| 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. | |
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| We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
2 | ||||
Performance Information and Portfolio Composition |
||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
Financial Statements |
11 | |||
Annual Meeting of Shareholders |
67 | |||
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 RIB investments. |
3
Performance1 | ||||
NYSE Amex Symbol | CEV | |||
Average Annual Total Returns (by market price) |
||||
Six Months |
9.82 | % | ||
One Year |
25.50 | |||
Five Years |
3.34 | |||
Ten Years |
8.08 | |||
Life of Trust (1/29/99) |
4.78 | |||
Average Annual Total Returns (by net asset value) |
||||
Six Months |
8.88 | % | ||
One Year |
18.31 | |||
Five Years |
1.97 | |||
Ten Years |
7.80 | |||
Life of Trust (1/29/99) |
4.82 | |||
Premium/(Discount) to NAV (5/31/10) |
-0.46 | % | ||
Market Yields | ||||
Market Yield2 |
6.87 | % | ||
Taxable-Equivalent Market Yield3 |
11.82 |
Barclays Capital Municipal Bond Index | Barclays Capital Long (22+) Municipal Bond Index | |||||||
Six Months |
3.60 | % | 6.08 | % | ||||
One Year |
8.52 | 13.53 | ||||||
Five Years |
4.52 | 3.86 | ||||||
Ten Years |
5.90 | 6.51 |
Lipper California Municipal Debt Funds Classification (by net asset value) | ||||
Six Months |
7.29 | % | ||
One Year |
16.18 | |||
Five Years |
3.02 | |||
Ten Years |
6.39 |
* | 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 as of 5/31/10 is as follows: |
AAA |
25.1 | % | ||
AA |
25.9 | % | ||
A |
31.3 | % | ||
BBB |
11.3 | % | ||
Not Rated |
6.4 | % |
Number of Issues: |
105 | ||
Average Maturity: |
21.3 | years | |
Average Effective Maturity: |
12.8 | years | |
Average Call Protection: |
7.1 | years | |
Average Dollar Price: |
$91.04 | ||
APS Leverage**: |
30.5 | % | |
RIB Leverage**: |
12.5 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. |
4
Performance1 | ||||
NYSE Amex Symbol | MMV | |||
Average Annual Total Returns (by market price) |
||||
Six Months |
15.05 | % | ||
One Year |
25.24 | |||
Five Years |
3.88 | |||
Ten Years |
8.96 | |||
Life of Trust (1/29/99) |
5.80 | |||
Average Annual Total Returns (by net asset value) |
||||
Six Months |
8.91 | % | ||
One Year |
21.51 | |||
Five Years |
3.72 | |||
Ten Years |
8.99 | |||
Life of Trust (1/29/99) |
5.52 | |||
Premium/(Discount) to NAV (5/31/10) |
3.07 | % |
Market Yields | ||||
Market Yield2 |
6.13 | % | ||
Taxable-Equivalent Market Yield3 |
9.96 |
Barclays Capital Municipal Bond Index | Barclays Capital Long (22+) Municipal Bond Index | |||||||
Six Months |
3.60 | % | 6.08 | % | ||||
One Year |
8.52 | 13.53 | ||||||
Five Years |
4.52 | 3.86 | ||||||
Ten Years |
5.90 | 6.51 |
Lipper Other States Municipal Debt Funds Classification (by net asset value) | ||||
Six Months |
5.22 | % | ||
One Year |
14.35 | |||
Five Years |
4.04 | |||
Ten Years |
6.78 |
* | 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 as of 5/31/10 is as follows: |
AAA |
7.4 | % | ||
AA |
40.4 | % | ||
A |
37.7 | % | ||
BBB |
8.6 | % | ||
BB |
1.3 | % | ||
Not Rated |
4.6 | % |
Number of Issues: |
66 | ||
Average Maturity: |
26.2 | years | |
Average Effective Maturity: |
18.2 | years | |
Average Call Protection: |
9.7 | years | |
Average Dollar Price: |
$98.28 | ||
APS Leverage**: |
31.3 | % | |
RIB Leverage**: |
7.6 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. |
5
Performance1 | ||||
NYSE Amex Symbol | EMI | |||
Average Annual Total Returns (by market price) |
||||
Six Months |
13.34 | % | ||
One Year |
23.62 | |||
Five Years |
1.02 | |||
Ten Years |
8.42 | |||
Life of Trust (1/29/99) |
4.53 | |||
Average Annual Total Returns (by net asset value) |
||||
Six Months |
7.70 | % | ||
One Year |
17.09 | |||
Five Years |
3.31 | |||
Ten Years |
8.05 | |||
Life of Trust (1/29/99) |
5.12 | |||
Premium/(Discount) to NAV (5/31/10) |
-6.23 | % | ||
Market Yields | ||||
Market Yield2 |
6.81 | % | ||
Taxable-Equivalent Market Yield3 |
10.95 |
Barclays Capital Municipal Bond Index | Barclays Capital Long (22+) Municipal Bond Index | |||||||
Six Months |
3.60 | % | 6.08 | % | ||||
One Year |
8.52 | 13.53 | ||||||
Five Years |
4.52 | 3.86 | ||||||
Ten Years |
5.90 | 6.51 |
Lipper Michigan Municipal Debt Funds Classification (by net asset value) | ||||
Six Months |
5.66 | % | ||
One Year |
12.99 | |||
Five Years |
3.65 | |||
Ten Years |
7.07 |
Number of Issues: |
71 | ||
Average Maturity: |
21.2 | years | |
Average Effective Maturity: |
11.4 | years | |
Average Call Protection: |
5.6 | years | |
Average Dollar Price: |
$96.89 | ||
APS Leverage*: |
38.1 | % |
* | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS. |
6
Performance1 | ||||
NYSE Amex Symbol | EVJ | |||
Average Annual Total Returns (by market price) |
||||
Six Months |
6.84 | % | ||
One Year |
29.73 | |||
Five Years |
5.42 | |||
Ten Years |
9.33 | |||
Life of Trust (1/29/99) |
5.90 | |||
Average Annual Total Returns (by net asset value) |
||||
Six Months |
7.12 | % | ||
One Year |
20.86 | |||
Five Years |
3.98 | |||
Ten Years |
8.86 | |||
Life of Trust (1/29/99) |
5.61 | |||
Premium/(Discount) to NAV (5/31/10) |
3.20 | % |
Market Yields | ||||
Market Yield2 |
6.54 | % | ||
Taxable-Equivalent Market Yield3 |
11.05 |
Barclays Capital Municipal Bond Index | Barclays Capital Long (22+) Municipal Bond Index | |||||||
Six Months |
3.60 | % | 6.08 | % | ||||
One Year |
8.52 | 13.53 | ||||||
Five Years |
4.52 | 3.86 | ||||||
Ten Years |
5.90 | 6.51 |
Lipper New Jersey Municipal Debt Funds Classification (by net asset value) | ||||
Six Months |
6.62 | % | ||
One Year |
16.69 | |||
Five Years |
4.03 | |||
Ten Years |
6.84 |
AAA |
22.6 | % | ||
AA |
27.6 | % | ||
A |
25.2 | % | ||
BBB |
22.2 | % | ||
BB |
0.2 | % | ||
B |
1.0 | % | ||
Not Rated |
1.2 | % |
Number of Issues: |
80 | ||
Average Maturity: |
24.9 | years | |
Average Effective Maturity: |
12.7 | years | |
Average Call Protection: |
8.2 | years | |
Average Dollar Price: |
$94.95 | ||
APS Leverage**: |
29.5 | % | |
RIB Leverage**: |
12.9 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) out- standing as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. |
7
Performance1 | ||||
NYSE Amex Symbol | EVY | |||
Average Annual Total Returns (by market price) |
||||
Six Months |
9.69 | % | ||
One Year |
19.50 | |||
Five Years |
3.29 | |||
Ten Years |
9.55 | |||
Life of Trust (1/29/99) |
5.65 | |||
Average Annual Total Returns (by net asset value) |
||||
Six Months |
9.55 | % | ||
One Year |
23.03 | |||
Five Years |
2.74 | |||
Ten Years |
8.33 | |||
Life of Trust (1/29/99) |
5.44 | |||
Premium/(Discount) to NAV (5/31/10) |
2.26 | % |
Market Yields | ||||
Market Yield2 |
6.50 | % | ||
Taxable-Equivalent Market Yield3 |
10.99 |
Barclays Capital Municipal Bond Index | Barclays Capital Long (22+) Municipal Bond Index | |||||||
Six Months |
3.60 | % | 6.08 | % | ||||
One Year |
8.52 | 13.53 | ||||||
Five Years |
4.52 | 3.86 | ||||||
Ten Years |
5.90 | 6.51 |
Lipper New York Municipal Debt Funds Classification (by net asset value) | ||||
Six Months |
6.69 | % | ||
One Year |
16.04 | |||
Five Years |
3.48 | |||
Ten Years |
6.71 |
* | 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 as of 5/31/10 is as follows: |
AAA |
18.6 | % | ||
AA |
33.4 | % | ||
A |
19.7 | % | ||
BBB |
12.2 | % | ||
BB |
4.7 | % | ||
B |
1.9 | % | ||
CCC |
0.9 | % | ||
Not Rated |
8.6 | % |
Number of Issues: |
94 | ||
Average Maturity: |
24.0 | years | |
Average Effective Maturity: |
14.3 | years | |
Average Call Protection: |
9.2 | years | |
Average Dollar Price: |
$96.70 | ||
APS Leverage**: |
26.2 | % | |
RIB Leverage**: |
15.9 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. |
8
Performance1 | ||||
NYSE Amex Symbol | EVO | |||
Average Annual Total Returns (by market price) |
||||
Six Months |
5.08 | % | ||
One Year |
18.16 | |||
Five Years |
3.58 | |||
Ten Years |
8.09 | |||
Life of Trust (1/29/99) |
5.15 | |||
Average Annual Total Returns (by net asset value) |
||||
Six Months |
5.53 | % | ||
One Year |
17.55 | |||
Five Years |
3.41 | |||
Ten Years |
8.38 | |||
Life of Trust (1/29/99) |
5.25 | |||
Premium/(Discount) to NAV (5/31/10) |
-1.09 | % |
Market Yields | ||||
Market Yield2 |
6.52 | % | ||
Taxable-Equivalent Market Yield3 |
10.70 |
Barclays Capital Municipal Bond Index | Barclays Capital Long (22+) Municipal Bond Index | |||||||
Six Months |
3.60 | % | 6.08 | % | ||||
One Year |
8.52 | 13.53 | ||||||
Five Years |
4.52 | 3.86 | ||||||
Ten Years |
5.90 | 6.51 |
Lipper Other States Municipal Debt Funds Classification (by net asset value) | ||||
Six Months |
5.22 | % | ||
One Year |
14.35 | |||
Five Years |
4.04 | |||
Ten Years |
6.78 |
* | 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 as of 5/31/10 is as follows: |
AAA |
30.2 | % | ||
AA |
34.2 | % | ||
A |
18.4 | % | ||
BBB |
9.2 | % | ||
B |
1.4 | % | ||
Not Rated |
6.6 | % |
Number of Issues: |
80 | ||
Average Maturity: |
22.5 | years | |
Average Effective Maturity: |
10.9 | years | |
Average Call Protection: |
7.6 | years | |
Average Dollar Price: |
$96.16 | ||
APS Leverage**: |
35.4 | % | |
RIB Leverage**: |
3.6 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 5/31/10 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 RIBs purchased in secondary market transactions. |
9
Performance1 | ||||
NYSE Amex Symbol | EVP | |||
Average Annual Total Returns (by market price) |
||||
Six Months |
8.78 | % | ||
One Year |
22.82 | |||
Five Years |
3.23 | |||
Ten Years |
8.79 | |||
Life of Trust (1/29/99) |
5.28 | |||
Average Annual Total Returns (by net asset value) |
||||
Six Months |
7.40 | % | ||
One Year |
17.74 | |||
Five Years |
4.12 | |||
Ten Years |
8.33 | |||
Life of Trust (1/29/99) |
5.39 | |||
Premium/(Discount) to NAV (5/31/10) |
-1.22 | % |
Market Yields | ||||
Market Yield2 |
6.31 | % | ||
Taxable-Equivalent Market Yield3 |
10.02 |
Barclays Capital Municipal Bond Index | Barclays Capital Long (22+) Municipal Bond Index | |||||||
Six Months |
3.60 | % | 6.08 | % | ||||
One Year |
8.52 | 13.53 | ||||||
Five Years |
4.52 | 3.86 | ||||||
Ten Years |
5.90 | 6.51 |
Lipper Pennsylvania Municipal Debt Funds Classification (by net asset value) | ||||
Six Months |
6.12 | % | ||
One Year |
16.67 | |||
Five Years |
3.76 | |||
Ten Years |
6.68 |
* | 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 as of 5/31/10 is as follows: |
AAA |
16.9 | % | ||
AA |
43.7 | % | ||
A |
22.7 | % | ||
BBB |
5.8 | % | ||
BB |
0.8 | % | ||
CCC |
1.8 | % | ||
CC |
0.8 | % | ||
Not Rated |
7.5 | % |
Number of Issues: |
84 | ||
Average Maturity: |
22.1 | years | |
Average Effective Maturity: |
12.1 | years | |
Average Call Protection: |
7.8 | years | |
Average Dollar Price: |
$99.01 | ||
APS Leverage**: |
34.5 | % | |
RIB Leverage**: |
3.9 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. |
10
Tax-Exempt Investments 172.7% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 15.7% | ||||||||||
$ | 2,000 | California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39 | $ | 2,086,460 | ||||||
745 | California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30 | 763,394 | ||||||||
2,770 | California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29 | 2,692,855 | ||||||||
1,105 | California Educational Facilities Authority, (Pomona College), 5.00%, 7/1/45 | 1,138,205 | ||||||||
1,350 | California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23 | 1,495,868 | ||||||||
4,000 | California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31(1) | 4,008,600 | ||||||||
2,500 | San Diego County, Certificates of Participation, (University of San Diego), 5.375%, 10/1/41 | 2,502,525 | ||||||||
$ | 14,687,907 | |||||||||
Electric Utilities 7.1% | ||||||||||
$ | 270 | Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34 | $ | 299,779 | ||||||
2,275 | Chula Vista, (San Diego Gas and Electric), (AMT), 5.00%, 12/1/27 | 2,248,860 | ||||||||
1,020 | Los Angeles Department of Water and Power, 5.25%, 7/1/38 | 1,079,517 | ||||||||
1,500 | Northern California Power Agency, 5.25%, 8/1/24 | 1,599,480 | ||||||||
1,300 | Vernon, Electric System Revenue, 5.125%, 8/1/21 | 1,367,730 | ||||||||
$ | 6,595,366 | |||||||||
General Obligations 11.3% | ||||||||||
$ | 750 | California, 6.00%, 4/1/38 | $ | 818,685 | ||||||
1,590 | California, (AMT), 5.05%, 12/1/36 | 1,451,575 | ||||||||
4,770 | San Francisco Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37(2) | 4,884,766 | ||||||||
3,180 |
Santa Clara County, (Election of 2008), 5.00%, 8/1/39(2)(3) |
3,368,145 | ||||||||
$ | 10,523,171 | |||||||||
Hospital 29.1% | ||||||||||
$ | 1,000 | California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32 | $ | 1,029,550 | ||||||
2,310 | California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 8/15/39 | 2,250,956 | ||||||||
1,500 | California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38 | 1,701,045 | ||||||||
3,480 | California Health Facilities Financing Authority, (Sutter Health), 5.25%, 11/15/46(2) | 3,461,753 | ||||||||
750 | California Infrastructure and Economic Development Bank, (Kaiser Hospital), 5.50%, 8/1/31 | 755,138 | ||||||||
2,900 | California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35 | 2,775,996 | ||||||||
1,150 | California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34 | 1,119,985 | ||||||||
1,650 | California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36 | 1,602,925 | ||||||||
1,565 | California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32 | 1,587,583 | ||||||||
1,750 | California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29 | 1,753,325 | ||||||||
1,500 | California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28 | 1,538,190 | ||||||||
1,200 | Duarte, (Hope National Medical Center), 5.25%, 4/1/24 | 1,202,064 | ||||||||
1,900 | Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31 | 1,918,658 | ||||||||
1,250 | Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34 | 1,105,413 | ||||||||
700 | Washington Health Care Facilities Authority, (Providence Health Care), 5.25%, 7/1/29 | 700,623 | ||||||||
2,780 | Washington Township Health Care District, 5.00%, 7/1/32 | 2,679,058 | ||||||||
$ | 27,182,262 | |||||||||
Housing 2.6% | ||||||||||
$ | 1,750 | California Housing Finance Agency, (AMT), 4.75%, 8/1/42 | $ | 1,363,985 | ||||||
707 | Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29 | 660,965 | ||||||||
414 | Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29 | 382,163 | ||||||||
$ | 2,407,113 | |||||||||
Industrial Development Revenue 4.1% | ||||||||||
$ | 800 | California Pollution Control Financing Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.875%, 11/1/27 | $ | 801,288 | ||||||
1,235 | California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23 | 1,239,940 | ||||||||
2,000 | California Statewide Communities Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46 | 1,799,600 | ||||||||
$ | 3,840,828 | |||||||||
Insured-Education 5.3% | ||||||||||
$ | 495 | California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35 | $ | 498,074 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Education (continued)
|
||||||||||
$ | 1,250 | California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23 | $ | 1,385,062 | ||||||
3,000 | California State University, (AMBAC), 5.00%, 11/1/33 | 3,027,810 | ||||||||
$ | 4,910,946 | |||||||||
Insured-Electric Utilities 6.3% | ||||||||||
$ | 2,500 | California Pollution Control Financing Authority, (Pacific Gas and Electric), (NPFG), (AMT), 5.35%, 12/1/16 | $ | 2,599,000 | ||||||
3,250 | California Pollution Control Financing Authority, (Southern California Edison Co.), (NPFG), (AMT), 5.55%, 9/1/31 | 3,253,218 | ||||||||
$ | 5,852,218 | |||||||||
Insured-Escrowed / Prerefunded 2.9% | ||||||||||
$ | 5,130 | Foothill/Eastern Transportation Corridor Agency, Toll Road Bonds, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26 | $ | 2,703,818 | ||||||
$ | 2,703,818 | |||||||||
Insured-General Obligations 6.4% | ||||||||||
$ | 7,000 | Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/34 | $ | 1,560,440 | ||||||
4,825 | Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/35 | 1,001,766 | ||||||||
7,995 | Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25 | 3,420,421 | ||||||||
$ | 5,982,627 | |||||||||
Insured-Hospital 14.5% | ||||||||||
$ | 2,900 | California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37 | $ | 2,940,861 | ||||||
990 | California Statewide Communities Development Authority, (Childrens Hospital Los Angeles), (NPFG), 5.25%, 8/15/29 | 980,466 | ||||||||
750 | California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41(2) | 756,660 | ||||||||
3,750 | California Statewide Communities Development Authority, (Sutter Health), (AGM), 5.75%, 8/15/27(2) | 3,783,182 | ||||||||
5,000 | California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(2) | 5,064,400 | ||||||||
$ | 13,525,569 | |||||||||
Insured-Lease Revenue / Certificates of Participation 10.9% | ||||||||||
$ | 5,510 | Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/17 | $ | 4,120,764 | ||||||
2,000 | Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27 | 2,418,820 | ||||||||
3,500 | San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38(2) | 3,622,535 | ||||||||
$ | 10,162,119 | |||||||||
Insured-Other Revenue 1.8% | ||||||||||
$ | 1,740 | Golden State Tobacco Securitization Corp., (AGC), (FGIC), 5.00%, 6/1/38 | $ | 1,701,511 | ||||||
$ | 1,701,511 | |||||||||
Insured-Special Tax Revenue 4.3% | ||||||||||
$ | 21,285 | Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54 | $ | 1,343,509 | ||||||
4,220 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 542,059 | ||||||||
8,355 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 998,673 | ||||||||
5,270 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 585,761 | ||||||||
480 | Sacramento Area Flood Control Agency, (BHAC), 5.50%, 10/1/28 | 534,936 | ||||||||
$ | 4,004,938 | |||||||||
Insured-Transportation 9.5% | ||||||||||
$ | 5,000 | Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29 | $ | 1,440,150 | ||||||
8,000 | Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31 | 2,030,160 | ||||||||
740 | Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2) | 788,503 | ||||||||
10,000 | San Joaquin Hills Transportation Corridor Agency, Toll Road Bonds, (NPFG), 0.00%, 1/15/32 | 1,817,600 | ||||||||
1,320 | San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37 | 1,325,914 | ||||||||
1,350 | San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47 | 1,436,602 | ||||||||
$ | 8,838,929 | |||||||||
Insured-Water and Sewer 5.6% | ||||||||||
$ | 1,600 | East Bay Municipal Utility District, Water System Revenue, (FGIC), (NPFG), 5.00%, 6/1/32 | $ | 1,693,440 | ||||||
4,400 | Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30 | 3,490,608 | ||||||||
$ | 5,184,048 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Other Revenue 2.2% | ||||||||||
$ | 385 | California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32 | $ | 380,896 | ||||||
580 | California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37 | 559,016 | ||||||||
980 | Golden State Tobacco Securitization Corp., 0.00%, 6/1/37 | 628,611 | ||||||||
640 | Golden State Tobacco Securitization Corp., 5.75%, 6/1/47 | 469,293 | ||||||||
$ | 2,037,816 | |||||||||
Senior Living / Life Care 1.5% | ||||||||||
$ | 175 | California Statewide Communities Development Authority, (Senior Living -Presbyterian Homes), 4.75%, 11/15/26 | $ | 156,067 | ||||||
700 | California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.875%, 11/15/36 | 595,371 | ||||||||
600 | California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 7.25%, 11/15/41 | 654,900 | ||||||||
$ | 1,406,338 | |||||||||
Special Tax Revenue 19.2% | ||||||||||
$ | 1,000 | Bonita Canyon Public Financing Authority, 5.375%, 9/1/28 | $ | 935,340 | ||||||
285 | Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26 | 234,472 | ||||||||
460 | Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34 | 353,280 | ||||||||
2,000 | California, Economic Recovery Bonds, 5.00%, 7/1/20 | 2,235,140 | ||||||||
970 | Corona Public Financing Authority, 5.80%, 9/1/20 | 950,115 | ||||||||
200 | Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27 | 174,766 | ||||||||
500 | Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36 | 412,590 | ||||||||
1,590 | Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27 | 1,592,099 | ||||||||
895 | Lincoln Public Financing Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25 | 899,949 | ||||||||
420 | Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24 | 401,852 | ||||||||
750 | Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29 | 706,365 | ||||||||
2,250 | Oakland Joint Powers Financing Authority, 5.40%, 9/2/18 | 2,294,032 | ||||||||
930 | Oakland Joint Powers Financing Authority, 5.50%, 9/2/24 | 946,442 | ||||||||
1,325 | San Pablo Redevelopment Agency, 5.65%, 12/1/23 | 1,336,051 | ||||||||
1,095 | Santa Margarita Water District, 6.20%, 9/1/20 | 1,109,848 | ||||||||
250 | Santaluz Community Facilities District No. 2, 6.10%, 9/1/21 | 250,240 | ||||||||
500 | Santaluz Community Facilities District No. 2, 6.20%, 9/1/30 | 500,115 | ||||||||
250 | Temecula Unified School District, 5.00%, 9/1/27 | 219,663 | ||||||||
400 | Temecula Unified School District, 5.00%, 9/1/37 | 331,292 | ||||||||
500 | Turlock Public Financing Authority, 5.45%, 9/1/24 | 502,490 | ||||||||
500 | Tustin Community Facilities District, 6.00%, 9/1/37 | 491,385 | ||||||||
1,000 | Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23 | 990,600 | ||||||||
$ | 17,868,126 | |||||||||
Transportation 7.4% | ||||||||||
$ | 2,000 | Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/31 | $ | 2,065,280 | ||||||
2,120 | Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(2) | 2,190,554 | ||||||||
5 | Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35 | 5,166 | ||||||||
1,500 | Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30 | 1,551,480 | ||||||||
1,170 | Port of Redwood City, (AMT), 5.125%, 6/1/30 | 1,142,107 | ||||||||
$ | 6,954,587 | |||||||||
Water and Sewer 5.0% | ||||||||||
$ | 1,840 | California Department of Water Resources, 5.00%, 12/1/29 | $ | 1,985,286 | ||||||
2,500 | Metropolitan Water District of Southern California, (Waterworks Revenue Authorization), 5.00%, 1/1/34 | 2,660,525 | ||||||||
$ | 4,645,811 | |||||||||
Total
Tax-Exempt Investments 172.7%
|
||||||||||
(identified
cost $162,031,524)
|
$ | 161,016,048 | ||||||||
Auction
Preferred Shares Plus Cumulative
|
||||||||||
Unpaid
Dividends (53.6)%
|
$ | (49,979,998 | ) | |||||||
Other
Assets, Less Liabilities (19.1)%
|
$ | (17,784,038 | ) | |||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 93,252,012 | ||||||||
(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 an inverse floater (see Note 1H). | |
(3) | Security (or a portion thereof) has been pledged as collateral for inverse floating-rate security transactions. The aggregate value of such collateral is $983,145. |
Tax-Exempt Investments 163.4% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 34.9% | ||||||||||
$ | 2,290 | Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59 | $ | 2,428,957 | ||||||
600 | Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33 | 607,866 | ||||||||
1,240 | Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35 | 1,310,258 | ||||||||
1,000 | Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38 | 968,560 | ||||||||
1,500 | Massachusetts Development Finance Agency, (Wheeler School), 6.50%, 12/1/29 | 1,507,185 | ||||||||
1,500 | Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32 | 1,527,570 | ||||||||
1,840 | Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35 | 2,176,279 | ||||||||
1,500 | Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1) | 1,594,050 | ||||||||
415 | Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.00%, 7/1/38 | 440,257 | ||||||||
1,000 | Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38 | 1,087,000 | ||||||||
$ | 13,647,982 | |||||||||
Electric Utilities 7.1% | ||||||||||
$ | 1,000 | Massachusetts Development Finance Agency, (Devens Electric System), 6.00%, 12/1/30 | $ | 1,025,780 | ||||||
1,870 | Massachusetts Development Finance Agency, (Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36 | 1,742,073 | ||||||||
$ | 2,767,853 | |||||||||
Escrowed / Prerefunded 4.3% | ||||||||||
$ | 400 | Massachusetts Development Finance Agency, (Western New England College), Prefunded to 12/1/12, 6.125%, 12/1/32 | $ | 456,440 | ||||||
235 | Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), Prerefunded to 1/1/12, 6.00%, 7/1/31 | 257,299 | ||||||||
940 | Massachusetts Health and Educational Facilities Authority, (Winchester Hospital), Prerefunded to 7/1/10, 6.75%, 7/1/30 | 954,852 | ||||||||
$ | 1,668,591 | |||||||||
General Obligations 2.1% | ||||||||||
$ | 750 | Newton, 5.00%, 4/1/36 | $ | 807,383 | ||||||
$ | 807,383 | |||||||||
Hospital 25.2%
|
||||||||||
$ | 1,000 | Massachusetts Development Finance Agency, (Biomedical Research Corp.), 6.25%, 8/1/20 | $ | 1,013,180 | ||||||
1,000 | Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36 | 1,054,950 | ||||||||
400 | Massachusetts Health and Educational Facilities Authority, (Berkshire Health System), 6.25%, 10/1/31 | 405,600 | ||||||||
105 | Massachusetts Health and Educational Facilities Authority, (Central New England Health Systems), 6.30%, 8/1/18 | 105,067 | ||||||||
500 | Massachusetts Health and Educational Facilities Authority, (Childrens Hospital), 5.25%, 12/1/39 | 521,280 | ||||||||
1,135 | Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37 | 1,157,053 | ||||||||
885 | Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/31 | 902,567 | ||||||||
755 | Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33 | 750,961 | ||||||||
2,000 | Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32(1) | 2,021,330 | ||||||||
675 | Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29 | 676,303 | ||||||||
1,255 | Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/39 | 1,237,894 | ||||||||
$ | 9,846,185 | |||||||||
Housing 14.2% | ||||||||||
$ | 2,100 | Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48 | $ | 1,937,544 | ||||||
1,000 | Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40 | 953,530 | ||||||||
650 | Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28 | 653,139 | ||||||||
2,000 | Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37 | 1,999,980 | ||||||||
$ | 5,544,193 | |||||||||
Industrial Development Revenue 1.8% | ||||||||||
$ | 695 | Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15 | $ | 695,834 | ||||||
$ | 695,834 | |||||||||
Insured-Education 11.0% | ||||||||||
$ | 1,000 | Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39 | $ | 1,137,870 | ||||||
1,365 | Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1) | 1,551,632 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Education (continued)
|
||||||||||
$ | 1,600 | Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33 | $ | 1,624,512 | ||||||
$ | 4,314,014 | |||||||||
Insured-Electric Utilities 1.5% | ||||||||||
$ | 570 | Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | $ | 602,541 | ||||||
$ | 602,541 | |||||||||
Insured-General Obligations 8.4% | ||||||||||
$ | 1,000 | Massachusetts, (AMBAC), 5.50%, 8/1/30 | $ | 1,200,070 | ||||||
2,185 | Milford, (AGM), 4.25%, 12/15/46 | 2,105,641 | ||||||||
$ | 3,305,711 | |||||||||
Insured-Hospital 2.1% | ||||||||||
$ | 400 | Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare, Inc.), (AGC), 5.00%, 11/15/25 | $ | 406,324 | ||||||
220 | Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare, Inc.), (AGC), 5.00%, 11/15/31 | 221,314 | ||||||||
190 | Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare, Inc.), (AGC), 5.125%, 11/15/35 | 191,341 | ||||||||
$ | 818,979 | |||||||||
Insured-Other Revenue 3.5% | ||||||||||
$ | 1,225 | Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42 | $ | 1,370,077 | ||||||
$ | 1,370,077 | |||||||||
Insured-Special Tax Revenue 13.8% | ||||||||||
$ | 1,450 | Marthas Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32 | $ | 1,475,578 | ||||||
1,000 | Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29 | 1,149,710 | ||||||||
1,340 | Massachusetts School Building Authority, (AMBAC), 5.00%, 8/15/37(1) | 1,400,528 | ||||||||
7,595 | Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54 | 479,396 | ||||||||
2,525 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 324,336 | ||||||||
3,005 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 359,188 | ||||||||
1,905 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 211,741 | ||||||||
$ | 5,400,477 | |||||||||
Insured-Student
Loan 5.8%
|
||||||||||
$ | 485 | Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30 | $ | 515,836 | ||||||
1,985 | Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33 | 1,756,566 | ||||||||
$ | 2,272,402 | |||||||||
Insured-Transportation 3.6% | ||||||||||
$ | 385 | Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32 | $ | 381,932 | ||||||
1,070 | Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/38 | 1,041,602 | ||||||||
$ | 1,423,534 | |||||||||
Nursing Home 1.4% | ||||||||||
$ | 550 | Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29 | $ | 543,428 | ||||||
$ | 543,428 | |||||||||
Other Revenue 1.4% | ||||||||||
$ | 500 | Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/22 | $ | 543,070 | ||||||
$ | 543,070 | |||||||||
Senior Living / Life Care 5.5% | ||||||||||
$ | 250 | Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.15%, 7/1/31 | $ | 210,525 | ||||||
1,500 | Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.625%, 7/1/29 | 1,366,665 | ||||||||
125 | Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30 | 125,859 | ||||||||
140 | Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27 | 110,471 | ||||||||
475 | Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41 | 342,394 | ||||||||
$ | 2,155,914 | |||||||||
Special Tax Revenue 6.7% | ||||||||||
$ | 1,665 | Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31 | $ | 600,516 | ||||||
5,195 | Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34 | 1,572,994 | ||||||||
75 | Virgin Islands Public Finance Authority, 5.00%, 10/1/39 | 75,050 | ||||||||
335 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 374,587 | ||||||||
$ | 2,623,147 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Transportation 3.9% | ||||||||||
$ | 1,500 | Massachusetts Department of Transportation, 5.00%, 1/1/37 | $ | 1,527,405 | ||||||
$ | 1,527,405 | |||||||||
Water and Sewer 5.2% | ||||||||||
$ | 215 | Massachusetts Water Pollution Abatement Trust, 5.375%, 8/1/27 | $ | 215,688 | ||||||
2,000 | Massachusetts Water Resources Authority, 4.00%, 8/1/46 | 1,829,100 | ||||||||
$ | 2,044,788 | |||||||||
Total
Tax-Exempt Investments 163.4%
|
||||||||||
(identified
cost $63,061,869)
|
$ | 63,923,508 | ||||||||
Auction
Preferred Shares Plus Cumulative
|
||||||||||
Unpaid
Dividends (51.3)%
|
$ | (20,051,756 | ) | |||||||
Other
Assets, Less Liabilities (12.1)%
|
$ | (4,746,387 | ) | |||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 39,125,365 | ||||||||
(1) | Security represents the underlying municipal bond of an inverse floater (see Note 1H). |
Tax-Exempt Investments 158.9% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 7.6% | ||||||||||
$ | 525 | Grand Valley State University, 5.625%, 12/1/29 | $ | 556,484 | ||||||
525 | Grand Valley State University, 5.75%, 12/1/34 | 551,397 | ||||||||
540 | Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35 | 522,823 | ||||||||
500 | Michigan State University, 5.00%, 2/15/40 | 521,865 | ||||||||
$ | 2,152,569 | |||||||||
Electric Utilities 0.2% | ||||||||||
$ | 60 | Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29 | $ | 60,313 | ||||||
$ | 60,313 | |||||||||
Escrowed / Prerefunded 17.9% | ||||||||||
$ | 500 | Kent Hospital Finance Authority, (Spectrum Health), Prerefunded to 7/15/11, 5.50%, 1/15/31 | $ | 532,930 | ||||||
560 | Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34 | 649,393 | ||||||||
1,250 | Michigan Higher Education Facilities Authority, (Creative Studies), Prerefunded to 6/1/12, 5.90%, 12/1/27 | 1,375,225 | ||||||||
750 | Michigan Hospital Finance Authority, (Sparrow Obligation Group), Prerefunded to 11/15/11, 5.625%, 11/15/36 | 811,125 | ||||||||
15 | Michigan Hospital Finance Authority, (Trinity Health), Prerefunded to 12/1/10, 6.00%, 12/1/27 | 15,581 | ||||||||
600 | Puerto Rico Electric Power Authority, Prerefunded to 7/1/12, 5.25%, 7/1/31 | 663,360 | ||||||||
1,000 | White Cloud Public Schools, Prerefunded to 5/1/11, 5.125%, 5/1/31 | 1,044,240 | ||||||||
$ | 5,091,854 | |||||||||
General Obligations 13.1% | ||||||||||
$ | 500 | East Grand Rapids Public School District, 5.00%, 5/1/25 | $ | 514,625 | ||||||
1,500 | Kent County, 5.00%, 1/1/25 | 1,629,690 | ||||||||
750 | Manistee Area Public Schools, 5.00%, 5/1/24 | 771,098 | ||||||||
270 | Michigan, 5.50%, 11/1/25 | 299,284 | ||||||||
500 | Wayne Charter County, 6.75%, 11/1/39 | 531,335 | ||||||||
$ | 3,746,032 | |||||||||
Hospital 27.5% | ||||||||||
$ | 500 | Allegan Hospital Finance Authority, (Allegan General Hospital), 7.00%, 11/15/21 | $ | 501,010 | ||||||
185 | Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25 | 168,911 | ||||||||
125 | Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37 | 108,498 | ||||||||
275 | Kent Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47 | 306,317 | ||||||||
455 | Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18 | 442,665 | ||||||||
1,000 | Michigan Hospital Finance Authority, (Central Michigan Community Hospital), 6.25%, 10/1/27 | 1,000,010 | ||||||||
750 | Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38 | 679,402 | ||||||||
1,000 | Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46 | 930,620 | ||||||||
1,080 | Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35 | 1,020,838 | ||||||||
750 | Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21 | 753,675 | ||||||||
500 | Michigan Hospital Finance Authority, (Mid Michigan Obligation Group), 6.125%, 6/1/39 | 534,040 | ||||||||
985 | Michigan Hospital Finance Authority, (Trinity Health), 6.00%, 12/1/27 | 1,002,513 | ||||||||
425 | Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26 | 384,918 | ||||||||
$ | 7,833,417 | |||||||||
Housing 3.4% | ||||||||||
$ | 1,000 | Michigan Housing Development Authority, (Williams Pavilion), (AMT), 4.90%, 4/20/48 | $ | 977,210 | ||||||
$ | 977,210 | |||||||||
Industrial Development Revenue 6.0% | ||||||||||
$ | 750 | Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21 | $ | 460,755 | ||||||
800 | Dickinson County Economic Development Corp., (International Paper Co.), 5.75%, 6/1/16 | 823,176 | ||||||||
550 | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26 | 435,529 | ||||||||
$ | 1,719,460 | |||||||||
Insured-Education 5.8% | ||||||||||
$ | 570 | Ferris State University, (AGC), 5.125%, 10/1/33 | $ | 598,563 | ||||||
500 | Ferris State University, (AGC), 5.25%, 10/1/38 | 528,660 | ||||||||
500 | Wayne State University, (AGM), 5.00%, 11/15/35 | 520,640 | ||||||||
$ | 1,647,863 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Electric Utilities 9.2% | ||||||||||
$ | 1,000 | Michigan Strategic Fund, (Detroit Edison Co.), (NPFG), (AMT), 5.55%, 9/1/29 | $ | 1,002,190 | ||||||
400 | Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32 | 401,596 | ||||||||
220 | Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30 | 231,497 | ||||||||
500 | Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34 | 514,530 | ||||||||
435 | Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | 459,834 | ||||||||
$ | 2,609,647 | |||||||||
Insured-Escrowed / Prerefunded 10.9% | ||||||||||
$ | 1,000 | Detroit Sewer Disposal, (FGIC), Prerefunded to 7/1/11, 5.125%, 7/1/31 | $ | 1,051,580 | ||||||
2,000 | Novi Building Authority, (AGM), Prerefunded to 10/1/10, 5.50%, 10/1/25 | 2,055,640 | ||||||||
$ | 3,107,220 | |||||||||
Insured-General Obligations 8.5% | ||||||||||
$ | 300 | Detroit City School District, (AGM), 5.25%, 5/1/32 | $ | 308,694 | ||||||
650 | Detroit City School District, (FGIC), 4.75%, 5/1/28 | 637,676 | ||||||||
200 | Eaton Rapids Public Schools, (NPFG), 4.75%, 5/1/25 | 200,304 | ||||||||
1,250 | Van Dyke Public Schools, (AGM), 5.00%, 5/1/38 | 1,283,687 | ||||||||
$ | 2,430,361 | |||||||||
Insured-Hospital 6.9% | ||||||||||
$ | 985 | Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (NPFG), 5.25%, 11/15/35 | $ | 956,701 | ||||||
1,000 | Saginaw Hospital Finance Authority, (Covenant Medical Center), (NPFG), 5.50%, 7/1/24 | 1,000,440 | ||||||||
$ | 1,957,141 | |||||||||
Insured-Lease Revenue / Certificates of Participation 5.9% | ||||||||||
$ | 1,000 | Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29 | $ | 353,380 | ||||||
4,300 | Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30 | 1,323,239 | ||||||||
$ | 1,676,619 | |||||||||
Insured-Special Tax Revenue 3.6% | ||||||||||
$ | 5,160 | Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54 | $ | 325,699 | ||||||
2,030 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 260,753 | ||||||||
2,430 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 290,458 | ||||||||
1,470 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 163,391 | ||||||||
$ | 1,040,301 | |||||||||
Insured-Student Loan 6.9% | ||||||||||
$ | 1,000 | Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.00%, 3/1/31 | $ | 953,950 | ||||||
1,000 | Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.50%, 6/1/25 | 1,001,980 | ||||||||
$ | 1,955,930 | |||||||||
Insured-Transportation 4.4% | ||||||||||
$ | 1,000 | Wayne Charter County Airport, (AGC), (AMT), 5.375%, 12/1/32 | $ | 959,070 | ||||||
300 | Wayne Charter County Airport, (NPFG), (AMT), 5.00%, 12/1/28 | 284,718 | ||||||||
$ | 1,243,788 | |||||||||
Insured-Water and Sewer 9.4% | ||||||||||
$ | 1,650 | Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30 | $ | 1,633,417 | ||||||
1,000 | Grand Rapids Water Supply System, (AGC), 5.10%, 1/1/39 | 1,050,320 | ||||||||
$ | 2,683,737 | |||||||||
Lease Revenue / Certificates of Participation 0.9% | ||||||||||
$ | 250 | Puerto Rico, (Guaynabo Municipal Government Center Lease), 5.625%, 7/1/22 | $ | 250,228 | ||||||
$ | 250,228 | |||||||||
Other Revenue 1.3% | ||||||||||
$ | 500 | Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48 | $ | 373,975 | ||||||
$ | 373,975 | |||||||||
Special Tax Revenue 1.3% | ||||||||||
$ | 115 | Guam, Limited Obligation Bonds, 5.625%, 12/1/29 | $ | 118,717 | ||||||
125 | Guam, Limited Obligation Bonds, 5.75%, 12/1/34 | 129,159 | ||||||||
110 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 122,998 | ||||||||
$ | 370,874 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Water and Sewer 8.2% | ||||||||||
$ | 790 | Grand Rapids, (Sanitary Sewer System), 5.00%, 1/1/28 | $ | 871,133 | ||||||
600 | Michigan Municipal Bond Authority, (Clean Water Revenue), 5.00%, 10/1/29 | 650,982 | ||||||||
500 | Michigan Municipal Bond Authority, (Clean Water Revenue), 5.00%, 10/1/30 | 543,530 | ||||||||
250 | Michigan Municipal Bond Authority, (Clean Water Revenue), 5.25%, 10/1/11(1) | 265,910 | ||||||||
$ | 2,331,555 | |||||||||
Total
Tax-Exempt Investments 158.9%
|
||||||||||
(identified
cost $45,249,062)
|
$ | 45,260,094 | ||||||||
Auction
Preferred Shares Plus Cumulative
|
||||||||||
Unpaid
Dividends (61.4)%
|
$ | (17,501,026 | ) | |||||||
Other
Assets, Less Liabilities 2.5%
|
$ | 730,031 | ||||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 28,489,099 | ||||||||
(1) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
Tax-Exempt Investments 169.9% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 25.9% | ||||||||||
$ | 250 | New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27 | $ | 251,175 | ||||||
250 | New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33 | 242,330 | ||||||||
220 | New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37 | 216,861 | ||||||||
2,780 | New Jersey Educational Facilities Authority, (Kean University), 5.50%, 9/1/36 | 2,984,052 | ||||||||
3,500 | New Jersey Educational Facilities Authority, (Princeton University), 4.25%, 7/1/40(1) | 3,479,280 | ||||||||
3,500 | New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38(2) | 3,579,730 | ||||||||
1,650 | New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27 | 1,679,485 | ||||||||
965 | New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), 7.50%, 12/1/32 | 1,114,758 | ||||||||
3,150 | Rutgers State University, 5.00%, 5/1/39(2) | 3,345,510 | ||||||||
$ | 16,893,181 | |||||||||
Electric Utilities 2.3% | ||||||||||
$ | 1,500 | Salem County Pollution Control Financing Authority, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31 | $ | 1,509,615 | ||||||
$ | 1,509,615 | |||||||||
Hospital 23.6% | ||||||||||
$ | 90 | Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35 | $ | 81,365 | ||||||
2,300 | Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34 | 2,304,876 | ||||||||
2,515 | New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27 | 2,538,213 | ||||||||
2,535 | New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37 | 2,546,915 | ||||||||
915 | New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), 5.75%, 7/1/39 | 913,664 | ||||||||
1,525 | New Jersey Health Care Facilities Financing Authority, (Kennedy Health System), 5.625%, 7/1/31 | 1,533,967 | ||||||||
1,750 | New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.75%, 7/1/31 | 1,751,050 | ||||||||
2,650 | New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46 | 2,567,293 | ||||||||
1,075 | New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33 | 1,136,490 | ||||||||
$ | 15,373,833 | |||||||||
Housing 4.7%
|
||||||||||
$ | 715 | New Jersey Housing & Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37 | $ | 682,353 | ||||||
2,340 | New Jersey Housing & Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37 | 2,347,909 | ||||||||
$ | 3,030,262 | |||||||||
Industrial Development Revenue 12.6% | ||||||||||
$ | 500 | Middlesex County Pollution Control Authority, (Amerada Hess), 5.75%, 9/15/32 | $ | 503,375 | ||||||
540 | Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34 | 551,572 | ||||||||
3,220 | New Jersey Economic Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.95%, 3/1/47 | 3,009,154 | ||||||||
215 | New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29 | 196,349 | ||||||||
750 | New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, 6/1/33 | 789,488 | ||||||||
1,235 | New Jersey Economic Development Authority, (New Jersey American Water Co., Inc.), (AMT), 5.70%, 10/1/39 | 1,273,865 | ||||||||
2,080 | Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22 | 1,915,160 | ||||||||
$ | 8,238,963 | |||||||||
Insured-Education 6.4% | ||||||||||
$ | 3,365 | New Jersey Educational Facilities Authority, (College of New Jersey), (AGM), 5.00%, 7/1/35(2) | $ | 3,508,066 | ||||||
825 | New Jersey Educational Facilities Authority, (Rowan University), (AGM), (FGIC), 3.00%, 7/1/28 | 673,811 | ||||||||
$ | 4,181,877 | |||||||||
Insured-Electric Utilities 1.9% | ||||||||||
$ | 1,250 | Vineland, (Electric Utility), (NPFG), (AMT), 5.25%, 5/15/26 | $ | 1,253,113 | ||||||
$ | 1,253,113 | |||||||||
Insured-Gas Utilities 7.8% | ||||||||||
$ | 4,975 | New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (NPFG), (AMT), 4.90% to 10/1/25 (Put Date), 10/1/40 | $ | 5,112,957 | ||||||
$ | 5,112,957 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-General Obligations 2.8% | ||||||||||
$ | 460 | Egg Harbor Township School District, (AGM), 3.50%, 4/1/28 | $ | 433,095 | ||||||
1,240 | Lakewood Township, (AGC), 5.75%, 11/1/31 | 1,410,971 | ||||||||
$ | 1,844,066 | |||||||||
Insured-Hospital 6.5% | ||||||||||
$ | 750 | New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36(2) | $ | 776,535 | ||||||
1,460 | New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series II, (AGC), 5.00%, 7/1/38 | 1,485,199 | ||||||||
500 |
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series V, (AGC), 5.00%, 7/1/38(2) |
508,630 | ||||||||
1,380 | New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38 | 1,474,544 | ||||||||
$ | 4,244,908 | |||||||||
Insured-Housing 5.2% | ||||||||||
$ | 3,390 | New Jersey Housing and Mortgage Finance Agency, (Multi-Family Housing), (AGM), (AMT), 5.05%, 5/1/34 | $ | 3,391,390 | ||||||
$ | 3,391,390 | |||||||||
Insured-Industrial Development Revenue 0.3% | ||||||||||
$ | 165 | New Jersey Economic Development Authority, (New Jersey American Water Co, Inc.), (FGIC), (NPFG), (AMT), 5.25%, 7/1/38 | $ | 164,751 | ||||||
$ | 164,751 | |||||||||
Insured-Lease Revenue / Certificates of Participation 4.3% | ||||||||||
$ | 1,500 | New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34 | $ | 1,651,695 | ||||||
1,000 | New Jersey Economic Development Authority, (School Facilities Construction), (FGIC), (NPFG), 5.50%, 9/1/28 | 1,127,550 | ||||||||
$ | 2,779,245 | |||||||||
Insured-Other Revenue 1.7% | ||||||||||
$ | 1,015 | Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39 | $ | 1,085,116 | ||||||
$ | 1,085,116 | |||||||||
Insured-Special
Tax Revenue 11.7%
|
||||||||||
$ | 6,000 | Garden State Preservation Trust, (AGM), 0.00%, 11/1/25 | $ | 3,068,940 | ||||||
4,315 | New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26 | 1,897,866 | ||||||||
2,020 | New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27 | 835,149 | ||||||||
7,185 | Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54 | 453,517 | ||||||||
2,745 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 352,595 | ||||||||
5,445 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 650,841 | ||||||||
3,425 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 380,689 | ||||||||
$ | 7,639,597 | |||||||||
Insured-Student Loan 4.3% | ||||||||||
$ | 2,580 | New Jersey Higher Education Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30 | $ | 2,774,893 | ||||||
$ | 2,774,893 | |||||||||
Insured-Transportation 5.2% | ||||||||||
$ | 1,960 | New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), (BHAC), 0.00%, 12/15/26 | $ | 873,964 | ||||||
5,570 | New Jersey Transportation Trust Fund Authority, (Transportation System), (BHAC), (FGIC), 0.00%, 12/15/31 | 1,778,167 | ||||||||
400 | Port Authority of New York and New Jersey, (FGIC), (NPFG), (AMT), 5.00%, 8/1/36 | 400,028 | ||||||||
315 | South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33 | 345,819 | ||||||||
$ | 3,397,978 | |||||||||
Insured-Water and Sewer 4.5% | ||||||||||
$ | 3,000 | New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25 | $ | 2,956,740 | ||||||
$ | 2,956,740 | |||||||||
Lease Revenue / Certificates of Participation 6.0% | ||||||||||
$ | 1,500 | New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33 | $ | 1,614,000 | ||||||
2,250 | New Jersey Health Care Facilities Financing Authority, (Contract Hospital Asset Transportation Program), 5.25%, 10/1/38 | 2,281,703 | ||||||||
$ | 3,895,703 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Other Revenue 7.4% | ||||||||||
$ | 7,200 | Childrens Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50 | $ | 272,808 | ||||||
13,280 | Childrens Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55 | 258,031 | ||||||||
600 | New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48(2) | 632,050 | ||||||||
2,700 | New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48(2) | 2,844,221 | ||||||||
4,270 | Tobacco Settlement Financing Corp., 0.00%, 6/1/41 | 219,136 | ||||||||
900 | Tobacco Settlement Financing Corp., 5.00%, 6/1/41 | 610,092 | ||||||||
$ | 4,836,338 | |||||||||
Senior Living / Life Care 2.8% | ||||||||||
$ | 465 | New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28 | $ | 445,261 | ||||||
770 | New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38 | 729,059 | ||||||||
815 | New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36 | 671,161 | ||||||||
$ | 1,845,481 | |||||||||
Special Tax Revenue 1.2% | ||||||||||
$ | 100 | New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27 | $ | 92,241 | ||||||
175 | New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37 | 151,701 | ||||||||
500 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 559,085 | ||||||||
$ | 803,027 | |||||||||
Student Loan 4.2% | ||||||||||
$ | 230 | New Jersey Higher Education Assistance Authority, 5.625%, 6/1/30 | $ | 244,437 | ||||||
2,500 | New Jersey Higher Education Assistance Authority, (AMT), Variable Rate, 1.337%, 6/1/36(2) | 2,496,300 | ||||||||
$ | 2,740,737 | |||||||||
Transportation 15.1% | ||||||||||
$ | 250 | New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38 | $ | 276,778 | ||||||
815 | New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38 | 913,207 | ||||||||
3,600 | New Jersey Turnpike Authority, 5.25%, 1/1/40 | 3,803,616 | ||||||||
480 | Port Authority of New York and New Jersey, 4.50%, 11/1/33 | 489,893 | ||||||||
1,000 | Port Authority of New York and New Jersey, 5.00%, 9/1/34 | 1,034,560 | ||||||||
1,995 | Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(2) | 2,136,319 | ||||||||
1,175 | South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33 | 1,186,867 | ||||||||
$ | 9,841,240 | |||||||||
Water and Sewer 1.5% | ||||||||||
$ | 985 | Cumberland County Improvement Authority, (Solid Waste System), 5.00%, 1/1/30 | $ | 987,679 | ||||||
$ | 987,679 | |||||||||
Total
Tax-Exempt Investments 169.9%
|
||||||||||
(identified
cost $109,197,640)
|
$ | 110,822,690 | ||||||||
Auction
Preferred Shares Plus Cumulative
|
||||||||||
Unpaid
Dividends (51.2)%
|
$ | (33,429,180 | ) | |||||||
Other
Assets, Less Liabilities (18.7)%
|
$ | (12,175,282 | ) | |||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 65,218,228 | ||||||||
(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 an inverse floater (see Note 1H). |
Tax-Exempt Investments 170.3% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Cogeneration 1.4% | ||||||||||
$ | 1,150 | Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23 | $ | 1,007,021 | ||||||
$ | 1,007,021 | |||||||||
Education 18.2% | ||||||||||
$ | 315 | Geneva Industrial Development Agency, (Hobart & William Smith Project), 5.375%, 2/1/33 | $ | 319,158 | ||||||
1,210 | New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/34 | 1,298,112 | ||||||||
325 | New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/39 | 347,692 | ||||||||
510 | New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33 | 554,339 | ||||||||
1,000 | New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38(1) | 1,065,310 | ||||||||
510 | New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34 | 544,726 | ||||||||
2,000 | New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39 | 2,122,140 | ||||||||
2,000 | New York Dormitory Authority, (New York University), 5.25%, 7/1/48 | 2,126,500 | ||||||||
2,250 | New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33 | 2,499,233 | ||||||||
2,500 | New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40 | 2,662,400 | ||||||||
$ | 13,539,610 | |||||||||
Electric Utilities 5.0% | ||||||||||
$ | 1,420 | Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33 | $ | 1,618,772 | ||||||
2,100 | Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27 | 2,095,317 | ||||||||
$ | 3,714,089 | |||||||||
General Obligations 10.0% | ||||||||||
$ | 6,000 | New York City, 5.25%, 9/15/33(2) | $ | 6,219,240 | ||||||
1,000 | New York City, 6.25%, 10/15/28 | 1,179,890 | ||||||||
$ | 7,399,130 | |||||||||
Health
Care-Miscellaneous 5.9%
|
||||||||||
$ | 1,115 | New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29 | $ | 917,935 | ||||||
1,200 | New York City Industrial Development Agency, (Ohel Childrens Home), 6.25%, 8/15/22 | 946,524 | ||||||||
50 | Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class H, 7.50%, 9/1/15 | 50,696 | ||||||||
100 | Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class I, 7.50%, 9/1/15 | 101,392 | ||||||||
2,600 | Westchester County Industrial Development Agency, (Childrens Village), 5.375%, 3/15/19 | 2,353,104 | ||||||||
$ | 4,369,651 | |||||||||
Hospital 29.0% | ||||||||||
$ | 175 | Chautauqua County Industrial Development Agency, (Womens Christian Association), 6.35%, 11/15/17 | $ | 172,197 | ||||||
485 | Chautauqua County Industrial Development Agency, (Womens Christian Association), 6.40%, 11/15/29 | 436,107 | ||||||||
1,250 | Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18 | 1,179,700 | ||||||||
2,490 | Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25 | 2,478,820 | ||||||||
400 | Nassau County Industrial Development Agency, (North Shore Health System), 6.25%, 11/1/21 | 409,708 | ||||||||
1,500 | New York Dormitory Authority, (Lenox Hill Hospital), 5.50%, 7/1/30 | 1,459,050 | ||||||||
4,000 | New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 5.00%, 7/1/36(2) | 4,142,480 | ||||||||
2,000 | New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33 | 1,945,140 | ||||||||
1,000 | New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26(3) | 1,023,790 | ||||||||
900 | New York Dormitory Authority, (Mount Sinai Hospital), 5.50%, 7/1/26 | 900,567 | ||||||||
845 | New York Dormitory Authority, (North Shore Hospital), 5.00%, 11/1/34 | 833,238 | ||||||||
1,250 | New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37 | 1,292,337 | ||||||||
415 | New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29 | 416,498 | ||||||||
835 | New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37 | 815,720 | ||||||||
1,250 | Oneida County Industrial Development Agency, (St. Elizabeths Medical Center), 5.75%, 12/1/19 | 1,245,475 | ||||||||
650 | Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32 | 634,901 | ||||||||
2,105 | Suffolk County Industrial Development Agency, (Huntington Hospital), 6.00%, 11/1/22 | 2,158,214 | ||||||||
$ | 21,543,942 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Housing 16.5% | ||||||||||
$ | 1,500 | New York City Housing Development Corp., MFMR, (AMT), 5.05%, 11/1/39 | $ | 1,502,625 | ||||||
2,620 | New York City Housing Development Corp., MFMR, (AMT), 5.20%, 11/1/40 | 2,650,261 | ||||||||
1,000 | New York Housing Finance Agency, 5.25%, 11/1/41 | 1,022,120 | ||||||||
2,625 | New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42 | 2,697,922 | ||||||||
1,500 | New York Mortgage Agency, (AMT), 4.875%, 10/1/30 | 1,489,380 | ||||||||
1,955 | New York Mortgage Agency, (AMT), 4.90%, 10/1/37 | 1,897,543 | ||||||||
1,000 | New York Mortgage Agency, (AMT), 5.125%, 10/1/37 | 1,007,100 | ||||||||
$ | 12,266,951 | |||||||||
Industrial Development Revenue 11.4% | ||||||||||
$ | 340 | Chautauqua County Industrial Development Agency, (NRG Dunkirk Power), 5.875%, 4/1/42 | $ | 348,745 | ||||||
1,000 | Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32 | 1,047,400 | ||||||||
2,525 | Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35(2) | 2,552,512 | ||||||||
1,500 | New York Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 8.00%, 8/1/12 | 1,538,025 | ||||||||
2,500 | Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), (AMT), 6.25%, 12/1/34 | 2,502,025 | ||||||||
465 | Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15 | 465,744 | ||||||||
$ | 8,454,451 | |||||||||
Insured-Education 6.0% | ||||||||||
$ | 1,250 | New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35 | $ | 1,258,425 | ||||||
1,500 | New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38(2) | 1,580,499 | ||||||||
5,365 | Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33 | 1,653,708 | ||||||||
$ | 4,492,632 | |||||||||
Insured-Electric Utilities 3.4% | ||||||||||
$ | 1,365 | Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33 | $ | 1,548,961 | ||||||
960 | New York Power Authority, (NPFG), 5.00%, 11/15/47 | 1,004,438 | ||||||||
$ | 2,553,399 | |||||||||
Insured-Escrowed / Prerefunded 1.8%
|
||||||||||
$ | 1,265 | New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26 | $ | 683,758 | ||||||
1,280 | New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27 | 658,150 | ||||||||
$ | 1,341,908 | |||||||||
Insured-General Obligations 1.3% | ||||||||||
$ | 910 | New Rochelle City School District, (AGC), 4.00%, 11/15/21 | $ | 955,436 | ||||||
$ | 955,436 | |||||||||
Insured-Lease Revenue / Certificates of Participation 4.5% | ||||||||||
$ | 3,600 | Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47(4) | $ | 3,339,432 | ||||||
$ | 3,339,432 | |||||||||
Insured-Other Revenue 2.6% | ||||||||||
$ | 2,645 | New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31 | $ | 854,150 | ||||||
3,625 | New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32 | 1,108,561 | ||||||||
$ | 1,962,711 | |||||||||
Insured-Special Tax Revenue 7.8% | ||||||||||
$ | 1,000 | New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45 | $ | 973,230 | ||||||
1,000 | New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44 | 1,004,250 | ||||||||
4,440 | Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34 | 896,391 | ||||||||
19,745 | Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54 | 1,246,304 | ||||||||
3,380 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 434,161 | ||||||||
6,705 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 801,449 | ||||||||
4,225 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 469,609 | ||||||||
$ | 5,825,394 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Transportation 8.0% | ||||||||||
$ | 3,025 | Metropolitan Transportation Authority, (AGC), 4.50%, 11/15/38 | $ | 3,005,731 | ||||||
2,920 | Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29 | 2,928,672 | ||||||||
$ | 5,934,403 | |||||||||
Insured-Water and Sewer 1.3% | ||||||||||
$ | 1,000 | Nassau County Industrial Development Agency, (Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35 | $ | 943,630 | ||||||
$ | 943,630 | |||||||||
Lease Revenue / Certificates of Participation 4.6% | ||||||||||
$ | 2,345 | New York City Transitional Finance Authority, (Building Aid), 4.50%, 1/15/38 | $ | 2,315,641 | ||||||
1,000 | New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31 | 1,097,370 | ||||||||
$ | 3,413,011 | |||||||||
Other Revenue 4.1% | ||||||||||
$ | 1,285 | Albany Industrial Development Agency, Civic Facility, (Charitable Leadership), 5.75%, 7/1/26 | $ | 1,013,056 | ||||||
3,120 | Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31 | 817,471 | ||||||||
380 | Brooklyn Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40 | 391,886 | ||||||||
790 | New York City Cultural Resource Trust, (Museum of Modern Art), 5.00%, 4/1/31 | 845,521 | ||||||||
$ | 3,067,934 | |||||||||
Senior Living / Life Care 3.0% | ||||||||||
$ | 1,450 | Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29 | $ | 1,355,010 | ||||||
900 | Suffolk County Industrial Development Agency, (Jeffersons Ferry Project), 5.00%, 11/1/28 | 838,386 | ||||||||
$ | 2,193,396 | |||||||||
Special Tax Revenue 3.6% | ||||||||||
$ | 1,000 | New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38 | $ | 1,085,690 | ||||||
900 | New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/32 | 949,212 | ||||||||
545 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 609,403 | ||||||||
$ | 2,644,305 | |||||||||
Transportation 10.8%
|
||||||||||
$ | 1,000 | Metropolitan Transportation Authority, 4.50%, 11/15/37 | $ | 981,420 | ||||||
1,900 | Port Authority of New York and New Jersey, 5.00%, 11/15/37(2) | 2,005,222 | ||||||||
1,030 | Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33 | 1,022,842 | ||||||||
990 | Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(2) | 1,060,128 | ||||||||
2,740 |
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34(2) |
2,963,392 | ||||||||
10 | Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34 | 10,815 | ||||||||
$ | 8,043,819 | |||||||||
Water and Sewer 10.1% | ||||||||||
$ | 585 | Dutchess County Water and Wastewater Authority, 0.00%, 10/1/34 | $ | 170,481 | ||||||
325 | Dutchess County Water and Wastewater Authority, 0.00%, 10/1/35 | 89,368 | ||||||||
3,105 | New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40(2) | 3,528,273 | ||||||||
2,535 | New York Environmental Facilities Corp., Clean Water and Drinking Water, (Municipal Water Finance Authority), 5.00%, 6/15/37(2) | 2,697,139 | ||||||||
1,000 | Saratoga County Water Authority, 5.00%, 9/1/48 | 1,040,610 | ||||||||
$ | 7,525,871 | |||||||||
Total
Tax-Exempt Investments 170.3%
|
||||||||||
(identified
cost $124,821,660)
|
$ | 126,532,126 | ||||||||
Auction
Preferred Shares Plus Cumulative
|
||||||||||
Unpaid
Dividends (45.4)%
|
$ | (33,726,581 | ) | |||||||
Other
Assets, Less Liabilities (24.9)%
|
$ | (18,499,974 | ) | |||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 74,305,571 | ||||||||
(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 an inverse floater (see Note 1H). | |
(3) | When-issued security. | |
(4) | Security (or a portion thereof) has been segregated to cover payable for when-issued securities. |
Tax-Exempt Investments 156.3% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 3.3% | ||||||||||
$ | 1,250 | Ohio Higher Educational Facility Commission, (Kenyon College), 5.25%, 7/1/44 | $ | 1,302,650 | ||||||
$ | 1,302,650 | |||||||||
Electric Utilities 0.8% | ||||||||||
$ | 310 | Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14 | $ | 310,924 | ||||||
$ | 310,924 | |||||||||
Escrowed / Prerefunded 13.8% | ||||||||||
$ | 1,000 | Delaware County, Prerefunded to 12/1/10, 6.00%, 12/1/25 | $ | 1,038,890 | ||||||
1,000 | Mahoning County, (Career and Technical Center), Prerefunded to 12/1/11, 6.25%, 12/1/36 | 1,079,990 | ||||||||
2,530 | Puerto Rico Infrastructure Financing Authority, Prerefunded to 10/1/10, 5.50%, 10/1/32 | 2,600,106 | ||||||||
670 | Richland County Hospital Facilities, (MedCentral Health Systems), Prerefunded to 11/15/10, 6.375%, 11/15/22 | 694,757 | ||||||||
$ | 5,413,743 | |||||||||
General Obligations 17.0% | ||||||||||
$ | 1,000 | Barberton City School District, 4.50%, 12/1/33 | $ | 1,004,000 | ||||||
1,750 | Beavercreek City School District, 5.00%, 12/1/30 | 1,863,557 | ||||||||
1,090 | Central Ohio Solid Waste Authority, 5.125%, 9/1/27 | 1,178,639 | ||||||||
500 | Columbus, 5.00%, 7/1/23(1) | 533,555 | ||||||||
1,000 | Columbus City School District, 5.00%, 12/1/29 | 1,071,900 | ||||||||
1,000 | Maple Heights City School District, 5.00%, 1/15/37 | 1,010,700 | ||||||||
$ | 6,662,351 | |||||||||
Hospital 12.1% | ||||||||||
$ | 800 | Franklin County, (Nationwide Childrens Hospital), 5.00%, 11/1/34 | $ | 814,416 | ||||||
500 | Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26 | 503,370 | ||||||||
500 | Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34 | 537,540 | ||||||||
1,000 | Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.50%, 1/1/39 | 1,049,480 | ||||||||
600 | Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40 | 596,568 | ||||||||
980 | Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 4.75%, 1/15/46 | 902,815 | ||||||||
330 | Richland County Hospital Facilities, (MedCentral Health Systems), 6.375%, 11/15/22 | 335,630 | ||||||||
$ | 4,739,819 | |||||||||
Housing 11.9% | ||||||||||
$ | 1,000 | Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 4.625%, 9/1/27 | $ | 992,300 | ||||||
570 | Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 4.75%, 3/1/37 | 545,011 | ||||||||
600 | Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 5.00%, 9/1/31 | 601,602 | ||||||||
2,500 | Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), 5.25%, 4/20/48 | 2,516,725 | ||||||||
$ | 4,655,638 | |||||||||
Industrial Development Revenue 8.5% | ||||||||||
$ | 1,015 | Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27 | $ | 851,747 | ||||||
2,250 | Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 6.00%, 8/1/38 | 2,251,238 | ||||||||
225 | Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15 | 229,532 | ||||||||
$ | 3,332,517 | |||||||||
Insured-Education 10.9% | ||||||||||
$ | 1,000 | Kent State University, (AGC), 5.00%, 5/1/26 | $ | 1,067,440 | ||||||
465 | Kent State University, (AGC), 5.00%, 5/1/29 | 486,441 | ||||||||
730 | Miami University, (AMBAC), 3.25%, 9/1/26 | 632,428 | ||||||||
1,500 | University of Akron, Series A, (AGM), 5.00%, 1/1/38 | 1,554,555 | ||||||||
500 | University of Akron, Series B, (AGM), 5.00%, 1/1/38 | 518,185 | ||||||||
$ | 4,259,049 | |||||||||
Insured-Electric Utilities 12.6% | ||||||||||
$ | 1,000 | American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.75%, 2/15/39 | $ | 1,080,970 | ||||||
710 | Cleveland Public Power System, (NPFG), 0.00%, 11/15/27 | 286,045 | ||||||||
2,000 | Cleveland Public Power System, (NPFG), 0.00%, 11/15/38 | 410,200 | ||||||||
830 | Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25 | 395,038 | ||||||||
3,000 | Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26 | 1,339,020 | ||||||||
425 | Ohio Water Development Authority, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34 | 424,269 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Electric
Utilities (continued)
|
||||||||||
$ | 210 | Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30 | $ | 220,975 | ||||||
250 | Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34 | 257,265 | ||||||||
500 | Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26 | 535,465 | ||||||||
$ | 4,949,247 | |||||||||
Insured-Escrowed / Prerefunded 4.6% | ||||||||||
$ | 245 | Cuyahoga County Hospital, (Cleveland Clinic Health System), (NPFG), Escrowed to Maturity, 5.125%, 1/1/29 | $ | 245,740 | ||||||
1,000 | Ohio Higher Educational Facility Commission, (University of Dayton), (AMBAC), Prerefunded to 12/1/10, 5.50%, 12/1/30 | 1,034,570 | ||||||||
500 | University of Cincinnati, (FGIC), Prerefunded to 6/1/11, 5.25%, 6/1/24 | 529,260 | ||||||||
$ | 1,809,570 | |||||||||
Insured-General Obligations 16.4% | ||||||||||
$ | 280 | Bowling Green City School District, (AGM), 5.00%, 12/1/34 | $ | 289,526 | ||||||
200 | Brookfield Local School District, (AGM), 5.00%, 1/15/30 | 210,878 | ||||||||
500 | Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36 | 516,440 | ||||||||
2,455 | Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30 | 863,914 | ||||||||
1,500 | Madeira City School District, (AGM), 3.50%, 12/1/27 | 1,379,505 | ||||||||
1,750 | Milford Exempt Village School District, (AGC), 5.25%, 12/1/36 | 1,858,447 | ||||||||
750 | St. Marys School District, (AGM), 5.00%, 12/1/35 | 772,943 | ||||||||
500 | Wadsworth City School District, (AGC), 5.00%, 12/1/37 | 517,710 | ||||||||
$ | 6,409,363 | |||||||||
Insured-Hospital 6.6% | ||||||||||
$ | 545 | Hamilton County, (Cincinnati Childrens Hospital), (FGIC), (NPFG), 5.00%, 5/15/32 | $ | 540,683 | ||||||
1,500 | Hamilton County, (Cincinnati Childrens Hospital), (FGIC), (NPFG), 5.125%, 5/15/28 | 1,510,920 | ||||||||
485 | Lorain County, (Catholic Healthcare Partners), (AGM), Variable Rate, 14.686%, 2/1/29(2)(3)(4) | 529,630 | ||||||||
$ | 2,581,233 | |||||||||
Insured-Lease
Revenue / Certificates of
Participation 1.0%
|
||||||||||
$ | 500 | Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33 | $ | 410,260 | ||||||
$ | 410,260 | |||||||||
Insured-Special Tax Revenue 3.8% | ||||||||||
$ | 9,905 | Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54 | $ | 625,204 | ||||||
1,685 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 216,438 | ||||||||
3,340 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 399,230 | ||||||||
2,100 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 233,415 | ||||||||
$ | 1,474,287 | |||||||||
Insured-Transportation 6.9% | ||||||||||
$ | 385 | Cleveland Airport System, (AGM), 5.00%, 1/1/31 | $ | 385,339 | ||||||
1,000 | Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24 | 1,162,850 | ||||||||
1,000 | Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26 | 1,171,120 | ||||||||
$ | 2,719,309 | |||||||||
Insured-Water and Sewer 2.1% | ||||||||||
$ | 215 | Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/46 | $ | 212,900 | ||||||
625 | Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/47 | 618,081 | ||||||||
$ | 830,981 | |||||||||
Lease Revenue / Certificates of Participation 1.4% | ||||||||||
$ | 500 | Franklin County Convention Facilities Authority, 5.00%, 12/1/27 | $ | 542,785 | ||||||
$ | 542,785 | |||||||||
Other Revenue 4.3% | ||||||||||
$ | 7,345 | Buckeye Tobacco Settlement Financing Authority, 0.00%, 6/1/47 | $ | 248,775 | ||||||
710 | Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47 | 510,952 | ||||||||
1,000 | Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27 | 936,130 | ||||||||
$ | 1,695,857 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Pooled Loans 10.8% | ||||||||||
$ | 550 | Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25 | $ | 562,006 | ||||||
1,020 | Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22 | 1,066,543 | ||||||||
1,245 | Rickenbacher Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32(5) | 1,321,505 | ||||||||
310 | Summit County Port Authority, (Twinsburg Township), 5.125%, 5/15/25 | 269,728 | ||||||||
1,100 | Toledo-Lucas County Port Authority, 5.40%, 5/15/19 | 997,172 | ||||||||
$ | 4,216,954 | |||||||||
Special Tax Revenue 6.1% | ||||||||||
$ | 520 | Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18 | $ | 526,578 | ||||||
1,375 | Cuyahoga County Economic Development, (Shaker Square), 6.75%, 12/1/30 | 1,415,700 | ||||||||
155 | Guam, Limited Obligation Bonds, 5.625%, 12/1/29 | 160,009 | ||||||||
170 | Guam, Limited Obligation Bonds, 5.75%, 12/1/34 | 175,656 | ||||||||
110 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 122,999 | ||||||||
$ | 2,400,942 | |||||||||
Water and Sewer 1.4% | ||||||||||
$ | 250 | Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 12/1/28 | $ | 274,485 | ||||||
250 | Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 6/1/30 | 271,570 | ||||||||
$ | 546,055 | |||||||||
Total
Tax-Exempt Investments 156.3%
|
||||||||||
(identified
cost $60,259,466)
|
$ | 61,263,534 | ||||||||
Auction
Preferred Shares Plus Cumulative Unpaid Dividends
(58.0)%
|
$ | (22,726,652 | ) | |||||||
Other
Assets, Less Liabilities 1.7%
|
$ | 652,440 | ||||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 39,189,322 | ||||||||
(1) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(2) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At May 31, 2010, the aggregate value of these securities is $529,630 or 1.4% of the Trusts net assets applicable to common shares. | |
(3) | 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. | |
(4) | Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2010. | |
(5) | Security represents the underlying municipal bond of an inverse floater (see Note 1H). |
Tax-Exempt Investments 161.1% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Bond Bank 3.1% | ||||||||||
$ | 1,000 | Delaware Valley Regional Finance Authority, 5.75%, 7/1/32 | $ | 1,161,470 | ||||||
$ | 1,161,470 | |||||||||
Cogeneration 2.7% | ||||||||||
$ | 300 | Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13 | $ | 182,922 | ||||||
500 | Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19 | 280,440 | ||||||||
575 | Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15 | 555,605 | ||||||||
$ | 1,018,967 | |||||||||
Education 10.4% | ||||||||||
$ | 500 | Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/39 | $ | 514,195 | ||||||
1,200 | Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/39 | 1,188,996 | ||||||||
500 | Northampton County General Purpose Authority, (Lehigh University), 5.00%, 11/15/39 | 522,395 | ||||||||
625 | Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 3/1/40 | 645,925 | ||||||||
500 | Pennsylvania State University, 5.00%, 3/1/40 | 531,105 | ||||||||
500 | Washington County Industrial Development Authority, (Washington and Jefferson College), 5.25%, 11/1/30 | 525,240 | ||||||||
$ | 3,927,856 | |||||||||
Electric Utilities 2.8% | ||||||||||
$ | 435 | Pennsylvania Economic Development Financing Authority, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36 | $ | 449,668 | ||||||
600 | York County Industrial Development Authority, Pollution Control Revenue, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20 | 612,780 | ||||||||
$ | 1,062,448 | |||||||||
Escrowed / Prerefunded 1.8% | ||||||||||
$ | 600 | Bucks County Industrial Development Authority, (Pennswood), Prerefunded to 10/1/12, 6.00%, 10/1/27 | $ | 675,642 | ||||||
$ | 675,642 | |||||||||
General
Obligations 7.1%
|
||||||||||
$ | 500 | Chester County, 5.00%, 7/15/27(1) | $ | 559,615 | ||||||
1,000 | Daniel Boone Area School District, 5.00%, 8/15/32 | 1,047,240 | ||||||||
1,000 | Philadelphia School District, 6.00%, 9/1/38 | 1,081,650 | ||||||||
$ | 2,688,505 | |||||||||
Hospital 22.4% | ||||||||||
$ | 500 | Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34 | $ | 512,670 | ||||||
750 | Dauphin County General Authority, (Pinnacle Health System), 6.00%, 6/1/29 | 797,152 | ||||||||
1,215 | Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32 | 1,219,775 | ||||||||
750 | Lycoming County Authority, (Susquehanna Health System), 5.75%, 7/1/39 | 764,303 | ||||||||
1,500 | Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43 | 1,443,375 | ||||||||
250 | Northampton County General Purpose Authority, (Saint Lukes Hospital), 5.50%, 8/15/33 | 250,170 | ||||||||
1,000 | Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 6.00%, 8/15/26(2) | 1,124,625 | ||||||||
675 | Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31 | 690,950 | ||||||||
850 | Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 6.00%, 1/15/31 | 888,802 | ||||||||
250 | South Fork Municipal Authority, (Conemaugh Health System), 5.50%, 7/1/29 | 245,068 | ||||||||
500 | Washington County Hospital Authority, (Monongahela Hospital), 5.50%, 6/1/17 | 516,795 | ||||||||