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Managements Discussion of Fund Performance |
2 | |||
Performance Information and Portfolio Composition |
||||
California Municipal Income Trust |
4 | |||
Massachusetts Municipal Income Trust |
5 | |||
Michigan Municipal Income Trust |
6 | |||
New Jersey Municipal Income Trust |
7 | |||
New York Municipal Income Trust |
8 | |||
Ohio Municipal Income Trust |
9 | |||
Pennsylvania Municipal Income Trust |
10 | |||
Financial Statements |
11 | |||
Federal Tax Information |
69 | |||
Dividend Reinvestment Plan |
70 | |||
Board of Trustees Contract Approval |
72 | |||
Management and Organization |
75 |
1
1 | It is not possible to invest directly in an Index. The Indices total returns do not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. |
2
1 | See Note 1H to the Financial Statements for more information on RIB investments. |
3
Performance1 | ||||
NYSE Amex Symbol | CEV | |||
Average Annual Total Returns (by market price) |
||||
One Year |
9.25 | % | ||
Five Years |
4.04 | |||
10 Years |
6.94 | |||
Life of Trust (1/29/99) |
4.52 | |||
Average Annual Total Returns (by net asset value) |
||||
One Year |
7.73 | % | ||
Five Years |
1.52 | |||
10 Years |
5.64 | |||
Life of Trust (1/29/99) |
4.52 | |||
Premium/(Discount) to NAV |
0.08 | % | ||
Market Yields |
||||
Market Yield2 |
7.15 | % | ||
Taxable-Equivalent Market Yield3 |
12.30 |
Barclays Capital | Barclays Capital Long (22+) | |||||||
Municipal Bond Index | Municipal Bond Index | |||||||
One Year |
4.76 | % | 6.14 | % | ||||
Five Years |
4.67 | 3.70 | ||||||
10 Years |
5.30 | 5.53 |
Lipper California Municipal Debt Funds Classification (by net asset value) | ||||
One Year |
7.47 | % | ||
Five Years |
2.84 | |||
10 Years |
5.42 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution as of 11/30/10 is as follows: |
AAA | 16.7 | % | ||||
AA | 36.6 | % | ||||
A | 29.5 | % | ||||
BBB | 9.7 | % | ||||
Not Rated | 7.5 | % |
Number of Issues: |
102 | ||
Average Maturity: |
21.5 | years | |
Average Effective Maturity: |
14.5 | years | |
Average Call Protection: |
7.2 | years | |
Average Dollar Price: |
$ | 89.73 | |
APS Leverage**: |
31.3 | % | |
RIB Leverage**: |
12.8 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding as of 11/30/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 11/30/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. | |
1 | Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 41.86% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper California Municipal Debt Funds Classification (closed-end) contained 24, 23 and 13 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Ratings are based on Moodys, 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 applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
4
Performance1 | ||||
NYSE Amex Symbol | MMV | |||
Average Annual Total Returns (by market price) |
||||
One Year |
12.38 | % | ||
Five Years |
4.47 | |||
10 Years |
8.77 | |||
Life of Trust (1/29/99) |
5.34 | |||
Average Annual Total Returns (by net asset value) |
||||
One Year |
8.16 | % | ||
Five Years |
3.54 | |||
10 Years |
7.03 | |||
Life of Trust (1/29/99) |
5.22 | |||
Premium/(Discount) to NAV |
1.38 | % | ||
Market Yields |
||||
Market Yield2 |
6.48 | % | ||
Taxable-Equivalent Market Yield3 |
10.53 |
Barclays Capital | Barclays Capital Long (22+) | |||||||
Municipal Bond Index | Municipal Bond Index | |||||||
One Year |
4.76 | % | 6.14 | % | ||||
Five Years |
4.67 | 3.70 | ||||||
10 Years |
5.30 | 5.53 |
Lipper Other States Municipal Debt Funds Classification (by net asset value) | ||||
One Year |
6.04 | % | ||
Five Years |
4.23 | |||
10 Years |
5.85 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution as of 11/30/10 is as follows: |
AAA | 6.3 | % | ||||
AA | 39.3 | % | ||||
A | 39.7 | % | ||||
BBB | 9.7 | % | ||||
BB | 1.3 | % | ||||
Not Rated | 3.7 | % |
Number of Issues: |
64 | ||
Average Maturity: |
25.5 | years | |
Average Effective Maturity: |
16.8 | years | |
Average Call Protection: |
9.4 | years | |
Average Dollar Price: |
$ | 96.31 | |
APS Leverage**: |
32.0 | % | |
RIB Leverage**: |
7.8 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding as of 11/30/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 11/30/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. | |
1 | Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 46, 46 and 20 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Ratings are based on Moodys, 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 applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
5
Performance1 | ||||
NYSE Amex Symbol | EMI | |||
Average Annual Total Returns (by market price) |
||||
One Year |
12.36 | % | ||
Five Years |
3.70 | |||
10 Years |
7.83 | |||
Life of Trust (1/29/99) |
4.25 | |||
Average Annual Total Returns (by net asset value) |
||||
One Year |
6.57 | % | ||
Five Years |
3.06 | |||
10 Years |
6.10 | |||
Life of Trust (1/29/99) |
4.80 | |||
Premium/(Discount) to NAV |
-6.06 | % | ||
Market Yields |
||||
Market Yield2 |
7.10 | % | ||
Taxable-Equivalent Market Yield3 |
11.42 |
Barclays Capital | Barclays Capital Long (22+) | |||||||
Municipal Bond Index | Municipal Bond Index | |||||||
One Year |
4.76 | % | 6.14 | % | ||||
Five Years |
4.67 | 3.70 | ||||||
10 Years |
5.30 | 5.53 |
Lipper Michigan Municipal Debt Funds Classification (by net asset value) | ||||
One Year |
6.08 | % | ||
Five Years |
3.80 | |||
10 Years |
5.91 |
Number of Issues: |
68 | ||
Average Maturity: |
21.1 | years | |
Average Effective Maturity: |
14.0 | years | |
Average Call Protection: |
6.3 | years | |
Average Dollar Price: |
$ | 95.27 | |
APS Leverage*: |
39.1 | % |
* | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding as of 11/30/10 as a percentage of the Trusts net assets applicable to common shares plus APS. | |
1 | Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding, which is a form of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 37.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Michigan Municipal Debt Funds Classification (closed-end) contained 5, 5 and 3 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Ratings are based on Moodys, 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 applied. |
6
Performance1 | ||||
NYSE Amex Symbol | EVJ | |||
Average Annual Total Returns (by market price) |
||||
One Year |
3.10 | % | ||
Five Years |
5.19 | |||
10 Years |
8.82 | |||
Life of Trust (1/29/99) |
5.32 | |||
Average Annual Total Returns (by net asset value) |
||||
One Year |
4.62 | % | ||
Five Years |
3.37 | |||
10 Years |
6.83 | |||
Life of Trust (1/29/99) |
5.15 | |||
Premium/(Discount) to NAV |
1.96 | % | ||
Market Yields |
||||
Market Yield2 |
7.01 | % | ||
Taxable-Equivalent Market Yield3 |
11.85 |
Barclays Capital | Barclays Capital Long (22+) | |||||||
Municipal Bond Index | Municipal Bond Index | |||||||
One Year |
4.76 | % | 6.14 | % | ||||
Five Years |
4.67 | 3.70 | ||||||
10 Years |
5.30 | 5.53 |
Lipper New Jersey Municipal Debt Funds Classification (by net asset value) | ||||
One Year |
6.88 | % | ||
Five Years |
4.05 | |||
10 Years |
5.82 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution as of 11/30/10 is as follows: |
AAA | 10.5 | % | ||||
AA | 38.9 | % | ||||
A | 30.1 | % | ||||
BBB | 18.4 | % | ||||
B | 1.3 | % | ||||
Not Rated | 0.8 | % |
Number of Issues: |
82 | ||
Average Maturity: |
24.3 | years | |
Average Effective Maturity: |
15.3 | years | |
Average Call Protection: |
7.9 | years | |
Average Dollar Price: |
$ | 93.01 | |
APS Leverage**: |
30.5 | % | |
RIB Leverage**: |
13.3 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding as of 11/30/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 11/30/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. | |
1 | Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New Jersey Municipal Debt Funds Classification (closed-end) contained 12, 11 and 6 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Ratings are based on Moodys, 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 applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
7
Performance1 | ||||
NYSE Amex Symbol | EVY | |||
Average Annual Total Returns (by market price) |
||||
One Year |
8.16 | % | ||
Five Years |
3.73 | |||
10 Years |
8.75 | |||
Life of Trust (1/29/99) |
5.28 | |||
Average Annual Total Returns (by net asset value) |
||||
One Year |
8.48 | % | ||
Five Years |
2.46 | |||
10 Years |
6.50 | |||
Life of Trust (1/29/99) |
5.12 | |||
Premium/(Discount) to NAV |
1.83 | % | ||
Market Yields |
||||
Market Yield2 |
6.82 | % | ||
Taxable-Equivalent Market Yield3 |
11.53 |
Barclays Capital | Barclays Capital Long (22+) | |||||||
Municipal Bond Index | Municipal Bond Index | |||||||
One Year |
4.76 | % | 6.14 | % | ||||
Five Years |
4.67 | 3.70 | ||||||
10 Years |
5.30 | 5.53 |
Lipper New York Municipal Debt Funds Classification (by net asset value) | ||||
One Year |
7.28 | % | ||
Five Years |
3.46 | |||
10 Years |
5.78 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution as of 11/30/10 is as follows: |
AAA | 14.0 | % | ||||||
AA | 35.4 | % | ||||||
A | 22.7 | % | ||||||
BBB | 14.2 | % | ||||||
BB | 3.5 | % | ||||||
B | 1.9 | % | ||||||
CCC | 0.9 | % | ||||||
Not Rated | 7.4 | % |
Number of Issues: |
96 | ||
Average Maturity: |
23.8 | years | |
Average Effective Maturity: |
15.3 | years | |
Average Call Protection: |
8.1 | years | |
Average Dollar Price: |
$ | 94.14 | |
APS Leverage**: |
26.9 | % | |
RIB Leverage**: |
16.3 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding as of 11/30/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 11/30/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. | |
1 | Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New York Municipal Debt Funds Classification (closed-end) contained 20, 19 and 8 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Ratings are based on Moodys, 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 applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
8
Performance1 | ||||
NYSE Amex Symbol | EVO | |||
Average Annual Total Returns (by market price) |
||||
One Year |
6.64 | % | ||
Five Years |
4.65 | |||
10 Years |
7.90 | |||
Life of Trust (1/29/99) |
5.05 | |||
Average Annual Total Returns (by net asset value) |
||||
One Year |
3.96 | % | ||
Five Years |
3.20 | |||
10 Years |
6.42 | |||
Life of Trust (1/29/99) |
4.89 | |||
Premium/(Discount) to NAV |
1.90 | % | ||
Market Yields |
||||
Market Yield2 |
6.64 | % | ||
Taxable-Equivalent Market Yield3 |
10.90 |
Barclays Capital | Barclays Capital Long (22+) | |||||||
Municipal Bond Index | Municipal Bond Index | |||||||
One Year |
4.76 | % | 6.14 | % | ||||
Five Years |
4.67 | 3.70 | ||||||
10 Years |
5.30 | 5.53 |
Lipper Other States Municipal Debt Funds Classification (by net asset value) | ||||
One Year |
6.04 | % | ||
Five Years |
4.23 | |||
10 Years |
5.85 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution as of 11/30/10 is as follows: |
AAA | 9.4 | % | ||||
AA | 56.8 | % | ||||
A | 19.2 | % | ||||
BBB | 9.9 | % | ||||
B | 1.1 | % | ||||
Not Rated | 3.6 | % |
Number of Issues: |
78 | ||
Average Maturity: |
22.2 | years | |
Average Effective Maturity: |
14.3 | years | |
Average Call Protection: |
8.7 | years | |
Average Dollar Price: |
$ | 94.38 | |
APS Leverage**: |
36.4 | % | |
RIB Leverage**: |
3.7 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding as of 11/30/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 11/30/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of RIBs purchased in secondary market transactions. | |
1 | Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 39.06% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 46, 46 and 20 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Ratings are based on Moodys, 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 applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
9
Performance1 | ||||
NYSE Amex Symbol | EVP | |||
Average Annual Total Returns (by market price) |
||||
One Year |
5.57 | % | ||
Five Years |
3.25 | |||
10 Years |
8.28 | |||
Life of Trust (1/29/99) |
4.78 | |||
Average Annual Total Returns (by net asset value) |
||||
One Year |
6.13 | % | ||
Five Years |
3.59 | |||
10 Years |
6.48 | |||
Life of Trust (1/29/99) |
5.05 | |||
Premium/(Discount) to NAV |
-3.00 | % | ||
Market Yields |
||||
Market Yield2 |
6.71 | % | ||
Taxable-Equivalent Market Yield3 |
10.65 |
Barclays Capital | Barclays Capital Long (22+) | |||||||
Municipal Bond Index | Municipal Bond Index | |||||||
One Year |
4.76 | % | 6.14 | % | ||||
Five Years |
4.67 | 3.70 | ||||||
10 Years |
5.30 | 5.53 |
Lipper Pennsylvania Municipal Debt Funds Classification (by net asset value) | ||||
One Year |
6.63 | % | ||
Five Years |
3.80 | |||
10 Years |
5.67 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution as of 11/30/10 is as follows: |
AAA | 3.9 | % | ||||
AA | 50.9 | % | ||||
A | 29.6 | % | ||||
BBB | 6.1 | % | ||||
BB | 0.8 | % | ||||
CCC | 2.1 | % | ||||
CC | 0.8 | % | ||||
Not Rated | 5.8 | % |
Number of Issues: |
83 | ||
Average Maturity: |
22.1 | years | |
Average Effective Maturity: |
15.6 | years | |
Average Call Protection: |
7.7 | years | |
Average Dollar Price: |
$ | 96.04 | |
APS Leverage**: |
35.4 | % | |
RIB Leverage**: |
4.0 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding as of 11/30/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 11/30/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. | |
1 | Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Pennsylvania Municipal Debt Funds Classification (closed-end) contained 9, 8 and 5 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Ratings are based on Moodys, 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 applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
10
Tax-Exempt Investments 176.4% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 20.9% | ||||||||||
$ | 1,000 | California Educational Facilities Authority, (California Institute of Technology), 5.00%, 11/1/39 | $ | 1,051,750 | ||||||
2,000 | California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39 | 2,036,520 | ||||||||
745 | California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30 | 753,970 | ||||||||
2,770 | California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29 | 2,535,658 | ||||||||
1,105 | California Educational Facilities Authority, (Pomona College), 5.00%, 7/1/45 | 1,124,183 | ||||||||
1,600 | California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23 | 1,736,336 | ||||||||
4,000 | California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31(1) | 4,011,600 | ||||||||
1,500 | California Educational Facilities Authority, (Stanford University), 5.25%, 4/1/40 | 1,712,910 | ||||||||
2,500 | San Diego County, Certificates of Participation, (University of San Diego), 5.375%, 10/1/41 | 2,440,950 | ||||||||
1,250 | University of California, 5.25%, 5/15/39 | 1,295,300 | ||||||||
$ | 18,699,177 | |||||||||
Electric Utilities 7.4% | ||||||||||
$ | 270 | Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34 | $ | 294,994 | ||||||
2,275 | Chula Vista, (San Diego Gas and Electric), (AMT), 5.00%, 12/1/27 | 2,291,699 | ||||||||
1,020 | Los Angeles Department of Water and Power, 5.25%, 7/1/38 | 1,057,709 | ||||||||
1,500 | Northern California Power Agency, 5.25%, 8/1/24 | 1,585,980 | ||||||||
1,300 | Vernon, Electric System Revenue, 5.125%, 8/1/21 | 1,340,196 | ||||||||
$ | 6,570,578 | |||||||||
General Obligations 17.6% | ||||||||||
$ | 1,600 | California, 5.50%, 11/1/35(2) | $ | 1,618,832 | ||||||
750 | California, 6.00%, 4/1/38 | 785,715 | ||||||||
1,590 | California, (AMT), 5.05%, 12/1/36 | 1,447,727 | ||||||||
3,655 | Palo Alto, (Election of 2008), 5.00%, 8/1/40 | 3,789,540 | ||||||||
4,770 | San Francisco Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37(3) | 4,800,862 | ||||||||
3,180 | Santa Clara County, (Election of 2008), 5.00%, 8/1/39(3)(4) | 3,268,754 | ||||||||
$ | 15,711,430 | |||||||||
Hospital 29.0%
|
||||||||||
$ | 1,000 | California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32 | $ | 1,015,460 | ||||||
2,310 | California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 8/15/39 | 2,162,992 | ||||||||
1,500 | California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38 | 1,681,425 | ||||||||
3,480 | California Health Facilities Financing Authority, (Sutter Health), 5.25%, 11/15/46(3) | 3,359,000 | ||||||||
750 | California Infrastructure and Economic Development Bank, (Kaiser Hospital), 5.50%, 8/1/31 | 757,898 | ||||||||
1,245 | California Statewide Communities Development Authority, (Cottage Health System), 5.00%, 11/1/40 | 1,171,445 | ||||||||
2,535 | California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35 | 2,401,076 | ||||||||
1,150 | California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34 | 1,081,495 | ||||||||
1,350 | California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36 | 1,262,857 | ||||||||
1,565 | California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32 | 1,572,825 | ||||||||
1,750 | California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29 | 1,723,522 | ||||||||
1,500 | California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28 | 1,545,270 | ||||||||
1,900 | Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31 | 1,907,315 | ||||||||
1,220 | Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34 | 1,085,641 | ||||||||
2,780 | Washington Township Health Care District, 5.00%, 7/1/32 | 2,562,604 | ||||||||
700 | Washington Township Health Care District, 5.25%, 7/1/29 | 673,449 | ||||||||
$ | 25,964,274 | |||||||||
Housing 1.2% | ||||||||||
$ | 699 | Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29 | $ | 663,085 | ||||||
410 | Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29 | 381,944 | ||||||||
$ | 1,045,029 | |||||||||
Industrial Development Revenue 3.3% | ||||||||||
$ | 1,235 | California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23 | $ | 1,247,486 | ||||||
2,000 | California Statewide Communities Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46 | 1,727,740 | ||||||||
$ | 2,975,226 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Education 4.4% | ||||||||||
$ | 495 | California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35 | $ | 487,016 | ||||||
1,250 | California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23 | 1,356,513 | ||||||||
2,140 | California State University, (AMBAC), 5.00%, 11/1/33 | 2,128,358 | ||||||||
$ | 3,971,887 | |||||||||
Insured-Electric Utilities 6.4% | ||||||||||
$ | 2,500 | California Pollution Control Financing Authority, (Pacific Gas and Electric), (NPFG), (AMT), 5.35%, 12/1/16 | $ | 2,572,150 | ||||||
3,250 | California Pollution Control Financing Authority, (Southern California Edison Co.), (NPFG), (AMT), 5.55%, 9/1/31 | 3,150,453 | ||||||||
$ | 5,722,603 | |||||||||
Insured-Escrowed / Prerefunded 3.2% | ||||||||||
$ | 5,130 | Foothill/Eastern Transportation Corridor Agency, Toll Road Bonds, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26 | $ | 2,818,319 | ||||||
$ | 2,818,319 | |||||||||
Insured-General Obligations 6.5% | ||||||||||
$ | 7,000 | Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/34 | $ | 1,527,470 | ||||||
4,825 | Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/35 | 978,607 | ||||||||
7,995 | Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25(5) | 3,335,034 | ||||||||
$ | 5,841,111 | |||||||||
Insured-Hospital 13.9% | ||||||||||
$ | 2,900 | California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37 | $ | 2,905,858 | ||||||
750 | California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41(3) | 743,580 | ||||||||
3,750 | California Statewide Communities Development Authority, (Sutter Health), (AGM), 5.75%, 8/15/27(3) | 3,770,657 | ||||||||
5,000 | California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(3) | 4,988,650 | ||||||||
$ | 12,408,745 | |||||||||
Insured-Lease Revenue / Certificates of Participation 11.4% | ||||||||||
$ | 5,510 | Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/17 | $ | 4,263,858 | ||||||
2,000 | Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27 | 2,426,620 | ||||||||
3,500 | San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38(3) | 3,522,505 | ||||||||
$ | 10,212,983 | |||||||||
Insured-Special Tax Revenue 3.5% | ||||||||||
$ | 21,285 | Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54 | $ | 1,195,365 | ||||||
4,220 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 499,437 | ||||||||
8,355 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 922,810 | ||||||||
5,270 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 543,021 | ||||||||
$ | 3,160,633 | |||||||||
Insured-Transportation 9.6% | ||||||||||
$ | 5,000 | Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29 | $ | 1,411,150 | ||||||
8,000 | Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31 | 1,966,160 | ||||||||
740 | Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(3) | 744,470 | ||||||||
10,000 | San Joaquin Hills Transportation Corridor Agency, Toll Road Bonds, (NPFG), 0.00%, 1/15/32 | 1,812,600 | ||||||||
1,320 | San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37 | 1,252,455 | ||||||||
1,350 | San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47 | 1,391,796 | ||||||||
$ | 8,578,631 | |||||||||
Insured-Water and Sewer 5.8% | ||||||||||
$ | 1,725 | East Bay Municipal Utility District, Water System Revenue, (FGIC), (NPFG), 5.00%, 6/1/32 | $ | 1,772,179 | ||||||
4,400 | Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30 | 3,432,352 | ||||||||
$ | 5,204,531 | |||||||||
Other Revenue 2.2% | ||||||||||
$ | 385 | California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32 | $ | 366,024 | ||||||
580 | California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37 | 540,612 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Other
Revenue (continued)
|
||||||||||
$ | 980 | Golden State Tobacco Securitization Corp., 5.30%, (0.00% until 12/1/12), 6/1/37 | $ | 592,410 | ||||||
640 | Golden State Tobacco Securitization Corp., 5.75%, 6/1/47 | 459,507 | ||||||||
$ | 1,958,553 | |||||||||
Senior Living / Life Care 1.5% | ||||||||||
$ | 175 | California Statewide Communities Development Authority, (Senior Living -Presbyterian Homes), 4.75%, 11/15/26 | $ | 154,222 | ||||||
700 | California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.875%, 11/15/36 | 579,481 | ||||||||
600 | California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 7.25%, 11/15/41 | 643,212 | ||||||||
$ | 1,376,915 | |||||||||
Special Tax Revenue 15.9% | ||||||||||
$ | 1,000 | Bonita Canyon Public Financing Authority, 5.375%, 9/1/28 | $ | 897,950 | ||||||
285 | Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26 | 226,227 | ||||||||
460 | Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34 | 340,170 | ||||||||
970 | Corona Public Financing Authority, 5.80%, 9/1/20 | 950,833 | ||||||||
200 | Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27 | 168,370 | ||||||||
500 | Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36 | 396,840 | ||||||||
1,590 | Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27 | 1,575,340 | ||||||||
895 | Lincoln Public Financing Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25 | 895,680 | ||||||||
420 | Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24 | 415,636 | ||||||||
750 | Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29 | 731,663 | ||||||||
2,245 | Oakland Joint Powers Financing Authority, 5.40%, 9/2/18 | 2,278,787 | ||||||||
930 | Oakland Joint Powers Financing Authority, 5.50%, 9/2/24 | 941,597 | ||||||||
1,095 | Santa Margarita Water District, 6.20%, 9/1/20 | 1,114,896 | ||||||||
250 | Santaluz Community Facilities District No. 2, 6.10%, 9/1/21 | 250,190 | ||||||||
490 | Santaluz Community Facilities District No. 2, 6.20%, 9/1/30 | 479,578 | ||||||||
250 | Temecula Unified School District, 5.00%, 9/1/27 | 220,175 | ||||||||
400 | Temecula Unified School District, 5.00%, 9/1/37 | 334,476 | ||||||||
500 | Turlock Public Financing Authority, 5.45%, 9/1/24 | 500,430 | ||||||||
500 | Tustin Community Facilities District, 6.00%, 9/1/37 | 488,240 | ||||||||
1,000 | Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23 | 966,760 | ||||||||
$ | 14,173,838 | |||||||||
Transportation 7.6% | ||||||||||
$ | 2,000 | Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/31 | $ | 2,022,720 | ||||||
2,120 | Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(3)(4) | 2,108,107 | ||||||||
1,500 | Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30 | 1,530,420 | ||||||||
1,170 | Port of Redwood City, (AMT), 5.125%, 6/1/30 | 1,100,584 | ||||||||
$ | 6,761,831 | |||||||||
Water and Sewer 5.1% | ||||||||||
$ | 1,840 | California Department of Water Resources, 5.00%, 12/1/29 | $ | 1,944,199 | ||||||
2,500 | Metropolitan Water District of Southern California, (Waterworks Revenue Authorization), 5.00%, 1/1/34 | 2,596,725 | ||||||||
$ | 4,540,924 | |||||||||
Total
Tax-Exempt Investments 176.4%
|
||||||||||
(identified
cost $162,760,725)
|
$ | 157,697,218 | ||||||||
Auction
Preferred Shares Plus Cumulative Unpaid Dividends
(55.9)%
|
$ | (49,977,422 | ) | |||||||
Other
Assets, Less Liabilities (20.5)%
|
$ | (18,324,677 | ) | |||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 89,395,119 | ||||||||
(1) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(2) | When-issued security. | |
(3) | Security represents the underlying municipal bond of an inverse floater (see Note 1H). | |
(4) | Security (or a portion thereof) has been pledged as collateral for inverse floating-rate security transactions. The aggregate value of such collateral is $1,401,861. | |
(5) | Security (or a portion thereof) has been segregated to cover payable for when-issued securities. |
Tax-Exempt Investments 163.3% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 45.0% | ||||||||||
$ | 2,290 | Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59 | $ | 2,352,563 | ||||||
600 | Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33 | 603,402 | ||||||||
1,240 | Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35 | 1,267,280 | ||||||||
1,500 | Massachusetts Development Finance Agency, (Mount Holyoke College), 5.00%, 7/1/36 | 1,524,075 | ||||||||
1,000 | Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38 | 931,190 | ||||||||
1,500 | Massachusetts Development Finance Agency, (Wheeler School), 6.50%, 12/1/29 | 1,500,630 | ||||||||
1,500 | Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32 | 1,517,205 | ||||||||
1,840 | Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35 | 2,077,489 | ||||||||
1,500 | Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1) | 1,571,040 | ||||||||
415 | Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.00%, 7/1/38 | 434,036 | ||||||||
1,350 | Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35 | 1,356,156 | ||||||||
1,750 | Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38 | 1,853,950 | ||||||||
$ | 16,989,016 | |||||||||
Electric Utilities 7.4% | ||||||||||
$ | 1,000 | Massachusetts Development Finance Agency, (Devens Electric System), 6.00%, 12/1/30 | $ | 1,017,230 | ||||||
1,870 | Massachusetts Development Finance Agency, (Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36 | 1,789,889 | ||||||||
$ | 2,807,119 | |||||||||
Escrowed / Prerefunded 1.2% | ||||||||||
$ | 400 | Massachusetts Development Finance Agency, (Western New England College), Prefunded to 12/1/12, 6.125%, 12/1/32 | $ | 446,352 | ||||||
$ | 446,352 | |||||||||
General Obligations 2.1% | ||||||||||
$ | 750 | Newton, 5.00%, 4/1/36 | $ | 790,440 | ||||||
$ | 790,440 | |||||||||
Hospital 24.6%
|
||||||||||
$ | 1,000 | Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36 | $ | 1,039,760 | ||||||
400 | Massachusetts Health and Educational Facilities Authority, (Berkshire Health System), 6.25%, 10/1/31 | 404,088 | ||||||||
500 | Massachusetts Health and Educational Facilities Authority, (Childrens Hospital), 5.25%, 12/1/39 | 513,715 | ||||||||
1,135 | Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37 | 1,138,337 | ||||||||
885 | Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/31 | 898,921 | ||||||||
755 | Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33 | 728,960 | ||||||||
420 | Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35 | 397,803 | ||||||||
2,000 | Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32(1) | 2,006,580 | ||||||||
675 | Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29 | 675,230 | ||||||||
1,255 | Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/39 | 1,206,971 | ||||||||
300 | Massachusetts Health and Educational Facilities Authority, (Winchester Hospital), 5.25%, 7/1/38 | 279,357 | ||||||||
$ | 9,289,722 | |||||||||
Housing 14.4% | ||||||||||
$ | 2,100 | Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48 | $ | 1,883,994 | ||||||
1,000 | Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40 | 933,380 | ||||||||
650 | Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28 | 646,945 | ||||||||
2,000 | Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37 | 1,948,500 | ||||||||
$ | 5,412,819 | |||||||||
Industrial Development Revenue 1.9% | ||||||||||
$ | 695 | Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15 | $ | 696,181 | ||||||
$ | 696,181 | |||||||||
Insured-Education 11.1% | ||||||||||
$ | 1,000 | Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39 | $ | 1,089,360 | ||||||
1,365 | Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1) | 1,492,996 | ||||||||
1,600 | Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33 | 1,608,752 | ||||||||
$ | 4,191,108 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Electric Utilities 1.5% | ||||||||||
$ | 570 | Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | $ | 582,232 | ||||||
$ | 582,232 | |||||||||
Insured-General Obligations 3.1% | ||||||||||
$ | 1,000 | Massachusetts, (AMBAC), 5.50%, 8/1/30 | $ | 1,166,180 | ||||||
$ | 1,166,180 | |||||||||
Insured-Hospital 1.1% | ||||||||||
$ | 400 | Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), 5.00%, 11/15/25 | $ | 402,144 | ||||||
$ | 402,144 | |||||||||
Insured-Other Revenue 3.5% | ||||||||||
$ | 1,225 | Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42 | $ | 1,315,344 | ||||||
$ | 1,315,344 | |||||||||
Insured-Special Tax Revenue 13.7% | ||||||||||
$ | 1,450 | Marthas Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32 | $ | 1,457,482 | ||||||
1,000 | Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29 | 1,077,010 | ||||||||
1,340 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37(1) | 1,369,386 | ||||||||
7,595 | Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54 | 426,535 | ||||||||
2,525 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 298,834 | ||||||||
3,005 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 331,903 | ||||||||
1,905 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 196,291 | ||||||||
$ | 5,157,441 | |||||||||
Insured-Student Loan 5.8% | ||||||||||
$ | 485 | Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30 | $ | 505,573 | ||||||
1,885 | Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33 | 1,689,243 | ||||||||
$ | 2,194,816 | |||||||||
Insured-Transportation 3.3%
|
||||||||||
$ | 315 | Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32 | $ | 291,293 | ||||||
1,055 | Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/38 | 968,617 | ||||||||
$ | 1,259,910 | |||||||||
Nursing Home 1.4% | ||||||||||
$ | 535 | Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29 | $ | 514,392 | ||||||
$ | 514,392 | |||||||||
Other Revenue 1.4% | ||||||||||
$ | 500 | Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/22 | $ | 537,535 | ||||||
$ | 537,535 | |||||||||
Senior Living / Life Care 5.7% | ||||||||||
$ | 250 | Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.15%, 7/1/31 | $ | 212,732 | ||||||
1,500 | Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.625%, 7/1/29 | 1,374,585 | ||||||||
125 | Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30 | 124,333 | ||||||||
140 | Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27 | 106,942 | ||||||||
475 | Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41 | 330,101 | ||||||||
$ | 2,148,693 | |||||||||
Special Tax Revenue 7.0% | ||||||||||
$ | 1,665 | Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31 | $ | 626,356 | ||||||
5,195 | Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34 | 1,602,190 | ||||||||
75 | Virgin Islands Public Finance Authority, 5.00%, 10/1/39 | 71,370 | ||||||||
335 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 352,072 | ||||||||
$ | 2,651,988 | |||||||||
Transportation 5.8% | ||||||||||
$ | 1,500 | Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37 | $ | 1,507,545 | ||||||
670 | Massachusetts Port Authority, 5.00%, 7/1/34 | 685,604 | ||||||||
$ | 2,193,149 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Water and Sewer 2.3% | ||||||||||
$ | 1,000 | Massachusetts Water Resources Authority, 4.00%, 8/1/46 | $ | 881,450 | ||||||
$ | 881,450 | |||||||||
Total
Tax-Exempt Investments 163.3%
|
||||||||||
(identified
cost $62,327,100)
|
$ | 61,628,031 | ||||||||
Auction
Preferred Shares Plus Cumulative Unpaid Dividends
(53.1)%
|
$ | (20,050,225 | ) | |||||||
Other
Assets, Less Liabilities (10.2)%
|
$ | (3,842,851 | ) | |||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 37,734,955 | ||||||||
(1) | Security represents the underlying municipal bond of an inverse floater (see Note 1H). |
Tax-Exempt Investments 158.1% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 8.3% | ||||||||||
$ | 525 | Grand Valley State University, 5.625%, 12/1/29 | $ | 546,803 | ||||||
525 | Grand Valley State University, 5.75%, 12/1/34 | 542,183 | ||||||||
200 | Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35 | 186,426 | ||||||||
500 | Michigan State University, 5.00%, 2/15/40 | 516,930 | ||||||||
460 | Michigan State University, 5.00%, 2/15/44 | 473,478 | ||||||||
$ | 2,265,820 | |||||||||
Electric Utilities 0.2% | ||||||||||
$ | 60 | Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29 | $ | 60,062 | ||||||
$ | 60,062 | |||||||||
Escrowed / Prerefunded 16.3% | ||||||||||
$ | 560 | Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34 | $ | 641,771 | ||||||
1,250 | Michigan Higher Education Facilities Authority, (Creative Studies), Prerefunded to 6/1/12, 5.90%, 12/1/27 | 1,346,375 | ||||||||
750 | Michigan Hospital Finance Authority, (Sparrow Obligation Group), Prerefunded to 11/15/11, 5.625%, 11/15/36 | 794,468 | ||||||||
600 | Puerto Rico Electric Power Authority, Prerefunded to 7/1/12, 5.25%, 7/1/31 | 650,370 | ||||||||
1,000 | White Cloud Public Schools, Prerefunded to 5/1/11, 5.125%, 5/1/31 | 1,020,430 | ||||||||
$ | 4,453,414 | |||||||||
General Obligations 17.6% | ||||||||||
$ | 495 | Charter County of Wayne, 6.75%, 11/1/39 | $ | 516,513 | ||||||
500 | East Grand Rapids Public School District, 5.00%, 5/1/25 | 506,850 | ||||||||
1,500 | Kent County, 5.00%, 1/1/25 | 1,603,245 | ||||||||
750 | Manistee Area Public Schools, 5.00%, 5/1/24 | 759,705 | ||||||||
1,000 | Michigan, 5.00%, 11/1/20 | 1,112,360 | ||||||||
270 | Michigan, 5.50%, 11/1/25 | 295,469 | ||||||||
$ | 4,794,142 | |||||||||
Hospital 32.1% | ||||||||||
$ | 500 | Allegan Hospital Finance Authority, (Allegan General Hospital), 7.00%, 11/15/21 | $ | 504,220 | ||||||
185 | Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25 | 165,022 | ||||||||
125 | Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37 | 106,377 | ||||||||
275 | Kent Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47 | 311,289 | ||||||||
455 | Mecosta County (Michigan General Hospital), 6.00%, 5/15/18 | 436,268 | ||||||||
1,000 | Michigan Hospital Finance Authority, (Central Michigan Community Hospital), 6.25%, 10/1/27 | 999,960 | ||||||||
750 | Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38 | 663,682 | ||||||||
1,000 | Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46 | 896,340 | ||||||||
1,080 | Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35 | 1,035,612 | ||||||||
750 | Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21 | 752,707 | ||||||||
500 | Michigan Hospital Finance Authority, (Mid Michigan Obligation Group), 6.125%, 6/1/39 | 526,545 | ||||||||
1,000 | Michigan Hospital Finance Authority, (Trinity Health Corp.), 5.00%, 12/1/27 | 1,026,130 | ||||||||
425 | Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26 | 379,874 | ||||||||
1,000 | Saginaw Hospital Finance Authority, (Covenant Medical Center, Inc.), 5.00%, 7/1/30 | 940,450 | ||||||||
$ | 8,744,476 | |||||||||
Housing 3.5% | ||||||||||
$ | 1,000 | Michigan Housing Development Authority, (Williams Pavilion), (AMT), 4.90%, 4/20/48 | $ | 965,890 | ||||||
$ | 965,890 | |||||||||
Industrial Development Revenue 6.3% | ||||||||||
$ | 750 | Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21 | $ | 409,178 | ||||||
800 | Dickinson County Economic Development Corp., (International Paper Co.), 5.75%, 6/1/16 | 821,008 | ||||||||
550 | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26 | 476,294 | ||||||||
$ | 1,706,480 | |||||||||
Insured-Education 5.9% | ||||||||||
$ | 570 | Ferris State University, (AGC), 5.125%, 10/1/33 | $ | 582,500 | ||||||
500 | Ferris State University, (AGC), 5.25%, 10/1/38 | 513,695 | ||||||||
500 | Wayne State University, (AGM), 5.00%, 11/15/35 | 506,045 | ||||||||
$ | 1,602,240 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Electric Utilities 9.3% | ||||||||||
$ | 1,000 | Michigan Strategic Fund, (Detroit Edison Co.), (NPFG), (AMT), 5.55%, 9/1/29 | $ | 990,140 | ||||||
400 | Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32 | 393,068 | ||||||||
220 | Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30 | 223,500 | ||||||||
500 | Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34 | 499,305 | ||||||||
435 | Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | 444,335 | ||||||||
$ | 2,550,348 | |||||||||
Insured-Escrowed / Prerefunded 3.8% | ||||||||||
$ | 1,000 | Detroit Sewage Disposal System, (FGIC), Prerefunded to 7/1/11, 5.125%, 7/1/31 | $ | 1,028,320 | ||||||
$ | 1,028,320 | |||||||||
Insured-General Obligations 7.9% | ||||||||||
$ | 300 | Detroit City School District, (AGM), 5.25%, 5/1/32 | $ | 296,754 | ||||||
650 | Detroit City School District, (FGIC), 4.75%, 5/1/28 | 619,229 | ||||||||
1,250 | Van Dyke Public Schools, (AGM), 5.00%, 5/1/38 | 1,247,175 | ||||||||
$ | 2,163,158 | |||||||||
Insured-Hospital 3.4% | ||||||||||
$ | 985 | Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (NPFG), 5.25%, 11/15/35 | $ | 915,213 | ||||||
$ | 915,213 | |||||||||
Insured-Lease Revenue / Certificates of Participation 6.1% | ||||||||||
$ | 1,000 | Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29 | $ | 336,770 | ||||||
4,300 | Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30 | 1,320,573 | ||||||||
$ | 1,657,343 | |||||||||
Insured-Special Tax Revenue 3.5% | ||||||||||
$ | 5,160 | Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54 | $ | 289,786 | ||||||
2,030 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 240,250 | ||||||||
2,430 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 268,393 | ||||||||
1,470 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 151,469 | ||||||||
$ | 949,898 | |||||||||
Insured-Student Loan 7.0% | ||||||||||
$ | 1,000 | Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.00%, 3/1/31 | $ | 909,740 | ||||||
1,000 | Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.50%, 6/1/25 | 999,940 | ||||||||
$ | 1,909,680 | |||||||||
Insured-Transportation 3.5% | ||||||||||
$ | 1,000 | Wayne County Airport Authority, (AGC), (AMT), 5.375%, 12/1/32 | $ | 948,140 | ||||||
$ | 948,140 | |||||||||
Insured-Water and Sewer 11.6% | ||||||||||
$ | 560 | Detroit Sewage Disposal System, (AGC), (FGIC), 5.00%, 7/1/36 | $ | 521,041 | ||||||
1,650 | Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30 | 1,595,913 | ||||||||
1,000 | Grand Rapids Water Supply System, (AGC), 5.10%, 1/1/39 | 1,035,110 | ||||||||
$ | 3,152,064 | |||||||||
Lease Revenue / Certificates of Participation 0.9% | ||||||||||
$ | 250 | Puerto Rico, (Guaynabo Municipal Government Center Lease), 5.625%, 7/1/22 | $ | 250,232 | ||||||
$ | 250,232 | |||||||||
Other Revenue 1.3% | ||||||||||
$ | 500 | Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48 | $ | 359,000 | ||||||
$ | 359,000 | |||||||||
Special Tax Revenue 1.3% | ||||||||||
$ | 115 | Guam, Limited Obligation Bonds, 5.625%, 12/1/29 | $ | 116,662 | ||||||
125 | Guam, Limited Obligation Bonds, 5.75%, 12/1/34 | 126,752 | ||||||||
110 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 115,606 | ||||||||
$ | 359,020 | |||||||||
Water and Sewer 8.3% | ||||||||||
$ | 790 | Grand Rapids, (Sanitary Sewer System), 5.00%, 1/1/28 | $ | 840,118 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Water
and Sewer (continued)
|
||||||||||
$ | 600 | Michigan Municipal Bond Authority, (Clean Water Revenue), 5.00%, 10/1/29 | $ | 639,888 | ||||||
500 | Michigan Municipal Bond Authority, (Clean Water Revenue), 5.00%, 10/1/30 | 530,480 | ||||||||
250 | Michigan Municipal Bond Authority, (Clean Water Revenue), 5.25%, 10/1/11(1) | 260,208 | ||||||||
$ | 2,270,694 | |||||||||
Total
Tax-Exempt Investments 158.1%
|
||||||||||
(identified
cost $44,389,890)
|
$ | 43,105,634 | ||||||||
Auction
Preferred Shares Plus Cumulative Unpaid Dividends
(64.2)%
|
$ | (17,501,062 | ) | |||||||
Other
Assets, Less Liabilities 6.1%
|
$ | 1,657,704 | ||||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 27,262,276 | ||||||||
(1) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
Tax-Exempt Investments 172.7% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 26.5% | ||||||||||
$ | 250 | New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27 | $ | 246,525 | ||||||
250 | New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33 | 233,170 | ||||||||
220 | New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37 | 210,137 | ||||||||
2,635 | New Jersey Educational Facilities Authority, (Kean University), 5.50%, 9/1/36 | 2,759,583 | ||||||||
3,500 | New Jersey Educational Facilities Authority, (Princeton University), 4.25%, 7/1/40(1) | 3,371,410 | ||||||||
3,500 | New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38(2) | 3,518,865 | ||||||||
1,650 | New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27 | 1,657,739 | ||||||||
965 | New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), 7.50%, 12/1/32 | 1,087,352 | ||||||||
3,150 | Rutgers State University, 5.00%, 5/1/39(2) | 3,264,849 | ||||||||
$ | 16,349,630 | |||||||||
Electric Utilities 2.4% | ||||||||||
$ | 1,500 | Salem County Pollution Control Financing Authority, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31 | $ | 1,479,525 | ||||||
$ | 1,479,525 | |||||||||
Hospital 21.6% | ||||||||||
$ | 90 | Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35 | $ | 78,681 | ||||||
1,495 | Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34 | 1,451,989 | ||||||||
2,505 | New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27 | 2,509,584 | ||||||||
2,390 | New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37 | 2,355,321 | ||||||||
915 | New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), 5.75%, 7/1/39 | 896,096 | ||||||||
1,525 | New Jersey Health Care Facilities Financing Authority, (Kennedy Health System), 5.625%, 7/1/31 | 1,511,153 | ||||||||
1,000 | New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/31 | 992,340 | ||||||||
2,550 | New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46 | 2,412,020 | ||||||||
1,075 | New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33 | 1,120,010 | ||||||||
$ | 13,327,194 | |||||||||
Housing 3.7%
|
||||||||||
$ | 715 | New Jersey Housing & Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37 | $ | 681,424 | ||||||
1,640 | New Jersey Housing & Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37 | 1,611,349 | ||||||||
$ | 2,292,773 | |||||||||
Industrial Development Revenue 13.4% | ||||||||||
$ | 500 | Middlesex County Pollution Control Authority, (Amerada Hess), 5.75%, 9/15/32 | $ | 502,820 | ||||||
540 | Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34 | 546,383 | ||||||||
3,220 | New Jersey Economic Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.95%, 3/1/47 | 2,887,760 | ||||||||
215 | New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29 | 203,186 | ||||||||
750 | New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, 6/1/33 | 792,323 | ||||||||
220 | New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23 | 227,022 | ||||||||
1,235 | New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39 | 1,251,660 | ||||||||
2,080 | Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22 | 1,868,318 | ||||||||
$ | 8,279,472 | |||||||||
Insured-Education 6.6% | ||||||||||
$ | 3,365 | New Jersey Educational Facilities Authority, (College of New Jersey), (AGM), 5.00%, 7/1/35(2) | $ | 3,429,743 | ||||||
825 | New Jersey Educational Facilities Authority, (Rowan University), (AGM), (FGIC), 3.00%, 7/1/28 | 669,157 | ||||||||
$ | 4,098,900 | |||||||||
Insured-Electric Utilities 2.0% | ||||||||||
$ | 1,250 | Vineland, (Electric Utility), (NPFG), (AMT), 5.25%, 5/15/26 | $ | 1,250,413 | ||||||
$ | 1,250,413 | |||||||||
Insured-Gas Utilities 7.9% | ||||||||||
$ | 4,795 | New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (NPFG), (AMT), 4.90% to 10/1/25 (Put Date), 10/1/40 | $ | 4,903,367 | ||||||
$ | 4,903,367 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-General Obligations 2.2% | ||||||||||
$ | 1,240 | Lakewood Township, (AGC), 5.75%, 11/1/31 | $ | 1,378,719 | ||||||
$ | 1,378,719 | |||||||||
Insured-Hospital 6.8% | ||||||||||
$ | 750 | New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36(2) | $ | 759,473 | ||||||
1,460 | New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series II, (AGC), 5.00%, 7/1/38 | 1,467,723 | ||||||||
500 | New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series V, (AGC), 5.00%, 7/1/38(2) | 502,650 | ||||||||
1,380 | New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38 | 1,452,712 | ||||||||
$ | 4,182,558 | |||||||||
Insured-Housing 5.4% | ||||||||||
$ | 3,390 | New Jersey Housing and Mortgage Finance Agency, (Multi-Family Housing), (AGM), (AMT), 5.05%, 5/1/34 | $ | 3,330,472 | ||||||
$ | 3,330,472 | |||||||||
Insured-Lease Revenue / Certificates of Participation 4.4% | ||||||||||
$ | 1,500 | New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34 | $ | 1,609,545 | ||||||
1,000 | New Jersey Economic Development Authority, (School Facilities Construction), (FGIC), (NPFG), 5.50%, 9/1/28 | 1,084,180 | ||||||||
$ | 2,693,725 | |||||||||
Insured-Other Revenue 1.7% | ||||||||||
$ | 1,015 | Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39 | $ | 1,060,137 | ||||||
$ | 1,060,137 | |||||||||
Insured-Special Tax Revenue 12.2% | ||||||||||
$ | 6,000 | Garden State Preservation Trust, (AGM), 0.00%, 11/1/25 | $ | 3,134,340 | ||||||
4,315 | New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26 | 1,900,714 | ||||||||
2,020 | New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27 | 833,351 | ||||||||
7,185 | Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54 | 403,510 | ||||||||
2,745 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 324,871 | ||||||||
5,445 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 601,400 | ||||||||
3,425 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 352,912 | ||||||||
$ | 7,551,098 | |||||||||
Insured-Student Loan 4.0% | ||||||||||
$ | 2,385 | New Jersey Higher Education Student Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30 | $ | 2,489,773 | ||||||
$ | 2,489,773 | |||||||||
Insured-Transportation 5.3% | ||||||||||
$ | 1,960 | New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), (BHAC), 0.00%, 12/15/26 | $ | 849,542 | ||||||
5,570 | New Jersey Transportation Trust Fund Authority, (Transportation System), (BHAC), (FGIC), 0.00%, 12/15/31 | 1,707,818 | ||||||||
400 | Port Authority of New York and New Jersey, (FGIC), (NPFG), (AMT), 5.00%, 8/1/36 | 399,988 | ||||||||
315 | South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33 | 335,538 | ||||||||
$ | 3,292,886 | |||||||||
Insured-Water and Sewer 4.5% | ||||||||||
$ | 2,835 | New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25 | $ | 2,748,646 | ||||||
$ | 2,748,646 | |||||||||
Lease Revenue / Certificates of Participation 5.5% | ||||||||||
$ | 1,500 | New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33 | $ | 1,573,590 | ||||||
1,765 | New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.25%, 10/1/38 | 1,787,486 | ||||||||
$ | 3,361,076 | |||||||||
Other Revenue 7.3% | ||||||||||
$ | 7,200 | Childrens Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50 | $ | 188,352 | ||||||
13,280 | Childrens Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55 | 177,155 | ||||||||
600 | New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48(2) | 615,342 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Other
Revenue (continued)
|
||||||||||
$ | 2,700 | New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48(2) | $ | 2,769,039 | ||||||
4,270 | Tobacco Settlement Financing Corp., 0.00%, 6/1/41 | 200,648 | ||||||||
900 | Tobacco Settlement Financing Corp., 5.00%, 6/1/41 | 578,349 | ||||||||
$ | 4,528,885 | |||||||||
Senior Living / Life Care 3.0% | ||||||||||
$ | 465 | New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28 | $ | 440,829 | ||||||
770 | New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38 | 716,215 | ||||||||
815 | New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36 | 695,065 | ||||||||
$ | 1,852,109 | |||||||||
Special Tax Revenue 1.3% | ||||||||||
$ | 100 | New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27 | $ | 93,586 | ||||||
175 | New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37 | 154,789 | ||||||||
500 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 525,480 | ||||||||
$ | 773,855 | |||||||||
Student Loan 4.2% | ||||||||||
$ | 80 | New Jersey Higher Education Student Assistance Authority, 5.625%, 6/1/30 | $ | 83,120 | ||||||
2,500 | New Jersey Higher Education Student Assistance Authority, (AMT), Variable Rate, 1.247%, 6/1/36(2)(3)(4) | 2,475,950 | ||||||||
$ | 2,559,070 | |||||||||
Transportation 19.2% | ||||||||||
$ | 1,060 | Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35 | $ | 1,075,423 | ||||||
1,080 | Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40 | 1,091,740 | ||||||||
250 | New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38 | 270,345 | ||||||||
815 | New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38 | 947,205 | ||||||||
3,600 | New Jersey Turnpike Authority, 5.25%, 1/1/40 | 3,721,968 | ||||||||
480 | Port Authority of New York and New Jersey, 4.50%, 11/1/33 | 474,907 | ||||||||
1,000 | Port Authority of New York and New Jersey, 5.00%, 9/1/34 | 1,018,760 | ||||||||
1,995 | Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(2) | 2,077,892 | ||||||||
1,175 | South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33 | 1,177,244 | ||||||||
$ | 11,855,484 | |||||||||
Water and Sewer 1.6% | ||||||||||
$ | 985 | Cumberland County Improvement Authority, (Solid Waste System), 5.00%, 1/1/30 | $ | 973,032 | ||||||
$ | 973,032 | |||||||||
Total
Tax-Exempt Investments 172.7%
|
||||||||||
(identified
cost $107,707,611)
|
$ | 106,612,799 | ||||||||
Auction
Preferred Shares Plus Cumulative Unpaid Dividends
(54.1)%
|
$ | (33,426,620 | ) | |||||||
Other
Assets, Less Liabilities (18.6)%
|
$ | (11,469,375 | ) | |||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 61,716,804 | ||||||||
(1) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(2) | Security represents the underlying municipal bond of an inverse floater (see Note 1H). | |
(3) | Security (or a portion thereof) has been pledged as collateral for inverse floating-rate security transactions. The aggregate value of such collateral is $475,950. | |
(4) | Variable rate security. The stated interest rate represents the rate in effect at November 30, 2010. |
Tax-Exempt Investments 172.7% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Cogeneration 1.4% | ||||||||||
$ | 1,150 | Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23 | $ | 1,029,802 | ||||||
$ | 1,029,802 | |||||||||
Education 24.8% | ||||||||||
$ | 315 | Geneva Industrial Development Agency, (Hobart & William Smith Project), 5.375%, 2/1/33 | $ | 316,922 | ||||||
1,210 | New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/34 | 1,263,506 | ||||||||
325 | New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/39 | 336,681 | ||||||||
510 | New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33 | 543,558 | ||||||||
1,000 | New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38(1) | 1,049,820 | ||||||||
510 | New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34 | 530,742 | ||||||||
2,000 | New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39 | 2,066,900 | ||||||||
2,000 | New York Dormitory Authority, (New York University), 5.25%, 7/1/48 | 2,055,300 | ||||||||
2,250 | New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33 | 2,436,232 | ||||||||
2,500 | New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40 | 2,627,200 | ||||||||
1,495 | New York Dormitory Authority, (St. Francis College), 5.00%, 10/1/40 | 1,434,527 | ||||||||
2,000 | New York Dormitory Authority, (The New School), 5.50%, 7/1/40(2) | 2,039,440 | ||||||||
280 | Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29 | 273,468 | ||||||||
735 | Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40 | 718,462 | ||||||||
$ | 17,692,758 | |||||||||
Electric Utilities 5.0% | ||||||||||
$ | 1,420 | Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33 | $ | 1,547,076 | ||||||
2,100 | Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27 | 2,030,280 | ||||||||
$ | 3,577,356 | |||||||||
General
Obligations 10.3%
|
||||||||||
$ | 6,000 | New York City, 5.25%, 9/15/33(3) | $ | 6,198,780 | ||||||
1,000 | New York City, 6.25%, 10/15/28 | 1,148,840 | ||||||||
$ | 7,347,620 | |||||||||
Health Care-Miscellaneous 6.9% | ||||||||||
$ | 130 | Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30(2) | $ | 129,463 | ||||||
430 | Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40(2) | 423,068 | ||||||||
1,115 | New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29 | 934,080 | ||||||||
1,200 | New York City Industrial Development Agency, (Ohel Childrens Home), 6.25%, 8/15/22 | 931,992 | ||||||||
50 | Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class H, 7.50%, 9/1/15 | 50,672 | ||||||||
100 | Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class I, 7.50%, 9/1/15 | 101,343 | ||||||||
2,600 | Westchester County Industrial Development Agency, (Childrens Village), 5.375%, 3/15/19 | 2,361,372 | ||||||||
$ | 4,931,990 | |||||||||
Hospital 28.4% | ||||||||||
$ | 160 | Chautauqua County Industrial Development Agency, (Womens Christian Association), 6.35%, 11/15/17 | $ | 156,530 | ||||||
485 | Chautauqua County Industrial Development Agency, (Womens Christian Association), 6.40%, 11/15/29 | 436,694 | ||||||||
1,165 | Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18 | 1,104,478 | ||||||||
2,490 | Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25 | 2,453,721 | ||||||||
400 | Nassau County Industrial Development Agency, (North Shore Health System), 6.25%, 11/1/21 | 406,472 | ||||||||
1,500 | New York Dormitory Authority, (Lenox Hill Hospital), 5.50%, 7/1/30 | 1,414,185 | ||||||||
4,000 | New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 5.00%, 7/1/36(3) | 4,016,120 | ||||||||
2,000 | New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33 | 1,908,340 | ||||||||
1,000 | New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26 | 1,024,840 | ||||||||
845 | New York Dormitory Authority, (North Shore Hospital), 5.00%, 11/1/34 | 825,371 | ||||||||
1,250 | New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37 | 1,270,187 | ||||||||
415 | New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29 | 415,390 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Hospital (continued)
|
||||||||||
$ | 835 | New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37 | $ | 823,961 | ||||||
1,250 | Oneida County Industrial Development Agency, (St. Elizabeths Medical Center), 5.75%, 12/1/19 | 1,219,612 | ||||||||
650 | Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32 | 623,012 | ||||||||
2,105 | Suffolk County Industrial Development Agency, (Huntington Hospital), 6.00%, 11/1/22 | 2,147,332 | ||||||||
$ | 20,246,245 | |||||||||
Housing 16.9% | ||||||||||
$ | 1,500 | New York City Housing Development Corp., MFMR, (AMT), 5.05%, 11/1/39 | $ | 1,459,905 | ||||||
2,620 | New York City Housing Development Corp., MFMR, (AMT), 5.20%, 11/1/40 | 2,619,895 | ||||||||
1,000 | New York Housing Finance Agency, 5.25%, 11/1/41 | 1,011,480 | ||||||||
2,625 | New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42 | 2,664,428 | ||||||||
1,500 | New York Mortgage Agency, (AMT), 4.875%, 10/1/30 | 1,474,635 | ||||||||
1,930 | New York Mortgage Agency, (AMT), 4.90%, 10/1/37 | 1,851,989 | ||||||||
1,000 | New York Mortgage Agency, (AMT), 5.125%, 10/1/37 | 992,000 | ||||||||
$ | 12,074,332 | |||||||||
Industrial Development Revenue 11.3% | ||||||||||
$ | 1,000 | Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32 | $ | 1,042,580 | ||||||
2,525 | Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35(3) | 2,538,787 | ||||||||
1,500 | New York Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 8.00%, 8/1/12 | 1,538,415 | ||||||||
2,500 | Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), (AMT), 6.25%, 12/1/34 | 2,501,550 | ||||||||
430 | Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15 | 436,020 | ||||||||
$ | 8,057,352 | |||||||||
Insured-Education 6.2% | ||||||||||
$ | 1,250 | New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35 | $ | 1,217,887 | ||||||
1,500 | New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38(3) | 1,533,660 | ||||||||
5,365 | Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33 | 1,700,598 | ||||||||
$ | 4,452,145 | |||||||||
Insured-Electric
Utilities 3.5%
|
||||||||||
$ | 1,365 | Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33 | $ | 1,501,841 | ||||||
960 | New York Power Authority, (NPFG), 5.00%, 11/15/47 | 975,312 | ||||||||
$ | 2,477,153 | |||||||||
Insured-Escrowed / Prerefunded 1.6% | ||||||||||
$ | 860 | New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26 | $ | 472,475 | ||||||
1,280 | New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27 | 665,792 | ||||||||
$ | 1,138,267 | |||||||||
Insured-Lease Revenue / Certificates of Participation 4.4% | ||||||||||
$ | 3,365 | Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47(4) | $ | 3,119,994 | ||||||
$ | 3,119,994 | |||||||||
Insured-Other Revenue 2.7% | ||||||||||
$ | 2,645 | New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31 | $ | 840,740 | ||||||
3,625 | New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32 | 1,084,346 | ||||||||
$ | 1,925,086 | |||||||||
Insured-Special Tax Revenue 6.4% | ||||||||||
$ | 1,000 | New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45 | $ | 933,140 | ||||||
4,440 | Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34 | 933,555 | ||||||||
19,745 | Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54 | 1,108,879 | ||||||||
3,380 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 400,023 | ||||||||
6,705 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 740,567 | ||||||||
4,225 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 435,344 | ||||||||
$ | 4,551,508 | |||||||||
Insured-Transportation 4.0% | ||||||||||
$ | 1,475 | Metropolitan Transportation Authority, (AGC), 4.50%, 11/15/38 | $ | 1,416,030 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Transportation (continued)
|
||||||||||
$ | 1,475 | Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29 | $ | 1,475,236 | ||||||
$ | 2,891,266 | |||||||||
Insured-Water and Sewer 1.3% | ||||||||||
$ | 1,000 | Nassau County Industrial Development Agency, (Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35 | $ | 905,470 | ||||||
$ | 905,470 | |||||||||
Lease Revenue / Certificates of Participation 4.3% | ||||||||||
$ | 2,040 | New York City Transitional Finance Authority, (Building Aid), 4.50%, 1/15/38 | $ | 1,982,288 | ||||||
1,000 | New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31 | 1,084,360 | ||||||||
$ | 3,066,648 | |||||||||
Other Revenue 4.3% | ||||||||||
$ | 1,285 | Albany Industrial Development Agency, Civic Facility, (Charitable Leadership), 5.75%, 7/1/26 | $ | 971,871 | ||||||
3,120 | Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31 | 905,299 | ||||||||
380 | Brooklyn Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40 | 393,859 | ||||||||
790 | New York City Cultural Resource Trust, (Museum of Modern Art), 5.00%, 4/1/31 | 827,217 | ||||||||
$ | 3,098,246 | |||||||||
Senior Living / Life Care 2.1% | ||||||||||
$ | 1,450 | Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29 | $ | 1,318,122 | ||||||
210 | Suffolk County Industrial Development Agency, (Jeffersons Ferry Project), 5.00%, 11/1/28 | 194,956 | ||||||||
$ | 1,513,078 | |||||||||
Special Tax Revenue 3.6% | ||||||||||
$ | 1,000 | New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38 | $ | 1,041,870 | ||||||
900 | New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/32 | 930,087 | ||||||||
545 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 572,773 | ||||||||
$ | 2,544,730 | |||||||||
Transportation 10.6%
|
||||||||||
$ | 790 | Metropolitan Transportation Authority, 5.00%, 11/15/37 | $ | 771,127 | ||||||
1,900 | Port Authority of New York and New Jersey, 5.00%, 11/15/37(3) | 1,943,073 | ||||||||
990 | Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33 | 971,042 | ||||||||
990 | Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(3) | 1,031,134 | ||||||||
2,740 | Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34(3) | 2,854,724 | ||||||||
10 | Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34 | 10,419 | ||||||||
$ | 7,581,519 | |||||||||
Water and Sewer 12.7% | ||||||||||
$ | 585 | Dutchess County Water and Wastewater Authority, 0.00%, 10/1/34 | $ | 170,294 | ||||||
325 | Dutchess County Water and Wastewater Authority, 0.00%, 10/1/35 | 88,325 | ||||||||
3,105 | New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40(3) | 3,376,687 | ||||||||
1,730 | New York Environmental Facilities Corp., 5.00%, 10/15/39 | 1,793,474 | ||||||||
2,535 | New York Environmental Facilities Corp., Clean Water and Drinking Water, (Municipal Water Finance), 5.00%, 6/15/37(3) | 2,624,257 | ||||||||
1,000 | Saratoga County Water Authority, 5.00%, 9/1/48 | 1,008,810 | ||||||||
$ | 9,061,847 | |||||||||
Total
Tax-Exempt Investments 172.7%
|
||||||||||
(identified
cost $124,282,232)
|
$ | 123,284,412 | ||||||||
Auction
Preferred Shares Plus Cumulative Unpaid Dividends
(47.2)%
|
$ | (33,727,043 | ) | |||||||
Other
Assets, Less Liabilities (25.5)%
|
$ | (18,184,990 | ) | |||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 71,372,379 | ||||||||
(1) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(2) | When-issued security. | |
(3) | Security represents the underlying municipal bond of an inverse floater (see Note 1H). | |
(4) | Security (or a portion thereof) has been segregated to cover payable for when-issued securities. |
Tax-Exempt Investments 149.7% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 11.1% | ||||||||||
$ | 1,250 | Ohio Higher Educational Facility Commission, (Kenyon College), 5.25%, 7/1/44 | $ | 1,271,613 | ||||||
500 | Ohio State University, 5.00%, 12/1/28 | 550,155 | ||||||||
1,675 | Ohio State University, 5.00%, 12/1/30 | 1,815,934 | ||||||||
500 | University of Cincinnati, 5.00%, 6/1/34 | 501,955 | ||||||||
$ | 4,139,657 | |||||||||
Electric Utilities 0.7% | ||||||||||
$ | 255 | Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14 | $ | 255,054 | ||||||
$ | 255,054 | |||||||||
Escrowed / Prerefunded 2.8% | ||||||||||
$ | 1,000 | Mahoning County, (Career and Technical Center), Prerefunded to 12/1/11, 6.25%, 12/1/36 | $ | 1,055,900 | ||||||
$ | 1,055,900 | |||||||||
General Obligations 19.0% | ||||||||||
$ | 1,000 | Barberton City School District, 4.50%, 12/1/33 | $ | 959,160 | ||||||
1,750 | Beavercreek City School District, 5.00%, 12/1/30 | 1,819,405 | ||||||||
1,090 | Central Ohio Solid Waste Authority, 5.125%, 9/1/27 | 1,154,953 | ||||||||
500 | Columbus, 5.00%, 7/1/23(1) | 527,040 | ||||||||
1,000 | Columbus City School District, 5.00%, 12/1/29 | 1,046,100 | ||||||||
595 | Huber Heights City School District, 4.75%, 12/1/25 | 624,762 | ||||||||
1,000 | Maple Heights City School District, 5.00%, 1/15/37 | 989,870 | ||||||||
$ | 7,121,290 | |||||||||
Hospital 11.9% | ||||||||||
$ | 800 | Franklin County, (Nationwide Childrens Hospital), 5.00%, 11/1/34 | $ | 798,856 | ||||||
500 | Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26 | 501,070 | ||||||||
500 | Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34 | 525,045 | ||||||||
1,000 | Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.50%, 1/1/39 | 1,045,050 | ||||||||
600 | Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40 | 591,546 | ||||||||
735 | Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 4.75%, 1/15/46 | 660,096 | ||||||||
330 | Richland County Hospital Facilities, (MedCentral Health Systems), 6.375%, 11/15/22 | 333,693 | ||||||||
$ | 4,455,356 | |||||||||
Housing 11.7%
|
||||||||||
$ | 980 | Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 4.625%, 9/1/27 | $ | 951,884 | ||||||
560 | Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 4.75%, 3/1/37 | 529,452 | ||||||||
425 | Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 5.00%, 9/1/31 | 418,493 | ||||||||
2,500 | Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), 5.25%, 4/20/48 | 2,465,575 | ||||||||
$ | 4,365,404 | |||||||||
Industrial Development Revenue 8.3% | ||||||||||
$ | 750 | Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27 | $ | 619,680 | ||||||
2,250 | Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 6.00%, 8/1/38 | 2,250,810 | ||||||||
225 | Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15 | 227,959 | ||||||||
$ | 3,098,449 | |||||||||
Insured-Education 13.0% | ||||||||||
$ | 750 | Hamilton County, (University Heights Community Urban Development Corp), (AGM), 5.00%, 6/1/30 | $ | 759,622 | ||||||
1,000 | Kent State University, (AGC), 5.00%, 5/1/26 | 1,058,750 | ||||||||
465 | Kent State University, (AGC), 5.00%, 5/1/29 | 481,624 | ||||||||
655 | Miami University, (AMBAC), 3.25%, 9/1/26 | 561,951 | ||||||||
1,500 | University of Akron, Series A, (AGM), 5.00%, 1/1/38 | 1,514,640 | ||||||||
500 | University of Akron, Series B, (AGM), 5.00%, 1/1/38 | 504,880 | ||||||||
$ | 4,881,467 | |||||||||
Insured-Electric Utilities 13.1% | ||||||||||
$ | 1,000 | American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.75%, 2/15/39 | $ | 1,055,410 | ||||||
710 | Cleveland Public Power System, (NPFG), 0.00%, 11/15/27 | 291,931 | ||||||||
2,000 | Cleveland Public Power System, (NPFG), 0.00%, 11/15/38 | 402,860 | ||||||||
830 | Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25 | 404,691 | ||||||||
3,000 | Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26 | 1,370,160 | ||||||||
425 | Ohio Water Development Authority, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34 | 409,475 | ||||||||
210 | Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30 | 213,341 | ||||||||
250 | Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34 | 249,652 | ||||||||
500 | Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26 | 527,290 | ||||||||
$ | 4,924,810 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Escrowed / Prerefunded 1.4% | ||||||||||
$ | 500 | University of Cincinnati, (FGIC), Prerefunded to 6/1/11, 5.25%, 6/1/24 | $ | 517,465 | ||||||
$ | 517,465 | |||||||||
Insured-General Obligations 16.8% | ||||||||||
$ | 280 | Bowling Green City School District, (AGM), 5.00%, 12/1/34 | $ | 282,708 | ||||||
200 | Brookfield Local School District, (AGM), 5.00%, 1/15/30 | 206,458 | ||||||||
500 | Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36 | 511,080 | ||||||||
2,455 | Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30 | 881,959 | ||||||||
1,500 | Madeira City School District, (AGM), 3.50%, 12/1/27 | 1,357,155 | ||||||||
1,750 | Milford Exempt Village School District, (AGC), 5.25%, 12/1/36 | 1,804,757 | ||||||||
750 | St. Marys School District, (AGM), 5.00%, 12/1/35 | 751,627 | ||||||||
500 | Wadsworth City School District, (AGC), 5.00%, 12/1/37 | 512,310 | ||||||||
$ | 6,308,054 | |||||||||
Insured-Hospital 6.7% | ||||||||||
$ | 545 | Hamilton County, (Cincinnati Childrens Hospital), (FGIC), (NPFG), 5.00%, 5/15/32 | $ | 530,307 | ||||||
1,500 | Hamilton County, (Cincinnati Childrens Hospital), (FGIC), (NPFG), 5.125%, 5/15/28 | 1,502,550 | ||||||||
485 | Lorain County, (Catholic Healthcare Partners), (AGM), Variable Rate, 17.493%, 2/1/29(2)(3)(4) | 490,315 | ||||||||
$ | 2,523,172 | |||||||||
Insured-Lease Revenue / Certificates of Participation 1.1% | ||||||||||
$ | 500 | Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33 | $ | 407,525 | ||||||
$ | 407,525 | |||||||||
Insured-Special Tax Revenue 3.6% | ||||||||||
$ | 9,905 | Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54 | $ | 556,265 | ||||||
1,685 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 199,420 | ||||||||
3,340 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 368,903 | ||||||||
2,100 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 216,384 | ||||||||
$ | 1,340,972 | |||||||||
Insured-Transportation 6.0%
|
||||||||||
$ | 1,000 | Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24 | $ | 1,118,400 | ||||||
1,000 | Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26 | 1,129,880 | ||||||||
$ | 2,248,280 | |||||||||
Insured-Water and Sewer 2.1% | ||||||||||
$ | 215 | Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/46 | $ | 203,261 | ||||||
625 | Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/47 | 590,244 | ||||||||
$ | 793,505 | |||||||||
Lease Revenue / Certificates of Participation 1.4% | ||||||||||
$ | 500 | Franklin County Convention Facilities Authority, 5.00%, 12/1/27 | $ | 529,180 | ||||||
$ | 529,180 | |||||||||
Other Revenue 4.3% | ||||||||||
$ | 7,345 | Buckeye Tobacco Settlement Financing Authority, 0.00%, 6/1/47 | $ | 181,422 | ||||||
710 | Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47 | 500,649 | ||||||||
1,000 | Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27 | 910,580 | ||||||||
$ | 1,592,651 | |||||||||
Pooled Loans 11.0% | ||||||||||
$ | 550 | Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25 | $ | 556,759 | ||||||
1,020 | Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22 | 1,060,637 | ||||||||
1,245 | Rickenbacher Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32(5) | 1,251,200 | ||||||||
310 | Summit County Port Authority, (Twinsburg Township), 5.125%, 5/15/25 | 268,454 | ||||||||
1,100 | Toledo-Lucas County Port Authority, 5.40%, 5/15/19 | 987,404 | ||||||||
$ | 4,124,454 | |||||||||
Special Tax Revenue 2.3% | ||||||||||
$ | 425 | Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18 | $ | 431,749 | ||||||
155 | Guam, Limited Obligation Bonds, 5.625%, 12/1/29 | 157,240 | ||||||||
170 | Guam, Limited Obligation Bonds, 5.75%, 12/1/34 | 172,383 | ||||||||
110 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 115,606 | ||||||||
$ | 876,978 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Water and Sewer 1.4% | ||||||||||
$ | 250 | Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 12/1/28 | $ | 268,842 | ||||||
250 | Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 6/1/30 | 264,768 | ||||||||
$ | 533,610 | |||||||||
Total
Tax-Exempt Investments 149.7%
|
||||||||||
(identified
cost $56,852,704)
|
$ | 56,093,233 | ||||||||
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (60.6)%
|
$ | (22,726,927 | ) | |||||||
Other
Assets, Less Liabilities 10.9%
|
$ | 4,096,608 | ||||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 37,462,914 | ||||||||
(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 November 30, 2010, the aggregate value of these securities is $490,315 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 underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $1,455,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater. | |
(4) | Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2010. | |
(5) | Security represents the underlying municipal bond of an inverse floater (see Note 1H). |
Tax-Exempt Investments 160.2% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Bond Bank 2.8% | ||||||||||
$ | 1,000 | Delaware Valley Regional Finance Authority, 5.75%, 7/1/32 | $ | 1,029,390 | ||||||
$ | 1,029,390 | |||||||||
Cogeneration 2.5% | ||||||||||
$ | 300 | Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13 | $ | 189,144 | ||||||
500 | Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19 | 279,775 | ||||||||
475 | Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15 | 448,528 | ||||||||
$ | 917,447 | |||||||||
Education 12.3% | ||||||||||
$ | 500 | Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/39 | $ | 509,045 | ||||||
1,200 | Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/39 | 1,150,404 | ||||||||
500 | Northampton County General Purpose Authority, (Lehigh University), 5.00%, 11/15/39 | 506,700 | ||||||||
625 | Pennsylvania Higher Educational Facilities Authority, (Saint Josephs University), 5.00%, 11/1/40 | 618,275 | ||||||||
625 | Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 3/1/40 | 630,019 | ||||||||
500 | Pennsylvania State University, 5.00%, 3/1/40 | 516,610 | ||||||||
500 | Washington County Industrial Development Authority, (Washington and Jefferson College), 5.25%, 11/1/30 | 514,575 | ||||||||
$ | 4,445,628 | |||||||||
Electric Utilities 1.7% | ||||||||||
$ | 600 | York County Industrial Development Authority, Pollution Control Revenue, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20 | $ | 611,682 | ||||||
$ | 611,682 | |||||||||
Escrowed / Prerefunded 3.1% | ||||||||||
$ | 600 | Bucks County Industrial Development Authority, (Pennswood Village), Prerefunded to 10/1/12, 6.00%, 10/1/27 | $ | 662,718 | ||||||
435 | Pennsylvania Economic Development Financing Authority, (Reliant Energy, Inc.), (AMT), Prerefunded to 6/1/11, 6.75%, 12/1/36 | 450,055 | ||||||||
$ | 1,112,773 | |||||||||
General
Obligations 7.3%
|
||||||||||
$ | 500 | Chester County, 5.00%, 7/15/27(1) | $ | 545,095 | ||||||
1,000 | Daniel Boone Area School District, 5.00%, 8/15/32 | 1,022,060 | ||||||||
1,000 | Philadelphia School District, 6.00%, 9/1/38 | 1,062,210 | ||||||||
$ | 2,629,365 | |||||||||
Hospital 22.6% | ||||||||||
$ | 500 | Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34 | $ | 510,005 | ||||||
750 | Chester County Health and Education Facilities Authority, (Jefferson Health System), 5.00%, 5/15/40 | 743,130 | ||||||||
750 | Dauphin County General Authority, (Pinnacle Health System), 6.00%, 6/1/29 | 784,522 | ||||||||
1,215 | Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32 | 1,205,644 | ||||||||
750 | Lycoming County Authority, (Susquehanna Health System), 5.75%, 7/1/39 | 761,115 | ||||||||
1,500 | Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43 | 1,386,525 | ||||||||
250 | Northampton County General Purpose Authority, (Saint Lukes Hospital), 5.50%, 8/15/33 | 244,588 | ||||||||
1,000 | Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 6.00%, 8/15/26(2) | 1,102,190 | ||||||||
675 | Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31 | 672,415 | ||||||||
250 | South Fork Municipal Authority, (Conemaugh Health System), 5.50%, 7/1/29 | 240,973 | ||||||||
500 | Washington County Hospital Authority, (Monongahela Hospital), 5.50%, 6/1/17 | 515,765 | ||||||||
$ | 8,166,872 | |||||||||
Housing 17.2% | ||||||||||
$ | 485 | Allegheny County Residential Finance Authority, SFMR, (AMT), 4.95%, 11/1/37 | $ | 472,312 | ||||||
1,135 | Allegheny County Residential Finance Authority, SFMR, (AMT), 5.00%, 5/1/35 | 1,139,767 | ||||||||
905 | Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.70%, 10/1/37 | 861,225 | ||||||||
500 | Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.75%, 10/1/25 | 493,165 | ||||||||
910 | Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 4/1/26 | 912,166 | ||||||||
500 | Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 10/1/31 | 490,665 | ||||||||
975 | Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.90%, 10/1/37 | 956,378 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Housing (continued)
|
||||||||||
$ | 930 | Pennsylvania Housing Finance Agency, SFMR, (AMT), 5.15%, 10/1/37 | $ | 919,268 | ||||||
$ | 6,244,946 | |||||||||
Industrial Development Revenue 10.6% | ||||||||||
$ | 200 | Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), 5.50%, 12/1/39 | $ | 203,120 | ||||||
750 | Montgomery County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42 | 729,127 | ||||||||
250 | Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39 | 267,065 | ||||||||
1,000 | Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31 | 1,013,510 | ||||||||
500 | Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27 | 490,555 | ||||||||
1,325 | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26 | 1,147,437 | ||||||||
$ | 3,850,814 | |||||||||
Insured-Education 15.1% | ||||||||||
$ | 500 | Lycoming County Authority, (Pennsylvania College of Technology), (AGC), 5.50%, 10/1/37 | $ | 511,310 | ||||||
1,675 | Lycoming County Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32 | 1,563,730 | ||||||||
1,115 | Pennsylvania Higher Educational Facilities Authority, (Drexel University), (NPFG), 5.00%, 5/1/37 | 1,103,661 | ||||||||
1,000 | Pennsylvania Higher Educational Facilities Authority, (Temple University), (NPFG), 5.00%, 4/1/33 | 1,016,780 | ||||||||
375 | State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/29 | 388,361 | ||||||||
875 | State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/32 | 894,066 | ||||||||
$ | 5,477,908 | |||||||||
Insured-Escrowed / Prerefunded 8.7% | ||||||||||
$ | 1,600 | Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC), Escrowed to Maturity, 4.75%, 12/1/27 | $ | 1,617,168 | ||||||
2,000 | Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19 | 1,531,960 | ||||||||
$ | 3,149,128 | |||||||||
Insured-General Obligations 4.5% | ||||||||||
$ | 500 | Beaver County, (AGM), 5.55%, 11/15/31 | $ | 528,700 | ||||||
750 | Bethlehem Area School District, (AGM), 5.25%, 1/15/25 | 793,402 | ||||||||
300 | West Mifflin Area School District, (AGM), 5.125%, 4/1/31 | 309,150 | ||||||||
$ | 1,631,252 | |||||||||
Insured-Hospital 11.0% | ||||||||||
$ | 250 | Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24 | $ | 288,625 | ||||||
355 | Delaware County General Authority, (Catholic Health East), (AMBAC), 4.875%, 11/15/26 | 354,055 | ||||||||
1,440 | Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (AGM), 5.00%, 7/1/35(2) | 1,416,917 | ||||||||
35 | Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (NPFG), 5.25%, 7/1/29 | 34,347 | ||||||||
1,900 | Montgomery County Higher Education and Health Authority, (Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28 | 1,876,003 | ||||||||
$ | 3,969,947 | |||||||||
Insured-Lease Revenue / Certificates of Participation 4.8% | ||||||||||
$ | 500 | Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31 | $ | 509,710 | ||||||
1,195 | Philadelphia Authority for Industrial Development, (One Benjamin Franklin), (AGM), 4.75%, 2/15/27 | 1,218,673 | ||||||||
$ | 1,728,383 | |||||||||
Insured-Special Tax Revenue 3.7% | ||||||||||
$ | 9,870 | Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54 | $ | 554,299 | ||||||
1,690 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 200,012 | ||||||||
3,350 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 370,007 | ||||||||
2,100 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 216,384 | ||||||||
$ | 1,340,702 | |||||||||
Insured-Transportation 9.1% | ||||||||||
$ | 500 | Philadelphia, Airport Revenue, (AGM), (AMT), 5.00%, 6/15/27 | $ | 486,010 | ||||||
1,005 | Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29 | 1,005,171 | ||||||||
1,800 | Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2) | 1,810,872 | ||||||||
$ | 3,302,053 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Water and Sewer 4.8% | ||||||||||
$ | 535 | Chester County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (FGIC), (NPFG), (AMT), 5.00%, 2/1/40 | $ | 517,040 | ||||||
875 | Delaware County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (FGIC), (NPFG), (AMT), 5.00%, 11/1/36 | 853,248 | ||||||||
360 | Philadelphia, Water and Wastewater Revenue, (FGIC), (NPFG), 5.00%, 11/1/31 | 361,224 | ||||||||
$ | 1,731,512 | |||||||||
Senior Living / Life Care 3.9% | ||||||||||
$ | 1,000 | Cliff House Trust, (AMT), 6.625%, 6/1/27 | $ | 527,080 | ||||||
500 | Lancaster County Hospital Authority, (Willow Valley Retirement Communities), 5.875%, 6/1/31 | 503,740 | ||||||||
200 | Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24 | 192,972 | ||||||||
200 | Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/30 | 184,540 | ||||||||
$ | 1,408,332 | |||||||||
Special Tax Revenue 0.3% | ||||||||||
$ | 110 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | $ | 115,606 | ||||||
$ | 115,606 | |||||||||
Transportation 10.6% | ||||||||||
$ | 465 | Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35 | $ | 471,766 | ||||||
285 | Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40 | 288,098 | ||||||||
270 | Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 6.25%, 11/1/31 | 272,201 | ||||||||
1,430 | Pennsylvania Turnpike Commission, 5.35%, (0.00% until 12/1/15), 12/1/30 | 1,036,964 | ||||||||
1,000 | Pennsylvania Turnpike Commission, 5.00%, 12/1/37 | 983,980 | ||||||||
750 | Pennsylvania Turnpike Commission, 5.625%, 6/1/29 | 792,952 | ||||||||
$ | 3,845,961 | |||||||||
Utilities 1.6% | ||||||||||
$ | 600 | Philadelphia Gas Works, 5.25%, 8/1/40 | $ | 576,354 | ||||||
$ | 576,354 | |||||||||
Water
and Sewer 2.0%
|
||||||||||
$ | 750 | Harrisburg Water Authority, 5.25%, 7/15/31 | $ | 723,855 | ||||||
$ | 723,855 | |||||||||
Total
Tax-Exempt Investments 160.2%
|
||||||||||
(identified
cost $58,820,243)
|
$ | 58,009,910 | ||||||||
Auction
Preferred Shares Plus Cumulative Unpaid Dividends
(58.5)%
|
$ | (21,175,236 | ) | |||||||
Other
Assets, Less Liabilities (1.7)%
|
$ | (624,268 | ) | |||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 36,210,406 | ||||||||
(1) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(2) | Security represents the underlying municipal bond of an inverse floater (see Note 1H). |
As of November 30, 2010 | California Trust | Massachusetts Trust | Michigan Trust | New Jersey Trust | ||||||||||||||
Assets | ||||||||||||||||||
Investments
|
||||||||||||||||||
Identified cost
|
$ | 162,760,725 | $ | 62,327,100 | $ | 44,389,890 | $ | 107,707,611 | ||||||||||
Unrealized depreciation
|
(5,063,507 | ) | (699,069 | ) | (1,284,256 | ) | (1,094,812 | ) | ||||||||||
Investments, at value
|
$ | 157,697,218 | $ | 61,628,031 | $ | 43,105,634 | $ | 106,612,799 | ||||||||||
Cash
|
$ | 2,234,455 | $ | 77,343 | $ | 1,177,132 | $ | 1,725,110 | ||||||||||
Interest receivable
|
1,930,272 | 1,058,278 | 565,347 | 1,606,407 | ||||||||||||||
Receivable for investments sold
|
12,000 | 15,000 | 20,150 | 24,642 | ||||||||||||||
Receivable for open swap contracts
|
| 50,741 | | 87,790 | ||||||||||||||
Deferred debt issuance costs
|
32,566 | 3,915 | | 3,974 | ||||||||||||||
Total assets
|
$ | 161,906,511 | $ | 62,833,308 | $ | 44,868,263 | $ | 110,060,722 | ||||||||||
Liabilities | ||||||||||||||||||
Payable for floating rate notes issued
|
$ | 20,535,000 | $ | 4,885,000 | $ | | $ | 14,572,000 | ||||||||||
Payable for when-issued securities
|
1,615,120 | | | | ||||||||||||||
Payable for variation margin on open financial futures contracts
|
19,001 | | 1,969 | 74,219 | ||||||||||||||
Payable for open swap contracts
|
132,762 | 48,631 | 15,562 | 85,104 | ||||||||||||||
Payable to affiliates:
|
||||||||||||||||||
Investment adviser fee
|
84,988 | 33,926 | 25,583 | 57,116 | ||||||||||||||
Administration fee
|
24,814 | 9,905 | 7,469 | 16,676 | ||||||||||||||
Trustees fees
|
981 | 441 | 355 | 689 | ||||||||||||||
Interest expense and fees payable
|
31,043 | 11,884 | | 40,651 | ||||||||||||||
Accrued expenses
|
90,261 | 58,341 | 53,987 | 70,843 | ||||||||||||||
Total liabilities
|
$ | 22,533,970 | $ | 5,048,128 | $ | 104,925 | $ | 14,917,298 | ||||||||||
Auction preferred shares at liquidation value plus cumulative
unpaid dividends
|
$ | 49,977,422 | $ | 20,050,225 | $ | 17,501,062 | $ | 33,426,620 | ||||||||||
Net assets applicable to common shares
|
$ | 89,395,119 | $ | 37,734,955 | $ | 27,262,276 | $ | 61,716,804 | ||||||||||
Sources of Net Assets | ||||||||||||||||||
Common shares, $0.01 par value, unlimited number of shares
authorized
|
$ | 72,179 | $ | 27,371 | $ | 21,163 | $ | 46,554 | ||||||||||
Additional paid-in capital
|
104,656,831 | 39,544,686 | 30,471,851 | 66,893,497 | ||||||||||||||
Accumulated net realized loss
|
(11,337,374 | ) | (1,604,943 | ) | (2,219,330 | ) | (4,872,061 | ) | ||||||||||
Accumulated undistributed net investment income
|
1,223,364 | 464,800 | 295,348 | 731,612 | ||||||||||||||
Net unrealized depreciation
|
(5,219,881 | ) | (696,959 | ) | (1,306,756 | ) | (1,082,798 | ) | ||||||||||
Net assets applicable to common shares
|
$ | 89,395,119 | $ | 37,734,955 | $ | 27,262,276 | $ | 61,716,804 | ||||||||||
Auction
Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) |
||||||||||||||||||
1,999 | 802 | 700 | 1,337 | |||||||||||||||
Common Shares Outstanding | ||||||||||||||||||
7,217,856 | 2,737,099 | 2,116,294 | 4,655,354 | |||||||||||||||
Net Asset Value Per Common Share | ||||||||||||||||||
Net assets applicable to common shares
¸
common shares issued and outstanding
|
$ | 12.39 | $ | 13.79 | $ | 12.88 | $ | 13.26 | ||||||||||
As of November 30, 2010 | New York Trust | Ohio Trust | Pennsylvania Trust | |||||||||||
Assets | ||||||||||||||
Investments
|
||||||||||||||
Identified cost
|
$ | 124,282,232 | $ | 56,852,704 | $ | 58,820,243 | ||||||||
Unrealized depreciation
|
(997,820 | ) | (759,471 | ) | (810,333 | ) | ||||||||
Investments, at value
|
$ | 123,284,412 | $ | 56,093,233 | $ | 58,009,910 | ||||||||
Cash
|
$ | 3,293,356 | $ | 1,698,153 | $ | 904,156 | ||||||||
Interest receivable
|
1,723,381 | 982,930 | 864,699 | |||||||||||
Receivable for investments sold
|
75,082 | 3,512,863 | 100,000 | |||||||||||
Receivable for open swap contracts
|
103,093 | 52,352 | 58,795 | |||||||||||
Deferred debt issuance costs
|
19,328 | | | |||||||||||
Total assets
|
$ | 128,498,652 | $ | 62,339,531 | $ | 59,937,560 | ||||||||
Liabilities | ||||||||||||||
Payable for floating rate notes issued
|
$ | 20,475,000 | $ | 830,000 | $ | 2,370,000 | ||||||||
Payable for investments purchased
|
| 1,178,116 | | |||||||||||
Payable for when-issued securities
|
2,480,078 | | | |||||||||||
Payable for variation margin on open financial futures contracts
|
35,625 | 6,719 | 29,687 | |||||||||||
Payable for open swap contracts
|
202,304 | 29,178 | 38,905 | |||||||||||
Payable to affiliates:
|
||||||||||||||
Investment adviser fee
|
66,308 | 34,839 | 33,480 | |||||||||||
Administration fee
|
19,360 | 10,172 | 9,775 | |||||||||||
Trustees fees
|
782 | 454 | 440 | |||||||||||
Interest expense and fees payable
|
43,884 | 3,358 | 8,889 | |||||||||||
Accrued expenses
|
75,889 | 56,854 | 60,742 | |||||||||||
Total liabilities
|
$ | 23,399,230 | $ | 2,149,690 | $ | 2,551,918 | ||||||||
Auction preferred shares at liquidation value plus cumulative
unpaid dividends
|
$ | 33,727,043 | $ | 22,726,927 | $ | 21,175,236 | ||||||||
Net assets applicable to common shares
|
$ | 71,372,379 | $ | 37,462,914 | $ | 36,210,406 | ||||||||
Sources of Net Assets | ||||||||||||||
Common shares, $0.01 par value, unlimited number of shares
authorized
|
$ | 54,435 | $ | 28,449 | $ | 27,166 | ||||||||
Additional paid-in capital
|
78,953,796 | 40,768,609 | 38,533,541 | |||||||||||
Accumulated net realized loss
|
(7,346,782 | ) | (3,013,613 | ) | (1,979,238 | ) | ||||||||
Accumulated undistributed net investment income
|
852,703 | 436,643 | 415,649 | |||||||||||
Net unrealized depreciation
|
(1,141,773 | ) | (757,174 | ) | (786,712 | ) | ||||||||
Net assets applicable to common shares
|
$ | 71,372,379 | $ | 37,462,914 | $ | 36,210,406 | ||||||||
Auction
Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) |
||||||||||||||
1,349 | 909 | 847 | ||||||||||||
Common Shares Outstanding | ||||||||||||||
5,443,476 | 2,844,918 | 2,716,608 | ||||||||||||
Net Asset Value Per Common Share | ||||||||||||||
Net assets applicable to common shares
¸
common shares issued and outstanding
|
$ | 13.11 | $ | 13.17 | $ | 13.33 | ||||||||
For the Year Ended November 30, 2010 | California Trust | Massachusetts Trust | Michigan Trust | New Jersey Trust | ||||||||||||||
Investment Income | ||||||||||||||||||
Interest
|
$ | 8,614,883 | $ | 3,274,354 | $ | 2,412,809 | $ | 5,711,657 | ||||||||||
Total investment income
|
$ | 8,614,883 | $ | 3,274,354 | $ | 2,412,809 | $ | 5,711,657 | ||||||||||
Expenses | ||||||||||||||||||
Investment adviser fee
|
$ | 1,048,471 | $ | 417,371 | $ | 315,990 | $ | 709,401 | ||||||||||
Administration fee
|
303,403 | 120,782 | 91,440 | 205,272 | ||||||||||||||
Trustees fees and expenses
|
5,638 | 2,550 | 2,050 | 3,985 | ||||||||||||||
Custodian fee
|
77,512 | 43,032 | 30,833 | 55,973 | ||||||||||||||
Transfer and dividend disbursing agent fees
|
16,954 | 16,355 | 16,810 | 15,276 | ||||||||||||||
Legal and accounting services
|
50,125 | 37,893 | 36,608 | 68,271 | ||||||||||||||
Printing and postage
|
18,777 | 10,397 | 9,356 | 14,444 | ||||||||||||||
Interest expense and fees
|
163,108 | 36,653 | | 114,568 | ||||||||||||||
Preferred shares service fee
|
69,843 | 29,182 | 23,553 | 48,969 | ||||||||||||||
Miscellaneous
|
59,610 | 30,952 | 31,945 | 35,261 | ||||||||||||||
Total expenses
|
$ | 1,813,441 | $ | 745,167 | $ | 558,585 | $ | 1,271,420 | ||||||||||
Deduct
|
||||||||||||||||||
Reduction of custodian fee
|
$ | 749 | $ | 310 | $ | 471 | $ | 727 | ||||||||||
Total expense reductions
|
$ | 749 | $ | 310 | $ | 471 | $ | 727 | ||||||||||
Net expenses
|
$ | 1,812,692 | $ | 744,857 | $ | 558,114 | $ | 1,270,693 | ||||||||||
Net investment income
|
$ | 6,802,191 | $ | 2,529,497 | $ | 1,854,695 | $ | 4,440,964 | ||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||
Net realized gain (loss)
|
||||||||||||||||||
Investment transactions
|
$ | 666,810 | $ | 183,131 | $ | 41,021 | $ | 434,050 | ||||||||||
Financial futures contracts
|
(648,487 | ) | | (63,143 | ) | (1,567,290 | ) | |||||||||||
Swap contracts
|
(632,939 | ) | (233,278 | ) | (35,036 | ) | (405,780 | ) | ||||||||||
Net realized loss
|
$ | (614,616 | ) | $ | (50,147 | ) | $ | (57,158 | ) | $ | (1,539,020 | ) | ||||||
Change in unrealized appreciation (depreciation)
|
||||||||||||||||||
Investments
|
$ | 601,139 | $ | 572,104 | $ | (49,784 | ) | $ | 80,488 | |||||||||
Financial futures contracts
|
172,389 | | 13,176 | 9,328 | ||||||||||||||
Swap contracts
|
(9,152 | ) | 47,418 | (1,887 | ) | 81,924 | ||||||||||||
Net change in unrealized appreciation (depreciation)
|
$ | 764,376 | $ | 619,522 | $ | (38,495 | ) | $ | 171,740 | |||||||||
Net realized and unrealized gain (loss)
|
$ | 149,760 | $ | 569,375 | $ | (95,653 | ) | $ | (1,367,280 | ) | ||||||||
Distributions to preferred shareholders
|
||||||||||||||||||
From net investment income
|
$ | (203,844 | ) | $ | (81,604 | ) | $ | (70,520 | ) | $ | (136,338 | ) | ||||||
Net increase in net assets from operations
|
$ | 6,748,107 | $ | 3,017,268 | $ | 1,688,522 | $ | 2,937,346 | ||||||||||
For the Year Ended November 30, 2010 | New York Trust | Ohio Trust | Pennsylvania Trust | |||||||||||
Investment Income | ||||||||||||||
Interest
|
$ | 6,608,815 | $ | 3,284,384 | $ | 3,200,101 | ||||||||
Total investment income
|
$ | 6,608,815 | $ | 3,284,384 | $ | 3,200,101 | ||||||||
Expenses | ||||||||||||||
Investment adviser fee
|
$ | 816,957 | $ | 432,938 | $ | 414,330 | ||||||||
Administration fee
|
236,407 | 125,275 | 119,892 | |||||||||||
Trustees fees and expenses
|
4,507 | 2,632 | 2,536 | |||||||||||
Custodian fee
|
63,573 | 38,728 | 38,192 | |||||||||||
Transfer and dividend disbursing agent fees
|
16,820 | 16,431 | 12,363 | |||||||||||
Legal and accounting services
|
36,060 | 32,940 | 40,259 | |||||||||||
Printing and postage
|
16,850 | 11,201 | 11,111 | |||||||||||
Interest expense and fees
|
155,787 | 7,394 | 23,524 | |||||||||||
Preferred shares service fee
|
48,917 | 32,624 | 30,197 | |||||||||||
Miscellaneous
|
37,879 | 32,310 | 35,078 | |||||||||||
Total expenses
|
$ | 1,433,757 | $ | 732,473 | $ | 727,482 | ||||||||
Deduct
|
||||||||||||||
Reduction of custodian fee
|
$ | 1,262 | $ | 789 | $ | 361 | ||||||||
Total expense reductions
|
$ | 1,262 | $ | 789 | $ | 361 | ||||||||
Net expenses
|
$ | 1,432,495 | $ | 731,684 | $ | 727,121 | ||||||||
Net investment income
|
$ | 5,176,320 | $ | 2,552,700 | $ | 2,472,980 | ||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||
Net realized gain (loss)
|
||||||||||||||
Investment transactions
|
$ | 351,299 | $ | 283,528 | $ | 149,336 | ||||||||
Financial futures contracts
|
(674,109 | ) | (148,221 | ) | (589,375 | ) | ||||||||
Swap contracts
|
(706,980 | ) | (193,413 | ) | (25,378 | ) | ||||||||
Net realized loss
|
$ | (1,029,790 | ) | $ | (58,106 | ) | $ | (465,417 | ) | |||||
Change in unrealized appreciation (depreciation)
|
||||||||||||||
Investments
|
$ | 1,736,758 | $ | (943,170 | ) | $ | 139,663 | |||||||
Financial futures contracts
|
118,593 | 22,920 | 127,343 | |||||||||||
Swap contracts
|
83,791 | 51,471 | 22,874 | |||||||||||
Net change in unrealized appreciation (depreciation)
|
$ | 1,939,142 | $ | (868,779 | ) | $ | 289,880 | |||||||
Net realized and unrealized gain (loss)
|
$ | 909,352 | $ | (926,885 | ) | $ | (175,537 | ) | ||||||
Distributions to preferred shareholders
|
||||||||||||||
From net investment income
|
$ | (135,619 | ) | $ | (92,648 | ) | $ | (86,181 | ) | |||||
Net increase in net assets from operations
|
$ | 5,950,053 | $ | 1,533,167 | $ | 2,211,262 | ||||||||
For the Year Ended November 30, 2010 | ||||||||||||||||||
Increase (Decrease) in Net Assets | California Trust | Massachusetts Trust | Michigan Trust | New Jersey Trust | ||||||||||||||
From operations
|
||||||||||||||||||
Net investment income
|
$ | 6,802,191 | $ | 2,529,497 | $ | 1,854,695 | $ | 4,440,964 | ||||||||||
Net realized loss from investment transactions, financial
futures contracts and swap contracts
|
(614,616 | ) | (50,147 | ) | (57,158 | ) | (1,539,020 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
764,376 | 619,522 | (38,495 | ) | 171,740 | |||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||
From net investment income
|
(203,844 | ) | (81,604 | ) | (70,520 | ) | (136,338 | ) | ||||||||||
Net increase in net assets from operations
|
$ | 6,748,107 | $ | 3,017,268 | $ | 1,688,522 | $ | 2,937,346 | ||||||||||
Distributions to common shareholders
From net investment income |
$ | (6,355,945 | ) | $ | (2,473,535 | ) | $ | (1,817,913 | ) | $ | (4,399,126 | ) | ||||||
Total distributions to common shareholders
|
$ | (6,355,945 | ) | $ | (2,473,535 | ) | $ | (1,817,913 | ) | $ | (4,399,126 | ) | ||||||
Capital share transactions
|
||||||||||||||||||
Reinvestment of distributions to common shareholders
|
$ | 282,674 | $ | 180,515 | $ | | $ | 386,092 | ||||||||||
Net increase in net assets from capital share transactions
|
$ | 282,674 | $ | 180,515 | $ | | $ | 386,092 | ||||||||||
Net increase (decrease) in net assets
|
$ | 674,836 | $ | 724,248 | $ | (129,391 | ) | $ | (1,075,688 | ) | ||||||||
Net Assets Applicable to Common Shares | ||||||||||||||||||
At beginning of year
|
$ | 88,720,283 | $ | 37,010,707 | $ | 27,391,667 | $ | 62,792,492 | ||||||||||
At end of year
|
$ | 89,395,119 | $ | 37,734,955 | $ | 27,262,276 | $ | 61,716,804 | ||||||||||
Accumulated
undistributed net investment income included in net assets applicable to common shares |
||||||||||||||||||
At end of year
|
$ | 1,223,364 | $ | 464,800 | $ | 295,348 | $ | 731,612 | ||||||||||
For the Year Ended November 30, 2010 | ||||||||||||||
Increase (Decrease) in Net Assets | New York Trust | Ohio Trust | Pennsylvania Trust | |||||||||||
From operations
|
||||||||||||||
Net investment income
|
$ | 5,176,320 | $ | 2,552,700 | $ | 2,472,980 | ||||||||
Net realized loss from investment transactions, financial
futures
contracts and swap contracts |
(1,029,790 | ) | (58,106 | ) | (465,417 | ) | ||||||||
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts |
1,939,142 | (868,779 | ) | 289,880 | ||||||||||
Distributions to preferred shareholders
|
||||||||||||||
From net investment income
|
(135,619 | ) | (92,648 | ) | (86,181 | ) | ||||||||
Net increase in net assets from operations
|
$ | 5,950,053 | $ | 1,533,167 | $ | 2,211,262 | ||||||||
Distributions to common shareholders
|
||||||||||||||
From net investment income
|
$ | (4,909,382 | ) | $ | (2,528,385 | ) | $ | (2,351,411 | ) | |||||
Total distributions to common shareholders
|
$ | (4,909,382 | ) | $ | (2,528,385 | ) | $ | (2,351,411 | ) | |||||
Capital share transactions
|
||||||||||||||
Reinvestment of distributions to common shareholders
|
$ | 475,009 | $ | 162,675 | $ | 95,355 | ||||||||
Net increase in net assets from capital share transactions
|
$ | 475,009 | $ | 162,675 | $ | 95,355 | ||||||||
Net increase (decrease) in net assets
|
$ | 1,515,680 | $ | (832,543 | ) | $ | (44,794 | ) | ||||||
Net Assets Applicable to Common Shares | ||||||||||||||
At beginning of year
|
$ | 69,856,699 | $ | 38,295,457 | $ | 36,255,200 | ||||||||
At end of year
|
$ | 71,372,379 | $ | 37,462,914 | $ | 36,210,406 | ||||||||
Accumulated
undistributed net investment income included in net assets applicable to common shares |
||||||||||||||
At end of year
|
$ | 852,703 | $ | 436,643 | $ | 415,649 | ||||||||
For the Year Ended November 30, 2009 | ||||||||||||||||||
Increase (Decrease) in Net Assets | California Trust | Massachusetts Trust | Michigan Trust | New Jersey Trust | ||||||||||||||
From operations
|
||||||||||||||||||
Net investment income
|
$ | 6,809,366 | $ | 2,579,336 | $ | 1,943,559 | $ | 4,492,418 | ||||||||||
Net realized loss from investment transactions, financial
futures contracts and swap contracts
|
(4,256,586 | ) | (996,068 | ) | (360,637 | ) | (3,311,658 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
20,927,304 | 10,118,722 | 4,583,016 | 22,233,230 | ||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||
From net investment income
|
(335,254 | ) | (133,574 | ) | (117,661 | ) | (221,791 | ) | ||||||||||
Net increase in net assets from operations
|
$ | 23,144,830 | $ | 11,568,416 | $ | 6,048,277 | $ | 23,192,199 | ||||||||||
Distributions to common shareholders
|
||||||||||||||||||
From net investment income
|
$ | (5,613,275 | ) | $ | (2,243,084 | ) | $ | (1,633,791 | ) | $ | (3,904,585 | ) | ||||||
Total distributions to common shareholders
|
$ | (5,613,275 | ) | $ | (2,243,084 | ) | $ | (1,633,791 | ) | $ | (3,904,585 | ) | ||||||
Capital share transactions
|
||||||||||||||||||
Reinvestment of distributions to common shareholders
|
$ | 123,925 | $ | 109,415 | $ | | $ | 45,520 | ||||||||||
Net increase in net assets from capital share transactions
|
$ | 123,925 | $ | 109,415 | $ | | $ | 45,520 | ||||||||||
Net increase in net assets
|
$ | 17,655,480 | $ | 9,434,747 | $ | 4,414,486 | $ | 19,333,134 | ||||||||||
Net Assets Applicable to Common Shares | ||||||||||||||||||
At beginning of year
|
$ | 71,064,803 | $ | 27,575,960 | $ | 22,977,181 | $ | 43,459,358 | ||||||||||
At end of year
|
$ | 88,720,283 | $ | 37,010,707 | $ | 27,391,667 | $ | 62,792,492 | ||||||||||
Accumulated
undistributed net investment income included in net assets applicable to common shares |
||||||||||||||||||
At end of year
|
$ | 1,086,959 | $ | 500,492 | $ | 336,851 | $ | 877,670 | ||||||||||
For the Year Ended November 30, 2009 | ||||||||||||||
Increase (Decrease) in Net Assets | New York Trust | Ohio Trust | Pennsylvania Trust | |||||||||||
From operations
|
||||||||||||||
Net investment income
|
$ | 5,174,285 | $ | 2,673,784 | $ | 2,513,425 | ||||||||
Net realized gain (loss) from investment transactions, financial
futures
contracts and swap contracts |
(3,485,812 | ) | (868,027 | ) | 155,287 | |||||||||
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts |
22,262,042 | 9,281,116 | 7,906,232 | |||||||||||
Distributions to preferred shareholders
|
||||||||||||||
From net investment income
|
(225,861 | ) | (154,413 | ) | (143,754 | ) | ||||||||
Net increase in net assets from operations
|
$ | 23,724,654 | $ | 10,932,460 | $ | 10,431,190 | ||||||||
Distributions to common shareholders
|
||||||||||||||
From net investment income
|
$ | (4,532,706 | ) | $ | (2,247,968 | ) | $ | (2,134,974 | ) | |||||
Total distributions to common shareholders
|
$ | (4,532,706 | ) | $ | (2,247,968 | ) | $ | (2,134,974 | ) | |||||
Capital share transactions
|
||||||||||||||
Reinvestment of distributions to common shareholders
|
$ | 339,723 | $ | 48,010 | $ | 15,281 | ||||||||
Net increase in net assets from capital share transactions
|
$ | 339,723 | $ | 48,010 | $ | 15,281 | ||||||||
Net increase in net assets
|
$ | 19,531,671 | $ | 8,732,502 | $ | 8,311,497 | ||||||||
Net Assets Applicable to Common Shares | ||||||||||||||
At beginning of year
|
$ | 50,325,028 | $ | 29,562,955 | $ | 27,943,703 | ||||||||
At end of year
|
$ | 69,856,699 | $ | 38,295,457 | $ | 36,255,200 | ||||||||
Accumulated
undistributed net investment income included in net assets applicable to common shares |
||||||||||||||
At end of year
|
$ | 738,537 | $ | 506,527 | $ | 420,183 | ||||||||
For the Year Ended November 30, 2010 | ||||||||||||||
Cash Flows From Operating Activities | California Trust | New Jersey Trust | New York Trust | |||||||||||
Net increase in net assets from operations
|
$ | 6,748,107 | $ | 2,937,346 | $ | 5,950,053 | ||||||||
Distributions to preferred shareholders
|
203,844 | 136,338 | 135,619 | |||||||||||
Net increase in net assets from operations excluding
distributions to preferred shareholders
|
$ | 6,951,951 | $ | 3,073,684 | $ | 6,085,672 | ||||||||
Adjustments to reconcile net increase in net assets from
operations to net cash provided by operating activities:
|
||||||||||||||
Investments purchased
|
(21,888,311 | ) | (10,301,710 | ) | (21,894,055 | ) | ||||||||
Investments sold
|
22,947,515 | 10,742,719 | 16,261,262 | |||||||||||
Net amortization/accretion of premium (discount)
|
(1,451,153 | ) | (701,978 | ) | (538,401 | ) | ||||||||
Amortization of deferred debt issuance costs
|
1,508 | 394 | 8,238 | |||||||||||
Decrease (increase) in interest receivable
|
92,170 | 97,952 | (57,197 | ) | ||||||||||
Decrease (increase) in receivable for investments sold
|
(2,500 | ) | 1,007,036 | (40,137 | ) | |||||||||
Decrease (increase) in receivable for open swap contracts
|
| (87,790 | ) | (103,093 | ) | |||||||||
Increase in payable for when-issued securities
|
1,615,120 | | 2,480,078 | |||||||||||
Increase in payable for variation margin on open financial
futures contracts
|
12,251 | 74,219 | 30,000 | |||||||||||
Increase in payable for open swap contracts
|
9,152 | 5,866 | 19,302 | |||||||||||
Increase (decrease) in payable to affiliate for investment
adviser fee
|
(507 | ) | (834 | ) | 404 | |||||||||
Increase in payable to affiliate for administration fee
|
1,855 | 3,027 | 530 | |||||||||||
Decrease in payable to affiliate for Trustees fees
|
(42 | ) | (24 | ) | (26 | ) | ||||||||
Increase (decrease) in interest expense and fees payable
|
(2,620 | ) | 1,807 | 9,187 | ||||||||||
Decrease in accrued expenses
|
(2,017 | ) | (10,817 | ) | (14,439 | ) | ||||||||
Net change in unrealized (appreciation) depreciation from
investments
|
(601,139 | ) | (80,488 | ) | (1,736,758 | ) | ||||||||
Net realized gain from investments
|
(666,810 | ) | (434,050 | ) | (351,299 | ) | ||||||||
Net cash provided by operating activities
|
$ | 7,016,423 | $ | 3,389,013 | $ | 159,268 | ||||||||
Cash Flows From Financing Activities | ||||||||||||||
Distributions paid to common shareholders, net of reinvestments
|
$ | (6,073,271 | ) | $ | (4,013,034 | ) | $ | (4,434,373 | ) | |||||
Cash distributions paid to preferred shareholders
|
(203,239 | ) | (135,933 | ) | (135,211 | ) | ||||||||
Proceeds from secured borrowings
|
1,590,000 | 2,000,000 | 3,255,000 | |||||||||||
Decrease in due to custodian
|
(95,458 | ) | | | ||||||||||
Net cash used in financing activities
|
$ | (4,781,968 | ) | $ | (2,148,967 | ) | $ | (1,314,584 | ) | |||||
Net increase (decrease) in cash
|
$ | 2,234,455 | $ | 1,240,046 | $ | (1,155,316 | ) | |||||||
Cash at beginning of year
|
$ | | $ | 485,064 | $ | 4,448,672 | ||||||||
Cash at end of year
|
$ | 2,234,455 | $ | 1,725,110 | $ | 3,293,356 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Noncash financing activities not included herein consist of:
|
||||||||||||||
Reinvestment of dividends and distributions
|
$ | 282,674 | $ | 386,092 | $ | 475,009 | ||||||||
Cash paid for interest and fees
|
164,220 | 112,367 | 138,362 | |||||||||||
California Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Net asset value Beginning of year (Common shares)
|
$ | 12.330 | $ | 9.890 | $ | 15.120 | $ | 16.430 | $ | 15.420 | ||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.945 | $ | 0.947 | $ | 0.943 | $ | 0.936 | $ | 0.962 | ||||||||||||
Net realized and unrealized gain (loss)
|
0.026 | 2.321 | (5.223 | ) | (1.294 | ) | 1.028 | |||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||
From net investment
income(1)
|
(0.028 | ) | (0.047 | ) | (0.277 | ) | (0.280 | ) | (0.239 | ) | ||||||||||||
Total income (loss) from operations
|
$ | 0.943 | $ | 3.221 | $ | (4.557 | ) | $ | (0.638 | ) | $ | 1.751 | ||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||
From net investment income
|
$ | (0.883 | ) | $ | (0.781 | ) | $ | (0.673 | ) | $ | (0.672 | ) | $ | (0.741 | ) | |||||||
Total distributions to common shareholders
|
$ | (0.883 | ) | $ | (0.781 | ) | $ | (0.673 | ) | $ | (0.672 | ) | $ | (0.741 | ) | |||||||
Net asset value End of year (Common shares)
|
$ | 12.390 | $ | 12.330 | $ | 9.890 | $ | 15.120 | $ | 16.430 | ||||||||||||
Market value End of year (Common shares)
|
$ | 12.400 | $ | 12.170 | $ | 9.150 | $ | 13.160 | $ | 15.050 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
7.73 | % | 34.24 | % | (30.70 | )% | (3.65 | )% | 12.10 | % | ||||||||||||
Total Investment Return on Market
Value(2)
|
9.25 | % | 43.19 | % | (26.34 | )% | (8.44 | )% | 15.99 | % | ||||||||||||
California Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets applicable to common shares, end of year (000s
omitted)
|
$ | 89,395 | $ | 88,720 | $ | 71,065 | $ | 108,567 | $ | 117,966 | ||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(3)
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.78 | % | 1.93 | % | 1.87 | % | 1.78 | %(4) | 1.79 | % | ||||||||||||
Interest and fee
expense(5)
|
0.18 | % | 0.23 | % | 0.37 | % | 0.34 | % | 0.49 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.96 | % | 2.16 | % | 2.24 | % | 2.12 | %(4) | 2.28 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.78 | % | 1.93 | % | 1.85 | % | 1.76 | %(4) | 1.77 | % | ||||||||||||
Net investment income
|
7.34 | % | 8.35 | % | 6.91 | % | 5.94 | % | 6.12 | % | ||||||||||||
Portfolio Turnover
|
14 | % | 18 | % | 31 | % | 40 | % | 26 | % | ||||||||||||
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
|
||||||||||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares):(3)
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.16 | % | 1.19 | % | 1.18 | % | 1.17 | %(4) | 1.18 | % | ||||||||||||
Interest and fee
expense(5)
|
0.11 | % | 0.15 | % | 0.24 | % | 0.22 | % | 0.32 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.27 | % | 1.34 | % | 1.42 | % | 1.39 | %(4) | 1.50 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.16 | % | 1.19 | % | 1.17 | % | 1.16 | %(4) | 1.16 | % | ||||||||||||
Net investment income
|
4.77 | % | 5.18 | % | 4.39 | % | 3.90 | % | 4.03 | % | ||||||||||||
Senior Securities:
|
||||||||||||||||||||||
Total preferred shares outstanding
|
1,999 | 1,999 | 1,999 | 2,360 | 2,360 | |||||||||||||||||
Asset coverage per preferred
share(6)
|
$ | 69,721 | $ | 69,383 | $ | 60,552 | $ | 71,003 | $ | 74,997 | ||||||||||||
Involuntary liquidation preference per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
Approximate market value per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(4) | The investment adviser was allocated a portion of the Trusts operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. | |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(6) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing the result by the number of preferred shares outstanding. | |
(7) | Plus accumulated and unpaid dividends. |
Massachusetts Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Net asset value Beginning of year (Common shares)
|
$ | 13.590 | $ | 10.160 | $ | 14.860 | $ | 16.170 | $ | 15.270 | ||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.926 | $ | 0.948 | $ | 0.947 | $ | 0.914 | $ | 0.931 | ||||||||||||
Net realized and unrealized gain (loss)
|
0.210 | 3.356 | (4.720 | ) | (1.314 | ) | 0.926 | |||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||
From net investment
income(1)
|
(0.030 | ) | (0.049 | ) | (0.278 | ) | (0.271 | ) | (0.243 | ) | ||||||||||||
Total income (loss) from operations
|
$ | 1.106 | $ | 4.255 | $ | (4.051 | ) | $ | (0.671 | ) | $ | 1.614 | ||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||
From net investment income
|
$ | (0.906 | ) | $ | (0.825 | ) | $ | (0.649 | ) | $ | (0.639 | ) | $ | (0.714 | ) | |||||||
Total distributions to common shareholders
|
$ | (0.906 | ) | $ | (0.825 | ) | $ | (0.649 | ) | $ | (0.639 | ) | $ | (0.714 | ) | |||||||
Net asset value End of year (Common shares)
|
$ | 13.790 | $ | 13.590 | $ | 10.160 | $ | 14.860 | $ | 16.170 | ||||||||||||
Market value End of year (Common shares)
|
$ | 13.980 | $ | 13.260 | $ | 8.930 | $ | 13.050 | $ | 14.920 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
8.16 | % | 43.29 | % | (28.02 | )% | (3.94 | )% | 11.05 | % | ||||||||||||
Total Investment Return on Market
Value(2)
|
12.38 | % | 58.91 | % | (27.89 | )% | (8.57 | )% | 5.72 | % | ||||||||||||
Massachusetts Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets applicable to common shares, end of year (000s
omitted)
|
$ | 37,735 | $ | 37,011 | $ | 27,576 | $ | 40,341 | $ | 43,875 | ||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(3)
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.83 | % | 2.02 | % | 2.06 | % | 1.91 | %(4) | 1.88 | % | ||||||||||||
Interest and fee
expense(5)
|
0.09 | % | 0.14 | % | 0.26 | % | 0.61 | % | 0.77 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.92 | % | 2.16 | % | 2.32 | % | 2.52 | %(4) | 2.65 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.82 | % | 2.02 | % | 2.04 | % | 1.89 | %(4) | 1.87 | % | ||||||||||||
Net investment income
|
6.51 | % | 7.77 | % | 7.03 | % | 5.90 | % | 6.01 | % | ||||||||||||
Portfolio Turnover
|
16 | % | 24 | % | 40 | % | 42 | % | 22 | % | ||||||||||||
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
|
||||||||||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares):(3)
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.20 | % | 1.26 | % | 1.31 | % | 1.26 | %(4) | 1.24 | % | ||||||||||||
Interest and fee
expense(5)
|
0.06 | % | 0.09 | % | 0.16 | % | 0.40 | % | 0.51 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.26 | % | 1.35 | % | 1.47 | % | 1.66 | %(4) | 1.75 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.20 | % | 1.26 | % | 1.30 | % | 1.25 | %(4) | 1.24 | % | ||||||||||||
Net investment income
|
4.29 | % | 4.85 | % | 4.47 | % | 3.91 | % | 3.98 | % | ||||||||||||
Senior Securities:
|
||||||||||||||||||||||
Total preferred shares outstanding
|
802 | 802 | 802 | 860 | 860 | |||||||||||||||||
Asset coverage per preferred
share(6)
|
$ | 72,051 | $ | 71,150 | $ | 59,391 | $ | 71,920 | $ | 76,024 | ||||||||||||
Involuntary liquidation preference per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
Approximate market value per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(4) | The investment adviser was allocated a portion of the Trusts operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. | |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(6) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing the result by the number of preferred shares outstanding. | |
(7) | Plus accumulated and unpaid dividends. |
Michigan Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Net asset value Beginning of year (Common shares)
|
$ | 12.940 | $ | 10.860 | $ | 14.510 | $ | 15.420 | $ | 14.820 | ||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.876 | $ | 0.918 | $ | 0.931 | $ | 0.913 | $ | 0.950 | ||||||||||||
Net realized and unrealized gain (loss)
|
(0.044 | ) | 1.990 | (3.669 | ) | (0.881 | ) | 0.608 | ||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||
From net investment
income(1)
|
(0.033 | ) | (0.056 | ) | (0.301 | ) | (0.296 | ) | (0.256 | ) | ||||||||||||
Total income (loss) from operations
|
$ | 0.799 | $ | 2.852 | $ | (3.039 | ) | $ | (0.264 | ) | $ | 1.302 | ||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||
From net investment income
|
$ | (0.859 | ) | $ | (0.772 | ) | $ | (0.611 | ) | $ | (0.646 | ) | $ | (0.702 | ) | |||||||
Total distributions to common shareholders
|
$ | (0.859 | ) | $ | (0.772 | ) | $ | (0.611 | ) | $ | (0.646 | ) | $ | (0.702 | ) | |||||||
Net asset value End of year (Common shares)
|
$ | 12.880 | $ | 12.940 | $ | 10.860 | $ | 14.510 | $ | 15.420 | ||||||||||||
Market value End of year (Common shares)
|
$ | 12.100 | $ | 11.530 | $ | 7.920 | $ | 12.430 | $ | 14.110 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
6.57 | % | 28.08 | % | (21.02 | )% | (1.37 | )% | 9.38 | % | ||||||||||||
Total Investment Return on Market
Value(2)
|
12.36 | % | 56.49 | % | (32.76 | )% | (7.66 | )% | 9.88 | % | ||||||||||||
Michigan Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets applicable to common shares, end of year (000s
omitted)
|
$ | 27,262 | $ | 27,392 | $ | 22,977 | $ | 30,710 | $ | 32,643 | ||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(3)
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.98 | % | 2.18 | % | 2.15 | % | 2.03 | %(4) | 1.97 | % | ||||||||||||
Interest and fee
expense(5)
|
| 0.06 | % | 0.16 | % | 0.32 | % | 0.46 | % | |||||||||||||
Total expenses before custodian fee reduction
|
1.98 | % | 2.24 | % | 2.31 | % | 2.35 | %(4) | 2.43 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.98 | % | 2.18 | % | 2.13 | % | 2.01 | %(4) | 1.96 | % | ||||||||||||
Net investment income
|
6.57 | % | 7.61 | % | 6.96 | % | 6.12 | % | 6.35 | % | ||||||||||||
Portfolio Turnover
|
14 | % | 23 | % | 24 | % | 22 | % | 22 | % | ||||||||||||
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
|
||||||||||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares):(3)
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.22 | % | 1.29 | % | 1.33 | % | 1.31 | %(4) | 1.27 | % | ||||||||||||
Interest and fee
expense(5)
|
| 0.04 | % | 0.10 | % | 0.21 | % | 0.29 | % | |||||||||||||
Total expenses before custodian fee reduction
|
1.22 | % | 1.33 | % | 1.43 | % | 1.52 | %(4) | 1.56 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.22 | % | 1.29 | % | 1.31 | % | 1.29 | %(4) | 1.26 | % | ||||||||||||
Net investment income
|
4.06 | % | 4.52 | % | 4.30 | % | 3.94 | % | 4.09 | % | ||||||||||||
Senior Securities:
|
||||||||||||||||||||||
Total preferred shares outstanding
|
700 | 700 | 700 | 700 | 700 | |||||||||||||||||
Asset coverage per preferred
share(6)
|
$ | 63,948 | $ | 64,132 | $ | 57,828 | $ | 68,878 | $ | 71,635 | ||||||||||||
Involuntary liquidation preference per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
Approximate market value per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(4) | The investment adviser was allocated a portion of the Trusts operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. | |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(6) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing the result by the number of preferred shares outstanding. | |
(7) | Plus accumulated and unpaid dividends. |
New Jersey Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Net asset value Beginning of year (Common shares)
|
$ | 13.570 | $ | 9.400 | $ | 14.930 | $ | 16.200 | $ | 15.020 | ||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.957 | $ | 0.971 | $ | 0.968 | $ | 0.926 | $ | 0.953 | ||||||||||||
Net realized and unrealized gain (loss)
|
(0.290 | ) | 4.091 | (5.579 | ) | (1.275 | ) | 1.205 | ||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||
From net investment
income(1)
|
(0.029 | ) | (0.048 | ) | (0.289 | ) | (0.273 | ) | (0.253 | ) | ||||||||||||
Total income (loss) from operations
|
$ | 0.638 | $ | 5.014 | $ | (4.900 | ) | $ | (0.622 | ) | $ | 1.905 | ||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||
From net investment income
|
$ | (0.948 | ) | $ | (0.844 | ) | $ | (0.630 | ) | $ | (0.648 | ) | $ | (0.725 | ) | |||||||
Total distributions to common shareholders
|
$ | (0.948 | ) | $ | (0.844 | ) | $ | (0.630 | ) | $ | (0.648 | ) | $ | (0.725 | ) | |||||||
Net asset value End of year (Common shares)
|
$ | 13.260 | $ | 13.570 | $ | 9.400 | $ | 14.930 | $ | 16.200 | ||||||||||||
Market value End of year (Common shares)
|
$ | 13.520 | $ | 14.040 | $ | 8.500 | $ | 12.790 | $ | 15.080 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
4.62 | % | 55.43 | % | (33.57 | )% | (3.59 | )% | 13.28 | % | ||||||||||||
Total Investment Return on Market
Value(2)
|
3.10 | % | 77.84 | % | (29.88 | )% | (11.28 | )% | 12.89 | % | ||||||||||||
New Jersey Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets applicable to common shares, end of year (000s
omitted)
|
$ | 61,717 | $ | 62,792 | $ | 43,459 | $ | 69,001 | $ | 74,846 | ||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(3)
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.79 | % | 1.99 | % | 1.96 | % | 1.84 | %(4) | 1.85 | % | ||||||||||||
Interest and fee
expense(5)
|
0.18 | % | 0.24 | % | 0.45 | % | 0.89 | % | 0.93 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.97 | % | 2.23 | % | 2.41 | % | 2.73 | %(4) | 2.78 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.79 | % | 1.99 | % | 1.94 | % | 1.81 | %(4) | 1.83 | % | ||||||||||||
Net investment income
|
6.87 | % | 8.16 | % | 7.22 | % | 5.94 | % | 6.20 | % | ||||||||||||
Portfolio Turnover
|
9 | % | 48 | % | 54 | % | 42 | % | 23 | % | ||||||||||||
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
|
||||||||||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares):(3)
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.18 | % | 1.24 | % | 1.23 | % | 1.21 | %(4) | 1.20 | % | ||||||||||||
Interest and fee
expense(5)
|
0.12 | % | 0.15 | % | 0.28 | % | 0.58 | % | 0.61 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.30 | % | 1.39 | % | 1.51 | % | 1.79 | %(4) | 1.81 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.18 | % | 1.24 | % | 1.21 | % | 1.19 | %(4) | 1.19 | % | ||||||||||||
Net investment income
|
4.53 | % | 5.08 | % | 4.51 | % | 3.89 | % | 4.04 | % | ||||||||||||
Senior Securities:
|
||||||||||||||||||||||
Total preferred shares outstanding
|
1,337 | 1,337 | 1,366 | 1,520 | 1,520 | |||||||||||||||||
Asset coverage per preferred
share(6)
|
$ | 71,162 | $ | 71,966 | $ | 56,817 | $ | 70,395 | $ | 74,250 | ||||||||||||
Involuntary liquidation preference per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
Approximate market value per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(4) | The investment adviser was allocated a portion of the Trusts operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. | |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(6) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing the result by the number of preferred shares outstanding. | |
(7) | Plus accumulated and unpaid dividends. |
New York Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Net asset value Beginning of year (Common shares)
|
$ | 12.920 | $ | 9.350 | $ | 15.240 | $ | 16.550 | $ | 15.660 | ||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.954 | $ | 0.960 | $ | 0.987 | $ | 0.991 | $ | 0.987 | ||||||||||||
Net realized and unrealized gain (loss)
|
0.166 | 3.493 | (5.887 | ) | (1.293 | ) | 0.932 | |||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||
From net investment
income(1)
|
(0.025 | ) | (0.042 | ) | (0.269 | ) | (0.287 | ) | (0.247 | ) | ||||||||||||
Total income (loss) from operations
|
$ | 1.095 | $ | 4.411 | $ | (5.169 | ) | $ | (0.589 | ) | $ | 1.672 | ||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||
From net investment income
|
$ | (0.905 | ) | $ | (0.841 | ) | $ | (0.721 | ) | $ | (0.721 | ) | $ | (0.782 | ) | |||||||
Total distributions to common shareholders
|
$ | (0.905 | ) | $ | (0.841 | ) | $ | (0.721 | ) | $ | (0.721 | ) | $ | (0.782 | ) | |||||||
Net asset value End of year (Common shares)
|
$ | 13.110 | $ | 12.920 | $ | 9.350 | $ | 15.240 | $ | 16.550 | ||||||||||||
Market value End of year (Common shares)
|
$ | 13.350 | $ | 13.200 | $ | 7.900 | $ | 14.100 | $ | 15.700 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
8.48 | % | 49.00 | % | (35.07 | )% | (3.42 | )% | 11.28 | % | ||||||||||||
Total Investment Return on Market
Value(2)
|
8.16 | % | 80.12 | % | (40.71 | )% | (5.81 | )% | 10.28 | % | ||||||||||||
New York Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets applicable to common shares, end of year (000s
omitted)
|
$ | 71,372 | $ | 69,857 | $ | 50,325 | $ | 81,931 | $ | 88,970 | ||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(3)
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.74 | % | 1.98 | % | 1.92 | % | 1.80 | %(4) | 1.82 | % | ||||||||||||
Interest and fee
expense(5)
|
0.21 | % | 0.24 | % | 0.55 | % | 0.98 | % | 1.03 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.95 | % | 2.22 | % | 2.47 | % | 2.78 | %(4) | 2.85 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.74 | % | 1.98 | % | 1.89 | % | 1.78 | %(4) | 1.80 | % | ||||||||||||
Net investment income
|
7.02 | % | 8.40 | % | 7.21 | % | 6.23 | % | 6.22 | % | ||||||||||||
Portfolio Turnover
|
13 | % | 20 | % | 48 | % | 29 | % | 27 | % | ||||||||||||
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
|
||||||||||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares):(3)
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.18 | % | 1.28 | % | 1.23 | % | 1.18 | %(4) | 1.19 | % | ||||||||||||
Interest and fee
expense(5)
|
0.15 | % | 0.15 | % | 0.35 | % | 0.65 | % | 0.68 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.33 | % | 1.43 | % | 1.58 | % | 1.83 | %(4) | 1.87 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.18 | % | 1.28 | % | 1.21 | % | 1.17 | %(4) | 1.19 | % | ||||||||||||
Net investment income
|
4.82 | % | 5.43 | % | 4.63 | % | 4.10 | % | 4.09 | % | ||||||||||||
Senior Securities:
|
||||||||||||||||||||||
Total preferred shares outstanding
|
1,349 | 1,349 | 1,349 | 1,780 | 1,780 | |||||||||||||||||
Asset coverage per preferred
share(6)
|
$ | 77,909 | $ | 76,785 | $ | 62,309 | $ | 71,032 | $ | 74,983 | ||||||||||||
Involuntary liquidation preference per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
Approximate market value per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(4) | The investment adviser was allocated a portion of the Trusts operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. | |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(6) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing the result by the number of preferred shares outstanding. | |
(7) | Plus accumulated and unpaid dividends. |
Ohio Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Net asset value Beginning of year (Common shares)
|
$ | 13.520 | $ | 10.450 | $ | 14.830 | $ | 15.690 | $ | 14.910 | ||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.899 | $ | 0.945 | $ | 0.961 | $ | 0.938 | $ | 0.958 | ||||||||||||
Net realized and unrealized gain (loss)
|
(0.325 | ) | 2.974 | (4.410 | ) | (0.845 | ) | 0.800 | ||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||
From net investment
income(1)
|
(0.033 | ) | (0.055 | ) | (0.303 | ) | (0.297 | ) | (0.264 | ) | ||||||||||||
Total income (loss) from operations
|
$ | 0.541 | $ | 3.864 | $ | (3.752 | ) | $ | (0.204 | ) | $ | 1.494 | ||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||
From net investment income
|
$ | (0.891 | ) | $ | (0.794 | ) | $ | (0.628 | ) | $ | (0.656 | ) | $ | (0.714 | ) | |||||||
Total distributions to common shareholders
|
$ | (0.891 | ) | $ | (0.794 | ) | $ | (0.628 | ) | $ | (0.656 | ) | $ | (0.714 | ) | |||||||
Net asset value End of year (Common shares)
|
$ | 13.170 | $ | 13.520 | $ | 10.450 | $ | 14.830 | $ | 15.690 | ||||||||||||
Market value End of year (Common shares)
|
$ | 13.420 | $ | 13.430 | $ | 8.550 | $ | 12.850 | $ | 14.610 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
3.96 | % | 38.58 | % | (25.69 | )% | (1.06 | )% | 10.50 | % | ||||||||||||
Total Investment Return on Market
Value(2)
|
6.64 | % | 68.25 | % | (29.83 | )% | (7.93 | )% | 8.27 | % | ||||||||||||
Ohio Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets applicable to common shares, end of year (000s
omitted)
|
$ | 37,463 | $ | 38,295 | $ | 29,563 | $ | 41,953 | $ | 44,385 | ||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(3)
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.85 | % | 2.08 | % | 2.08 | % | 1.93 | %(4) | 1.92 | % | ||||||||||||
Interest and fee
expense(5)
|
0.02 | % | 0.02 | % | 0.26 | % | 0.72 | % | 0.74 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.87 | % | 2.10 | % | 2.34 | % | 2.65 | %(4) | 2.66 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.85 | % | 2.08 | % | 2.06 | % | 1.91 | %(4) | 1.92 | % | ||||||||||||
Net investment income
|
6.53 | % | 7.77 | % | 7.12 | % | 6.17 | % | 6.31 | % | ||||||||||||
Portfolio Turnover
|
17 | % | 20 | % | 27 | % | 24 | % | 16 | % | ||||||||||||
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
|
||||||||||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares):(3)
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.17 | % | 1.26 | % | 1.29 | % | 1.25 | %(4) | 1.25 | % | ||||||||||||
Interest and fee
expense(5)
|
0.01 | % | 0.01 | % | 0.16 | % | 0.46 | % | 0.48 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.18 | % | 1.27 | % | 1.45 | % | 1.71 | %(4) | 1.73 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.17 | % | 1.26 | % | 1.28 | % | 1.23 | %(4) | 1.24 | % | ||||||||||||
Net investment income
|
4.13 | % | 4.68 | % | 4.41 | % | 3.99 | % | 4.08 | % | ||||||||||||
Senior Securities:
|
||||||||||||||||||||||
Total preferred shares outstanding
|
909 | 909 | 918 | 940 | 940 | |||||||||||||||||
Asset coverage per preferred
share(6)
|
$ | 66,215 | $ | 67,131 | $ | 57,209 | $ | 69,640 | $ | 72,223 | ||||||||||||
Involuntary liquidation preference per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
Approximate market value per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(4) | The investment adviser was allocated a portion of the Trusts operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. | |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(6) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing the result by the number of preferred shares outstanding. | |
(7) | Plus accumulated and unpaid dividends. |
Pennsylvania Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Net asset value Beginning of year (Common shares)
|
$ | 13.380 | $ | 10.320 | $ | 14.840 | $ | 15.510 | $ | 14.870 | ||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.912 | $ | 0.928 | $ | 0.986 | $ | 0.953 | $ | 0.983 | ||||||||||||
Net realized and unrealized gain (loss)
|
(0.063 | ) | 2.973 | (4.555 | ) | (0.661 | ) | 0.664 | ||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||
From net investment
income(1)
|
(0.032 | ) | (0.053 | ) | (0.299 | ) | (0.300 | ) | (0.274 | ) | ||||||||||||
Total income (loss) from operations
|
$ | 0.817 | $ | 3.848 | $ | (3.868 | ) | $ | (0.008 | ) | $ | 1.373 | ||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||
From net investment income
|
$ | (0.867 | ) | $ | (0.788 | ) | $ | (0.652 | ) | $ | (0.662 | ) | $ | (0.733 | ) | |||||||
Total distributions to common shareholders
|
$ | (0.867 | ) | $ | (0.788 | ) | $ | (0.652 | ) | $ | (0.662 | ) | $ | (0.733 | ) | |||||||
Net asset value End of year (Common shares)
|
$ | 13.330 | $ | 13.380 | $ | 10.320 | $ | 14.840 | $ | 15.510 | ||||||||||||
Market value End of year (Common shares)
|
$ | 12.930 | $ | 13.050 | $ | 9.600 | $ | 12.790 | $ | 14.560 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
6.13 | % | 39.16 | % | (26.57 | )% | 0.27 | % | 9.68 | % | ||||||||||||
Total Investment Return on Market
Value(2)
|
5.57 | % | 45.88 | % | (20.75 | )% | (7.95 | )% | 4.44 | % | ||||||||||||
Pennsylvania Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets applicable to common shares, end of year (000s
omitted)
|
$ | 36,210 | $ | 36,255 | $ | 27,944 | $ | 40,182 | $ | 41,998 | ||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(3)
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.88 | % | 2.11 | % | 2.06 | % | 1.95 | %(4) | 1.94 | % | ||||||||||||
Interest and fee
expense(5)
|
0.06 | % | 0.21 | % | 0.37 | % | 0.70 | % | 0.93 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.94 | % | 2.32 | % | 2.43 | % | 2.65 | %(4) | 2.87 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.88 | % | 2.11 | % | 2.04 | % | 1.94 | %(4) | 1.93 | % | ||||||||||||
Net investment income
|
6.61 | % | 7.61 | % | 7.23 | % | 6.28 | % | 6.53 | % | ||||||||||||
Portfolio Turnover
|
17 | % | 23 | % | 25 | % | 23 | % | 18 | % | ||||||||||||
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
|
||||||||||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares):(3)
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.20 | % | 1.28 | % | 1.28 | % | 1.27 | %(4) | 1.25 | % | ||||||||||||
Interest and fee
expense(5)
|
0.04 | % | 0.13 | % | 0.23 | % | 0.45 | % | 0.60 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.24 | % | 1.41 | % | 1.51 | % | 1.72 | %(4) | 1.85 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.20 | % | 1.28 | % | 1.27 | % | 1.26 | %(4) | 1.24 | % | ||||||||||||
Net investment income
|
4.22 | % | 4.63 | % | 4.50 | % | 4.06 | % | 4.21 | % | ||||||||||||
Senior Securities:
|
||||||||||||||||||||||
Total preferred shares outstanding
|
847 | 847 | 889 | 900 | 900 | |||||||||||||||||
Asset coverage per preferred
share(6)
|
$ | 67,752 | $ | 67,806 | $ | 56,439 | $ | 69,658 | $ | 71,672 | ||||||||||||
Involuntary liquidation preference per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
Approximate market value per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(4) | The investment adviser was allocated a portion of the Trusts operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. | |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(6) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing the result by the number of preferred shares outstanding. | |
(7) | Plus accumulated and unpaid dividends. |
Trust | Amount | Expiration Date | ||||||||
California
|
$ | 995,999 | November 30, 2012 | |||||||
6,689,345 | November 30, 2016 | |||||||||
4,084,290 | November 30, 2017 | |||||||||
355,871 | November 30, 2018 | |||||||||
Massachusetts
|
$ | 692,532 | November 30, 2016 | |||||||
991,790 | November 30, 2017 |
Trust | Amount | Expiration Date | ||||||||
Michigan
|
$ | 443,883 | November 30, 2011 | |||||||
697,198 | November 30, 2012 | |||||||||
224,050 | November 30, 2013 | |||||||||
517,712 | November 30, 2016 | |||||||||
337,540 | November 30, 2017 | |||||||||
34,334 | November 30, 2018 | |||||||||
New Jersey
|
$ | 177,350 | November 30, 2011 | |||||||
3,185,143 | November 30, 2017 | |||||||||
1,512,852 | November 30, 2018 | |||||||||
New York
|
$ | 2,354,581 | November 30, 2016 | |||||||
3,171,310 | November 30, 2017 | |||||||||
671,928 | November 30, 2018 | |||||||||
Ohio
|
$ | 764,355 | November 30, 2012 | |||||||
588,403 | November 30, 2013 | |||||||||
736,482 | November 30, 2016 | |||||||||
840,450 | November 30, 2017 | |||||||||
41,243 | November 30, 2018 | |||||||||
Pennsylvania
|
$ | 502,868 | November 30, 2012 | |||||||
389,289 | November 30, 2013 | |||||||||
800,874 | November 30, 2016 | |||||||||
329,527 | November 30, 2018 |
Collateral |
||||||||||||
Floating |
Interest Rate |
for Floating |
||||||||||
Rate |
or Range of |
Rate |
||||||||||
Notes |
Interest |
Notes |
||||||||||
Trust | Outstanding | Rates (%) | Outstanding | |||||||||
California
|
$ | 20,535,000 | 0.30 0.35 | $ | 27,306,585 | |||||||
Massachusetts
|
4,885,000 | 0.30 0.33 | 6,440,002 | |||||||||
New Jersey
|
14,572,000 | 0.30 0.39 | 19,413,803 | |||||||||
New York
|
20,475,000 | 0.30 0.39 | 26,117,222 | |||||||||
Ohio
|
830,000 | 0.38 | 1,251,200 | |||||||||
Pennsylvania
|
2,370,000 | 0.31 0.40 | 4,329,979 |
Average |
||||||||||
Floating |
||||||||||
Rate Notes |
Average |
|||||||||
Trust | Outstanding | Interest Rate | ||||||||
California
|
$ | 19,855,438 | 0.82 | % | ||||||
Massachusetts
|
4,455,466 | 0.82 | ||||||||
New Jersey
|
13,678,849 | 0.84 | ||||||||
New York
|
19,208,671 | 0.81 | ||||||||
Ohio
|
830,000 | 0.89 | ||||||||
Pennsylvania
|
2,370,000 | 0.99 |
Trust | APS Issued and Outstanding | |||||
California
|
1,999 | |||||
Massachusetts
|
802 | |||||
Michigan
|
700 | |||||
New Jersey
|
1,337 | |||||
New York
|
1,349 | |||||
Ohio
|
909 | |||||
Pennsylvania
|
847 |
APS |
Dividends |
Average APS |
Dividend |
|||||||||||||
Dividend Rates
at |
Accrued to APS |
Dividend |
Rate |
|||||||||||||
Trust | November 30, 2010 | Shareholders | Rates | Ranges (%) | ||||||||||||
California
|
0.44 | % | $ | 203,844 | 0.41 | % | 0.240.56 | |||||||||
Massachusetts
|
0.41 | 81,604 | 0.41 | 0.260.62 | ||||||||||||
Michigan
|
0.44 | 70,520 | 0.40 | 0.240.56 | ||||||||||||
New Jersey
|
0.44 | 136,338 | 0.41 | 0.240.56 | ||||||||||||
New York
|
0.44 | 135,619 | 0.40 | 0.240.56 | ||||||||||||
Ohio
|
0.44 | 92,648 | 0.41 | 0.260.58 | ||||||||||||
Pennsylvania
|
0.41 | 86,181 | 0.41 | 0.260.62 |
California |
Massachusetts |
Michigan |
New Jersey |
New York |
Ohio |
Pennsylvania |
||||||||||||||||||||||||
Year Ended November 30, 2010 | Trust | Trust | Trust | Trust | Trust | Trust | Trust | |||||||||||||||||||||||
Distributions declared from: | ||||||||||||||||||||||||||||||
Tax-exempt income
|
$ | 6,548,819 | $ | 2,554,569 | $ | 1,888,433 | $ | 4,529,949 | $ | 5,039,476 | $ | 2,604,159 | $ | 2,437,121 | ||||||||||||||||
Ordinary income
|
$ | 10,970 | $ | 570 | $ | | $ | 5,515 | $ | 5,525 | $ | 16,874 | $ | 471 | ||||||||||||||||
California |
Massachusetts |
Michigan |
New Jersey |
New York |
Ohio |
Pennsylvania |
||||||||||||||||||||||||
Year Ended November 30, 2009 | Trust | Trust | Trust | Trust | Trust | Trust | Trust | |||||||||||||||||||||||
Distributions declared from: | ||||||||||||||||||||||||||||||
Tax-exempt income
|
$ | 5,947,299 | $ | 2,374,488 | $ | 1,750,106 | $ | 4,118,938 | $ | 4,756,068 | $ | 2,399,275 | $ | 2,278,334 | ||||||||||||||||
Ordinary income
|
$ | 1,230 | $ | 2,170 | $ | 1,346 | $ | 7,438 | $ | 2,499 | $ | 3,106 | $ | 394 | ||||||||||||||||
During the year ended November 30, 2010, the following amounts were reclassified due to expired capital loss carryforwards and differences between book and tax accounting, primarily for accretion of market discount: | ||||||||||||||||||||||||||||||
California |
Massachusetts |
Michigan |
New Jersey |
New York |
Ohio |
Pennsylvania |
||||||||||||||||||||||||
Trust | Trust | Trust | Trust | Trust | Trust | Trust | ||||||||||||||||||||||||
Decrease in paid-in capital | $ | | $ | (321,196 | ) | $ | (475,985 | ) | $ | | $ | | $ | | $ | (41,331 | ) | |||||||||||||
Decrease in accumulated net realized loss
|
$ | 105,997 | $ | 331,246 | $ | 483,750 | $ | 51,558 | $ | 17,153 | $ | 1,551 | $ | 81,253 | ||||||||||||||||
Decrease in accumulated undistributed net investment income
|
$ | (105,997 | ) | $ | (10,050 | ) | $ | (7,765 | ) | $ | (51,558 | ) | $ | (17,153 | ) | $ | (1,551 | ) | $ | (39,922 | ) | |||||||||
These reclassifications had no effect on the net assets or net asset value per share of the Trusts. |
||||||||||||||||||||||||||||||
As of November 30, 2010, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows: |
||||||||||||||||||||||||||||||
California |
Massachusetts |
Michigan |
New Jersey |
New York |
Ohio |
Pennsylvania |
||||||||||||||||||||||||
Trust | Trust | Trust | Trust | Trust | Trust | Trust | ||||||||||||||||||||||||
Undistributed tax-exempt income
|
$ | 1,225,786 | $ | 465,025 | $ | 296,410 | $ | 733,232 | $ | 854,746 | $ | 438,570 | $ | 415,885 | ||||||||||||||||
Capital loss carryforward
|
$ | (12,125,505 | ) | $ | (1,684,322 | ) | $ | (2,254,717 | ) | $ | (4,875,345 | ) | $ | (6,197,819 | ) | $ | (2,970,933 | ) | $ | (2,022,558 | ) | |||||||||
Net unrealized depreciation
|
$ | (4,431,750 | ) | $ | (617,580 | ) | $ | (1,271,369 | ) | $ | (1,079,514 | ) | $ | (2,290,736 | ) | $ | (799,854 | ) | $ | (743,392 | ) | |||||||||
Other temporary differences
|
$ | (2,422 | ) | $ | (225 | ) | $ | (1,062 | ) | $ | (1,620 | ) | $ | (2,043 | ) | $ | (1,927 | ) | $ | (236 | ) |
Investment |
Administration |
|||||||||
Trust | Adviser Fee | Fee | ||||||||
California
|
$ | 1,048,471 | $ | 303,403 | ||||||
Massachusetts
|
417,371 | 120,782 | ||||||||
Michigan
|
315,990 | 91,440 | ||||||||
New Jersey
|
709,401 | 205,272 | ||||||||
New York
|
816,957 | 236,407 | ||||||||
Ohio
|
432,938 | 125,275 | ||||||||
Pennsylvania
|
414,330 | 119,892 |
Trust | Purchases | Sales | ||||||||
California
|
$ | 21,888,311 | $ | 22,947,515 | ||||||
Massachusetts
|
10,065,499 | 9,864,631 | ||||||||
Michigan
|
6,250,096 | 6,217,042 | ||||||||
New Jersey
|
10,301,710 | 10,742,719 | ||||||||
New York
|
21,894,055 | 16,261,262 | ||||||||
Ohio
|
9,935,486 | 12,531,639 | ||||||||
Pennsylvania
|
9,857,523 | 10,619,884 |
Year End November 30, | ||||||||||
Trust | 2010 | 2009 | ||||||||
California
|
22,026 | 10,321 | ||||||||
Massachusetts
|
12,738 | 8,904 | ||||||||
New Jersey
|
27,868 | 3,303 | ||||||||
New York
|
35,153 | 27,904 | ||||||||
Ohio
|
11,892 | 3,722 | ||||||||
Pennsylvania
|
6,938 | 1,208 |
California Trust
|
||||||
Aggregate cost
|
$ | 141,461,206 | ||||
Gross unrealized appreciation
|
$ | 5,388,140 | ||||
Gross unrealized depreciation
|
(9,687,128 | ) | ||||
Net unrealized depreciation
|
$ | (4,298,988 | ) | |||
Massachusetts Trust
|
||||||
Aggregate cost
|
$ | 57,362,721 | ||||
Gross unrealized appreciation
|
$ | 1,466,605 | ||||
Gross unrealized depreciation
|
(2,086,295 | ) | ||||
Net unrealized depreciation
|
$ | (619,690 | ) | |||
Michigan Trust
|
||||||
Aggregate cost
|
$ | 44,361,441 | ||||
Gross unrealized appreciation
|
$ | 1,064,363 | ||||
Gross unrealized depreciation
|
(2,320,170 | ) | ||||
Net unrealized depreciation
|
$ | (1,255,807 | ) | |||
New Jersey Trust
|
||||||
Aggregate cost
|
$ | 93,122,999 | ||||
Gross unrealized appreciation
|
$ | 3,031,458 | ||||
Gross unrealized depreciation
|
(4,113,658 | ) | ||||
Net unrealized depreciation
|
$ | (1,082,200 | ) | |||
New York Trust
|
||||||
Aggregate cost
|
$ | 105,000,937 | ||||
Gross unrealized appreciation
|
$ | 2,754,648 | ||||
Gross unrealized depreciation
|
(4,946,173 | ) | ||||
Net unrealized depreciation
|
$ | (2,191,525 | ) | |||
Ohio Trust
|
||||||
Aggregate cost
|
$ | 56,086,261 | ||||
Gross unrealized appreciation
|
$ | 1,572,039 | ||||
Gross unrealized depreciation
|
(2,395,067 | ) | ||||
Net unrealized depreciation
|
$ | (823,028 | ) | |||
Pennsylvania Trust
|
||||||
Aggregate cost
|
$ | 56,403,192 | ||||
Gross unrealized appreciation
|
$ | 1,899,262 | ||||
Gross unrealized depreciation
|
(2,662,544 | ) | ||||
Net unrealized depreciation
|
$ | (763,282 | ) | |||
Futures Contracts | ||||||||||||||||||||
Net |
||||||||||||||||||||
Unrealized |
||||||||||||||||||||
Expiration |
Aggregate |
Appreciation |
||||||||||||||||||
Trust | Date | Contracts | Position | Cost | Value | (Depreciation) | ||||||||||||||
California | 3/11 |
32 U.S. 30-Year Treasury Bond |
Short | $ | (4,049,388 | ) | $ | (4,073,000 | ) | $ | (23,612 | ) | ||||||||
Michigan | 3/11 |
1 U.S. 10-Year Treasury Note |
Short | $ | (124,207 | ) | $ | (124,109 | ) | $ | 98 | |||||||||
3/11 |
3 U.S. 30-Year Treasury Bond |
Short | (374,808 | ) | (381,844 | ) | (7,036 | ) | ||||||||||||
New Jersey | 3/11 |
125 U.S. 30-Year Treasury Bond |
Short | $ | (15,919,484 | ) | $ | (15,910,156 | ) | $ | 9,328 | |||||||||
New York | 3/11 |
60 U.S. 30-Year Treasury Bond |
Short | $ | (7,592,133 | ) | $ | (7,636,875 | ) | $ | (44,742 | ) | ||||||||
Ohio | 3/11 |
1 U.S. 10-Year Treasury Note |
Short | $ | (124,207 | ) | $ | (124,109 | ) | $ | 98 | |||||||||
3/11 |
11 U.S. 30-Year Treasury Bond |
Short | (1,379,118 | ) | (1,400,093 | ) | (20,975 | ) | ||||||||||||
Pennsylvania | 3/11 |
50 U.S. 30-Year Treasury Bond |
Short | $ | (6,367,794 | ) | $ | (6,364,063 | ) | $ | 3,731 | |||||||||
Interest Rate Swaps | ||||||||||||||||
California Trust | ||||||||||||||||
Annual |
Floating |
Effective
Date/ |
||||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | Depreciation | |||||||||||
Merrill Lynch Capital Services, Inc. |
$ | 3,412,500 | 4.092% |
3-month USD-LIBOR-BBA |
February 24, 2011/ February 24, 2041 |
$ | (132,762 | ) | ||||||||
Massachusetts Trust | ||||||||||||||||
Annual |
Floating |
Effective
Date/ |
Net Unrealized |
|||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Appreciation |
||||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | (Depreciation) | |||||||||||
JPMorgan Chase Co. |
$ | 787,500 | 3.488% |
3-month USD-LIBOR-BBA |
December 14, 2010/ December 14, 2040 |
$ | 50,741 | |||||||||
Merrill Lynch Capital Services, Inc. |
1,250,000 | 4.092 |
3-month USD-LIBOR-BBA |
February 24, 2011/ February 24, 2041 |
(48,631 | ) | ||||||||||
$ | 2,110 | |||||||||||||||
Michigan Trust | ||||||||||||||||
Annual |
Floating |
Effective
Date/ |
||||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | Depreciation | |||||||||||
Michigan Trust | ||||||||||||||||
Annual |
Floating |
Effective
Date/ |
||||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | Depreciation | |||||||||||
Merrill Lynch Capital Services, Inc. |
$ | 400,000 | 4.092% |
3-month USD-LIBOR-BBA |
February 24, 2011/ February 24, 2041 |
$ | (15,562 | ) | ||||||||
New Jersey Trust | ||||||||||||||||
Annual |
Floating |
Effective
Date/ |
Net Unrealized |
|||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Appreciation |
||||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | (Depreciation) | |||||||||||
JPMorgan Chase Co. |
$ | 1,362,500 | 3.488% |
3-month USD-LIBOR-BBA |
December 14, 2010/ December 14, 2040 |
$ | 87,790 | |||||||||
Merrill Lynch Capital Services, Inc. |
2,187,500 | 4.092 |
3-month USD-LIBOR-BBA |
February 24, 2011/ February 24, 2041 |
(85,104 | ) | ||||||||||
$ | 2,686 | |||||||||||||||
New York Trust | ||||||||||||||||
Annual |
Floating |
Effective
Date/ |
Net Unrealized |
|||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Appreciation |
||||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | (Depreciation) | |||||||||||
JPMorgan Chase Co. |
$ | 1,600,000 | 3.488% |
3-month USD-LIBOR-BBA |
December 14, 2010/ December 14, 2040 |
$ | 103,093 | |||||||||
Merrill Lynch Capital Services, Inc. |
5,200,000 | 4.092 |
3-month USD-LIBOR-BBA |
February 24, 2011/ February 24, 2041 |
(202,304 | ) | ||||||||||
$ | (99,211 | ) | ||||||||||||||
Ohio Trust | ||||||||||||||||
Annual |
Floating |
Effective
Date/ |
Net Unrealized |
|||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Appreciation |
||||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | (Depreciation) | |||||||||||
JPMorgan Chase Co. |
$ | 812,500 | 3.488% |
3-month USD-LIBOR-BBA |
December 14, 2010/ December 14, 2040 |
$ | 52,352 | |||||||||
Merrill Lynch Capital Services, Inc. |
750,000 | 4.092 |
3-month USD-LIBOR-BBA |
February 24, 2011 / February 24, 2041 |
(29,178 | ) | ||||||||||
$ | 23,174 | |||||||||||||||
Pennsylvania Trust | ||||||||||||||||
Annual |
Floating |
Effective
Date/ |
Net Unrealized |
|||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Appreciation |
||||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | (Depreciation) | |||||||||||
JPMorgan Chase Co. |
$ | 912,500 | 3.488% |
3-month USD-LIBOR-BBA |
December 14, 2010/ December 14, 2040 |
$ | 58,795 | |||||||||
Merrill Lynch Capital Services, Inc. |
1,000,000 | 4.092 |
3-month USD-LIBOR-BBA |
February 24, 2011/ February 24, 2041 |
(38,905 | ) | ||||||||||
$ | 19,890 | |||||||||||||||
Fair Value | ||||||||||
Asset Derivatives | Liability Derivatives | |||||||||
California Trust
|
||||||||||
Futures Contracts
|
$ | | $ | (23,612 | )(1) | |||||
Interest Rate Swaps
|
| (132,762 | )(2) | |||||||
Total
|
$ | | $ | (156,374 | ) | |||||
Fair Value | ||||||||||
Asset Derivatives | Liability Derivatives | |||||||||
Massachusetts Trust
|
||||||||||
Futures Contracts
|
$ | | $ | | ||||||
Interest Rate Swaps
|
50,741 | (3) | (48,631 | )(2) | ||||||
Total
|
$ | 50,741 | $ | (48,631 | ) | |||||
Michigan Trust
|
||||||||||
Futures Contracts
|
$ | 98 | (1) | $ | (7,036 | )(1) | ||||
Interest Rate Swaps
|
| (15,562 | )(2) | |||||||
Total
|
$ | 98 | $ | (22,598 | ) | |||||
New Jersey Trust
|
||||||||||
Futures Contracts
|
$ | 9,328 | (1) | $ | | |||||
Interest Rate Swaps
|
87,790 | (3) | (85,104 | )(2) | ||||||
Total
|
$ | 97,118 | $ | (85,104 | ) | |||||
New York Trust
|
||||||||||
Futures Contracts
|
$ | | $ | (44,742 | )(1) | |||||
Interest Rate Swaps
|
103,093 | (3) | (202,304 | )(2) | ||||||
Total
|
$ | 103,093 | $ | (247,046 | ) | |||||
Ohio Trust
|
||||||||||
Futures Contracts
|
$ | 98 | (1) | $ | (20,975 | )(1) | ||||
Interest Rate Swaps
|
52,352 | (3) | (29,178 | )(2) | ||||||
Total
|
$ | 52,450 | $ | (50,153 | ) | |||||
Pennsylvania Trust
|
||||||||||
Futures Contracts
|
$ | 3,731 | (1) | $ | | |||||
Interest Rate Swaps
|
58,795 | (3) | (38,905 | )(2) | ||||||
Total
|
$ | 62,526 | $ | (38,905 | ) | |||||
(1) | Amount represents cumulative unrealized appreciation (depreciation) on futures contracts in the Futures Contracts table above. Only the current days variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable. | |
(2) | Statement of Assets and Liabilities location: Payable for open swap contracts; Net unrealized depreciation. | |
(3) | Statement of Assets and Liabilities location: Receivable for open swap contracts; Net unrealized depreciation. |
Change in |
||||||||||
Unrealized |
||||||||||
Realized Gain |
Appreciation |
|||||||||
(Loss) on |
(Depreciation)
on |
|||||||||
Derivatives |
Derivatives |
|||||||||
Recognized in |
Recognized in |
|||||||||
Trust | Income(1) | Income(2) | ||||||||
California
|
$ | (1,281,426 | ) | $ | 163,237 | |||||
Massachusetts
|
(233,278 | ) | 47,418 | |||||||
Michigan
|
(98,179 | ) | 11,289 | |||||||
New Jersey
|
(1,973,070 | ) | 91,252 | |||||||
New York
|
(1,381,089 | ) | 202,384 | |||||||
Ohio
|
(341,634 | ) | 74,391 | |||||||
Pennsylvania
|
(614,753 | ) | 150,217 |
(1) | Statement of Operations location: Net realized gain (loss) Financial futures contracts and swap contracts. | |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation) Financial futures contracts and swap contracts. |
Average Notional Amount | ||||||||||
Trust | Futures Contracts | Interest Rate Swaps | ||||||||
California
|
$ | 5,354,000 | $ | 5,047,000 | ||||||
Massachusetts
|
| 2,038,000 | ||||||||
Michigan
|
454,000 | 400,000 | ||||||||
New Jersey
|
8,654,000 | 3,550,000 | ||||||||
New York
|
6,000,000 | 6,800,000 | ||||||||
Ohio
|
1,208,000 | 1,563,000 | ||||||||
Pennsylvania
|
5,000,000 | 1,220,000 |
| Level 1 quoted prices in active markets for identical investments | |
| Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) | |
| Level 3 significant unobservable inputs (including a funds own assumptions in determining the fair value of investments) |
California Trust | ||||||||||||||||||
Quoted |
||||||||||||||||||
Prices in |
||||||||||||||||||
Active |
Significant |
|||||||||||||||||
Markets for |
Other |
Significant |
||||||||||||||||
Identical |
Observable |
Unobservable |
||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||
Asset Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 157,697,218 | $ | | $ | 157,697,218 | ||||||||||
Total Investments
|
$ | | $ | 157,697,218 | $ | | $ | 157,697,218 | ||||||||||
Liability Description
|
||||||||||||||||||
Futures Contracts
|
$ | (23,612 | ) | $ | | $ | | $ | (23,612 | ) | ||||||||
Interest Rate Swaps
|
| (132,762 | ) | | (132,762 | ) | ||||||||||||
Total
|
$ | (23,612 | ) | $ | (132,762 | ) | $ | | $ | (156,374 | ) | |||||||
Massachusetts Trust | ||||||||||||||||||
Quoted |
||||||||||||||||||
Prices in |
||||||||||||||||||
Active |
Significant |
|||||||||||||||||
Markets for |
Other |
Significant |
||||||||||||||||
Identical |
Observable |
Unobservable |
||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||
Asset Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 61,628,031 | $ | | $ | 61,628,031 | ||||||||||
Total Investments
|
$ | | $ | 61,628,031 | $ | | $ | 61,628,031 | ||||||||||
Interest Rate Swaps
|
$ | | $ | 50,741 | $ | | $ | 50,741 | ||||||||||
Total
|
$ | | $ | 61,678,772 | $ | | $ | 61,678,772 | ||||||||||
Liability Description
|
||||||||||||||||||
Interest Rate Swaps
|
$ | | $ | (48,631 | ) | $ | | $ | (48,631 | ) | ||||||||
Total
|
$ | | $ | (48,631 | ) | $ | | $ | (48,631 | ) | ||||||||
Michigan Trust | ||||||||||||||||||
Quoted |
||||||||||||||||||
Prices in |
||||||||||||||||||
Active |
Significant |
|||||||||||||||||
Markets for |
Other |
Significant |
||||||||||||||||
Identical |
Observable |
Unobservable |
||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||
Asset Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 43,105,634 | $ | | $ | 43,105,634 | ||||||||||
Total Investments
|
$ | | $ | 43,105,634 | $ | | $ | 43,105,634 | ||||||||||
Futures Contracts
|
$ | 98 | $ | | $ | | $ | 98 | ||||||||||
Total
|
$ | 98 | $ | 43,105,634 | $ | | $ | 43,105,732 | ||||||||||
Michigan Trust (continued) | ||||||||||||||||||
Quoted |
||||||||||||||||||
Prices in |
||||||||||||||||||
Active |
Significant |
|||||||||||||||||
Markets for |
Other |
Significant |
||||||||||||||||
Identical |
Observable |
Unobservable |
||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||
Liability Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
Futures Contracts
|
$ | (7,036 | ) | $ | | $ | | $ | (7,036 | ) | ||||||||
Interest Rate Swaps
|
| (15,562 | ) | | (15,562 | ) | ||||||||||||
Total
|
$ | (7,036 | ) | $ | (15,562 | ) | $ | | $ | (22,598 | ) | |||||||
New Jersey Trust | ||||||||||||||||||
Quoted |
||||||||||||||||||
Prices in |
||||||||||||||||||
Active |
Significant |
|||||||||||||||||
Markets for |
Other |
Significant |
||||||||||||||||
Identical |
Observable |
Unobservable |
||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||
Asset Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 106,612,799 | $ | | $ | 106,612,799 | ||||||||||
Total Investments
|
$ | | $ | 106,612,799 | $ | | $ | 106,612,799 | ||||||||||
Futures Contracts
|
$ | 9,328 | $ | | $ | | $ | 9,328 | ||||||||||
Interest Rate Swaps
|
| 87,790 | | 87,790 | ||||||||||||||
Total
|
$ | 9,328 | $ | 106,700,589 | $ | | $ | 106,709,917 | ||||||||||
Liability Description
|
||||||||||||||||||
Interest Rate Swaps
|
$ | | $ | (85,104 | ) | $ | | $ | (85,104 | ) | ||||||||
Total
|
$ | | $ | (85,104 | ) | $ | | $ | (85,104 | ) | ||||||||
New York Trust | ||||||||||||||||||
Quoted |
||||||||||||||||||
Prices in |
||||||||||||||||||
Active |
Significant |
|||||||||||||||||
Markets for |
Other |
Significant |
||||||||||||||||
Identical |
Observable |
Unobservable |
||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||
Asset Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 123,284,412 | $ | | $ | 123,284,412 | ||||||||||
Total Investments
|
$ | | $ | 123,284,412 | $ | | $ | 123,284,412 | ||||||||||
Interest Rate Swaps
|
$ | | $ | 103,093 | $ | | $ | 103,093 | ||||||||||
Total
|
$ | | $ | 123,387,505 | $ | | $ | 123,387,505 | ||||||||||
Liability Description
|
||||||||||||||||||
Futures Contracts
|
$ | (44,742 | ) | $ | | $ | | $ | (44,742 | ) | ||||||||
Interest Rate Swaps
|
| (202,304 | ) | | (202,304 | ) | ||||||||||||
Total
|
$ | (44,742 | ) | $ | (202,304 | ) | $ | | $ | (247,046 | ) | |||||||
Ohio Trust | ||||||||||||||||||
Quoted |
||||||||||||||||||
Prices in |
||||||||||||||||||
Active |
Significant |
|||||||||||||||||
Markets for |
Other |
Significant |
||||||||||||||||
Identical |
Observable |
Unobservable |
||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||
Asset Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 56,093,233 | $ | | $ | 56,093,233 | ||||||||||
Total Investments
|
$ | | $ | 56,093,233 | $ | | $ | 56,093,233 | ||||||||||
Futures Contracts
|
$ | 98 | $ | | $ | | $ | 98 | ||||||||||
Interest Rate Swaps
|
| 52,352 | | 52,352 | ||||||||||||||
Total
|
$ | 98 | $ | 56,145,585 | $ | | $ | 56,145,683 | ||||||||||
Liability Description
|
||||||||||||||||||
Futures Contracts
|
$ | (20,975 | ) | $ | | $ | | $ | (20,975 | ) | ||||||||
Interest Rate Swaps
|
| (29,178 | ) | | (29,178 | ) | ||||||||||||
Total
|
$ | (20,975 | ) | $ | (29,178 | ) | $ | | $ | (50,153 | ) | |||||||
Pennsylvania Trust | ||||||||||||||||||
Quoted |
||||||||||||||||||
Prices in |
||||||||||||||||||
Active |
Significant |
|||||||||||||||||
Markets for |
Other |
Significant |
||||||||||||||||
Identical |
Observable |
Unobservable |
||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||
Asset Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 58,009,910 | $ | | $ | 58,009,910 | ||||||||||
Total Investments
|
$ | | $ | 58,009,910 | $ | | $ | 58,009,910 | ||||||||||
Futures Contracts
|
$ | 3,731 | $ | | $ | | $ | 3,731 | ||||||||||
Interest Rate Swaps
|
| 58,795 | | 58,795 | ||||||||||||||
Total
|
$ | 3,731 | $ | 58,068,705 | $ | | $ | 58,072,436 | ||||||||||
Liability Description
|
||||||||||||||||||
Interest Rate Swaps
|
$ | | $ | (38,905 | ) | $ | | $ | (38,905 | ) | ||||||||
Total
|
$ | | $ | (38,905 | ) | $ | | $ | (38,905 | ) | ||||||||
Eaton Vance California Municipal Income Trust
|
99.83 | % | ||||
Eaton Vance Massachusetts Municipal Income Trust
|
99.98 | % | ||||
Eaton Vance Michigan Municipal Income Trust
|
100.00 | % | ||||
Eaton Vance New Jersey Municipal Income Trust
|
99.88 | % | ||||
Eaton Vance New York Municipal Income Trust
|
99.89 | % | ||||
Eaton Vance Ohio Municipal Income Trust
|
99.36 | % | ||||
Eaton Vance Pennsylvania Municipal Income Trust
|
99.98 | % |
California Municipal Income Trust
|
CEV | |
Massachusetts Municipal Income Trust
|
MMV | |
Michigan Municipal Income Trust
|
EMI | |
New Jersey Municipal Income Trust
|
EVJ | |
New York Municipal Income Trust
|
EVY | |
Ohio Municipal Income Trust
|
EVO | |
Pennsylvania Municipal Income Trust
|
EVP |
| An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds; | |
| An independent report comparing each funds total expense ratio and its components to comparable funds; | |
| An independent report comparing the investment performance of each fund (including yield where relevant) to the investment performance of comparable funds over various time periods; | |
| Data regarding investment performance in comparison to relevant peer groups of similarly managed funds and appropriate indices; | |
| For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing such fund; | |
| Profitability analyses for each adviser with respect to each fund; |
| Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel; | |
| Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through soft dollar benefits received in connection with the funds brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds; | |
| Data relating to portfolio turnover rates of each fund; | |
| The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes; |
| Reports detailing the financial results and condition of each adviser; | |
| Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; | |
| Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes; | |
| Copies of or descriptions of each advisers policies and procedures relating to proxy voting, the handling of corporate actions and class actions; | |
| Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions; | |
| Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates; | |
| A description of Eaton Vance Managements procedures for overseeing third party advisers and sub-advisers; |
| Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates; | |
| Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds administrator; and | |
| The terms of each advisory agreement. |
| Eaton Vance California Municipal Income Trust | |
| Eaton Vance Massachusetts Municipal Income Trust | |
| Eaton Vance Michigan Municipal Income Trust | |
| Eaton Vance New Jersey Municipal Income Trust | |
| Eaton Vance New York Municipal Income Trust | |
| Eaton Vance Ohio Municipal Income Trust | |
| Eaton Vance Pennsylvania Municipal Income Trust |
Term of |
Number of
Portfolios |
|||||||||||
Position(s) |
Office and |
Principal
Occupation(s) |
in Fund
Complex |
|||||||||
Name and |
with the |
Length of |
During Past Five
Years and |
Overseen By |
Other
Directorships Held |
|||||||
Year of Birth | Trust | Service | Other Relevant Experience | Trustee(1) | During the Last Five Years(2) | |||||||
Interested Trustee | ||||||||||||
Thomas E. Faust Jr. 1958 |
Class II Trustee |
Until 2013. 3 years. Trustee since 2007. |
Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 177 registered investment companies and 1 private investment company managed by EVM or BMR. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trusts. | 177 | Director of EVC. | |||||||
Noninterested Trustees | ||||||||||||
Benjamin C.
Esty(A) 1963 |
Class I Trustee |
Until 2012. 3 years. Trustee since 2006. |
Roy and Elizabeth Simmons Professor of Business Administration and Finance Unit Head, Harvard University Graduate School of Business Administration. | 177 | None | |||||||
Allen R. Freedman 1940 |
Class II Trustee |
Until 2013. 3 years. Trustee since 2007. |
Private Investor and Consultant. Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of software to higher education). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007). Formerly, Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007). | 177 | Director of Assurant, Inc. (insurance provider) and Stonemor Partners, L.P. (owner and operator of cemeteries). | |||||||
William H. Park 1947 |
Class III Trustee |
Until 2011. 3 years. Trustee since 2003. |
Chief Financial Officer, Aveon Group L.P. (an investment management firm) (since 2010). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (an institutional investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981). | 177 | None | |||||||
Ronald A. Pearlman 1940 |
Class I Trustee |
Until 2012. 3 years. Trustee since 2003. |
Professor of Law, Georgetown University Law Center. Formerly, Deputy Assistant Secretary (Tax Policy) and Assistant Secretary (Tax Policy), U.S. Department of the Treasury (1983-1985). Formerly, Chief of Staff, Joint Committee on Taxation, U.S. Congress (1988-1990). | 177 | None |
Term of |
Number of
Portfolios |
|||||||||||
Position(s) |
Office and |
Principal
Occupation(s) |
in Fund
Complex |
|||||||||
Name and |
with the |
Length of |
During Past Five
Years and |
Overseen By |
Other
Directorships Held |
|||||||
Year of Birth | Trust | Service | Other Relevant Experience | Trustee(1) | During the Last Five Years(2) | |||||||
Noninterested Trustees (continued) | ||||||||||||
Helen Frame Peters 1948 |
Class III Trustee |
Until 2011. 3 years. Trustee since 2008. |
Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). | 177 | Director of BJs Wholesale Club, Inc. (wholesale club retailer). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009). | |||||||
Lynn A. Stout 1957 |
Class I Trustee |
Until 2012. 3 years. Trustee since 1998. |
Paul Hastings Professor of Corporate and Securities Law (since 2006) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. Professor Stout teaches classes in corporate law and securities regulation and is the author of numerous academic and professional papers on these areas. | 177 | None | |||||||
Ralph F.
Verni(A) 1943 |
Chairman of the Board and Class II Trustee |
Until 2013. 3 years. Chairman of the Board since 2007 and Trustee since 2006. |
Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006). | 177 | None |
Term of |
||||||
Position(s) |
Office and |
|||||
Name and |
with the |
Length of |
Principal
Occupation(s) |
|||
Year of Birth | Trust | Service | During Past Five Years | |||
Cynthia J. Clemson 1963 |
President of CEV, EMI, EVY, EVO and EVP and Vice President of MMV and EVJ |
President of CEV, EMI, EVY, EVO and EVP since 2005 and Vice President of MMV and EVJ since 2004 |
Vice President of EVM and BMR. Officer of 90 registered investment companies managed by EVM or BMR. | |||
Thomas M. Metzold 1958 |
President of MMV and EVJ and Vice President of CEV and EVP |
President of MMV and EVJ since 2010, Vice President of CEV since 2010 and of EVP since 2005 |
Vice President of EVM and BMR. Officer of 52 registered investment companies managed by EVM or BMR. | |||
William H. Ahern, Jr. 1959 |
Vice President of EMI and EVO |
Of EMI since 2000 and of EVO since 2005 |
Vice President of EVM and BMR. Officer of 74 registered investment companies managed by EVM or BMR. | |||
Craig R. Brandon 1966 |
Vice President of CEV and EVY |
Of CEV since 2010 and of EVY since 2005 |
Vice President of EVM and BMR. Officer of 45 registered investment companies managed by EVM or BMR. | |||
Adam A. Weigold 1975 |
Vice President of EVP |
Since 2007 | Vice President of EVM and BMR. Officer of 67 registered investment companies managed by EVM or BMR. | |||
Barbara E. Campbell 1957 |
Treasurer | Since 2005 | Vice President of EVM and BMR. Officer of 177 registered investment companies managed by EVM or BMR. |
Term of |
||||||
Position(s) |
Office and |
|||||
Name and |
with the |
Length of |
Principal
Occupation(s) |
|||
Year of Birth | Trust | Service | During Past Five Years | |||
Principal Officers who are not Trustees (continued) | ||||||
Maureen A. Gemma 1960 |
Secretary and Chief Legal Officer |
Secretary since 2007 and Chief Legal Officer since 2008 |
Vice President of EVM and BMR. Officer of 177 registered investment companies managed by EVM or BMR. | |||
Paul M. ONeil 1953 |
Chief Compliance Officer |
Since 2004 | Vice President of EVM and BMR. Officer of 177 registered investment companies managed by EVM or BMR. |
(1) | Includes both master and feeder funds in a master-feeder structure. | |
(2) | During their respective tenures, the Trustees also served as trustees of one or more of the following Eaton Vance funds (which operated in the years noted): Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in 2009); and Eaton Vance National Municipal Income Fund (launched in 1998 and terminated in 2009). | |
(A) | APS Trustee |
147-1/11 | CE-MUNISRC7 |
Fiscal Years Ended | 11/30/09 | 11/30/10 | ||||||
Audit Fees |
$ | 23,715 | $ | 23,160 | ||||
Audit-Related Fees(1) |
$ | 3,915 | $ | 3,915 | ||||
Tax Fees(2) |
$ | 7,448 | $ | 7,130 | ||||
All Other Fees(3) |
$ | 0 | $ | 500 | ||||
Total |
$ | 35,078 | $ | 34,705 | ||||
(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees and specifically include fees for the performance of certain agreed-upon procedures relating to the registrants auction preferred shares. | |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. | |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
Fiscal Years Ended | 11/30/09 | 11/30/10 | ||||||
Registrant |
$ | 11,363 | $ | 11,545 | ||||
Eaton Vance(1) |
$ | 260,717 | $ | 278,901 |
(1) | Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the registrants investment adviser and administrator. |
Total Assets of | ||||||||||||||||
Number of | Total Assets | Number of Accounts | Accounts | |||||||||||||
All | of All | Paying a Performance | Paying a Performance | |||||||||||||
Accounts | Accounts | Fee | Fee | |||||||||||||
Cynthia J. Clemson |
||||||||||||||||
Registered Investment Companies |
9 | $ | 2,680.4 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
William H. Ahern |
||||||||||||||||
Registered Investment Companies |
13 | $ | 3,222.4 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts |
1 | $ | 18.8 | 0 | $ | 0 | ||||||||||
Craig R. Brandon |
||||||||||||||||
Registered Investment Companies |
13 | $ | 1,671.6 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Adam A. Weigold |
||||||||||||||||
Registered Investment Companies |
12 | $ | 1,271.2 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts |
1 | $ | 18.8 | 0 | $ | 0 |
Dollar Range of Equity | ||
Securities Owned in the | ||
Portfolio Manager and Fund Name |
Fund | |
Cynthia J. Clemson |
||
California Municipal Income Trust
|
None | |
William H. Ahern, Jr. |
||
Michigan Municipal Income Trust
|
None | |
Ohio Municipal Income Trust
|
None | |
Craig R. Brandon |
||
Massachusetts Municipal Income Trust
|
None |
Dollar Range of Equity | ||
Securities Owned in the | ||
Portfolio Manager and Fund Name |
Fund | |
New York Municipal Income Trust
|
None | |
Adam A. Weigold |
||
New Jersey Municipal Income Trust
|
None | |
Pennsylvania Municipal Income Trust
|
None |
(a)(1)
|
Registrants Code of Ethics Not applicable (please see Item 2). | |
(a)(2)(i)
|
Treasurers Section 302 certification. | |
(a)(2)(ii)
|
Presidents Section 302 certification. | |
(b)
|
Combined Section 906 certification. |
By:
|
/s/ Cynthia J. Clemson
|
|||
President | ||||
Date:
|
January 14, 2011 |
By:
|
/s/ Barbara E. Campbell
|
|||
Treasurer | ||||
Date:
|
January 14, 2011 | |||
By:
|
/s/ Cynthia J. Clemson | |||
Cynthia J. Clemson | ||||
President | ||||
Date:
|
January 14, 2011 |