Eaton Vance Municipal Bond Funds Semiannual Report March 31, 2011 |
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Performance and Fund Profiles |
||||
Municipal Bond Fund II |
2 | |||
California Municipal Bond Fund II |
3 | |||
Massachusetts Municipal Bond Fund |
4 | |||
Michigan Municipal Bond Fund |
5 | |||
New Jersey Municipal Bond Fund |
6 | |||
New York Municipal Bond Fund II |
7 | |||
Ohio Municipal Bond Fund |
8 | |||
Pennsylvania Municipal Bond Fund |
9 | |||
Endnotes and Additional Disclosures |
10 | |||
Financial Statements |
11 | |||
Officers and Trustees |
72 | |||
Important Notices |
73 |
NYSE Amex Symbol | EIV | |||
Inception Date 11/29/02 | ||||
% Average Annual Total Returns at net asset value (NAV) |
||||
Six Months |
-14.44 | |||
One Year |
-6.82 | |||
Five Years |
-1.04 | |||
Since Inception |
3.05 | |||
% Average Annual Total Returns at market price, NYSE Amex |
||||
Six Months |
-5.90 | |||
One Year |
0.83 | |||
Five Years |
3.57 | |||
Since Inception |
5.44 | |||
% Premium/(Discount) to NAV (3/31/11) |
21.13 | |||
% Market Yields |
||||
Market Yield2 |
7.56 | |||
Taxable-Equivalent Market Yield3 |
11.63 | |||
% APS Leverage4 |
22.05 | |||
% RIB Leverage4 |
26.46 | |||
Comparative Performance (9/30/10 - 3/31/11)5 |
% Return | |||
Barclays Capital Long (22+) Municipal Bond Index |
-7.94 | * | ||
Lipper General Municipal Debt
Funds (Leveraged) Classification at NAV |
-8.66 | * | ||
* Source: Lipper. |
AAA |
10.1 | BBB | 9.6 | |||||||||
AA |
62.0 | D | 1.3 | |||||||||
A |
16.9 | Not Rated | 0.1 | |||||||||
2
NYSE Amex Symbol | EIA | |||
Inception Date 11/29/02 | ||||
% Average Annual Total Returns at NAV |
||||
Six Months |
-15.48 | |||
One Year |
-7.75 | |||
Five Years |
-1.22 | |||
Since Inception |
2.25 | |||
% Average Annual Total Returns at market price, NYSE Amex |
||||
Six Months |
-18.64 | |||
One Year |
-8.19 | |||
Five Years |
-0.66 | |||
Since Inception |
2.47 | |||
% Premium/(Discount) to NAV (3/31/11) |
1.87 | |||
% Market Yields |
||||
Market Yield2 |
8.31 | |||
Taxable-Equivalent Market Yield3 |
14.29 | |||
% APS Leverage4 |
34.81 | |||
% RIB Leverage4 |
11.79 | |||
Comparative Performance (9/30/10 - 3/31/11)5 |
% Return | |||
Barclays Capital Municipal Bond Index |
-3.68 | * | ||
Barclays Capital Long (22+) Municipal Bond Index |
-7.94 | * | ||
Lipper California Muni. Debt Funds Classification at NAV |
-10.59 | * | ||
* Source: Lipper. |
AAA |
16.4 | BBB | 2.8 | |||||||||
AA |
60.0 | BB | 1.5 | |||||||||
A |
19.3 | |||||||||||
3
NYSE Amex Symbol | MAB | |||
Inception Date 11/29/02 | ||||
% Average Annual Total Returns at NAV |
||||
Six Months |
-12.39 | |||
One Year |
-4.05 | |||
Five Years |
1.50 | |||
Since Inception |
4.20 | |||
% Average Annual Total Returns at market price, NYSE Amex |
||||
Six Months |
-13.77 | |||
One Year |
-5.63 | |||
Five Years |
1.32 | |||
Since Inception |
4.37 | |||
% Premium/(Discount) to NAV (3/31/11) |
1.43 | |||
% Market Yields |
||||
Market Yield2 |
6.64 | |||
Taxable-Equivalent Market Yield3 |
10.79 | |||
% APS Leverage4 |
34.87 | |||
% RIB Leverage4 |
8.55 | |||
Comparative Performance (9/30/10 - 3/31/11)5 |
% Return | |||
Barclays Capital Municipal Bond Index |
-3.68 | * | ||
Barclays Capital Long (22+) Municipal Bond Index |
-7.94 | * | ||
Lipper Other States Muni. Debt Funds Classification at NAV |
-6.73 | * | ||
* Source: Lipper. |
AAA |
18.2 | BBB | 1.8 | |||||||||
AA |
38.1 | Not Rated | 6.4 | |||||||||
A |
35.5 | |||||||||||
4
NYSE Amex Symbol | MIW | |||
Inception Date 11/29/02 | ||||
% Average Annual Total Returns at NAV |
||||
Six Months |
-7.80 | |||
One Year |
-1.13 | |||
Five Years |
2.82 | |||
Since Inception |
4.73 | |||
% Average Annual Total Returns at market price, NYSE Amex |
||||
Six Months |
2.86 | |||
One Year |
8.14 | |||
Five Years |
5.19 | |||
Since Inception |
6.02 | |||
% Premium/(Discount) to NAV (3/31/11) |
10.73 | |||
% Market Yields |
||||
Market Yield2 |
6.20 | |||
Taxable-Equivalent Market Yield3 |
9.97 | |||
% APS Leverage4 |
40.46 | |||
Comparative Performance (9/30/10 - 3/31/11)5 |
% Return | |||
Barclays Capital Municipal Bond Index |
-3.68 | * | ||
Barclays Capital Long (22+) Municipal Bond Index |
-7.94 | * | ||
Lipper Michigan Muni. Debt Funds Classification at NAV |
-7.07 | * | ||
* Source: Lipper. |
5
NYSE Amex Symbol | EMJ | |||
Inception Date 11/29/02 | ||||
% Average Annual Total Returns at NAV |
||||
Six Months |
-12.51 | |||
One Year |
-5.24 | |||
Five Years |
1.85 | |||
Since Inception |
4.52 | |||
% Average Annual Total Returns at market price, NYSE Amex |
||||
Six Months |
-14.46 | |||
One Year |
-11.72 | |||
Five Years |
2.07 | |||
Since Inception |
5.03 | |||
% Premium/(Discount) to NAV (3/31/11) |
4.14 | |||
% Market Yields |
||||
Market Yield2 |
7.26 | |||
Taxable-Equivalent Market Yield3 |
12.27 | |||
% APS Leverage4 |
35.09 | |||
% RIB Leverage4 |
8.58 | |||
Comparative Performance (9/30/10 - 3/31/11)5 |
% Return | |||
Barclays Capital Municipal Bond Index |
-3.68 | * | ||
Barclays Capital Long (22+) Municipal Bond Index |
-7.94 | * | ||
Lipper New Jersey Muni. Debt Funds Classification at NAV |
-8.60 | * | ||
* Source: Lipper. |
AAA |
12.7 | BBB | 5.7 | |||||||||
AA |
62.6 | |||||||||||
A |
19.0 | |||||||||||
6
NYSE Amex Symbol | NYH | |||
Inception Date 11/29/02 | ||||
% Average Annual Total Returns at NAV |
||||
Six Months |
-9.70 | |||
One Year |
-3.33 | |||
Five Years |
1.08 | |||
Since Inception |
4.21 | |||
% Average Annual Total Returns at market price, NYSE Amex |
||||
Six Months |
-11.86 | |||
One Year |
-8.16 | |||
Five Years |
2.66 | |||
Since Inception |
4.46 | |||
% Premium/(Discount) to NAV (3/31/11) |
1.97 | |||
% Market Yields |
||||
Market Yield2 |
7.41 | |||
Taxable-Equivalent Market Yield3 |
12.52 | |||
% APS Leverage4 |
24.11 | |||
% RIB Leverage4 |
21.44 | |||
Comparative Performance (9/30/10 - 3/31/11)5 |
% Return | |||
Barclays Capital Municipal Bond Index |
-3.68 | * | ||
Barclays Capital Long (22+) Municipal Bond Index |
-7.94 | * | ||
Lipper New York Muni. Debt Funds Classification at NAV |
-7.60 | * | ||
* Source: Lipper. |
AAA |
11.3 | BBB | 10.5 | |||||||||
AA |
50.4 | Not Rated | 1.3 | |||||||||
A |
26.5 | |||||||||||
7
NYSE Amex Symbol | EIO | |||
Inception Date 11/29/02 | ||||
% Average Annual Total Returns at NAV |
||||
Six Months |
-12.03 | |||
One Year |
-5.10 | |||
Five Years |
-0.61 | |||
Since Inception |
2.52 | |||
% Average Annual Total Returns at market price, NYSE Amex |
||||
Six Months |
-16.51 | |||
One Year |
-9.73 | |||
Five Years |
0.35 | |||
Since Inception |
2.92 | |||
% Premium/(Discount) to NAV (3/31/11) |
3.26 | |||
% Market Yields |
||||
Distribution Rate Market Yield2 |
6.78 | |||
Taxable-Equivalent Market Yield3 |
11.13 | |||
% APS Leverage4 |
36.00 | |||
% RIB Leverage4 |
4.93 | |||
Comparative Performance (9/30/10 - 3/31/11)5 |
% Return | |||
Barclays Capital Municipal Bond Index |
-3.68 | * | ||
Barclays Capital Long (22+) Municipal Bond Index |
-7.94 | * | ||
Lipper Other States Muni. Debt Funds Classification at NAV |
-6.73 | * | ||
* Source: Lipper. |
AAA |
2.7 | BBB | 8.3 | |||||||||
AA |
55.7 | Not Rated | 5.5 | |||||||||
A |
27.8 | |||||||||||
8
NYSE Amex Symbol | EIP | |||
Inception Date 11/29/02 | ||||
% Average Annual Total Returns at NAV |
||||
Six Months |
-11.43 | |||
One Year |
-3.27 | |||
Five Years |
1.45 | |||
Since Inception |
4.06 | |||
% Average Annual Total Returns at market price, NYSE Amex |
||||
Six Months |
-11.02 | |||
One Year |
-4.97 | |||
Five Years |
2.81 | |||
Since Inception |
4.64 | |||
% Premium/(Discount) to NAV (3/31/11) |
4.80 | |||
% Market Yields |
||||
Market Yield2 |
7.14 | |||
Taxable-Equivalent Market Yield3 |
11.33 | |||
% APS Leverage4 |
36.39 | |||
% RIB Leverage4 |
5.93 | |||
Comparative Performance (9/30/10 - 3/31/11)5 |
% Return | |||
Barclays Capital Municipal Bond Index |
-3.68 | * | ||
Barclays Capital Long (22+) Municipal Bond Index |
-7.94 | * | ||
Lipper Pennsylvania Muni. Debt Funds Classification at NAV |
-7.82 | * | ||
* Source: Lipper. |
AA |
50.5 | Not Rated | 7.6 | |||||||||
A |
31.9 | |||||||||||
BBB |
10.0 | |||||||||||
9
1. | Six-month returns are cumulative. All other returns are presented on an average annual basis. Performance reflects the effects of leverage. | |
2. | Fund 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 maximum combined federal and state income tax rates, except for Municipal Bond Fund II, which assumes a maximum 35.00% federal income tax rate. Lower income tax rates would result in lower tax-equivalent figures. The maximum combined income tax rates for state funds were as follows as of 3/31/11: |
California II |
41.86 | % | ||
Massachusetts |
38.45 | % | ||
Michigan |
37.83 | % | ||
New Jersey |
40.83 | % | ||
New York II |
40.83 | % | ||
Ohio |
39.06 | % | ||
Pennsylvania |
37.00 | % |
4. | The Fund employs leverage through outstanding Auction Preferred Shares (APS) and/or the use of residual interest bond (RIB) financing. Leverage provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of NAV and market price of common shares). See Floating Rate Notes Issued in Conjunction with Securities Held in Note 1 to the financial statements for more information on RIB investments. APS leverage represents the liquidation value of the Funds APS outstanding as of 3/31/11 as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 3/31/11 as a percentage of Fund 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, if applicable. | |
5. | It is not possible to invest directly in an Index or a Lipper Classification. Total returns shown for an Index do not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in an Index. The Barclays Capital Long (22+) Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more. The Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. The Lipper total return is the average total return, at NAV, of funds that are in the Funds Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. Index and Lipper returns are available as of month end only. | |
6. | Rating Distribution is determined by dividing the total market value of Fund issues by its total investments. 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. |
10
Tax-Exempt Investments 191.9% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Bond Bank 2.4% | ||||||||||
Delaware Valley Regional Finance Authority, PA,
5.75%, 7/1/32
|
$ | 2,500 | $ | 2,468,050 | ||||||
$ | 2,468,050 | |||||||||
Electric Utilities 1.4% | ||||||||||
South Carolina Public Service Authority, (Santee Cooper),
5.50%, 1/1/38
|
$ | 1,420 | $ | 1,466,420 | ||||||
$ | 1,466,420 | |||||||||
Escrowed / Prerefunded 0.6% | ||||||||||
New York, NY, Prerefunded to 1/15/13, 5.25%, 1/15/33
|
$ | 595 | $ | 644,718 | ||||||
$ | 644,718 | |||||||||
General Obligations 7.0% | ||||||||||
Chicago Park District, IL,
5.25%, 1/1/37(1)
|
$ | 1,680 | $ | 1,633,632 | ||||||
New York,
5.00%, 2/15/34(1)
|
2,750 | 2,800,270 | ||||||||
New York, NY, 5.25%, 1/15/33
|
155 | 155,341 | ||||||||
New York, NY,
5.25%, 1/15/33(1)
|
2,750 | 2,756,050 | ||||||||
$ | 7,345,293 | |||||||||
Hospital 5.7% | ||||||||||
Camden County, NJ, Improvement Authority, (Cooper Health
System), 5.00%, 2/15/35
|
$ | 900 | $ | 702,045 | ||||||
Camden County, NJ, Improvement Authority, (Cooper Health
System), 5.25%, 2/15/27
|
750 | 658,642 | ||||||||
Hawaii Department of Budget and Finance, (Hawaii Pacific
Health), 5.60%, 7/1/33
|
500 | 458,365 | ||||||||
Highlands County, FL, Health Facilities Authority, (Adventist
Health System), 5.25%, 11/15/36
|
1,285 | 1,200,948 | ||||||||
Knox County, TN, Health, Educational and Housing Facilities
Board, (Covenant Health), 0.00%, 1/1/38
|
1,850 | 312,724 | ||||||||
Knox County, TN, Health, Educational and Housing Facilities
Board, (Covenant Health), 0.00%, 1/1/39
|
5,000 | 791,500 | ||||||||
Lehigh County, PA, General Purpose Authority, (Lehigh Valley
Health Network), 5.25%, 7/1/32
|
960 | 924,240 | ||||||||
Michigan Hospital Finance Authority, (Henry Ford Health System),
5.00%, 11/15/38
|
1,140 | 934,310 | ||||||||
$ | 5,982,774 | |||||||||
Industrial Development Revenue 2.2% | ||||||||||
St. John Baptist Parish, LA, (Marathon Oil Corp.),
5.125%, 6/1/37
|
$ | 2,500 | $ | 2,302,375 | ||||||
$ | 2,302,375 | |||||||||
Insured Electric Utilities 7.6% | ||||||||||
American Municipal Power-Ohio, Inc., OH, (Prairie State Energy),
(AGC), 5.75%, 2/15/39
|
$ | 1,000 | $ | 1,008,100 | ||||||
Chelan County, WA, Public Utility District No. 1, (Columbia
River), (NPFG), 0.00%, 6/1/23
|
6,335 | 3,447,063 | ||||||||
Mississippi Development Bank, (Municipal Energy), (XLCA),
5.00%, 3/1/41
|
2,205 | 1,846,798 | ||||||||
South Carolina Public Service Authority, (Santee Cooper),
(BHAC), 5.50%, 1/1/38
|
1,595 | 1,649,214 | ||||||||
$ | 7,951,175 | |||||||||
Insured Escrowed / Prerefunded 0.1% | ||||||||||
Highlands County, FL, Health Facilities Authority, (Adventist
Health System), (BHAC), Prerefunded to 11/15/16,
5.25%, 11/15/36
|
$ | 115 | $ | 135,684 | ||||||
$ | 135,684 | |||||||||
Insured General Obligations 18.3% | ||||||||||
Coast Community College District, CA, (Election of 2002), (AGM),
0.00%, 8/1/33
|
$ | 17,000 | $ | 3,736,770 | ||||||
District of Columbia, (FGIC), (NPFG), 4.75%, 6/1/33
|
2,625 | 2,458,969 | ||||||||
Goodyear, AZ, (NPFG), 3.00%, 7/1/26
|
1,350 | 1,144,274 | ||||||||
Los Angeles, CA, Unified School District, (Election of 2004),
(AGC), 5.00%, 1/1/34
|
2,000 | 1,894,520 | ||||||||
Palm Springs, CA, Unified School District, (Election of 2008),
(AGC), 5.00%, 8/1/33
|
2,750 | 2,711,582 | ||||||||
Philadelphia, PA, (AGC), 7.00%, 7/15/28
|
1,250 | 1,386,837 | ||||||||
Washington, (AGM),
5.00%, 7/1/25(1)
|
5,500 | 5,753,825 | ||||||||
$ | 19,086,777 | |||||||||
Insured Hospital 26.8% | ||||||||||
Arizona Health Facilities Authority, (Banner Health), (BHAC),
5.375%, 1/1/32
|
$ | 1,750 | $ | 1,759,677 | ||||||
California Statewide Communities Development Authority, (Sutter
Health), (AGM),
5.05%, 8/15/38(1)
|
1,500 | 1,314,030 | ||||||||
Centre County, PA, Hospital Authority, (Mount Nittany Medical
Center), (AGC), 6.125%, 11/15/39
|
1,695 | 1,715,713 | ||||||||
Centre County, PA, Hospital Authority, (Mount Nittany Medical
Center), (AGC), 6.25%, 11/15/44
|
450 | 455,252 | ||||||||
Colorado Health Facilities Authority, (Catholic Health), (AGM),
5.10%, 10/1/41(1)
|
2,200 | 2,011,614 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured
Hospital (continued)
|
||||||||||
Highlands County, FL, Health Facilities Authority, (Adventist
Health System), (BHAC),
5.25%, 11/15/36(1)
|
$ | 3,000 | $ | 2,964,420 | ||||||
Highlands County, FL, Health Facilities Authority, (Adventist
Health System), (NPFG), 5.00%, 11/15/35
|
1,490 | 1,345,500 | ||||||||
Illinois Finance Authority, (Childrens Memorial Hospital),
(AGC),
5.25%, 8/15/47(1)
|
2,500 | 2,229,426 | ||||||||
Indiana Health and Educational Facility Finance Authority,
(Sisters of St. Francis Health Services), (AGM),
5.25%, 5/15/41
|
1,750 | 1,626,467 | ||||||||
Indiana Health and Educational Facility Finance Authority,
(Sisters of St. Francis Health Services), (AGM),
5.25%, 5/15/41(1)
|
750 | 697,057 | ||||||||
Maricopa County, AZ, Industrial Development Authority, (Catholic
Healthcare West), (BHAC), 5.25%, 7/1/32
|
2,090 | 2,083,187 | ||||||||
New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), (AGC),
5.25%, 1/1/36(1)
|
1,000 | 960,450 | ||||||||
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series V, (AGC),
5.00%, 7/1/38(1)
|
500 | 459,260 | ||||||||
New Jersey Health Care Facilities Financing Authority, (Virtua
Health), (AGC), 5.50%, 7/1/38
|
2,245 | 2,218,240 | ||||||||
New York Dormitory Authority, (Health Quest Systems), (AGC),
5.125%, 7/1/37
|
2,500 | 2,357,125 | ||||||||
Washington Health Care Facilities Authority, (MultiCare Health
System), (AGC), 6.00%, 8/15/39
|
1,545 | 1,575,297 | ||||||||
Washington Health Care Facilities Authority, (Providence Health
Care), (AGM), 5.25%, 10/1/33
|
2,300 | 2,239,326 | ||||||||
$ | 28,012,041 | |||||||||
Insured Industrial Development Revenue 1.3% | ||||||||||
Pennsylvania Economic Development Financing Authority, (Aqua
Pennsylvania, Inc. Project), (BHAC), 5.00%, 10/1/39
|
$ | 1,340 | $ | 1,300,390 | ||||||
$ | 1,300,390 | |||||||||
Insured Lease Revenue / Certificates of Participation 9.5% | ||||||||||
Essex County, NJ, Improvement Authority, (NPFG),
5.50%, 10/1/30
|
$ | 1,000 | $ | 1,044,000 | ||||||
Hudson Yards Infrastructure Corp., NY, (NPFG),
4.50%, 2/15/47
|
4,600 | 3,406,438 | ||||||||
New Jersey Economic Development Authority, (School Facilities
Construction), (AGC), 5.50%, 12/15/34
|
875 | 884,223 | ||||||||
San Diego County, CA, Water Authority, Certificates of
Participation, (AGM),
5.00%, 5/1/38(1)
|
3,250 | 3,077,002 | ||||||||
Tri-Creek Middle School Building Corp., IN, (AGM),
5.25%, 1/15/34(1)
|
1,500 | 1,479,285 | ||||||||
$ | 9,890,948 | |||||||||
Insured Other Revenue 1.4% | ||||||||||
Harris County-Houston, TX, Sports Authority, (NPFG),
0.00%, 11/15/34
|
$ | 2,540 | $ | 358,750 | ||||||
New York, NY, Industrial Development Agency, (Yankee Stadium),
(AGC), 7.00%, 3/1/49
|
1,000 | 1,074,530 | ||||||||
$ | 1,433,280 | |||||||||
Insured Private Education 3.9% | ||||||||||
Massachusetts Development Finance Agency, (Boston University),
(XLCA), 6.00%, 5/15/59
|
$ | 2,500 | $ | 2,586,350 | ||||||
Miami-Dade County, FL, Educational Facilities Authority,
(University of Miami), (AMBAC), (BHAC), 5.00%, 4/1/31
|
1,555 | 1,534,692 | ||||||||
$ | 4,121,042 | |||||||||
Insured Public Education 3.6% | ||||||||||
University of South Alabama, (BHAC), 5.00%, 8/1/38
|
$ | 3,900 | $ | 3,750,864 | ||||||
$ | 3,750,864 | |||||||||
Insured Solid Waste 1.1% | ||||||||||
Palm Beach County, FL, Solid Waste Authority, (BHAC),
5.00%, 10/1/24
|
$ | 740 | $ | 759,062 | ||||||
Palm Beach County, FL, Solid Waste Authority, (BHAC),
5.00%, 10/1/26
|
425 | 433,551 | ||||||||
$ | 1,192,613 | |||||||||
Insured Special Tax Revenue 11.5% | ||||||||||
Metropolitan Pier and Exposition Authority, IL, (McCormick Place
Expansion), (NPFG), 5.25%, 6/15/42
|
$ | 4,000 | $ | 3,665,240 | ||||||
Miami-Dade County, FL, Professional Sports Franchise Facilities,
(AGC), 7.00%, (0.00% until 10/1/19), 10/1/39
|
3,000 | 1,827,660 | ||||||||
New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 4.75%, 11/15/45
|
2,045 | 1,724,467 | ||||||||
New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 5.00%, 11/15/44
|
1,675 | 1,490,030 | ||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
29,695 | 1,474,951 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
12,035 | 1,169,320 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured Special Tax
Revenue (continued)
|
||||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
$ | 7,595 | $ | 683,170 | ||||||
$ | 12,034,838 | |||||||||
Insured Student Loan 1.7% | ||||||||||
Maine Educational Loan Authority, (AGC), 5.625%, 12/1/27
|
$ | 1,760 | $ | 1,782,827 | ||||||
$ | 1,782,827 | |||||||||
Insured Transportation 31.5% | ||||||||||
Clark County, NV, (Las Vegas-McCarran International Airport),
(AGM), 5.25%, 7/1/39
|
$ | 1,585 | $ | 1,464,445 | ||||||
E-470 Public
Highway Authority, CO, (NPFG), 0.00%, 9/1/22
|
7,800 | 3,588,702 | ||||||||
Manchester, NH, (Manchester-Boston Regional Airport), (AGM),
5.125%, 1/1/30
|
1,305 | 1,286,338 | ||||||||
Maryland Transportation Authority, (AGM),
5.00%, 7/1/41(1)
|
10,000 | 9,991,500 | ||||||||
Metropolitan Washington, DC, Airports Authority, (BHAC),
5.00%, 10/1/24
|
1,000 | 1,042,170 | ||||||||
Metropolitan Washington, DC, Airports Authority, (BHAC),
5.00%, 10/1/29
|
535 | 539,424 | ||||||||
Minneapolis and St. Paul, MN, Metropolitan Airports Commission,
(FGIC), (NPFG), 4.50%, 1/1/32
|
2,845 | 2,550,486 | ||||||||
Nevada Department of Business and Industry, (Las Vegas Monorail
-1st Tier), (AMBAC), 0.00%, 1/1/20
|
13,885 | 1,847,538 | ||||||||
New Jersey Transportation Trust Fund Authority, (AGC),
5.50%, 12/15/38
|
1,040 | 1,051,617 | ||||||||
North Carolina Turnpike Authority, (Triangle Expressway System),
(AGC), 5.50%, 1/1/29
|
255 | 262,510 | ||||||||
North Carolina Turnpike Authority, (Triangle Expressway System),
(AGC), 5.75%, 1/1/39
|
290 | 290,960 | ||||||||
North Texas Tollway Authority, (BHAC), 5.75%, 1/1/48
|
1,750 | 1,752,730 | ||||||||
Pennsylvania Turnpike Commission, (AGM), 5.25%, 7/15/30
|
2,540 | 2,648,305 | ||||||||
Texas Turnpike Authority, (Central Texas Turnpike System),
(AMBAC), 5.00%, 8/15/42
|
5,555 | 4,601,429 | ||||||||
$ | 32,918,154 | |||||||||
Insured Water and Sewer 12.3% | ||||||||||
Bossier City, LA, Utilities Revenue, (BHAC), 5.25%, 10/1/26
|
$ | 670 | $ | 700,170 | ||||||
Bossier City, LA, Utilities Revenue, (BHAC), 5.25%, 10/1/27
|
420 | 435,939 | ||||||||
Bossier City, LA, Utilities Revenue, (BHAC), 5.50%, 10/1/38
|
660 | 668,692 | ||||||||
Chicago, IL, Wastewater Transmission Revenue, (BHAC),
5.50%, 1/1/38
|
1,635 | 1,641,246 | ||||||||
District of Columbia Water and Sewer Authority, (AGC),
5.00%, 10/1/34(1)
|
1,250 | 1,240,612 | ||||||||
Houston, TX, Utility System, (AGM), (BHAC), 5.00%, 11/15/33
|
435 | 435,583 | ||||||||
New York, NY, Municipal Water Finance Authority, (BHAC),
5.75%, 6/15/40
|
2,205 | 2,318,139 | ||||||||
Pearland, TX, Waterworks and Sewer Systems, (NPFG),
3.50%, 9/1/31
|
6,920 | 5,359,194 | ||||||||
$ | 12,799,575 | |||||||||
Insured Water Revenue 17.3% | ||||||||||
Los Angeles, CA, Department of Water and Power, (BHAC), (FGIC),
5.00%, 7/1/43(1)
|
$ | 5,500 | $ | 5,161,200 | ||||||
Massachusetts Water Resources Authority, (AGM),
5.25%, 8/1/35
|
1,000 | 1,032,750 | ||||||||
Massachusetts Water Resources Authority, (AMBAC),
4.00%, 8/1/40
|
6,110 | 5,080,465 | ||||||||
Metropolitan Water District, CA, Water and Sewer Systems,
(BHAC), (FGIC),
5.00%, 10/1/36(1)
|
6,750 | 6,735,488 | ||||||||
$ | 18,009,903 | |||||||||
Private Education 8.4% | ||||||||||
Connecticut Health and Educational Facilities Authority,
(Wesleyan University),
5.00%, 7/1/39(1)
|
$ | 2,200 | $ | 2,165,460 | ||||||
Houston, TX, Higher Education Finance Corp., (William Marsh Rice
University), 5.00%, 5/15/35
|
1,000 | 1,020,880 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Harvard University), 5.50%, 11/15/36
|
2,710 | 2,873,223 | ||||||||
New York Dormitory Authority, (Rockefeller University),
5.00%, 7/1/40
|
1,500 | 1,476,090 | ||||||||
North Carolina Capital Facilities Finance Agency, (Duke
University),
5.00%, 10/1/38(1)
|
500 | 498,890 | ||||||||
Vermont Educational and Health Buildings Financing Agency,
(Middlebury College), 5.00%, 11/1/40
|
750 | 734,648 | ||||||||
$ | 8,769,191 | |||||||||
Public Education 2.5% | ||||||||||
Tennessee School Bond Authority, 5.50%, 5/1/38
|
$ | 1,000 | $ | 1,038,830 | ||||||
University of Virginia,
5.00%, 6/1/40(2)
|
1,500 | 1,520,190 | ||||||||
$ | 2,559,020 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Senior Living / Life Care 0.2% | ||||||||||
Maryland Health and Higher Educational Facilities Authority,
(Charlestown Community, Inc.), 6.125%, 1/1/30
|
$ | 235 | $ | 233,035 | ||||||
$ | 233,035 | |||||||||
Special Tax Revenue 4.6% | ||||||||||
Massachusetts Bay Transportation Authority, Sales Tax Revenue,
5.25%, 7/1/33
|
$ | 750 | $ | 795,248 | ||||||
New York, NY, Transitional Finance Authority, Future Tax
Revenue,
5.50%, 11/1/35(1)
|
3,800 | 3,976,966 | ||||||||
$ | 4,772,214 | |||||||||
Transportation 8.0% | ||||||||||
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/35
|
$ | 1,715 | $ | 1,666,106 | ||||||
Miami-Dade County, FL, (Miami International Airport),
5.00%, 10/1/41
|
2,815 | 2,471,035 | ||||||||
Orlando-Orange County, FL, Expressway Authority,
5.00%, 7/1/35
|
420 | 387,803 | ||||||||
Orlando-Orange County, FL, Expressway Authority,
5.00%, 7/1/40
|
505 | 456,247 | ||||||||
South Carolina Transportation Infrastructure Bank,
5.25%, 10/1/40
|
1,000 | 965,130 | ||||||||
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/37
|
2,500 | 2,433,475 | ||||||||
$ | 8,379,796 | |||||||||
Water and Sewer 1.0% | ||||||||||
Marco Island, FL, Utility System, 5.00%, 10/1/34
|
$ | 205 | $ | 190,043 | ||||||
Marco Island, FL, Utility System, 5.00%, 10/1/40
|
910 | 832,841 | ||||||||
$ | 1,022,884 | |||||||||
Total Tax-Exempt
Investments 191.9%
|
||||||||||
(identified cost $220,907,622)
|
$ | 200,365,881 | ||||||||
Auction Preferred Shares Plus
Cumulative
|
||||||||||
Unpaid
Dividends (42.8)%
|
$ | (44,701,691 | ) | |||||||
Other Assets, Less
Liabilities (49.1)%
|
$ | (51,242,430 | ) | |||||||
Net Assets Applicable to Common
Shares 100.0%
|
$ | 104,421,760 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
BHAC
|
- Berkshire Hathaway Assurance Corp.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
XLCA
|
- XL Capital Assurance, Inc.
|
New York
|
13.3% | |||
California
|
12.3% | |||
Others, representing less than 10% individually
|
74.4% |
(1) | Security represents the underlying municipal bond of an inverse floater (see Note 1H). | |
(2) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
Tax-Exempt Investments 182.7% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Electric Utilities 6.5% | ||||||||||
Puerto Rico Electric Power Authority, 5.25%, 7/1/40
|
$ | 1,060 | $ | 915,785 | ||||||
Southern California Public Power Authority, (Tieton Hydropower),
5.00%, 7/1/30
|
1,000 | 976,960 | ||||||||
Vernon, Electric System Revenue, 5.125%, 8/1/21
|
675 | 679,185 | ||||||||
$ | 2,571,930 | |||||||||
General Obligations 7.9% | ||||||||||
California, 5.50%, 11/1/35
|
$ | 1,300 | $ | 1,261,599 | ||||||
Palo Alto, (Election of 2008), 5.00%, 8/1/40
|
1,850 | 1,842,822 | ||||||||
$ | 3,104,421 | |||||||||
Hospital 15.8% | ||||||||||
California Health Facilities Financing Authority, (Catholic
Healthcare West), 5.625%, 7/1/32
|
$ | 1,330 | $ | 1,293,731 | ||||||
California Health Facilities Financing Authority, (Cedars-Sinai
Medical Center), 5.00%, 8/15/39
|
1,445 | 1,254,361 | ||||||||
California Statewide Communities Development Authority, (Cottage
Health System), 5.00%, 11/1/40
|
620 | 521,141 | ||||||||
California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/36
|
500 | 428,285 | ||||||||
California Statewide Communities Development Authority, (Kaiser
Permanente), 5.25%, 3/1/45
|
1,900 | 1,614,886 | ||||||||
Washington Township Health Care District, 5.00%, 7/1/32
|
555 | 467,072 | ||||||||
Washington Township Health Care District, 5.25%, 7/1/29
|
750 | 660,045 | ||||||||
$ | 6,239,521 | |||||||||
Insured Electric Utilities 10.1% | ||||||||||
Glendale Electric, (NPFG), 5.00%, 2/1/32
|
$ | 1,475 | $ | 1,430,337 | ||||||
Los Angeles Department of Water and Power, (AMBAC), (BHAC),
5.00%, 7/1/26(1)
|
1,500 | 1,538,310 | ||||||||
Sacramento Municipal Utility District, (AGM), 5.00%, 8/15/27
|
1,000 | 1,012,550 | ||||||||
$ | 3,981,197 | |||||||||
Insured Escrowed / Prerefunded 13.1% | ||||||||||
California Infrastructure & Economic Development Bank,
(Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28,
5.00%, 7/1/33
|
$ | 1,150 | $ | 1,305,204 | ||||||
California Infrastructure & Economic Development Bank,
(Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28,
5.00%, 7/1/36
|
1,025 | 1,163,334 | ||||||||
Clovis Unified School District, (FGIC), (NPFG), Escrowed to
Maturity, 0.00%, 8/1/20
|
3,130 | 2,305,652 | ||||||||
Orange County Water District, Certificates of Participation,
(NPFG), Escrowed to Maturity, 5.00%, 8/15/34
|
395 | 405,053 | ||||||||
$ | 5,179,243 | |||||||||
Insured General Obligations 35.5% | ||||||||||
Antelope Valley Community College District, (Election of 2004),
(NPFG), 5.25%, 8/1/39
|
$ | 740 | $ | 702,460 | ||||||
Arcadia Unified School District, (Election of 2006), (AGM),
0.00%, 8/1/38
|
7,125 | 1,009,114 | ||||||||
Arcadia Unified School District, (Election of 2006), (AGM),
0.00%, 8/1/40
|
3,115 | 372,772 | ||||||||
Arcadia Unified School District, (Election of 2006), (AGM),
0.00%, 8/1/41
|
3,270 | 365,390 | ||||||||
Carlsbad Unified School District, (Election of 2006), (NPFG),
5.25%, 8/1/32
|
1,500 | 1,503,090 | ||||||||
Coast Community College District, (Election of 2002), (AGM),
0.00%, 8/1/35
|
6,675 | 1,256,302 | ||||||||
El Camino Hospital District, (NPFG), 4.45%, 8/1/36
|
865 | 724,991 | ||||||||
Long Beach Unified School District, (Election of 1999), (AGM),
5.00%, 8/1/31
|
925 | 889,535 | ||||||||
Los Angeles Community College District, (Election of 2001),
(AGM), (FGIC), 5.00%, 8/1/32
|
2,075 | 1,994,594 | ||||||||
Mount Diablo Unified School District, (AGM), 5.00%, 8/1/25
|
1,000 | 1,005,400 | ||||||||
Palm Springs Unified School District, (Election of 2008), (AGC),
5.00%, 8/1/33
|
1,250 | 1,232,537 | ||||||||
Santa Clara Unified School District, (Election of 2004), (AGM),
4.375%, 7/1/30
|
1,390 | 1,265,984 | ||||||||
Union Elementary School District, (FGIC), (NPFG),
0.00%, 9/1/22
|
3,200 | 1,662,816 | ||||||||
$ | 13,984,985 | |||||||||
Insured Hospital 6.8% | ||||||||||
California Statewide Communities Development Authority, (Kaiser
Permanente), (BHAC),
5.00%, 3/1/41(1)
|
$ | 1,250 | $ | 1,127,475 | ||||||
California Statewide Communities Development Authority, (Sutter
Health), (AGM),
5.05%, 8/15/38(1)
|
1,750 | 1,533,035 | ||||||||
$ | 2,660,510 | |||||||||
Insured Lease Revenue / Certificates of Participation 10.4% | ||||||||||
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity,
5.50%, 8/1/27
|
$ | 1,250 | $ | 1,451,088 | ||||||
San Diego County Water Authority, Certificates of Participation,
(AGM),
5.00%, 5/1/38(1)
|
1,750 | 1,656,847 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured Lease
Revenue / Certificates of
Participation (continued)
|
||||||||||
San Jose Financing Authority, (Civic Center), (AMBAC),
5.00%, 6/1/32
|
$ | 1,075 | $ | 1,006,910 | ||||||
$ | 4,114,845 | |||||||||
Insured Private Education 1.1% | ||||||||||
California Educational Facilities Authority, (Pepperdine
University), (AMBAC), 5.00%, 12/1/32
|
$ | 420 | $ | 407,270 | ||||||
$ | 407,270 | |||||||||
Insured Public Education 11.4% | ||||||||||
California State University, (AGM), (BHAC),
5.00%, 11/1/39(1)
|
$ | 2,000 | $ | 1,824,520 | ||||||
California State University, (AMBAC), 5.00%, 11/1/33
|
2,860 | 2,676,216 | ||||||||
$ | 4,500,736 | |||||||||
Insured Sewer Revenue 2.0% | ||||||||||
Clovis Public Financing Authority, Wastewater Revenue, (AMBAC),
4.50%, 8/1/38
|
$ | 1,000 | $ | 798,470 | ||||||
$ | 798,470 | |||||||||
Insured Special Assessment Revenue 6.4% | ||||||||||
Cathedral City Public Financing Authority, (Housing
Redevelopment), (NPFG), 5.00%, 8/1/33
|
$ | 2,000 | $ | 1,613,760 | ||||||
Los Osos Community Services District, (Wastewater Assessment
District No. 1), (NPFG), 5.00%, 9/2/33
|
1,250 | 918,600 | ||||||||
$ | 2,532,360 | |||||||||
Insured Special Tax Revenue 8.3% | ||||||||||
Hesperia Public Financing Authority, (Redevelopment and Housing
Projects), (XLCA), 5.00%, 9/1/37
|
$ | 1,535 | $ | 971,808 | ||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
11,485 | 570,460 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
4,600 | 446,936 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
2,905 | 261,305 | ||||||||
Santa Clara Valley Transportation Authority, Sales Tax Revenue,
(AMBAC), 5.00%, 4/1/32
|
1,000 | 1,007,470 | ||||||||
$ | 3,257,979 | |||||||||
Insured Transportation 2.2% | ||||||||||
San Joaquin Hills Transportation Corridor Agency, (NPFG),
0.00%, 1/15/27
|
$ | 3,520 | $ | 870,179 | ||||||
$ | 870,179 | |||||||||
Insured Water Revenue 14.0% | ||||||||||
Calleguas Las Virgines Public Financing Authority, (Municipal
Water District), (BHAC), (FGIC), 4.75%, 7/1/37
|
$ | 1,235 | $ | 1,140,028 | ||||||
East Bay Municipal Utility District, Water System Revenue,
(AGM), (FGIC), 5.00%, 6/1/32
|
100 | 101,210 | ||||||||
East Bay Municipal Utility District, Water System Revenue,
(FGIC), (NPFG), 5.00%, 6/1/32
|
1,445 | 1,460,563 | ||||||||
Los Angeles Department of Water and Power, (NPFG),
3.00%, 7/1/30
|
1,500 | 1,105,275 | ||||||||
Riverside, Water Revenue, (AGM), 5.00%, 10/1/38
|
445 | 425,478 | ||||||||
Santa Clara Valley Water District, (AGM), 3.75%, 6/1/28
|
1,475 | 1,272,733 | ||||||||
$ | 5,505,287 | |||||||||
Private Education 13.9% | ||||||||||
California Educational Facilities Authority, (Claremont McKenna
College), 5.00%, 1/1/39
|
$ | 1,345 | $ | 1,272,585 | ||||||
California Educational Facilities Authority, (Loyola Marymount
University), 5.00%, 10/1/30
|
380 | 362,911 | ||||||||
California Educational Facilities Authority, (Santa Clara
University), 5.00%, 2/1/29
|
890 | 899,763 | ||||||||
California Educational Facilities Authority, (Santa Clara
University), 5.00%, 2/1/40
|
1,155 | 1,096,650 | ||||||||
California Educational Facilities Authority, (Stanford
University),
5.125%, 1/1/31(2)
|
500 | 499,980 | ||||||||
California Educational Facilities Authority, (University of San
Francisco), 6.125%, 10/1/36
|
115 | 116,600 | ||||||||
California Educational Facilities Authority, (University of
Southern California), 5.25%, 10/1/39
|
1,200 | 1,212,216 | ||||||||
$ | 5,460,705 | |||||||||
Public Education 2.5% | ||||||||||
University of California, 5.25%, 5/15/39
|
$ | 1,000 | $ | 983,340 | ||||||
$ | 983,340 | |||||||||
Special Tax Revenue 3.4% | ||||||||||
San Francisco Bay Area Rapid Transit District, Sales Tax
Revenue, 5.00%, 7/1/28
|
$ | 1,300 | $ | 1,349,153 | ||||||
$ | 1,349,153 | |||||||||
Transportation 8.8% | ||||||||||
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay
Area), 5.25%, 4/1/29
|
$ | 1,190 | $ | 1,228,818 | ||||||
Long Beach, Harbor Revenue, 5.00%, 5/15/27
|
540 | 555,309 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Transportation (continued)
|
||||||||||
Los Angeles Department of Airports, (Los Angeles International
Airport),
5.00%, 5/15/35(1)(3) |
$ | 1,060 | $ | 999,050 | ||||||
San Francisco City and County Airport Commission, (San Francisco
International Airport), 5.00%, 5/1/40
|
780 | 698,794 | ||||||||
$ | 3,481,971 | |||||||||
Water and Sewer 2.6% | ||||||||||
Metropolitan Water District of Southern California, (Waterworks
Revenue Authorization), 5.00%, 1/1/39
|
$ | 1,050 | $ | 1,030,596 | ||||||
$ | 1,030,596 | |||||||||
Total Tax-Exempt
Investments 182.7%
|
||||||||||
(identified cost $79,683,848)
|
$ | 72,014,698 | ||||||||
Auction Preferred Shares Plus
Cumulative
|
||||||||||
Unpaid
Dividends (65.2)%
|
$ | (25,700,268 | ) | |||||||
Other Assets, Less
Liabilities (17.5)%
|
$ | (6,882,361 | ) | |||||||
Net Assets Applicable to Common
Shares 100.0%
|
$ | 39,432,069 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
BHAC
|
- Berkshire Hathaway Assurance Corp.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
XLCA
|
- XL Capital Assurance, Inc.
|
(1) | Security represents the underlying municipal bond of an inverse floater (see Note 1H). | |
(2) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(3) | Security (or a portion thereof) has been pledged as collateral for inverse floating-rate security transactions. The aggregate value of such collateral is $204,050. |
Tax-Exempt Investments 167.9% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Escrowed / Prerefunded 5.5% | ||||||||||
Massachusetts Development Finance Agency, (Massachusetts College
of Pharmacy), Prefunded to 7/31/13, 5.75%, 7/1/33
|
$ | 500 | $ | 561,970 | ||||||
Massachusetts Development Finance Agency, (Western New England
College), Prefunded to 12/1/12, 6.125%, 12/1/32
|
600 | 660,138 | ||||||||
$ | 1,222,108 | |||||||||
General Obligations 4.0% | ||||||||||
Wayland, 5.00%, 2/1/33
|
$ | 340 | $ | 355,154 | ||||||
Wayland, 5.00%, 2/1/36
|
510 | 524,535 | ||||||||
$ | 879,689 | |||||||||
Hospital 16.1% | ||||||||||
Massachusetts Health and Educational Facilities Authority,
(Dana-Farber Cancer Institute), 5.00%, 12/1/37
|
$ | 775 | $ | 709,939 | ||||||
Massachusetts Health and Educational Facilities Authority,
(Lahey Clinic Medical Center), 5.25%, 8/15/28
|
400 | 391,940 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Partners Healthcare System), 5.00%, 7/1/39
|
1,250 | 1,165,875 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(South Shore Hospital), 5.75%, 7/1/29
|
370 | 358,989 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Southcoast Hospitals Group, Inc.), 5.00%, 7/1/29
|
1,000 | 922,200 | ||||||||
$ | 3,548,943 | |||||||||
Insured Electric Utilities 5.0% | ||||||||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/23
|
$ | 1,095 | $ | 1,097,365 | ||||||
$ | 1,097,365 | |||||||||
Insured Escrowed / Prerefunded 6.8% | ||||||||||
Massachusetts College Building Authority, (NPFG), Escrowed to
Maturity, 0.00%, 5/1/26
|
$ | 2,900 | $ | 1,501,939 | ||||||
$ | 1,501,939 | |||||||||
Insured General Obligations 15.4% | ||||||||||
Massachusetts, (AMBAC), 5.50%, 8/1/30
|
$ | 1,900 | $ | 2,121,198 | ||||||
Revere, (AGC), 5.00%, 4/1/39
|
1,000 | 957,180 | ||||||||
Tewksbury, (AGM), 4.625%, 3/15/27
|
300 | 306,798 | ||||||||
$ | 3,385,176 | |||||||||
Insured Hospital 1.0% | ||||||||||
Massachusetts Health and Educational Facilities Authority, (Cape
Cod Healthcare), (AGC), 5.00%, 11/15/25
|
$ | 220 | $ | 212,808 | ||||||
$ | 212,808 | |||||||||
Insured Lease Revenue / Certificates of Participation 5.3% | ||||||||||
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity,
5.50%, 8/1/27
|
$ | 1,000 | $ | 1,160,870 | ||||||
$ | 1,160,870 | |||||||||
Insured Other Revenue 3.2% | ||||||||||
Massachusetts Development Finance Agency, (WGBH Educational
Foundation), (AMBAC), 5.75%, 1/1/42
|
$ | 750 | $ | 710,190 | ||||||
$ | 710,190 | |||||||||
Insured Private Education 20.6% | ||||||||||
Massachusetts Development Finance Agency, (Boston College),
(NPFG), 5.00%, 7/1/38
|
$ | 1,000 | $ | 978,800 | ||||||
Massachusetts Development Finance Agency, (Boston University),
(XLCA), 6.00%, 5/15/59
|
1,105 | 1,143,167 | ||||||||
Massachusetts Development Finance Agency, (College of the Holy
Cross), (AMBAC),
5.25%, 9/1/32(1)
|
750 | 784,035 | ||||||||
Massachusetts Development Finance Agency, (Massachusetts College
of Pharmacy), (AGC), 5.00%, 7/1/35
|
750 | 722,895 | ||||||||
Massachusetts Development Finance Agency, (Massachusetts College
of Pharmacy), (AGC), 5.00%, 7/1/37
|
950 | 913,026 | ||||||||
$ | 4,541,923 | |||||||||
Insured Public Education 8.2% | ||||||||||
Massachusetts College Building Authority, (XLCA),
5.50%, 5/1/39
|
$ | 700 | $ | 723,842 | ||||||
Massachusetts Health and Educational Facilities Authority,
(Worcester State College), (AMBAC), 5.00%, 11/1/32
|
1,150 | 1,073,686 | ||||||||
$ | 1,797,528 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured Special Tax Revenue 18.8% | ||||||||||
Marthas Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32
|
$ | 1,225 | $ | 1,189,218 | ||||||
Massachusetts, Special Obligation, Dedicated Tax Revenue,
(FGIC), (NPFG), 5.50%, 1/1/29
|
750 | 784,252 | ||||||||
Massachusetts Bay Transportation Authority, Sales Tax Revenue,
(NPFG), 5.50%, 7/1/28
|
400 | 451,472 | ||||||||
Massachusetts School Building Authority, Dedicated Sales Tax
Revenue, (AMBAC),
5.00%, 8/15/37(1)
|
1,160 | 1,144,038 | ||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
5,265 | 261,513 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
2,090 | 203,064 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
1,325 | 119,184 | ||||||||
$ | 4,152,741 | |||||||||
Insured Water Revenue 4.0% | ||||||||||
Massachusetts Water Resources Authority, (AGM),
5.25%, 8/1/36
|
$ | 860 | $ | 883,745 | ||||||
$ | 883,745 | |||||||||
Other Revenue 2.2% | ||||||||||
Massachusetts Health and Educational Facilities Authority,
(Isabella Stewart Gardner Museum), 5.00%, 5/1/29
|
$ | 490 | $ | 491,269 | ||||||
$ | 491,269 | |||||||||
Private Education 29.1% | ||||||||||
Massachusetts Development Finance Agency, (Middlesex School),
5.00%, 9/1/33
|
$ | 750 | $ | 722,085 | ||||||
Massachusetts Development Finance Agency, (Milton Academy),
5.00%, 9/1/35
|
750 | 736,995 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Harvard University),
5.00%, 10/1/38(1)
|
2,000 | 2,029,360 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Massachusetts Institute of Technology),
5.50%, 7/1/36(2)
|
1,000 | 1,054,560 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Northeastern University), 5.00%, 10/1/35
|
870 | 815,173 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Tufts University), 5.375%, 8/15/38
|
1,025 | 1,047,447 | ||||||||
$ | 6,405,620 | |||||||||
Senior Living / Life Care 2.7% | ||||||||||
Massachusetts Development Finance Agency, (Berkshire Retirement
Community, Inc.), 5.15%, 7/1/31
|
$ | 745 | $ | 605,901 | ||||||
$ | 605,901 | |||||||||
Special Tax Revenue 5.5% | ||||||||||
Massachusetts Bay Transportation Authority, Sales Tax Revenue,
5.00%, 7/1/35
|
$ | 1,210 | $ | 1,207,374 | ||||||
$ | 1,207,374 | |||||||||
Transportation 8.5% | ||||||||||
Massachusetts Department of Transportation, (Metropolitan
Highway System), 5.00%, 1/1/32
|
$ | 1,000 | $ | 971,010 | ||||||
Massachusetts Department of Transportation, (Metropolitan
Highway System), 5.00%, 1/1/37
|
500 | 463,155 | ||||||||
Massachusetts Port Authority, 5.00%, 7/1/34
|
435 | 428,210 | ||||||||
$ | 1,862,375 | |||||||||
Water and Sewer 6.0% | ||||||||||
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33
|
$ | 585 | $ | 628,741 | ||||||
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34
|
640 | 684,326 | ||||||||
$ | 1,313,067 | |||||||||
Total Tax-Exempt
Investments 167.9%
|
||||||||||
(identified cost $38,204,678)
|
$ | 36,980,631 | ||||||||
Auction Preferred Shares Plus
Cumulative
|
||||||||||
Unpaid Dividends (61.6)%
|
$ | (13,576,032 | ) | |||||||
Other Assets, Less
Liabilities (6.3)%
|
$ | (1,379,267 | ) | |||||||
Net Assets Applicable to Common
Shares 100.0%
|
$ | 22,025,332 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
XLCA
|
- XL Capital Assurance, Inc.
|
(1) | Security represents the underlying municipal bond of an inverse floater (see Note 1H). | |
(2) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
Tax-Exempt Investments 164.4% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Electric Utilities 3.2% | ||||||||||
Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29
|
$ | 620 | $ | 620,105 | ||||||
$ | 620,105 | |||||||||
Escrowed / Prerefunded 10.3% | ||||||||||
Michigan Hospital Finance Authority, (Chelsea Community
Hospital), Prerefunded to 5/15/15, 5.00%, 5/15/30
|
$ | 400 | $ | 456,580 | ||||||
Michigan Hospital Finance Authority, (Sparrow Obligation Group),
Prerefunded to 11/15/11, 5.625%, 11/15/36
|
1,500 | 1,563,465 | ||||||||
$ | 2,020,045 | |||||||||
Hospital 8.1% | ||||||||||
Michigan Hospital Finance Authority, (Oakwood Hospital System),
5.75%, 4/1/32
|
$ | 1,000 | $ | 964,600 | ||||||
Michigan Hospital Finance Authority, (Trinity Health),
5.375%, 12/1/30
|
640 | 620,685 | ||||||||
$ | 1,585,285 | |||||||||
Insured Electric Utilities 7.3% | ||||||||||
Michigan Strategic Fund, (Detroit Edison Co.), (XLCA),
5.25%, 12/15/32
|
$ | 500 | $ | 467,125 | ||||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
|
1,000 | 956,430 | ||||||||
$ | 1,423,555 | |||||||||
Insured Escrowed / Prerefunded 49.4% | ||||||||||
Detroit School District, (School Bond Loan Fund), (AGM),
Prerefunded to 5/1/12, 5.125%, 5/1/31
|
$ | 750 | $ | 787,500 | ||||||
Detroit Sewage Disposal System, (FGIC), Prerefunded to 7/1/11,
5.125%, 7/1/31
|
1,250 | 1,265,137 | ||||||||
Lansing Building Authority, (NPFG), Prerefunded to 6/1/13,
5.00%, 6/1/29
|
1,500 | 1,639,875 | ||||||||
Michigan Hospital Finance Authority, (St. John Health System),
(AMBAC), Escrowed to Maturity, 5.00%, 5/15/28
|
1,150 | 1,153,634 | ||||||||
Michigan House of Representatives, (AMBAC), Escrowed to
Maturity, 0.00%, 8/15/22
|
1,750 | 1,095,325 | ||||||||
Michigan House of Representatives, (AMBAC), Escrowed to
Maturity, 0.00%, 8/15/23
|
2,615 | 1,543,504 | ||||||||
Reed City Public Schools, (AGM), Prerefunded to 5/1/14,
5.00%, 5/1/29
|
1,300 | 1,459,809 | ||||||||
Ypsilanti Community Utilities Authority, (Sanitary Sewer System
No. 3), (FGIC), Prerefunded to 5/1/12, 5.00%, 5/1/32
|
705 | 739,693 | ||||||||
$ | 9,684,477 | |||||||||
Insured General Obligations 23.2% | ||||||||||
Grand Rapids and Kent County Joint Building Authority, (DeVos
Place), (NPFG),
0.00%, 12/1/27(1)
|
$ | 1,960 | $ | 807,755 | ||||||
Greenville Public Schools, (NPFG), 5.00%, 5/1/25
|
750 | 751,942 | ||||||||
Okemos Public School District, (NPFG), 0.00%, 5/1/19
|
1,330 | 928,460 | ||||||||
Pinconning Area Schools, (AGM), 5.00%, 5/1/33
|
1,000 | 974,510 | ||||||||
Royal Oak, (AGC), 6.25%, 10/1/28
|
1,000 | 1,096,030 | ||||||||
$ | 4,558,697 | |||||||||
Insured Hospital 6.5% | ||||||||||
Michigan Hospital Finance Authority, (Mid-Michigan Obligation
Group), (AMBAC), 5.00%, 4/15/32
|
$ | 500 | $ | 452,860 | ||||||
Royal Oak Hospital Finance Authority, (William Beaumont
Hospital), (NPFG), 5.25%, 11/15/35
|
975 | 830,466 | ||||||||
$ | 1,283,326 | |||||||||
Insured Lease Revenue / Certificates of Participation 6.1% | ||||||||||
Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29
|
$ | 1,000 | $ | 311,020 | ||||||
Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30
|
3,100 | 875,130 | ||||||||
$ | 1,186,150 | |||||||||
Insured Public Education 15.4% | ||||||||||
Central Michigan University, (AMBAC), 5.05%, 10/1/32
|
$ | 750 | $ | 721,463 | ||||||
Ferris State University, (AGC), 5.125%, 10/1/33
|
435 | 430,989 | ||||||||
Lake Superior State University, (AMBAC), 5.125%, 11/15/26
|
750 | 728,760 | ||||||||
Wayne University, (NPFG), 5.00%, 11/15/37
|
1,200 | 1,143,120 | ||||||||
$ | 3,024,332 | |||||||||
Insured Sewer Revenue 2.1% | ||||||||||
Detroit Sewer Disposal System, (NPFG), 4.50%, 7/1/35
|
$ | 500 | $ | 405,860 | ||||||
$ | 405,860 | |||||||||
Insured Special Tax Revenue 8.8% | ||||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
$ | 6,100 | $ | 302,987 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured Special Tax
Revenue (continued)
|
||||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
$ | 1,670 | $ | 162,257 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
1,115 | 100,294 | ||||||||
Wayne Charter County, (Airport Hotel-Detroit Metropolitan
Airport), (NPFG), 5.00%, 12/1/30
|
1,000 | 869,220 | ||||||||
Ypsilanti Community Utilities Authority, (Sanitary Sewer System
No. 3), (FGIC), (NPFG), 5.00%, 5/1/32
|
295 | 287,484 | ||||||||
$ | 1,722,242 | |||||||||
Insured Utilities 7.7% | ||||||||||
Lansing Board of Water and Light, (Water Supply, Steam and
Electric Utility), (AGM), 5.00%, 7/1/25
|
$ | 1,000 | $ | 999,920 | ||||||
Lansing Board of Water and Light, (Water Supply, Steam and
Electric Utility), (AGM), 5.00%, 7/1/26
|
510 | 512,815 | ||||||||
$ | 1,512,735 | |||||||||
Insured Water Revenue 11.8% | ||||||||||
Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30
|
$ | 1,425 | $ | 1,295,239 | ||||||
Grand Rapids Water Supply System, (AGC), 5.00%, 1/1/29
|
1,000 | 1,022,160 | ||||||||
$ | 2,317,399 | |||||||||
Private Education 1.1% | ||||||||||
Michigan Higher Education Facilities Authority, (Hillsdale
College), 5.00%, 3/1/35
|
$ | 250 | $ | 220,763 | ||||||
$ | 220,763 | |||||||||
Water and Sewer 3.4% | ||||||||||
Grand Rapids, (Sanitary Sewer System), 5.00%, 1/1/28
|
$ | 650 | $ | 668,961 | ||||||
$ | 668,961 | |||||||||
Total Tax-Exempt
Investments 164.4%
|
||||||||||
(identified cost $32,886,985)
|
$ | 32,233,932 | ||||||||
Auction Preferred Shares Plus
Cumulative
|
||||||||||
Unpaid Dividends (68.0)%
|
$ | (13,325,279 | ) | |||||||
Other Assets, Less
Liabilities 3.6%
|
$ | 701,925 | ||||||||
Net Assets Applicable to Common
Shares 100.0%
|
$ | 19,610,578 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
XLCA
|
- XL Capital Assurance, Inc.
|
(1) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
Tax-Exempt Investments 171.9% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
General Obligations 4.6% | ||||||||||
Monmouth County Improvement Authority, 5.00%, 1/15/27
|
$ | 1,375 | $ | 1,464,169 | ||||||
$ | 1,464,169 | |||||||||
Hospital 8.9% | ||||||||||
Camden County Improvement Authority, (Cooper Health System),
5.00%, 2/15/35
|
$ | 180 | $ | 140,409 | ||||||
Camden County Improvement Authority, (Cooper Health System),
5.75%, 2/15/34
|
760 | 664,035 | ||||||||
New Jersey Health Care Facilities Financing Authority,
(Atlanticare Regional Medical Center), 5.00%, 7/1/37
|
595 | 549,994 | ||||||||
New Jersey Health Care Facilities Financing Authority,
(Hunterdon Medical Center), 5.125%, 7/1/35
|
250 | 222,502 | ||||||||
New Jersey Health Care Facilities Financing Authority, (South
Jersey Hospital), 5.00%, 7/1/46
|
1,395 | 1,211,139 | ||||||||
$ | 2,788,079 | |||||||||
Insured Electric Utilities 3.0% | ||||||||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
|
$ | 1,000 | $ | 956,430 | ||||||
$ | 956,430 | |||||||||
Insured General Obligations 39.0% | ||||||||||
Bayonne, (AGM), 0.00%, 7/1/23
|
$ | 2,415 | $ | 1,309,389 | ||||||
Bayonne, (AGM), 5.50%, 7/1/39
|
1,000 | 1,001,880 | ||||||||
Delaware Township, Hunterdon County, (AGC), 5.00%, 10/15/35
|
320 | 329,200 | ||||||||
Delaware Township, Hunterdon County, (AGC), 5.10%, 10/15/36
|
340 | 350,740 | ||||||||
Delaware Township, Hunterdon County, (AGC), 5.15%, 10/15/37
|
360 | 371,999 | ||||||||
Delaware Township, Hunterdon County, (AGC), 5.20%, 10/15/38
|
382 | 395,397 | ||||||||
Egg Harbor Township School District, (AGM), 3.50%, 4/1/28
|
840 | 730,489 | ||||||||
Hudson County Improvement Authority, (NPFG), 0.00%, 12/15/38
|
2,000 | 280,740 | ||||||||
Irvington Township, (AGM), 0.00%, 7/15/26
|
5,475 | 2,367,280 | ||||||||
Jackson Township School District, (NPFG), 2.50%, 6/15/27
|
2,385 | 1,778,638 | ||||||||
Jersey City, (AGM), 5.00%, 1/15/29
|
1,000 | 1,009,560 | ||||||||
Lakewood Township, (AGC), 5.75%, 11/1/31
|
700 | 752,311 | ||||||||
Monroe Township Board of Education, Middlesex County, (AGC),
4.75%, 3/1/34
|
1,115 | 1,088,329 | ||||||||
Nutley School District, (NPFG), 4.75%, 7/15/30
|
110 | 110,855 | ||||||||
Nutley School District, (NPFG), 4.75%, 7/15/31
|
410 | 410,303 | ||||||||
$ | 12,287,110 | |||||||||
Insured Hospital 18.1% | ||||||||||
New Jersey Health Care Facilities Financing Authority,
(Englewood Hospital), (NPFG), 5.00%, 8/1/31
|
$ | 1,500 | $ | 1,500,570 | ||||||
New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), (AGC),
5.25%, 1/1/36(1)
|
2,000 | 1,920,900 | ||||||||
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series II, (AGC), 5.00%, 7/1/38
|
615 | 564,890 | ||||||||
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series V, (AGC),
5.00%, 7/1/38(1)
|
250 | 229,630 | ||||||||
New Jersey Health Care Facilities Financing Authority, (Virtua
Health), (AGC), 5.50%, 7/1/38
|
1,500 | 1,482,120 | ||||||||
$ | 5,698,110 | |||||||||
Insured Lease Revenue / Certificates of Participation 17.7% | ||||||||||
Essex County Improvement Authority, (NPFG), 5.50%, 10/1/30
|
$ | 1,000 | $ | 1,044,000 | ||||||
Middlesex County, Certificates of Participation, (NPFG),
5.00%, 8/1/31
|
1,250 | 1,250,038 | ||||||||
New Jersey Economic Development Authority, (School Facilities
Construction), (AGC), 5.50%, 12/15/34
|
1,300 | 1,313,702 | ||||||||
New Jersey Economic Development Authority, (School Facilities
Construction), (FGIC), (NPFG), 5.50%, 9/1/28
|
500 | 510,685 | ||||||||
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity,
5.50%, 8/1/27
|
1,250 | 1,451,087 | ||||||||
$ | 5,569,512 | |||||||||
Insured Other Revenue 4.8% | ||||||||||
Hudson County Improvement Authority, (Harrison Parking), (AGC),
5.25%, 1/1/39
|
$ | 1,500 | $ | 1,500,345 | ||||||
$ | 1,500,345 | |||||||||
Insured Public Education 11.3% | ||||||||||
New Jersey Educational Facilities Authority, (College of New
Jersey), (AGM), 5.00%, 7/1/35
|
$ | 735 | $ | 705,034 | ||||||
New Jersey Educational Facilities Authority, (Montclair State
University), (NPFG), 3.75%, 7/1/24
|
450 | 408,582 | ||||||||
New Jersey Educational Facilities Authority, (Rowan University),
(AGM), (FGIC), 3.00%, 7/1/27
|
920 | 722,587 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured Public
Education (continued)
|
||||||||||
New Jersey Educational Facilities Authority, (Rowan University),
(AGM), (FGIC), 3.00%, 7/1/28
|
$ | 465 | $ | 357,194 | ||||||
New Jersey Educational Facilities Authority, (William Paterson
University), (AGC), 4.75%, 7/1/34
|
1,145 | 1,094,460 | ||||||||
New Jersey Educational Facilities Authority, (William Paterson
University), (AGC), 5.00%, 7/1/38
|
275 | 264,110 | ||||||||
$ | 3,551,967 | |||||||||
Insured Special Tax Revenue 14.1% | ||||||||||
Garden State Preservation Trust, (AGM), 0.00%, 11/1/21
|
$ | 1,000 | $ | 643,840 | ||||||
Garden State Preservation Trust, (AGM), 5.80%, 11/1/21
|
500 | 563,080 | ||||||||
New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (BHAC), (NPFG), 5.00%, 7/1/27
|
975 | 975,790 | ||||||||
New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (XLCA), 0.00%, 7/1/26
|
2,390 | 973,088 | ||||||||
New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (XLCA), 0.00%, 7/1/27
|
1,120 | 424,525 | ||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
7,675 | 381,217 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
3,005 | 291,966 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
1,900 | 170,905 | ||||||||
$ | 4,424,411 | |||||||||
Insured Transportation 25.4% | ||||||||||
New Jersey Transportation Trust Fund Authority,
(Transportation System), (AMBAC), (BHAC), 0.00%, 12/15/26
|
$ | 1,560 | $ | 634,577 | ||||||
New Jersey Transportation Trust Fund Authority,
(Transportation System), (BHAC), (FGIC), 0.00%, 12/15/31
|
3,235 | 906,770 | ||||||||
New Jersey Turnpike Authority, (AGM), (BHAC), 5.25%, 1/1/29
|
1,500 | 1,614,450 | ||||||||
Port Authority of New York and New Jersey, (AGM),
5.00%, 11/1/27(1)
|
3,875 | 3,941,448 | ||||||||
Port Authority of New York and New Jersey, (AGM),
5.00%, 8/15/33
|
720 | 720,151 | ||||||||
South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33
|
180 | 186,210 | ||||||||
$ | 8,003,606 | |||||||||
Insured Water and Sewer 8.2% | ||||||||||
Middlesex County Improvement Authority, (Perth Amboy), (AMBAC),
0.00%, 9/1/24
|
$ | 4,500 | $ | 2,067,930 | ||||||
Passaic Valley Sewerage Commissioners, (FGIC), (NPFG),
2.50%, 12/1/32
|
895 | 498,569 | ||||||||
$ | 2,566,499 | |||||||||
Lease Revenue / Certificates of Participation 1.9% | ||||||||||
New Jersey Health Care Facilities Financing Authority, (Hospital
Asset Transformation Program), 5.25%, 10/1/38
|
$ | 625 | $ | 594,494 | ||||||
$ | 594,494 | |||||||||
Private Education 5.7% | ||||||||||
New Jersey Educational Facilities Authority, (Princeton
University),
4.25%, 7/1/40(2)
|
$ | 2,000 | $ | 1,794,660 | ||||||
$ | 1,794,660 | |||||||||
Public Education 0.8% | ||||||||||
Rutgers State University, 5.00%, 5/1/39
|
$ | 250 | $ | 246,830 | ||||||
$ | 246,830 | |||||||||
Other Revenue 1.9% | ||||||||||
New Jersey Economic Development Authority, (Duke Farms
Foundation), 5.00%, 7/1/48
|
$ | 375 | $ | 367,762 | ||||||
Port Authority of New York and New Jersey, (JFK International
Air Terminal LLC), 6.00%, 12/1/42
|
250 | 237,123 | ||||||||
$ | 604,885 | |||||||||
Transportation 6.5% | ||||||||||
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/35
|
$ | 590 | $ | 573,179 | ||||||
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/40
|
210 | 200,739 | ||||||||
South Jersey Port Authority, (Marine Terminal),
5.10%, 1/1/33
|
1,325 | 1,267,839 | ||||||||
$ | 2,041,757 | |||||||||
Total Tax-Exempt
Investments 171.9%
|
||||||||||
(identified cost $56,335,944)
|
$ | 54,092,864 | ||||||||
Auction Preferred Shares Plus
Cumulative
|
||||||||||
Unpaid
Dividends (62.3)%
|
$ | (19,600,614 | ) | |||||||
Other Assets, Less
Liabilities (9.6)%
|
$ | (3,024,188 | ) | |||||||
Net Assets Applicable to Common
Shares 100.0%
|
$ | 31,468,062 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
BHAC
|
- Berkshire Hathaway Assurance Corp.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
XLCA
|
- XL Capital Assurance, Inc.
|
(1) | Security represents the underlying municipal bond of an inverse floater (see Note 1H). | |
(2) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
Tax-Exempt Investments 173.7% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
General Obligations 3.4% | ||||||||||
New York,
5.00%, 2/15/34(1)
|
$ | 1,000 | $ | 1,018,280 | ||||||
$ | 1,018,280 | |||||||||
Hospital 3.5% | ||||||||||
New York Dormitory Authority, (Highland Hospital of Rochester),
5.00%, 7/1/26
|
$ | 135 | $ | 131,823 | ||||||
New York Dormitory Authority, (Highland Hospital of Rochester),
5.20%, 7/1/32
|
180 | 171,103 | ||||||||
Suffolk County Industrial Development Agency, (Huntington
Hospital), 5.875%, 11/1/32
|
750 | 750,015 | ||||||||
$ | 1,052,941 | |||||||||
Industrial Development Revenue 1.3% | ||||||||||
New York Liberty Development Corp., (Goldman Sachs Group, Inc.),
5.25%, 10/1/35
|
$ | 390 | $ | 377,984 | ||||||
$ | 377,984 | |||||||||
Insured Electric Utilities 3.5% | ||||||||||
Long Island Power Authority, (BHAC), 5.50%, 5/1/33
|
$ | 500 | $ | 521,500 | ||||||
Long Island Power Authority, (BHAC), 6.00%, 5/1/33
|
500 | 540,830 | ||||||||
$ | 1,062,330 | |||||||||
Insured Escrowed / Prerefunded 3.9% | ||||||||||
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26
|
$ | 545 | $ | 295,695 | ||||||
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27
|
550 | 281,705 | ||||||||
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/30
|
1,385 | 588,043 | ||||||||
$ | 1,165,443 | |||||||||
Insured General Obligations 25.5% | ||||||||||
Brentwood Union Free School District, (AGC), 4.75%, 11/15/23
|
$ | 535 | $ | 578,094 | ||||||
Brentwood Union Free School District, (AGC), 5.00%, 11/15/24
|
560 | 610,669 | ||||||||
Freeport Union Free School District, (AGC), 4.00%, 4/1/23
|
180 | 183,973 | ||||||||
Freeport Union Free School District, (AGC), 4.00%, 4/1/24
|
200 | 203,336 | ||||||||
Hauppauge Union Free School District, (AGC), 4.00%, 7/15/24
|
250 | 251,375 | ||||||||
Hoosic Valley Central School District, (AGC), 4.00%, 6/15/23
|
250 | 253,590 | ||||||||
Longwood Central School District, Suffolk County, (AGC),
4.15%, 6/1/23
|
185 | 188,870 | ||||||||
Longwood Central School District, Suffolk County, (AGC),
4.25%, 6/1/24
|
190 | 193,912 | ||||||||
New York, (AGM), 5.00%, 4/1/22
|
1,000 | 1,066,790 | ||||||||
New York Dormitory Authority, (School Districts Financing
Program), (NPFG), 5.00%, 10/1/30
|
1,795 | 1,788,358 | ||||||||
Plattsburgh, (AGC), 4.25%, 11/15/19
|
100 | 107,006 | ||||||||
Plattsburgh, (AGC), 4.25%, 11/15/20
|
300 | 320,259 | ||||||||
Sachem Central School District, (FGIC), (NPFG),
4.25%, 10/15/28
|
410 | 405,445 | ||||||||
Syracuse, (AGC), 5.00%, 6/15/19
|
235 | 259,360 | ||||||||
Wantagh Union Free School District, (AGC), 4.50%, 11/15/19
|
185 | 200,958 | ||||||||
Wantagh Union Free School District, (AGC), 4.50%, 11/15/20
|
190 | 203,914 | ||||||||
Wantagh Union Free School District, (AGC), 4.75%, 11/15/22
|
210 | 225,145 | ||||||||
Wantagh Union Free School District, (AGC), 4.75%, 11/15/23
|
220 | 234,087 | ||||||||
William Floyd Union Free School District, (AGC),
4.00%, 12/15/24
|
350 | 345,114 | ||||||||
$ | 7,620,255 | |||||||||
Insured Hospital 6.3% | ||||||||||
New York City Health and Hospitals Corp., (AGM),
5.50%, 2/15/20
|
$ | 500 | $ | 556,750 | ||||||
New York Dormitory Authority, (Health Quest Systems), (AGC),
5.125%, 7/1/37
|
910 | 857,993 | ||||||||
New York Dormitory Authority, (Hudson Valley Hospital Center),
(AGM), (BHAC), 5.00%, 8/15/36
|
500 | 481,875 | ||||||||
$ | 1,896,618 | |||||||||
Insured Housing 3.3% | ||||||||||
New York City Housing Corp., (NPFG), 4.95%, 11/1/33
|
$ | 1,000 | $ | 977,350 | ||||||
$ | 977,350 | |||||||||
Insured Lease Revenue / Certificates of Participation 6.7% | ||||||||||
Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47
|
$ | 1,390 | $ | 1,029,337 | ||||||
New York City Transitional Finance Authority, (BHAC),
5.50%, 7/15/38
|
950 | 977,179 | ||||||||
$ | 2,006,516 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured Other Revenue 15.4% | ||||||||||
New York City Cultural Resource Trust, (American Museum of
Natural History), (NPFG), 5.00%, 7/1/44
|
$ | 800 | $ | 764,408 | ||||||
New York City Cultural Resource Trust, (Museum of Modern Art),
(AMBAC), (BHAC),
5.125%, 7/1/31(1)
|
2,500 | 2,488,875 | ||||||||
New York City Industrial Development Agency, (Yankee Stadium),
(NPFG), 4.75%, 3/1/46
|
1,700 | 1,346,281 | ||||||||
$ | 4,599,564 | |||||||||
Insured Private Education 33.0% | ||||||||||
New York Dormitory Authority, (Barnard College), (FGIC), (NPFG),
5.00%, 7/1/24
|
$ | 1,440 | $ | 1,482,696 | ||||||
New York Dormitory Authority, (Brooklyn Law School), (XLCA),
5.125%, 7/1/30
|
1,135 | 1,117,850 | ||||||||
New York Dormitory Authority, (Fordham University), (AGC),
(BHAC),
5.00%, 7/1/38(1)
|
2,250 | 2,228,332 | ||||||||
New York Dormitory Authority, (New York University), (AMBAC),
(BHAC),
5.00%, 7/1/31(1)
|
1,000 | 992,370 | ||||||||
New York Dormitory Authority, (Pratt Institute), (AGC),
5.00%, 7/1/34
|
345 | 330,786 | ||||||||
New York Dormitory Authority, (Pratt Institute), (AGC),
5.125%, 7/1/39
|
815 | 772,473 | ||||||||
New York Dormitory Authority, (Skidmore College), (FGIC),
(NPFG), 5.00%, 7/1/33
|
500 | 500,185 | ||||||||
New York Dormitory Authority, (St. Johns University),
(NPFG), 5.25%, 7/1/37
|
850 | 792,702 | ||||||||
Oneida County Industrial Development Agency, (Hamilton College),
(NPFG), 0.00%, 7/1/32
|
5,425 | 1,665,855 | ||||||||
$ | 9,883,249 | |||||||||
Insured Public Education 0.4% | ||||||||||
New York Dormitory Authority, (City University), (AMBAC),
5.25%, 7/1/30
|
$ | 130 | $ | 120,978 | ||||||
$ | 120,978 | |||||||||
Insured Special Tax Revenue 8.9% | ||||||||||
New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 4.75%, 11/15/45
|
$ | 670 | $ | 564,984 | ||||||
New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 5.00%, 11/15/44
|
275 | 244,632 | ||||||||
Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/35
|
1,700 | 274,907 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
3,200 | 310,912 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
2,105 | 189,345 | ||||||||
Sales Tax Asset Receivables Corp., (AMBAC), 5.00%, 10/15/29
|
385 | 391,541 | ||||||||
Sales Tax Asset Receivables Corp., (AMBAC), 5.00%, 10/15/32
|
690 | 695,658 | ||||||||
$ | 2,671,979 | |||||||||
Insured Transportation 13.7% | ||||||||||
Metropolitan Transportation Authority, (AGM), (NPFG),
5.00%, 11/15/31
|
$ | 1,000 | $ | 974,820 | ||||||
New York Thruway Authority, (AMBAC), 5.50%, 4/1/20
|
510 | 584,266 | ||||||||
Port Authority of New York and New Jersey, (AGM),
5.00%, 11/1/27(1)
|
2,500 | 2,543,011 | ||||||||
$ | 4,102,097 | |||||||||
Insured Water and Sewer 12.1% | ||||||||||
Nassau County Sewer and Storm Water Finance Authority, (BHAC),
5.375%, 11/1/28
|
$ | 905 | $ | 950,322 | ||||||
New York City Municipal Water Finance Authority, (Water and
Sewer System), (AMBAC), (BHAC),
5.00%, 6/15/38(1)
|
2,750 | 2,668,243 | ||||||||
$ | 3,618,565 | |||||||||
Insured Water Revenue 1.2% | ||||||||||
Suffolk County Water Authority, (NPFG), 4.50%, 6/1/25
|
$ | 350 | $ | 354,025 | ||||||
$ | 354,025 | |||||||||
Other Revenue 1.0% | ||||||||||
Brooklyn Arena Local Development Corp., (Barclays Center),
0.00%, 7/15/31
|
$ | 1,100 | $ | 290,576 | ||||||
$ | 290,576 | |||||||||
Private Education 13.4% | ||||||||||
New York City Industrial Development Agency, (St. Francis
College), 5.00%, 10/1/34
|
$ | 485 | $ | 456,273 | ||||||
New York Dormitory Authority, (Columbia University),
5.00%, 10/1/41
|
365 | 369,730 | ||||||||
New York Dormitory Authority, (Cornell University),
5.00%, 7/1/37
|
1,280 | 1,280,371 | ||||||||
New York Dormitory Authority, (Rockefeller University),
5.00%, 7/1/40
|
610 | 600,277 | ||||||||
New York Dormitory Authority, (Skidmore College),
5.00%, 7/1/28
|
325 | 327,178 | ||||||||
New York Dormitory Authority, (The New School),
5.50%, 7/1/40
|
1,000 | 968,140 | ||||||||
$ | 4,001,969 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Special Tax Revenue 1.7% | ||||||||||
New York Transitional Finance Authority, Future Tax Revenue,
5.50%, 11/1/35(1)
|
$ | 500 | $ | 523,285 | ||||||
$ | 523,285 | |||||||||
Transportation 12.2% | ||||||||||
Metropolitan Transportation Authority, 5.00%, 11/15/34
|
$ | 2,000 | $ | 1,869,780 | ||||||
Nassau County Bridge Authority, 5.00%, 10/1/35
|
350 | 348,530 | ||||||||
Nassau County Bridge Authority, 5.00%, 10/1/40
|
65 | 62,860 | ||||||||
New York Thruway Authority, 5.00%, 4/1/26
|
530 | 548,841 | ||||||||
Triborough Bridge and Tunnel Authority, 5.00%, 11/15/37
|
340 | 330,953 | ||||||||
Triborough Bridge and Tunnel Authority,
5.00%, 11/15/38(1)
|
500 | 485,755 | ||||||||
$ | 3,646,719 | |||||||||
Water Revenue 3.3% | ||||||||||
New York Environmental Facilities Corp., 5.00%, 10/15/39
|
$ | 750 | $ | 744,908 | ||||||
New York Environmental Facilities Corp., Clean Water and
Drinking Water, (Municipal Water Finance),
5.00%, 6/15/26(2)
|
235 | 243,702 | ||||||||
$ | 988,610 | |||||||||
Total Tax-Exempt
Investments 173.7%
|
||||||||||
(identified cost $53,713,107)
|
$ | 51,979,333 | ||||||||
Auction Preferred Shares Plus
Cumulative
|
||||||||||
Unpaid Dividends (44.3)%
|
$ | (13,250,277 | ) | |||||||
Other Assets, Less
Liabilities (29.4)%
|
$ | (8,809,063 | ) | |||||||
Net Assets Applicable to Common
Shares 100.0%
|
$ | 29,919,993 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
BHAC
|
- Berkshire Hathaway Assurance Corp.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
XLCA
|
- XL Capital Assurance, Inc.
|
(1) | Security represents the underlying municipal bond of an inverse floater (see Note 1H). | |
(2) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
Tax-Exempt Investments 161.6% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Bond Bank 9.9% | ||||||||||
Cuyahoga County Port Authority, (Garfield Heights),
5.25%, 5/15/23
|
$ | 1,270 | $ | 967,676 | ||||||
Ohio Economic Development, (Ohio Enterprise Bond Fund),
6.00%, 12/1/34
|
700 | 714,854 | ||||||||
Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan,
5.375%, 1/1/32(1)
|
1,140 | 1,090,467 | ||||||||
$ | 2,772,997 | |||||||||
Electric Utilities 1.7% | ||||||||||
Ohio Air Quality Development Authority, (Buckeye Power, Inc.),
6.00%, 12/1/40
|
$ | 500 | $ | 480,245 | ||||||
$ | 480,245 | |||||||||
General Obligations 5.2% | ||||||||||
Beavercreek, School District, 5.00%, 12/1/30
|
$ | 900 | $ | 915,939 | ||||||
County of Franklin,
5.00%, 12/1/27(2)
|
500 | 524,060 | ||||||||
$ | 1,439,999 | |||||||||
Hospital 5.4% | ||||||||||
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26
|
$ | 500 | $ | 482,570 | ||||||
Ohio Higher Educational Facilities Authority, (University
Hospital Health Systems, Inc.), 4.75%, 1/15/46
|
735 | 570,779 | ||||||||
Ohio Higher Educational Facility Commission, (Summa Health
System), 5.75%, 11/15/40
|
500 | 444,380 | ||||||||
$ | 1,497,729 | |||||||||
Insured Electric Utilities 21.0% | ||||||||||
American Municipal Power-Ohio, Inc., (Prairie State Energy
Campus), (AGC), 5.25%, 2/15/33
|
$ | 700 | $ | 702,758 | ||||||
Cleveland Public Power System, (NPFG), 0.00%, 11/15/27
|
2,750 | 1,054,598 | ||||||||
Cleveland Public Power System, (NPFG), 0.00%, 11/15/38
|
1,000 | 177,670 | ||||||||
Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/25
|
1,670 | 770,772 | ||||||||
Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/27
|
5,000 | 2,002,150 | ||||||||
Ohio Water Development Authority, (Dayton Power & Light),
(FGIC), 4.80%, 1/1/34
|
755 | 684,083 | ||||||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
|
500 | 478,215 | ||||||||
$ | 5,870,246 | |||||||||
Insured General Obligations 40.5% | ||||||||||
Bowling Green City School District, (AGM), 5.00%, 12/1/34
|
$ | 320 | $ | 311,110 | ||||||
Brookfield Local School District, (AGM), 5.00%, 1/15/30
|
200 | 200,270 | ||||||||
Cleveland Municipal School District, (AGM), 5.00%, 12/1/27
|
1,000 | 1,004,430 | ||||||||
Clyde-Green Springs Exempted Village School District, (AGM),
4.50%, 12/1/31
|
900 | 824,463 | ||||||||
Cuyahoga Community College District, (AMBAC), 5.00%, 12/1/32
|
1,575 | 1,572,827 | ||||||||
Milford Exempt Village School District, (AGC),
5.25%, 12/1/36
|
1,000 | 993,650 | ||||||||
Olentangy Local School District, (AGC), 5.00%, 12/1/36
|
1,400 | 1,379,000 | ||||||||
Plain School District, (FGIC), (NPFG), 0.00%, 12/1/27
|
2,400 | 897,888 | ||||||||
St. Marys School District, (AGM), 5.00%, 12/1/35
|
750 | 718,680 | ||||||||
Sylvania City School District, (AGC), 5.00%, 12/1/26
|
500 | 509,930 | ||||||||
Sylvania City School District, (AGC), 5.00%, 12/1/32
|
1,000 | 988,850 | ||||||||
Wapakoneta City School District, (AGM), 4.75%, 12/1/35
|
2,000 | 1,900,900 | ||||||||
$ | 11,301,998 | |||||||||
Insured Hospital 12.7% | ||||||||||
Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.00%, 5/15/32
|
$ | 820 | $ | 758,500 | ||||||
Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.125%, 5/15/28
|
1,500 | 1,452,570 | ||||||||
Lorain County, (Catholic Healthcare Partners), (AGM), Variable
Rate,
17.493%, 2/1/29(3)(4)(5) |
440 | 356,998 | ||||||||
Ohio Higher Educational Facility Commission, (University
Hospital Health Systems, Inc.), (AMBAC), 4.75%, 1/15/46
|
1,250 | 970,713 | ||||||||
$ | 3,538,781 | |||||||||
Insured Lease Revenue / Certificates of Participation 3.5% | ||||||||||
Puerto Rico Public Buildings Authority, Government Facilities
Revenue, (XLCA), 5.25%, 7/1/36
|
$ | 235 | $ | 203,458 | ||||||
Summit County, (Civic Theater Project), (AMBAC),
5.00%, 12/1/33
|
1,000 | 772,390 | ||||||||
$ | 975,848 | |||||||||
Insured Public Education 32.4% | ||||||||||
Cincinnati Technical and Community College, (AMBAC),
5.00%, 10/1/28
|
$ | 1,750 | $ | 1,642,182 | ||||||
Kent State University, (AGC), 5.00%, 5/1/26
|
1,000 | 1,017,590 | ||||||||
Kent State University, (AGC), 5.00%, 5/1/29
|
360 | 357,656 | ||||||||
Miami University, (AMBAC), (AGM), 3.25%, 9/1/26
|
2,000 | 1,609,160 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured Public
Education (continued)
|
||||||||||
Ohio University, (AGM), 5.00%, 12/1/33
|
$ | 500 | $ | 483,830 | ||||||
Ohio University, (AGM), 5.25%, 12/1/23
|
1,170 | 1,223,762 | ||||||||
University of Akron, (AGM), 5.00%, 1/1/38
|
1,000 | 963,510 | ||||||||
University of Cincinnati, (AMBAC), 5.00%, 6/1/31
|
750 | 742,433 | ||||||||
Youngstown State University, (AGC), 5.50%, 12/15/33
|
1,000 | 1,002,860 | ||||||||
$ | 9,042,983 | |||||||||
Insured Sewer Revenue 2.5% | ||||||||||
Marysville Wastewater Treatment System, (AGC), (XLCA),
4.75%, 12/1/46
|
$ | 615 | $ | 532,934 | ||||||
Marysville Wastewater Treatment System, (AGC), (XLCA),
4.75%, 12/1/47
|
180 | 155,774 | ||||||||
$ | 688,708 | |||||||||
Insured Special Tax Revenue 10.9% | ||||||||||
Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/23
|
$ | 1,335 | $ | 675,176 | ||||||
Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/24
|
3,665 | 1,732,556 | ||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
8,430 | 418,718 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
1,525 | 148,169 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
705 | 63,415 | ||||||||
$ | 3,038,034 | |||||||||
Insured Transportation 1.6% | ||||||||||
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41(1)
|
$ | 500 | $ | 445,365 | ||||||
$ | 445,365 | |||||||||
Private Education 5.7% | ||||||||||
Ohio Higher Educational Facilities Authority, (John Carroll
University), 5.25%, 11/15/33
|
$ | 850 | $ | 817,317 | ||||||
Ohio Higher Educational Facility Commission, (Kenyon College),
5.00%, 7/1/41
|
500 | 462,615 | ||||||||
Ohio Higher Educational Facility Commission, (Kenyon College),
5.00%, 7/1/44
|
350 | 311,248 | ||||||||
$ | 1,591,180 | |||||||||
Public Education 5.0% | ||||||||||
Ohio State University, 5.00%, 12/1/30
|
$ | 1,325 | $ | 1,386,878 | ||||||
$ | 1,386,878 | |||||||||
Transportation 3.6% | ||||||||||
Ohio Turnpike Commission, 5.00%, 2/15/31
|
$ | 1,000 | $ | 1,005,280 | ||||||
$ | 1,005,280 | |||||||||
Total Tax-Exempt
Investments 161.6%
|
||||||||||
(identified cost $47,608,079)
|
$ | 45,076,271 | ||||||||
Auction Preferred Shares Plus
Cumulative
|
||||||||||
Unpaid Dividends (61.0)%
|
$ | (17,001,108 | ) | |||||||
Other Assets, Less
Liabilities (0.6)%
|
$ | (183,623 | ) | |||||||
Net Assets Applicable to Common
Shares 100.0%
|
$ | 27,891,540 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
CIFG
|
- CIFG Assurance North America, Inc.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
XLCA
|
- XL Capital Assurance, Inc.
|
(1) | Security represents the underlying municipal bond of an inverse floater (see Note 1H). | |
(2) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(3) | Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2011. | |
(4) | Security is subject to a shortfall agreement which may require the Fund 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 Fund could ultimately be required to make under the agreement is $1,320,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater. | |
(5) | 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 March 31, 2011, the aggregate value of these securities is $356,998 or 1.3% of the Funds net assets applicable to common shares. |
Tax-Exempt Investments 171.9% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Bond Bank 2.9% | ||||||||||
Delaware Valley Regional Finance Authority, 5.75%, 7/1/32
|
$ | 1,000 | $ | 987,220 | ||||||
$ | 987,220 | |||||||||
Hospital 15.0% | ||||||||||
Chester County Health and Education Facilities Authority,
(Jefferson Health System), 5.00%, 5/15/40
|
$ | 750 | $ | 683,685 | ||||||
Franklin County Industrial Development Authority, (The
Chambersburg Hospital), 5.375%, 7/1/42
|
1,000 | 905,650 | ||||||||
Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), 5.25%, 7/1/32
|
1,455 | 1,400,801 | ||||||||
Monroe County Hospital Authority, (Pocono Medical Center),
5.125%, 1/1/37
|
1,250 | 1,094,075 | ||||||||
Northampton County General Purpose Authority, (Saint Lukes
Hospital), 5.50%, 8/15/33
|
250 | 225,330 | ||||||||
Pennsylvania Higher Educational Facilities Authority, (UPMC
Health System), 5.00%, 5/15/31
|
675 | 630,295 | ||||||||
South Fork Municipal Authority, (Conemaugh Health System),
5.50%, 7/1/29
|
250 | 232,040 | ||||||||
$ | 5,171,876 | |||||||||
Insured Electric Utilities 6.1% | ||||||||||
Lehigh County Industrial Development Authority, (PPL Electric
Utilities Corp.), (FGIC), (NPFG), 4.75%, 2/15/27
|
$ | 1,610 | $ | 1,438,358 | ||||||
Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/35
|
750 | 660,292 | ||||||||
$ | 2,098,650 | |||||||||
Insured Escrowed / Prerefunded 0.8% | ||||||||||
Southcentral General Authority, (Wellspan Health), (NPFG),
Escrowed to Maturity, 5.25%, 5/15/31
|
$ | 270 | $ | 274,037 | ||||||
$ | 274,037 | |||||||||
Insured General Obligations 30.5% | ||||||||||
Armstrong County, (NPFG), 5.40%, 6/1/31
|
$ | 655 | $ | 644,671 | ||||||
Bethlehem Area School District, (AGM), 5.25%, 1/15/25
|
1,250 | 1,284,437 | ||||||||
Centennial School District, (AGM), 5.25%, 12/15/37
|
660 | 665,980 | ||||||||
Central Greene School District, (AGM), 5.00%, 2/15/35
|
1,350 | 1,310,539 | ||||||||
Erie School District, (AMBAC), 0.00%, 9/1/30
|
1,000 | 294,290 | ||||||||
Harrisburg School District, (AGC), 5.00%, 11/15/33
|
500 | 492,975 | ||||||||
McKeesport School District, (NPFG), 0.00%, 10/1/21
|
2,555 | 1,453,488 | ||||||||
Norwin School District, (AGM), 3.25%, 4/1/27
|
1,500 | 1,216,830 | ||||||||
Reading School District, (AGM), 5.00%, 3/1/35
|
1,500 | 1,456,140 | ||||||||
Scranton School District, (AGM), 5.00%, 7/15/38
|
1,000 | 983,110 | ||||||||
Shaler Area School District, (XLCA), 0.00%, 9/1/33
|
2,550 | 681,947 | ||||||||
$ | 10,484,407 | |||||||||
Insured Hospital 8.8% | ||||||||||
Allegheny County Hospital Development Authority, (UPMC Health
System), (NPFG), 6.00%, 7/1/24
|
$ | 250 | $ | 282,028 | ||||||
Centre County Hospital Authority, (Mount Nittany Medical
Center), (AGC), 6.25%, 11/15/44
|
500 | 505,835 | ||||||||
Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), (AGM), 5.00%, 7/1/35
|
1,620 | 1,480,745 | ||||||||
Washington County Hospital Authority, (Washington Hospital),
(AMBAC), 5.125%, 7/1/28
|
865 | 760,992 | ||||||||
$ | 3,029,600 | |||||||||
Insured Industrial Development Revenue 2.8% | ||||||||||
Pennsylvania Economic Development Financing Authority, (Aqua
Pennsylvania, Inc. Project), (BHAC),
5.00%, 10/1/39(1)
|
$ | 1,000 | $ | 970,440 | ||||||
$ | 970,440 | |||||||||
Insured Lease Revenue / Certificates of Participation 4.9% | ||||||||||
Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31
|
$ | 500 | $ | 494,955 | ||||||
Philadelphia Authority for Industrial Development, (One Benjamin
Franklin), (AGM), 4.75%, 2/15/27
|
1,215 | 1,202,255 | ||||||||
$ | 1,697,210 | |||||||||
Insured Private Education 11.8% | ||||||||||
Chester County Industrial Development Authority, Educational
Facility, (Westtown School), (AMBAC), 5.00%, 1/1/31
|
$ | 1,000 | $ | 964,650 | ||||||
Pennsylvania Higher Educational Facilities Authority, (Drexel
University), (NPFG),
5.00%, 5/1/37(2)
|
1,675 | 1,518,806 | ||||||||
Pennsylvania Higher Educational Facilities Authority, (Temple
University), (NPFG), 4.50%, 4/1/36
|
1,305 | 1,108,441 | ||||||||
Pennsylvania Higher Educational Facilities Authority,
(University of the Sciences in Philadelphia), (AGC),
5.00%, 11/1/37
|
500 | 482,520 | ||||||||
$ | 4,074,417 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured Public Education 10.8% | ||||||||||
Lycoming County Authority, (Pennsylvania College of Technology),
(AGC), 5.50%, 10/1/37
|
$ | 500 | $ | 494,160 | ||||||
Lycoming County Authority, (Pennsylvania College of Technology),
(AMBAC), 5.25%, 5/1/32
|
1,200 | 1,065,264 | ||||||||
Pennsylvania Higher Educational Facilities Authority, (Clarion
University Foundation), (XLCA), 5.00%, 7/1/33
|
500 | 419,320 | ||||||||
State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/27
|
500 | 508,115 | ||||||||
State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/29
|
375 | 376,867 | ||||||||
State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/32
|
875 | 856,389 | ||||||||
$ | 3,720,115 | |||||||||
Insured Sewer Revenue 19.3% | ||||||||||
Allegheny County Sanitation Authority, (BHAC), (FGIC),
5.00%, 12/1/32
|
$ | 300 | $ | 297,822 | ||||||
Allegheny County Sanitation Authority, (BHAC), (NPFG),
5.00%, 12/1/22
|
1,500 | 1,565,085 | ||||||||
Ambridge Borough Municipal Authority, Sewer Revenue, (AGM),
4.60%, 10/15/41
|
770 | 641,040 | ||||||||
Bucks County Water and Sewer Authority, (AGM),
5.00%, 12/1/35
|
500 | 488,530 | ||||||||
Erie Sewer Authority, (AMBAC), 0.00%, 12/1/26
|
1,920 | 714,509 | ||||||||
Erie Sewer Authority, Series A, (AMBAC), 0.00%, 12/1/25
|
1,430 | 574,288 | ||||||||
Erie Sewer Authority, Series B, (AMBAC), 0.00%, 12/1/25
|
2,155 | 865,448 | ||||||||
University Area Joint Authority, (NPFG), 5.00%, 11/1/26
|
1,500 | 1,496,715 | ||||||||
$ | 6,643,437 | |||||||||
Insured Special Tax Revenue 4.8% | ||||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
$ | 22,015 | $ | 1,093,485 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
3,510 | 341,032 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
2,220 | 199,689 | ||||||||
$ | 1,634,206 | |||||||||
Insured Transportation 15.2% | ||||||||||
Pennsylvania Turnpike Commission, (AGM),
5.25%, 7/15/30(1)
|
$ | 2,000 | $ | 2,085,280 | ||||||
Philadelphia, Airport Revenue, (AGC), 5.375%, 6/15/29
|
295 | 301,764 | ||||||||
Pittsburgh and Allegheny County Sports and Exhibition Authority,
(AGM), 5.00%, 2/1/31
|
1,000 | 990,010 | ||||||||
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41(1)
|
2,100 | 1,870,533 | ||||||||
$ | 5,247,587 | |||||||||
Insured Utilities 2.3% | ||||||||||
Philadelphia Gas Works, (AMBAC), 5.00%, 10/1/37
|
$ | 890 | $ | 777,415 | ||||||
$ | 777,415 | |||||||||
Insured Water and Sewer 0.4% | ||||||||||
Saxonburg Water and Sewer Authority, (AGC), 5.00%, 3/1/35
|
$ | 150 | $ | 145,614 | ||||||
$ | 145,614 | |||||||||
Private Education 21.0% | ||||||||||
Allegheny County Higher Education Building Authority, (Duquesne
University), 5.50%, 3/1/31
|
$ | 1,050 | $ | 1,059,533 | ||||||
General Authority of South Central Pennsylvania, (York College
of Pennsylvania), 5.50%, 11/1/31
|
1,500 | 1,472,745 | ||||||||
Pennsylvania Higher Educational Facilities Authority, (Saint
Josephs University), 5.00%, 11/1/40
|
625 | 557,062 | ||||||||
Pennsylvania Higher Educational Facilities Authority, (Thomas
Jefferson University), 5.00%, 3/1/40
|
925 | 854,608 | ||||||||
Pennsylvania Higher Educational Facilities Authority,
(University of Pennsylvania), 4.75%, 7/15/35
|
2,900 | 2,776,866 | ||||||||
Washington County Industrial Development Authority, (Washington
and Jefferson College), 5.25%, 11/1/30
|
500 | 496,350 | ||||||||
$ | 7,217,164 | |||||||||
Public Education 3.6% | ||||||||||
Pennsylvania State University, 5.00%, 3/1/40
|
$ | 500 | $ | 495,825 | ||||||
State Public School Building Authority, (Northampton County
Community College),
5.50%, 3/1/31(3)
|
750 | 740,138 | ||||||||
$ | 1,235,963 | |||||||||
Senior Living / Life Care 0.5% | ||||||||||
Montgomery County Industrial Development Authority, (Foulkeways
at Gwynedd), 5.00%, 12/1/24
|
$ | 200 | $ | 187,540 | ||||||
$ | 187,540 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Special Tax Revenue 0.3% | ||||||||||
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
|
$ | 110 | $ | 113,505 | ||||||
$ | 113,505 | |||||||||
Transportation 7.9% | ||||||||||
Allegheny County Port Authority, 5.75%, 3/1/29
|
$ | 1,500 | $ | 1,564,395 | ||||||
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/35
|
465 | 451,743 | ||||||||
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/40
|
730 | 697,807 | ||||||||
$ | 2,713,945 | |||||||||
Water and Sewer 2.2% | ||||||||||
Philadelphia, Water and Wastewater Revenue, 5.25%, 1/1/32
|
$ | 765 | $ | 757,304 | ||||||
$ | 757,304 | |||||||||
Total Tax-Exempt
Investments 171.9%
|
||||||||||
(identified cost $64,384,156)
|
$ | 59,181,652 | ||||||||
Auction Preferred Shares Plus
Cumulative
|
||||||||||
Unpaid Dividends (63.1)%
|
$ | (21,726,652 | ) | |||||||
Other Assets, Less
Liabilities (8.8)%
|
$ | (3,019,899 | ) | |||||||
Net Assets Applicable to Common
Shares 100.0%
|
$ | 34,435,101 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
BHAC
|
- Berkshire Hathaway Assurance Corp.
|
|
CIFG
|
- CIFG Assurance North America, Inc.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
XLCA
|
- XL Capital Assurance, Inc.
|
(1) | Security represents the underlying municipal bond of an inverse floater (see Note 1H). | |
(2) | Security (or a portion thereof) has been segregated to cover payable for when-issued securities. | |
(3) | When-issued security. |
March 31, 2011 | ||||||||||||||||||
Assets | Municipal Fund II | California Fund II | Massachusetts Fund | Michigan Fund | ||||||||||||||
Investments
|
||||||||||||||||||
Identified cost
|
$ | 220,907,622 | $ | 79,683,848 | $ | 38,204,678 | $ | 32,886,985 | ||||||||||
Unrealized depreciation
|
(20,541,741 | ) | (7,669,150 | ) | (1,224,047 | ) | (653,053 | ) | ||||||||||
Investments, at value
|
$ | 200,365,881 | $ | 72,014,698 | $ | 36,980,631 | $ | 32,233,932 | ||||||||||
Cash
|
$ | | $ | 1,121,641 | $ | 523,492 | $ | 299,117 | ||||||||||
Interest receivable
|
2,726,248 | 834,895 | 509,041 | 476,479 | ||||||||||||||
Receivable for investments sold
|
280,242 | | 1,000,000 | | ||||||||||||||
Receivable for variation margin on open financial futures
contracts
|
4,219 | 2,343 | 2,344 | | ||||||||||||||
Receivable from the transfer agent
|
20,751 | 5,766 | 4,356 | 1,554 | ||||||||||||||
Deferred debt issuance costs
|
93,883 | 24,818 | 4,862 | | ||||||||||||||
Other assets
|
54,539 | | | | ||||||||||||||
Total assets
|
$ | 203,545,763 | $ | 74,004,161 | $ | 39,024,726 | $ | 33,011,082 | ||||||||||
Liabilities | ||||||||||||||||||
Payable for floating rate notes issued
|
$ | 53,645,000 | $ | 8,705,000 | $ | 3,330,000 | $ | | ||||||||||
Payable for open swap contracts
|
155,370 | 65,062 | 39,305 | 31,382 | ||||||||||||||
Due to custodian
|
302,788 | | | | ||||||||||||||
Payable to affiliates:
|
||||||||||||||||||
Investment adviser fee
|
90,509 | 34,524 | 17,652 | 15,466 | ||||||||||||||
Interest expense and fees payable
|
109,802 | 17,166 | 7,597 | | ||||||||||||||
Accrued expenses
|
118,843 | 50,072 | 28,808 | 28,377 | ||||||||||||||
Total liabilities
|
$ | 54,422,312 | $ | 8,871,824 | $ | 3,423,362 | $ | 75,225 | ||||||||||
Auction preferred shares at liquidation value plus cumulative
unpaid dividends
|
$ | 44,701,691 | $ | 25,700,268 | $ | 13,576,032 | $ | 13,325,279 | ||||||||||
Net assets applicable to common shares
|
$ | 104,421,760 | $ | 39,432,069 | $ | 22,025,332 | $ | 19,610,578 | ||||||||||
Sources of Net Assets | ||||||||||||||||||
Common shares, $0.01 par value, unlimited number of shares
authorized
|
$ | 99,798 | $ | 38,785 | $ | 17,646 | $ | 15,126 | ||||||||||
Additional paid-in capital
|
141,410,494 | 54,935,445 | 24,999,712 | 21,424,434 | ||||||||||||||
Accumulated net realized loss
|
(17,747,711 | ) | (8,112,418 | ) | (1,883,980 | ) | (1,309,470 | ) | ||||||||||
Accumulated undistributed net investment income
|
1,344,273 | 319,023 | 160,276 | 160,783 | ||||||||||||||
Net unrealized depreciation
|
(20,685,094 | ) | (7,748,766 | ) | (1,268,322 | ) | (680,295 | ) | ||||||||||
Net assets applicable to common shares
|
$ | 104,421,760 | $ | 39,432,069 | $ | 22,025,332 | $ | 19,610,578 | ||||||||||
Auction Preferred Shares Issued and
Outstanding (Liquidation preference of $25,000 per share) |
1,788 | 1,028 | 543 | 533 | ||||||||||||||
Common Shares Outstanding | 9,979,801 | 3,878,453 | 1,764,582 | 1,512,623 | ||||||||||||||
Net Asset Value Per Common Share | ||||||||||||||||||
Net assets applicable to common shares
¸
common shares issued and outstanding
|
$ | 10.46 | $ | 10.17 | $ | 12.48 | $ | 12.96 | ||||||||||
March 31, 2011 | ||||||||||||||||||
Assets | New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | ||||||||||||||
Investments
|
||||||||||||||||||
Identified cost
|
$ | 56,335,944 | $ | 53,713,107 | $ | 47,608,079 | $ | 64,384,156 | ||||||||||
Unrealized depreciation
|
(2,243,080 | ) | (1,733,774 | ) | (2,531,808 | ) | (5,202,504 | ) | ||||||||||
Investments, at value
|
$ | 54,092,864 | $ | 51,979,333 | $ | 45,076,271 | $ | 59,181,652 | ||||||||||
Cash
|
$ | 1,214,692 | $ | 2,221,776 | $ | 214,002 | $ | 612,808 | ||||||||||
Interest receivable
|
600,161 | 762,063 | 630,174 | 763,168 | ||||||||||||||
Receivable for investments sold
|
59,202 | 134,753 | 65,000 | | ||||||||||||||
Receivable for variation margin on open financial futures
contracts
|
| 3,750 | 1,406 | | ||||||||||||||
Receivable from the transfer agent
|
12,938 | 3,688 | 4,588 | 6,250 | ||||||||||||||
Deferred debt issuance costs
|
7,558 | 10,099 | | | ||||||||||||||
Total assets
|
$ | 55,987,415 | $ | 55,115,462 | $ | 45,991,441 | $ | 60,563,878 | ||||||||||
Liabilities | ||||||||||||||||||
Payable for floating rate notes issued
|
$ | 4,790,000 | $ | 11,780,000 | $ | 1,010,000 | $ | 3,540,000 | ||||||||||
Payable for when-issued securities
|
| | | 740,138 | ||||||||||||||
Payable for open swap contracts
|
56,989 | 83,911 | 38,644 | 48,374 | ||||||||||||||
Payable to affiliates:
|
||||||||||||||||||
Investment adviser fee
|
25,466 | 24,674 | 21,677 | 28,525 | ||||||||||||||
Interest expense and fees payable
|
13,527 | 23,743 | 2,642 | 8,444 | ||||||||||||||
Accrued expenses
|
32,757 | 32,864 | 25,830 | 36,644 | ||||||||||||||
Total liabilities
|
$ | 4,918,739 | $ | 11,945,192 | $ | 1,098,793 | $ | 4,402,125 | ||||||||||
Auction preferred shares at liquidation value plus cumulative
unpaid dividends
|
$ | 19,600,614 | $ | 13,250,277 | $ | 17,001,108 | $ | 21,726,652 | ||||||||||
Net assets applicable to common shares
|
$ | 31,468,062 | $ | 29,919,993 | $ | 27,891,540 | $ | 34,435,101 | ||||||||||
Sources of Net Assets | ||||||||||||||||||
Common shares, $0.01 par value, unlimited number of shares
authorized
|
$ | 25,885 | $ | 25,629 | $ | 25,287 | $ | 29,544 | ||||||||||
Additional paid-in capital
|
36,671,595 | 36,300,987 | 35,798,028 | 41,853,892 | ||||||||||||||
Accumulated net realized loss
|
(3,027,855 | ) | (4,741,118 | ) | (5,614,757 | ) | (2,590,319 | ) | ||||||||||
Accumulated undistributed net investment income
|
159,671 | 160,133 | 248,258 | 392,862 | ||||||||||||||
Net unrealized depreciation
|
(2,361,234 | ) | (1,825,638 | ) | (2,565,276 | ) | (5,250,878 | ) | ||||||||||
Net assets applicable to common shares
|
$ | 31,468,062 | $ | 29,919,993 | $ | 27,891,540 | $ | 34,435,101 | ||||||||||
Auction Preferred Shares Issued and
Outstanding (Liquidation preference of $25,000 per share) |
784 | 530 | 680 | 869 | ||||||||||||||
Common Shares Outstanding | 2,588,541 | 2,562,852 | 2,528,702 | 2,954,376 | ||||||||||||||
Net Asset Value Per Common Share | ||||||||||||||||||
Net assets applicable to common shares
¸
common shares issued and outstanding
|
$ | 12.16 | $ | 11.67 | $ | 11.03 | $ | 11.66 | ||||||||||
Six Months Ended March 31, 2011 | ||||||||||||||||||
Investment Income | Municipal Fund II | California Fund II | Massachusetts Fund | Michigan Fund | ||||||||||||||
Interest
|
$ | 5,505,202 | $ | 2,004,779 | $ | 967,053 | $ | 855,162 | ||||||||||
Total investment income
|
$ | 5,505,202 | $ | 2,004,779 | $ | 967,053 | $ | 855,162 | ||||||||||
Expenses | ||||||||||||||||||
Investment adviser fee
|
$ | 546,699 | $ | 209,560 | $ | 106,081 | $ | 92,263 | ||||||||||
Trustees fees and expenses
|
3,441 | 1,477 | 870 | 791 | ||||||||||||||
Custodian fee
|
50,742 | 26,995 | 17,154 | 16,048 | ||||||||||||||
Transfer and dividend disbursing agent fees
|
9,138 | 9,068 | 9,063 | 9,073 | ||||||||||||||
Legal and accounting services
|
80,659 | 21,147 | 17,451 | 15,852 | ||||||||||||||
Printing and postage
|
14,395 | 5,885 | 4,227 | 4,410 | ||||||||||||||
Interest expense and fees
|
210,712 | 31,885 | 12,864 | | ||||||||||||||
Preferred shares service fee
|
33,472 | 19,245 | 10,165 | 9,977 | ||||||||||||||
Miscellaneous
|
29,036 | 25,752 | 12,384 | 12,059 | ||||||||||||||
Total expenses
|
$ | 978,294 | $ | 351,014 | $ | 190,259 | $ | 160,473 | ||||||||||
Deduct
|
||||||||||||||||||
Reduction of custodian fee
|
$ | 874 | $ | 582 | $ | 196 | $ | 91 | ||||||||||
Total expense reductions
|
$ | 874 | $ | 582 | $ | 196 | $ | 91 | ||||||||||
Net expenses
|
$ | 977,420 | $ | 350,432 | $ | 190,063 | $ | 160,382 | ||||||||||
Net investment income
|
$ | 4,527,782 | $ | 1,654,347 | $ | 776,990 | $ | 694,780 | ||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||
Net realized gain (loss)
|
||||||||||||||||||
Investment transactions
|
$ | (3,387,777 | ) | $ | (2,386,161 | ) | $ | (548,854 | ) | $ | (80,045 | ) | ||||||
Extinguishment of debt
|
(15,482 | ) | | | | |||||||||||||
Financial futures contracts
|
508,147 | 69,842 | (2,128 | ) | 28,729 | |||||||||||||
Swap contracts
|
967,310 | 326,707 | 230,114 | 185,653 | ||||||||||||||
Net realized gain (loss)
|
$ | (1,927,802 | ) | $ | (1,989,612 | ) | $ | (320,868 | ) | $ | 134,337 | |||||||
Change in unrealized appreciation (depreciation)
|
||||||||||||||||||
Investments
|
$ | (20,319,874 | ) | $ | (6,986,874 | ) | $ | (3,576,250 | ) | $ | (2,492,675 | ) | ||||||
Financial futures contracts
|
151,640 | (26,447 | ) | (4,970 | ) | 3,910 | ||||||||||||
Swap contracts
|
(85,807 | ) | (62,355 | ) | (26,627 | ) | (20,612 | ) | ||||||||||
Net change in unrealized appreciation (depreciation)
|
$ | (20,254,041 | ) | $ | (7,075,676 | ) | $ | (3,607,847 | ) | $ | (2,509,377 | ) | ||||||
Net realized and unrealized loss
|
$ | (22,181,843 | ) | $ | (9,065,288 | ) | $ | (3,928,715 | ) | $ | (2,375,040 | ) | ||||||
Distributions to preferred shareholders
|
||||||||||||||||||
From net investment income
|
$ | (94,074 | ) | $ | (53,955 | ) | $ | (28,266 | ) | $ | (27,628 | ) | ||||||
Net decrease in net assets from operations
|
$ | (17,748,135 | ) | $ | (7,464,896 | ) | $ | (3,179,991 | ) | $ | (1,707,888 | ) | ||||||
Six Months Ended March 31, 2011 | ||||||||||||||||||
Investment Income | New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | ||||||||||||||
Interest
|
$ | 1,387,682 | $ | 1,335,961 | $ | 1,251,812 | $ | 1,592,503 | ||||||||||
Total investment income
|
$ | 1,387,682 | $ | 1,335,961 | $ | 1,251,812 | $ | 1,592,503 | ||||||||||
Expenses | ||||||||||||||||||
Investment adviser fee
|
$ | 152,913 | $ | 147,708 | $ | 130,054 | $ | 170,893 | ||||||||||
Trustees fees and expenses
|
1,140 | 1,118 | 1,009 | 1,250 | ||||||||||||||
Custodian fee
|
19,543 | 19,593 | 17,081 | 19,967 | ||||||||||||||
Transfer and dividend disbursing agent fees
|
9,068 | 9,083 | 9,073 | 7,380 | ||||||||||||||
Legal and accounting services
|
18,008 | 19,816 | 16,842 | 19,927 | ||||||||||||||
Printing and postage
|
5,989 | 5,773 | 1,078 | 6,774 | ||||||||||||||
Interest expense and fees
|
26,446 | 47,252 | 5,168 | 17,907 | ||||||||||||||
Preferred shares service fee
|
14,676 | 9,921 | 12,729 | 16,267 | ||||||||||||||
Miscellaneous
|
10,823 | 14,009 | 13,164 | 11,687 | ||||||||||||||
Total expenses
|
$ | 258,606 | $ | 274,273 | $ | 206,198 | $ | 272,052 | ||||||||||
Deduct
|
||||||||||||||||||
Reduction of custodian fee
|
$ | 337 | $ | 725 | $ | 456 | $ | 615 | ||||||||||
Total expense reductions
|
$ | 337 | $ | 725 | $ | 456 | $ | 615 | ||||||||||
Net expenses
|
$ | 258,269 | $ | 273,548 | $ | 205,742 | $ | 271,437 | ||||||||||
Net investment income
|
$ | 1,129,413 | $ | 1,062,413 | $ | 1,046,070 | $ | 1,321,066 | ||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||
Net realized gain (loss)
|
||||||||||||||||||
Investment transactions
|
$ | (324,529 | ) | $ | (962,228 | ) | $ | (19,436 | ) | $ | (191,326 | ) | ||||||
Extinguishment of debt
|
| (3,489 | ) | | | |||||||||||||
Financial futures contracts
|
752,176 | 381,962 | 138,483 | | ||||||||||||||
Swap contracts
|
333,731 | 468,920 | 240,050 | 412,336 | ||||||||||||||
Net realized gain (loss)
|
$ | 761,378 | $ | (114,835 | ) | $ | 359,097 | $ | 221,010 | |||||||||
Change in unrealized appreciation (depreciation)
|
||||||||||||||||||
Investments
|
$ | (6,374,743 | ) | $ | (4,124,975 | ) | $ | (5,285,943 | ) | $ | (6,364,775 | ) | ||||||
Financial futures contracts
|
(71,602 | ) | (27,775 | ) | 48,204 | | ||||||||||||
Swap contracts
|
(38,580 | ) | (64,382 | ) | (21,524 | ) | 288,693 | |||||||||||
Net change in unrealized appreciation (depreciation)
|
$ | (6,484,925 | ) | $ | (4,217,132 | ) | $ | (5,259,263 | ) | $ | (6,076,082 | ) | ||||||
Net realized and unrealized loss
|
$ | (5,723,547 | ) | $ | (4,331,967 | ) | $ | (4,900,166 | ) | $ | (5,855,072 | ) | ||||||
Distributions to preferred shareholders
|
||||||||||||||||||
From net investment income
|
$ | (41,123 | ) | $ | (27,939 | ) | $ | (35,865 | ) | $ | (44,800 | ) | ||||||
Net decrease in net assets from operations
|
$ | (4,635,257 | ) | $ | (3,297,493 | ) | $ | (3,889,961 | ) | $ | (4,578,806 | ) | ||||||
Six Months Ended March 31, 2011 | ||||||||||||||||||
Increase (Decrease) in Net Assets | Municipal Fund II | California Fund II | Massachusetts Fund | Michigan Fund | ||||||||||||||
From operations
|
||||||||||||||||||
Net investment income
|
$ | 4,527,782 | $ | 1,654,347 | $ | 776,990 | $ | 694,780 | ||||||||||
Net realized gain (loss) from investment transactions,
extinguishment of debt, financial futures contracts and swap
contracts
|
(1,927,802 | ) | (1,989,612 | ) | (320,868 | ) | 134,337 | |||||||||||
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
(20,254,041 | ) | (7,075,676 | ) | (3,607,847 | ) | (2,509,377 | ) | ||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||
From net investment income
|
(94,074 | ) | (53,955 | ) | (28,266 | ) | (27,628 | ) | ||||||||||
Net decrease in net assets from operations
|
$ | (17,748,135 | ) | $ | (7,464,896 | ) | $ | (3,179,991 | ) | $ | (1,707,888 | ) | ||||||
Distributions to common shareholders
|
||||||||||||||||||
From net investment income
|
$ | (4,758,337 | ) | $ | (1,668,797 | ) | $ | (740,627 | ) | $ | (669,726 | ) | ||||||
Total distributions to common shareholders
|
$ | (4,758,337 | ) | $ | (1,668,797 | ) | $ | (740,627 | ) | $ | (669,726 | ) | ||||||
Capital share transactions
|
||||||||||||||||||
Reinvestment of distributions to common shareholders
|
$ | 114,174 | $ | 36,443 | $ | 26,201 | $ | 3,398 | ||||||||||
Net increase in net assets from capital share transactions
|
$ | 114,174 | $ | 36,443 | $ | 26,201 | $ | 3,398 | ||||||||||
Net decrease in net assets
|
$ | (22,392,298 | ) | $ | (9,097,250 | ) | $ | (3,894,417 | ) | $ | (2,374,216 | ) | ||||||
Net Assets Applicable to Common Shares | ||||||||||||||||||
At beginning of period
|
$ | 126,814,058 | $ | 48,529,319 | $ | 25,919,749 | $ | 21,984,794 | ||||||||||
At end of period
|
$ | 104,421,760 | $ | 39,432,069 | $ | 22,025,332 | $ | 19,610,578 | ||||||||||
Accumulated undistributed net
investment income included in net assets applicable to common shares |
||||||||||||||||||
At end of period
|
$ | 1,344,273 | $ | 319,023 | $ | 160,276 | $ | 160,783 | ||||||||||
Six Months Ended March 31, 2011 | ||||||||||||||||||
Increase (Decrease) in Net Assets | New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | ||||||||||||||
From operations
|
||||||||||||||||||
Net investment income
|
$ | 1,129,413 | $ | 1,062,413 | $ | 1,046,070 | $ | 1,321,066 | ||||||||||
Net realized gain (loss) from investment transactions,
extinguishment of debt, financial futures contracts and swap
contracts
|
761,378 | (114,835 | ) | 359,097 | 221,010 | |||||||||||||
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
(6,484,925 | ) | (4,217,132 | ) | (5,259,263 | ) | (6,076,082 | ) | ||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||
From net investment income
|
(41,123 | ) | (27,939 | ) | (35,865 | ) | (44,800 | ) | ||||||||||
Net decrease in net assets from operations
|
$ | (4,635,257 | ) | $ | (3,297,493 | ) | $ | (3,889,961 | ) | $ | (4,578,806 | ) | ||||||
Distributions to common shareholders
|
||||||||||||||||||
From net investment income
|
$ | (1,189,158 | ) | $ | (1,129,768 | ) | $ | (975,467 | ) | $ | (1,274,117 | ) | ||||||
Total distributions to common shareholders
|
$ | (1,189,158 | ) | $ | (1,129,768 | ) | $ | (975,467 | ) | $ | (1,274,117 | ) | ||||||
Capital share transactions
|
||||||||||||||||||
Reinvestment of distributions to common shareholders
|
$ | 70,067 | $ | 19,237 | $ | 31,164 | $ | 31,692 | ||||||||||
Net increase in net assets from capital share transactions
|
$ | 70,067 | $ | 19,237 | $ | 31,164 | $ | 31,692 | ||||||||||
Net decrease in net assets
|
$ | (5,754,348 | ) | $ | (4,408,024 | ) | $ | (4,834,264 | ) | $ | (5,821,231 | ) | ||||||
Net Assets Applicable to Common Shares | ||||||||||||||||||
At beginning of period
|
$ | 37,222,410 | $ | 34,328,017 | $ | 32,725,804 | $ | 40,256,332 | ||||||||||
At end of period
|
$ | 31,468,062 | $ | 29,919,993 | $ | 27,891,540 | $ | 34,435,101 | ||||||||||
Accumulated undistributed net
investment income included in net assets applicable to common shares |
||||||||||||||||||
At end of period
|
$ | 159,671 | $ | 160,133 | $ | 248,258 | $ | 392,862 | ||||||||||
Year Ended September 30, 2010 | ||||||||||||||||||
Increase (Decrease) in Net Assets | Municipal Fund II | California Fund II | Massachusetts Fund | Michigan Fund | ||||||||||||||
From operations
|
||||||||||||||||||
Net investment income
|
$ | 9,570,039 | $ | 3,477,716 | $ | 1,553,462 | $ | 1,403,938 | ||||||||||
Net realized loss from investment transactions, extinguishment
of debt, financial futures contracts and swap contracts
|
(1,561,454 | ) | (1,587,601 | ) | (298,284 | ) | (542,490 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
(30,895 | ) | (86,548 | ) | 362,061 | 217,429 | ||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||
From net investment income
|
(182,756 | ) | (103,957 | ) | (54,821 | ) | (54,182 | ) | ||||||||||
Net increase in net assets from operations
|
$ | 7,794,934 | $ | 1,699,610 | $ | 1,562,418 | $ | 1,024,695 | ||||||||||
Distributions to common shareholders
|
||||||||||||||||||
From net investment income
|
$ | (9,355,497 | ) | $ | (3,320,673 | ) | $ | (1,472,968 | ) | $ | (1,321,557 | ) | ||||||
Total distributions to common shareholders
|
$ | (9,355,497 | ) | $ | (3,320,673 | ) | $ | (1,472,968 | ) | $ | (1,321,557 | ) | ||||||
Capital share transactions
|
||||||||||||||||||
Reinvestment of distributions to common shareholders
|
$ | 224,935 | $ | 69,999 | $ | 59,710 | $ | 5,554 | ||||||||||
Net increase in net assets from capital share transactions
|
$ | 224,935 | $ | 69,999 | $ | 59,710 | $ | 5,554 | ||||||||||
Net increase (decrease) in net assets
|
$ | (1,335,628 | ) | $ | (1,551,064 | ) | $ | 149,160 | $ | (291,308 | ) | |||||||
Net Assets Applicable to Common Shares | ||||||||||||||||||
At beginning of year
|
$ | 128,149,686 | $ | 50,080,383 | $ | 25,770,589 | $ | 22,276,102 | ||||||||||
At end of year
|
$ | 126,814,058 | $ | 48,529,319 | $ | 25,919,749 | $ | 21,984,794 | ||||||||||
Accumulated undistributed net
investment income included in net assets applicable to common shares |
||||||||||||||||||
At end of year
|
$ | 1,668,902 | $ | 387,428 | $ | 152,179 | $ | 163,357 | ||||||||||
Year Ended September 30, 2010 | ||||||||||||||||||
Increase (Decrease) in Net Assets | New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | ||||||||||||||
From operations
|
||||||||||||||||||
Net investment income
|
$ | 2,432,248 | $ | 2,166,756 | $ | 2,088,302 | $ | 2,590,173 | ||||||||||
Net realized loss from investment transactions, financial
futures contracts and swap contracts
|
(1,356,399 | ) | (1,614,866 | ) | (732,210 | ) | (875,425 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
837,311 | 1,193,722 | 572,483 | 76,799 | ||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||
From net investment income
|
(80,417 | ) | (54,269 | ) | (69,754 | ) | (87,380 | ) | ||||||||||
Net increase in net assets from operations
|
$ | 1,832,743 | $ | 1,691,343 | $ | 1,858,821 | $ | 1,704,167 | ||||||||||
Distributions to common shareholders
|
||||||||||||||||||
From net investment income
|
$ | (2,359,324 | ) | $ | (2,249,070 | ) | $ | (1,922,367 | ) | $ | (2,471,203 | ) | ||||||
Total distributions to common shareholders
|
$ | (2,359,324 | ) | $ | (2,249,070 | ) | $ | (1,922,367 | ) | $ | (2,471,203 | ) | ||||||
Capital share transactions
|
||||||||||||||||||
Reinvestment of distributions to common shareholders
|
$ | 120,969 | $ | 38,845 | $ | 79,243 | $ | 66,978 | ||||||||||
Net increase in net assets from capital share transactions
|
$ | 120,969 | $ | 38,845 | $ | 79,243 | $ | 66,978 | ||||||||||
Net increase (decrease) in net assets
|
$ | (405,612 | ) | $ | (518,882 | ) | $ | 15,697 | $ | (700,058 | ) | |||||||
Net Assets Applicable to Common Shares | ||||||||||||||||||
At beginning of year
|
$ | 37,628,022 | $ | 34,846,899 | $ | 32,710,107 | $ | 40,956,390 | ||||||||||
At end of year
|
$ | 37,222,410 | $ | 34,328,017 | $ | 32,725,804 | $ | 40,256,332 | ||||||||||
Accumulated undistributed net
investment income included in net assets applicable to common shares |
||||||||||||||||||
At end of year
|
$ | 260,539 | $ | 255,427 | $ | 213,520 | $ | 390,713 | ||||||||||
Six Months Ended March 31, 2011 | ||||||||||||||||||
Cash Flows From Operating Activities | Municipal Fund II | California Fund II | New Jersey Fund | New York Fund II | ||||||||||||||
Net decrease in net assets from operations
|
$ | (17,748,135 | ) | $ | (7,464,896 | ) | $ | (4,635,257 | ) | $ | (3,297,493 | ) | ||||||
Distributions to preferred shareholders
|
94,074 | 53,955 | 41,123 | 27,939 | ||||||||||||||
Net decrease in net assets from operations excluding
distributions to preferred shareholders
|
$ | (17,654,061 | ) | $ | (7,410,941 | ) | $ | (4,594,134 | ) | $ | (3,269,554 | ) | ||||||
Adjustments to reconcile net decrease in net assets from
operations to net cash provided by operating activities:
|
||||||||||||||||||
Investments purchased
|
(17,967,590 | ) | (15,396,250 | ) | (1,903,876 | ) | (5,587,131 | ) | ||||||||||
Investments sold
|
15,900,203 | 15,235,028 | 3,423,881 | 5,987,059 | ||||||||||||||
Net amortization/accretion of premium (discount)
|
(755,046 | ) | (402,227 | ) | (265,195 | ) | (139,865 | ) | ||||||||||
Amortization of deferred debt issuance costs
|
10,514 | 1,300 | 243 | 3,211 | ||||||||||||||
Decrease (increase) in interest receivable
|
169,855 | (52,530 | ) | 10,422 | 4,494 | |||||||||||||
Decrease (increase) in receivable for investments sold
|
7,025,845 | 2,755,497 | 535,600 | (134,753 | ) | |||||||||||||
Increase in receivable for variation margin on open financial
futures contracts
|
(2,485 | ) | (2,343 | ) | | (3,750 | ) | |||||||||||
Decrease (increase) in receivable from the transfer agent
|
(2,943 | ) | 490 | (2,409 | ) | (191 | ) | |||||||||||
Increase in other assets
|
(54,539 | ) | | | | |||||||||||||
Decrease in payable for variation margin on open financial
futures contracts
|
| (1,125 | ) | (4,062 | ) | (1,875 | ) | |||||||||||
Increase in payable for open swap contracts
|
85,807 | 62,355 | 38,580 | 64,382 | ||||||||||||||
Decrease in payable to affiliate for investment adviser fee
|
(6,428 | ) | (2,697 | ) | (1,687 | ) | (1,083 | ) | ||||||||||
Decrease in interest expense and fees payable
|
(47,211 | ) | (10,014 | ) | (6,363 | ) | (2,893 | ) | ||||||||||
Decrease in accrued expenses
|
(16,488 | ) | (31,922 | ) | (28,125 | ) | (28,841 | ) | ||||||||||
Net change in unrealized (appreciation) depreciation from
investments
|
20,319,874 | 6,986,874 | 6,374,743 | 4,124,975 | ||||||||||||||
Net realized loss from investments
|
3,387,777 | 2,386,161 | 324,529 | 962,228 | ||||||||||||||
Net realized loss on extinguishment of debt
|
15,482 | | | 3,489 | ||||||||||||||
Net cash provided by operating activities
|
$ | 10,408,566 | $ | 4,117,656 | $ | 3,902,147 | $ | 1,979,902 | ||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||
Distributions paid to common shareholders, net of reinvestments
|
$ | (4,644,163 | ) | $ | (1,632,354 | ) | $ | (1,119,091 | ) | $ | (1,110,531 | ) | ||||||
Cash distributions paid to preferred shareholders
|
(94,325 | ) | (53,991 | ) | (41,199 | ) | (27,973 | ) | ||||||||||
Proceeds from secured borrowings
|
6,645,000 | | | 1,705,000 | ||||||||||||||
Repayment of secured borrowings
|
(12,060,000 | ) | (1,665,000 | ) | (1,556,000 | ) | (1,260,000 | ) | ||||||||||
Decrease in due to custodian
|
(255,078 | ) | | | | |||||||||||||
Net cash used in financing activities
|
$ | (10,408,566 | ) | $ | (3,351,345 | ) | $ | (2,716,290 | ) | $ | (693,504 | ) | ||||||
Net increase in cash
|
$ | | $ | 766,311 | $ | 1,185,857 | $ | 1,286,398 | ||||||||||
Cash at beginning of period
|
$ | | $ | 355,330 | $ | 28,835 | $ | 935,378 | ||||||||||
Cash at end of period
|
$ | | $ | 1,121,641 | $ | 1,214,692 | $ | 2,221,776 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||
Noncash financing activities not included herein consist of:
|
||||||||||||||||||
Reinvestment of dividends and distributions
|
$ | 114,174 | $ | 36,443 | $ | 70,067 | $ | 19,237 | ||||||||||
Cash paid for interest and fees
|
247,409 | 40,599 | 32,566 | 46,934 | ||||||||||||||
Municipal Fund II | ||||||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, | |||||||||||||||||||||||||
March 31, 2011 |
||||||||||||||||||||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Net asset value Beginning of period (Common shares)
|
$ | 12.720 | $ | 12.880 | $ | 11.030 | $ | 15.470 | $ | 15.860 | $ | 15.310 | ||||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.454 | $ | 0.961 | $ | 0.943 | $ | 1.037 | $ | 1.048 | $ | 1.058 | ||||||||||||||
Net realized and unrealized gain (loss)
|
(2.228 | ) | (0.164 | ) | 1.813 | (4.159 | ) | (0.383 | ) | 0.605 | ||||||||||||||||
Distributions to preferred
shareholders(1)
|
||||||||||||||||||||||||||
From net investment income
|
(0.009 | ) | (0.018 | ) | (0.058 | ) | (0.168 | ) | (0.303 | ) | (0.265 | ) | ||||||||||||||
From net realized gain
|
| | | (0.117 | ) | | | |||||||||||||||||||
Total income (loss) from operations
|
$ | (1.783 | ) | $ | 0.779 | $ | 2.698 | $ | (3.407 | ) | $ | 0.362 | $ | 1.398 | ||||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||||||
From net investment income
|
$ | (0.477 | ) | $ | (0.939 | ) | $ | (0.848 | ) | $ | (0.747 | ) | $ | (0.752 | ) | $ | (0.848 | ) | ||||||||
From net realized gain
|
| | | (0.286 | ) | | | |||||||||||||||||||
Total distributions to common shareholders
|
$ | (0.477 | ) | $ | (0.939 | ) | $ | (0.848 | ) | $ | (1.033 | ) | $ | (0.752 | ) | $ | (0.848 | ) | ||||||||
Net asset value End of period (Common shares)
|
$ | 10.460 | $ | 12.720 | $ | 12.880 | $ | 11.030 | $ | 15.470 | $ | 15.860 | ||||||||||||||
Market value End of period (Common shares)
|
$ | 12.670 | $ | 14.010 | $ | 13.370 | $ | 11.650 | $ | 14.550 | $ | 15.310 | ||||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(14.44 | )%(3) | 6.26 | % | 26.08 | % | (23.08 | )% | 2.43 | %(4) | 9.56 | % | ||||||||||||||
Total Investment Return on Market
Value(2)
|
(5.90 | )%(3) | 12.78 | % | 23.88 | % | (13.61 | )% | (0.20 | )%(4) | 0.13 | % | ||||||||||||||
Municipal Fund II | ||||||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, | |||||||||||||||||||||||||
March 31, 2011 |
||||||||||||||||||||||||||
Ratios/Supplemental Data | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Net assets applicable to common shares, end of period
(000s omitted)
|
$ | 104,422 | $ | 126,814 | $ | 128,150 | $ | 109,648 | $ | 153,612 | $ | 157,463 | ||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(5)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
1.38 | %(6) | 1.22 | % | 1.28 | % | 1.09 | % | 1.00 | %(7) | 1.02 | % | ||||||||||||||
Interest and fee
expense(8)
|
0.38 | %(6) | 0.38 | % | 0.87 | % | 0.93 | % | 0.99 | % | 0.91 | % | ||||||||||||||
Total expenses before custodian fee reduction
|
1.76 | %(6) | 1.60 | % | 2.15 | % | 2.02 | % | 1.99 | %(7) | 1.93 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.38 | %(6) | 1.22 | % | 1.27 | % | 1.05 | % | 0.99 | %(7) | 1.01 | % | ||||||||||||||
Net investment income
|
8.15 | %(6) | 7.86 | % | 9.05 | % | 7.40 | % | 6.62 | % | 6.87 | % | ||||||||||||||
Portfolio Turnover
|
8 | %(3) | 13 | % | 22 | % | 54 | % | 31 | % | 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):(5)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
0.99 | %(6) | 0.89 | % | 0.89 | % | 0.69 | % | 0.64 | %(7) | 0.65 | % | ||||||||||||||
Interest and fee
expense(8)
|
0.27 | %(6) | 0.28 | % | 0.61 | % | 0.60 | % | 0.64 | % | 0.58 | % | ||||||||||||||
Total expenses before custodian fee reduction
|
1.26 | %(6) | 1.17 | % | 1.50 | % | 1.29 | % | 1.28 | %(7) | 1.23 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
0.99 | %(6) | 0.89 | % | 0.89 | % | 0.67 | % | 0.63 | %(7) | 0.64 | % | ||||||||||||||
Net investment income
|
5.82 | %(6) | 5.75 | % | 6.32 | % | 4.73 | % | 4.25 | % | 4.37 | % | ||||||||||||||
Senior Securities:
|
||||||||||||||||||||||||||
Total preferred shares outstanding
|
1,788 | 1,788 | 1,788 | 1,788 | 3,500 | 3,500 | ||||||||||||||||||||
Asset coverage per preferred
share(9)
|
$ | 83,402 | $ | 95,926 | $ | 96,674 | $ | 86,356 | $ | 68,894 | $ | 69,992 | ||||||||||||||
Involuntary liquidation preference per preferred
share(10)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||
Approximate market value per preferred
share(10)
|
$ | 25,000 | $ | 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) | Not annualized. | |
(4) | During the year ended September 30, 2007, the investment adviser fully reimbursed the Fund for a realized loss on the disposal of an investment security which did not meet investment guidelines. The loss had no effect on total return. | |
(5) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(6) | Annualized. | |
(7) | The investment adviser was allocated a portion of the Funds operating expenses (equal to less than 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower. | |
(8) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(9) | Calculated by subtracting the Funds total liabilities (not including the preferred shares) from the Funds total assets, and dividing the result by the number of preferred shares outstanding. | |
(10) | Plus accumulated and unpaid dividends. |
California Fund II | ||||||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, | |||||||||||||||||||||||||
March 31, 2011 |
||||||||||||||||||||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Net asset value Beginning of period (Common shares)
|
$ | 12.520 | $ | 12.940 | $ | 11.310 | $ | 15.020 | $ | 15.330 | $ | 14.810 | ||||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.427 | $ | 0.898 | $ | 0.877 | $ | 0.983 | $ | 0.981 | $ | 0.989 | ||||||||||||||
Net realized and unrealized gain (loss)
|
(2.333 | ) | (0.433 | ) | 1.601 | (3.583 | ) | (0.301 | ) | 0.547 | ||||||||||||||||
Distributions to preferred
shareholders(1)
|
||||||||||||||||||||||||||
From net investment income
|
(0.014 | ) | (0.027 | ) | (0.084 | ) | (0.233 | ) | (0.282 | ) | (0.243 | ) | ||||||||||||||
From net realized gain
|
| | | (0.053 | ) | | | |||||||||||||||||||
Total income (loss) from operations
|
$ | (1.920 | ) | $ | 0.438 | $ | 2.394 | $ | (2.886 | ) | $ | 0.398 | $ | 1.293 | ||||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||||||
From net investment income
|
$ | (0.430 | ) | $ | (0.858 | ) | $ | (0.764 | ) | $ | (0.693 | ) | $ | (0.708 | ) | $ | (0.773 | ) | ||||||||
From net realized gain
|
| | | (0.131 | ) | | | |||||||||||||||||||
Total distributions to common shareholders
|
$ | (0.430 | ) | $ | (0.858 | ) | $ | (0.764 | ) | $ | (0.824 | ) | $ | (0.708 | ) | $ | (0.773 | ) | ||||||||
Net asset value End of period (Common shares)
|
$ | 10.170 | $ | 12.520 | $ | 12.940 | $ | 11.310 | $ | 15.020 | $ | 15.330 | ||||||||||||||
Market value End of period (Common shares)
|
$ | 10.360 | $ | 13.250 | $ | 12.500 | $ | 10.250 | $ | 14.250 | $ | 14.635 | ||||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(15.48 | )%(3) | 3.93 | % | 23.06 | % | (19.81 | )% | 2.75 | % | 9.15 | % | ||||||||||||||
Total Investment Return on Market
Value(2)
|
(18.64 | )%(3) | 13.86 | % | 31.17 | % | (23.40 | )% | 2.11 | % | 4.49 | % | ||||||||||||||
California Fund II | ||||||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, | |||||||||||||||||||||||||
March 31, 2011 |
||||||||||||||||||||||||||
Ratios/Supplemental Data | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Net assets applicable to common shares, end of period
(000s omitted)
|
$ | 39,432 | $ | 48,529 | $ | 50,080 | $ | 43,718 | $ | 58,010 | $ | 59,199 | ||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(4)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
1.52 | %(5) | 1.39 | % | 1.51 | % | 1.23 | % | 1.11 | %(6) | 1.13 | % | ||||||||||||||
Interest and fee
expense(7)
|
0.14 | %(5) | 0.16 | % | 0.37 | % | 0.42 | % | 0.50 | % | 0.48 | % | ||||||||||||||
Total expenses before custodian fee reduction
|
1.66 | %(5) | 1.55 | % | 1.88 | % | 1.65 | % | 1.61 | %(6) | 1.61 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest
and fees
|
1.51 | %(5) | 1.38 | % | 1.50 | % | 1.19 | % | 1.09 | %(6) | 1.11 | % | ||||||||||||||
Net investment income
|
7.81 | %(5) | 7.47 | % | 8.23 | % | 7.11 | % | 6.42 | % | 6.66 | % | ||||||||||||||
Portfolio Turnover
|
20 | %(3) | 17 | % | 17 | % | 22 | % | 37 | % | 13 | % | ||||||||||||||
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):(4)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
0.94 | %(5) | 0.89 | % | 0.93 | % | 0.76 | % | 0.71 | %(6) | 0.71 | % | ||||||||||||||
Interest and fee
expense(7)
|
0.09 | %(5) | 0.11 | % | 0.23 | % | 0.26 | % | 0.32 | % | 0.30 | % | ||||||||||||||
Total expenses before custodian fee reduction
|
1.03 | %(5) | 1.00 | % | 1.16 | % | 1.02 | % | 1.03 | %(6) | 1.01 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest
and fees
|
0.94 | %(5) | 0.89 | % | 0.93 | % | 0.74 | % | 0.69 | %(6) | 0.70 | % | ||||||||||||||
Net investment income
|
4.87 | %(5) | 4.81 | % | 5.07 | % | 4.42 | % | 4.09 | % | 4.19 | % | ||||||||||||||
Senior Securities:
|
||||||||||||||||||||||||||
Total preferred shares outstanding
|
1,028 | 1,028 | 1,028 | 1,028 | 1,350 | 1,350 | ||||||||||||||||||||
Asset coverage per preferred
share(8)
|
$ | 63,358 | $ | 72,208 | $ | 73,719 | $ | 67,578 | $ | 67,980 | $ | 68,858 | ||||||||||||||
Involuntary liquidation preference per preferred
share(9)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||
Approximate market value per preferred
share(9)
|
$ | 25,000 | $ | 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) | Not annualized. | |
(4) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(5) | Annualized. | |
(6) | The investment adviser was allocated a portion of the Funds operating expenses (equal to less than 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower. | |
(7) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(8) | Calculated by subtracting the Funds total liabilities (not including the preferred shares) from the Funds total assets, and dividing the result by the number of preferred shares outstanding. | |
(9) | Plus accumulated and unpaid dividends. |
Massachusetts Fund | ||||||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, | |||||||||||||||||||||||||
March 31, 2011 |
||||||||||||||||||||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Net asset value Beginning of period (Common shares)
|
$ | 14.710 | $ | 14.660 | $ | 12.130 | $ | 15.090 | $ | 15.640 | $ | 15.100 | ||||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.441 | $ | 0.882 | $ | 0.901 | $ | 0.981 | $ | 0.969 | $ | 0.983 | ||||||||||||||
Net realized and unrealized gain (loss)
|
(2.235 | ) | 0.036 | 2.486 | (2.981 | ) | (0.540 | ) | 0.613 | |||||||||||||||||
Distributions to preferred
shareholders(1)
|
||||||||||||||||||||||||||
From net investment income
|
(0.016 | ) | (0.031 | ) | (0.099 | ) | (0.289 | ) | (0.293 | ) | (0.256 | ) | ||||||||||||||
Total income (loss) from operations
|
$ | (1.810 | ) | $ | 0.887 | $ | 3.288 | $ | (2.289 | ) | $ | 0.136 | $ | 1.340 | ||||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||||||
From net investment income
|
$ | (0.420 | ) | $ | (0.837 | ) | $ | (0.758 | ) | $ | (0.671 | ) | $ | (0.686 | ) | $ | (0.800 | ) | ||||||||
Total distributions to common shareholders
|
$ | (0.420 | ) | $ | (0.837 | ) | $ | (0.758 | ) | $ | (0.671 | ) | $ | (0.686 | ) | $ | (0.800 | ) | ||||||||
Net asset value End of period (Common shares)
|
$ | 12.480 | $ | 14.710 | $ | 14.660 | $ | 12.130 | $ | 15.090 | $ | 15.640 | ||||||||||||||
Market value End of period (Common shares)
|
$ | 12.660 | $ | 15.160 | $ | 15.250 | $ | 13.780 | $ | 14.820 | $ | 16.090 | ||||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(12.39 | )%(3) | 6.43 | % | 28.42 | % | (15.70 | )% | 0.88 | %(4) | 9.14 | % | ||||||||||||||
Total Investment Return on Market
Value(2)
|
(13.77 | )%(3) | 5.44 | % | 17.59 | % | (2.46 | )% | (3.72 | )%(4) | (2.28 | )% | ||||||||||||||
Massachusetts Fund | ||||||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, | |||||||||||||||||||||||||
March 31, 2011 |
||||||||||||||||||||||||||
Ratios/Supplemental Data | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Net assets applicable to common shares, end of period
(000s omitted)
|
$ | 22,025 | $ | 25,920 | $ | 25,771 | $ | 21,311 | $ | 26,476 | $ | 27,419 | ||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(5)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
1.54 | %(6) | 1.45 | % | 1.69 | % | 1.41 | % | 1.25 | %(7) | 1.29 | % | ||||||||||||||
Interest and fee
expense(8)
|
0.11 | %(6) | 0.09 | % | 0.23 | % | 0.71 | % | 0.98 | % | 1.54 | % | ||||||||||||||
Total expenses before custodian fee reduction
|
1.65 | %(6) | 1.54 | % | 1.92 | % | 2.12 | % | 2.23 | %(7) | 2.83 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest
and fees
|
1.54 | %(6) | 1.45 | % | 1.68 | % | 1.38 | % | 1.25 | %(7) | 1.26 | % | ||||||||||||||
Net investment income
|
6.75 | %(6) | 6.29 | % | 7.41 | % | 6.83 | % | 6.27 | % | 6.50 | % | ||||||||||||||
Portfolio Turnover
|
19 | %(3) | 27 | % | 43 | % | 12 | % | 15 | % | 15 | % | ||||||||||||||
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):(5)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
0.97 | %(6) | 0.94 | % | 1.03 | % | 0.88 | % | 0.81 | %(7) | 0.81 | % | ||||||||||||||
Interest and fee
expense(8)
|
0.07 | %(6) | 0.05 | % | 0.14 | % | 0.45 | % | 0.62 | % | 0.97 | % | ||||||||||||||
Total expenses before custodian fee reduction
|
1.04 | %(6) | 0.99 | % | 1.17 | % | 1.33 | % | 1.43 | %(7) | 1.78 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest
and fees
|
0.97 | %(6) | 0.94 | % | 1.03 | % | 0.87 | % | 0.80 | %(7) | 0.80 | % | ||||||||||||||
Net investment income
|
4.25 | %(6) | 4.06 | % | 4.53 | % | 4.27 | % | 3.99 | % | 4.10 | % | ||||||||||||||
Senior Securities:
|
||||||||||||||||||||||||||
Total preferred shares outstanding
|
543 | 543 | 543 | 543 | 620 | 620 | ||||||||||||||||||||
Asset coverage per preferred
share(9)
|
$ | 65,564 | $ | 72,737 | $ | 72,462 | $ | 64,287 | $ | 67,711 | $ | 69,229 | ||||||||||||||
Involuntary liquidation preference per preferred
share(10)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||
Approximate market value per preferred
share(10)
|
$ | 25,000 | $ | 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) | Not annualized. | |
(4) | During the year ended September 30, 2007, the Fund realized a gain on the disposal of an investment security which did not meet investment guidelines. The gain was less than $0.01 per share and had no effect on total return. | |
(5) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(6) | Annualized. | |
(7) | The investment adviser was allocated a portion of the Funds operating expenses (equal to less than 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower. | |
(8) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(9) | Calculated by subtracting the Funds total liabilities (not including the preferred shares) from the Funds total assets, and dividing the result by the number of preferred shares outstanding. | |
(10) | Plus accumulated and unpaid dividends. |
Michigan Fund | ||||||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, | |||||||||||||||||||||||||
March 31, 2011 |
||||||||||||||||||||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Net asset value Beginning of period (Common shares)
|
$ | 14.540 | $ | 14.730 | $ | 12.570 | $ | 15.150 | $ | 15.430 | $ | 15.000 | ||||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.459 | $ | 0.928 | $ | 0.925 | $ | 0.975 | $ | 0.985 | $ | 0.991 | ||||||||||||||
Net realized and unrealized gain (loss)
|
(1.578 | ) | (0.208 | ) | 2.110 | (2.590 | ) | (0.309 | ) | 0.462 | ||||||||||||||||
Distributions to preferred
shareholders(1)
|
||||||||||||||||||||||||||
From net investment income
|
(0.018 | ) | (0.036 | ) | (0.113 | ) | (0.295 | ) | (0.288 | ) | (0.252 | ) | ||||||||||||||
Total income (loss) from operations
|
$ | (1.137 | ) | $ | 0.684 | $ | 2.922 | $ | (1.910 | ) | $ | 0.388 | $ | 1.201 | ||||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||||||
From net investment income
|
$ | (0.443 | ) | $ | (0.874 | ) | $ | (0.762 | ) | $ | (0.670 | ) | $ | (0.668 | ) | $ | (0.771 | ) | ||||||||
Total distributions to common shareholders
|
$ | (0.443 | ) | $ | (0.874 | ) | $ | (0.762 | ) | $ | (0.670 | ) | $ | (0.668 | ) | $ | (0.771 | ) | ||||||||
Net asset value End of period (Common shares)
|
$ | 12.960 | $ | 14.540 | $ | 14.730 | $ | 12.570 | $ | 15.150 | $ | 15.430 | ||||||||||||||
Market value End of period (Common shares)
|
$ | 14.350 | $ | 14.430 | $ | 13.900 | $ | 10.400 | $ | 14.030 | $ | 14.190 | ||||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(7.80 | )%(3) | 5.16 | % | 25.29 | % | (12.66 | )%(4) | 2.81 | % | 8.44 | % | ||||||||||||||
Total Investment Return on Market
Value(2)
|
2.86 | %(3) | 10.60 | % | 42.90 | % | (21.97 | )%(4) | 3.53 | % | (7.67 | )% | ||||||||||||||
Michigan Fund | ||||||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, | |||||||||||||||||||||||||
March 31, 2011 |
||||||||||||||||||||||||||
Ratios/Supplemental Data | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Net assets applicable to common shares, end of period
(000s omitted)
|
$ | 19,611 | $ | 21,985 | $ | 22,276 | $ | 19,007 | $ | 22,912 | $ | 23,335 | ||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(5)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
1.59 | %(6) | 1.49 | % | 1.70 | % | 1.49 | % | 1.29 | %(7) | 1.32 | % | ||||||||||||||
Interest and fee
expense(8)
|
| | | 0.54 | % | 0.98 | % | 0.90 | % | |||||||||||||||||
Total expenses before custodian fee reduction
|
1.59 | %(6) | 1.49 | % | 1.70 | % | 2.03 | % | 2.27 | %(7) | 2.22 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest
and fees
|
1.59 | %(6) | 1.49 | % | 1.69 | % | 1.48 | % | 1.27 | %(7) | 1.30 | % | ||||||||||||||
Net investment income
|
6.88 | %(6) | 6.55 | % | 7.30 | % | 6.72 | % | 6.43 | % | 6.62 | % | ||||||||||||||
Portfolio Turnover
|
0 | %(3) | 2 | % | 9 | % | 11 | % | 6 | % | 6 | % | ||||||||||||||
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):(5)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
0.96 | %(6) | 0.92 | % | 1.00 | % | 0.93 | % | 0.81 | %(7) | 0.83 | % | ||||||||||||||
Interest and fee
expense(8)
|
| | | 0.33 | % | 0.62 | % | 0.56 | % | |||||||||||||||||
Total expenses before custodian fee reduction
|
0.96 | %(6) | 0.92 | % | 1.00 | % | 1.26 | % | 1.43 | %(7) | 1.39 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest
and fees
|
0.96 | %(6) | 0.92 | % | 1.00 | % | 0.92 | % | 0.80 | %(7) | 0.82 | % | ||||||||||||||
Net investment income
|
4.15 | %(6) | 4.04 | % | 4.30 | % | 4.16 | % | 4.06 | % | 4.15 | % | ||||||||||||||
Senior Securities:
|
||||||||||||||||||||||||||
Total preferred shares outstanding
|
533 | 533 | 533 | 540 | 540 | 540 | ||||||||||||||||||||
Asset coverage per preferred
share(9)
|
$ | 61,793 | $ | 66,248 | $ | 66,794 | $ | 60,199 | $ | 67,442 | $ | 68,222 | ||||||||||||||
Involuntary liquidation preference per preferred
share(10)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||
Approximate market value per preferred
share(10)
|
$ | 25,000 | $ | 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) | Not annualized. | |
(4) | During the year ended September 30, 2008, the investment adviser fully reimbursed the Fund for a realized loss on the disposal of an investment security which did not meet investment guidelines. The loss had no effect on total return. | |
(5) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(6) | Annualized. | |
(7) | The investment adviser was allocated a portion of the Funds operating expenses (equal to less than 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower. | |
(8) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(9) | Calculated by subtracting the Funds total liabilities (not including the preferred shares) from the Funds total assets, and dividing the result by the number of preferred shares outstanding. | |
(10) | Plus accumulated and unpaid dividends. |
New Jersey Fund | ||||||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, | |||||||||||||||||||||||||
March 31, 2011 |
||||||||||||||||||||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Net asset value Beginning of period (Common shares)
|
$ | 14.410 | $ | 14.620 | $ | 11.980 | $ | 15.690 | $ | 15.840 | $ | 15.240 | ||||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.437 | $ | 0.943 | $ | 0.926 | $ | 0.982 | $ | 0.996 | $ | 1.002 | ||||||||||||||
Net realized and unrealized gain (loss)
|
(2.211 | ) | (0.207 | ) | 2.740 | (3.393 | ) | (0.150 | ) | 0.671 | ||||||||||||||||
Distributions to preferred
shareholders(1)
|
||||||||||||||||||||||||||
From net investment income
|
(0.016 | ) | (0.031 | ) | (0.088 | ) | (0.196 | ) | (0.286 | ) | (0.253 | ) | ||||||||||||||
From net realized gain
|
| | (0.016 | ) | (0.114 | ) | | | ||||||||||||||||||
Total income (loss) from operations
|
$ | (1.790 | ) | $ | 0.705 | $ | 3.562 | $ | (2.721 | ) | $ | 0.560 | $ | 1.420 | ||||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||||||
From net investment income
|
$ | (0.460 | ) | $ | (0.915 | ) | $ | (0.819 | ) | $ | (0.706 | ) | $ | (0.710 | ) | $ | (0.820 | ) | ||||||||
From net realized gain
|
| | (0.103 | ) | (0.283 | ) | | | ||||||||||||||||||
Total distributions to common shareholders
|
$ | (0.460 | ) | $ | (0.915 | ) | $ | (0.922 | ) | $ | (0.989 | ) | $ | (0.710 | ) | $ | (0.820 | ) | ||||||||
Net asset value End of period (Common shares)
|
$ | 12.160 | $ | 14.410 | $ | 14.620 | $ | 11.980 | $ | 15.690 | $ | 15.840 | ||||||||||||||
Market value End of period (Common shares)
|
$ | 12.660 | $ | 15.350 | $ | 14.730 | $ | 11.880 | $ | 14.790 | $ | 16.400 | ||||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(12.51 | )%(3) | 5.10 | % | 31.84 | % | (18.15 | )% | 3.64 | % | 9.65 | % | ||||||||||||||
Total Investment Return on Market
Value(2)
|
(14.46 | )%(3) | 11.12 | % | 33.95 | % | (13.88 | )% | (5.66 | )% | 6.53 | % | ||||||||||||||
New Jersey Fund | ||||||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, | |||||||||||||||||||||||||
March 31, 2011 |
||||||||||||||||||||||||||
Ratios/Supplemental Data | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Net assets applicable to common shares, end of period
(000s omitted)
|
$ | 31,468 | $ | 37,222 | $ | 37,628 | $ | 30,776 | $ | 40,262 | $ | 40,620 | ||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(4)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
1.41 | %(5) | 1.36 | % | 1.53 | % | 1.33 | % | 1.14 | %(6) | 1.19 | % | ||||||||||||||
Interest and fee
expense(7)
|
0.16 | %(5) | 0.17 | % | 0.46 | % | 1.16 | % | 0.92 | % | 0.86 | % | ||||||||||||||
Total expenses before custodian fee reduction
|
1.57 | %(5) | 1.53 | % | 1.99 | % | 2.49 | % | 2.06 | %(6) | 2.05 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest
and fees
|
1.40 | %(5) | 1.36 | % | 1.52 | % | 1.28 | % | 1.11 | %(6) | 1.16 | % | ||||||||||||||
Net investment income
|
6.84 | %(5) | 6.79 | % | 7.81 | % | 6.72 | % | 6.29 | % | 6.59 | % | ||||||||||||||
Portfolio Turnover
|
3 | %(3) | 8 | % | 39 | % | 48 | % | 27 | % | 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):(4)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
0.88 | %(5) | 0.88 | % | 0.93 | % | 0.84 | % | 0.73 | %(6) | 0.75 | % | ||||||||||||||
Interest and fee
expense(7)
|
0.10 | %(5) | 0.11 | % | 0.28 | % | 0.73 | % | 0.59 | % | 0.55 | % | ||||||||||||||
Total expenses before custodian fee reduction
|
0.98 | %(5) | 0.99 | % | 1.21 | % | 1.57 | % | 1.32 | %(6) | 1.30 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest
and fees
|
0.88 | %(5) | 0.88 | % | 0.92 | % | 0.81 | % | 0.72 | %(6) | 0.73 | % | ||||||||||||||
Net investment income
|
4.30 | %(5) | 4.39 | % | 4.75 | % | 4.24 | % | 4.05 | % | 4.18 | % | ||||||||||||||
Senior Securities:
|
||||||||||||||||||||||||||
Total preferred shares outstanding
|
784 | 784 | 784 | 812 | 900 | 900 | ||||||||||||||||||||
Asset coverage per preferred
share(8)
|
$ | 65,139 | $ | 72,478 | $ | 72,996 | $ | 62,907 | $ | 69,751 | $ | 70,144 | ||||||||||||||
Involuntary liquidation preference per preferred
share(9)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||
Approximate market value per preferred
share(9)
|
$ | 25,000 | $ | 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) | Not annualized. | |
(4) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(5) | Annualized. | |
(6) | The investment adviser was allocated a portion of the Funds operating expenses (equal to less than 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower. | |
(7) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(8) | Calculated by subtracting the Funds total liabilities (not including the preferred shares) from the Funds total assets, and dividing the result by the number of preferred shares outstanding. | |
(9) | Plus accumulated and unpaid dividends. |
New York Fund II | ||||||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, | |||||||||||||||||||||||||
March 31, 2011 |
||||||||||||||||||||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Net asset value Beginning of period (Common shares)
|
$ | 13.400 | $ | 13.620 | $ | 11.530 | $ | 15.240 | $ | 15.760 | $ | 15.300 | ||||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.415 | $ | 0.847 | $ | 0.857 | $ | 0.938 | $ | 0.969 | $ | 0.990 | ||||||||||||||
Net realized and unrealized gain (loss)
|
(1.693 | ) | (0.167 | ) | 2.087 | (3.483 | ) | (0.256 | ) | 0.542 | ||||||||||||||||
Distributions to preferred
shareholders(1)
|
||||||||||||||||||||||||||
From net investment income
|
(0.011 | ) | (0.021 | ) | (0.066 | ) | (0.237 | ) | (0.209 | ) | (0.240 | ) | ||||||||||||||
From net realized gain
|
| | | (0.049 | ) | (0.079 | ) | (0.015 | ) | |||||||||||||||||
Total income (loss) from operations
|
$ | (1.289 | ) | $ | 0.659 | $ | 2.878 | $ | (2.831 | ) | $ | 0.425 | $ | 1.277 | ||||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||||||
From net investment income
|
$ | (0.441 | ) | $ | (0.879 | ) | $ | (0.788 | ) | $ | (0.699 | ) | $ | (0.697 | ) | $ | (0.732 | ) | ||||||||
From net realized gain
|
| | | (0.180 | ) | (0.248 | ) | (0.085 | ) | |||||||||||||||||
Total distributions to common shareholders
|
$ | (0.441 | ) | $ | (0.879 | ) | $ | (0.788 | ) | $ | (0.879 | ) | $ | (0.945 | ) | $ | (0.817 | ) | ||||||||
Net asset value End of period (Common shares)
|
$ | 11.670 | $ | 13.400 | $ | 13.620 | $ | 11.530 | $ | 15.240 | $ | 15.760 | ||||||||||||||
Market value End of period (Common shares)
|
$ | 11.900 | $ | 14.000 | $ | 13.610 | $ | 10.580 | $ | 14.440 | $ | 14.420 | ||||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(9.70 | )%(3) | 5.20 | % | 26.71 | % | (19.25 | )% | 3.00 | % | 9.02 | % | ||||||||||||||
Total Investment Return on Market
Value(2)
|
(11.86 | )%(3) | 9.99 | % | 37.98 | % | (21.80 | )% | 6.66 | % | 4.75 | % | ||||||||||||||
New York Fund II | ||||||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, | |||||||||||||||||||||||||
March 31, 2011 |
||||||||||||||||||||||||||
Ratios/Supplemental Data | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Net assets applicable to common shares, end of period
(000s omitted)
|
$ | 29,920 | $ | 34,328 | $ | 34,847 | $ | 29,459 | $ | 38,947 | $ | 40,263 | ||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(4)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
1.46 | %(5) | 1.41 | % | 1.51 | % | 1.33 | % | 1.16 | %(6) | 1.14 | % | ||||||||||||||
Interest and fee
expense(7)
|
0.30 | %(5) | 0.28 | % | 0.63 | % | 0.46 | % | 0.46 | % | 0.42 | % | ||||||||||||||
Total expenses before custodian fee reduction
|
1.76 | %(5) | 1.69 | % | 2.14 | % | 1.79 | % | 1.62 | %(6) | 1.56 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest
and fees
|
1.45 | %(5) | 1.41 | % | 1.50 | % | 1.28 | % | 1.14 | %(6) | 1.11 | % | ||||||||||||||
Net investment income
|
6.82 | %(5) | 6.49 | % | 7.67 | % | 6.67 | % | 6.24 | % | 6.48 | % | ||||||||||||||
Portfolio Turnover
|
10 | %(3) | 13 | % | 30 | % | 44 | % | 38 | % | 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):(4)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
1.03 | %(5) | 1.01 | % | 1.03 | % | 0.83 | % | 0.74 | %(6) | 0.72 | % | ||||||||||||||
Interest and fee
expense(7)
|
0.21 | %(5) | 0.20 | % | 0.43 | % | 0.29 | % | 0.29 | % | 0.27 | % | ||||||||||||||
Total expenses before custodian fee reduction
|
1.24 | %(5) | 1.21 | % | 1.46 | % | 1.12 | % | 1.03 | %(6) | 0.99 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest
and fees
|
1.02 | %(5) | 1.01 | % | 1.02 | % | 0.80 | % | 0.73 | %(6) | 0.71 | % | ||||||||||||||
Net investment income
|
4.79 | %(5) | 4.65 | % | 5.24 | % | 4.17 | % | 3.98 | % | 4.11 | % | ||||||||||||||
Senior Securities:
|
||||||||||||||||||||||||||
Total preferred shares outstanding
|
530 | 530 | 530 | 530 | 900 | 900 | ||||||||||||||||||||
Asset coverage per preferred
share(8)
|
$ | 81,453 | $ | 89,770 | $ | 90,749 | $ | 80,583 | $ | 68,285 | $ | 69,746 | ||||||||||||||
Involuntary liquidation preference per preferred
share(9)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||
Approximate market value per preferred
share(9)
|
$ | 25,000 | $ | 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) | Not annualized. | |
(4) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(5) | Annualized. | |
(6) | The investment adviser was allocated a portion of the Funds operating expenses (equal to less than 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower. | |
(7) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(8) | Calculated by subtracting the Funds total liabilities (not including the preferred shares) from the Funds total assets, and dividing the result by the number of preferred shares outstanding. | |
(9) | Plus accumulated and unpaid dividends. |
Ohio Fund | ||||||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, | |||||||||||||||||||||||||
March 31, 2011 |
||||||||||||||||||||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Net asset value Beginning of period (Common shares)
|
$ | 12.960 | $ | 12.980 | $ | 11.330 | $ | 14.970 | $ | 15.330 | $ | 14.830 | ||||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.414 | $ | 0.828 | $ | 0.846 | $ | 0.948 | $ | 0.966 | $ | 0.978 | ||||||||||||||
Net realized and unrealized gain (loss)
|
(1.944 | ) | (0.058 | ) | 1.592 | (3.665 | ) | (0.361 | ) | 0.497 | ||||||||||||||||
Distributions to preferred
shareholders(1)
|
||||||||||||||||||||||||||
From net investment income
|
(0.014 | ) | (0.028 | ) | (0.101 | ) | (0.298 | ) | (0.301 | ) | (0.263 | ) | ||||||||||||||
Total income (loss) from operations
|
$ | (1.544 | ) | $ | 0.742 | $ | 2.337 | $ | (3.015 | ) | $ | 0.304 | $ | 1.212 | ||||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||||||
From net investment income
|
$ | (0.386 | ) | $ | (0.762 | ) | $ | (0.687 | ) | $ | (0.625 | ) | $ | (0.664 | ) | $ | (0.712 | ) | ||||||||
Total distributions to common shareholders
|
$ | (0.386 | ) | $ | (0.762 | ) | $ | (0.687 | ) | $ | (0.625 | ) | $ | (0.664 | ) | $ | (0.712 | ) | ||||||||
Net asset value End of period (Common shares)
|
$ | 11.030 | $ | 12.960 | $ | 12.980 | $ | 11.330 | $ | 14.970 | $ | 15.330 | ||||||||||||||
Market value End of period (Common shares)
|
$ | 11.390 | $ | 14.100 | $ | 13.250 | $ | 11.250 | $ | 13.710 | $ | 14.600 | ||||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(12.03 | )%(3) | 6.04 | % | 22.05 | % | (20.51 | )% | 2.17 | % | 8.58 | % | ||||||||||||||
Total Investment Return on Market
Value(2)
|
(16.51 | )%(3) | 13.01 | % | 25.48 | % | (13.81 | )% | (1.75 | )% | 5.69 | % | ||||||||||||||
Ohio Fund | ||||||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, | |||||||||||||||||||||||||
March 31, 2011 |
||||||||||||||||||||||||||
Ratios/Supplemental Data | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Net assets applicable to common shares, end of period
(000s omitted)
|
$ | 27,892 | $ | 32,726 | $ | 32,710 | $ | 28,495 | $ | 37,617 | $ | 38,532 | ||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(4)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
1.37 | %(5) | 1.36 | % | 1.57 | % | 1.35 | % | 1.16 | %(6) | 1.19 | % | ||||||||||||||
Interest and fee
expense(7)
|
0.04 | %(5) | 0.02 | % | 0.10 | % | 0.29 | % | 0.53 | % | 0.41 | % | ||||||||||||||
Total expenses before custodian fee reduction
|
1.41 | %(5) | 1.38 | % | 1.67 | % | 1.64 | % | 1.69 | %(6) | 1.60 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest
and fees
|
1.37 | %(5) | 1.36 | % | 1.57 | % | 1.33 | % | 1.14 | %(6) | 1.16 | % | ||||||||||||||
Net investment income
|
7.16 | %(5) | 6.61 | % | 7.87 | % | 6.82 | % | 6.33 | % | 6.56 | % | ||||||||||||||
Portfolio Turnover
|
4 | %(3) | 11 | % | 18 | % | 22 | % | 30 | % | 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):(4)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
0.87 | %(5) | 0.88 | % | 0.95 | % | 0.83 | % | 0.74 | %(6) | 0.75 | % | ||||||||||||||
Interest and fee
expense(7)
|
0.02 | %(5) | 0.01 | % | 0.06 | % | 0.18 | % | 0.34 | % | 0.26 | % | ||||||||||||||
Total expenses before custodian fee reduction
|
0.89 | %(5) | 0.89 | % | 1.01 | % | 1.01 | % | 1.08 | %(6) | 1.01 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest
and fees
|
0.87 | %(5) | 0.88 | % | 0.95 | % | 0.82 | % | 0.72 | %(6) | 0.73 | % | ||||||||||||||
Net investment income
|
4.53 | %(5) | 4.30 | % | 4.77 | % | 4.19 | % | 4.03 | % | 4.14 | % | ||||||||||||||
Senior Securities:
|
||||||||||||||||||||||||||
Total preferred shares outstanding
|
680 | 680 | 680 | 875 | 875 | 875 | ||||||||||||||||||||
Asset coverage per preferred
share(8)
|
$ | 66,019 | $ | 73,128 | $ | 73,104 | $ | 57,579 | $ | 67,991 | $ | 69,036 | ||||||||||||||
Involuntary liquidation preference per preferred
share(9)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||
Approximate market value per preferred
share(9)
|
$ | 25,000 | $ | 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) | Not annualized. | |
(4) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(5) | Annualized. | |
(6) | The investment adviser was allocated a portion of the Funds operating expenses (equal to less than 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower. | |
(7) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(8) | Calculated by subtracting the Funds total liabilities (not including the preferred shares) from the Funds total assets, and dividing the result by the number of preferred shares outstanding. | |
(9) | Plus accumulated and unpaid dividends. |
Pennsylvania Fund | ||||||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, | |||||||||||||||||||||||||
March 31, 2011 |
||||||||||||||||||||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Net asset value Beginning of period (Common shares)
|
$ | 13.640 | $ | 13.900 | $ | 12.030 | $ | 15.270 | $ | 15.470 | $ | 14.930 | ||||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.447 | $ | 0.878 | $ | 0.889 | $ | 0.995 | $ | 0.995 | $ | 0.994 | ||||||||||||||
Net realized and unrealized gain (loss)
|
(1.980 | ) | (0.270 | ) | 2.123 | (3.047 | ) | (0.209 | ) | 0.559 | ||||||||||||||||
Distributions to preferred
shareholders(1)
|
||||||||||||||||||||||||||
From net investment income
|
(0.015 | ) | (0.030 | ) | (0.071 | ) | (0.236 | ) | (0.291 | ) | (0.266 | ) | ||||||||||||||
From net realized gain
|
| | (0.045 | ) | (0.076 | ) | | | ||||||||||||||||||
Total income (loss) from operations
|
$ | (1.548 | ) | $ | 0.578 | $ | 2.896 | $ | (2.364 | ) | $ | 0.495 | $ | 1.287 | ||||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||||||
From net investment income
|
$ | (0.432 | ) | $ | (0.838 | ) | $ | (0.753 | ) | $ | (0.693 | ) | $ | (0.695 | ) | $ | (0.747 | ) | ||||||||
From net realized gain
|
| | (0.273 | ) | (0.183 | ) | | | ||||||||||||||||||
Total distributions to common shareholders
|
$ | (0.432 | ) | $ | (0.838 | ) | $ | (1.026 | ) | $ | (0.876 | ) | $ | (0.695 | ) | $ | (0.747 | ) | ||||||||
Net asset value End of period (Common shares)
|
$ | 11.660 | $ | 13.640 | $ | 13.900 | $ | 12.030 | $ | 15.270 | $ | 15.470 | ||||||||||||||
Market value End of period (Common shares)
|
$ | 12.220 | $ | 14.230 | $ | 14.600 | $ | 13.400 | $ | 14.150 | $ | 15.020 | ||||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(11.43 | )%(3) | 4.53 | % | 27.36 | % | (16.07 | )% | 3.44 | % | 9.00 | % | ||||||||||||||
Total Investment Return on Market
Value(2)
|
(11.02 | )%(3) | 3.82 | % | 20.09 | % | 0.88 | % | (1.28 | )% | 1.68 | % | ||||||||||||||
Pennsylvania Fund | ||||||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, | |||||||||||||||||||||||||
March 31, 2011 |
||||||||||||||||||||||||||
Ratios/Supplemental Data | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Net assets applicable to common shares, end of period
(000s omitted)
|
$ | 34,435 | $ | 40,256 | $ | 40,956 | $ | 35,413 | $ | 44,955 | $ | 45,516 | ||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(4)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
1.41 | %(5) | 1.36 | % | 1.52 | % | 1.30 | % | 1.15 | %(6) | 1.18 | % | ||||||||||||||
Interest and fee
expense(7)
|
0.10 | %(5) | 0.07 | % | 0.17 | % | 1.03 | % | 0.83 | % | 0.78 | % | ||||||||||||||
Total expenses before custodian fee reduction
|
1.51 | %(5) | 1.43 | % | 1.69 | % | 2.33 | % | 1.98 | %(6) | 1.96 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest
and fees
|
1.41 | %(5) | 1.36 | % | 1.51 | % | 1.28 | % | 1.12 | %(6) | 1.15 | % | ||||||||||||||
Net investment income
|
7.32 | %(5) | 6.67 | % | 7.80 | % | 6.86 | % | 6.45 | % | 6.64 | % | ||||||||||||||
Portfolio Turnover
|
10 | %(3) | 19 | % | 8 | % | 28 | % | 24 | % | 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):(4)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
0.88 | %(5) | 0.87 | % | 0.91 | % | 0.81 | % | 0.73 | %(6) | 0.74 | % | ||||||||||||||
Interest and fee
expense(7)
|
0.06 | %(5) | 0.05 | % | 0.10 | % | 0.64 | % | 0.53 | % | 0.49 | % | ||||||||||||||
Total expenses before custodian fee reduction
|
0.94 | %(5) | 0.92 | % | 1.01 | % | 1.45 | % | 1.26 | %(6) | 1.23 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest
and fees
|
0.88 | %(5) | 0.87 | % | 0.90 | % | 0.80 | % | 0.71 | %(6) | 0.72 | % | ||||||||||||||
Net investment income
|
4.58 | %(5) | 4.28 | % | 4.68 | % | 4.26 | % | 4.10 | % | 4.17 | % | ||||||||||||||
Senior Securities:
|
||||||||||||||||||||||||||
Total preferred shares outstanding
|
869 | 869 | 869 | 1,040 | 1,040 | 1,040 | ||||||||||||||||||||
Asset coverage per preferred
share(8)
|
$ | 64,628 | $ | 71,327 | $ | 72,133 | $ | 59,091 | $ | 68,233 | $ | 68,770 | ||||||||||||||
Involuntary liquidation preference per preferred
share(9)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||
Approximate market value per preferred
share(9)
|
$ | 25,000 | $ | 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) | Not annualized. | |
(4) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(5) | Annualized. | |
(6) | The investment adviser was allocated a portion of the Funds operating expenses (equal to less than 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower. | |
(7) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(8) | Calculated by subtracting the Funds total liabilities (not including the preferred shares) from the Funds total assets, and dividing the result by the number of preferred shares outstanding. | |
(9) | Plus accumulated and unpaid dividends. |
Municipal |
California |
Massachusetts |
Michigan |
New Jersey |
New York |
Pennsylvania |
||||||||||||||||||||||||||||
Expiration Date | Fund II | Fund II | Fund | Fund | Fund | Fund II | Ohio Fund | Fund | ||||||||||||||||||||||||||
September 30, 2013
|
$ | | $ | | $ | 179,329 | $ | 384,407 | $ | | $ | | $ | 321,978 | $ | | ||||||||||||||||||
September 30, 2016
|
658,427 | 52,500 | | 1,883 | | 41,818 | 83,319 | | ||||||||||||||||||||||||||
September 30, 2017
|
2,011,041 | 1,365,711 | 94,578 | | 244,927 | 1,233,356 | 1,620,085 | | ||||||||||||||||||||||||||
September 30, 2018
|
11,539,291 | 3,330,399 | 1,054,999 | 579,696 | 2,060,337 | 1,545,637 | 3,381,936 | 1,949,047 | ||||||||||||||||||||||||||
$ | 14,208,759 | $ | 4,748,610 | $ | 1,328,906 | $ | 965,986 | $ | 2,305,264 | $ | 2,820,811 | $ | 5,407,318 | $ | 1,949,047 | |||||||||||||||||||
Municipal |
California |
Massachusetts |
New Jersey |
New York |
Pennsylvania |
|||||||||||||||||||||||||
Fund II | Fund II | Fund | Fund | Fund II | Ohio Fund | Fund | ||||||||||||||||||||||||
Floating Rate Notes Outstanding
|
$ | 53,645,000 | $ | 8,705,000 | $ | 3,330,000 | $ | 4,790,000 | $ | 11,780,000 | $ | 1,010,000 | $ | 3,540,000 | ||||||||||||||||
Interest Rate or Range of Interest Rates (%)
|
0.23 - 0.45 | 0.25 - 0.31 | 0.25 - 0.28 | 0.26 - 0.45 | 0.23 - 0.26 | 0.30 - 0.35 | 0.26 - 0.40 | |||||||||||||||||||||||
Collateral for Floating Rate Notes Outstanding
|
$ | 57,906,437 | $ | 8,679,237 | $ | 3,957,433 | $ | 6,091,978 | $ | 12,948,151 | $ | 1,535,832 | $ | 4,926,253 | ||||||||||||||||
Municipal |
California |
Massachusetts |
New Jersey |
New York |
Pennsylvania |
|||||||||||||||||||||||||
Fund II | Fund II | Fund | Fund | Fund II | Ohio Fund | Fund | ||||||||||||||||||||||||
Average Floating Rate Notes Outstanding
|
$ | 54,035,522 | $ | 8,705,000 | $ | 3,330,000 | $ | 5,978,374 | $ | 11,391,676 | $ | 1,010,000 | $ | 4,158,626 | ||||||||||||||||
Average Interest Rate
|
0.78 | % | 0.73 | % | 0.77 | % | 0.89 | % | 0.83 | % | 1.03 | % | 0.86 | % | ||||||||||||||||
APS Issued |
||||||
Fund | and Outstanding | |||||
Municipal II
|
||||||
Series A
|
894 | |||||
Series B
|
894 | |||||
California II
|
1,028 | |||||
Massachusetts
|
543 | |||||
Michigan
|
533 | |||||
New Jersey
|
784 | |||||
New York II
|
530 | |||||
Ohio
|
680 | |||||
Pennsylvania
|
869 | |||||
APS Dividend |
Dividends |
Average APS |
Dividend |
|||||||||||||||
Rates at |
Accrued to APS |
Dividend |
Rate |
|||||||||||||||
Fund | March 31, 2011 | Shareholders | Rates | Ranges (%) | ||||||||||||||
Municipal II
|
||||||||||||||||||
Series A
|
0.38 | % | $ | 46,922 | 0.42 | % | 0.370.69 | |||||||||||
Series B
|
0.40 | 47,152 | 0.42 | 0.370.69 | ||||||||||||||
California II
|
0.38 | 53,955 | 0.42 | 0.370.69 | ||||||||||||||
Massachusetts
|
0.40 | 28,266 | 0.42 | 0.370.69 | ||||||||||||||
Michigan
|
0.38 | 27,628 | 0.42 | 0.370.50 | ||||||||||||||
New Jersey
|
0.38 | 41,123 | 0.42 | 0.370.69 | ||||||||||||||
New York II
|
0.38 | 27,939 | 0.42 | 0.370.69 | ||||||||||||||
Ohio
|
0.40 | 35,865 | 0.42 | 0.370.69 | ||||||||||||||
Pennsylvania
|
0.40 | 44,800 | 0.41 | 0.370.50 | ||||||||||||||
Municipal |
California |
Massachusetts |
Michigan |
New Jersey |
New York |
Pennsylvania |
||||||||||||||||||||||||||||
Fund II | Fund II | Fund | Fund | Fund | Fund II | Ohio Fund | Fund | |||||||||||||||||||||||||||
Investment Adviser Fee
|
$ | 546,699 | $ | 209,560 | $ | 106,081 | $ | 92,263 | $ | 152,913 | $ | 147,708 | $ | 130,054 | $ | 170,893 | ||||||||||||||||||
Municipal |
California |
Massachusetts |
Michigan |
New Jersey |
New York |
Ohio |
Pennsylvania |
|||||||||||||||||||||||||||
Fund II | Fund II | Fund | Fund | Fund | Fund II | Fund | Fund | |||||||||||||||||||||||||||
Purchases
|
$ | 17,967,590 | $ | 15,396,250 | $ | 7,464,671 | $ | | $ | 1,903,876 | $ | 5,587,131 | $ | 2,186,558 | $ | 6,266,216 | ||||||||||||||||||
Sales
|
$ | 15,900,203 | $ | 15,235,028 | $ | 8,519,345 | $ | 360,047 | $ | 3,423,881 | $ | 5,987,059 | $ | 1,987,510 | $ | 6,054,168 | ||||||||||||||||||
Municipal |
California |
Massachusetts |
Michigan |
New Jersey |
New York |
Ohio |
Pennsylvania |
|||||||||||||||||||||||||||
Fund II | Fund II | Fund | Fund | Fund | Fund II | Fund | Fund | |||||||||||||||||||||||||||
Six Months Ended March 31, 2011 (Unaudited)
|
9,546 | 3,363 | 2,008 | 255 | 5,544 | 1,589 | 2,671 | 2,593 | ||||||||||||||||||||||||||
Year Ended September 30, 2010
|
17,591 | 5,807 | 4,173 | 391 | 8,500 | 2,956 | 6,248 | 5,032 | ||||||||||||||||||||||||||
Municipal |
California |
Massachusetts |
Michigan |
New Jersey |
New York |
Pennsylvania |
||||||||||||||||||||||||||||
Fund II | Fund II | Fund | Fund | Fund | Fund II | Ohio Fund | Fund | |||||||||||||||||||||||||||
Aggregate cost
|
$ | 167,624,293 | $ | 70,779,184 | $ | 34,885,216 | $ | 32,783,577 | $ | 51,410,190 | $ | 42,080,552 | $ | 46,492,139 | $ | 61,096,103 | ||||||||||||||||||
Gross unrealized appreciation
|
$ | 822,590 | $ | 830,802 | $ | 724,730 | $ | 1,173,507 | $ | 802,556 | $ | 811,432 | $ | 784,137 | $ | | ||||||||||||||||||
Gross unrealized depreciation
|
(21,726,002 | ) | (8,300,288 | ) | (1,959,315 | ) | (1,723,152 | ) | (2,909,882 | ) | (2,692,651 | ) | (3,210,005 | ) | (5,454,451 | ) | ||||||||||||||||||
Net unrealized depreciation
|
$ | (20,903,412 | ) | $ | (7,469,486 | ) | $ | (1,234,585 | ) | $ | (549,645 | ) | $ | (2,107,326 | ) | $ | (1,881,219 | ) | $ | (2,425,868 | ) | $ | (5,454,451 | ) | ||||||||||
Futures Contracts | ||||||||||||||||||||
Net |
||||||||||||||||||||
Unrealized |
||||||||||||||||||||
Expiration |
Aggregate |
Appreciation |
||||||||||||||||||
Fund | Date | Contracts | Position | Cost | Value | (Depreciation) | ||||||||||||||
Municipal II | 6/11 | 45 U.S. 10-Year Treasury Note | Short | $ | (5,373,803 | ) | $ | (5,356,406 | ) | $ | 17,397 | |||||||||
6/11 | 111 U.S. 30-Year Treasury Bond | Short | $ | (13,335,433 | ) | $ | (13,340,813 | ) | $ | (5,380 | ) | |||||||||
California II | 6/11 | 25 U.S. 10-Year Treasury Note | Short | $ | (2,972,178 | ) | $ | (2,975,781 | ) | $ | (3,603 | ) | ||||||||
6/11 | 53 U.S. 30-Year Treasury Bond | Short | $ | (6,358,986 | ) | $ | (6,369,937 | ) | $ | (10,951 | ) | |||||||||
Massachusetts | 6/11 | 25 U.S. 10-Year Treasury Note | Short | $ | (2,970,811 | ) | $ | (2,975,781 | ) | $ | (4,970 | ) | ||||||||
Michigan | 6/11 | 9 U.S. 30-Year Treasury Bond | Short | $ | (1,085,828 | ) | $ | (1,081,688 | ) | $ | 4,140 | |||||||||
New Jersey | 6/11 | 65 U.S. 30-Year Treasury Bond | Short | $ | (7,751,023 | ) | $ | (7,812,188 | ) | $ | (61,165 | ) | ||||||||
New York II | 6/11 | 40 U.S. 10-Year Treasury Note | Short | $ | (4,753,297 | ) | $ | (4,761,250 | ) | $ | (7,953 | ) | ||||||||
Ohio | 6/11 | 15 U.S. 10-Year Treasury Note | Short | $ | (1,791,268 | ) | $ | (1,785,469 | ) | $ | 5,799 | |||||||||
6/11 | 33 U.S. 30-Year Treasury Bond | Short | $ | (3,965,564 | ) | $ | (3,966,187 | ) | $ | (623 | ) | |||||||||
Interest Rate Swaps | ||||||||||||||||||
Municipal Fund II
|
||||||||||||||||||
Annual |
Floating |
Effective Date/ |
||||||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||||||
Counterparty | Amount | Paid By Fund | Paid To Fund | Date | Depreciation | |||||||||||||
Bank of America | $ | 3,000,000 | 4.524 | % |
3-month USD-LIBOR-BBA |
May 18, 2011/ May 20, 2041 |
$ | (107,688 | ) | |||||||||
JPMorgan Chase Co. | 3,000,000 | 4.425 |
3-month USD-LIBOR-BBA |
June 14, 2011/ June 14, 2041 |
(47,682 | ) | ||||||||||||
$ | (155,370 | ) | ||||||||||||||||
California Fund II
|
||||||||||||||||||
Annual |
Floating |
Effective Date/ |
||||||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||||||
Counterparty | Amount | Paid By Fund | Paid To Fund | Date | Depreciation | |||||||||||||
Bank of America | $ | 1,812,500 | 4.524 | % |
3-month USD-LIBOR-BBA |
May 18, 2011/ May 20, 2041 |
$ | (65,062 | ) | |||||||||
$ | (65,062 | ) | ||||||||||||||||
Massachusetts Fund
|
||||||||||||||||||
Annual |
Floating |
Effective Date/ |
||||||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||||||
Counterparty | Amount | Paid By Fund | Paid To Fund | Date | Depreciation | |||||||||||||
Bank of America | $ | 862,500 | 4.524 | % |
3-month USD-LIBOR-BBA |
May 18, 2011/ May 20, 2041 |
$ | (30,960 | ) | |||||||||
JPMorgan Chase Co. | 525,000 | 4.425 |
3-month USD-LIBOR-BBA |
June 14, 2011/ June 14, 2041 |
(8,345 | ) | ||||||||||||
$ | (39,305 | ) | ||||||||||||||||
Michigan Fund
|
||||||||||||||||||
Annual |
Floating |
Effective Date/ |
||||||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||||||
Counterparty | Amount | Paid By Fund | Paid To Fund | Date | Depreciation | |||||||||||||
Bank of America | $ | 675,000 | 4.524 | % |
3-month USD-LIBOR-BBA |
May 18, 2011/ May 20, 2041 |
$ | (24,230 | ) | |||||||||
JPMorgan Chase Co. | 450,000 | 4.425 |
3-month USD-LIBOR-BBA |
June 14, 2011/ June 14, 2041 |
(7,152 | ) | ||||||||||||
$ | (31,382 | ) | ||||||||||||||||
New Jersey Fund
|
||||||||||||||||||
Annual |
Floating |
Effective Date/ |
||||||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||||||
Counterparty | Amount | Paid By Fund | Paid To Fund | Date | Depreciation | |||||||||||||
Bank of America | $ | 1,250,000 | 4.524 | % |
3-month USD-LIBOR-BBA |
May 18, 2011/ May 20, 2041 |
$ | (44,870 | ) | |||||||||
JPMorgan Chase Co. | 762,500 | 4.425 |
3-month USD-LIBOR-BBA |
June 14, 2011/ June 14, 2041 |
(12,119 | ) | ||||||||||||
$ | (56,989 | ) | ||||||||||||||||
New York Fund II
|
||||||||||||||||||
Annual |
Floating |
Effective Date/ |
||||||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||||||
Counterparty | Amount | Paid By Fund | Paid To Fund | Date | Depreciation | |||||||||||||
Bank of America | $ | 2,000,000 | 4.524 | % |
3-month USD-LIBOR-BBA |
May 18, 2011/ May 20, 2041 |
$ | (71,792 | ) | |||||||||
JPMorgan Chase Co. | 762,500 | 4.425 |
3-month USD-LIBOR-BBA |
June 14, 2011/ June 14, 2041 |
(12,119 | ) | ||||||||||||
$ | (83,911 | ) | ||||||||||||||||
Ohio Fund
|
||||||||||||||||||
Annual |
Floating |
Effective Date/ |
||||||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||||||
Counterparty | Amount | Paid By Fund | Paid To Fund | Date | Depreciation | |||||||||||||
Bank of America | $ | 750,000 | 4.524 | % |
3-month USD-LIBOR-BBA |
May 18, 2011/ May 20, 2041 |
$ | (26,922 | ) | |||||||||
JPMorgan Chase Co. | 737,500 | 4.425 |
3-month USD-LIBOR-BBA |
June 14, 2011/ June 14, 2041 |
(11,722 | ) | ||||||||||||
$ | (38,644 | ) | ||||||||||||||||
Pennsylvania Fund
|
||||||||||||||||||
Annual |
Floating |
Effective Date/ |
||||||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||||||
Counterparty | Amount | Paid By Fund | Paid To Fund | Date | Depreciation | |||||||||||||
Bank of America | $ | 1,000,000 | 4.524 | % |
3-month USD-LIBOR-BBA |
May 18, 2011/ May 20, 2041 |
$ | (35,896 | ) | |||||||||
Barclays Bank PLC | 3,000,000 | 4.297 |
3-month USD-LIBOR-BBA |
April 18, 2011/ April 15, 2041 |
(955 | ) | ||||||||||||
JPMorgan Chase Co. | 725,000 | 4.425 |
3-month USD-LIBOR-BBA |
June 14, 2011/ June 14, 2041 |
(11,523 | ) | ||||||||||||
$ | (48,374 | ) | ||||||||||||||||
Municipal |
California |
Massachusetts |
Michigan |
New Jersey |
New York |
Ohio |
Pennsylvania |
|||||||||||||||||||||||||||
Fund II | Fund II | Fund | Fund | Fund | Fund II | Fund | Fund | |||||||||||||||||||||||||||
Asset Derivative:
|
||||||||||||||||||||||||||||||||||
Futures
Contracts(1)
|
$ | 17,397 | $ | | $ | | $ | 4,140 | $ | | $ | | $ | 5,799 | $ | | ||||||||||||||||||
Interest Rate Swaps
|
| | | | | | | | ||||||||||||||||||||||||||
Total
|
$ | 17,397 | $ | | $ | | $ | 4,140 | $ | | $ | | $ | 5,799 | $ | | ||||||||||||||||||
Liability Derivative:
|
||||||||||||||||||||||||||||||||||
Futures
Contracts(1)
|
$ | (5,380 | ) | $ | (14,554 | ) | $ | (4,970 | ) | $ | | $ | (61,165 | ) | $ | (7,953 | ) | $ | (623 | ) | $ | | ||||||||||||
Interest Rate
Swaps(2)
|
(155,370 | ) | (65,062 | ) | (39,305 | ) | (31,382 | ) | (56,989 | ) | (83,911 | ) | (38,644 | ) | (48,374 | ) | ||||||||||||||||||
Total
|
$ | (160,750 | ) | $ | (79,616 | ) | $ | (44,275 | ) | $ | (31,382 | ) | $ | (118,154 | ) | $ | (91,864 | ) | $ | (39,267 | ) | $ | (48,374 | ) | ||||||||||
(1) | Amount represents cumulative unrealized appreciation or (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. |
Municipal |
California |
Massachusetts |
Michigan |
New Jersey |
New York |
Ohio |
Pennsylvania |
|||||||||||||||||||||||||||
Fund II | Fund II | Fund | Fund | Fund | Fund II | Fund | Fund | |||||||||||||||||||||||||||
Realized Gain (Loss) on Derivatives Recognized in
Income(1)
|
$ | 1,475,457 | $ | 396,549 | $ | 227,986 | $ | 214,382 | $ | 1,085,907 | $ | 850,882 | $ | 378,533 | $ | 412,336 | ||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Derivatives
Recognized in
Income(2)
|
$ | 65,833 | $ | (88,802 | ) | $ | (31,597 | ) | $ | (16,702 | ) | $ | (110,182 | ) | $ | (92,157 | ) | $ | 26,680 | $ | 288,693 | |||||||||||||
(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. |
Municipal |
California |
Massachusetts |
Michigan |
New Jersey |
New York II |
Ohio |
Pennsylvania |
|||||||||||||||||||||||||||
Fund II | Fund II | Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||||||||||
Average Notional Amount:
|
||||||||||||||||||||||||||||||||||
Futures Contracts
|
$ | 11,629,000 | $ | 3,943,000 | $ | 1,071,000 | $ | 529,000 | $ | 6,500,000 | $ | 3,429,000 | $ | 3,514,000 | $ | | ||||||||||||||||||
Interest Rate Swaps
|
$ | 6,000,000 | $ | 1,812,500 | $ | 1,387,500 | $ | 1,125,000 | $ | 2,012,500 | $ | 2,762,500 | $ | 1,487,500 | $ | 4,725,000 | ||||||||||||||||||
| 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) |
Municipal Fund II
|
||||||||||||||||||
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 200,365,881 | $ | | $ | 200,365,881 | ||||||||||
Total Investments
|
$ | | $ | 200,365,881 | $ | | $ | 200,365,881 | ||||||||||
Futures Contracts
|
$ | 17,397 | $ | | $ | | $ | 17,397 | ||||||||||
Total
|
$ | 17,397 | $ | 200,365,881 | $ | | $ | 200,383,278 | ||||||||||
Liability Description
|
||||||||||||||||||
Futures Contracts
|
$ | (5,380 | ) | $ | | $ | | $ | (5,380 | ) | ||||||||
Interest Rate Swaps
|
| (155,370 | ) | | (155,370 | ) | ||||||||||||
Total
|
$ | (5,380 | ) | $ | (155,370 | ) | $ | | $ | (160,750 | ) | |||||||
California Fund II
|
||||||||||||||||||
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 72,014,698 | $ | | $ | 72,014,698 | ||||||||||
Total Investments
|
$ | | $ | 72,014,698 | $ | | $ | 72,014,698 | ||||||||||
Liability Description
|
||||||||||||||||||
Futures Contracts
|
$ | (14,554 | ) | $ | | $ | | $ | (14,554 | ) | ||||||||
Interest Rate Swaps
|
| (65,062 | ) | | (65,062 | ) | ||||||||||||
Total
|
$ | (14,554 | ) | $ | (65,062 | ) | $ | | $ | (79,616 | ) | |||||||
Massachusetts Fund
|
||||||||||||||||||
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 36,980,631 | $ | | $ | 36,980,631 | ||||||||||
Total Investments
|
$ | | $ | 36,980,631 | $ | | $ | 36,980,631 | ||||||||||
Liability Description
|
||||||||||||||||||
Futures Contracts
|
$ | (4,970 | ) | $ | | $ | | $ | (4,970 | ) | ||||||||
Interest Rate Swaps
|
| (39,305 | ) | | (39,305 | ) | ||||||||||||
Total
|
$ | (4,970 | ) | $ | (39,305 | ) | $ | | $ | (44,275 | ) | |||||||
Michigan Fund
|
||||||||||||||||||
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 32,233,932 | $ | | $ | 32,233,932 | ||||||||||
Total Investments
|
$ | | $ | 32,233,932 | $ | | $ | 32,233,932 | ||||||||||
Futures Contracts
|
$ | 4,140 | $ | | $ | | $ | 4,140 | ||||||||||
Total
|
$ | 4,140 | $ | 32,233,932 | $ | | $ | 32,238,072 | ||||||||||
Liability Description
|
||||||||||||||||||
Interest Rate Swaps
|
$ | | $ | (31,382 | ) | $ | | $ | (31,382 | ) | ||||||||
Total
|
$ | | $ | (31,382 | ) | $ | | $ | (31,382 | ) | ||||||||
New Jersey Fund
|
||||||||||||||||||
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 54,092,864 | $ | | $ | 54,092,864 | ||||||||||
Total Investments
|
$ | | $ | 54,092,864 | $ | | $ | 54,092,864 | ||||||||||
Liability Description
|
||||||||||||||||||
Futures Contracts
|
$ | (61,165 | ) | $ | | $ | | $ | (61,165 | ) | ||||||||
Interest Rate Swaps
|
| (56,989 | ) | | (56,989 | ) | ||||||||||||
Total
|
$ | (61,165 | ) | $ | (56,989 | ) | $ | | $ | (118,154 | ) | |||||||
New York Fund II
|
||||||||||||||||||
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 51,979,333 | $ | | $ | 51,979,333 | ||||||||||
Total Investments
|
$ | | $ | 51,979,333 | $ | | $ | 51,979,333 | ||||||||||
Liability Description
|
||||||||||||||||||
Futures Contracts
|
$ | (7,953 | ) | $ | | $ | | $ | (7,953 | ) | ||||||||
Interest Rate Swaps
|
| (83,911 | ) | | (83,911 | ) | ||||||||||||
Total
|
$ | (7,953 | ) | $ | (83,911 | ) | $ | | $ | (91,864 | ) | |||||||
Ohio Fund
|
||||||||||||||||||
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 45,076,271 | $ | | $ | 45,076,271 | ||||||||||
Total Investments
|
$ | | $ | 45,076,271 | $ | | $ | 45,076,271 | ||||||||||
Futures Contracts
|
$ | 5,799 | $ | | $ | | $ | 5,799 | ||||||||||
Total
|
$ | 5,799 | $ | 45,076,271 | $ | | $ | 45,082,070 | ||||||||||
Ohio Fund
|
||||||||||||||||||
Liability Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Futures Contracts
|
$ | (623 | ) | $ | | $ | | $ | (623 | ) | ||||||||
Interest Rate Swaps
|
| (38,644 | ) | | (38,644 | ) | ||||||||||||
Total
|
$ | (623 | ) | $ | (38,644 | ) | $ | | $ | (39,267 | ) | |||||||
Pennsylvania Fund
|
||||||||||||||||||
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 59,181,652 | $ | | $ | 59,181,652 | ||||||||||
Total Investments
|
$ | | $ | 59,181,652 | $ | | $ | 59,181,652 | ||||||||||
Liability Description
|
||||||||||||||||||
Interest Rate Swaps
|
$ | | $ | (48,374 | ) | $ | | $ | (48,374 | ) | ||||||||
Total
|
$ | | $ | (48,374 | ) | $ | | $ | (48,374 | ) | ||||||||
Officers | ||
Cynthia J. Clemson
President of EIA, MIW, NYH, EIO and EIP Thomas M. Metzold President of MAB, EIV and EMJ Payson F. Swaffield Vice President |
Barbara E. Campbell Treasurer Maureen A. Gemma Vice President, Secretary and Chief Legal Officer Paul M. ONeil Chief Compliance Officer |
Trustees | ||
Ralph F. Verni
Chairman Benjamin C. Esty Thomas E. Faust Jr.* Allen R. Freedman |
William H. Park
Ronald A. Pearlman Helen Frame Peters Lynn A. Stout |
* | Interested Trustee |
Municipal Bond Fund II
|
EIV | |
California Municipal Bond Fund II
|
EIA | |
Massachusetts Municipal Bond Fund
|
MAB | |
Michigan Municipal Bond Fund
|
MIW | |
New Jersey Municipal Bond Fund
|
EMJ | |
New York Municipal Bond Fund II
|
NYH | |
Ohio Municipal Bond Fund
|
EIO | |
Pennsylvania Municipal Bond Fund
|
EIP |
| Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions. |
| None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customers account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers. |
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| We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
1557-5/11 | CE-8IMBIISRC |
(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:
|
May 9, 2011 |
By:
|
/s/ Barbara E. Campbell
|
|||
Treasurer | ||||
Date:
|
May 9, 2011 | |||
By:
|
/s/ Cynthia J. Clemson
|
|||
President | ||||
Date:
|
May 9, 2011 |
/s/ Barbara E. Campbell
|
||||
Treasurer |
/s/ Cynthia J. Clemson
|
||||
President |
(a) | the Semi-Annual Report of the Fund on Form N-CSR for the period ended March 31, 2011 (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and | ||
(b) | the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Fund for such period. |
/s/ Barbara E. Campbell
|
||
Treasurer |
||
Date: May 9, 2011 |
||
/s/ Cynthia J. Clemson
|
||
President |
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