| Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions. | |
| None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customers account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers. | |
| Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information. | |
| We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
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4 | ||||
5 | ||||
6 | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
Financial Statements |
11 | |||
Annual Meeting of Shareholders |
65 | |||
Dividend Reinvestment Plan |
66 | |||
Board of
Trustees Annual Approval of the Investment Advisory Agreements |
68 | |||
Officers and Trustees |
71 |
1
1 | It is not possible to invest directly in an Index or a Lipper Classification. The Indexs total return does not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. | |
Past performance is no guarantee of future results. |
2
1 | See Note 1H to the Financial Statements for more information on TOB investments. |
3
NYSE Amex Symbol | CEV | |||
Average Annual Total Returns (by share price) | ||||
Six Months |
25.27 | % | ||
One Year |
-13.84 | |||
Five Years |
0.83 | |||
Ten Years |
4.10 | |||
Life of Trust (1/29/99) |
3.00 |
Average Annual Total Returns (by net asset value) | ||||
Six Months |
23.52 | % | ||
One Year |
-13.00 | |||
Five Years |
1.32 | |||
Ten Years |
4.17 | |||
Life of Trust (1/29/99) |
3.64 | |||
Premium/(Discount) to NAV |
-6.21 | % |
Market Yields | ||||
Market Yield2 |
7.03 | % | ||
Taxable-Equivalent Market Yield3 |
11.93 |
Barclays Capital Municipal Bond Index | Barclays Capital Long (22+) Municipal Bond Index | |||||||
Six Months |
9.00 | % | 14.40 | % | ||||
One Year |
3.57 | -2.50 | ||||||
Five Years |
4.41 | 3.81 | ||||||
Ten Years |
4.95 | 4.69 |
Lipper California Municipal Debt Funds Classification (by net asset value) | ||||
Six Months |
14.99 | % | ||
One Year |
-6.65 | |||
Five Years |
2.94 | |||
Ten Years |
4.36 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at May 31, 2009, is as follows, and the average rating is AA-: |
AAA |
27.1% | |
AA |
30.7% | |
A |
24.7% | |
BBB |
10.4% | |
Not Rated |
7.1% |
|
Number of Issues: | 96 | |||
|
Average Maturity: | 22.1 years | |||
|
Average Effective Maturity: | 18.4 years | |||
|
Average Call Protection: | 7.9 years | |||
|
Average Dollar Price: | $ | 84.11 | ||
|
APS Leverage**: | 32.6 | % | ||
|
TOB Leverage**: | 12.4 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trusts net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. | |
1 | Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 41.05% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper California Municipal Debt Funds Classification (closed-end) contained 24, 24, 24 and 14 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
4
NYSE Amex Symbol | MMV | |||
Average Annual Total Returns (by share price) | ||||
Six Months |
45.98 | % | ||
One Year |
-3.53 | |||
Five Years |
2.51 | |||
Ten Years |
4.91 | |||
Life of Trust (1/29/99) |
4.09 | |||
Average Annual Total Returns (by net asset value) | ||||
Six Months |
28.43 | % | ||
One Year |
-5.96 | |||
Five Years |
2.38 | |||
Ten Years |
4.67 | |||
Life of Trust (1/29/99) |
4.09 | |||
Premium/(Discount) to NAV |
0.00 | % |
Market Yields | ||||
Market Yield2 |
6.66 | % | ||
Taxable-Equivalent Market Yield3 |
10.82 |
Barclays Capital Municipal Bond Index | Barclays Capital Long (22+) Municipal Bond Index | |||||||
Six Months |
9.00 | % | 14.40 | % | ||||
One Year |
3.57 | -2.50 | ||||||
Five Years |
4.41 | 3.81 | ||||||
Ten Years |
4.95 | 4.69 |
Lipper Other States Municipal Debt Funds Classification (by net asset value) | ||||
Six Months |
15.92 | % | ||
One Year |
-0.60 | |||
Five Years |
3.80 | |||
Ten Years |
4.66 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at May 31, 2009, is as follows, and the average rating is A+: |
AAA |
8.5% | |
AA |
39.4% | |
A |
33.0% | |
BBB |
11.4% | |
BB |
1.0% | |
Not Rated |
6.7% |
|
Number of Issues: | 62 | |||
|
Average Maturity: | 26.9 years | |||
|
Average Effective Maturity: | 23.1 years | |||
|
Average Call Protection: | 9.4 years | |||
|
Average Dollar Price: | $ | 89.83 | ||
|
APS Leverage**: | 34.5 | % | ||
|
TOB Leverage**: | 6.7 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trusts net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. | |
1 | Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 43, 43, 43 and 20 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
5
NYSE Amex Symbol | EMI | |||
Average Annual Total Returns (by share price) | ||||
Six Months |
43.51 | % | ||
One Year |
-5.07 | |||
Five Years |
-1.01 | |||
Ten Years |
3.07 | |||
Life of Trust (1/29/99) |
2.85 | |||
Average Annual Total Returns (by net asset value) | ||||
Six Months |
17.84 | % | ||
One Year |
-5.12 | |||
Five Years |
2.35 | |||
Ten Years |
4.55 | |||
Life of Trust (1/29/99) |
4.03 | |||
Premium/(Discount) to NAV |
-11.18 | % |
Market Yields | ||||
Market Yield2 |
7.13 | % | ||
Taxable-Equivalent Market Yield3 |
11.47 |
Barclays Capital Municipal Bond Index | Barclays Capital Long (22+) Municipal Bond Index | |||||||
Six Months |
9.00 | % | 14.40 | % | ||||
One Year |
3.57 | -2.50 | ||||||
Five Years |
4.41 | 3.81 | ||||||
Ten Years |
4.95 | 4.69 |
Lipper Michigan Municipal Debt Funds Classification (by net asset value) | ||||
Six Months |
14.20 | % | ||
One Year |
-1.19 | |||
Five Years |
3.49 | |||
Ten Years |
4.81 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at May 31, 2009, is as follows, and the average rating is AA-: |
AAA |
26.0% | |
AA |
38.4% | |
A |
18.2% | |
BBB |
12.8% | |
BB |
1.1% | |
CCC |
0.7% | |
Not Rated |
2.8% |
|
Number of Issues: | 66 | |||
|
Average Maturity: | 21.5 years | |||
|
Average Effective Maturity: | 15.3 years | |||
|
Average Call Protection: | 5.6 years | |||
|
Average Dollar Price: | $ | 92.20 | ||
|
APS Leverage**: | 39.1 | % | ||
|
TOB Leverage**: | 2.5 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trusts net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. | |
1 | Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 37.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Michigan Municipal Debt Funds Classification (closed-end) contained 4, 4, 4 and 3 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
6
NYSE Amex Symbol | EVJ | |||
Average Annual Total Returns (by share price) | ||||
Six Months |
46.46 | % | ||
One Year |
-0.65 | |||
Five Years |
2.20 | |||
Ten Years |
4.32 | |||
Life of Trust (1/29/99) |
3.84 |
Average Annual Total Returns (by net asset value) | ||||
Six Months |
37.74 | % | ||
One Year |
-6.38 | |||
Five Years |
2.99 | |||
Ten Years |
4.70 | |||
Life of Trust (1/29/99) |
4.23 | |||
Premium/(Discount) to NAV |
-3.85 | % |
Market Yields | ||||
Market Yield2 |
7.01 | % | ||
Taxable-Equivalent Market Yield3 |
11.85 |
Barclays Capital Municipal Bond Index | Barclays Capital Long (22+) Municipal Bond Index | |||||||
Six Months |
9.00 | % | 14.40 | % | ||||
One Year |
3.57 | -2.50 | ||||||
Five Years |
4.41 | 3.81 | ||||||
Ten Years |
4.95 | 4.69 |
Lipper New Jersey Municipal Debt Funds Classification (by net asset value) | ||||
Six Months |
18.45 | % | ||
One Year |
-2.76 | |||
Five Years |
3.55 | |||
Ten Years |
4.51 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at May 31, 2009, is as follows, and the average rating is A+: |
AAA |
22.7% | |
AA |
29.2% | |
A |
24.4% | |
BBB |
20.2% | |
B |
1.5% | |
Not Rated |
2.0% |
|
Number of Issues: | 76 | |||
|
Average Maturity: | 25.4 years | |||
|
Average Effective Maturity: | 19.8 years | |||
|
Average Call Protection: | 8.4 years | |||
|
Average Dollar Price: | $ | 87.87 | ||
|
APS Leverage**: | 32.4 | % | ||
|
TOB Leverage**: | 11.8 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trusts net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. | |
1 | Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New Jersey Municipal Debt Funds Classification (closed-end) contained 10, 10, 10 and 6 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
7
NYSE Amex Symbol | EVY | |||
Average Annual Total Returns (by share price) | ||||
Six Months |
65.31 | % | ||
One Year |
-6.45 | |||
Five Years |
3.73 | |||
Ten Years |
5.26 | |||
Life of Trust (1/29/99) |
4.39 |
Average Annual Total Returns (by net asset value) | ||||
Six Months |
32.65 | % | ||
One Year |
-12.66 | |||
Five Years |
1.35 | |||
Ten Years |
4.37 | |||
Life of Trust (1/29/99) |
3.87 | |||
Premium/(Discount) to NAV |
5.29 | % |
Market Yields | ||||
Market Yield2 |
6.81 | % | ||
Taxable-Equivalent Market Yield3 |
11.25 |
Barclays Capital Municipal Bond Index | Barclays Capital Long (22+) Municipal Bond Index | |||||||
Six Months |
9.00 | % | 14.40 | % | ||||
One Year |
3.57 | -2.50 | ||||||
Five Years |
4.41 | 3.81 | ||||||
Ten Years |
4.95 | 4.69 |
Lipper New York Municipal Debt Funds Classification (by net asset value) | ||||
Six Months |
15.56 | % | ||
One Year |
-6.05 | |||
Five Years |
3.00 | |||
Ten Years |
4.68 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at May 31, 2009, is as follows, and the average rating is A+: |
AAA |
15.5% | |
AA |
39.0% | |
A |
17.9% | |
BBB |
11.8% | |
BB |
4.5% | |
B |
3.1% | |
Not Rated |
8.2% |
|
Number of Issues: | 82 | |||
|
Average Maturity: | 24.6 years | |||
|
Average Effective Maturity: | 19.6 years | |||
|
Average Call Protection: | 8.9 years | |||
|
Average Dollar Price: | $ | 87.69 | ||
|
APS Leverage**: | 29.8 | % | ||
|
TOB Leverage**: | 13.4 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) out standing at 5/31/09 as a percentage of the Trusts net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. | |
1 | Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 39.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New York Municipal Debt Funds Classification (closed-end) contained 17, 17, 17 and 8 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
8
NYSE Amex Symbol | EVO | |||
Average Annual Total Returns (by share price) | ||||
Six Months |
49.63 | % | ||
One Year |
3.02 | |||
Five Years |
2.50 | |||
Ten Years |
4.14 | |||
Life of Trust (1/29/99) |
3.96 |
Average Annual Total Returns (by net asset value) | ||||
Six Months | 24.41 | % | ||
One Year |
-5.24 | |||
Five Years |
2.82 | |||
Ten Years |
4.58 | |||
Life of Trust (1/29/99) |
4.13 | |||
Premium/(Discount) to NAV |
-1.59 | % |
Market Yields | ||||
Market Yield2 |
6.41 | % | ||
Taxable-Equivalent Market Yield3 |
10.55 |
Barclays Capital Municipal Bond Index | Barclays Capital Long (22+) Municipal Bond Index | |||||||
Six Months |
9.00 | % | 14.40 | % | ||||
One Year |
3.57 | -2.50 | ||||||
Five Years |
4.41 | 3.81 | ||||||
Ten Years |
4.95 | 4.69 |
Lipper Other States Municipal Debt Funds Classification (by net asset value) | ||||
Six Months |
15.92 | % | ||
One Year |
-0.60 | |||
Five Years |
3.80 | |||
Ten Years |
4.66 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at May 31, 2009, is as follows, and the average rating is AA-: |
AAA |
27.4% | |
AA |
41.1% | |
A |
16.2% | |
BBB |
7.8% | |
B |
1.6% | |
Not Rated |
5.9% |
|
Number of Issues: | 77 | |||
|
Average Maturity: | 22.5 years | |||
|
Average Effective Maturity: | 16.3 years | |||
|
Average Call Protection: | 7.4 years | |||
|
Average Dollar Price: | $ | 90.44 | ||
|
APS Leverage**: | 37.6 | % | ||
|
TOB Leverage**: | 3.8 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trusts net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions. | |
1 | Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 39.26% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 43, 43, 43 and 20 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
9
NYSE Amex Symbol | EVP | |||
Average Annual Total Returns (by share price) | ||||
Six Months |
29.18 | % | ||
One Year |
-0.80 | |||
Five Years |
2.57 | |||
Ten Years |
4.47 | |||
Life of Trust (1/29/99) |
3.72 |
Average Annual Total Returns (by net asset value) | ||||
Six Months |
26.90 | % | ||
One Year |
-6.30 | |||
Five Years |
2.93 | |||
Ten Years |
4.77 | |||
Life of Trust (1/29/99) |
4.27 | |||
Premium/(Discount) to NAV |
-5.31 | % |
Market Yields | ||||
Market Yield2 |
6.61 | % | ||
Taxable-Equivalent Market Yield3 |
10.49 |
Barclays Capital Municipal Bond Index | Barclays Capital Long (22+) Municipal Bond Index | |||||||
Six Months |
9.00 | % | 14.40 | % | ||||
One Year |
3.57 | -2.50 | ||||||
Five Years |
4.41 | 3.81 | ||||||
Ten Years |
4.95 | 4.69 |
Lipper Pennsylvania Municipal Debt Funds Classification (by net asset value) | ||||
Six Months |
17.05 | % | ||
One Year |
-3.39 | |||
Five Years |
2.65 | |||
Ten Years |
4.37 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at May 31, 2009, is as follows, and the average rating is AA-: |
AAA |
17.9% | |
AA |
43.6% | |
A |
22.8% | |
BBB |
4.6% | |
BB |
1.7% | |
B |
1.4% | |
CCC |
1.3% | |
Not Rated |
6.7% |
|
Number of Issues: | 79 | |||
|
Average Maturity: | 21.6 years | |||
|
Average Effective Maturity: | 16.1 years | |||
|
Average Call Protection: | 7.2 years | |||
|
Average Dollar Price: | $ | 93.18 | ||
|
APS Leverage**: | 35.7 | % | ||
|
TOB Leverage**: | 6.8 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trusts net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. | |
1 | Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Pennsylvania Municipal Debt Funds Classification (closed-end) contained 7, 7, 7 and 4 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
10
Tax-Exempt Investments 177.9% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 14.9% | ||||||||||
$ | 2,000 | California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39 | $ | 1,966,520 | ||||||
2,770 | California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29 | 2,304,557 | ||||||||
500 | California Educational Facilities Authority, (Pepperdine University), 5.00%, 11/1/29 | 502,240 | ||||||||
1,350 |
California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23 |
1,429,137 | ||||||||
4,000 | California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31(1) | 4,000,400 | ||||||||
2,500 | San Diego County, Certificates of Participation, (University of San Diego), 5.375%, 10/1/41 | 2,382,875 | ||||||||
$ | 12,585,729 | |||||||||
Electric Utilities 4.0% | ||||||||||
$ | 2,275 | Chula Vista, (San Diego Gas), (AMT), 5.00%, 12/1/27 | $ | 2,067,725 | ||||||
1,300 | Vernon, Electric System Revenue, 5.125%, 8/1/21 | 1,278,316 | ||||||||
$ | 3,346,041 | |||||||||
General Obligations 11.9% | ||||||||||
$ | 750 | California, 6.00%, 4/1/38 | $ | 772,388 | ||||||
1,610 | California, (AMT), 5.05%, 12/1/36 | 1,380,237 | ||||||||
4,770 | San Francisco Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37(2) | 4,661,077 | ||||||||
3,180 | Santa Clara County, (Election of 2008), 5.00%, 8/1/39(2) | 3,225,394 | ||||||||
$ | 10,039,096 | |||||||||
Health Care-Miscellaneous 0.3% | ||||||||||
$ | 300 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | $ | 226,770 | ||||||
$ | 226,770 | |||||||||
Hospital 32.8% | ||||||||||
$ | 1,000 | California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32 | $ | 984,070 | ||||||
2,935 | California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 11/15/34 | 2,660,666 | ||||||||
1,500 | California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38 | 1,607,145 | ||||||||
3,480 | California Health Facilities Financing Authority, (Sutter Health), 5.25%, 11/15/46(2) | 3,213,734 | ||||||||
750 | California Infrastructure and Economic Development Bank, (Kaiser Hospital), 5.50%, 8/1/31 | 720,255 | ||||||||
3,900 | California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35 | 3,468,543 | ||||||||
1,750 | California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36 | 1,579,270 | ||||||||
1,650 | California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32 | 1,580,832 | ||||||||
1,750 | California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29 | 1,570,905 | ||||||||
1,500 | California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28 | 1,511,700 | ||||||||
1,500 | Duarte, (Hope National Medical Center), 5.25%, 4/1/24 | 1,453,320 | ||||||||
410 | Tahoe Forest Hospital District, 5.85%, 7/1/22 | 378,565 | ||||||||
2,000 | Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31 | 1,928,340 | ||||||||
1,250 | Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34 | 838,787 | ||||||||
2,000 | Washington Health Care Facilities Authority, (Providence Health Care), 5.25%, 7/1/29 | 1,834,860 | ||||||||
2,780 | Washington Township Health Care District, 5.00%, 7/1/32 | 2,388,381 | ||||||||
$ | 27,719,373 | |||||||||
Housing 2.6% | ||||||||||
$ | 1,750 | California Housing Finance Agency, (AMT), 4.75%, 8/1/42 | $ | 1,267,263 | ||||||
722 | Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29 | 578,357 | ||||||||
421 | Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29 | 334,331 | ||||||||
$ | 2,179,951 | |||||||||
Industrial Development Revenue 3.9% | ||||||||||
$ | 800 | California Pollution Control Financing Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.875%, 11/1/27 | $ | 800,248 | ||||||
1,235 | California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23 | 1,120,577 | ||||||||
2,000 | California Statewide Communities Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46 | 1,394,280 | ||||||||
$ | 3,315,105 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Education 7.8% | ||||||||||
$ | 400 | California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35 | $ | 388,000 | ||||||
3,270 | California Educational Facilities Authority, (Pooled College and University), (NPFG), 5.10%, 4/1/23 | 3,273,761 | ||||||||
3,000 | California State University, (AMBAC), 5.00%, 11/1/33 | 2,962,380 | ||||||||
$ | 6,624,141 | |||||||||
Insured-Electric Utilities 10.2% | ||||||||||
$ | 2,500 | California Pollution Control Financing Authority, (Pacific Gas and Electric), (NPFG), (AMT), 5.35%, 12/1/16 | $ | 2,491,000 | ||||||
3,250 | California Pollution Control Financing Authority, (Southern California Edison Co.), (NPFG), (AMT), 5.55%, 9/1/31 | 2,875,145 | ||||||||
3,510 | Los Angeles Department of Water and Power, (FSA), 4.625%, 7/1/37 | 3,208,666 | ||||||||
$ | 8,574,811 | |||||||||
Insured-Escrowed / Prerefunded 2.9% | ||||||||||
$ | 5,130 | Foothill/Eastern Transportation Corridor Agency, (FSA), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26 | $ | 2,416,384 | ||||||
$ | 2,416,384 | |||||||||
Insured-General Obligations 6.7% | ||||||||||
$ | 7,000 |
Coast Community College District, (Election of 2002), (FSA), 0.00%, 8/1/34 |
$ | 1,503,040 | ||||||
4,825 |
Coast Community College District, (Election of 2002), (FSA), 0.00%, 8/1/35 |
967,943 | ||||||||
7,995 |
Sweetwater Union High School District, (Election 2000), (FSA), 0.00%, 8/1/25 |
3,226,702 | ||||||||
$ | 5,697,685 | |||||||||
Insured-Hospital 18.5% | ||||||||||
$ | 3,100 | California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37 | $ | 3,112,276 | ||||||
3,200 | California Statewide Communities Development Authority, (Childrens Hospital Los Angeles), (NPFG), 5.25%, 8/15/29 | 2,973,824 | ||||||||
750 | California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41(2) | 744,038 | ||||||||
5,000 | California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(2) | 5,016,200 | ||||||||
3,735 | California Statewide Communities Development Authority, (Sutter Health), (FSA), 5.75%, 8/15/27(2) | 3,781,899 | ||||||||
$ | 15,628,237 | |||||||||
Insured-Lease Revenue / Certificates of Participation 11.9% | ||||||||||
$ | 6,475 | Anaheim Public Financing Authority, Lease Revenue, (Public Improvements), (FSA), 0.00%, 9/1/17 | $ | 4,384,028 | ||||||
2,000 | Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27 | 2,258,340 | ||||||||
3,500 | San Diego County Water Authority, (FSA), 5.00%, 5/1/38(2) | 3,416,210 | ||||||||
$ | 10,058,578 | |||||||||
Insured-Other Revenue 2.0% | ||||||||||
$ | 1,855 | Golden State Tobacco Securitization Corp., (AGC), (FGIC), 5.00%, 6/1/38 | $ | 1,711,238 | ||||||
$ | 1,711,238 | |||||||||
Insured-Special Tax Revenue 4.4% | ||||||||||
$ | 24,800 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | $ | 1,371,192 | ||||||
4,225 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44 | 470,665 | ||||||||
8,380 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45 | 874,621 | ||||||||
5,270 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46 | 513,720 | ||||||||
480 | Sacramento Area Flood Control Agency, (BHAC), 5.50%, 10/1/28 | 521,198 | ||||||||
$ | 3,751,396 | |||||||||
Insured-Transportation 8.6% | ||||||||||
$ | 5,000 | Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29 | $ | 1,374,750 | ||||||
8,000 | Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31 | 2,058,480 | ||||||||
740 | Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2) | 724,242 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Transportation (continued)
|
||||||||||
$ | 10,000 | San Joaquin Hills Transportation Corridor Agency, (NPFG), 0.00%, 1/15/32 | $ | 1,736,400 | ||||||
1,350 | San Jose Airport Revenue, (AMBAC), (BHAC), (FSA), (AMT), 6.00%, 3/1/47 | 1,349,851 | ||||||||
$ | 7,243,723 | |||||||||
Insured-Water and Sewer 3.7% | ||||||||||
$ | 4,400 | Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30 | $ | 3,110,756 | ||||||
$ | 3,110,756 | |||||||||
Other Revenue 2.2% | ||||||||||
$ | 385 | California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32 | $ | 373,099 | ||||||
580 | California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37 | 549,666 | ||||||||
1,420 | Golden State Tobacco Securitization Corp., 5.75%, 6/1/47 | 946,487 | ||||||||
$ | 1,869,252 | |||||||||
Senior Living / Life Care 0.7% | ||||||||||
$ | 175 | California Statewide Communities Development Authority, (Senior Living -Presbyterian Homes), 4.75%, 11/15/26 | $ | 133,049 | ||||||
700 | California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.875%, 11/15/36 | 483,161 | ||||||||
$ | 616,210 | |||||||||
Special Tax Revenue 17.3% | ||||||||||
$ | 1,000 | Bonita Canyon Public Financing Authority, 5.375%, 9/1/28 | $ | 751,750 | ||||||
285 | Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26 | 206,856 | ||||||||
460 | Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34 | 301,369 | ||||||||
1,000 | Corona Public Financing Authority, 5.80%, 9/1/20 | 889,950 | ||||||||
200 | Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27 | 141,470 | ||||||||
500 | Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36 | 318,110 | ||||||||
1,590 | Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27 | 1,599,445 | ||||||||
900 | Lincoln Public Financing Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25 | 792,144 | ||||||||
420 | Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24 | 355,337 | ||||||||
750 | Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29 | 601,147 | ||||||||
2,340 | Oakland Joint Powers Financing Authority, 5.40%, 9/2/18 | 2,395,458 | ||||||||
960 | Oakland Joint Powers Financing Authority, 5.50%, 9/2/24 | 980,899 | ||||||||
1,325 | San Pablo Redevelopment Agency, 5.65%, 12/1/23 | 1,332,725 | ||||||||
1,095 | Santa Margarita Water District, 6.20%, 9/1/20 | 1,100,344 | ||||||||
250 | Santaluz Community Facilities District No. 2, 6.10%, 9/1/21 | 225,095 | ||||||||
500 | Santaluz Community Facilities District No. 2, 6.20%, 9/1/30 | 419,565 | ||||||||
250 | Temecula Unified School District, 5.00%, 9/1/27 | 180,217 | ||||||||
400 | Temecula Unified School District, 5.00%, 9/1/37 | 258,268 | ||||||||
500 | Turlock Public Financing Authority, 5.45%, 9/1/24 | 461,900 | ||||||||
500 | Tustin Community Facilities District, 6.00%, 9/1/37 | 414,180 | ||||||||
1,000 | Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23 | 878,300 | ||||||||
$ | 14,604,529 | |||||||||
Transportation 5.3% | ||||||||||
$ | 2,000 | Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/31(3) | $ | 2,005,600 | ||||||
1,500 | Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30 | 1,459,170 | ||||||||
1,170 | Port of Redwood City, (AMT), 5.125%, 6/1/30 | 984,707 | ||||||||
$ | 4,449,477 | |||||||||
Water and Sewer 5.3% | ||||||||||
$ | 1,840 | California Department of Water Resources, 5.00%, 12/1/29 | $ | 1,922,745 | ||||||
2,500 | Metropolitan Water District of Southern California, 5.00%, 1/1/34 | 2,568,925 | ||||||||
$ | 4,491,670 | |||||||||
Total
Tax-Exempt Investments 177.9%
|
||||||||||
(identified
cost $160,807,471)
|
$ | 150,260,152 | ||||||||
Auction
Preferred Shares Plus Cumulative
|
||||||||||
Unpaid
Dividends (59.2)%
|
$ | (49,976,933 | ) | |||||||
Other
Assets, Less Liabilities (18.7)%
|
$ | (15,805,786 | ) | |||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 84,477,433 | ||||||||
(1) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(2) | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). | |
(3) | Security (or a portion thereof) has been pledged as collateral for open swap contracts. |
Tax-Exempt Investments 165.4% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 33.8% | ||||||||||
$ | 2,440 | Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59 | $ | 2,382,709 | ||||||
600 | Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33 | 577,914 | ||||||||
1,000 | Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38 | 820,810 | ||||||||
1,500 | Massachusetts Development Finance Agency, (Wheeler School), 6.50%, 12/1/29 | 1,455,435 | ||||||||
1,000 | Massachusetts Development Finance Agency, (Xaverian Brothers High School), 5.65%, 7/1/29 | 863,200 | ||||||||
1,500 | Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32 | 1,481,580 | ||||||||
1,250 | Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35 | 1,391,150 | ||||||||
1,500 | Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1) | 1,550,520 | ||||||||
1,000 | Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38 | 1,050,680 | ||||||||
$ | 11,573,998 | |||||||||
Electric Utilities 9.1% | ||||||||||
$ | 1,000 | Massachusetts Development Finance Agency, (Devens Electric System), 6.00%, 12/1/30 | $ | 1,015,510 | ||||||
1,870 | Massachusetts Development Finance Agency, (Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36 | 1,564,049 | ||||||||
570 | Puerto Rico Electric Power Authority, 5.00%, 7/1/25 | 532,865 | ||||||||
$ | 3,112,424 | |||||||||
Escrowed / Prerefunded 6.6% | ||||||||||
$ | 400 | Massachusetts Development Finance Agency, (Western New England College), Prerefunded to 12/1/12, 6.125%, 12/1/32 | $ | 467,268 | ||||||
235 | Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), Prerefunded to 1/1/12, 6.00%, 7/1/31 | 264,814 | ||||||||
960 | Massachusetts Health and Educational Facilities Authority, (Winchester Hospital), Prerefunded to 7/1/10, 6.75%, 7/1/30 | 1,023,178 | ||||||||
1,000 | Rail Connections, Inc., (Route 128 Parking), (ACA), Prerefunded to 7/1/09, 0.00%, 7/1/20 | 502,730 | ||||||||
$ | 2,257,990 | |||||||||
General
Obligations 2.3%
|
||||||||||
$ | 750 | Newton, 5.00%, 4/1/36 | $ | 780,105 | ||||||
$ | 780,105 | |||||||||
Health Care-Miscellaneous 2.9% | ||||||||||
$ | 510 | Massachusetts Development Finance Agency, (MCHSP Human Services), 6.60%, 8/15/29 | $ | 377,171 | ||||||
700 | Massachusetts Health and Educational Facilities Authority, (Learning Center for Deaf Children), 6.125%, 7/1/29 | 532,077 | ||||||||
100 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | 75,590 | ||||||||
$ | 984,838 | |||||||||
Hospital 22.6% | ||||||||||
$ | 1,000 | Massachusetts Development Finance Agency, (Biomedical Research Corp.), 6.25%, 8/1/20 | $ | 1,024,910 | ||||||
1,000 | Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center), 5.75%, 7/1/33 | 962,150 | ||||||||
400 | Massachusetts Health and Educational Facilities Authority, (Berkshire Health System), 6.25%, 10/1/31 | 353,616 | ||||||||
850 | Massachusetts Health and Educational Facilities Authority, (Beth Israel Deaconess Medical Center, Inc.), 5.125%, 7/1/38 | 746,087 | ||||||||
105 | Massachusetts Health and Educational Facilities Authority, (Central New England Health Systems), 6.30%, 8/1/18 | 104,994 | ||||||||
1,135 | Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37 | 1,069,329 | ||||||||
865 | Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/31 | 867,344 | ||||||||
2,000 | Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32(1) | 1,970,320 | ||||||||
675 | Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29 | 634,439 | ||||||||
$ | 7,733,189 | |||||||||
Housing 14.9% | ||||||||||
$ | 2,100 | Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48 | $ | 1,767,990 | ||||||
1,000 | Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40 | 875,670 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Housing (continued)
|
||||||||||
$ | 650 | Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28 | $ | 615,875 | ||||||
2,000 | Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37 | 1,853,060 | ||||||||
$ | 5,112,595 | |||||||||
Industrial Development Revenue 2.0% | ||||||||||
$ | 695 | Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15 | $ | 695,083 | ||||||
$ | 695,083 | |||||||||
Insured-Education 12.0% | ||||||||||
$ | 1,000 | Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39 | $ | 1,075,510 | ||||||
1,365 | Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1) | 1,488,759 | ||||||||
1,600 | Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33 | 1,559,376 | ||||||||
$ | 4,123,645 | |||||||||
Insured-General Obligations 9.3% | ||||||||||
$ | 1,000 | Massachusetts, (AMBAC), 5.50%, 8/1/30 | $ | 1,148,950 | ||||||
2,255 | Milford, (FSA), 4.25%, 12/15/46 | 2,029,297 | ||||||||
$ | 3,178,247 | |||||||||
Insured-Other Revenue 3.7% | ||||||||||
$ | 1,225 | Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42 | $ | 1,251,387 | ||||||
$ | 1,251,387 | |||||||||
Insured-Special Tax Revenue 14.7% | ||||||||||
$ | 1,450 | Marthas Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32 | $ | 1,455,568 | ||||||
1,250 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37 | 1,266,712 | ||||||||
1,000 | Massachusetts Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29 | 1,032,800 | ||||||||
8,945 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | 494,569 | ||||||||
2,530 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44 | 281,842 | ||||||||
3,015 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45 | 314,676 | ||||||||
1,905 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46 | 185,699 | ||||||||
$ | 5,031,866 | |||||||||
Insured-Student Loan 6.3% | ||||||||||
$ | 600 | Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30 | $ | 607,476 | ||||||
1,985 | Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33 | 1,559,158 | ||||||||
$ | 2,166,634 | |||||||||
Insured-Transportation 5.4% | ||||||||||
$ | 410 | Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32 | $ | 350,001 | ||||||
1,820 | Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/38 | 1,499,898 | ||||||||
$ | 1,849,899 | |||||||||
Nursing Home 2.8% | ||||||||||
$ | 500 | Boston Industrial Development Authority, (Alzheimers Center), (FHA), 6.00%, 2/1/37 | $ | 500,175 | ||||||
565 | Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29 | 475,024 | ||||||||
$ | 975,199 | |||||||||
Senior Living / Life Care 6.7% | ||||||||||
$ | 250 | Massachusetts Development Finance Agency, (Berkshire Retirement), 5.15%, 7/1/31 | $ | 182,898 | ||||||
1,500 | Massachusetts Development Finance Agency, (Berkshire Retirement), 5.625%, 7/1/29 | 1,188,765 | ||||||||
140 | Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27 | 95,658 | ||||||||
475 | Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41 | 282,349 | ||||||||
910 | Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.75%, 11/15/42 | 554,090 | ||||||||
$ | 2,303,760 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Special Tax Revenue 5.1% | ||||||||||
$ | 1,665 | Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31 | $ | 489,460 | ||||||
5,195 | Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34 | 1,254,073 | ||||||||
$ | 1,743,533 | |||||||||
Water and Sewer 5.2% | ||||||||||
$ | 215 | Massachusetts Water Pollution Abatement Trust, 5.375%, 8/1/27 | $ | 217,612 | ||||||
2,000 | Massachusetts Water Resources Authority, 4.00%, 8/1/46 | 1,566,640 | ||||||||
$ | 1,784,252 | |||||||||
Total
Tax-Exempt Investments 165.4%
|
||||||||||
(identified
cost $60,775,600)
|
$ | 56,658,644 | ||||||||
Auction
Preferred Shares Plus Cumulative
|
||||||||||
Unpaid
Dividends (58.5)%
|
$ | (20,051,912 | ) | |||||||
Other
Assets, Less Liabilities (6.9)%
|
$ | (2,351,223 | ) | |||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 34,255,509 | ||||||||
(1) | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). |
Tax-Exempt Investments 166.9% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 11.4% | ||||||||||
$ | 525 | Grand Valley State University, 5.625%, 12/1/29 | $ | 541,348 | ||||||
525 | Grand Valley State University, 5.75%, 12/1/34 | 534,917 | ||||||||
1,250 | Michigan Higher Education Facilities Authority, (Creative Studies), 5.90%, 12/1/27 | 1,406,525 | ||||||||
540 | Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35 | 483,214 | ||||||||
$ | 2,966,004 | |||||||||
Electric Utilities 2.9% | ||||||||||
$ | 360 | Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29 | $ | 342,187 | ||||||
435 | Puerto Rico Electric Power Authority, 5.00%, 7/1/25 | 406,660 | ||||||||
$ | 748,847 | |||||||||
Escrowed / Prerefunded 17.5% | ||||||||||
$ | 500 | Kent Hospital Finance Authority, (Spectrum Health), Prerefunded to 7/15/11, 5.50%, 1/15/31 | $ | 549,900 | ||||||
560 | Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34 | 656,611 | ||||||||
750 | Michigan Hospital Finance Authority, (Ascension Health Care), Prerefunded to 11/15/09, 6.125%, 11/15/26 | 776,903 | ||||||||
750 | Michigan Hospital Finance Authority, (Sparrow Obligation Group), Prerefunded to 11/15/11, 5.625%, 11/15/36 | 838,987 | ||||||||
600 | Puerto Rico Electric Power Authority, Prerefunded to 7/1/12, 5.25%, 7/1/31 | 677,382 | ||||||||
1,000 | White Cloud Public Schools, Prerefunded to 5/1/11, 5.125%, 5/1/31 | 1,078,630 | ||||||||
$ | 4,578,413 | |||||||||
General Obligations 15.1% | ||||||||||
$ | 500 | East Grand Rapids Public School District, 5.00%, 5/1/25 | $ | 517,775 | ||||||
1,500 | Kent County, 5.00%, 1/1/25 | 1,578,120 | ||||||||
750 | Manistee Area Public Schools, 5.00%, 5/1/24 | 758,182 | ||||||||
270 | Michigan, 5.50%, 11/1/25 | 283,900 | ||||||||
345 | Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29 | 304,376 | ||||||||
500 | Wayne Charter County, 5.70%, 8/1/38 | 509,610 | ||||||||
$ | 3,951,963 | |||||||||
Health
Care-Miscellaneous 0.3%
|
||||||||||
$ | 100 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | $ | 75,590 | ||||||
$ | 75,590 | |||||||||
Hospital 25.4% | ||||||||||
$ | 500 | Allegan Hospital Finance Authority, (Allegan General Hospital), 7.00%, 11/15/21 | $ | 463,400 | ||||||
185 | Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25 | 152,965 | ||||||||
125 | Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37 | 94,483 | ||||||||
275 | Kent Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47 | 285,890 | ||||||||
500 | Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18 | 436,725 | ||||||||
1,000 | Michigan Hospital Finance Authority, (Central Michigan Community Hospital), 6.25%, 10/1/27 | 889,130 | ||||||||
750 | Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38 | 581,468 | ||||||||
1,000 | Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46 | 789,650 | ||||||||
1,080 | Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35 | 924,318 | ||||||||
750 | Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21 | 709,132 | ||||||||
1,000 | Michigan Hospital Finance Authority, (Trinity Health), 6.00%, 12/1/27 | 1,023,040 | ||||||||
425 | Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26 | 289,748 | ||||||||
$ | 6,639,949 | |||||||||
Housing 3.7% | ||||||||||
$ | 1,000 | Michigan Housing Development Authority, (Williams Pavilion), (AMT), 4.90%, 4/20/48 | $ | 969,550 | ||||||
$ | 969,550 | |||||||||
Industrial Development Revenue 5.8% | ||||||||||
$ | 1,000 | Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21 | $ | 462,880 | ||||||
800 | Dickinson County Electronic Development Corp., (International Paper Co.), 5.75%, 6/1/16 | 764,280 | ||||||||
625 | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26 | 289,087 | ||||||||
$ | 1,516,247 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Education 2.2% | ||||||||||
$ | 570 | Ferris State University, (AGC), 5.125%, 10/1/33 | $ | 575,227 | ||||||
$ | 575,227 | |||||||||
Insured-Electric Utilities 7.8% | ||||||||||
$ | 1,000 | Michigan Strategic Fund, (Detroit Edison Co.), (NPFG), (AMT), 5.55%, 9/1/29 | $ | 879,450 | ||||||
500 | Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32 | 462,495 | ||||||||
220 | Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30 | 212,375 | ||||||||
500 | Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34 | 472,045 | ||||||||
$ | 2,026,365 | |||||||||
Insured-Escrowed / Prerefunded 12.4% | ||||||||||
$ | 1,000 | Detroit Sewer Disposal, (FGIC), Prerefunded to 7/1/11, 5.125%, 7/1/31 | $ | 1,084,940 | ||||||
2,000 | Novi Building Authority, (FSA), Prerefunded to 10/1/10, 5.50%, 10/1/25 | 2,148,480 | ||||||||
$ | 3,233,420 | |||||||||
Insured-General Obligations 10.9% | ||||||||||
$ | 650 | Detroit City School District, (FGIC), 4.75%, 5/1/28 | $ | 601,003 | ||||||
750 | Detroit City School District, (FSA), 5.25%, 5/1/32 | 702,532 | ||||||||
200 | Eaton Rapids Public Schools, (NPFG), 4.75%, 5/1/25 | 200,158 | ||||||||
100 | Lincoln Consolidated School District, (FSA), 5.00%, 5/1/10 | 104,078 | ||||||||
1,250 | Van Dyke Public Schools, (FSA), 5.00%, 5/1/38 | 1,236,750 | ||||||||
$ | 2,844,521 | |||||||||
Insured-Hospital 7.0% | ||||||||||
$ | 1,000 | Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (NPFG), 5.25%, 11/15/35 | $ | 859,870 | ||||||
1,000 | Saginaw Hospital Finance Authority, (Covenant Medical Center), (NPFG), 5.50%, 7/1/24 | 967,120 | ||||||||
$ | 1,826,990 | |||||||||
Insured-Lease Revenue / Certificates of Participation 5.3% | ||||||||||
$ | 1,000 | Michigan Building Authority, (FGIC), (FSA), 0.00%, 10/15/29 | $ | 277,000 | ||||||
4,300 | Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30 | 1,103,165 | ||||||||
$ | 1,380,165 | |||||||||
Insured-Special
Tax Revenue 11.6%
|
||||||||||
$ | 5,160 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | $ | 285,296 | ||||||
2,030 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44 | 226,142 | ||||||||
2,430 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45 | 253,619 | ||||||||
1,470 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46 | 143,296 | ||||||||
2,250 | Wayne Charter County, (Airport Hotel-Detroit Metropolitan Airport), (NPFG), 5.00%, 12/1/30 | 2,122,673 | ||||||||
$ | 3,031,026 | |||||||||
Insured-Student Loan 6.7% | ||||||||||
$ | 1,000 | Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.00%, 3/1/31 | $ | 823,490 | ||||||
1,000 | Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.50%, 6/1/25 | 919,120 | ||||||||
$ | 1,742,610 | |||||||||
Insured-Transportation 4.2% | ||||||||||
$ | 1,000 | Wayne Charter County Airport, (AGC), (AMT), 5.375%, 12/1/32 | $ | 865,400 | ||||||
300 | Wayne Charter County Airport, (NPFG), (AMT), 5.00%, 12/1/28 | 245,493 | ||||||||
$ | 1,110,893 | |||||||||
Insured-Water and Sewer 7.6% | ||||||||||
$ | 1,650 | Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30 | $ | 1,479,390 | ||||||
500 | Grand Rapids Water Supply System, (AGC), 5.10%, 1/1/39 | 494,700 | ||||||||
$ | 1,974,090 | |||||||||
Lease Revenue / Certificates of Participation 1.0% | ||||||||||
$ | 250 | Puerto Rico, (Guaynabo Municipal Government Center Lease), 5.625%, 7/1/22 | $ | 250,083 | ||||||
$ | 250,083 | |||||||||
Other Revenue 1.3% | ||||||||||
$ | 500 | Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48 | $ | 347,625 | ||||||
$ | 347,625 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Transportation 5.8% | ||||||||||
$ | 1,500 | Kent County Airport Facility, 5.00%, 1/1/25(1) | $ | 1,517,445 | ||||||
$ | 1,517,445 | |||||||||
Water and Sewer 1.0% | ||||||||||
$ | 250 | Michigan Municipal Bond Authority, (Clean Water Revenue), 5.25%, 10/1/11(2) | $ | 273,218 | ||||||
$ | 273,218 | |||||||||
Total
Tax-Exempt Investments 166.9%
|
||||||||||
(identified
cost $46,421,911)
|
$ | 43,580,241 | ||||||||
Auction
Preferred Shares Plus Cumulative
|
||||||||||
Unpaid
Dividends (67.0)%
|
$ | (17,500,993 | ) | |||||||
Other
Assets, Less Liabilities 0.1%
|
$ | 30,589 | ||||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 26,109,837 | ||||||||
(1) | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). | |
(2) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
Tax-Exempt Investments 177.9% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 16.1% | ||||||||||
$ | 250 | New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27 | $ | 220,483 | ||||||
250 | New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33 | 203,610 | ||||||||
220 | New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37 | 181,524 | ||||||||
3,500 | New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38(1) | 3,449,635 | ||||||||
1,105 | New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27 | 974,533 | ||||||||
965 | New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), 7.50%, 12/1/32 | 1,007,759 | ||||||||
3,150 | Rutgers State University, 5.00%, 5/1/39(1) | 3,231,700 | ||||||||
$ | 9,269,244 | |||||||||
Electric Utilities 2.9% | ||||||||||
$ | 270 | Puerto Rico Electric Power Authority, 5.00%, 7/1/37 | $ | 234,522 | ||||||
1,500 | Salem County Pollution Control Financing, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31 | 1,426,560 | ||||||||
$ | 1,661,082 | |||||||||
General Obligations 4.5% | ||||||||||
$ | 1,210 | Gloucester County Improvement Authority, (Landfill Project), 4.50%, 3/1/30 | $ | 1,185,921 | ||||||
1,595 | Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29 | 1,407,189 | ||||||||
$ | 2,593,110 | |||||||||
Health Care-Miscellaneous 0.4% | ||||||||||
$ | 300 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | $ | 226,770 | ||||||
$ | 226,770 | |||||||||
Hospital 27.2% | ||||||||||
$ | 90 | Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35 | $ | 62,237 | ||||||
100 | Camden County Improvement Authority, (Cooper Health System), 5.25%, 2/15/27 | 77,683 | ||||||||
2,750 | Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34 | 2,081,585 | ||||||||
2,060 | New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27 | 1,940,561 | ||||||||
3,000 | New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37 | 2,703,540 | ||||||||
2,000 | New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), 6.00%, 1/1/34 | 1,989,700 | ||||||||
1,525 | New Jersey Health Care Facilities Financing Authority, (Kennedy Health System), 5.625%, 7/1/31 | 1,482,666 | ||||||||
1,750 | New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.75%, 7/1/31 | 1,747,725 | ||||||||
2,930 | New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46 | 2,513,266 | ||||||||
1,075 | New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33 | 1,079,838 | ||||||||
$ | 15,678,801 | |||||||||
Housing 8.2% | ||||||||||
$ | 715 | New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37 | $ | 615,736 | ||||||
4,490 | New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37 | 4,115,085 | ||||||||
$ | 4,730,821 | |||||||||
Industrial Development Revenue 13.3% | ||||||||||
$ | 1,000 | Gloucester County Improvements Authority, (Waste Management, Inc.), (AMT), 7.00% to 12/1/09 (Put Date), 12/1/29 | $ | 1,013,980 | ||||||
500 | Middlesex County Pollution Control Authority, (Amerada Hess), 5.75%, 9/15/32 | 488,355 | ||||||||
800 | Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34 | 809,904 | ||||||||
3,220 | New Jersey Economic Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.95%, 3/1/47 | 2,315,534 | ||||||||
750 | New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29 | 592,538 | ||||||||
750 | New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, 6/1/33 | 756,352 | ||||||||
2,080 | Virgin Islands Public Financing Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22 | 1,706,016 | ||||||||
$ | 7,682,679 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Education 6.0% | ||||||||||
$ | 3,365 | New Jersey Educational Facilities Authority, (College of New Jersey), (FSA), 5.00%, 7/1/35(1) | $ | 3,446,332 | ||||||
$ | 3,446,332 | |||||||||
Insured-Electric Utilities 2.1% | ||||||||||
$ | 1,250 | Vineland, (Electric Utility), (NPFG), (AMT), 5.25%, 5/15/26 | $ | 1,215,787 | ||||||
$ | 1,215,787 | |||||||||
Insured-Gas Utilities 8.4% | ||||||||||
$ | 5,000 | New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (NPFG), (AMT), 4.90% to 10/1/25 (Put Date), 10/1/40 | $ | 4,857,300 | ||||||
$ | 4,857,300 | |||||||||
Insured-General Obligations 5.4% | ||||||||||
$ | 760 | Egg Harbor Township School District, (FSA), 3.50%, 4/1/28 | $ | 643,994 | ||||||
1,240 | Lakewood Township, (AGC), 5.75%, 11/1/31 | 1,358,916 | ||||||||
1,100 | Woodbridge Township, (FSA), 4.10%, 2/1/20 | 1,137,763 | ||||||||
$ | 3,140,673 | |||||||||
Insured-Hospital 7.8% | ||||||||||
$ | 750 | New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36(1) | $ | 754,598 | ||||||
1,905 | New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series II, (AGC), 5.00%, 7/1/38 | 1,870,519 | ||||||||
500 | New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series V, (AGC), 5.00%, 7/1/38(1) | 490,950 | ||||||||
1,380 | New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38 | 1,377,930 | ||||||||
$ | 4,493,997 | |||||||||
Insured-Housing 5.5% | ||||||||||
$ | 3,390 | New Jersey Housing and Mortgage Finance Agency, (Multi-Family Housing), (FSA), (AMT), 5.05%, 5/1/34 | $ | 3,162,497 | ||||||
$ | 3,162,497 | |||||||||
Insured-Industrial
Development Revenue 1.3%
|
||||||||||
$ | 885 | New Jersey Economic Development Authority, (New Jersey American Water Co, Inc.), (FGIC), (NPFG), (AMT), 5.25%, 7/1/38 | $ | 736,240 | ||||||
$ | 736,240 | |||||||||
Insured-Lease Revenue / Certificates of Participation 2.8% | ||||||||||
$ | 1,500 | New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34 | $ | 1,598,775 | ||||||
$ | 1,598,775 | |||||||||
Insured-Other Revenue 1.8% | ||||||||||
$ | 1,015 | Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39 | $ | 1,039,533 | ||||||
$ | 1,039,533 | |||||||||
Insured-Special Tax Revenue 13.3% | ||||||||||
$ | 6,000 | Garden Preservation Trust and Open Space and Farmland, (FSA), 0.00%, 11/1/25 | $ | 2,771,040 | ||||||
4,315 | New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26 | 1,621,534 | ||||||||
2,020 | New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27 | 701,404 | ||||||||
1,000 | Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/23 | 953,750 | ||||||||
7,185 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | 397,259 | ||||||||
2,745 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44 | 305,793 | ||||||||
5,445 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45 | 568,295 | ||||||||
3,425 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46 | 333,869 | ||||||||
$ | 7,652,944 | |||||||||
Insured-Student Loan 3.6% | ||||||||||
$ | 2,000 | New Jersey Higher Education Assistance Authority, (AGC), 6.125%, 6/1/30 | $ | 2,067,760 | ||||||
$ | 2,067,760 | |||||||||
Insured-Transportation 2.7% | ||||||||||
$ | 5,570 | New Jersey Transportation Trust Fund Authority, (Transportation System), (BHAC), (FGIC), 0.00%, 12/15/31 | $ | 1,552,415 | ||||||
$ | 1,552,415 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Water and Sewer 5.0% | ||||||||||
$ | 3,195 | New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25(2) | $ | 2,906,651 | ||||||
$ | 2,906,651 | |||||||||
Lease Revenue / Certificates of Participation 7.0% | ||||||||||
$ | 1,500 | New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33(3) | $ | 1,500,000 | ||||||
2,500 | New Jersey Health Care Facilities Financing Authority, (Contract Hospital Asset Transportation Program), 5.25%, 10/1/38 | 2,516,325 | ||||||||
$ | 4,016,325 | |||||||||
Other Revenue 9.0% | ||||||||||
$ | 7,200 | Childrens Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50 | $ | 230,760 | ||||||
13,280 | Childrens Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55 | 218,456 | ||||||||
2,700 | New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48(1) | 2,757,415 | ||||||||
4,270 | Tobacco Settlement Financing Corp., 0.00%, 6/1/41 | 199,196 | ||||||||
2,925 | Tobacco Settlement Financing Corp., 5.00%, 6/1/41 | 1,770,766 | ||||||||
$ | 5,176,593 | |||||||||
Senior Living / Life Care 2.7% | ||||||||||
$ | 465 | New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28 | $ | 395,594 | ||||||
770 | New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38 | 626,341 | ||||||||
815 | New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36 | 528,634 | ||||||||
$ | 1,550,569 | |||||||||
Special Tax Revenue 1.4% | ||||||||||
$ | 750 | New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/31 | $ | 588,082 | ||||||
100 | New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27 | 80,426 | ||||||||
175 | New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37 | 129,670 | ||||||||
$ | 798,178 | |||||||||
Transportation 19.5%
|
||||||||||
$ | 1,000 | New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38 | $ | 1,077,550 | ||||||
815 | New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38 | 885,913 | ||||||||
2,600 | New Jersey Turnpike Authority, 5.25%, 1/1/40 | 2,646,930 | ||||||||
2,500 | Port Authority of New York and New Jersey, 4.50%, 11/1/33 | 2,392,725 | ||||||||
1,070 | Port Authority of New York and New Jersey, 5.00%, 9/1/38 | 1,075,050 | ||||||||
1,995 | Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(1) | 2,017,863 | ||||||||
1,175 | South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33 | 1,178,760 | ||||||||
$ | 11,274,791 | |||||||||
Total
Tax-Exempt Investments 177.9%
|
||||||||||
(identified
cost $109,009,960)
|
$ | 102,529,867 | ||||||||
Auction
Preferred Shares Plus Cumulative
|
||||||||||
Unpaid
Dividends (58.0)%
|
$ | (33,426,095 | ) | |||||||
Other
Assets, Less Liabilities (19.9)%
|
$ | (11,480,376 | ) | |||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 57,623,396 | ||||||||
(1) | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). | |
(2) | Security (or a portion thereof) has been segregated to cover payable for when-issued securities. | |
(3) | When-issued security. |
Tax-Exempt Investments 171.2% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Cogeneration 1.3% | ||||||||||
$ | 1,150 | Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23 | $ | 823,423 | ||||||
$ | 823,423 | |||||||||
Education 11.4% | ||||||||||
$ | 315 | Geneva Industrial Development Agency, (Hobart & William Smith Project), 5.375%, 2/1/33 | $ | 315,129 | ||||||
975 | New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/34 | 995,066 | ||||||||
1,000 | New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38(1) | 1,036,920 | ||||||||
510 | New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34 | 527,131 | ||||||||
2,000 | New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39 | 2,054,160 | ||||||||
2,250 | New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33 | 2,378,947 | ||||||||
$ | 7,307,353 | |||||||||
Electric Utilities 5.3% | ||||||||||
$ | 1,420 | Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33 | $ | 1,561,446 | ||||||
2,100 | Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27 | 1,854,237 | ||||||||
$ | 3,415,683 | |||||||||
Escrowed / Prerefunded 0.3% | ||||||||||
$ | 200 | New York City Industrial Development Agency, (Ohel Childrens Home), Escrowed to Maturity, 6.25%, 8/15/22 | $ | 205,884 | ||||||
$ | 205,884 | |||||||||
General Obligations 12.1% | ||||||||||
$ | 6,000 | New York City, 5.25%, 9/15/33(2) | $ | 6,058,260 | ||||||
1,000 | New York City, 6.25%, 10/15/28 | 1,115,600 | ||||||||
680 | Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29 | 599,930 | ||||||||
$ | 7,773,790 | |||||||||
Health
Care-Miscellaneous 6.4%
|
||||||||||
$ | 1,115 | New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29 | $ | 824,297 | ||||||
1,200 | New York City Industrial Development Agency, (Ohel Childrens Home), 6.25%, 8/15/22 | 863,640 | ||||||||
200 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | 151,180 | ||||||||
50 | Suffolk County Industrial Development Agency, (Alliance of LI), Series A, Class H, 7.50%, 9/1/15 | 49,446 | ||||||||
100 | Suffolk County Industrial Development Agency, (Alliance of LI), Series A, Class I, 7.50%, 9/1/15 | 98,892 | ||||||||
2,600 | Westchester County Industrial Development Agency, (Childrens Village), 5.375%, 3/15/19 | 2,132,234 | ||||||||
$ | 4,119,689 | |||||||||
Hospital 28.1% | ||||||||||
$ | 190 | Chautauqua County Industrial Development Agency, (Womens Christian Association), 6.35%, 11/15/17 | $ | 169,172 | ||||||
485 | Chautauqua County Industrial Development Agency, (Womens Christian Association), 6.40%, 11/15/29 | 367,227 | ||||||||
1,250 | Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18 | 1,053,288 | ||||||||
2,500 | Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25 | 2,097,000 | ||||||||
400 | Nassau County Industrial Development Agency, (North Shore Health System), 6.25%, 11/1/21 | 410,156 | ||||||||
1,500 | New York Dormitory Authority, (Lenox Hill Hospital), 5.50%, 7/1/30 | 1,137,480 | ||||||||
4,000 | New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 5.00%, 7/1/36(2) | 3,924,160 | ||||||||
2,000 | New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33 | 1,490,140 | ||||||||
845 | New York Dormitory Authority, (North Shore Hospital), 5.00%, 11/1/34 | 775,592 | ||||||||
1,250 | New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37 | 1,102,275 | ||||||||
415 | New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29 | 330,020 | ||||||||
835 | New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37 | 623,695 | ||||||||
950 | New York Dormitory Authority, (St. Lukes Roosevelt Hospital), 4.90%, 8/15/31 | 894,748 | ||||||||
1,250 | Oneida County Industrial Development Agency, (St. Elizabeths Medical Center), 5.75%, 12/1/19 | 1,021,775 | ||||||||
650 | Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32 | 544,583 | ||||||||
2,105 | Suffolk County Industrial Development Agency, (Huntington Hospital), 6.00%, 11/1/22 | 2,104,874 | ||||||||
$ | 18,046,185 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Housing 18.1% | ||||||||||
$ | 1,500 |
New York City Housing Development Corp., (Multi-Family Housing), (AMT), 5.05%, 11/1/39 |
$ | 1,386,225 | ||||||
2,620 |
New York City Housing Development Corp., (Multi-Family Housing), (AMT), 5.20%, 11/1/40 |
2,462,066 | ||||||||
1,000 | New York Housing Finance Agency, 5.25%, 11/1/41 | 989,200 | ||||||||
2,625 | New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42 | 2,651,565 | ||||||||
1,500 | New York Mortgage Agency, (AMT), 4.875%, 10/1/30 | 1,386,540 | ||||||||
2,000 | New York Mortgage Agency, (AMT), 4.90%, 10/1/37 | 1,778,800 | ||||||||
1,000 | New York Mortgage Agency, (AMT), 5.125%, 10/1/37 | 936,870 | ||||||||
$ | 11,591,266 | |||||||||
Industrial Development Revenue 13.9% | ||||||||||
$ | 1,000 | Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32 | $ | 833,540 | ||||||
2,525 | Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35(2) | 2,366,098 | ||||||||
1,500 | New York Industrial Development Agency, (American Airlines, Inc. JFK International Airport), (AMT), 8.00%, 8/1/12 | 1,462,095 | ||||||||
1,000 | Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), 4.875%, 7/1/41 | 885,730 | ||||||||
2,500 | Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), (AMT), 6.25%, 12/1/34 | 2,323,125 | ||||||||
775 | Onondaga County Industrial Development Agency, (Senior Air Cargo), (AMT), 6.125%, 1/1/32 | 571,818 | ||||||||
495 | Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15 | 495,446 | ||||||||
$ | 8,937,852 | |||||||||
Insured-Education 6.3% | ||||||||||
$ | 1,250 | New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35 | $ | 1,134,500 | ||||||
1,500 | New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38 | 1,516,320 | ||||||||
5,460 | Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33 | 1,357,520 | ||||||||
$ | 4,008,340 | |||||||||
Insured-Electric
Utilities 2.3%
|
||||||||||
$ | 1,365 | Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33 | $ | 1,502,769 | ||||||
$ | 1,502,769 | |||||||||
Insured-General Obligations 1.5% | ||||||||||
$ | 910 | New Rochelle City School District, (AGC), 4.00%, 11/15/21 | $ | 935,799 | ||||||
$ | 935,799 | |||||||||
Insured-Lease Revenue / Certificates of Participation 4.5% | ||||||||||
$ | 3,600 | Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47 | $ | 2,914,524 | ||||||
$ | 2,914,524 | |||||||||
Insured-Other Revenue 2.6% | ||||||||||
$ | 2,645 | New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31 | $ | 724,756 | ||||||
3,625 | New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32 | 931,770 | ||||||||
$ | 1,656,526 | |||||||||
Insured-Special Tax Revenue 7.8% | ||||||||||
$ | 1,000 | New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45 | $ | 835,040 | ||||||
1,000 | New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44 | 891,280 | ||||||||
4,500 | Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34 | 686,565 | ||||||||
19,745 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | 1,091,701 | ||||||||
3,380 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44 | 376,532 | ||||||||
6,705 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45 | 699,801 | ||||||||
4,225 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46 | 411,853 | ||||||||
$ | 4,992,772 | |||||||||
Insured-Transportation 9.0% | ||||||||||
$ | 6,235 | Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29 | $ | 5,761,514 | ||||||
$ | 5,761,514 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Water and Sewer 1.3% | ||||||||||
$ | 1,000 | Nassau County Industrial Development Agency, (Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35 | $ | 849,400 | ||||||
$ | 849,400 | |||||||||
Lease Revenue / Certificates of Participation 5.0% | ||||||||||
$ | 2,500 | New York City Transitional Finance Authority, (Building Aid), 4.50%, 1/15/38 | $ | 2,170,550 | ||||||
1,000 | New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31 | 1,029,570 | ||||||||
$ | 3,200,120 | |||||||||
Other Revenue 1.5% | ||||||||||
$ | 1,285 | Albany Industrial Development Agency, Civic Facility, (Charitable Leadership), 5.75%, 7/1/26 | $ | 990,298 | ||||||
$ | 990,298 | |||||||||
Senior Living / Life Care 2.9% | ||||||||||
$ | 1,450 | Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29 | $ | 1,128,970 | ||||||
900 | Suffolk County Industrial Development Agency, (Jeffersons Ferry Project), 5.00%, 11/1/28 | 696,123 | ||||||||
$ | 1,825,093 | |||||||||
Special Tax Revenue 1.6% | ||||||||||
$ | 1,000 | New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38 | $ | 1,024,550 | ||||||
$ | 1,024,550 | |||||||||
Transportation 17.3% | ||||||||||
$ | 1,700 | Metropolitan Transportation Authority, 4.50%, 11/15/37 | $ | 1,472,183 | ||||||
3,200 | Metropolitan Transportation Authority, 4.50%, 11/15/38 | 2,786,048 | ||||||||
1,900 | Port Authority of New York and New Jersey, 5.00%, 11/15/37(2) | 1,924,814 | ||||||||
1,190 | Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33 | 1,058,648 | ||||||||
990 | Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(2) | 1,001,345 | ||||||||
2,750 | Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34 | 2,836,818 | ||||||||
$ | 11,079,856 | |||||||||
Water
and Sewer 10.7%
|
||||||||||
$ | 3,105 | New York City Municipal Water Finance Authority, 5.75%, 6/15/40 | $ | 3,336,975 | ||||||
2,535 | New York Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 5.00%, 6/15/37(2) | 2,584,838 | ||||||||
5 | New York Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 5.00%, 6/15/37 | 5,098 | ||||||||
1,000 | Saratoga County Water Authority, 5.00%, 9/1/48 | 959,650 | ||||||||
$ | 6,886,561 | |||||||||
Total
Tax-Exempt Investments 171.2%
|
||||||||||
(identified
cost $118,524,977)
|
$ | 109,849,247 | ||||||||
Auction
Preferred Shares Plus Cumulative
|
||||||||||
Unpaid
Dividends (52.6)%
|
$ | (33,726,431 | ) | |||||||
Other
Assets, Less Liabilities (18.6)%
|
$ | (11,940,830 | ) | |||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 64,181,986 | ||||||||
(1) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(2) | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). |
Tax-Exempt Investments 163.1% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Cogeneration 1.4% | ||||||||||
$ | 385 | Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 5.875%, 9/1/20 | $ | 310,830 | ||||||
200 | Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 6.625%, 9/1/20 | 172,160 | ||||||||
$ | 482,990 | |||||||||
Electric Utilities 1.0% | ||||||||||
$ | 360 | Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14 | $ | 350,939 | ||||||
$ | 350,939 | |||||||||
Escrowed / Prerefunded 8.0% | ||||||||||
$ | 1,000 | Delaware County, Prerefunded to 12/1/10, 6.00%, 12/1/25 | $ | 1,088,940 | ||||||
1,000 | Hamilton City School District, Prerefunded to 12/1/09, 5.625%, 12/1/24 | 1,036,500 | ||||||||
670 | Richland County Hospital Facilities, (Medcentral Health Systems), Prerefunded to 11/15/10, 6.375%, 11/15/22 | 729,121 | ||||||||
$ | 2,854,561 | |||||||||
General Obligations 7.4% | ||||||||||
$ | 1,000 | Barberton City School District, 4.50%, 12/1/33 | $ | 944,650 | ||||||
1,090 | Central Ohio Solid Waste Authority, 5.125%, 9/1/27 | 1,146,930 | ||||||||
500 | Columbus, 5.00%, 7/1/23(1) | 531,435 | ||||||||
$ | 2,623,015 | |||||||||
Health Care-Miscellaneous 0.2% | ||||||||||
$ | 100 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | $ | 75,590 | ||||||
$ | 75,590 | |||||||||
Hospital 10.8% | ||||||||||
$ | 600 | Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.25%, 8/15/46 | $ | 457,992 | ||||||
1,500 | Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.625%, 8/15/32 | 1,280,055 | ||||||||
500 | Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26 | 420,015 | ||||||||
750 | Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/36 | 591,915 | ||||||||
1,000 | Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/46 | 758,780 | ||||||||
330 | Richland County Hospital Facilities, (Medcentral Health Systems), 6.375%, 11/15/22 | 336,854 | ||||||||
$ | 3,845,611 | |||||||||
Housing 13.2% | ||||||||||
$ | 1,000 | Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 4.625%, 9/1/27 | $ | 903,120 | ||||||
1,000 | Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 4.75%, 3/1/37 | 869,530 | ||||||||
600 | Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 5.00%, 9/1/31 | 559,524 | ||||||||
2,500 | Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), 5.25%, 4/20/48 | 2,362,575 | ||||||||
$ | 4,694,749 | |||||||||
Industrial Development Revenue 12.5% | ||||||||||
$ | 1,385 | Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27 | $ | 936,080 | ||||||
1,300 | Dayton Special Facilities Revenue, (Emery Air Freight), 5.625%, 2/1/18 | 1,309,321 | ||||||||
2,250 | Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 6.00%, 8/1/38 | 1,991,722 | ||||||||
225 | Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15 | 214,466 | ||||||||
$ | 4,451,589 | |||||||||
Insured-Education 7.3% | ||||||||||
$ | 730 | Miami University, (AMBAC), 3.25%, 9/1/26 | $ | 570,371 | ||||||
1,500 | University of Akron, Series A, (FSA), 5.00%, 1/1/38 | 1,505,130 | ||||||||
500 | University of Akron, Series B, (FSA), 5.00%, 1/1/38 | 501,710 | ||||||||
$ | 2,577,211 | |||||||||
Insured-Electric Utilities 17.0% | ||||||||||
$ | 1,000 | American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.75%, 2/15/39 | $ | 1,036,720 | ||||||
710 | Cleveland Public Power System, (NPFG), 0.00%, 11/15/27 | 268,132 | ||||||||
2,000 | Cleveland Public Power System, (NPFG), 0.00%, 11/15/38 | 372,800 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Electric
Utilities (continued)
|
||||||||||
$ | 830 | Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25 | $ | 337,005 | ||||||
3,000 | Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26 | 1,129,800 | ||||||||
2,225 | Ohio Water Development Authority, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34 | 1,960,714 | ||||||||
210 | Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30 | 202,721 | ||||||||
250 | Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34 | 236,023 | ||||||||
500 | Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26 | 491,675 | ||||||||
$ | 6,035,590 | |||||||||
Insured-Escrowed / Prerefunded 5.3% | ||||||||||
$ | 245 | Cuyahoga County Hospital, (Cleveland Clinic), (NPFG), Escrowed to Maturity, 5.125%, 1/1/29 | $ | 248,199 | ||||||
1,000 | Ohio Higher Educational Facilities, (University of Dayton), (AMBAC), Prerefunded to 12/1/10, 5.50%, 12/1/30 | 1,075,010 | ||||||||
500 | University of Cincinnati, (FGIC), Prerefunded to 6/1/11, 5.25%, 6/1/24 | 546,515 | ||||||||
$ | 1,869,724 | |||||||||
Insured-General Obligations 16.9% | ||||||||||
$ | 280 | Bowling Green City School District, (FSA), 5.00%, 12/1/34 | $ | 280,549 | ||||||
200 | Brookfield Local School District, (FSA), 5.00%, 1/15/30 | 204,632 | ||||||||
500 | Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36 | 501,875 | ||||||||
2,455 | Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30 | 722,236 | ||||||||
1,500 | Madeira City School District, (FSA), 3.50%, 12/1/27 | 1,264,260 | ||||||||
1,750 | Milford Exempt Village School District, (AGC), 5.25%, 12/1/36 | 1,796,095 | ||||||||
500 | Olmsted Falls City School District, (XLCA), 5.00%, 12/1/35 | 482,910 | ||||||||
750 | St. Marys School District, (FSA), 5.00%, 12/1/35 | 742,388 | ||||||||
$ | 5,994,945 | |||||||||
Insured-Hospital 8.9% | ||||||||||
$ | 255 | Cuyahoga County, (Cleveland Clinic), (NPFG), 5.125%, 1/1/29 | $ | 255,054 | ||||||
980 | Hamilton County, (Cincinnati Childrens Hospital), (FGIC), (NPFG), 5.00%, 5/15/32 | 917,731 | ||||||||
1,500 | Hamilton County, (Cincinnati Childrens Hospital), (FGIC), (NPFG), 5.125%, 5/15/28 | 1,460,055 | ||||||||
485 | Lorain County, (Catholic Healthcare Partners), (FSA), Variable Rate, 17.408%, 2/1/29(2)(3)(4) | 507,261 | ||||||||
$ | 3,140,101 | |||||||||
Insured-Lease Revenue / Certificates of Participation 1.3% | ||||||||||
$ | 500 | Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33 | $ | 471,700 | ||||||
$ | 471,700 | |||||||||
Insured-Special Tax Revenue 4.7% | ||||||||||
$ | 405 | Hamilton County, Sales Tax Revenue, (AMBAC), 5.25%, 12/1/32 | $ | 393,814 | ||||||
9,905 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | 547,647 | ||||||||
1,690 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44 | 188,266 | ||||||||
3,350 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45 | 349,640 | ||||||||
2,100 | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46 | 204,708 | ||||||||
$ | 1,684,075 | |||||||||
Insured-Transportation 7.6% | ||||||||||
$ | 385 | Cleveland Airport System, (FSA), 5.00%, 1/1/31 | $ | 385,100 | ||||||
1,000 | Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24 | 1,166,740 | ||||||||
1,000 | Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26 | 1,158,850 | ||||||||
$ | 2,710,690 | |||||||||
Insured-Water and Sewer 2.6% | ||||||||||
$ | 270 | Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/46 | $ | 239,857 | ||||||
750 | Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/47 | 665,273 | ||||||||
$ | 905,130 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Lease Revenue / Certificates of Participation 7.3% | ||||||||||
$ | 500 | Franklin County Convention Facilities Authority, 5.00%, 12/1/27 | $ | 526,170 | ||||||
1,000 | Mahoning County, (Career and Technical Center), 6.25%, 12/1/36 | 1,005,730 | ||||||||
1,155 | Union County, (Pleasant Valley Joint Fire District), 6.125%, 12/1/19 | 1,049,918 | ||||||||
$ | 2,581,818 | |||||||||
Other Revenue 11.6% | ||||||||||
$ | 7,345 | Buckeye Tobacco Settlement Financing Authority, 0.00%, 6/1/47 | $ | 182,670 | ||||||
710 | Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47 | 463,836 | ||||||||
2,530 | Puerto Rico Infrastructure Financing Authority, 5.50%, 10/1/32 | 2,657,841 | ||||||||
1,000 | Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27 | 818,220 | ||||||||
$ | 4,122,567 | |||||||||
Pooled Loans 12.5% | ||||||||||
$ | 550 | Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25 | $ | 538,021 | ||||||
1,020 | Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22 | 1,035,014 | ||||||||
1,245 | Rickenbacher Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32(5) | 1,263,758 | ||||||||
310 | Summit County Port Authority, (Twinsburg Township), 5.125%, 5/15/25 | 224,440 | ||||||||
750 | Toledo-Lucas County Port Authority, 4.80%, 11/15/35 | 458,243 | ||||||||
1,100 | Toledo-Lucas County Port Authority, 5.40%, 5/15/19 | 924,495 | ||||||||
$ | 4,443,971 | |||||||||
Special Tax Revenue 5.6% | ||||||||||
$ | 560 | Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18 | $ | 542,494 | ||||||
1,385 | Cuyahoga County Economic Development, (Shaker Square), 6.75%, 12/1/30 | 1,436,231 | ||||||||
$ | 1,978,725 | |||||||||
Total
Tax-Exempt Investments 163.1%
|
||||||||||
(identified
cost $60,501,547)
|
$ | 57,895,291 | ||||||||
Auction
Preferred Shares Plus Cumulative
|
||||||||||
Unpaid
Dividends (64.0)%
|
$ | (22,726,757 | ) | |||||||
Other
Assets, Less Liabilities 0.9%
|
$ | 334,658 | ||||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 35,503,192 | ||||||||
(1) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2009, the aggregate value of these securities is $507,261 or 1.4% of the Trusts net assets applicable to common shares. | |
(3) | Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2009. | |
(4) | Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $1,455,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater. | |
(5) | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). |
Tax-Exempt Investments 172.4% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Bond Bank 3.2% | ||||||||||
$ | 1,000 | Delaware Valley Regional Finance Authority, 5.75%, 7/1/32 | $ | 1,084,700 | ||||||
$ | 1,084,700 | |||||||||
Cogeneration 4.3% | ||||||||||
$ | 160 | Carbon County Industrial Development Authority, (Panther Creek Partners), (AMT), 6.65%, 5/1/10 | $ | 160,760 | ||||||
500 | Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13 | 408,835 | ||||||||
500 | Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19 | 377,390 | ||||||||
625 | Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15 | 509,944 | ||||||||
$ | 1,456,929 | |||||||||
Education 1.5% | ||||||||||
$ | 500 | Northampton County General Purpose Authority, (Lehigh University), 5.00%, 11/15/39 | $ | 502,325 | ||||||
$ | 502,325 | |||||||||
Electric Utilities 3.3% | ||||||||||
$ | 600 | Pennsylvania Economic Development Financing Authority, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36 | $ | 570,810 | ||||||
600 | York County Industrial Development Authority, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20 | 547,416 | ||||||||
$ | 1,118,226 | |||||||||
Escrowed / Prerefunded 4.0% | ||||||||||
$ | 600 | Allegheny County Industrial Development Authority, (Residential Resources, Inc.), Prerefunded to 9/1/11, 6.50%, 9/1/21 | $ | 671,472 | ||||||
600 | Bucks County Industrial Development Authority, (Pennswood), Prerefunded to 10/1/12, 6.00%, 10/1/27 | 692,346 | ||||||||
$ | 1,363,818 | |||||||||
General
Obligations 7.6%
|
||||||||||
$ | 500 | Chester County, 5.00%, 7/15/27(1) | $ | 540,845 | ||||||
1,000 | Daniel Boone Area School District, 5.00%, 8/15/32 | 1,010,220 | ||||||||
1,000 | Philadelphia School District, 6.00%, 9/1/38 | 1,061,110 | ||||||||
$ | 2,612,175 | |||||||||
Health Care-Miscellaneous 0.2% | ||||||||||
$ | 100 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | $ | 75,590 | ||||||
$ | 75,590 | |||||||||
Hospital 15.7% | ||||||||||
$ | 500 | Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34(2) | $ | 495,245 | ||||||
1,250 | Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32 | 1,122,087 | ||||||||
1,500 | Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43 | 1,294,005 | ||||||||
1,000 | Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 6.00%, 8/15/26(3) | 1,089,970 | ||||||||
850 | Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 6.00%, 1/15/31 | 870,417 | ||||||||
500 | Washington County Hospital Authority, (Monongahela Hospital), 5.50%, 6/1/17 | 512,190 | ||||||||
$ | 5,383,914 | |||||||||
Housing 15.8% | ||||||||||
$ | 515 | Allegheny County Residential Finance Authority, (Single Family Mortgages), (AMT), 4.95%, 11/1/37 | $ | 462,660 | ||||||
1,170 | Allegheny County Residential Finance Authority, (Single Family Mortgages), (AMT), 5.00%, 5/1/35 | 1,130,384 | ||||||||
985 | Pennsylvania Housing Finance Agency, (AMT), 4.70%, 10/1/37 | 844,559 | ||||||||
1,200 | Pennsylvania Housing Finance Agency, (AMT), 4.875%, 4/1/26 | 1,135,512 | ||||||||
1,000 | Pennsylvania Housing Finance Agency, (AMT), 4.90%, 10/1/37 | 908,960 | ||||||||
1,000 | Pennsylvania Housing Finance Agency, (AMT), 5.15%, 10/1/37 | 933,680 | ||||||||
$ | 5,415,755 | |||||||||
Industrial Development Revenue 10.3% | ||||||||||
$ | 750 | Montgomery County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42 | $ | 638,363 | ||||||
500 | New Morgan Industrial Development Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.50%, 4/1/19 | 500,000 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Industrial
Development Revenue (continued)
|
||||||||||
$ | 250 | Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39 | $ | 262,170 | ||||||
1,000 | Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31 | 953,690 | ||||||||
500 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27 | 438,955 | ||||||||
1,550 | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26 | 716,937 | ||||||||
$ | 3,510,115 | |||||||||
Insured-Education 23.5% | ||||||||||
$ | 500 | Lycoming County Authority, (Pennsylvania College of Technology), (AGC), 5.50%, 10/1/37 | $ | 509,065 | ||||||
1,900 | Lycoming County Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32 | 1,624,861 | ||||||||
1,115 | Pennsylvania Higher Educational Facilities Authority, (Drexel University), (NPFG), 5.00%, 5/1/37 | 1,098,453 | ||||||||
2,000 | Pennsylvania Higher Educational Facilities Authority, (State System Higher Education), (FSA), 5.00%, 6/15/24 | 2,000,680 | ||||||||
1,000 | Pennsylvania Higher Educational Facilities Authority, (Temple University), (NPFG), 5.00%, 4/1/33 | 993,050 | ||||||||
500 | State Public School Building Authority, (Delaware County Community College), (FSA), 5.00%, 10/1/27 | 523,610 | ||||||||
375 | State Public School Building Authority, (Delaware County Community College), (FSA), 5.00%, 10/1/29 | 386,869 | ||||||||
875 | State Public School Building Authority, (Delawa |