Eaton Vance Municipal Income Trusts Semiannual Report May 31, 2011 |
|
Performance and Fund Profiles |
||||
California Municipal Income Trust |
2 | |||
Massachusetts Municipal Income Trust |
3 | |||
Michigan Municipal Income Trust |
4 | |||
New Jersey Municipal Income Trust |
5 | |||
New York Municipal Income Trust |
6 | |||
Ohio Municipal Income Trust |
7 | |||
Pennsylvania Municipal Income Trust |
8 | |||
Endnotes and Additional Disclosures |
9 | |||
Financial Statements |
10 | |||
Annual Meeting of Shareholders |
67 | |||
Board of Trustees Contract Approval |
68 | |||
Officers and Trustees |
71 | |||
Important Notices |
72 |
NYSE Amex Symbol | ||||
Inception Date 1/29/99 | CEV | |||
% Average Annual Total Returns at net asset value (NAV) |
||||
Six Months |
0.23 | |||
One Year |
-0.84 | |||
Five Years |
0.80 | |||
Ten Years |
5.03 | |||
% Average Annual Total Returns at market price, NYSE Amex |
||||
Six Months |
-0.30 | |||
One Year |
-0.81 | |||
Five Years |
1.48 | |||
Ten Years |
6.26 | |||
% Premium/Discount to NAV (5/31/11) |
-0.44 | |||
% Market Yields2 |
||||
Market Yield |
7.45 | |||
Taxable-Equivalent Market Yield |
12.81 | |||
% Total Leverage3 |
||||
Auction Preferred Shares (APS) |
32.1 | |||
Residual Interest Bond (RIB) |
12.5 | |||
Comparative Performance4 | % Return | |||
Barclays Capital Long (22+) Municipal Bond Index |
||||
Six Months |
1.43 | |||
One Year |
1.49 | |||
Five Years |
3.51 | |||
Ten Years |
5.15 | |||
Lipper California Muni. Debt Funds Average at NAV* |
||||
Six Months |
1.04 | |||
One Year |
1.17 | |||
Five Years |
2.55 | |||
Ten Years |
5.06 | |||
AAA |
11.2 | BBB | 7.2 | |||||||
AA |
42.6 | BB | 1.3 | |||||||
A |
30.1 | Not Rated | 7.6 | |||||||
2
NYSE Amex Symbol | ||||
Inception Date 1/29/99 | MMV | |||
% Average Annual Total Returns at NAV |
||||
Six Months |
0.32 | |||
One Year |
-0.37 | |||
Five Years |
2.93 | |||
Ten Years |
6.14 | |||
% Average Annual Total Returns at market price, NYSE Amex |
||||
Six Months |
-1.64 | |||
One Year |
-3.92 | |||
Five Years |
2.64 | |||
Ten Years |
7.06 | |||
% Premium/Discount to NAV (5/31/11) |
-0.60 | |||
% Market Yields2 |
||||
Market Yield |
6.83 | |||
Taxable-Equivalent Market Yield |
11.10 | |||
% Total Leverage3 |
||||
APS |
32.6 | |||
RIB |
7.9 |
Comparative Performance4 | % Return | |||
Barclays Capital Long (22+) Municipal Bond Index |
||||
Six Months |
1.43 | |||
One Year |
1.49 | |||
Five Years |
3.51 | |||
Ten Years |
5.15 | |||
AAA |
13.1 | BBB | 8.7 | |||||||
AA |
37.7 | BB | 1.3 | |||||||
A |
35.5 | Not Rated | 3.7 | |||||||
3
NYSE Amex Symbol | ||||
Inception Date 1/29/99 | EMI | |||
% Average Annual Total Returns at NAV |
||||
Six Months |
2.91 | |||
One Year |
1.83 | |||
Five Years |
3.11 | |||
Ten Years |
5.53 | |||
% Average Annual Total Returns at market price, NYSE Amex |
||||
Six Months |
3.37 | |||
One Year |
2.47 | |||
Five Years |
3.64 | |||
Ten Years |
6.43 | |||
% Premium/Discount to NAV (5/31/11) |
-5.64 | |||
% Market Yields2 |
||||
Market Yield |
7.13 | |||
Taxable-Equivalent Market Yield |
11.47 | |||
% Total Leverage3 |
||||
APS |
39.3 |
Comparative Performance4 | % Return | |||
Barclays Capital Long (22+) Municipal Bond Index |
||||
Six Months |
1.43 | |||
One Year |
1.49 | |||
Five Years |
3.51 | |||
Ten Years |
5.15 | |||
Lipper Michigan Muni. Debt Funds Average at NAV* |
||||
Six Months |
2.53 | |||
One Year |
3.11 | |||
Five Years |
4.02 | |||
Ten Years |
5.42 | |||
4
NYSE Amex Symbol | ||||
Inception Date 1/29/99 | EVJ | |||
% Average Annual Total Returns at NAV |
||||
Six Months |
1.41 | |||
One Year |
-0.96 | |||
Five Years |
2.95 | |||
Ten Years |
5.99 | |||
% Average Annual Total Returns at market price, NYSE Amex |
||||
Six Months |
-0.01 | |||
One Year |
-3.51 | |||
Five Years |
3.12 | |||
Ten Years |
7.65 | |||
% Premium/Discount to NAV (5/31/11) |
0.54 | |||
% Market Yields2 |
||||
Market Yield |
7.29 | |||
Taxable-Equivalent Market Yield |
12.32 | |||
% Total Leverage3 |
||||
APS |
31.8 | |||
RIB |
10.7 |
Comparative Performance4 | % Return | |||
Barclays Capital Long (22+) Municipal Bond Index |
||||
Six Months |
1.43 | |||
One Year |
1.49 | |||
Five Years |
3.51 | |||
Ten Years |
5.15 | |||
Lipper New Jersey Muni. Debt Funds Average at NAV* |
||||
Six Months |
1.48 | |||
One Year |
1.76 | |||
Five Years |
3.97 | |||
Ten Years |
5.48 | |||
AAA |
14.5 | BBB | 13.9 | |||||||
AA |
35.0 | B | 1.1 | |||||||
A |
34.8 | Not Rated | 0.7 | |||||||
5
NYSE Amex Symbol | ||||
Inception Date 1/29/99 | EVY | |||
% Average Annual Total Returns at NAV |
||||
Six Months |
2.11 | |||
One Year |
1.12 | |||
Five Years |
2.26 | |||
Ten Years |
5.74 | |||
% Average Annual Total Returns at market price, NYSE Amex |
||||
Six Months |
-0.04 | |||
One Year |
-1.44 | |||
Five Years |
2.87 | |||
Ten Years |
6.94 | |||
% Premium/Discount to NAV (5/31/11) |
-0.32 | |||
% Market Yields2 |
||||
Market Yield |
7.08 | |||
Taxable-Equivalent Market Yield |
11.97 | |||
% Total Leverage3 |
||||
APS |
27.1 | |||
RIB |
16.4 |
Comparative Performance4 | % Return | |||
Barclays Capital Long (22+) Municipal Bond Index |
||||
Six Months |
1.43 | |||
One Year |
1.49 | |||
Five Years |
3.51 | |||
Ten Years |
5.15 | |||
Lipper New York Muni. Debt Funds Average at NAV* |
||||
Six Months |
1.60 | |||
One Year |
2.20 | |||
Five Years |
3.34 | |||
Ten Years |
5.38 | |||
AAA |
14.6 | BB | 1.2 | |||||||
AA |
34.3 | B | 1.5 | |||||||
A |
27.8 | CC | 0.8 | |||||||
BBB |
11.7 | Not Rated | 8.1 | |||||||
6
NYSE Amex Symbol | ||||
Inception Date 1/29/99 | EVO | |||
% Average Annual Total Returns at NAV |
||||
Six Months |
0.90 | |||
One Year |
-0.60 | |||
Five Years |
2.57 | |||
Ten Years |
5.68 | |||
% Average Annual Total Returns at market price, NYSE Amex |
||||
Six Months |
-0.75 | |||
One Year |
0.73 | |||
Five Years |
3.56 | |||
Ten Years |
6.47 | |||
% Premium/Discount to NAV (5/31/11) |
0.23 | |||
% Market Yields2 |
||||
Market Yield |
6.93 | |||
Taxable-Equivalent Market Yield |
11.33 | |||
% Total Leverage3 |
||||
APS |
37.4 | |||
RIB |
2.4 |
Comparative Performance4 | % Return | |||
Barclays Capital Long (22+) Municipal Bond Index |
||||
Six Months |
1.43 | |||
One Year |
1.49 | |||
Five Years |
3.51 | |||
Ten Years |
5.15 | |||
7
NYSE Amex Symbol | ||||
Inception Date 1/29/99 | EVP | |||
% Average Annual Total Returns at NAV |
||||
Six Months |
2.26 | |||
One Year |
1.06 | |||
Five Years |
3.40 | |||
Ten Years |
5.90 | |||
% Average Annual Total Returns at market price, NYSE Amex |
||||
Six Months |
3.99 | |||
One Year |
0.91 | |||
Five Years |
3.82 | |||
Ten Years |
7.32 | |||
% Premium/Discount to NAV (5/31/11) |
-1.37 | |||
% Market Yields2 |
||||
Market Yield |
6.68 | |||
Taxable-Equivalent Market Yield |
10.60 | |||
% Total Leverage3 |
||||
APS |
36.2 | |||
RIB |
2.8 |
Comparative Performance4 | % Return | |||
Barclays Capital Long (22+) Municipal Bond Index |
||||
Six Months |
1.43 | |||
One Year |
1.49 | |||
Five Years |
3.51 | |||
Ten Years |
5.15 | |||
Lipper Pennsylvania Muni. Debt Funds Average at NAV* |
||||
Six Months |
2.14 | |||
One Year |
2.64 | |||
Five Years |
3.88 | |||
Ten Years |
5.56 | |||
AAA |
3.7 | BB | 1.1 | |||||||
AA |
47.3 | CCC | 1.9 | |||||||
A |
35.3 | CC | 0.6 | |||||||
BBB |
4.3 | Not Rated | 5.8 | |||||||
8
1. | Performance results reflect the effects of leverage. |
2. | Market yields are calculated by dividing the last regular distribution per share (annualized) by the market price. Taxable-equivalent performance is based on the highest combined federal and state income tax rates (41.86% for CA, 38.45% for MA, 37.83% for MI, 40.83% for NJ, 40.83% for NY, 38.85% for OH, 37.00% for PA). Lower tax rates would result in lower tax-equivalent performance. Actual tax rate will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The distribution declared on May 31, 2011 reflects a reduction of the monthly distribution for the Michigan, New Jersey and Ohio Funds. Distributions may be comprised of tax-exempt income, ordinary income, net realized capital gains and return of capital. |
3. | RIB leverage represents the amount of Floating Rate Notes outstanding as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. See Floating Rate Notes Issued in Conjunction with Securities Held in the Notes to the financial statements for more information about RIB financing. APS leverage represents the liquidation value of the Funds APS outstanding as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund is required to maintain prescribed asset coverage for its APS, which could be reduced if Fund asset values decline. Floating Rate Notes in both calculations reflect the effect of RIBs purchased in secondary market transactions, if applicable. |
4. | The Barclays Capital Long (22+) Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more. Unless otherwise stated, indices do not reflect any applicable sales charges, commissions, leverage, taxes or other expenses of investing. Lipper Average reflects the average annual total return of funds in the same Lipper classification as the Fund. It is not possible to invest directly in an index or Lipper classification. |
5. | Ratings are based on Moody, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agencys investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of 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. If securities are rated differently by the rating agencies, the higher rating is shown. |
Fund profile subject to change due to active management. |
9
Tax-Exempt Investments 177.9% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Education 22.1% | ||||||||||
California Educational Facilities Authority, (Claremont McKenna
College), 5.00%, 1/1/39
|
$ | 3,135 | $ | 3,171,366 | ||||||
California Educational Facilities Authority, (Harvey Mudd
College), 5.25%, 12/1/31
|
195 | 201,441 | ||||||||
California Educational Facilities Authority, (Harvey Mudd
College), 5.25%, 12/1/36
|
275 | 276,213 | ||||||||
California Educational Facilities Authority, (Loyola Marymount
University), 5.00%, 10/1/30
|
745 | 743,577 | ||||||||
California Educational Facilities Authority, (Lutheran
University), 5.00%, 10/1/29
|
2,770 | 2,539,204 | ||||||||
California Educational Facilities Authority, (Santa Clara
University), 5.00%, 9/1/23
|
1,600 | 1,803,632 | ||||||||
California Educational Facilities Authority, (Stanford
University),
5.125%, 1/1/31(1)
|
4,000 | 4,010,240 | ||||||||
California Educational Facilities Authority, (University of San
Francisco), 6.125%, 10/1/36
|
235 | 247,290 | ||||||||
California Educational Facilities Authority, (University of
Southern California), 5.25%, 10/1/39
|
2,490 | 2,609,346 | ||||||||
San Diego County, Certificates of Participation, (University of
San Diego), 5.375%, 10/1/41
|
2,500 | 2,220,850 | ||||||||
University of California, 5.25%, 5/15/39
|
1,250 | 1,288,887 | ||||||||
$ | 19,112,046 | |||||||||
Electric Utilities 7.0% | ||||||||||
Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34
|
$ | 270 | $ | 286,243 | ||||||
Chula Vista, (San Diego Gas and Electric), (AMT),
5.00%, 12/1/27
|
2,275 | 2,296,999 | ||||||||
Northern California Power Agency, 5.25%, 8/1/24
|
1,500 | 1,607,040 | ||||||||
Southern California Public Power Authority, (Tieton Hydropower),
5.00%, 7/1/35
|
530 | 534,791 | ||||||||
Vernon, Electric System Revenue, 5.125%, 8/1/21
|
1,300 | 1,336,764 | ||||||||
$ | 6,061,837 | |||||||||
Escrowed / Prerefunded 0.0%(2) | ||||||||||
California Health Facilities Financing Authority, (Providence
Health System), Prerefunded to 10/1/18, 6.50%, 10/1/38
|
$ | 25 | $ | 32,512 | ||||||
$ | 32,512 | |||||||||
General Obligations 18.3% | ||||||||||
California, 5.50%, 11/1/35
|
$ | 1,600 | $ | 1,652,752 | ||||||
California, 6.00%, 4/1/38
|
750 | 800,310 | ||||||||
California, (AMT), 5.05%, 12/1/36
|
1,590 | 1,460,924 | ||||||||
Palo Alto, (Election of 2008), 5.00%, 8/1/40
|
3,655 | 3,797,764 | ||||||||
San Francisco Bay Area Rapid Transit District, (Election of
2004),
4.75%, 8/1/37(3)
|
4,770 | 4,814,123 | ||||||||
Santa Clara County, (Election of 2008),
5.00%, 8/1/39(3)(4)
|
3,180 | 3,277,594 | ||||||||
$ | 15,803,467 | |||||||||
Hospital 21.6% | ||||||||||
California Health Facilities Financing Authority, (Catholic
Healthcare West), 5.625%, 7/1/32
|
$ | 1,000 | $ | 1,004,460 | ||||||
California Health Facilities Financing Authority, (Cedars-Sinai
Medical Center), 5.00%, 8/15/39
|
2,310 | 2,111,386 | ||||||||
California Health Facilities Financing Authority, (Providence
Health System), 6.50%, 10/1/38
|
1,475 | 1,608,369 | ||||||||
California Infrastructure and Economic Development Bank, (Kaiser
Hospital), 5.50%, 8/1/31
|
750 | 750,240 | ||||||||
California Statewide Communities Development Authority, (Cottage
Health System), 5.00%, 11/1/40
|
1,245 | 1,136,150 | ||||||||
California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/34
|
1,150 | 1,056,701 | ||||||||
California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/36
|
1,350 | 1,219,306 | ||||||||
California Statewide Communities Development Authority, (Kaiser
Permanente), 5.50%, 11/1/32
|
1,565 | 1,559,069 | ||||||||
California Statewide Communities Development Authority, (Sonoma
County Indian Health), 6.40%, 9/1/29
|
1,750 | 1,736,770 | ||||||||
California Statewide Communities Development Authority, (Sutter
Health), 5.50%, 8/15/28
|
1,500 | 1,503,855 | ||||||||
Torrance Hospital, (Torrance Memorial Medical Center),
5.50%, 6/1/31
|
1,900 | 1,870,588 | ||||||||
Washington Township Health Care District, 5.00%, 7/1/32
|
2,780 | 2,416,793 | ||||||||
Washington Township Health Care District, 5.25%, 7/1/29
|
700 | 645,407 | ||||||||
$ | 18,619,094 | |||||||||
Housing 1.2% | ||||||||||
Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29
|
$ | 690 | $ | 649,076 | ||||||
Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29
|
406 | 375,144 | ||||||||
$ | 1,024,220 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Industrial Development Revenue 3.6% | ||||||||||
California Pollution Control Financing Authority, (Waste
Management, Inc.), (AMT), 5.125%, 11/1/23
|
$ | 1,235 | $ | 1,263,047 | ||||||
California Statewide Communities Development Authority,
(Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46
|
2,000 | 1,815,660 | ||||||||
$ | 3,078,707 | |||||||||
Insured Education 7.2% | ||||||||||
California Educational Facilities Authority, (Pepperdine
University), (AMBAC), 5.00%, 12/1/35
|
$ | 2,660 | $ | 2,646,966 | ||||||
California Educational Facilities Authority, (Santa Clara
University), (NPFG), 5.00%, 9/1/23
|
1,250 | 1,409,088 | ||||||||
California State University, (AMBAC), 5.00%, 11/1/33
|
2,140 | 2,124,228 | ||||||||
$ | 6,180,282 | |||||||||
Insured Electric Utilities 6.7% | ||||||||||
California Pollution Control Financing Authority, (Pacific Gas
and Electric), (NPFG), (AMT), 5.35%, 12/1/16
|
$ | 2,500 | $ | 2,552,625 | ||||||
California Pollution Control Financing Authority, (Southern
California Edison Co.), (NPFG), (AMT), 5.55%, 9/1/31
|
3,250 | 3,250,715 | ||||||||
$ | 5,803,340 | |||||||||
Insured Escrowed / Prerefunded 3.3% | ||||||||||
Foothill/Eastern Transportation Corridor Agency, Toll Road
Bonds, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26
|
$ | 5,130 | $ | 2,858,744 | ||||||
$ | 2,858,744 | |||||||||
Insured General Obligations 5.1% | ||||||||||
Coast Community College District, (Election of 2002), (AGM),
0.00%, 8/1/34
|
$ | 6,485 | $ | 1,435,584 | ||||||
Coast Community College District, (Election of 2002), (AGM),
0.00%, 8/1/35
|
4,825 | 992,213 | ||||||||
Sweetwater Union High School District, (Election of 2000),
(AGM), 0.00%, 8/1/25
|
4,720 | 2,014,307 | ||||||||
$ | 4,442,104 | |||||||||
Insured Hospital 14.3% | ||||||||||
California Health Facilities Financing Authority,
(Kaiser Permanente), (BHAC), 5.00%, 4/1/37
|
$ | 2,900 | $ | 2,897,709 | ||||||
California Statewide Communities Development Authority, (Kaiser
Permanente), (BHAC),
5.00%, 3/1/41(3)
|
750 | 724,605 | ||||||||
California Statewide Communities Development Authority, (Sutter
Health), (AGM), 5.75%, 8/15/27
|
15 | 15,008 | ||||||||
California Statewide Communities Development Authority, (Sutter
Health), (AGM),
5.75%, 8/15/27(3)
|
3,735 | 3,737,054 | ||||||||
California Statewide Communities Development Authority, (Sutter
Health), (AMBAC), (BHAC),
5.00%, 11/15/38(3)
|
5,000 | 4,930,050 | ||||||||
$ | 12,304,426 | |||||||||
Insured Lease Revenue / Certificates of Participation 11.8% | ||||||||||
Anaheim Public Financing Authority, (Public Improvements),
(AGM), 0.00%, 9/1/17
|
$ | 5,510 | $ | 4,198,510 | ||||||
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity,
5.50%, 8/1/27
|
2,000 | 2,444,580 | ||||||||
San Diego County Water Authority, Certificates of Participation,
(AGM),
5.00%, 5/1/38(3)
|
3,500 | 3,527,335 | ||||||||
$ | 10,170,425 | |||||||||
Insured Special Tax Revenue 3.0% | ||||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
$ | 21,285 | $ | 1,172,378 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
8,355 | 877,108 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
5,270 | 514,931 | ||||||||
$ | 2,564,417 | |||||||||
Insured Transportation 9.4% | ||||||||||
Alameda Corridor Transportation Authority, (AMBAC),
0.00%, 10/1/29
|
$ | 5,000 | $ | 1,391,450 | ||||||
Alameda Corridor Transportation Authority, (NPFG),
0.00%, 10/1/31
|
7,950 | 1,931,850 | ||||||||
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41(3)
|
740 | 703,525 | ||||||||
San Joaquin Hills Transportation Corridor Agency, Toll Road
Bonds, (NPFG), 0.00%, 1/15/32
|
10,000 | 1,474,900 | ||||||||
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT),
5.00%, 3/1/37
|
1,320 | 1,232,141 | ||||||||
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT),
6.00%, 3/1/47
|
1,350 | 1,384,223 | ||||||||
$ | 8,118,089 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured Water and Sewer 6.5% | ||||||||||
East Bay Municipal Utility District, Water System Revenue,
(FGIC), (NPFG), 5.00%, 6/1/32
|
$ | 45 | $ | 46,977 | ||||||
East Bay Municipal Utility District, Water System Revenue,
(FGIC), (NPFG),
5.00%, 6/1/32(3)
|
2,000 | 2,087,860 | ||||||||
Los Angeles Department of Water and Power, (NPFG),
3.00%, 7/1/30
|
4,400 | 3,485,636 | ||||||||
$ | 5,620,473 | |||||||||
Other Revenue 2.2% | ||||||||||
California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles), 5.00%, 12/1/32
|
$ | 385 | $ | 370,905 | ||||||
California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles), 5.00%, 12/1/37
|
580 | 529,627 | ||||||||
Golden State Tobacco Securitization Corp., 5.30%, (0.00% until
12/1/12), 6/1/37
|
980 | 576,113 | ||||||||
Golden State Tobacco Securitization Corp., 5.75%, 6/1/47
|
640 | 441,216 | ||||||||
$ | 1,917,861 | |||||||||
Senior Living / Life Care 1.6% | ||||||||||
California Statewide Communities Development Authority, (Senior
Living - Presbyterian Homes), 4.75%, 11/15/26
|
$ | 175 | $ | 155,423 | ||||||
California Statewide Communities Development Authority, (Senior
Living - Presbyterian Homes), 4.875%, 11/15/36
|
700 | 576,590 | ||||||||
California Statewide Communities Development Authority, (Senior
Living - Presbyterian Homes), 7.25%, 11/15/41
|
600 | 635,688 | ||||||||
$ | 1,367,701 | |||||||||
Special Tax Revenue 18.2% | ||||||||||
Bonita Canyon Public Financing Authority, 5.375%, 9/1/28
|
$ | 1,000 | $ | 939,440 | ||||||
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26
|
285 | 229,528 | ||||||||
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34
|
460 | 330,745 | ||||||||
Corona Public Financing Authority, 5.80%, 9/1/20
|
970 | 970,310 | ||||||||
Eastern California Municipal Water District, Special Tax
Revenue, District
No. 2004-27
Cottonwood, 5.00%, 9/1/27
|
200 | 172,858 | ||||||||
Eastern California Municipal Water District, Special Tax
Revenue, District
No. 2004-27
Cottonwood, 5.00%, 9/1/36
|
500 | 389,565 | ||||||||
Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27
|
1,590 | 1,488,860 | ||||||||
Lincoln Public Financing Authority, Improvement Bond Act of
1915, (Twelve Bridges), 6.20%, 9/2/25
|
895 | 895,304 | ||||||||
Moreno Valley Unified School District, (Community School
District
No. 2003-2),
5.75%, 9/1/24
|
420 | 419,945 | ||||||||
Moreno Valley Unified School District, (Community School
District
No. 2003-2),
5.90%, 9/1/29
|
750 | 731,932 | ||||||||
Oakland Joint Powers Financing Authority, 5.40%, 9/2/18
|
1,745 | 1,769,535 | ||||||||
Oakland Joint Powers Financing Authority, 5.50%, 9/2/24
|
930 | 939,151 | ||||||||
San Francisco Bay Area Rapid Transit District, Sales Tax
Revenue, 5.00%, 7/1/28
|
2,400 | 2,589,744 | ||||||||
Santa Margarita Water District, 6.20%, 9/1/20
|
1,095 | 1,097,289 | ||||||||
Santaluz Community Facilities District No. 2,
6.10%, 9/1/21
|
250 | 250,563 | ||||||||
Santaluz Community Facilities District No. 2,
6.20%, 9/1/30
|
490 | 490,142 | ||||||||
Temecula Unified School District, 5.00%, 9/1/27
|
250 | 222,110 | ||||||||
Temecula Unified School District, 5.00%, 9/1/37
|
400 | 320,204 | ||||||||
Tustin Community Facilities District, 6.00%, 9/1/37
|
500 | 461,585 | ||||||||
Whittier Public Financing Authority, (Greenleaf Avenue
Redevelopment), 5.50%, 11/1/23
|
1,000 | 976,240 | ||||||||
$ | 15,685,050 | |||||||||
Transportation 12.5% | ||||||||||
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay
Area), 5.00%, 4/1/31
|
$ | 2,000 | $ | 2,032,020 | ||||||
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay
Area), 5.25%, 4/1/29
|
1,000 | 1,065,630 | ||||||||
Los Angeles Department of Airports, (Los Angeles International
Airport),
5.00%, 5/15/35(3)(4) |
2,120 | 2,138,995 | ||||||||
Los Angeles Department of Airports, (Los Angeles International
Airport), (AMT), 5.375%, 5/15/30
|
1,500 | 1,534,875 | ||||||||
Port of Redwood City, (AMT), 5.125%, 6/1/30
|
1,170 | 1,009,640 | ||||||||
San Francisco City and County Airport Commission, (San Francisco
International Airport), 5.00%, 5/1/35
|
1,500 | 1,484,460 | ||||||||
San Francisco City and County Airport Commission, (San Francisco
International Airport), 5.00%, 5/1/40
|
1,540 | 1,497,496 | ||||||||
$ | 10,763,116 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Water and Sewer 2.3% | ||||||||||
California Department of Water Resources, 5.00%, 12/1/29
|
$ | 1,840 | $ | 1,961,201 | ||||||
$ | 1,961,201 | |||||||||
Total Tax-Exempt
Investments 177.9%
|
||||||||||
(identified cost $158,745,062)
|
$ | 153,489,112 | ||||||||
Auction Preferred Shares Plus
Cumulative
|
||||||||||
Unpaid Dividends (57.9)%
|
$ | (49,976,249 | ) | |||||||
Other Assets, Less
Liabilities (20.0)%
|
$ | (17,220,730 | ) | |||||||
Net Assets Applicable to Common
Shares 100.0%
|
$ | 86,292,133 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
AMT
|
- Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
|
|
BHAC
|
- Berkshire Hathaway Assurance Corp.
|
|
CIFG
|
- CIFG Assurance North America, Inc.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
RADIAN
|
- Radian Group, Inc.
|
(1) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(2) | Amount is less than 0.05%. | |
(3) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). | |
(4) | Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $1,441,589. |
Tax-Exempt Investments 163.6% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Education 29.7% | ||||||||||
Massachusetts Development Finance Agency, (Middlesex School),
5.00%, 9/1/33
|
$ | 600 | $ | 602,040 | ||||||
Massachusetts Development Finance Agency, (Milton Academy),
5.00%, 9/1/35
|
1,080 | 1,106,039 | ||||||||
Massachusetts Development Finance Agency, (New England
Conservatory of Music), 5.25%, 7/1/38
|
995 | 918,106 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Berklee College of Music), 5.00%, 10/1/32
|
1,500 | 1,512,045 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Boston College), 5.50%, 6/1/35
|
1,640 | 1,888,427 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Harvard University),
5.00%, 10/1/38(1)
|
1,500 | 1,559,700 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Massachusetts Institute of Technology), 5.00%, 7/1/38
|
415 | 429,156 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Northeastern University), 5.00%, 10/1/35
|
1,350 | 1,351,904 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Tufts University), 5.375%, 8/15/38
|
1,420 | 1,502,360 | ||||||||
$ | 10,869,777 | |||||||||
Electric Utilities 7.7% | ||||||||||
Massachusetts Development Finance Agency, (Devens Electric
System), 6.00%, 12/1/30
|
$ | 1,000 | $ | 1,015,330 | ||||||
Massachusetts Development Finance Agency, (Dominion Energy
Brayton Point), (AMT), 5.00%, 2/1/36
|
1,870 | 1,788,187 | ||||||||
$ | 2,803,517 | |||||||||
Escrowed / Prerefunded 1.2% | ||||||||||
Massachusetts Development Finance Agency, (Western New England
College), Prefunded to 12/1/12, 6.125%, 12/1/32
|
$ | 400 | $ | 437,732 | ||||||
$ | 437,732 | |||||||||
General Obligations 8.5% | ||||||||||
Newton,
5.00%, 4/1/36(2)
|
$ | 750 | $ | 786,847 | ||||||
Plymouth, 5.00%, 5/1/31
|
345 | 369,064 | ||||||||
Plymouth, 5.00%, 5/1/32
|
315 | 335,125 | ||||||||
Wayland, 5.00%, 2/1/33
|
510 | 552,019 | ||||||||
Wayland, 5.00%, 2/1/36
|
770 | 819,426 | ||||||||
Winchester, 5.00%, 4/15/36
|
245 | 257,961 | ||||||||
$ | 3,120,442 | |||||||||
Hospital 27.7% | ||||||||||
Massachusetts Development Finance Agency, (Tufts Medical
Center), 7.25%, 1/1/32
|
$ | 600 | $ | 644,070 | ||||||
Massachusetts Health and Educational Facilities Authority,
(Baystate Medical Center, Inc.), 5.75%, 7/1/36
|
1,210 | 1,213,812 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Berkshire Health System), 6.25%, 10/1/31
|
400 | 396,776 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Childrens Hospital), 5.25%, 12/1/39
|
500 | 504,435 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Dana-Farber Cancer Institute), 5.00%, 12/1/37
|
1,135 | 1,094,639 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Healthcare System-Covenant Health), 6.00%, 7/1/31
|
885 | 890,823 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Jordan Hospital), 6.75%, 10/1/33
|
755 | 698,964 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Lowell General Hospital), 5.125%, 7/1/35
|
720 | 608,760 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Partners Healthcare System),
5.00%, 7/1/32(1)
|
2,000 | 2,000,960 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(South Shore Hospital), 5.75%, 7/1/29
|
675 | 674,980 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Southcoast Health System), 5.00%, 7/1/39
|
1,255 | 1,145,677 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Winchester Hospital), 5.25%, 7/1/38
|
300 | 256,887 | ||||||||
$ | 10,130,783 | |||||||||
Housing 14.3% | ||||||||||
Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48
|
$ | 2,100 | $ | 1,807,176 | ||||||
Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40
|
1,000 | 898,330 | ||||||||
Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28
|
650 | 633,724 | ||||||||
Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37
|
2,000 | 1,902,460 | ||||||||
$ | 5,241,690 | |||||||||
Industrial Development Revenue 1.9% | ||||||||||
Massachusetts Industrial Finance Agency, (American Hingham Water
Co.), (AMT), 6.60%, 12/1/15
|
$ | 695 | $ | 696,195 | ||||||
$ | 696,195 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured Education 10.3% | ||||||||||
Massachusetts College Building Authority, (XLCA),
5.50%, 5/1/39
|
$ | 1,000 | $ | 1,082,370 | ||||||
Massachusetts Development Finance Agency, (College of the Holy
Cross), (AMBAC),
5.25%, 9/1/32(1)
|
1,365 | 1,520,992 | ||||||||
Massachusetts Development Finance Agency, (Franklin W. Olin
College), (XLCA), 5.25%, 7/1/33
|
1,165 | 1,173,050 | ||||||||
$ | 3,776,412 | |||||||||
Insured Electric Utilities 1.5% | ||||||||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29
|
$ | 570 | $ | 560,179 | ||||||
$ | 560,179 | |||||||||
Insured General Obligations 3.2% | ||||||||||
Massachusetts, (AMBAC), 5.50%, 8/1/30
|
$ | 1,000 | $ | 1,180,860 | ||||||
$ | 1,180,860 | |||||||||
Insured Hospital 0.9% | ||||||||||
Massachusetts Health and Educational Facilities Authority, (Cape
Cod Healthcare), (AGC), 5.00%, 11/15/25
|
$ | 335 | $ | 337,888 | ||||||
$ | 337,888 | |||||||||
Insured Other Revenue 3.0% | ||||||||||
Massachusetts Development Finance Agency, (WGBH Educational
Foundation), (AMBAC), 5.75%, 1/1/42
|
$ | 1,075 | $ | 1,092,866 | ||||||
$ | 1,092,866 | |||||||||
Insured Special Tax Revenue 13.2% | ||||||||||
Marthas Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32
|
$ | 1,450 | $ | 1,452,305 | ||||||
Massachusetts, Special Obligation, Dedicated Tax Revenue,
(FGIC), (NPFG), 5.50%, 1/1/29
|
1,000 | 1,103,200 | ||||||||
Massachusetts School Building Authority, Dedicated Sales Tax
Revenue, (AMBAC),
5.00%, 8/15/37(1)
|
1,340 | 1,371,101 | ||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
7,595 | 418,333 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
3,005 | 315,465 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
1,905 | 186,138 | ||||||||
$ | 4,846,542 | |||||||||
Insured Student Loan 5.8% | ||||||||||
Massachusetts Educational Financing Authority, (AGC), (AMT),
6.35%, 1/1/30
|
$ | 425 | $ | 444,346 | ||||||
Massachusetts Educational Financing Authority, (AMBAC), (AMT),
4.70%, 1/1/33
|
1,885 | 1,696,839 | ||||||||
$ | 2,141,185 | |||||||||
Insured Transportation 3.4% | ||||||||||
Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG),
(AMT), 5.00%, 7/1/32
|
$ | 315 | $ | 293,798 | ||||||
Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG),
(AMT), 5.00%, 7/1/38
|
1,055 | 947,643 | ||||||||
$ | 1,241,441 | |||||||||
Nursing Home 1.4% | ||||||||||
Massachusetts Health and Educational Facilities Authority,
(Christopher House), 6.875%, 1/1/29
|
$ | 535 | $ | 497,175 | ||||||
$ | 497,175 | |||||||||
Other Revenue 3.0% | ||||||||||
Massachusetts Health and Educational Facilities Authority,
(Isabella Stewart Gardner Museum), 5.00%, 5/1/22
|
$ | 500 | $ | 547,290 | ||||||
Massachusetts Health and Educational Facilities Authority,
(Isabella Stewart Gardner Museum), 5.00%, 5/1/25
|
505 | 535,270 | ||||||||
$ | 1,082,560 | |||||||||
Senior Living / Life Care 5.8% | ||||||||||
Massachusetts Development Finance Agency, (Berkshire Retirement
Community, Inc.), 5.15%, 7/1/31
|
$ | 250 | $ | 211,443 | ||||||
Massachusetts Development Finance Agency, (Berkshire Retirement
Community, Inc.), 5.625%, 7/1/29
|
1,500 | 1,368,915 | ||||||||
Massachusetts Development Finance Agency, (Carleton-Willard
Village), 5.625%, 12/1/30
|
125 | 124,341 | ||||||||
Massachusetts Development Finance Agency, (First Mortgage VOA
Concord), 5.125%, 11/1/27
|
140 | 104,283 | ||||||||
Massachusetts Development Finance Agency, (First Mortgage VOA
Concord), 5.20%, 11/1/41
|
475 | 318,635 | ||||||||
$ | 2,127,617 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Special Tax Revenue 6.9% | ||||||||||
Massachusetts Bay Transportation Authority, Sales Tax Revenue,
0.00%, 7/1/31
|
$ | 1,665 | $ | 595,920 | ||||||
Massachusetts Bay Transportation Authority, Sales Tax Revenue,
0.00%, 7/1/34
|
5,195 | 1,518,499 | ||||||||
Virgin Islands Public Finance Authority, 5.00%, 10/1/39
|
75 | 65,756 | ||||||||
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
|
335 | 351,117 | ||||||||
$ | 2,531,292 | |||||||||
Transportation 5.9% | ||||||||||
Massachusetts Department of Transportation, (Metropolitan
Highway System), 5.00%, 1/1/37
|
$ | 1,500 | $ | 1,486,035 | ||||||
Massachusetts Port Authority, 5.00%, 7/1/34
|
670 | 687,936 | ||||||||
$ | 2,173,971 | |||||||||
Water and Sewer 8.3% | ||||||||||
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33
|
$ | 910 | $ | 1,043,324 | ||||||
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34
|
990 | 1,127,819 | ||||||||
Massachusetts Water Resources Authority, 4.00%, 8/1/46
|
1,000 | 876,670 | ||||||||
$ | 3,047,813 | |||||||||
Total Tax-Exempt
Investments 163.6%
|
||||||||||
(identified cost $61,079,163)
|
$ | 59,937,937 | ||||||||
Auction Preferred Shares Plus
Cumulative
|
||||||||||
Unpaid Dividends (54.7)%
|
$ | (20,050,167 | ) | |||||||
Other Assets, Less
Liabilities (8.9)%
|
$ | (3,260,269 | ) | |||||||
Net Assets Applicable to Common
Shares 100.0%
|
$ | 36,627,501 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
AMT
|
- Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
XLCA
|
- XL Capital Assurance, Inc.
|
(1) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). | |
(2) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
Tax-Exempt Investments 162.6% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Education 10.3% | ||||||||||
Grand Valley State University, 5.625%, 12/1/29
|
$ | 525 | $ | 549,848 | ||||||
Grand Valley State University, 5.75%, 12/1/34
|
525 | 544,499 | ||||||||
Michigan Higher Education Facilities Authority, (Hillsdale
College), 5.00%, 3/1/35
|
200 | 187,316 | ||||||||
Michigan State University, 5.00%, 2/15/40
|
1,000 | 1,022,960 | ||||||||
Michigan State University, 5.00%, 2/15/44
|
460 | 467,926 | ||||||||
$ | 2,772,549 | |||||||||
Electric Utilities 0.2% | ||||||||||
Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29
|
$ | 60 | $ | 60,067 | ||||||
$ | 60,067 | |||||||||
Escrowed / Prerefunded 12.5% | ||||||||||
Macomb County Hospital Finance Authority, (Mount Clemens General
Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34
|
$ | 560 | $ | 629,770 | ||||||
Michigan Higher Education Facilities Authority, (Creative
Studies), Prerefunded to 6/1/12, 5.90%, 12/1/27
|
1,250 | 1,318,162 | ||||||||
Michigan Hospital Finance Authority, (Sparrow Obligation Group),
Prerefunded to 11/15/11, 5.625%, 11/15/36
|
750 | 775,658 | ||||||||
Puerto Rico Electric Power Authority, Prerefunded to 7/1/12,
5.25%, 7/1/31
|
600 | 638,520 | ||||||||
$ | 3,362,110 | |||||||||
General Obligations 25.6% | ||||||||||
Ann Arbor School District, 4.50%, 5/1/24
|
$ | 350 | $ | 355,856 | ||||||
Charter County of Wayne, 6.75%, 11/1/39
|
495 | 510,310 | ||||||||
Comstock Park Public Schools, 5.00%, 5/1/28
|
230 | 233,133 | ||||||||
Comstock Park Public Schools, 5.125%, 5/1/31
|
275 | 277,329 | ||||||||
Comstock Park Public Schools, 5.25%, 5/1/33
|
220 | 223,304 | ||||||||
East Grand Rapids Public School District, 5.00%, 5/1/25
|
500 | 506,865 | ||||||||
Jenison Public Schools, 5.00%, 5/1/28
|
500 | 506,810 | ||||||||
Jenison Public Schools, 5.00%, 5/1/30
|
500 | 502,895 | ||||||||
Kent County, 5.00%, 1/1/25
|
1,500 | 1,602,795 | ||||||||
Manistee Area Public Schools, 5.00%, 5/1/24
|
750 | 759,757 | ||||||||
Michigan, 5.00%, 11/1/20
|
1,000 | 1,134,530 | ||||||||
Michigan, 5.50%, 11/1/25
|
270 | 295,421 | ||||||||
$ | 6,909,005 | |||||||||
Hospital 26.2% | ||||||||||
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital
Association), 6.20%, 1/1/25
|
$ | 185 | $ | 161,298 | ||||||
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital
Association), 6.50%, 1/1/37
|
125 | 102,731 | ||||||||
Kent Hospital Finance Authority, (Spectrum Health), 5.50% to
1/15/15 (Put Date), 1/15/47
|
275 | 309,694 | ||||||||
Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18
|
410 | 408,376 | ||||||||
Michigan Hospital Finance Authority, (Henry Ford Health System),
5.00%, 11/15/38
|
750 | 634,575 | ||||||||
Michigan Hospital Finance Authority, (Henry Ford Health System),
5.25%, 11/15/46
|
1,000 | 857,770 | ||||||||
Michigan Hospital Finance Authority, (McLaren Healthcare),
5.00%, 8/1/35
|
1,080 | 1,027,588 | ||||||||
Michigan Hospital Finance Authority, (Memorial Healthcare
Center), 5.875%, 11/15/21
|
750 | 752,160 | ||||||||
Michigan Hospital Finance Authority, (Mid Michigan Obligation
Group), 6.125%, 6/1/39
|
500 | 512,210 | ||||||||
Michigan Hospital Finance Authority, (Trinity Health Corp.),
5.00%, 12/1/27
|
1,000 | 1,024,320 | ||||||||
Monroe County Hospital Finance Authority, (Mercy Memorial
Hospital Corp.), 5.375%, 6/1/26
|
425 | 381,501 | ||||||||
Saginaw Hospital Finance Authority, (Covenant Medical Center,
Inc.), 5.00%, 7/1/30
|
1,000 | 911,570 | ||||||||
$ | 7,083,793 | |||||||||
Housing 3.4% | ||||||||||
Michigan Housing Development Authority, (Williams Pavilion),
(AMT), 4.90%, 4/20/48
|
$ | 1,000 | $ | 913,650 | ||||||
$ | 913,650 | |||||||||
Industrial Development Revenue 6.6% | ||||||||||
Detroit Local Development Finance Authority, (Chrysler Corp.),
5.375%, 5/1/21
|
$ | 750 | $ | 525,525 | ||||||
Dickinson County Economic Development Corp., (International
Paper Co.), 5.75%, 6/1/16
|
800 | 810,224 | ||||||||
Puerto Rico Port Authority, (American Airlines, Inc.), (AMT),
6.25%, 6/1/26
|
550 | 445,780 | ||||||||
$ | 1,781,529 | |||||||||
Insured Education 5.9% | ||||||||||
Ferris State University, (AGC), 5.125%, 10/1/33
|
$ | 570 | $ | 583,954 | ||||||
Ferris State University, (AGC), 5.25%, 10/1/38
|
500 | 511,410 | ||||||||
Wayne State University, (AGM), 5.00%, 11/15/35
|
500 | 507,290 | ||||||||
$ | 1,602,654 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured Electric Utilities 9.3% | ||||||||||
Michigan Strategic Fund, (Detroit Edison Co.), (NPFG), (AMT),
5.55%, 9/1/29
|
$ | 1,000 | $ | 1,000,650 | ||||||
Michigan Strategic Fund, (Detroit Edison Co.), (XLCA),
5.25%, 12/15/32
|
400 | 398,152 | ||||||||
Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/30
|
220 | 215,576 | ||||||||
Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/34
|
500 | 480,585 | ||||||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29
|
435 | 427,505 | ||||||||
$ | 2,522,468 | |||||||||
Insured Escrowed / Prerefunded 3.7% | ||||||||||
Detroit Sewage Disposal System, (FGIC), Prerefunded to 7/1/11,
5.125%, 7/1/31
|
$ | 1,000 | $ | 1,004,130 | ||||||
$ | 1,004,130 | |||||||||
Insured General Obligations 15.3% | ||||||||||
Battle Creek School District, (AGM), 5.00%, 5/1/37
|
$ | 1,105 | $ | 1,115,939 | ||||||
Byron Center Public Schools, (AGM), 3.75%, 5/1/26
|
650 | 589,836 | ||||||||
Byron Center Public Schools, (AGM), 4.00%, 5/1/28
|
290 | 264,486 | ||||||||
Detroit School District, (AGM), 5.25%, 5/1/32
|
300 | 295,680 | ||||||||
Detroit School District, (FGIC),
4.75%, 5/1/28(1)
|
650 | 608,634 | ||||||||
Van Dyke Public Schools, (AGM), 5.00%, 5/1/38
|
1,250 | 1,261,225 | ||||||||
$ | 4,135,800 | |||||||||
Insured Hospital 3.3% | ||||||||||
Royal Oak Hospital Finance Authority, (William Beaumont
Hospital), (NPFG), 5.25%, 11/15/35
|
$ | 985 | $ | 881,585 | ||||||
$ | 881,585 | |||||||||
Insured Lease Revenue / Certificates of Participation 6.1% | ||||||||||
Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29
|
$ | 1,000 | $ | 333,340 | ||||||
Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30
|
4,300 | 1,305,480 | ||||||||
$ | 1,638,820 | |||||||||
Insured Special Tax Revenue 2.5% | ||||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
$ | 5,160 | $ | 284,213 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
2,430 | 255,101 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
1,470 | 143,634 | ||||||||
$ | 682,948 | |||||||||
Insured Student Loan 3.7% | ||||||||||
Michigan Higher Education Student Loan Authority, (AMBAC),
(AMT), 5.00%, 3/1/31
|
$ | 1,000 | $ | 1,009,340 | ||||||
$ | 1,009,340 | |||||||||
Insured Transportation 3.5% | ||||||||||
Wayne County Airport Authority, (AGC), (AMT),
5.375%, 12/1/32
|
$ | 1,000 | $ | 954,650 | ||||||
$ | 954,650 | |||||||||
Insured Water and Sewer 11.5% | ||||||||||
Detroit Sewage Disposal System, (AGC), (FGIC), 5.00%, 7/1/36
|
$ | 560 | $ | 521,399 | ||||||
Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30
|
1,650 | 1,556,907 | ||||||||
Grand Rapids Water Supply System, (AGC), 5.10%, 1/1/39
|
1,000 | 1,029,410 | ||||||||
$ | 3,107,716 | |||||||||
Other Revenue 3.2% | ||||||||||
Lansing Board of Water and Light,
5.50%, 7/1/41(2)
|
$ | 500 | $ | 523,015 | ||||||
Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48
|
500 | 345,130 | ||||||||
$ | 868,145 | |||||||||
Special Tax Revenue 1.3% | ||||||||||
Guam, Limited Obligation Bonds, 5.625%, 12/1/29
|
$ | 115 | $ | 114,935 | ||||||
Guam, Limited Obligation Bonds, 5.75%, 12/1/34
|
125 | 125,166 | ||||||||
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
|
110 | 115,292 | ||||||||
$ | 355,393 | |||||||||
Water and Sewer 8.5% | ||||||||||
Grand Rapids, (Sanitary Sewer System), 5.00%, 1/1/28
|
$ | 790 | $ | 861,455 | ||||||
Michigan Municipal Bond Authority, (Clean Water Revenue),
5.00%, 10/1/29
|
600 | 640,596 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Water and Sewer (continued)
|
||||||||||
Michigan Municipal Bond Authority, (Clean Water Revenue),
5.00%, 10/1/30
|
$ | 500 | $ | 533,580 | ||||||
Michigan Municipal Bond Authority, (Clean Water Revenue),
5.25%, 10/1/11(3)
|
250 | 254,193 | ||||||||
$ | 2,289,824 | |||||||||
Total Tax-Exempt
Investments 162.6%
|
||||||||||
(identified cost $45,354,597)
|
$ | 43,936,176 | ||||||||
Auction Preferred Shares Plus
Cumulative
|
||||||||||
Unpaid Dividends (64.8)%
|
$ | (17,500,876 | ) | |||||||
Other Assets, Less
Liabilities 2.2%
|
$ | 582,404 | ||||||||
Net Assets Applicable to Common
Shares 100.0%
|
$ | 27,017,704 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
AMT
|
- Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
XLCA
|
- XL Capital Assurance, Inc.
|
(1) | Security (or a portion thereof) has been segregated to cover payable for when-issued securities. | |
(2) | When-issued security. | |
(3) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
Tax-Exempt Investments 166.0% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Education 26.7% | ||||||||||
New Jersey Educational Facilities Authority, (Georgian Court
University), 5.00%, 7/1/27
|
$ | 250 | $ | 243,920 | ||||||
New Jersey Educational Facilities Authority, (Georgian Court
University), 5.00%, 7/1/33
|
250 | 227,430 | ||||||||
New Jersey Educational Facilities Authority, (Georgian Court
University), 5.25%, 7/1/37
|
220 | 202,301 | ||||||||
New Jersey Educational Facilities Authority, (Kean University),
5.50%, 9/1/36
|
2,560 | 2,620,262 | ||||||||
New Jersey Educational Facilities Authority, (Princeton
University), 4.25%, 7/1/40
|
3,485 | 3,380,101 | ||||||||
New Jersey Educational Facilities Authority, (Princeton
University),
4.50%, 7/1/38(1)
|
3,500 | 3,519,915 | ||||||||
New Jersey Educational Facilities Authority, (Stevens Institute
of Technology), 5.00%, 7/1/27
|
1,650 | 1,609,872 | ||||||||
New Jersey Educational Facilities Authority, (University of
Medicine and Dentistry), 7.50%, 12/1/32
|
965 | 1,085,577 | ||||||||
Rutgers State University,
5.00%, 5/1/39(1)
|
3,150 | 3,233,759 | ||||||||
$ | 16,123,137 | |||||||||
Electric Utilities 2.5% | ||||||||||
Salem County Pollution Control Financing Authority, (Public
Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31
|
$ | 1,500 | $ | 1,501,995 | ||||||
$ | 1,501,995 | |||||||||
Escrowed / Prerefunded 0.6% | ||||||||||
New Jersey Transportation Trust Fund Authority,
(Transportation System), Prerefunded to 12/15/18,
6.00%, 12/15/38
|
$ | 285 | $ | 366,550 | ||||||
$ | 366,550 | |||||||||
General Obligations 6.6% | ||||||||||
Monmouth County Improvement Authority, (Governmental Pooled
Loan),
5.00%, 1/15/28(2) |
$ | 1,850 | $ | 2,034,482 | ||||||
Monmouth County Improvement Authority, (Governmental Pooled
Loan), 5.00%, 1/15/30
|
1,795 | 1,948,329 | ||||||||
$ | 3,982,811 | |||||||||
Hospital 21.4% | ||||||||||
Camden County Improvement Authority, (Cooper Health System),
5.00%, 2/15/35
|
$ | 90 | $ | 73,222 | ||||||
Camden County Improvement Authority, (Cooper Health System),
5.75%, 2/15/34
|
1,495 | 1,359,418 | ||||||||
New Jersey Health Care Facilities Financing Authority, (AHS
Hospital Corp.), 5.00%, 7/1/27
|
2,320 | 2,330,881 | ||||||||
New Jersey Health Care Facilities Financing Authority,
(Atlanticare Regional Medical Center), 5.00%, 7/1/37
|
2,370 | 2,305,939 | ||||||||
New Jersey Health Care Facilities Financing Authority, (Chilton
Memorial Hospital), 5.75%, 7/1/39
|
915 | 888,904 | ||||||||
New Jersey Health Care Facilities Financing Authority, (Kennedy
Health System), 5.625%, 7/1/31
|
1,525 | 1,505,953 | ||||||||
New Jersey Health Care Facilities Financing Authority, (Robert
Wood Johnson University Hospital), 5.00%, 7/1/31
|
1,000 | 998,700 | ||||||||
New Jersey Health Care Facilities Financing Authority, (South
Jersey Hospital), 5.00%, 7/1/46
|
2,530 | 2,326,462 | ||||||||
New Jersey Health Care Facilities Financing Authority, (Virtua
Health), 5.75%, 7/1/33
|
1,075 | 1,112,840 | ||||||||
$ | 12,902,319 | |||||||||
Housing 3.6% | ||||||||||
New Jersey Housing & Mortgage Finance Agency, (Single
Family Housing), (AMT), 4.70%, 10/1/37
|
$ | 680 | $ | 624,193 | ||||||
New Jersey Housing & Mortgage Finance Agency, (Single
Family Housing), (AMT), 5.00%, 10/1/37
|
1,640 | 1,561,083 | ||||||||
$ | 2,185,276 | |||||||||
Industrial Development Revenue 12.8% | ||||||||||
Middlesex County Pollution Control Authority, (Amerada Hess),
5.75%, 9/15/32
|
$ | 500 | $ | 500,745 | ||||||
Middlesex County Pollution Control Authority, (Amerada Hess),
6.05%, 9/15/34
|
540 | 542,554 | ||||||||
New Jersey Economic Development Authority, (Anheuser-Busch Cos.,
Inc.), (AMT), 4.95%, 3/1/47
|
1,610 | 1,475,758 | ||||||||
New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 6.25%, 9/15/29
|
215 | 200,154 | ||||||||
New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 9.00%, 6/1/33
|
750 | 779,730 | ||||||||
New Jersey Economic Development Authority, (New
Jersey-American
Water Co., Inc.), (AMT), 5.10%, 6/1/23
|
220 | 231,343 | ||||||||
New Jersey Economic Development Authority, (New
Jersey-American
Water Co., Inc.), (AMT), 5.70%, 10/1/39
|
2,235 | 2,239,493 | ||||||||
Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT),
4.70%, 7/1/22
|
2,080 | 1,732,079 | ||||||||
$ | 7,701,856 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured Education 1.1% | ||||||||||
New Jersey Educational Facilities Authority, (Rowan University),
(AGM), (FGIC), 3.00%, 7/1/28
|
$ | 825 | $ | 678,125 | ||||||
$ | 678,125 | |||||||||
Insured Gas Utilities 8.1% | ||||||||||
New Jersey Economic Development Authority, (New Jersey Natural
Gas Co.), (FGIC), (NPFG), (AMT), 4.90%,to 10/1/25 (Put Date),
10/1/40
|
$ | 4,775 | $ | 4,863,290 | ||||||
$ | 4,863,290 | |||||||||
Insured General Obligations 2.3% | ||||||||||
Lakewood Township, (AGC), 5.75%, 11/1/31
|
$ | 1,240 | $ | 1,375,346 | ||||||
$ | 1,375,346 | |||||||||
Insured Hospital 6.7% | ||||||||||
New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), (AGC),
5.25%, 1/1/36(1)
|
$ | 750 | $ | 756,817 | ||||||
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series II, (AGC), 5.00%, 7/1/38
|
1,420 | 1,394,099 | ||||||||
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series V, (AGC),
5.00%, 7/1/38(1)
|
500 | 490,880 | ||||||||
New Jersey Health Care Facilities Financing Authority, (Virtua
Health), (AGC), 5.50%, 7/1/38
|
1,380 | 1,413,838 | ||||||||
$ | 4,055,634 | |||||||||
Insured Housing 5.4% | ||||||||||
New Jersey Housing and Mortgage Finance Agency, (Multi-Family
Housing), (AGM), (AMT), 5.05%, 5/1/34
|
$ | 3,390 | $ | 3,282,537 | ||||||
$ | 3,282,537 | |||||||||
Insured Lease Revenue / Certificates of Participation 4.4% | ||||||||||
New Jersey Economic Development Authority, (School Facilities
Construction), (AGC), 5.50%, 12/15/34
|
$ | 1,500 | $ | 1,559,475 | ||||||
New Jersey Economic Development Authority, (School Facilities
Construction), (FGIC), (NPFG), 5.50%, 9/1/28
|
1,000 | 1,072,270 | ||||||||
$ | 2,631,745 | |||||||||
Insured Other Revenue 1.7% | ||||||||||
Hudson County Improvement Authority, (Harrison Parking), (AGC),
5.25%, 1/1/39
|
$ | 1,015 | $ | 1,049,896 | ||||||
$ | 1,049,896 | |||||||||
Insured Special Tax Revenue 11.7% | ||||||||||
Garden State Preservation Trust, (AGM), 0.00%, 11/1/25
|
$ | 6,000 | $ | 3,050,760 | ||||||
New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (XLCA), 0.00%, 7/1/26
|
4,315 | 1,878,578 | ||||||||
New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (XLCA), 0.00%, 7/1/27
|
2,020 | 818,060 | ||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
7,185 | 395,750 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
5,445 | 571,616 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
3,425 | 334,657 | ||||||||
$ | 7,049,421 | |||||||||
Insured Student Loan 4.1% | ||||||||||
New Jersey Higher Education Student Assistance Authority, (AGC),
(AMT), 6.125%, 6/1/30
|
$ | 2,385 | $ | 2,498,120 | ||||||
$ | 2,498,120 | |||||||||
Insured Transportation 4.1% | ||||||||||
New Jersey Transportation Trust Fund Authority,
(Transportation System), (AMBAC), (BHAC), 0.00%, 12/15/26
|
$ | 1,960 | $ | 877,394 | ||||||
New Jersey Transportation Trust Fund Authority,
(Transportation System), (BHAC), (FGIC), 0.00%, 12/15/31
|
4,000 | 1,249,040 | ||||||||
South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33
|
315 | 335,831 | ||||||||
$ | 2,462,265 | |||||||||
Insured Water and Sewer 3.2% | ||||||||||
New Jersey Economic Development Authority, (United Water New
Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25
|
$ | 1,940 | $ | 1,952,862 | ||||||
$ | 1,952,862 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Lease Revenue / Certificates of Participation 5.5% | ||||||||||
New Jersey Economic Development Authority, (School Facilities
Construction), 5.25%, 12/15/33
|
$ | 1,500 | $ | 1,530,015 | ||||||
New Jersey Health Care Facilities Financing Authority, (Hospital
Asset Transformation Program), 5.25%, 10/1/38
|
1,760 | 1,759,859 | ||||||||
$ | 3,289,874 | |||||||||
Other Revenue 7.1% | ||||||||||
Childrens Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/50
|
$ | 7,200 | $ | 240,408 | ||||||
Childrens Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/55
|
13,280 | 209,160 | ||||||||
New Jersey Economic Development Authority, (Duke Farms
Foundation),
5.00%, 7/1/48(1) |
2,700 | 2,754,567 | ||||||||
Port Authority of New York and New Jersey, (JFK International
Air Terminal LLC), 6.00%, 12/1/42
|
500 | 499,720 | ||||||||
Tobacco Settlement Financing Corp., 5.00%, 6/1/41
|
900 | 576,126 | ||||||||
$ | 4,279,981 | |||||||||
Senior Living / Life Care 3.0% | ||||||||||
New Jersey Economic Development Authority, (Cranes Mill, Inc.),
5.875%, 7/1/28
|
$ | 465 | $ | 444,005 | ||||||
New Jersey Economic Development Authority, (Cranes Mill, Inc.),
6.00%, 7/1/38
|
770 | 712,920 | ||||||||
New Jersey Economic Development Authority, (Seabrook Village),
5.25%, 11/15/36
|
815 | 644,958 | ||||||||
$ | 1,801,883 | |||||||||
Special Tax Revenue 2.1% | ||||||||||
New Jersey Economic Development Authority, (Newark Downtown
District Management Corp.), 5.125%, 6/15/27
|
$ | 100 | $ | 91,934 | ||||||
New Jersey Economic Development Authority, (Newark Downtown
District Management Corp.), 5.125%, 6/15/37
|
175 | 148,256 | ||||||||
Puerto Rico Sales Tax Financing Corp., 5.75%, 8/1/37
|
500 | 505,535 | ||||||||
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
|
500 | 524,055 | ||||||||
$ | 1,269,780 | |||||||||
Student Loan 4.1% | ||||||||||
New Jersey Higher Education Student Assistance Authority, (AMT),
Variable Rate,
1.261%, 6/1/36(1)(3)(4)
|
$ | 2,500 | $ | 2,440,875 | ||||||
$ | 2,440,875 | |||||||||
Transportation 17.2% | ||||||||||
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/35
|
$ | 1,060 | $ | 1,065,470 | ||||||
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/40
|
1,080 | 1,080,324 | ||||||||
New Jersey Transportation Trust Fund Authority,
(Transportation System), 5.875%, 12/15/38
|
250 | 262,075 | ||||||||
New Jersey Transportation Trust Fund Authority,
(Transportation System), 6.00%, 12/15/38
|
530 | 567,227 | ||||||||
New Jersey Turnpike Authority, 5.25%, 1/1/40
|
3,600 | 3,666,312 | ||||||||
Port Authority of New York and New Jersey, 4.50%, 11/1/33
|
480 | 477,634 | ||||||||
Port Authority of New York and New Jersey, (AMT),
5.75%, 3/15/35(1)
|
1,995 | 2,072,166 | ||||||||
South Jersey Port Authority, (Marine Terminal),
5.10%, 1/1/33
|
1,175 | 1,176,986 | ||||||||
$ | 10,368,194 | |||||||||
Total Tax-Exempt
Investments 166.0%
|
||||||||||
(identified cost $101,184,794)
|
$ | 100,113,772 | ||||||||
Auction Preferred Shares Plus
Cumulative
|
||||||||||
Unpaid Dividends (55.4)%
|
$ | (33,425,836 | ) | |||||||
Other Assets, Less
Liabilities (10.6)%
|
$ | (6,388,407 | ) | |||||||
Net Assets Applicable to Common
Shares 100.0%
|
$ | 60,299,529 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
AMT
|
- Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
|
|
BHAC
|
- Berkshire Hathaway Assurance Corp.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
XLCA
|
- XL Capital Assurance, Inc.
|
(1) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
(2) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(3) | Variable rate security. The stated interest rate represents the rate in effect at May 31, 2011. | |
(4) | Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $440,875. |
Tax-Exempt Investments 171.8% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Cogeneration 1.5% | ||||||||||
Suffolk County Industrial Development Agency, (Nissequogue
Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23
|
$ | 1,150 | $ | 1,020,832 | ||||||
$ | 1,020,832 | |||||||||
Education 26.3% | ||||||||||
Geneva Industrial Development Agency, (Hobart &
William Smith Project), 5.375%, 2/1/33
|
$ | 315 | $ | 317,095 | ||||||
New York City Cultural Resource Trust, (The Juilliard School),
5.00%, 1/1/34
|
1,490 | 1,541,718 | ||||||||
New York City Cultural Resource Trust, (The Juilliard School),
5.00%, 1/1/39
|
325 | 333,125 | ||||||||
New York Dormitory Authority, (Brooklyn Law School),
5.75%, 7/1/33
|
510 | 546,001 | ||||||||
New York Dormitory Authority, (Columbia University),
5.00%, 7/1/38(1)
|
1,000 | 1,043,870 | ||||||||
New York Dormitory Authority, (Columbia University),
5.00%, 10/1/41
|
725 | 765,005 | ||||||||
New York Dormitory Authority, (Cornell University),
5.00%, 7/1/34
|
510 | 534,317 | ||||||||
New York Dormitory Authority, (Cornell University),
5.00%, 7/1/39
|
2,000 | 2,077,360 | ||||||||
New York Dormitory Authority, (Fordham University),
5.50%, 7/1/36
|
1,000 | 1,039,580 | ||||||||
New York Dormitory Authority, (Rochester Institute of
Technology), 6.00%, 7/1/33
|
2,250 | 2,426,512 | ||||||||
New York Dormitory Authority, (Rockefeller University),
5.00%, 7/1/40
|
2,500 | 2,579,550 | ||||||||
New York Dormitory Authority, (Skidmore College),
5.00%, 7/1/27
|
325 | 344,399 | ||||||||
New York Dormitory Authority, (Skidmore College),
5.25%, 7/1/29
|
400 | 424,920 | ||||||||
New York Dormitory Authority, (St. Francis College),
5.00%, 10/1/40
|
1,495 | 1,481,261 | ||||||||
New York Dormitory Authority, (The New School),
5.50%, 7/1/40
|
2,000 | 2,058,220 | ||||||||
Onondaga Civic Development Corp., (Le Moyne College),
5.20%, 7/1/29
|
280 | 273,258 | ||||||||
Onondaga Civic Development Corp., (Le Moyne College),
5.375%, 7/1/40
|
735 | 697,236 | ||||||||
$ | 18,483,427 | |||||||||
Electric Utilities 4.5% | ||||||||||
Long Island Power Authority, Electric System Revenue,
6.00%, 5/1/33
|
$ | 1,420 | $ | 1,559,984 | ||||||
Suffolk County Industrial Development Agency, (Keyspan-Port
Jefferson), (AMT), 5.25%, 6/1/27
|
1,645 | 1,620,522 | ||||||||
$ | 3,180,506 | |||||||||
General Obligations 16.3% | ||||||||||
New York,
5.00%, 2/15/34(2)
|
$ | 4,000 | $ | 4,224,880 | ||||||
New York City,
5.25%, 9/15/33(2)
|
6,000 | 6,076,200 | ||||||||
New York City, 6.25%, 10/15/28
|
1,000 | 1,142,310 | ||||||||
$ | 11,443,390 | |||||||||
Health Care Miscellaneous 2.8% | ||||||||||
New York City Industrial Development Agency, (A Very Special
Place, Inc.), 5.75%, 1/1/29
|
$ | 1,115 | $ | 903,663 | ||||||
New York City Industrial Development Agency, (Ohel
Childrens Home), 6.25%, 8/15/22
|
1,200 | 914,712 | ||||||||
Suffolk County Industrial Development Agency, (Alliance of Long
Island Agencies), Series A, Class H, 7.50%, 9/1/15
|
50 | 50,704 | ||||||||
Suffolk County Industrial Development Agency, (Alliance of Long
Island Agencies), Series A, Class I, 7.50%, 9/1/15
|
100 | 101,408 | ||||||||
$ | 1,970,487 | |||||||||
Hospital 23.7% | ||||||||||
Dutchess County Local Development Corp., (Health Quest Systems,
Inc.), 5.75%, 7/1/30
|
$ | 130 | $ | 133,507 | ||||||
Dutchess County Local Development Corp., (Health Quest Systems,
Inc.), 5.75%, 7/1/40
|
960 | 962,640 | ||||||||
Fulton County Industrial Development Agency, (Nathan Littauer
Hospital), 6.00%, 11/1/18
|
1,165 | 1,104,839 | ||||||||
Monroe County Industrial Development Agency, (Highland
Hospital), 5.00%, 8/1/25
|
2,490 | 2,469,383 | ||||||||
Nassau County Industrial Development Agency, (North Shore Health
System), 6.25%, 11/1/21
|
400 | 402,820 | ||||||||
New York Dormitory Authority, (Lenox Hill Hospital),
5.50%, 7/1/30
|
1,500 | 1,491,165 | ||||||||
New York Dormitory Authority, (Methodist Hospital),
5.25%, 7/1/33
|
2,000 | 1,909,380 | ||||||||
New York Dormitory Authority, (Mount Sinai Hospital),
5.00%, 7/1/26
|
1,000 | 1,019,710 | ||||||||
New York Dormitory Authority, (North Shore-Long Island Jewish
Obligated Group), 5.00%, 11/1/34
|
845 | 810,093 | ||||||||
New York Dormitory Authority, (NYU Hospital Center),
5.625%, 7/1/37
|
1,250 | 1,254,712 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Hospital (continued)
|
||||||||||
New York Dormitory Authority, (Orange Regional Medical Center),
6.125%, 12/1/29
|
$ | 415 | $ | 392,723 | ||||||
New York Dormitory Authority, (Orange Regional Medical Center),
6.25%, 12/1/37
|
835 | 780,391 | ||||||||
Oneida County Industrial Development Agency,
(St. Elizabeths Medical Center), 5.75%, 12/1/19
|
1,250 | 1,194,612 | ||||||||
Saratoga County Industrial Development Agency, (Saratoga
Hospital), 5.25%, 12/1/32
|
650 | 604,884 | ||||||||
Suffolk County Industrial Development Agency, (Huntington
Hospital), 6.00%, 11/1/22
|
2,105 | 2,146,911 | ||||||||
$ | 16,677,770 | |||||||||
Housing 16.7% | ||||||||||
New York City Housing Development Corp., MFMR, (AMT),
5.05%, 11/1/39
|
$ | 1,500 | $ | 1,412,700 | ||||||
New York City Housing Development Corp., MFMR, (AMT),
5.20%, 11/1/40
|
2,620 | 2,535,584 | ||||||||
New York Housing Finance Agency, 5.25%, 11/1/41
|
1,000 | 1,003,290 | ||||||||
New York Housing Finance Agency, (FNMA), (AMT),
5.40%, 11/15/42
|
2,625 | 2,605,286 | ||||||||
New York Mortgage Agency, (AMT), 4.875%, 10/1/30
|
1,500 | 1,430,340 | ||||||||
New York Mortgage Agency, (AMT), 4.90%, 10/1/37
|
1,930 | 1,795,093 | ||||||||
New York Mortgage Agency, (AMT), 5.125%, 10/1/37
|
1,000 | 965,600 | ||||||||
$ | 11,747,893 | |||||||||
Industrial Development Revenue 9.3% | ||||||||||
Essex County Industrial Development Agency, (International Paper
Company), (AMT), 6.625%, 9/1/32
|
$ | 1,000 | $ | 1,046,040 | ||||||
New York City Industrial Development Agency, (American Airlines,
Inc. - JFK International Airport), (AMT), 8.00%, 8/1/12
|
1,500 | 1,549,080 | ||||||||
New York Liberty Development Corp., (Goldman Sachs Group, Inc.),
5.25%, 10/1/35
|
1,000 | 1,001,290 | ||||||||
Onondaga County Industrial Development Agency, (Anheuser-Busch
Cos., Inc.), (AMT), 6.25%, 12/1/34
|
2,500 | 2,501,900 | ||||||||
Port Authority of New York and New Jersey, (Continental
Airlines), (AMT), 9.125%, 12/1/15
|
430 | 434,816 | ||||||||
$ | 6,533,126 | |||||||||
Insured Education 6.3% | ||||||||||
New York Dormitory Authority, (City University), (AMBAC),
5.50%, 7/1/35
|
$ | 1,250 | $ | 1,203,950 | ||||||
New York Dormitory Authority, (State University), (BHAC),
5.00%, 7/1/38(2)
|
1,500 | 1,538,145 | ||||||||
Oneida County Industrial Development Agency, (Hamilton College),
(NPFG), 0.00%, 7/1/33
|
5,365 | 1,667,603 | ||||||||
$ | 4,409,698 | |||||||||
Insured Electric Utilities 2.1% | ||||||||||
Long Island Power Authority, Electric System Revenue, (BHAC),
5.75%, 4/1/33
|
$ | 1,365 | $ | 1,497,746 | ||||||
$ | 1,497,746 | |||||||||
Insured Escrowed / Prerefunded 1.7% | ||||||||||
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26
|
$ | 855 | $ | 491,095 | ||||||
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27
|
1,280 | 694,272 | ||||||||
$ | 1,185,367 | |||||||||
Insured Lease Revenue / Certificates of Participation 3.7% | ||||||||||
Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47
|
$ | 3,135 | $ | 2,626,503 | ||||||
$ | 2,626,503 | |||||||||
Insured Other Revenue 2.7% | ||||||||||
New York City Industrial Development Agency, (Yankee Stadium),
(AGC), 0.00%, 3/1/31
|
$ | 2,645 | $ | 835,635 | ||||||
New York City Industrial Development Agency, (Yankee Stadium),
(AGC), 0.00%, 3/1/32
|
3,625 | 1,071,659 | ||||||||
$ | 1,907,294 | |||||||||
Insured Special Tax Revenue 5.6% | ||||||||||
New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 4.75%, 11/15/45
|
$ | 995 | $ | 908,017 | ||||||
Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/34
|
4,440 | 859,984 | ||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
19,745 | 1,087,554 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured Special Tax
Revenue (continued)
|
||||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
$ | 6,705 | $ | 703,891 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
4,225 | 412,825 | ||||||||
$ | 3,972,271 | |||||||||
Insured Transportation 2.8% | ||||||||||
Metropolitan Transportation Authority, (AGC),
4.50%, 11/15/38
|
$ | 590 | $ | 559,261 | ||||||
Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (NPFG), (AMT), 5.625%, 4/1/29
|
1,475 | 1,422,623 | ||||||||
$ | 1,981,884 | |||||||||
Insured Water and Sewer 1.3% | ||||||||||
Nassau County Industrial Development Agency, (Water Services
Corp.), (AMBAC), (AMT), 5.00%, 12/1/35
|
$ | 1,000 | $ | 897,860 | ||||||
$ | 897,860 | |||||||||
Lease Revenue / Certificates of Participation 4.0% | ||||||||||
New York City Transitional Finance Authority, (Building Aid),
4.50%, 1/15/38
|
$ | 1,875 | $ | 1,765,350 | ||||||
New York City Transitional Finance Authority, (Building Aid),
5.50%, 7/15/31
|
1,000 | 1,066,890 | ||||||||
$ | 2,832,240 | |||||||||
Other Revenue 5.0% | ||||||||||
Albany Industrial Development Agency, Civic Facility,
(Charitable Leadership), 5.75%, 7/1/26
|
$ | 1,285 | $ | 816,489 | ||||||
Brooklyn Arena Local Development Corp., (Barclays Center),
0.00%, 7/15/31
|
3,120 | 875,691 | ||||||||
Brooklyn Arena Local Development Corp., (Barclays Center),
6.25%, 7/15/40
|
380 | 382,356 | ||||||||
New York City Cultural Resource Trust, (Museum of Modern Art),
5.00%, 4/1/31
|
1,415 | 1,474,388 | ||||||||
$ | 3,548,924 | |||||||||
Senior Living / Life Care 2.8% | ||||||||||
Mount Vernon Industrial Development Agency, (Wartburg Senior
Housing, Inc.), 6.20%, 6/1/29
|
$ | 1,450 | $ | 1,273,216 | ||||||
Suffolk County Economic Development Corp., (Peconic Landing at
Southold, Inc.), 6.00%, 12/1/40
|
665 | 667,387 | ||||||||
$ | 1,940,603 | |||||||||
Special Tax Revenue 9.0% | ||||||||||
Metropolitan Transportation Authority, Dedicated Tax Revenue,
5.00%, 11/15/34
|
$ | 1,500 | $ | 1,529,490 | ||||||
New York City Transitional Finance Authority, Future Tax
Revenue,
5.50%, 11/1/35(2)(3)
|
2,100 | 2,285,724 | ||||||||
New York Dormitory Authority, Personal Income Tax Revenue,
(University & College Improvements),
5.25%, 3/15/38
|
1,000 | 1,044,410 | ||||||||
New York Urban Development Corp., Personal Income Tax Revenue,
5.00%, 3/15/32
|
900 | 930,294 | ||||||||
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
|
545 | 571,220 | ||||||||
$ | 6,361,138 | |||||||||
Transportation 10.7% | ||||||||||
Metropolitan Transportation Authority, 5.00%, 11/15/37
|
$ | 790 | $ | 773,521 | ||||||
Port Authority of New York and New Jersey,
5.00%, 11/15/37(2)
|
1,900 | 1,943,586 | ||||||||
Port Authority of New York and New Jersey, (AMT),
4.75%, 6/15/33
|
960 | 920,592 | ||||||||
Port Authority of New York and New Jersey, (AMT),
5.75%, 3/15/35(2)
|
990 | 1,028,293 | ||||||||
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34
|
10 | 10,467 | ||||||||
Triborough Bridge and Tunnel Authority,
5.25%, 11/15/34(2)
|
2,740 | 2,867,985 | ||||||||
$ | 7,544,444 | |||||||||
Water and Sewer 13.0% | ||||||||||
Dutchess County Water and Wastewater Authority,
0.00%, 10/1/34
|
$ | 585 | $ | 184,591 | ||||||
Dutchess County Water and Wastewater Authority,
0.00%, 10/1/35
|
325 | 95,999 | ||||||||
New York City Municipal Water Finance Authority, (Water and
Sewer System),
5.75%, 6/15/40(2)
|
3,105 | 3,392,647 | ||||||||
New York Environmental Facilities Corp., 5.00%, 10/15/39
|
1,730 | 1,808,715 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Water and Sewer (continued)
|
||||||||||
New York Environmental Facilities Corp., Clean Water and
Drinking Water, (Municipal Water Finance),
5.00%, 6/15/37(2)
|
$ | 2,535 | $ | 2,633,155 | ||||||
Saratoga County Water Authority, 5.00%, 9/1/48
|
1,000 | 1,010,160 | ||||||||
$ | 9,125,267 | |||||||||
Total Tax-Exempt
Investments 171.8%
|
||||||||||
(identified cost $122,256,323)
|
$ | 120,888,670 | ||||||||
Auction Preferred Shares Plus
Cumulative
|
||||||||||
Unpaid
Dividends (47.9)%
|
$ | (33,726,407 | ) | |||||||
Other Assets, Less
Liabilities (23.9)%
|
$ | (16,814,127 | ) | |||||||
Net Assets Applicable to Common
Shares 100.0%
|
$ | 70,348,136 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
AMT
|
- Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
|
|
BHAC
|
- Berkshire Hathaway Assurance Corp.
|
|
FNMA
|
- Federal National Mortgage Association
|
|
MFMR
|
- Multi-Family Mortgage Revenue
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
(1) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(2) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). | |
(3) | Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $710,724. |
Tax-Exempt Investments 158.5% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Bond Bank 11.3% | ||||||||||
Ohio Economic Development Commission, (Ohio Enterprise Bond
Fund), (AMT), 4.85%, 6/1/25
|
$ | 550 | $ | 559,086 | ||||||
Ohio Economic Development Commission, (Ohio Enterprise Bond
Fund), (AMT), 5.85%, 12/1/22
|
1,020 | 1,059,117 | ||||||||
Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan,
5.375%, 1/1/32
|
1,245 | 1,260,463 | ||||||||
Summit County Port Authority, (Twinsburg Township),
5.125%, 5/15/25
|
295 | 254,369 | ||||||||
Toledo-Lucas County Port Authority, 5.40%, 5/15/19
|
1,100 | 980,694 | ||||||||
$ | 4,113,729 | |||||||||
Education 15.2% | ||||||||||
Ohio Higher Educational Facility Commission, (Kenyon College),
5.00%, 7/1/44
|
$ | 500 | $ | 472,230 | ||||||
Ohio Higher Educational Facility Commission, (Kenyon College),
5.25%, 7/1/44
|
1,250 | 1,228,750 | ||||||||
Ohio Higher Educational Facility Commission, (University of
Dayton), 5.50%, 12/1/36
|
1,000 | 1,016,880 | ||||||||
Ohio State University, 5.00%, 12/1/28
|
500 | 544,350 | ||||||||
Ohio State University, 5.00%, 12/1/30
|
1,675 | 1,802,233 | ||||||||
University of Cincinnati, 5.00%, 6/1/34
|
500 | 500,185 | ||||||||
$ | 5,564,628 | |||||||||
Electric Utilities 2.1% | ||||||||||
Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14
|
$ | 255 | $ | 254,985 | ||||||
Ohio Air Quality Development Authority, (Buckeye Power, Inc.),
6.00%, 12/1/40
|
500 | 506,680 | ||||||||
$ | 761,665 | |||||||||
Escrowed / Prerefunded 2.8% | ||||||||||
Mahoning County, (Career and Technical Center), Prerefunded to
12/1/11, 6.25%, 12/1/36
|
$ | 1,000 | $ | 1,029,010 | ||||||
$ | 1,029,010 | |||||||||
General Obligations 22.5% | ||||||||||
Barberton City School District, 4.50%, 12/1/33
|
$ | 1,000 | $ | 957,540 | ||||||
Beavercreek City School District, 5.00%, 12/1/30
|
1,750 | 1,842,470 | ||||||||
Central Ohio Solid Waste Authority, 5.125%, 9/1/27
|
1,090 | 1,158,332 | ||||||||
Columbus,
5.00%, 7/1/23(1)
|
500 | 528,170 | ||||||||
Columbus City School District, 5.00%, 12/1/29
|
1,000 | 1,059,990 | ||||||||
Huber Heights City School District, 4.75%, 12/1/25
|
595 | 617,158 | ||||||||
Maple Heights City School District, 5.00%, 1/15/37
|
1,000 | 1,012,400 | ||||||||
Symmes Township, Hamilton County, (Parkland
Acquisition & Improvement), 5.25%, 12/1/37
|
1,000 | 1,066,620 | ||||||||
$ | 8,242,680 | |||||||||
Hospital 13.9% | ||||||||||
Franklin County, (Nationwide Childrens Hospital),
5.00%, 11/1/34
|
$ | 800 | $ | 785,880 | ||||||
Hancock County, (Blanchard Valley Regional Health Center),
6.25%, 12/1/34
|
750 | 756,097 | ||||||||
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26
|
500 | 500,635 | ||||||||
Montgomery County, (Catholic Health Initiatives),
5.50%, 5/1/34
|
500 | 514,180 | ||||||||
Ohio Higher Educational Facility Commission, (Cleveland Clinic
Health System), 5.50%, 1/1/39
|
1,000 | 1,019,810 | ||||||||
Ohio Higher Educational Facility Commission, (Summa Health
System), 5.75%, 11/15/40
|
600 | 559,812 | ||||||||
Ohio Higher Educational Facility Commission, (University
Hospitals Health System, Inc.), 4.75%, 1/15/46
|
730 | 599,323 | ||||||||
Richland County Hospital Facilities, (MedCentral Health
Systems), 6.375%, 11/15/22
|
330 | 333,739 | ||||||||
$ | 5,069,476 | |||||||||
Housing 11.0% | ||||||||||
Ohio Housing Finance Agency, (Residential Mortgage-Backed
Securities), (AMT), 4.625%, 9/1/27
|
$ | 965 | $ | 902,545 | ||||||
Ohio Housing Finance Agency, (Residential Mortgage-Backed
Securities), (AMT), 4.75%, 3/1/37
|
500 | 456,980 | ||||||||
Ohio Housing Finance Agency, (Residential Mortgage-Backed
Securities), (AMT), 5.00%, 9/1/31
|
325 | 314,915 | ||||||||
Ohio Housing Finance Agency, (Uptown Community Partners), (AMT),
5.25%, 4/20/48
|
2,500 | 2,362,850 | ||||||||
$ | 4,037,290 | |||||||||
Industrial Development Revenue 8.5% | ||||||||||
Cleveland Airport, (Continental Airlines), (AMT),
5.375%, 9/15/27
|
$ | 750 | $ | 633,863 | ||||||
Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.),
(AMT), 6.00%, 8/1/38
|
2,250 | 2,250,675 | ||||||||
Ohio Water Development Authority, Solid Waste Disposal, (Allied
Waste North America, Inc.), (AMT), 5.15%, 7/15/15
|
225 | 229,646 | ||||||||
$ | 3,114,184 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured Education 13.3% | ||||||||||
Hamilton County, (University Heights Community Urban Development
Corp.), (AGM), 5.00%, 6/1/30
|
$ | 750 | $ | 772,185 | ||||||
Kent State University, (AGC), 5.00%, 5/1/26
|
1,000 | 1,050,280 | ||||||||
Kent State University, (AGC), 5.00%, 5/1/29
|
465 | 478,294 | ||||||||
Miami University, (AMBAC), 3.25%, 9/1/26
|
635 | 554,146 | ||||||||
University of Akron, Series A, (AGM), 5.00%, 1/1/38
|
1,500 | 1,518,810 | ||||||||
University of Akron, Series B, (AGM), 5.00%, 1/1/38
|
500 | 505,990 | ||||||||
$ | 4,879,705 | |||||||||
Insured Electric Utilities 13.2% | ||||||||||
American Municipal Power-Ohio, Inc., (Prairie State Energy
Campus), (AGC), 5.75%, 2/15/39
|
$ | 1,000 | $ | 1,038,000 | ||||||
Cleveland Public Power System, (NPFG), 0.00%, 11/15/27
|
710 | 289,346 | ||||||||
Cleveland Public Power System, (NPFG), 0.00%, 11/15/38
|
2,000 | 391,020 | ||||||||
Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/25
|
830 | 405,140 | ||||||||
Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/26
|
3,000 | 1,364,460 | ||||||||
Ohio Water Development Authority, (Dayton Power &
Light), (FGIC), 4.80%, 1/1/34
|
425 | 411,043 | ||||||||
Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/30
|
210 | 205,777 | ||||||||
Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/34
|
250 | 240,292 | ||||||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
|
500 | 500,235 | ||||||||
$ | 4,845,313 | |||||||||
Insured General Obligations 18.0% | ||||||||||
Brookfield Local School District, (AGM), 5.00%, 1/15/30
|
$ | 200 | $ | 205,950 | ||||||
Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36
|
500 | 511,930 | ||||||||
Canal Winchester Local School District, (NPFG),
0.00%, 12/1/30
|
2,455 | 872,875 | ||||||||
Cincinnati City School District, (FGIC), (NPFG),
5.25%, 12/1/30
|
1,000 | 1,100,120 | ||||||||
Madeira City School District, (AGM), 3.50%, 12/1/27
|
1,500 | 1,322,610 | ||||||||
Milford Exempt Village School District, (AGC),
5.25%, 12/1/36
|
1,750 | 1,797,442 | ||||||||
St. Marys City School District, (AGM), 5.00%, 12/1/35
|
750 | 757,718 | ||||||||
$ | 6,568,645 | |||||||||
Insured Hospital 6.3% | ||||||||||
Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.00%, 5/15/32
|
$ | 545 | $ | 455,408 | ||||||
Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.125%, 5/15/28
|
1,500 | 1,351,155 | ||||||||
Lorain County, (Catholic Healthcare Partners), (AGM), Variable
Rate,
14.896%, 2/1/29(2)(3)(4) |
485 | 490,005 | ||||||||
$ | 2,296,568 | |||||||||
Insured Lease Revenue / Certificates of Participation 1.1% | ||||||||||
Summit County, (Civic Theater Project), (AMBAC),
5.00%, 12/1/33
|
$ | 500 | $ | 399,965 | ||||||
$ | 399,965 | |||||||||
Insured Special Tax Revenue 3.0% | ||||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
$ | 9,905 | $ | 545,568 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
3,340 | 350,633 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
2,100 | 205,191 | ||||||||
$ | 1,101,392 | |||||||||
Insured Transportation 6.2% | ||||||||||
Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24
|
$ | 1,000 | $ | 1,123,560 | ||||||
Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26
|
1,000 | 1,154,000 | ||||||||
$ | 2,277,560 | |||||||||
Insured Water and Sewer 2.2% | ||||||||||
Marysville Wastewater Treatment System, (AGC), (XLCA),
4.75%, 12/1/46
|
$ | 215 | $ | 201,546 | ||||||
Marysville Wastewater Treatment System, (AGC), (XLCA),
4.75%, 12/1/47
|
625 | 585,506 | ||||||||
$ | 787,052 | |||||||||
Lease Revenue / Certificates of Participation 1.4% | ||||||||||
Franklin County Convention Facilities Authority,
5.00%, 12/1/27
|
$ | 500 | $ | 525,885 | ||||||
$ | 525,885 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Other Revenue 3.8% | ||||||||||
Buckeye Tobacco Settlement Financing Authority,
5.875%, 6/1/47
|
$ | 710 | $ | 486,847 | ||||||
Riversouth Authority, (Lazarus Building Redevelopment),
5.75%, 12/1/27
|
1,000 | 893,630 | ||||||||
$ | 1,380,477 | |||||||||
Special Tax Revenue 1.2% | ||||||||||
Guam, Limited Obligation Bonds, 5.625%, 12/1/29
|
$ | 155 | $ | 154,912 | ||||||
Guam, Limited Obligation Bonds, 5.75%, 12/1/34
|
170 | 170,226 | ||||||||
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
|
110 | 115,292 | ||||||||
$ | 440,430 | |||||||||
Water and Sewer 1.5% | ||||||||||
Ohio Water Development Authority, Water Pollution Control,
(Water Quality), 5.00%, 12/1/28
|
$ | 250 | $ | 270,957 | ||||||
Ohio Water Development Authority, Water Pollution Control,
(Water Quality), 5.00%, 6/1/30
|
250 | 267,400 | ||||||||
$ | 538,357 | |||||||||
Total Tax-Exempt
Investments 158.5%
|
||||||||||
(identified cost $58,960,576)
|
$ | 57,974,011 | ||||||||
Auction Preferred Shares Plus
Cumulative
|
||||||||||
Unpaid
Dividends (62.1)%
|
$ | (22,726,328 | ) | |||||||
Other Assets, Less
Liabilities 3.6%
|
$ | 1,333,288 | ||||||||
Net Assets Applicable to Common
Shares 100.0%
|
$ | 36,580,971 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
AMT
|
- Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
XLCA
|
- XL Capital Assurance, Inc.
|
(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, 2011, the aggregate value of these securities is $490,005 or 1.3% 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 held by the trust that issued the residual interest bond. 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 held by the trust that issued the residual interest bond. | |
(4) | Security has been issued as a leveraged residual interest bond. The stated interest rate represents the rate in effect at May 31, 2011. |
Tax-Exempt Investments 159.9% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Bond Bank 2.8% | ||||||||||
Delaware Valley Regional Finance Authority, 5.75%, 7/1/32
|
$ | 1,000 | $ | 1,012,790 | ||||||
$ | 1,012,790 | |||||||||
Cogeneration 2.3% | ||||||||||
Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT), 6.50%, 1/1/13
|
$ | 100 | $ | 65,838 | ||||||
Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT), 6.60%, 1/1/19
|
500 | 278,120 | ||||||||
Pennsylvania Economic Development Financing Authority, (Resource
Recovery-Colver), (AMT), 5.125%, 12/1/15
|
475 | 460,237 | ||||||||
$ | 804,195 | |||||||||
Education 17.8% | ||||||||||
Allegheny County Higher Education Building Authority, (Duquesne
University), 5.50%, 3/1/31
|
$ | 1,050 | $ | 1,099,948 | ||||||
Bucks County Industrial Development Authority, (George School),
5.00%, 9/15/39
|
500 | 513,795 | ||||||||
Cumberland County Municipal Authority, (Dickinson College),
5.00%, 11/1/39
|
1,200 | 1,208,724 | ||||||||
Northampton County General Purpose Authority, (Lehigh
University), 5.00%, 11/15/39
|
500 | 511,350 | ||||||||
Pennsylvania Higher Educational Facilities Authority, (Saint
Josephs University), 5.00%, 11/1/40
|
625 | 597,638 | ||||||||
Pennsylvania Higher Educational Facilities Authority, (Thomas
Jefferson University), 5.00%, 3/1/40
|
625 | 625,169 | ||||||||
Pennsylvania State University, 5.00%, 3/1/40
|
500 | 518,435 | ||||||||
State Public School Building Authority, (Northampton County Area
Community College), 5.50%, 3/1/31
|
750 | 771,885 | ||||||||
Washington County Industrial Development Authority, (Washington
and Jefferson College), 5.25%, 11/1/30
|
500 | 513,770 | ||||||||
$ | 6,360,714 | |||||||||
Electric Utilities 1.7% | ||||||||||
York County Industrial Development Authority, Pollution Control
Revenue, (Public Service Enterprise Group, Inc.),
5.50%, 9/1/20
|
$ | 600 | $ | 610,980 | ||||||
$ | 610,980 | |||||||||
Escrowed / Prerefunded 1.8% | ||||||||||
Bucks County Industrial Development Authority, (Pennswood
Village), Prerefunded to 10/1/12, 6.00%, 10/1/27
|
$ | 600 | $ | 649,038 | ||||||
$ | 649,038 | |||||||||
General Obligations 7.4% | ||||||||||
Chester County,
5.00%, 7/15/27(1)
|
$ | 500 | $ | 552,790 | ||||||
Daniel Boone Area School District, 5.00%, 8/15/32
|
1,000 | 1,025,150 | ||||||||
Philadelphia School District, 6.00%, 9/1/38
|
1,000 | 1,050,490 | ||||||||
$ | 2,628,430 | |||||||||
Hospital 22.5% | ||||||||||
Allegheny County Hospital Development Authority, (University of
Pittsburgh Medical Center), 5.50%, 8/15/34
|
$ | 500 | $ | 507,870 | ||||||
Chester County Health and Education Facilities Authority,
(Jefferson Health System), 5.00%, 5/15/40
|
750 | 721,155 | ||||||||
Dauphin County General Authority, (Pinnacle Health System),
6.00%, 6/1/29
|
750 | 760,447 | ||||||||
Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), 5.25%, 7/1/32
|
1,215 | 1,218,475 | ||||||||
Lycoming County Authority, (Susquehanna Health System),
5.75%, 7/1/39
|
750 | 695,017 | ||||||||
Monroe County Hospital Authority, (Pocono Medical Center),
5.25%, 1/1/43
|
1,500 | 1,377,015 | ||||||||
Northampton County General Purpose Authority, (Saint Lukes
Hospital), 5.50%, 8/15/33
|
250 | 232,148 | ||||||||
Pennsylvania Higher Educational Facilities Authority,
(University of Pennsylvania Health System),
6.00%, 8/15/26(2)
|
1,000 | 1,101,700 | ||||||||
Pennsylvania Higher Educational Facilities Authority, (UPMC
Health System), 5.00%, 5/15/31
|
675 | 669,094 | ||||||||
South Fork Municipal Authority, (Conemaugh Health System),
5.50%, 7/1/29
|
250 | 241,925 | ||||||||
Washington County Hospital Authority, (Monongahela Hospital),
5.50%, 6/1/17
|
500 | 514,225 | ||||||||
$ | 8,039,071 | |||||||||
Housing 16.6% | ||||||||||
Allegheny County Residential Finance Authority, SFMR, (AMT),
4.95%, 11/1/37
|
$ | 460 | $ | 432,874 | ||||||
Allegheny County Residential Finance Authority, SFMR, (AMT),
5.00%, 5/1/35
|
1,115 | 1,081,661 | ||||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.70%, 10/1/37
|
875 | 804,352 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Housing (continued)
|
||||||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.75%, 10/1/25
|
$ | 500 | $ | 488,785 | ||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.875%, 4/1/26
|
910 | 896,250 | ||||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.875%, 10/1/31
|
500 | 476,700 | ||||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.90%, 10/1/37
|
975 | 923,871 | ||||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT),
5.15%, 10/1/37
|
870 | 839,559 | ||||||||
$ | 5,944,052 | |||||||||
Industrial Development Revenue 10.6% | ||||||||||
Luzerne County Industrial Development Authority,
(Pennsylvania-American
Water Co.), 5.50%, 12/1/39
|
$ | 200 | $ | 201,146 | ||||||
Montgomery County Industrial Development Authority, (Aqua
Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42
|
750 | 725,977 | ||||||||
Pennsylvania Economic Development Financing Authority,
(Pennsylvania-American
Water Co.), 6.20%, 4/1/39
|
250 | 266,725 | ||||||||
Pennsylvania Economic Development Financing Authority,
(Procter & Gamble Paper Products Co.), (AMT),
5.375%, 3/1/31
|
1,000 | 1,038,330 | ||||||||
Pennsylvania Economic Development Financing Authority, (Waste
Management, Inc.), (AMT), 5.10%, 10/1/27
|
500 | 481,560 | ||||||||
Puerto Rico Port Authority, (American Airlines, Inc.), (AMT),
6.25%, 6/1/26
|
1,325 | 1,073,926 | ||||||||
$ | 3,787,664 | |||||||||
Insured Education 12.5% | ||||||||||
Lycoming County Authority, (Pennsylvania College of Technology),
(AGC), 5.50%, 10/1/37
|
$ | 500 | $ | 512,105 | ||||||
Lycoming County Authority, (Pennsylvania College of Technology),
(AMBAC), 5.25%, 5/1/32
|
1,675 | 1,574,734 | ||||||||
Pennsylvania Higher Educational Facilities Authority, (Drexel
University), (NPFG), 5.00%, 5/1/37
|
1,115 | 1,109,336 | ||||||||
State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/29
|
375 | 387,574 | ||||||||
State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/32
|
875 | 890,899 | ||||||||
$ | 4,474,648 | |||||||||
Insured Escrowed / Prerefunded 9.0% | ||||||||||
Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC),
Escrowed to Maturity, 4.75%, 12/1/27
|
$ | 1,600 | $ | 1,615,904 | ||||||
Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity,
0.00%, 8/15/19
|
2,000 | 1,598,180 | ||||||||
$ | 3,214,084 | |||||||||
Insured General Obligations 4.6% | ||||||||||
Beaver County, (AGM), 5.55%, 11/15/31
|
$ | 500 | $ | 528,115 | ||||||
Bethlehem Area School District, (AGM), 5.25%, 1/15/25
|
750 | 796,680 | ||||||||
West Mifflin Area School District, (AGM), 5.125%, 4/1/31
|
300 | 311,679 | ||||||||
$ | 1,636,474 | |||||||||
Insured Hospital 11.0% | ||||||||||
Allegheny County Hospital Development Authority, (UPMC Health
System), (NPFG), 6.00%, 7/1/24
|
$ | 250 | $ | 293,275 | ||||||
Delaware County General Authority, (Catholic Health East),
(AMBAC), 4.875%, 11/15/26
|
355 | 354,979 | ||||||||
Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), (AGM), 5.00%, 7/1/35
|
1,440 | 1,401,595 | ||||||||
Montgomery County Higher Education and Health Authority,
(Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28
|
1,900 | 1,884,971 | ||||||||
$ | 3,934,820 | |||||||||
Insured Lease Revenue / Certificates of Participation 4.9% | ||||||||||
Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31
|
$ | 500 | $ | 512,420 | ||||||
Philadelphia Authority for Industrial Development, (One Benjamin
Franklin), (AGM), 4.75%, 2/15/27
|
1,195 | 1,222,127 | ||||||||
$ | 1,734,547 | |||||||||
Insured Special Tax Revenue 3.1% | ||||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
$ | 9,870 | $ | 543,640 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
3,350 | 351,683 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
2,100 | 205,191 | ||||||||
$ | 1,100,514 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured Transportation 9.0% | ||||||||||
Philadelphia, Airport Revenue, (AGM), (AMT), 5.00%, 6/15/27
|
$ | 500 | $ | 492,135 | ||||||
Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29
|
1,005 | 1,005,261 | ||||||||
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41(2)
|
1,800 | 1,711,278 | ||||||||
$ | 3,208,674 | |||||||||
Insured Water and Sewer 3.9% | ||||||||||
Bucks County Water and Sewer Authority, (AGM),
5.00%, 12/1/35
|
$ | 500 | $ | 511,965 | ||||||
Delaware County Industrial Development Authority, (Aqua
Pennsylvania, Inc.), (FGIC), (NPFG), (AMT), 5.00%, 11/1/36
|
525 | 511,345 | ||||||||
Philadelphia, Water and Wastewater Revenue, (FGIC), (NPFG),
5.00%, 11/1/31
|
360 | 361,083 | ||||||||
$ | 1,384,393 | |||||||||
Senior Living / Life Care 3.9% | ||||||||||
Cliff House Trust, (AMT),
6.625%, 6/1/27(3)
|
$ | 1,000 | $ | 524,080 | ||||||
Lancaster County Hospital Authority, (Willow Valley Retirement
Communities), 5.875%, 6/1/31
|
500 | 500,450 | ||||||||
Montgomery County Industrial Development Authority, (Foulkeways
at Gwynedd), 5.00%, 12/1/24
|
200 | 194,642 | ||||||||
Montgomery County Industrial Development Authority, (Foulkeways
at Gwynedd), 5.00%, 12/1/30
|
200 | 183,648 | ||||||||
$ | 1,402,820 | |||||||||
Special Tax Revenue 0.3% | ||||||||||
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
|
$ | 110 | $ | 115,292 | ||||||
$ | 115,292 | |||||||||
Transportation 10.9% | ||||||||||
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/35
|
$ | 465 | $ | 467,399 | ||||||
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/40
|
285 | 285,086 | ||||||||
Pennsylvania Economic Development Financing Authority, (Amtrak),
(AMT), 6.25%, 11/1/31
|
270 | 271,269 | ||||||||
Pennsylvania Turnpike Commission, 5.25%, 6/1/39
|
1,000 | 993,470 | ||||||||
Pennsylvania Turnpike Commission, 5.35%, (0.00% until 12/1/15),
12/1/30
|
1,430 | 1,103,016 | ||||||||
Pennsylvania Turnpike Commission, 5.625%, 6/1/29
|
750 | 777,180 | ||||||||
$ | 3,897,420 | |||||||||
Utilities 1.6% | ||||||||||
Philadelphia Gas Works, 5.25%, 8/1/40
|
$ | 600 | $ | 577,020 | ||||||
$ | 577,020 | |||||||||
Water and Sewer 1.7% | ||||||||||
Harrisburg Water Authority, 5.25%, 7/15/31
|
$ | 750 | $ | 618,510 | ||||||
$ | 618,510 | |||||||||
Total Tax-Exempt
Investments 159.9%
|
||||||||||
(identified cost $58,173,302)
|
$ | 57,136,150 | ||||||||
Auction Preferred Shares Plus
Cumulative
|
||||||||||
Unpaid
Dividends (59.2)%
|
$ | (21,175,177 | ) | |||||||
Other Assets, Less
Liabilities (0.7)%
|
$ | (219,238 | ) | |||||||
Net Assets Applicable to Common
Shares 100.0%
|
$ | 35,741,735 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
AMT
|
- Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
|
|
CIFG
|
- CIFG Assurance North America, Inc.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
SFMR
|
- Single Family Mortgage Revenue
|
(1) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(2) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). | |
(3) | Security is in default and making only partial interest payments. |
May 31, 2011 | ||||||||||||||||||
Assets | California Trust | Massachusetts Trust | Michigan Trust | New Jersey Trust | ||||||||||||||
Investments
|
||||||||||||||||||
Identified cost
|
$ | 158,745,062 | $ | 61,079,163 | $ | 45,354,597 | $ | 101,184,794 | ||||||||||
Unrealized depreciation
|
(5,255,950 | ) | (1,141,226 | ) | (1,418,421 | ) | (1,071,022 | ) | ||||||||||
Investments, at value
|
$ | 153,489,112 | $ | 59,937,937 | $ | 43,936,176 | $ | 100,113,772 | ||||||||||
Cash
|
$ | 417,371 | $ | 773,940 | $ | 591,187 | $ | 3,622,267 | ||||||||||
Interest receivable
|
1,917,029 | 1,034,286 | 584,012 | 1,560,607 | ||||||||||||||
Receivable for investments sold
|
274,199 | | | 14,992 | ||||||||||||||
Deferred debt issuance costs
|
30,191 | 3,507 | | 3,779 | ||||||||||||||
Total assets
|
$ | 156,127,902 | $ | 61,749,670 | $ | 45,111,375 | $ | 105,315,417 | ||||||||||
Liabilities | ||||||||||||||||||
Payable for floating rate notes issued
|
$ | 19,555,000 | $ | 4,885,000 | $ | | $ | 11,255,000 | ||||||||||
Payable for when-issued securities
|
| | 521,545 | | ||||||||||||||
Payable for variation margin on open financial futures contracts
|
31,563 | 8,438 | 2,141 | 31,250 | ||||||||||||||
Payable for open swap contracts
|
92,711 | 97,250 | 10,867 | 168,931 | ||||||||||||||
Payable to affiliates:
|
||||||||||||||||||
Investment adviser fee
|
81,950 | 32,818 | 25,165 | 55,673 | ||||||||||||||
Administration fee
|
24,463 | 9,796 | 7,512 | 16,619 | ||||||||||||||
Trustees fees
|
863 | 393 | 320 | 608 | ||||||||||||||
Interest expense and fees payable
|
27,591 | 11,144 | | 27,060 | ||||||||||||||
Accrued expenses
|
45,379 | 27,163 | 25,245 | 34,911 | ||||||||||||||
Total liabilities
|
$ | 19,859,520 | $ | 5,072,002 | $ | 592,795 | $ | 11,590,052 | ||||||||||
Auction preferred shares at liquidation value plus cumulative
unpaid dividends
|
$ | 49,976,249 | $ | 20,050,167 | $ | 17,500,876 | $ | 33,425,836 | ||||||||||
Net assets applicable to common shares
|
$ | 86,292,133 | $ | 36,627,501 | $ | 27,017,704 | $ | 60,299,529 | ||||||||||
Sources of Net Assets | ||||||||||||||||||
Common shares, $0.01 par value, unlimited number of shares
authorized
|
$ | 72,271 | $ | 27,429 | $ | 21,163 | $ | 46,604 | ||||||||||
Additional paid-in capital
|
104,758,339 | 39,617,128 | 30,471,851 | 66,954,895 | ||||||||||||||
Accumulated net realized loss
|
(14,428,419 | ) | (2,159,870 | ) | (2,283,213 | ) | (5,987,541 | ) | ||||||||||
Accumulated undistributed net investment income
|
1,377,201 | 436,712 | 245,004 | 633,175 | ||||||||||||||
Net unrealized depreciation
|
(5,487,259 | ) | (1,293,898 | ) | (1,437,101 | ) | (1,347,604 | ) | ||||||||||
Net assets applicable to common shares
|
$ | 86,292,133 | $ | 36,627,501 | $ | 27,017,704 | $ | 60,299,529 | ||||||||||
Auction Preferred Shares Issued and
Outstanding (Liquidation preference of $25,000 per share) |
1,999 | 802 | 700 | 1,337 | ||||||||||||||
Common Shares Outstanding | 7,227,120 | 2,742,873 | 2,116,294 | 4,660,431 | ||||||||||||||
Net Asset Value Per Common Share | ||||||||||||||||||
Net assets applicable to common shares
¸
common shares issued and outstanding
|
$ | 11.94 | $ | 13.35 | $ | 12.77 | $ | 12.94 | ||||||||||
May 31, 2011 | ||||||||||||||
Assets | New York Trust | Ohio Trust | Pennsylvania Trust | |||||||||||
Investments
|
||||||||||||||
Identified cost
|
$ | 122,256,323 | $ | 58,960,576 | $ | 58,173,302 | ||||||||
Unrealized depreciation
|
(1,367,653 | ) | (986,565 | ) | (1,037,152 | ) | ||||||||
Investments, at value
|
$ | 120,888,670 | $ | 57,974,011 | $ | 57,136,150 | ||||||||
Cash
|
$ | 2,362,753 | $ | | $ | 264,214 | ||||||||
Interest receivable
|
1,702,107 | 1,036,046 | 913,189 | |||||||||||
Receivable for investments sold
|
9,413 | 545,500 | 448,050 | |||||||||||
Deferred debt issuance costs
|
5,053 | | | |||||||||||
Total assets
|
$ | 124,967,996 | $ | 59,555,557 | $ | 58,761,603 | ||||||||
Liabilities | ||||||||||||||
Payable for floating rate notes issued
|
$ | 20,455,000 | $ | | $ | 1,650,000 | ||||||||
Payable for variation margin on open financial futures contracts
|
10,547 | 6,094 | 12,500 | |||||||||||
Payable for open swap contracts
|
269,863 | 85,675 | 100,503 | |||||||||||
Due to custodian
|
| 80,249 | | |||||||||||
Payable to affiliates:
|
||||||||||||||
Investment adviser fee
|
64,945 | 33,956 | 32,936 | |||||||||||
Administration fee
|
19,386 | 10,136 | 9,831 | |||||||||||
Trustees fees
|
698 | 401 | 396 | |||||||||||
Interest expense and fees payable
|
33,608 | | 5,519 | |||||||||||
Accrued expenses
|
39,406 | 31,747 | 33,006 | |||||||||||
Total liabilities
|
$ | 20,893,453 | $ | 248,258 | $ | 1,844,691 | ||||||||
Auction preferred shares at liquidation value plus cumulative
unpaid dividends
|
$ | 33,726,407 | $ | 22,726,328 | $ | 21,175,177 | ||||||||
Net assets applicable to common shares
|
$ | 70,348,136 | $ | 36,580,971 | $ | 35,741,735 | ||||||||
Sources of Net Assets | ||||||||||||||
Common shares, $0.01 par value, unlimited number of shares
authorized
|
$ | 54,517 | $ | 28,533 | $ | 27,166 | ||||||||
Additional paid-in capital
|
79,053,663 | 40,872,236 | 38,533,541 | |||||||||||
Accumulated net realized loss
|
(7,982,285 | ) | (3,574,811 | ) | (2,107,459 | ) | ||||||||
Accumulated undistributed net investment income
|
929,036 | 350,881 | 469,202 | |||||||||||
Net unrealized depreciation
|
(1,706,795 | ) | (1,095,868 | ) | (1,180,715 | ) | ||||||||
Net assets applicable to common shares
|
$ | 70,348,136 | $ | 36,580,971 | $ | 35,741,735 | ||||||||
Auction Preferred Shares Issued and
Outstanding (Liquidation preference of $25,000 per share) |
1,349 | 909 | 847 | |||||||||||
Common Shares Outstanding | 5,451,687 | 2,853,266 | 2,716,608 | |||||||||||
Net Asset Value Per Common Share | ||||||||||||||
Net assets applicable to common shares
¸
common shares issued and outstanding
|
$ | 12.90 | $ | 12.82 | $ | 13.16 | ||||||||
Six Months Ended May 31, 2011 | ||||||||||||||||||
Investment Income | California Trust | Massachusetts Trust | Michigan Trust | New Jersey Trust | ||||||||||||||
Interest
|
$ | 4,293,732 | $ | 1,602,559 | $ | 1,157,520 | $ | 2,758,184 | ||||||||||
Total investment income
|
$ | 4,293,732 | $ | 1,602,559 | $ | 1,157,520 | $ | 2,758,184 | ||||||||||
Expenses | ||||||||||||||||||
Investment adviser fee
|
$ | 481,432 | $ | 192,378 | $ | 147,403 | $ | 327,414 | ||||||||||
Administration fee
|
141,099 | 56,383 | 43,202 | 95,959 | ||||||||||||||
Trustees fees and expenses
|
2,469 | 1,131 | 926 | 1,745 | ||||||||||||||
Custodian fee
|
39,468 | 19,348 | 18,511 | 28,586 | ||||||||||||||
Transfer and dividend disbursing agent fees
|
11,053 | 10,375 | 10,340 | 10,505 | ||||||||||||||
Legal and accounting services
|
25,031 | 20,010 | 17,466 | 22,792 | ||||||||||||||
Printing and postage
|
6,004 | 4,400 | 4,958 | 5,465 | ||||||||||||||
Interest expense and fees
|
75,940 | 20,024 | | 53,609 | ||||||||||||||
Preferred shares service fee
|
34,826 | 14,551 | 11,744 | 24,417 | ||||||||||||||
Miscellaneous
|
22,240 | 10,817 | 10,263 | 11,310 | ||||||||||||||
Total expenses
|
$ | 839,562 | $ | 349,417 | $ | 264,813 | $ | 581,802 | ||||||||||
Deduct
|
||||||||||||||||||
Reduction of custodian fee
|
$ | 597 | $ | 353 | $ | 439 | $ | 1,096 | ||||||||||
Total expense reductions
|
$ | 597 | $ | 353 | $ | 439 | $ | 1,096 | ||||||||||
Net expenses
|
$ | 838,965 | $ | 349,064 | $ | 264,374 | $ | 580,706 | ||||||||||
Net investment income
|
$ | 3,454,767 | $ | 1,253,495 | $ | 893,146 | $ | 2,177,478 | ||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||
Net realized gain (loss)
|
||||||||||||||||||
Investment transactions
|
$ | (2,212,028 | ) | $ | (393,296 | ) | $ | (18,202 | ) | $ | (1,346,602 | ) | ||||||
Extinguishment of debt
|
(1,630 | ) | | | | |||||||||||||
Financial futures contracts
|
(837,582 | ) | (259,021 | ) | (41,015 | ) | 62,912 | |||||||||||
Swap contracts
|
(39,805 | ) | 97,390 | (4,666 | ) | 168,210 | ||||||||||||
Net realized loss
|
$ | (3,091,045 | ) | $ | (554,927 | ) | $ | (63,883 | ) | $ | (1,115,480 | ) | ||||||
Change in unrealized appreciation (depreciation)
|
||||||||||||||||||
Investments
|
$ | (192,443 | ) | $ | (442,157 | ) | $ | (134,165 | ) | $ | 23,790 | |||||||
Financial futures contracts
|
(114,986 | ) | (55,422 | ) | (875 | ) | (116,979 | ) | ||||||||||
Swap contracts
|
40,051 | (99,360 | ) | 4,695 | (171,617 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation)
|
$ | (267,378 | ) | $ | (596,939 | ) | $ | (130,345 | ) | $ | (264,806 | ) | ||||||
Net realized and unrealized loss
|
$ | (3,358,423 | ) | $ | (1,151,866 | ) | $ | (194,228 | ) | $ | (1,380,286 | ) | ||||||
Distributions to preferred shareholders
|
||||||||||||||||||
From net investment income
|
$ | (100,856 | ) | $ | (40,314 | ) | $ | (34,534 | ) | $ | (67,456 | ) | ||||||
Net increase (decrease) in net assets from operations
|
$ | (4,512 | ) | $ | 61,315 | $ | 664,384 | $ | 729,736 | |||||||||
Six Months Ended May 31, 2011 | ||||||||||||||
Investment Income | New York Trust | Ohio Trust | Pennsylvania Trust | |||||||||||
Interest
|
$ | 3,311,131 | $ | 1,578,822 | $ | 1,619,587 | ||||||||
Total investment income
|
$ | 3,311,131 | $ | 1,578,822 | $ | 1,619,587 | ||||||||
Expenses | ||||||||||||||
Investment adviser fee
|
$ | 381,395 | $ | 199,806 | $ | 193,639 | ||||||||
Administration fee
|
111,781 | 58,560 | 56,752 | |||||||||||
Trustees fees and expenses
|
2,006 |