Corp.
|
B+
|
10.00%
|
08/15/2016
|
08/15/13 @ 105
|
1,095,000
|
||||
2,906,230
|
||||||||||
Transportation - 0.5%
|
||||||||||
850,000
|
Overseas Shipholding Group, Inc.
|
B
|
8.75%
|
12/01/2013
|
N/A
|
852,125
|
||||
Trucking & Leasing - 0.3%
|
||||||||||
565,000
|
Aircastle Ltd. (Bermuda)
|
BB+
|
9.75%
|
08/01/2018
|
08/01/14 @ 105
|
581,950
|
||||
Total Corporate Bonds - 16.1%
|
||||||||||
(Cost $28,858,101)
|
27,895,431
|
|||||||||
Number
|
Rating | |||||||||
of Shares
|
Description
|
(S&P)*
|
Coupon
|
Value
|
||||||
Common Stocks - 45.5%
|
||||||||||
Aerospace & Defense - 1.0%
|
||||||||||
32,500
|
Rockwell Collins, Inc.
|
1,714,700
|
||||||||
Agriculture - 0.5%
|
||||||||||
25,000
|
Reynolds American, Inc.
|
937,000
|
||||||||
Banks - 3.3%
|
||||||||||
62,500
|
Citigroup, Inc.
|
1,601,250
|
||||||||
10,000
|
Goldman Sachs Group, Inc.
|
945,500
|
||||||||
75,000
|
JPMorgan Chase & Co.
|
2,259,000
|
||||||||
37,500
|
Wells Fargo & Co.
|
904,500
|
||||||||
5,710,250
|
||||||||||
Commercial Services - 0.4%
|
||||||||||
50,000
|
RR Donnelley & Sons Co.
|
706,000
|
||||||||
Computers - 0.8%
|
||||||||||
35,000
|
SanDisk Corp.(f)
|
1,412,250
|
||||||||
Electric - 2.0%
|
||||||||||
75,000
|
Pepco Holdings, Inc.
|
1,419,000
|
||||||||
50,000
|
SCANA Corp.
|
2,022,500
|
||||||||
3,441,500
|
||||||||||
Electronics - 0.5%
|
||||||||||
50,000
|
Jabil Circuit, Inc.
|
889,500
|
||||||||
Food - 0.5%
|
||||||||||
25,000
|
Kraft Foods, Inc., Class A
|
839,500
|
||||||||
Health Care Products - 0.3%
|
||||||||||
35,000
|
Hologic, Inc.(f)
|
532,350
|
||||||||
Household Products & Housewares - 1.4%
|
||||||||||
35,000
|
Kimberly-Clark Corp.
|
2,485,350
|
||||||||
Industrial - 0.9%
|
||||||||||
55,000
|
Republic Services, Inc.
|
1,543,300
|
||||||||
Insurance - 2.6%
|
||||||||||
75,000
|
MetLife, Inc.
|
2,100,750
|
||||||||
50,000
|
Travelers Cos., Inc.
|
2,436,500
|
||||||||
4,537,250
|
||||||||||
Internet - 0.5%
|
||||||||||
50,000
|
Symantec Corp.(f)
|
815,000
|
||||||||
Media - 0.6%
|
||||||||||
15,000
|
Time Warner Cable, Inc.
|
940,050
|
||||||||
Mining - 0.3%
|
||||||||||
18,500
|
Freeport-McMoRan Copper & Gold, Inc.
|
563,325
|
||||||||
Miscellaneous Manufacturing - 3.6%
|
||||||||||
35,000
|
Eaton Corp.
|
1,242,500
|
||||||||
150,000
|
General Electric Co.
|
2,286,000
|
||||||||
37,500
|
ITT Corp.
|
1,575,000
|
||||||||
17,500
|
Parker Hannifin Corp.
|
1,104,775
|
||||||||
6,208,275
|
||||||||||
Oil & Gas - 5.3%
|
||||||||||
25,000
|
Chevron Corp.
|
2,313,000
|
||||||||
30,000
|
ConocoPhillips
|
1,899,600
|
||||||||
6,000
|
Devon Energy Corp.
|
332,640
|
||||||||
45,719
|
Royal Dutch Shell PLC, Class B, ADR (United Kingdom)
|
2,836,864
|
||||||||
41,000
|
Total SA, ADR (France)
|
1,798,670
|
||||||||
9,180,774
|
||||||||||
Pharmaceuticals - 7.7%
|
||||||||||
50,000
|
Abbott Laboratories
|
2,557,000
|
||||||||
87,500
|
Bristol-Myers Squibb Co.
|
2,745,750
|
||||||||
75,000
|
Eli Lilly & Co.
|
2,772,750
|
||||||||
85,000
|
Merck & Co., Inc.
|
2,780,350
|
||||||||
135,000
|
Pfizer, Inc.
|
2,386,800
|
||||||||
13,242,650
|
||||||||||
Pipelines - 0.5%
|
||||||||||
32,500
|
Spectra Energy Corp.
|
797,225
|
||||||||
Retail - 2.6%
|
||||||||||
30,000
|
Darden Restaurants, Inc.
|
1,282,500
|
||||||||
17,500
|
Kohl's Corp.
|
859,250
|
||||||||
27,500
|
Macy's, Inc.
|
723,800
|
||||||||
32,500
|
Target Corp.
|
1,593,800
|
||||||||
4,459,350
|
||||||||||
Semiconductors - 2.1%
|
||||||||||
137,500
|
Intel Corp.
|
2,932,875
|
||||||||
25,000
|
Xilinx, Inc.
|
686,000
|
||||||||
3,618,875
|
||||||||||
Software - 1.8%
|
||||||||||
35,000
|
Activision Blizzard, Inc.
|
416,500
|
||||||||
107,500
|
Microsoft Corp.
|
2,675,675
|
||||||||
3,092,175
|
||||||||||
Telecommunications - 6.3%
|
||||||||||
115,000
|
AT&T, Inc.
|
3,279,800
|
||||||||
42,500
|
BCE, Inc. (Canada)
|
1,592,050
|
||||||||
75,000
|
Cisco Systems, Inc.
|
1,161,750
|
||||||||
100,000
|
Corning, Inc.
|
1,236,000
|
||||||||
60,000
|
Verizon Communications, Inc.
|
2,208,000
|
||||||||
57,500
|
Vodafone Group PLC, ADR (United Kingdom)
|
1,474,875
|
||||||||
10,952,475
|
||||||||||
Total Common Stocks - 45.5%
|
||||||||||
(Cost $82,958,247)
|
78,619,124
|
|||||||||
Preferred Stocks - 4.0%
|
||||||||||
Banks - 0.5%
|
||||||||||
23,060
|
BB&T Capital Trust VI
|
BBB
|
9.60%
|
612,243
|
||||||
10,000
|
HSBC Holdings PLC, Series 2 (United Kingdom)
|
A-
|
8.00%
|
254,300
|
||||||
866,543
|
||||||||||
Diversified Financial Services - 0.1%
|
||||||||||
7,500
|
Ameriprise Financial, Inc.
|
A
|
7.75%
|
203,775
|
||||||
Electric - 0.4%
|
||||||||||
20,000
|
Dominion Resources, Inc., Series A
|
BBB
|
8.38%
|
581,800
|
||||||
Insurance - 1.5%
|
||||||||||
54,505
|
Allianz SE (Germany)
|
A+
|
8.38%
|
1,413,723
|
||||||
24,800
|
Aspen Insurance Holdings Ltd. (Bermuda)(c)
|
BBB-
|
7.40%
|
605,120
|
||||||
33,200
|
ING Groep NV (Netherlands)
|
BBB-
|
7.38%
|
634,784
|
||||||
2,653,627
|
||||||||||
Real Estate Investment Trusts - 1.5%
|
||||||||||
19,000
|
Brandywine Realty Trust, Series C
|
BB-
|
7.50%
|
470,440
|
||||||
11,000
|
Capital Automotive REIT, Series A
|
NR
|
7.50%
|
182,188
|
||||||
10,000
|
CBL & Associates Properties, Inc., Series C
|
NR
|
7.75%
|
241,900
|
||||||
13,000
|
Kimco Realty Corp., Series G
|
BBB-
|
7.75%
|
332,800
|
||||||
12,000
|
PS Business Parks, Inc., Series H
|
BBB-
|
7.00%
|
299,760
|
||||||
12,500
|
PS Business Parks, Inc., Series R
|
BBB-
|
6.88%
|
314,375
|
||||||
15,200
|
Regency Centers Corp., Series D
|
BB+
|
7.25%
|
381,520
|
||||||
15,000
|
Vornado Realty Trust, Series E
|
BBB-
|
7.00%
|
377,400
|
||||||
2,600,383
|
||||||||||
Total Preferred Stocks - 4.0%
|
||||||||||
(Cost $7,048,703)
|
6,906,128
|
|||||||||
Total Long-Term Investments - 157.1%
|
||||||||||
(Cost $268,183,653)
|
271,562,124
|
|||||||||
Principal
|
Rating |
Optional
|
||||||||
Amount
|
Description
|
(S&P)*
|
Coupon
|
Maturity
|
Call Provisions**
|
Value
|
||||
Short-Term Investments - 6.6%
|
||||||||||
Short Term Municipal Bonds - 6.6%
|
||||||||||
Nevada - 0.8%
|
||||||||||
1,500,000
|
Las Vegas Valley Water District, Nevada General Obligation, Adjustable Rate Water Improvement Bonds, Series 2006B(g)
|
AA+
|
2.50%
|
06/01/2036
|
10/06/11 @ 100
|
1,500,000
|
||||
New York - 5.8%
|
||||||||||
5,000,000
|
Metropolitan Transportation Authority Dedicated Tax Fund Variable Rate Bonds, Series 2002B (AGM)(g)
|
AA+
|
2.00%
|
11/01/2022
|
10/06/11 @ 100
|
5,000,000
|
||||
5,000,000
|
Triborough Bridge and Tunnel Authority General Revenue Variable Rate Bonds, Series 2005A(g)
|
AA-
|
2.00%
|
11/01/2035
|
10/06/11 @ 100
|
5,000,000
|
||||
10,000,000
|
||||||||||
Total Short Term Municipal Bonds - 6.6%
|
||||||||||
(Cost $11,500,000)
|
11,500,000
|
|||||||||
Total Investments - 163.7%
|
||||||||||
(Cost $279,683,653)
|
283,062,124
|
|||||||||
Liabilities in excess of Other Assets - (3.0%)
|
(5,176,734)
|
|||||||||
Preferred Shares, at redemption value - (-60.7% of Net Assets Applicable to Common Shareholders or -37.1% of Total Investments)
|
(105,000,000)
|
|||||||||
Net Assets - 100.0%
|
$ 172,885,390
|
|||||||||
ADR - American Depositary Receipt
|
||||||||
AGM – Insured by Assured Guaranty Municipal Corporation
|
||||||||
AMBAC – Insured by Ambac Assurance Corporation
|
||||||||
Assured GTY – Insured by Assured Guaranty Corporation
|
||||||||
BHAC - Insured by Berkshire Hathaway Assurance Corporation
|
||||||||
FHA – Guaranteed by Federal Housing Administration
|
||||||||
N/A- Not Applicable
|
||||||||
NV - Publicly Traded Company
|
||||||||
PLC - Public Limited Company
|
||||||||
SA - Corporation
|
||||||||
SE - Stock Corporation
|
||||||||
*
|
Ratings shown are per Standard & Poor's, Moody's or Fitch. Securities classified as NR are not rated. (For securities not rated by Standard & Poor's Rating Group, the rating by Moody's Investor Services, Inc. is provided. Likewise, for securities not rated by Standard & Poor's Rating Group and Moody's Investor Services, Inc., the rating by Fitch Ratings is provided.) All ratings are unaudited. The ratings apply to the credit worthiness of the issuers of the underlying securities and not to the Fund or its shares.
|
|||||||
**
|
Date and price of the earliest optional call or put provision. There may be other call provisions at varying prices at later dates.
|
|||||||
(a)
|
Inverse floating rate investment. Interest rate shown is that in effect at September 30, 2011.
|
|||||||
(b)
|
Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2011 these securities amounted to $1,705,000, which represents 1.0% of net assets applicable to common shares.
|
|||||||
(c)
|
Floating or variable rate coupon. The rate shown is as of September 30, 2011.
|
|||||||
(d)
|
Security is a hybrid bond that will convert to a preferred stock on the first call date.
|
|||||||
(e)
|
Perpetual maturity.
|
|||||||
(f)
|
Non-income producing security.
|
|||||||
(g)
|
Security has a maturity of more than one year, but has a variable rate and demand features which qualify it as a short-term security.
|
|||||||
The rate shown is that earned by the fund as of September 30, 2011.
|
||||||||
Country Allocation***
|
||||||||
United States
|
95.9%
|
|||||||
United Kingdom
|
1.6%
|
|||||||
Canada
|
0.8%
|
|||||||
France
|
0.6%
|
|||||||
Germany
|
0.5%
|
|||||||
Bermuda
|
0.4%
|
|||||||
Netherlands
|
0.2%
|
|||||||
***Based on Total Long-Term Investments. Subject to change daily.
|
||||||||
See previously submitted notes to financial statements for the period ended June 30, 2011.
|
At September 30, 2011, the cost and related gross unrealized appreciation and depreciation on
|
|||||
investments for tax purposes are as follows:
|
Cost of Investments for Tax Purposes
|
Gross Tax
Unrealized
Appreciation
|
Gross Tax
Unrealized
Depreciation
|
Net Tax
Unrealized Appreciation
on Investments
|
||||||||||
$ | 280,549,421 | $ | 14,540,480 | $ | (12,027,777 | ) | $ | 2,512,703 |
Fair value is defined as the price that the Fund would receive
|
|||||
to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the
|
|||||
principal market, or in the absence of a principal market, the most advantageous market for the investment
|
|||||
or liability. ASC 820 establishes three different categories for valuations. Level 1 valuations are those based
|
|||||
upon quoted prices in active markets. Level 2 valuations are those based upon quoted prices in inactive markets
|
|||||
or based upon significant observable inputs (e.g. yield curves; benchmark interest rates; indices). Level 3
|
|||||
valuations are those based upon unobservable inputs (e.g. discounted cash flow analysis; non-market based
|
|||||
methods used to determine fair valuation).
|
|||||
The Fund has adopted the Accounting Standard Update,
Fair Value Measurements and
|
|||||
Disclosures (Topic 820):
Improving Disclosures about Fair Value Measurements
which provides
|
|||||
guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the
|
|||||
amendment requires reporting entities to disclose i) the input and valuation techniques used to measure
|
|||||
fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions
|
|||||
ii) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e. transfers out must be
|
|||||
disclosed separately from transfers in) as well as the reasons(s) for the transfer and iii) purchases, sales,
|
|||||
issuances and settlements on a gross basis in the Level 3 rollforward rather than as one net number.
|
|||||
The Fund values Level 1 securities using readily available market quotations in active markets. The
|
|||||
Fund values Level 2 fixed income securities using independent pricing providers who employ matrix
|
|||||
pricing models utilizing market prices, broker quotes and prices of securities with comparable maturity and
|
|||||
quality. The Fund values Level 2 equity securities using various observable market inputs in accordance with
|
|||||
procedures established in good faith and approved by the Board of Trustees as described above.
|
|||||
The Fund did not have any Level 3 securities at September 30, 2011.
|
|||||
The following table represents the Fund's investments carried on by caption and by level within the fair value hierarchy as September 30, 2011.
|
|||||
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
(value in $000s)
|
||||||||||||||||
Assets:
|
||||||||||||||||
Municipal Bonds
|
$ | - | $ | 169,642 | $ | - | $ | 169,642 | ||||||||
Common Stocks
|
78,619 | - | - | 78,619 | ||||||||||||
Corporate Bonds
|
- | 27,895 | - | 27,895 | ||||||||||||
Preferred Stocks:
|
||||||||||||||||
Banks
|
866 | - | - | 866 | ||||||||||||
Diversified Financial Services
|
204 | - | - | 204 | ||||||||||||
Electric
|
582 | - | - | 582 | ||||||||||||
Insurance
|
1,240 | 1,414 | - | 2,654 | ||||||||||||
Real Estate Investment Trusts
|
2,418 | 182 | - | 2,600 | ||||||||||||
Total
|
$ | 83,929 | $ | 199,133 | $ | - | $ | 283,062 | ||||||||
There were no transfers between levels.
|
|
(a)
|
The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing date of this report and have concluded, based on such evaluation, that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant on this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
|
|
(b)
|
There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the registrant’s last fiscal quarter that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting.
|
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