Annual Report November 30 , 2008 EATON VANCE CLOSED-END FUNDS: MUNICIPAL California INCOME Massachusetts TRUSTS Michigan National New Jersey New York Ohio Pennsylvania |
| Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions. | |
| None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customers account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers. | |
| Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information. | |
| We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
2 | ||||
California Municipal Income Trust |
4 | |||
Massachusetts Municipal Income Trust |
5 | |||
Michigan Municipal Income Trust |
6 | |||
National Municipal Income Trust |
7 | |||
New Jersey Municipal Income Trust |
8 | |||
New York Municipal Income Trust |
9 | |||
Ohio Municipal Income Trust |
10 | |||
Pennsylvania Municipal Income Trust |
11 | |||
Financial Statements |
12 | |||
Federal Tax Information |
74 | |||
Notice to Shareholders |
75 | |||
Dividend Reinvestment Plan |
76 | |||
Board of Trustees Annual Approval of the
Investment Advisory Agreements |
78 | |||
Management and Organization |
81 |
1
1 | Formerly called Lehman Brothers Municipal Bond Index. It is not possible to invest directly in an Index. The Indexs total return does not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. | |
Past performance is no guarantee of future results. |
2
1 | Source: Bloomberg L.P. Yields are a compilation of a representative variety of general obligations and are not necessarily representative of a Trusts yield. | |
2 | Source: See Note 1H to Financial Statements for more information on TOB investments. |
3
Trust Performance1 | ||||
NYSE Alternext U.S. Symbol | CEV | |||
Average Annual Total Returns (by share price) |
||||
One Year |
-26.34 | % | ||
Five Years |
-4.06 | |||
Life of Trust (1/29/99) |
0.82 | |||
Average Annual Total Returns (by net asset value) |
||||
One Year |
-30.70 | % | ||
Five Years |
-3.03 | |||
Life of Trust (1/29/99) |
1.62 | |||
Premium/(Discount) to NAV |
-7.48 | % | ||
Market Yields |
||||
Market Yield2 |
7.50 | % | ||
Taxable-Equivalent Market Yield3 |
12.72 |
Barclays Capital Municipal Bond Index | Barclays Capital Municipal Bond Long 22+ Index | |||||||
One Year |
-3.61 | % | -15.21 | % | ||||
Five Years |
2.58 | 0.94 | ||||||
Life of Trust (1/31/99) |
4.05 | 3.26 |
Lipper California Municipal Debt Funds Classification (by net asset value) | ||||
One Year |
-19.29 | % | ||
Five Years |
-0.03 | |||
Life of Trust (1/31/99) |
2.69 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2008, is as follows, and the average rating is AA-: |
AAA
|
27.5 | % | BBB | 8.3 | % | |||||
AA
|
32.0 | % | BB | 0.5 | % | |||||
A
|
24.1 | % | Not Rated | 7.6 | % |
Number of Issues: |
93 | |||
Average Maturity: |
21.6 | years | ||
Average Effective Maturity: |
20.3 | years | ||
Average Call Protection: |
7.6 | years | ||
Average Dollar Price: |
$ | 80.66 | ||
APS Leverage:** |
34.7 | % | ||
TOB Leverage:** |
16.1 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions. |
1 | Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 41.05% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper California Municipal Debt Funds Classification (closed-end) contained 24, 24 and 13 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
4
Trust Performance1 | ||||
NYSE Alternext U.S. Symbol | MMV | |||
Average Annual Total Returns (by share price) |
||||
One Year |
-27.89 | % | ||
Five Years |
-5.40 | |||
Life of Trust (1/29/99) |
0.37 | |||
Average Annual Total Returns (by net asset value) |
||||
One Year |
-28.02 | % | ||
Five Years |
-2.92 | |||
Life of Trust (1/29/99) |
1.68 | |||
Premium/(Discount) to NAV |
-12.20 | % | ||
Market Yields |
||||
Market Yield2 |
7.49 | % | ||
Taxable-Equivalent Market Yield3 |
12.17 |
Barclays Capital Municipal Bond Index | Barclays Capital Municipal Bond Long 22+ Index | |||||||
One Year |
-3.61 | % | -15.21 | % | ||||
Five Years |
2.58 | 0.94 | ||||||
Life of Trust (1/31/99) |
4.05 | 3.26 |
Lipper Other States Municipal Debt Funds Classification (by net asset value) | ||||
One Year |
-14.38 | % | ||
Five Years |
0.64 | |||
Life of Trust (1/31/99) |
2.99 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2008, is as follows, and the average rating is A+: |
AAA
|
12.2 | % | BBB | 11.9 | % | |||||
AA
|
30.5 | % | BB | 1.1 | % | |||||
A
|
38.0 | % | Not Rated | 6.3 | % |
Number of Issues: |
61 | |||
Average Maturity: |
26.4 | years | ||
Average Effective Maturity: |
23.9 | years | ||
Average Call Protection: |
8.2 | years | ||
Average Dollar Price: |
$ | 81.88 | ||
APS Leverage:** |
39.1 | % | ||
TOB Leverage:** |
11.1 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions. |
1 | Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 43, 43 and 20 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
5
Trust Performance1 | ||||
NYSE Alternext U.S. Symbol | EMI | |||
Average Annual Total Returns (by share price) |
||||
One Year |
-32.76 | % | ||
Five Years |
-7.75 | |||
Life of Trust (1/29/99) |
-0.72 | |||
Average Annual Total Returns (by net asset value) |
||||
One Year |
-21.02 | % | ||
Five Years |
-1.24 | |||
Life of Trust (1/29/99) |
2.52 | |||
Premium/(Discount) to NAV |
-27.07 | % | ||
Market Yields |
||||
Market Yield2 |
7.84 | % | ||
Taxable-Equivalent Market Yield3 |
12.61 |
Barclays Capital Municipal Bond Index | Barclays Capital Municipal Bond Long 22+ Index | |||||||
One Year |
-3.61 | % | -15.21 | % | ||||
Five Years |
2.58 | 0.94 | ||||||
Life of Trust (1/31/99) |
4.05 | 3.26 |
Lipper Michigan Municipal Debt Funds Classification (by net asset value) | ||||
One Year |
-13.98 | % | ||
Five Years |
0.62 | |||
Life of Trust (1/31/99) |
3.31 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2008, is as follows, and the average rating is AA-: |
AAA
|
21.4 | % | BB | 1.4 | % | |||||
AA
|
44.3 | % | CCC | 0.6 | % | |||||
A
|
16.5 | % | Not Rated | 3.0 | % | |||||
BBB
|
12.8 | % |
Number of Issues: |
64 | |||
Average Maturity: |
21.8 | years | ||
Average Effective Maturity: |
16.4 | years | ||
Average Call Protection: |
4.9 | years | ||
Average Dollar Price: |
$ | 87.93 | ||
APS Leverage:** |
40.7 | % | ||
TOB Leverage:** |
5.9 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions. |
1 | Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 37.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Michigan Municipal Debt Funds Classification (closed-end) contained 4, 4 and 3 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
6
| Effective June 19, 2008, the Funds name was changed from Eaton Vance Florida Plus Municipal Income Trust. |
Trust Performance1 | ||||
NYSE Alternext U.S. Symbol | FEV | |||
Average Annual Total Returns (by share price) |
||||
One Year |
-36.32 | % | ||
Five Years |
-8.02 | |||
Life of Trust (1/29/99) |
-0.95 | |||
Average Annual Total Returns (by net asset value) |
||||
One Year |
-36.71 | % | ||
Five Years |
-5.47 | |||
Life of Trust (1/29/99) |
0.48 | |||
Premium/(Discount) to NAV |
-13.18 | % | ||
Market Yields |
||||
Market Yield2 |
9.11 | % | ||
Taxable-Equivalent Market Yield3 |
14.02 |
Barclays Capital Municipal Bond Index | Barclays Capital Municipal Bond Long 22+ Index | |||||||
One Year |
-3.61 | % | -15.21 | % | ||||
Five Years |
2.58 | 0.94 | ||||||
Life of Trust (1/31/99) |
4.05 | 3.26 |
Lipper General Municipal Debt Funds (Leveraged) Classification (by net asset value) | ||||
One Year |
-20.85 | % | ||
Five Years |
-0.68 | |||
Life of Trust (1/31/99) |
2.46 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2008, is as follows, and the average rating is A: |
AAA
|
24.6 | % | BB | 3.5 | % | |||||
AA
|
21.9 | % | B | 4.5 | % | |||||
A
|
18.4 | % | CCC | 0.7 | % | |||||
BBB
|
14.2 | % | Not Rated | 12.2 | % |
Number of Issues: |
105 | |||
Average Maturity: |
25.7 | years | ||
Average Effective Maturity: |
24.4 | years | ||
Average Call Protection: |
8.1 | years | ||
Average Dollar Price: |
$ | 84.80 | ||
APS Leverage:** |
24.6 | % | ||
TOB Leverage:** |
29.7 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions. |
1 | Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 35.00% federal income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper General Municipal Debt Funds (Leveraged) Classification (closed-end) contained 60, 59 and 42 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
7
Trust Performance1 | ||||
NYSE Alternext U.S. Symbol | EVJ | |||
Average Annual Total Returns (by share price) |
||||
One Year |
-29.88 | % | ||
Five Years |
-6.13 | |||
Life of Trust (1/29/99) |
0.08 | |||
Average Annual Total Returns (by net asset value) |
||||
One Year |
-33.57 | % | ||
Five Years |
-3.94 | |||
Life of Trust (1/29/99) |
1.11 | |||
Premium/(Discount) to NAV |
-9.57 | % | ||
Market Yields |
||||
Market Yield2 |
7.88 | % | ||
Taxable-Equivalent Market Yield3 |
13.32 |
Barclays Capital Municipal Bond Index | Barclays Capital Municipal Bond Long 22+ Index | |||||||
One Year |
-3.61 | % | -15.21 | % | ||||
Five Years |
2.58 | 0.94 | ||||||
Life of Trust (1/31/99) |
4.05 | 3.26 |
Lipper New Jersey Municipal Debt Funds Classification (by net asset value) | ||||
One Year |
-18.56 | % | ||
Five Years |
-0.08 | |||
Life of Trust (1/31/99) |
2.61 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2008, is as follows, and the average rating is AA-: |
AAA
|
30.8 | % | BBB | 24.0 | % | |||||
AA
|
21.5 | % | B | 1.2 | % | |||||
A
|
21.4 | % | Not Rated | 1.1 | % |
Number of Issues: |
75 | |||
Average Maturity: |
24.4 | years | ||
Average Effective Maturity: |
23.1 | years | ||
Average Call Protection: |
9.4 | years | ||
Average Dollar Price: |
$ | 73.51 | ||
APS Leverage:** |
39.9 | % | ||
TOB Leverage:** |
9.4 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions. |
1 | Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New Jersey Municipal Debt Funds Classification (closed-end) contained 10, 10 and 6 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
8
Trust Performance1 | ||||
NYSE Alternext U.S. Symbol | EVY | |||
Average Annual Total Returns (by share price) |
||||
One Year |
-40.71 | % | ||
Five Years |
-7.40 | |||
Life of Trust (1/29/99) |
-0.59 | |||
Average Annual Total Returns (by net asset value) |
||||
One Year |
-35.07 | % | ||
Five Years |
-4.65 | |||
Life of Trust (1/29/99) |
1.12 | |||
Premium/(Discount) to NAV |
-15.51 | % | ||
Market Yields |
||||
Market Yield2 |
9.42 | % | ||
Taxable-Equivalent Market Yield3 |
15.56 |
Barclays Capital Municipal Bond Index | Barclays Capital Municipal Bond Long 22+ Index | |||||||
One Year |
-3.61 | % | -15.21 | % | ||||
Five Years |
2.58 | 0.94 | ||||||
Life of Trust (1/31/99) |
4.05 | 3.26 |
Lipper New York Municipal Debt Funds Classification (by net asset value) | ||||
One Year |
-19.18 | % | ||
Five Years |
-0.29 | |||
Life of Trust (1/31/99) |
2.78 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2008, is as follows, and the average rating is A+: |
AAA
|
21.8 | % | BB | 3.5 | % | |||||
AA
|
36.1 | % | B | 2.2 | % | |||||
A
|
12.6 | % | Not Rated | 6.4 | % | |||||
BBB
|
17.4 | % |
Number of Issues: |
80 | |||
Average Maturity: |
24.5 | years | ||
Average Effective Maturity: |
22.7 | years | ||
Average Call Protection: |
9.3 | years | ||
Average Dollar Price: |
$ | 85.23 | ||
APS Leverage:** |
32.8 | % | ||
TOB Leverage:** |
18.2 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions. |
1 | Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 39.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New York Municipal Debt Funds Classification (closed-end) contained 16, 16 and 6 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
9
Trust Performance1 | ||||
NYSE Alternext U.S. Symbol | EVO | |||
Average Annual Total Returns (by share price) |
||||
One Year |
-29.83 | % | ||
Five Years |
-6.48 | |||
Life of Trust (1/29/99) |
-0.01 | |||
Average Annual Total Returns (by net asset value) |
||||
One Year |
-25.69 | % | ||
Five Years |
-1.84 | |||
Life of Trust (1/29/99) |
2.05 | |||
Premium/(Discount) to NAV |
-18.18 | % | ||
Market Yields |
||||
Market Yield2 |
7.73 | % | ||
Taxable-Equivalent Market Yield3 |
12.73 |
Barclays Capital Municipal Bond Index | Barclays Capital Municipal Bond Long 22+ Index | |||||||
One Year |
-3.61 | % | -15.21 | % | ||||
Five Years |
2.58 | 0.94 | ||||||
Life of Trust (1/31/99) |
4.05 | 3.26 |
Lipper Other States Municipal Debt Funds Classification (by net asset value) | ||||
One Year |
-14.38 | % | ||
Five Years |
0.64 | |||
Life of Trust (1/31/99) |
2.99 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2008, is as follows, and the average rating is AA-: |
AAA
|
32.3 | % | BBB | 7.5 | % | |||||
AA
|
36.7 | % | B | 1.7 | % | |||||
A
|
14.4 | % | Not Rated | 7.4 | % |
Number of Issues: |
76 | |||
Average Maturity: |
22.2 | years | ||
Average Effective Maturity: |
19.6 | years | ||
Average Call Protection: |
7.1 | years | ||
Average Dollar Price: |
$ | 84.60 | ||
APS Leverage:** |
40.4 | % | ||
TOB Leverage:** |
7.5 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions. |
1 | Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 39.26% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 43, 43 and 20 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
10
Trust Performance1 | ||||
NYSE Alternext U.S. Symbol | EVP | |||
Average Annual Total Returns (by share price) |
||||
One Year |
-20.75 | % | ||
Five Years |
-4.45 | |||
Life of Trust (1/29/99) |
1.24 | |||
Average Annual Total Returns (by net asset value) |
||||
One Year |
-26.57 | % | ||
Five Years |
-2.10 | |||
Life of Trust (1/29/99) |
1.99 | |||
Premium/(Discount) to NAV |
-6.98 | % | ||
Market Yields |
||||
Market Yield2 |
7.14 | % | ||
Taxable-Equivalent Market Yield3 |
11.33 |
Barclays Capital Municipal Bond Index | Barclays Capital Municipal Bond Long 22+ Index | |||||||
One Year |
-3.61 | % | -15.21 | % | ||||
Five Years |
2.58 | 0.94 | ||||||
Life of Trust (1/31/99) |
4.05 | 3.26 |
Lipper Pennsylvania Municipal Debt Funds Classification (by net asset value) | ||||
One Year |
-18.22 | % | ||
Five Years |
-0.73 | |||
Life of Trust (1/31/99) |
2.39 |
* | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2008, is as follows, and the average rating is A+: |
AAA
|
25.9 | % | BB | 2.3 | % | |||||
AA
|
30.3 | % | CCC | 1.3 | % | |||||
A
|
24.8 | % | Not Rated | 8.0 | % | |||||
BBB
|
7.4 | % |
Number of Issues: |
75 | |||
Average Maturity: |
21.5 | years | ||
Average Effective Maturity: |
18.9 | years | ||
Average Call Protection: |
6.4 | years | ||
Average Dollar Price: |
$ | 86.16 | ||
APS Leverage:** |
39.2 | % | ||
TOB Leverage:** |
11.4 | % |
** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions. |
1 | Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Pennsylvania Municipal Debt Funds Classification (closed-end) contained 7, 7 and 4 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. |
11
Tax-Exempt Investments 186.0% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 13.7% | ||||||||||
$ | 2,770 | California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29 | $ | 1,980,495 | ||||||
500 | California Educational Facilities Authority, (Pepperdine University), 5.00%, 11/1/29 | 470,310 | ||||||||
1,350 | California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23 | 1,273,009 | ||||||||
4,000 | California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31(1) | 3,873,920 | ||||||||
2,500 | San Diego County, Certificates of Participation, (University of San Diego), 5.375%, 10/1/41 | 2,151,475 | ||||||||
$ | 9,749,209 | |||||||||
Electric Utilities 2.4% | ||||||||||
$ | 2,275 |
Chula Vista, (San Diego Gas), (AMT), 5.00%, 12/1/27 |
$ | 1,719,695 | ||||||
$ | 1,719,695 | |||||||||
General Obligations 7.6% | ||||||||||
$ | 1,610 | California, (AMT), 5.05%, 12/1/36 | $ | 1,246,478 | ||||||
4,770 | San Francisco Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37(2) | 4,157,604 | ||||||||
$ | 5,404,082 | |||||||||
Health Care-Miscellaneous 0.3% | ||||||||||
$ | 300 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | $ | 221,175 | ||||||
$ | 221,175 | |||||||||
Hospital 30.6% | ||||||||||
$ | 1,000 | California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32 | $ | 832,740 | ||||||
2,435 | California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 11/15/34 | 1,895,380 | ||||||||
1,500 | California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38 | 1,500,915 | ||||||||
870 | California Health Facilities Financing Authority, (Sutter Health), Variable Rate, 1.49%, 11/15/46(3)(4)(5) | 205,111 | ||||||||
750 | California Infrastructure and Economic Development Bank, (Kaiser Hospital), 5.50%, 8/1/31 | 641,858 | ||||||||
3,900 |
California Statewide Communities Development Authority,
(Huntington Memorial Hospital), 5.00%, 7/1/35 |
2,958,579 | ||||||||
1,750 | California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36 | 1,349,390 | ||||||||
1,650 | California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32 | 1,437,529 | ||||||||
1,750 |
California Statewide Communities Development Authority, (Sonoma
County Indian Health), 6.40%, 9/1/29 |
1,492,015 | ||||||||
1,500 | California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28 | 1,375,725 | ||||||||
1,500 |
Duarte, (Hope National Medical Center), 5.25%, 4/1/24 |
1,308,315 | ||||||||
410 | Tahoe Forest Hospital District, 5.85%, 7/1/22 | 357,823 | ||||||||
2,000 | Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31 | 1,695,400 | ||||||||
1,250 |
Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34 |
919,813 | ||||||||
2,000 | Washington Health Care Facilities Authority, (Providence Health Care), 5.25%, 7/1/29 | 1,644,660 | ||||||||
2,780 |
Washington Township Health Care District, 5.00%, 7/1/32 |
2,127,812 | ||||||||
$ | 21,743,065 | |||||||||
Housing 3.0% | ||||||||||
$ | 1,750 |
California Housing Finance Agency, (AMT), 4.75%, 8/1/42 |
$ | 1,188,408 | ||||||
729 | Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29 | 597,201 | ||||||||
423 | Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29 | 341,949 | ||||||||
$ | 2,127,558 | |||||||||
Industrial Development Revenue 2.6% | ||||||||||
$ | 800 |
California Pollution Control Financing Authority,
(Browning-Ferris
Industries, Inc.), (AMT), 6.875%, 11/1/27 |
$ | 630,968 | ||||||
2,000 | California Statewide Communities Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46 | 1,237,540 | ||||||||
$ | 1,868,508 | |||||||||
Insured-Education 8.8% | ||||||||||
$ | 400 | California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35 | $ | 354,616 | ||||||
3,270 | California Educational Facilities Authority, (Pooled College and University), (MBIA), 5.10%, 4/1/23 | 3,195,019 | ||||||||
3,000 |
California State University, (AMBAC), 5.00%, 11/1/33 |
2,692,860 | ||||||||
$ | 6,242,495 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Electric Utilities 11.0% | ||||||||||
$ | 2,500 |
California Pollution Control Financing Authority, (Pacific Gas
and Electric), (MBIA), (AMT), 5.35%, 12/1/16 |
$ | 2,373,025 | ||||||
3,250 | California Pollution Control Financing Authority, (Southern California Edison Co.), (MBIA), (AMT), 5.55%, 9/1/31 | 2,600,097 | ||||||||
3,510 | Los Angeles Department of Water and Power, (FSA), 4.625%, 7/1/37 | 2,849,734 | ||||||||
$ | 7,822,856 | |||||||||
Insured-Escrowed/Prerefunded 5.9% | ||||||||||
$ | 5,130 |
Foothill/Eastern Transportation Corridor Agency, (FSA),
(RADIAN), Escrowed to Maturity, 0.00%, 1/1/26 |
$ | 2,060,054 | ||||||
1,995 | Puerto Rico Electric Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29(2) | 2,125,307 | ||||||||
$ | 4,185,361 | |||||||||
Insured-General Obligations 11.0% | ||||||||||
$ | 7,000 | Coast Community College District, (Election of 2002), (FSA), 0.00%, 8/1/34 | $ | 1,339,660 | ||||||
4,825 | Coast Community College District, (Election of 2002), (FSA), 0.00%, 8/1/35(6) | 861,986 | ||||||||
2,500 |
Puerto Rico, (FSA), Variable Rate, 12.711%, 7/1/27(3)(4) |
2,681,125 | ||||||||
7,995 | Sweetwater Union High School District, (Election 2000), (FSA), 0.00%, 8/1/25 | 2,925,930 | ||||||||
$ | 7,808,701 | |||||||||
Insured-Hospital 20.2% | ||||||||||
$ | 3,100 | California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37 | $ | 2,772,547 | ||||||
3,200 | California Statewide Communities Development Authority, (Childrens Hospital Los Angeles), (MBIA), 5.25%, 8/15/29 | 2,738,144 | ||||||||
750 |
California Statewide Communities Development Authority, (Kaiser
Permanente), (BHAC), 5.00%, 3/1/41(2) |
653,085 | ||||||||
5,000 | California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(2) | 4,473,750 | ||||||||
3,735 |
California Statewide Communities Development Authority, (Sutter
Health), (FSA), 5.75%, 8/15/27(2) |
3,743,092 | ||||||||
$ | 14,380,618 | |||||||||
Insured-Lease Revenue/Certificates of Participation 10.1% | ||||||||||
$ | 6,500 | Anaheim Public Financing Authority, Lease Revenue, (Public Improvements), (FSA), 0.00%, 9/1/17 | $ | 4,117,945 | ||||||
3,500 |
San Diego County Water Authority, (FSA), 5.00%, 5/1/38(2) |
3,044,983 | ||||||||
$ | 7,162,928 | |||||||||
Insured-Other Revenue 2.2% | ||||||||||
$ | 1,855 | Golden State Tobacco Securitization Corp., (AGC), (FGIC), 5.00%, 6/1/38 | $ | 1,566,177 | ||||||
$ | 1,566,177 | |||||||||
Insured-Special Tax Revenue 4.7% | ||||||||||
$ | 24,800 |
Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 |
$ | 860,312 | ||||||
4,225 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 |
335,296 | ||||||||
8,380 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 |
617,438 | ||||||||
5,270 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 |
359,572 | ||||||||
480 | Sacramento Area Flood Control Agency, (BHAC), 5.50%, 10/1/28 | 486,149 | ||||||||
690 | Sacramento Area Flood Control Agency, (BHAC), 5.625%, 10/1/37 | 691,235 | ||||||||
$ | 3,350,002 | |||||||||
Insured-Transportation 8.2% | ||||||||||
$ | 5,000 | Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29 | $ | 1,315,550 | ||||||
8,000 | Alameda Corridor Transportation Authority, (MBIA), 0.00%, 10/1/31 | 1,827,360 | ||||||||
740 | Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2) | 646,719 | ||||||||
10,000 | San Joaquin Hills Transportation Corridor Agency, (MBIA), 0.00%, 1/15/32 | 2,014,100 | ||||||||
$ | 5,803,729 | |||||||||
Insured-Water and Sewer 6.9% | ||||||||||
$ | 4,400 | Los Angeles Department of Water and Power, (MBIA), 3.00%, 7/1/30 | $ | 2,813,712 | ||||||
2,710 | San Francisco City and County Public Utilities Commission, (FSA), 4.25%, 11/1/33(6) | 2,054,261 | ||||||||
$ | 4,867,973 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Lease
Revenue/Certificates of Participation 5.9%
|
||||||||||
$ | 4,000 |
Sacramento City Financing Authority, 5.40%, 11/1/20 |
$ | 4,168,920 | ||||||
$ | 4,168,920 | |||||||||
Other Revenue 2.4% | ||||||||||
$ | 385 | California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32 | $ | 340,359 | ||||||
580 | California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37 | 501,439 | ||||||||
1,420 |
Golden State Tobacco Securitization Corp., 5.75%, 6/1/47 |
895,282 | ||||||||
$ | 1,737,080 | |||||||||
Senior Living/Life Care 0.8% | ||||||||||
$ | 175 | California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.75%, 11/15/26 | $ | 126,487 | ||||||
700 | California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.875%, 11/15/36 | 462,931 | ||||||||
$ | 589,418 | |||||||||
Special Tax Revenue 19.7% | ||||||||||
$ | 1,000 |
Bonita Canyon Public Financing Authority, 5.375%, 9/1/28 |
$ | 713,970 | ||||||
285 |
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26 |
195,655 | ||||||||
460 |
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34 |
291,543 | ||||||||
1,000 | Corona Public Financing Authority, 5.80%, 9/1/20 | 844,660 | ||||||||
200 | Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27 | 139,874 | ||||||||
500 | Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36 | 313,195 | ||||||||
1,590 | Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27 | 1,487,191 | ||||||||
900 | Lincoln Public Financing Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25 | 747,765 | ||||||||
420 | Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24 | 333,430 | ||||||||
750 | Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29 | 569,805 | ||||||||
2,430 |
Oakland Joint Powers Financing Authority, 5.40%, 9/2/18 |
2,482,342 | ||||||||
995 |
Oakland Joint Powers Financing Authority, 5.50%, 9/2/24 |
985,607 | ||||||||
1,325 | San Pablo Redevelopment Agency, 5.65%, 12/1/23 | 1,304,992 | ||||||||
1,095 | Santa Margarita Water District, 6.20%, 9/1/20 | 964,410 | ||||||||
250 |
Santaluz Community Facilities District No. 2, 6.10%, 9/1/21 |
214,648 | ||||||||
500 |
Santaluz Community Facilities District No. 2, 6.20%, 9/1/30 |
399,405 | ||||||||
250 | Temecula Unified School District, 5.00%, 9/1/27 | 174,843 | ||||||||
400 | Temecula Unified School District, 5.00%, 9/1/37 | 248,960 | ||||||||
500 | Turlock Public Financing Authority, 5.45%, 9/1/24 | 413,960 | ||||||||
500 | Tustin Community Facilities District, 6.00%, 9/1/37 | 365,250 | ||||||||
1,000 | Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23 | 818,630 | ||||||||
$ | 14,010,135 | |||||||||
Transportation 5.5% | ||||||||||
$ | 2,000 | Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/31 | $ | 1,852,760 | ||||||
1,500 | Los Angeles Department of Airports, (Los Angeles International Airport), 5.375%, 5/15/30 | 1,205,130 | ||||||||
1,170 | Port of Redwood City, (AMT), 5.125%, 6/1/30 | 854,311 | ||||||||
$ | 3,912,201 | |||||||||
Water and Sewer 2.5% | ||||||||||
$ | 1,840 |
California Department of Water Resources, 5.00%, 12/1/29 |
$ | 1,748,184 | ||||||
$ | 1,748,184 | |||||||||
Total
Tax-Exempt Investments 186.0%
|
||||||||||
(identified
cost $155,084,405)
|
$ | 132,190,070 | ||||||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (70.3)% | $ | (49,978,954 | ) | |||||||
Other
Assets, Less Liabilities (15.7)%
|
$ | (11,146,313 | ) | |||||||
Net
Assets Applicable to Common Shares 100.0% |
$ | 71,064,803 | ||||||||
(1) | Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. | |
(2) | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). | |
(3) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2008, the aggregate value of these securities is $2,886,236 or 4.1% of the Trusts net assets applicable to common shares. | |
(4) | Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2008. | |
(5) | Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $2,610,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater. | |
(6) | Security (or a portion thereof) has been pledged as collateral for open swap contracts. |
Tax-Exempt Investments 179.6% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 33.4% | ||||||||||
$ | 2,440 | Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59 | $ | 2,149,591 | ||||||
600 | Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33 | 528,696 | ||||||||
1,000 | Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38 | 732,040 | ||||||||
1,500 | Massachusetts Development Finance Agency, (Wheeler School), 6.50%, 12/1/29 | 1,330,320 | ||||||||
1,000 | Massachusetts Development Finance Agency, (Xaverian Brothers High School), 5.65%, 7/1/29 | 799,890 | ||||||||
1,500 |
Massachusetts Health and Educational Facilities Authority,
(Berklee College of Music), 5.00%, 10/1/32 |
1,275,615 | ||||||||
1,500 | Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1) | 1,435,013 | ||||||||
1,000 | Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38(5) | 976,000 | ||||||||
$ | 9,227,165 | |||||||||
Electric Utilities 9.8% | ||||||||||
$ | 1,000 | Massachusetts Development Finance Agency, (Devens Electric System), 6.00%, 12/1/30 | $ | 959,370 | ||||||
1,870 |
Massachusetts Development Finance Agency, (Dominion Energy
Brayton Point), (AMT), 5.00%, 2/1/36 |
1,273,881 | ||||||||
570 | Puerto Rico Electric Power Authority, 5.00%, 7/1/25 | 463,450 | ||||||||
$ | 2,696,701 | |||||||||
Escrowed/Prerefunded 8.2% | ||||||||||
$ | 400 | Massachusetts Development Finance Agency, (Western New England College), Prerefunded to 12/1/12, 6.125%, 12/1/32 | $ | 457,460 | ||||||
235 | Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), Prerefunded to 1/1/12, 6.00%, 7/1/31 | 262,652 | ||||||||
960 | Massachusetts Health and Educational Facilities Authority, (Winchester Hospital), Prerefunded to 7/1/10, 6.75%, 7/1/30 | 1,033,325 | ||||||||
1,000 | Rail Connections, Inc., (Route 128 Parking), (ACA), Prerefunded to 7/1/09, 0.00%, 7/1/20 | 498,820 | ||||||||
$ | 2,252,257 | |||||||||
General Obligations 4.8% | ||||||||||
$ | 1,250 | City of Boston, 5.00%, 1/1/11(5) | $ | 1,320,613 | ||||||
$ | 1,320,613 | |||||||||
Health Care-Miscellaneous 3.5% | ||||||||||
$ | 510 | Massachusetts Development Finance Agency, (MCHSP Human Services), 6.60%, 8/15/29 | $ | 373,198 | ||||||
700 | Massachusetts Health and Educational Facilities Authority, (Learning Center for Deaf Children), 6.125%, 7/1/29 | 524,069 | ||||||||
100 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | 73,725 | ||||||||
$ | 970,992 | |||||||||
Hospital 27.4% | ||||||||||
$ | 1,000 | Massachusetts Development Finance Agency, (Biomedical Research Corp.), 6.25%, 8/1/20 | $ | 1,009,510 | ||||||
1,000 |
Massachusetts Health and Educational Facilities Authority,
(Baystate Medical Center), 5.75%, 7/1/33 |
868,390 | ||||||||
400 |
Massachusetts Health and Educational Facilities Authority,
(Berkshire Health System), 6.25%, 10/1/31 |
348,228 | ||||||||
1,370 | Massachusetts Health and Educational Facilities Authority, (Beth Israel Deaconess Medical Center, Inc.), 5.125%, 7/1/38 | 927,572 | ||||||||
105 | Massachusetts Health and Educational Facilities Authority, (Central New England Health Systems), 6.30%, 8/1/18 | 104,741 | ||||||||
1,575 |
Massachusetts Health and Educational Facilities Authority,
(Dana-Farber Cancer Institute), 5.00%, 12/1/37 |
1,259,748 | ||||||||
865 | Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/31 | 790,740 | ||||||||
2,000 |
Massachusetts Health and Educational Facilities Authority,
(Partners Healthcare System), 5.00%, 7/1/32(1) |
1,696,920 | ||||||||
675 | Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29 | 540,371 | ||||||||
$ | 7,546,220 | |||||||||
Housing 15.0% | ||||||||||
$ | 2,100 | Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48 | $ | 1,394,694 | ||||||
1,000 | Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40 | 698,880 | ||||||||
650 | Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28 | 523,685 | ||||||||
2,000 | Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37 | 1,526,900 | ||||||||
$ | 4,144,159 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Industrial Development Revenue 2.5% | ||||||||||
$ | 695 | Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15 | $ | 695,619 | ||||||
$ | 695,619 | |||||||||
Insured-Education 13.5% | ||||||||||
$ | 1,000 | Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39 | $ | 954,570 | ||||||
1,365 | Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1) | 1,330,556 | ||||||||
1,600 | Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33 | 1,440,960 | ||||||||
$ | 3,726,086 | |||||||||
Insured-General Obligations 13.5% | ||||||||||
$ | 1,000 | Massachusetts, (AMBAC), 5.50%, 8/1/30 | $ | 1,025,510 | ||||||
2,255 | Milford, (FSA), 4.25%, 12/15/46 | 1,729,111 | ||||||||
900 |
Puerto Rico, (FSA), Variable Rate, 12.711%, 7/1/27(2)(3) |
965,205 | ||||||||
$ | 3,719,826 | |||||||||
Insured-Other Revenue 4.2% | ||||||||||
$ | 1,225 | Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42 | $ | 1,157,625 | ||||||
$ | 1,157,625 | |||||||||
Insured-Special Tax Revenue 7.9% | ||||||||||
$ | 1,450 |
Marthas Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32 |
$ | 1,399,511 | ||||||
8,945 |
Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 |
310,302 | ||||||||
1,520 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 |
120,627 | ||||||||
3,015 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 |
222,146 | ||||||||
1,905 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 |
129,978 | ||||||||
$ | 2,182,564 | |||||||||
Insured-Student Loan 7.1% | ||||||||||
$ | 600 | Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30(5) | $ | 573,486 | ||||||
1,985 | Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33 | 1,385,887 | ||||||||
$ | 1,959,373 | |||||||||
Insured-Transportation 6.6% | ||||||||||
$ | 800 | Massachusetts Port Authority, (Bosfuel Project), (FGIC), (MBIA), (AMT), 5.00%, 7/1/32 | $ | 575,744 | ||||||
1,820 | Massachusetts Port Authority, (Bosfuel Project), (FGIC), (MBIA), (AMT), 5.00%, 7/1/38 | 1,246,008 | ||||||||
$ | 1,821,752 | |||||||||
Nursing Home 3.4% | ||||||||||
$ | 500 | Boston Industrial Development Authority, (Alzheimers Center), (FHA), 6.00%, 2/1/37 | $ | 462,325 | ||||||
580 | Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29 | 475,780 | ||||||||
$ | 938,105 | |||||||||
Senior Living/Life Care 8.0% | ||||||||||
$ | 250 | Massachusetts Development Finance Agency, (Berkshire Retirement), 5.15%, 7/1/31 | $ | 168,198 | ||||||
1,500 | Massachusetts Development Finance Agency, (Berkshire Retirement), 5.625%, 7/1/29 | 1,120,650 | ||||||||
140 | Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27 | 93,990 | ||||||||
425 | Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41 | 255,327 | ||||||||
910 | Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.75%, 11/15/42 | 561,006 | ||||||||
$ | 2,199,171 | |||||||||
Special Tax Revenue 5.0% | ||||||||||
$ | 1,665 | Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31 | $ | 389,227 | ||||||
5,195 | Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34 | 986,998 | ||||||||
$ | 1,376,225 | |||||||||
Water and Sewer 5.8% | ||||||||||
$ | 215 | Massachusetts Water Pollution Abatement Trust, 5.375%, 8/1/27 | $ | 215,888 | ||||||
2,000 | Massachusetts Water Resources Authority, 4.00%, 8/1/46 | 1,384,000 | ||||||||
$ | 1,599,888 | |||||||||
Total
Tax-Exempt Investments 179.6%
|
||||||||||
(identified
cost $59,628,794)
|
$ | 49,534,341 | ||||||||
Short-Term Investments 6.4% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Description | Value | ||||||||
$ | 1,750 | Massachusetts Health and Educational Facilities Authority, (Capital Assets Program), (MBIA), (SPA: State Street Bank and Trust Co.), Variable Rate, 12.00%, 1/1/35(4) | $ | 1,750,000 | ||||||
Total
Short-Term
Investments 6.4%
|
||||||||||
(identified
cost $1,750,000)
|
$ | 1,750,000 | ||||||||
Total
Investments 186.0%
|
||||||||||
(identified
cost $61,378,794)
|
$ | 51,284,341 | ||||||||
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (72.7)%
|
$ | (20,055,300 | ) | |||||||
Other
Assets, Less Liabilities (13.3)%
|
$ | (3,653,081 | ) | |||||||
Net
Assets Applicable to
Common Shares 100.0% |
$ | 27,575,960 | ||||||||
(1) | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). | |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2008, the aggregate value of these securities is $965,205 or 3.5% of the Trusts net assets applicable to common shares. | |
(3) | Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2008. | |
(4) | Variable rate demand obligation. The stated interest rate represents the rate in effect at November 30, 2008. | |
(5) | Security (or a portion thereof) has been pledged as collateral for open swap contracts. |
Tax-Exempt Investments 180.5% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 7.9% | ||||||||||
$ | 1,250 | Michigan Higher Education Facilities Authority, (Creative Studies), 5.90%, 12/1/27 | $ | 1,383,525 | ||||||
540 | Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35 | 437,697 | ||||||||
$ | 1,821,222 | |||||||||
Electric Utilities 3.9% | ||||||||||
$ | 580 | Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29 | $ | 533,333 | ||||||
435 | Puerto Rico Electric Power Authority, 5.00%, 7/1/25 | 353,686 | ||||||||
$ | 887,019 | |||||||||
Escrowed/Prerefunded 21.1% | ||||||||||
$ | 500 | Kent Hospital Finance Authority, (Spectrum Health), Prerefunded to 7/15/11, 5.50%, 1/15/31 | $ | 545,040 | ||||||
560 | Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34 | 637,056 | ||||||||
750 |
Michigan Hospital Finance Authority, (Ascension Health Care),
Prerefunded to 11/15/09, 6.125%, 11/15/26 |
792,892 | ||||||||
750 | Michigan Hospital Finance Authority, (Sparrow Obligation Group), Prerefunded to 11/15/11, 5.625%, 11/15/36 | 830,220 | ||||||||
875 | Puerto Rico Electric Power Authority, Prerefunded to 7/1/12, 5.25%, 7/1/31 | 973,945 | ||||||||
1,000 |
White Cloud Public Schools, Prerefunded to 5/1/11, 5.125%, 5/1/31 |
1,071,020 | ||||||||
$ | 4,850,173 | |||||||||
General Obligations 8.6% | ||||||||||
$ | 500 |
East Grand Rapids Public School District, 5.00%, 5/1/25 |
$ | 496,660 | ||||||
750 | Manistee Area Public Schools, 5.00%, 5/1/24 | 739,665 | ||||||||
345 | Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29 | 276,135 | ||||||||
500 | Wayne Charter County, 5.70%, 8/1/38 | 455,540 | ||||||||
$ | 1,968,000 | |||||||||
Health Care-Miscellaneous 0.3% | ||||||||||
$ | 100 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | $ | 73,725 | ||||||
$ | 73,725 | |||||||||
Hospital 30.6% | ||||||||||
$ | 500 | Allegan Hospital Finance Authority, (Allegan General Hospital), 7.00%, 11/15/21 | $ | 468,290 | ||||||
185 | Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25 | 140,961 | ||||||||
125 | Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37 | 92,845 | ||||||||
275 | Kent Hospital Finance Authority, (Spectrum Health), 5.50%, 1/15/47 | 278,129 | ||||||||
500 |
Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18 |
420,815 | ||||||||
1,000 | Michigan Hospital Finance Authority, (Central Michigan Community Hospital), 6.25%, 10/1/27 | 859,130 | ||||||||
750 | Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38 | 506,355 | ||||||||
1,000 | Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46 | 689,540 | ||||||||
1,080 | Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35 | 832,270 | ||||||||
750 | Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21 | 686,302 | ||||||||
1,000 | Michigan Hospital Finance Authority, (Trinity Health), 6.00%, 12/1/27 | 978,390 | ||||||||
425 | Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26 | 284,746 | ||||||||
800 | Saginaw Hospital Finance Authority, (Covenant Medical Center), 6.50%, 7/1/30 | 798,560 | ||||||||
$ | 7,036,333 | |||||||||
Housing 6.6% | ||||||||||
$ | 1,065 | Michigan Housing Development Authority, (AMT), 5.20%, 6/1/39 | $ | 821,445 | ||||||
1,000 | Michigan Housing Development Authority, (Williams Pavilion), (AMT), 4.90%, 4/20/48 | 687,110 | ||||||||
$ | 1,508,555 | |||||||||
Industrial Development Revenue 6.6% | ||||||||||
$ | 1,000 | Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21 | $ | 572,660 | ||||||
800 | Dickinson County Electronic Development Corp., (International Paper Co.), 5.75%, 6/1/16 | 689,480 | ||||||||
625 | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26 | 251,562 | ||||||||
$ | 1,513,702 | |||||||||
Insured-Electric Utilities 8.7% | ||||||||||
$ | 1,000 | Michigan Strategic Fund, (Detroit Edison Co.), (MBIA), (AMT), 5.55%, 9/1/29 | $ | 824,890 | ||||||
500 | Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32 | 404,060 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Electric
Utilities (continued)
|
||||||||||
220 | Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%, 7/1/30 | 179,113 | ||||||||
750 | Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%, 7/1/34 | 590,235 | ||||||||
$ | 1,998,298 | |||||||||
Insured-Escrowed/Prerefunded 18.5% | ||||||||||
$ | 1,000 | Central Montcalm Public Schools, (MBIA), Prerefunded to 5/1/09, 6.00%, 5/1/29 | $ | 1,021,050 | ||||||
1,000 | Detroit Sewer Disposal, (FGIC), Prerefunded to 7/1/11, 5.125%, 7/1/31 | 1,075,240 | ||||||||
2,000 | Novi Building Authority, (FSA), Prerefunded to 10/1/10, 5.50%, 10/1/25 | 2,153,320 | ||||||||
$ | 4,249,610 | |||||||||
Insured-General Obligations 15.1% | ||||||||||
$ | 650 | Detroit City School District, (FGIC), 4.75%, 5/1/28 | $ | 567,626 | ||||||
750 | Detroit City School District, (FSA), 5.25%, 5/1/32 | 735,112 | ||||||||
200 |
Eaton Rapids Public Schools, (MBIA), 4.75%, 5/1/25 |
188,236 | ||||||||
100 |
Lincoln Consolidated School District, (FSA), 5.00%, 5/1/10 |
104,093 | ||||||||
700 |
Puerto Rico, (FSA), Variable Rate, 12.711%, 7/1/27(1)(2) |
750,715 | ||||||||
1,250 | Van Dyke Public Schools, (FSA), 5.00%, 5/1/38 | 1,132,387 | ||||||||
$ | 3,478,169 | |||||||||
Insured-Hospital 7.2% | ||||||||||
$ | 1,000 | Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (MBIA), 5.25%, 11/15/35 | $ | 766,940 | ||||||
1,000 | Saginaw Hospital Finance Authority, (Covenant Medical Center), (MBIA), 5.50%, 7/1/24 | 885,370 | ||||||||
$ | 1,652,310 | |||||||||
Insured-Lease Revenue/Certificates of Participation 5.1% | ||||||||||
$ | 4,300 |
Michigan Building Authority, (FGIC), 0.00%, 10/15/30 |
$ | 920,587 | ||||||
1,000 |
Michigan Building Authority, (FGIC), (FSA), 0.00%, 10/15/29 |
248,020 | ||||||||
$ | 1,168,607 | |||||||||
Insured-Special Tax Revenue 11.4% | ||||||||||
$ | 5,160 |
Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 |
$ | 179,000 | ||||||
1,225 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 |
97,216 | ||||||||
2,430 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 |
179,043 | ||||||||
1,470 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 |
100,298 | ||||||||
2,250 | Wayne Charter County, (Airport Hotel-Detroit Metropolitan Airport), (MBIA), 5.00%, 12/1/30 | 2,056,500 | ||||||||
$ | 2,612,057 | |||||||||
Insured-Student Loan 6.0% | ||||||||||
$ | 1,000 | Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.00%, 3/1/31 | $ | 639,520 | ||||||
1,000 | Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.50%, 6/1/25 | 735,290 | ||||||||
$ | 1,374,810 | |||||||||
Insured-Transportation 6.7% | ||||||||||
$ | 1,000 | Wayne Charter County Airport, (AGC), (AMT), 5.375%, 12/1/32 | $ | 797,220 | ||||||
1,000 | Wayne Charter County Airport, (MBIA), (AMT), 5.00%, 12/1/28 | 749,340 | ||||||||
$ | 1,546,560 | |||||||||
Insured-Water and Sewer 6.2% | ||||||||||
$ | 1,650 |
Detroit Water Supply System, (FGIC), 5.00%, 7/1/30 |
$ | 1,437,233 | ||||||
$ | 1,437,233 | |||||||||
Lease Revenue/Certificates of Participation 1.0% | ||||||||||
$ | 250 | Puerto Rico, (Guaynabo Municipal Government Center Lease), 5.625%, 7/1/22 | $ | 239,565 | ||||||
$ | 239,565 | |||||||||
Other Revenue 1.4% | ||||||||||
$ | 500 | Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48 | $ | 317,110 | ||||||
$ | 317,110 | |||||||||
Transportation 6.4% | ||||||||||
$ | 1,500 | Kent County Airport Facility, 5.00%, 1/1/25(3) | $ | 1,464,315 | ||||||
$ | 1,464,315 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Water and Sewer 1.2% | ||||||||||
$ | 250 | Michigan Municipal Bond Authority, (Clean Water Revenue), 5.25%, 10/1/11(4) | $ | 268,665 | ||||||
$ | 268,665 | |||||||||
Total
Tax-Exempt Investments 180.5%
|
||||||||||
(identified
cost $47,060,298)
|
$ | 41,466,038 | ||||||||
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (76.2)%
|
$ | (17,502,294 | ) | |||||||
Other
Assets, Less Liabilities (4.3)%
|
$ | (986,563 | ) | |||||||
Net
Assets Applicable to
Common Shares 100.0% |
$ | 22,977,181 | ||||||||
(1) | Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2008. | |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2008, the aggregate value of these securities is $750,715 or 3.3% of the Trusts net assets applicable to common shares. | |
(3) | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). | |
(4) | Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. |
Tax-Exempt Investments 215.3% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 12.3% | ||||||||||
$ | 1,000 | Massachusetts Development Finance Agency, (Boston University), 6.00%, 5/15/59 | $ | 960,290 | ||||||
500 | Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38 | 366,020 | ||||||||
10 | Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38 | 9,567 | ||||||||
2,490 | Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1) | 2,382,117 | ||||||||
740 | New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33 | 727,812 | ||||||||
190 | Rhode Island Health and Educational Building Corp., (University of Rhode Island), 6.25%, 9/15/34 | 182,468 | ||||||||
$ | 4,628,274 | |||||||||
Electric Utilities 3.0% | ||||||||||
$ | 1,565 | Brazos River Authority, TX, (Texas Energy Co.), (AMT), 8.25%, 5/1/33 | $ | 1,124,906 | ||||||
$ | 1,124,906 | |||||||||
Escrowed/Prerefunded 1.4% | ||||||||||
$ | 500 | Stoneybrook West, FL, Community Development District, Prerefunded to 5/1/10, 7.00%, 5/1/32 | $ | 536,505 | ||||||
$ | 536,505 | |||||||||
Health Care-Miscellaneous 0.7% | ||||||||||
$ | 140 | Osceola County, FL, Industrial Development Authority, Community Provider Pooled Loan, 7.75%, 7/1/17 | $ | 131,625 | ||||||
200 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | 147,450 | ||||||||
$ | 279,075 | |||||||||
Hospital 21.0% | ||||||||||
$ | 350 | Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35 | $ | 232,855 | ||||||
695 | Idaho Health Facilities Authority, (Trinity Health Credit Group), 6.25%, 12/1/33 | 679,960 | ||||||||
375 | Massachusetts Health and Educational Facilities Authority, (Caregroup, Inc.), 5.00%, 7/1/28 | 269,389 | ||||||||
560 | Massachusetts Health and Educational Facilities Authority, (Caregroup, Inc.), 5.125%, 7/1/33 | 389,989 | ||||||||
2,000 | Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/32 | 1,468,520 | ||||||||
2,500 | New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 5.00%, 7/1/36(1) | 2,261,225 | ||||||||
315 | New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29 | 243,177 | ||||||||
635 | New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37 | 472,599 | ||||||||
1,000 | Virginia Small Business Financing Authority, (Wellmort Health), 5.25%, 9/1/37 | 703,550 | ||||||||
1,400 |
West Orange, FL, Health Care District, 5.80%, 2/1/31 |
1,134,602 | ||||||||
$ | 7,855,866 | |||||||||
Housing 14.4% | ||||||||||
$ | 330 |
California Housing Finance Agency, (AMT), 4.75%, 8/1/42 |
$ | 224,100 | ||||||
2,000 | Delaware Housing Authority, (Senior Single Family Mortgage Revenue), (AMT), 5.30%, 1/1/49 | 1,525,840 | ||||||||
505 | Escambia County, FL, Housing Finance Authority, Single Family Mortgage Revenue, (Multi-County Program), (AMT), 5.50%, 10/1/31 | 425,260 | ||||||||
1,000 | Georgia Housing and Finance Authority, (AMT), 5.25%, 12/1/37 | 781,930 | ||||||||
710 | Massachusetts Housing Finance Agency, (AMT), 5.30%, 12/1/37 | 559,544 | ||||||||
1,030 |
New Mexico Mortgage Finance Authority, (Santa Fe Senior Housing
LLC), (FNMA), (AMT), 4.70%, 8/1/45 |
713,759 | ||||||||
1,500 | Virginia Housing Development Authority, (AMT), 5.10%, 10/1/35 | 1,161,405 | ||||||||
$ | 5,391,838 | |||||||||
Industrial Development Revenue 25.9% | ||||||||||
$ | 1,000 | Brazos River, TX, Harbor Navigation District, (Dow Chemical Co.), (AMT), 5.95%, 5/15/33 | $ | 735,480 | ||||||
702 | Broward County, FL, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19 | 588,787 | ||||||||
1,000 | Butler County, AL, Industrial Development Authority, (International Paper Co.), (AMT), 7.00%, 9/1/32 | 760,010 | ||||||||
750 |
California Pollution Control Financing Authority,
(Browning-Ferris
Industries, Inc.), (AMT), 6.875%, 11/1/27 |
591,532 | ||||||||
1,060 | Capital Trust Agency, FL, (Fort Lauderdale Project), (AMT), 5.75%, 1/1/32 | 764,228 | ||||||||
1,055 | Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.25%, 10/1/32 | 549,159 | ||||||||
875 | Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.75%, 10/1/32 | 453,688 | ||||||||
1,000 | Gulf Coast Waste Disposal Authority, TX, (Valero Energy Corp.), 5.60%, 4/1/32 | 626,040 | ||||||||
1,000 | Houston, TX, Airport System, (Continental Airlines), (AMT), 6.75%, 7/1/29 | 623,030 | ||||||||
705 | Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.25%, 10/1/35 | 512,239 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Industrial
Development Revenue (continued)
|
||||||||||
1,350 | Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.25%, 10/1/35(1) | 980,948 | ||||||||
1,000 |
New Morgan, PA, Industrial Development Authority,
(Browning-Ferris Industries, Inc.), (AMT), 6.50%, 4/1/19 |
812,070 | ||||||||
280 |
Phoenix, AZ, Industrial Development Authority, (America West
Airlines, Inc.), (AMT), 6.25%, 6/1/19 |
191,190 | ||||||||
650 | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.30%, 6/1/23 | 258,648 | ||||||||
1,970 | St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37 | 1,259,795 | ||||||||
$ | 9,706,844 | |||||||||
Insured-Education 1.2% | ||||||||||
$ | 530 | University of Vermont and State Agricultural College, (MBIA), 5.00%, 10/1/40 | $ | 460,851 | ||||||
$ | 460,851 | |||||||||
Insured-Electric Utilities 3.5% | ||||||||||
$ | 1,600 | Burke County, GA, Development Authority, (Georgia Power Co.), (MBIA), (AMT), 5.45%, 5/1/34 | $ | 1,316,192 | ||||||
$ | 1,316,192 | |||||||||
Insured-General Obligations 4.3% | ||||||||||
$ | 1,500 | Puerto Rico, (FSA), Variable Rate, 12.711%, 7/1/27(2)(3) | $ | 1,608,675 | ||||||
$ | 1,608,675 | |||||||||
Insured-Hospital 25.4% | ||||||||||
$ | 2,500 | Illinois Finance Authority, (Rush University Medical Center), (MBIA), 5.25%, 11/1/35 | $ | 1,917,550 | ||||||
3,250 | Indiana Health and Educational Facility Finance Authority, (Sisters of St. Francis Health Services), (FSA), 5.25%, 5/15/41(1) | 2,874,008 | ||||||||
2,000 | Maricopa County, AZ, Industrial Development Authority, (Catholic Healthcare West), (BHAC), 5.25%, 7/1/32 | 1,861,880 | ||||||||
1,000 |
Maricopa County, AZ, Industrial Development Authority, (Mayo
Clinic Hospital), (AMBAC), 5.25%, 11/15/37 |
839,520 | ||||||||
2,500 |
Maryland Health and Higher Educational Facilities Authority,
(Lifebridge Health), (AGC), 4.75%, 7/1/47(1) |
2,025,675 | ||||||||
$ | 9,518,633 | |||||||||
Insured-Housing 2.5% | ||||||||||
$ | 1,100 | Broward County, FL, Housing Finance Authority, Multi-Family Housing, (Venice Homes Apartments), (FSA), (AMT), 5.70%, 1/1/32(6) | $ | 923,054 | ||||||
$ | 923,054 | |||||||||
Insured-Lease Revenue/Certificates of Participation 9.7% | ||||||||||
$ | 1,155 | Newberry, SC, (Newberry County School District), (AGC), 5.00%, 12/1/30 | $ | 1,013,616 | ||||||
3,000 | San Diego County, CA, Water Authority, (FSA), 5.00%, 5/1/38(1) | 2,609,985 | ||||||||
$ | 3,623,601 | |||||||||
Insured-Other Revenue 1.1% | ||||||||||
$ | 425 | Kentucky Economic Development Finance Authority, (Louisville Arena Project), (AGC), 6.00%, 12/1/33 | $ | 410,083 | ||||||
$ | 410,083 | |||||||||
Insured-Special Tax Revenue 8.4% | ||||||||||
$ | 170 |
Baton Rouge, LA, Public Improvement, (FSA), 4.25%, 8/1/32 |
$ | 133,338 | ||||||
3,040 |
Miami-Dade County, FL, Special Obligation, (MBIA), 0.00%, 10/1/35 |
473,358 | ||||||||
5,000 |
Miami-Dade County, FL, Special Obligation, (MBIA), 0.00%, 10/1/38 |
628,800 | ||||||||
5,610 |
Miami-Dade County, FL, Special Obligation, (MBIA), 0.00%, 10/1/40 |
614,575 | ||||||||
14,850 |
Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 |
515,147 | ||||||||
2,535 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 |
201,178 | ||||||||
5,030 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 |
370,610 | ||||||||
3,165 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 |
215,948 | ||||||||
$ | 3,152,954 | |||||||||
Insured-Student Loan 2.5% | ||||||||||
$ | 1,000 | Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30 | $ | 955,810 | ||||||
$ | 955,810 | |||||||||
Insured-Transportation 16.2% | ||||||||||
$ | 670 | Chicago, IL, (OHare International Airport), (FSA), 4.50%, 1/1/38(6) | $ | 527,940 | ||||||
240 | Dallas-Fort Worth, TX, International Airport, (MBIA), (AMT), 6.10%, 11/1/24 | 218,863 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Transportation (continued)
|
||||||||||
95 | Dallas-Fort Worth, TX, International Airport, (MBIA), (AMT), 6.25%, 11/1/28 | 85,800 | ||||||||
2,100 |
Maryland Transportation Authority, (FSA), 5.00%, 7/1/41(1) |
1,950,585 | ||||||||
3,770 |
Miami-Dade County, FL, Aviation Revenue, (Miami International
Airport), (AGC), (CIFG), (AMT), 5.00%, 10/1/38(4) |
2,762,656 | ||||||||
560 | New Jersey Transportation Trust Fund Authority, (AGC), 5.50%, 12/15/38 | 533,159 | ||||||||
$ | 6,079,003 | |||||||||
Insured-Water and Sewer 24.2% | ||||||||||
$ | 3,750 | Austin, TX, Water and Wastewater System, (FSA), 5.00%, 11/15/33(1) | $ | 3,511,557 | ||||||
1,000 | Emerald Coast, FL, Utility Authority Revenue, (FGIC), 4.75%, 1/1/31 | 802,620 | ||||||||
3,250 |
Fernley, NV, Water and Sewer, (AGC), 5.00%, 2/1/38(1) |
2,928,136 | ||||||||
640 |
Miami Beach, FL, Storm Water, (FGIC), 5.375%, 9/1/30 |
570,336 | ||||||||
280 | Pearland, TX, Waterworks and Sewer Systems, (FSA), 4.50%, 9/1/34 | 226,937 | ||||||||
1,150 |
Tampa Bay, FL, Water Utility System, (FGIC), 4.75%, 10/1/27 |
1,032,079 | ||||||||
$ | 9,071,665 | |||||||||
Lease Revenue/Certificates of Participation 1.7% | ||||||||||
$ | 650 | Mohave County, AZ, Industrial Development Authority, (Mohave Prison LLC), 8.00%, 5/1/25 | $ | 627,101 | ||||||
$ | 627,101 | |||||||||
Nursing Home 2.2% | ||||||||||
$ | 265 | Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.60%, 4/1/24 | $ | 221,233 | ||||||
735 | Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34 | 588,867 | ||||||||
$ | 810,100 | |||||||||
Other Revenue 10.5% | ||||||||||
$ | 16,500 | Buckeye Tobacco Settlement Financing Authority, OH, 0.00%, 6/1/47 | $ | 364,485 | ||||||
1,000 | Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48 | 634,220 | ||||||||
1,000 | Salt Verde, AZ, Financial Corporation, Senior Gas Revenue, 5.00%, 12/1/37 | 637,700 | ||||||||
1,230 |
Tobacco Settlement Financing Corp., VA, 5.00%, 6/1/47 |
660,104 | ||||||||
1,500 | Tobacco Settlement Management Authority, SC, Escrowed to Maturity, 6.375%, 5/15/30 | 1,623,060 | ||||||||
$ | 3,919,569 | |||||||||
Special Tax Revenue 17.7% | ||||||||||
$ | 85 | Covington Park, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/21 | $ | 78,290 | ||||||
500 | Covington Park, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/31 | 416,450 | ||||||||
230 | Dupree Lakes, FL, Community Development District, 5.00%, 11/1/10 | 214,907 | ||||||||
205 | Dupree Lakes, FL, Community Development District, 5.00%, 5/1/12 | 181,132 | ||||||||
355 | Dupree Lakes, FL, Community Development District, 5.375%, 5/1/37 | 217,043 | ||||||||
310 | Heritage Harbor South, FL, Community Development District, (Capital Improvements), 6.20%, 5/1/35 | 240,014 | ||||||||
230 | Heritage Springs, FL, Community Development District, 5.25%, 5/1/26 | 171,513 | ||||||||
340 | New River, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/13 | 212,568 | ||||||||
140 | New River, FL, Community Development District, (Capital Improvements), 5.35%, 5/1/38 | 75,261 | ||||||||
340 | North Springs, FL, Improvement District, (Heron Bay), 5.20%, 5/1/27 | 213,387 | ||||||||
595 | North Springs, FL, Improvement District, (Heron Bay), 7.00%, 5/1/19 | 572,658 | ||||||||
985 | River Hall, FL, Community Development District, (Capital Improvements), 5.45%, 5/1/36 | 587,011 | ||||||||
475 | Southern Hills Plantation, FL, Community Development District, 5.80%, 5/1/35 | 321,699 | ||||||||
600 | Sterling Hill, FL, Community Development District, 6.20%, 5/1/35 | 446,916 | ||||||||
840 | Tisons Landing, FL, Community Development District, 5.625%, 5/1/37 | 401,100 | ||||||||
740 | University Square, FL, Community Development District, 6.75%, 5/1/20 | 691,138 | ||||||||
685 | Waterlefe, FL, Community Development District, 6.95%, 5/1/31 | 596,176 | ||||||||
175 |
West Palm Beach, FL, Community Redevelopment Agency, (Northwood
Pleasant Community), 5.00%, 3/1/29 |
124,590 | ||||||||
1,270 |
West Palm Beach, FL, Community Redevelopment Agency, (Northwood
Pleasant Community), 5.00%, 3/1/35 |
856,869 | ||||||||
$ | 6,618,722 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Transportation 5.5% | ||||||||||
$ | 1,000 | Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.375%, 5/15/33 | $ | 788,070 | ||||||
1,515 |
North Texas Tollway Authority Revenue, 5.75%, 1/1/38 |
1,264,661 | ||||||||
$ | 2,052,731 | |||||||||
Total
Tax-Exempt Investments 215.3%
|
||||||||||
(identified
cost $100,159,732)
|
$ | 80,672,052 | ||||||||
Short-Term Investments 3.2% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Description | Value | ||||||||
$ | 1,200 | Massachusetts Health and Educational Facilities Authority, (Capital Assets Program), (MBIA), (SPA: State Street Bank and Trust Co.), Variable Rate, 12.00%, 1/1/35(5) | $ | 1,200,000 | ||||||
Total
Short-Term
Investments 3.2%
|
||||||||||
(identified
cost $1,200,000)
|
$ | 1,200,000 | ||||||||
Total
Investments 218.5%
|
||||||||||
(identified
cost $101,359,732)
|
$ | 81,872,052 | ||||||||
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (53.8)%
|
$ | (20,152,642 | ) | |||||||
Other
Assets, Less Liabilities (64.7)%
|
$ | (24,247,254 | ) | |||||||
Net
Assets Applicable to
Common Shares 100.0% |
$ | 37,472,156 | ||||||||
Florida
|
23.0 | % | ||
Texas
|
10.3 | % | ||
Others, representing less than 10% individually
|
66.7 | % |
(1) | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). | |
(2) | Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2008. | |
(3) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2008, the aggregate value of these securities is $1,608,675 or 4.3% of the Trusts net assets applicable to common shares. | |
(4) | Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. | |
(5) | Variable rate demand obligation. The stated interest rate represents the rate in effect at November 30, 2008. | |
(6) | Security (or a portion thereof) has been pledged as collateral for open swap contracts. |
Tax-Exempt Investments 200.0% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Education 8.3% | ||||||||||
$ | 250 | New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27 | $ | 210,930 | ||||||
250 | New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33 | 198,970 | ||||||||
220 | New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37 | 176,900 | ||||||||
3,500 | New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38(1) | 3,014,116 | ||||||||
$ | 3,600,916 | |||||||||
Electric Utilities 5.1% | ||||||||||
$ | 1,500 | Puerto Rico Electric Power Authority, 5.00%, 7/1/37 | $ | 1,099,380 | ||||||
1,500 |
Salem County Pollution Control Financing, (Public Service
Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31 |
1,110,855 | ||||||||
$ | 2,210,235 | |||||||||
General Obligations 5.5% | ||||||||||
$ | 1,295 | Gloucester County Improvement Authority, (Landfill Project), 4.50%, 3/1/30 | $ | 1,119,152 | ||||||
1,595 | Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29 | 1,276,622 | ||||||||
$ | 2,395,774 | |||||||||
Health Care-Miscellaneous 0.5% | ||||||||||
$ | 300 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | $ | 221,175 | ||||||
$ | 221,175 | |||||||||
Hospital 37.1% | ||||||||||
$ | 100 | Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/25 | $ | 74,659 | ||||||
90 | Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35 | 59,877 | ||||||||
100 | Camden County Improvement Authority, (Cooper Health System), 5.25%, 2/15/27 | 75,527 | ||||||||
2,750 | Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34 | 2,196,507 | ||||||||
2,060 | New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27 | 1,700,221 | ||||||||
235 | New Jersey Health Care Facilities Financing Authority, (Atlantic City Medical Center), 5.75%, 7/1/25 | 218,714 | ||||||||
3,515 |
New Jersey Health Care Facilities Financing Authority,
(Atlanticare Regional Medical Center), 5.00%, 7/1/37 |
2,631,926 | ||||||||
2,140 | New Jersey Health Care Facilities Financing Authority, (Capital Health System), 5.25%, 7/1/27 | 1,667,424 | ||||||||
1,765 | New Jersey Health Care Facilities Financing Authority, (Capital Health System), 5.375%, 7/1/33 | 1,322,056 | ||||||||
2,000 |
New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), 6.00%, 1/1/34 |
1,844,520 | ||||||||
1,750 |
New Jersey Health Care Facilities Financing Authority, (Robert
Wood Johnson University Hospital), 5.75%, 7/1/31 |
1,587,880 | ||||||||
710 | New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/26 | 582,186 | ||||||||
2,930 | New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46 | 2,153,902 | ||||||||
$ | 16,115,399 | |||||||||
Housing 9.0% | ||||||||||
$ | 715 | New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37 | $ | 494,408 | ||||||
4,490 | New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37 | 3,396,461 | ||||||||
$ | 3,890,869 | |||||||||
Industrial Development Revenue 14.9% | ||||||||||
$ | 1,000 | Gloucester County Improvements Authority, (Waste Management, Inc.), (AMT), 7.00%, 12/1/29 | $ | 1,003,010 | ||||||
1,500 | Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34 | 1,178,445 | ||||||||
3,220 |
New Jersey Economic Development Authority, (Anheuser-Busch Cos.,
Inc.), (AMT), 4.95%, 3/1/47 |
2,060,832 | ||||||||
750 | New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29 | 384,803 | ||||||||
750 | New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, 6/1/33 | 552,217 | ||||||||
2,080 | Virgin Islands Public Financing Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22 | 1,313,957 | ||||||||
$ | 6,493,264 | |||||||||
Insured-Education 7.1% | ||||||||||
$ | 3,365 | New Jersey Educational Facilities Authority, (College of New Jersey), (FSA), 5.00%, 7/1/35(1) | $ | 3,100,444 | ||||||
$ | 3,100,444 | |||||||||
Insured-Electric Utilities 4.8% | ||||||||||
$ | 1,250 | Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%, 7/1/35 | $ | 977,612 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Electric
Utilities (continued)
|
||||||||||
1,250 |
Vineland, (Electric Utility), (MBIA), (AMT), 5.25%, 5/15/26 |
$ | 1,102,500 | |||||||
$ | 2,080,112 | |||||||||
Insured-Gas Utilities 9.7% | ||||||||||
$ | 5,000 | New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (MBIA), (AMT), 4.90%, 10/1/40 | $ | 4,227,850 | ||||||
$ | 4,227,850 | |||||||||
Insured-General Obligations 7.0% | ||||||||||
$ | 1,500 |
Egg Harbor Township School District, (FSA), 3.50%, 4/1/28 |
$ | 1,076,865 | ||||||
1,240 | Lakewood Township, (AGC), 5.75%, 11/1/31(2) | 1,280,647 | ||||||||
325 | Nutley School District, (MBIA), 4.75%, 7/15/30 | 298,603 | ||||||||
410 | Nutley School District, (MBIA), 4.75%, 7/15/32 | 371,739 | ||||||||
$ | 3,027,854 | |||||||||
Insured-Hospital 5.3% | ||||||||||
$ | 750 | New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36(1) | $ | 695,899 | ||||||
1,305 |
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series II, (AGC), 5.00%, 7/1/38 |
1,175,048 | ||||||||
500 |
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series V, (AGC), 5.00%, 7/1/38(1) |
450,220 | ||||||||
$ | 2,321,167 | |||||||||
Insured-Housing 6.5% | ||||||||||
$ | 3,390 |
New Jersey Housing and Mortgage Finance Agency, (Multi-Family
Housing), (FSA), (AMT), 5.05%, 5/1/34 |
$ | 2,626,199 | ||||||
205 | New Jersey Housing and Mortgage Finance Agency, (Multi-Family Housing), (FSA), 5.75%, 5/1/25(2) | 204,990 | ||||||||
$ | 2,831,189 | |||||||||
Insured-Lease Revenue/Certificates of Participation 2.0% | ||||||||||
$ | 945 | Newark Housing Authority, (Newark Marine Terminal), (MBIA), 5.00%, 1/1/32 | $ | 848,308 | ||||||
$ | 848,308 | |||||||||
Insured-Special Tax Revenue 24.3% | ||||||||||
$ | 12,030 | Garden Preservation Trust and Open Space and Farmland, (FSA), 0.00%, 11/1/24 | $ | 4,892,601 | ||||||
6,000 | Garden Preservation Trust and Open Space and Farmland, (FSA), 0.00%, 11/1/25 | 2,279,760 | ||||||||
4,315 | New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26 | 1,377,305 | ||||||||
2,020 | New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27 | 593,254 | ||||||||
16,115 |
Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 |
559,029 | ||||||||
2,745 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 |
217,843 | ||||||||
5,445 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 |
401,187 | ||||||||
3,425 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 |
233,688 | ||||||||
$ | 10,554,667 | |||||||||
Insured-Student Loan 4.3% | ||||||||||
$ | 2,000 | New Jersey Higher Education Assistance Authority, (AGC), 6.125%, 6/1/30 | $ | 1,851,760 | ||||||
$ | 1,851,760 | |||||||||
Insured-Transportation 6.7% | ||||||||||
$ | 5,570 |
New Jersey Transportation Trust Fund Authority, (Transportation
System), (BHAC), (FGIC), 0.00%, 12/15/31 |
$ | 1,419,682 | ||||||
1,500 | New Jersey Turnpike Authority, (BHAC), (FSA), 5.25%, 1/1/29 | 1,483,410 | ||||||||
$ | 2,903,092 | |||||||||
Insured-Water and Sewer 5.6% | ||||||||||
$ | 3,195 |
New Jersey Economic Development Authority, (United Water New
Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25 |
$ | 2,427,146 | ||||||
$ | 2,427,146 | |||||||||
Lease Revenue/Certificates of Participation 7.8% | ||||||||||
$ | 895 | New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 9/1/33 | $ | 829,101 | ||||||
3,000 | New Jersey Health Care Facilities Financing Authority, (Contract Hospital Asset Transportation Program), 5.25%, 10/1/38 | 2,544,690 | ||||||||
$ | 3,373,791 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Nursing Home 2.0% | ||||||||||
$ | 1,000 | New Jersey Economic Development Authority, (Masonic Charity Foundation), 5.50%, 6/1/31 | $ | 890,700 | ||||||
$ | 890,700 | |||||||||
Other Revenue 4.7% | ||||||||||
$ | 7,200 | Childrens Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50 | $ | 139,032 | ||||||
13,280 | Childrens Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55 | 137,581 | ||||||||
4,270 | Tobacco Settlement Financing Corp., 0.00%, 6/1/41 | 170,842 | ||||||||
2,925 | Tobacco Settlement Financing Corp., 5.00%, 6/1/41 | 1,598,542 | ||||||||
$ | 2,045,997 | |||||||||
Senior Living/Life Care 6.8% | ||||||||||
$ | 465 | New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28 | $ | 372,870 | ||||||
770 | New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38 | 591,075 | ||||||||
1,700 | New Jersey Economic Development Authority, (Fellowship Village), 5.50%, 1/1/25 | 1,278,247 | ||||||||
1,175 | New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36 | 730,368 | ||||||||
$ | 2,972,560 | |||||||||
Special Tax Revenue 1.6% | ||||||||||
$ | 750 | New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/31 | $ | 517,313 | ||||||
100 | New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27 | 75,798 | ||||||||
175 | New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37 | 121,210 | ||||||||
$ | 714,321 | |||||||||
Transportation 10.9% | ||||||||||
$ | 2,000 | New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38 | $ | 1,967,120 | ||||||
1,995 | Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(1) | 1,696,887 | ||||||||
5 | Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35 | 4,253 | ||||||||
1,175 | South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33 | 1,052,095 | ||||||||
$ | 4,720,355 | |||||||||
Water and Sewer 2.5% | ||||||||||
$ | 1,000 |
New Jersey Environmental Infrastructure Trust, 5.00%, 9/1/16 |
$ | 1,093,270 | ||||||
$ | 1,093,270 | |||||||||
Total
Tax-Exempt Investments 200.0%
|
||||||||||
(identified
cost $108,048,815)
|
$ | 86,912,215 | ||||||||
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (78.6)%
|
$ | (34,152,936 | ) | |||||||
Other
Assets, Less Liabilities (21.4)%
|
$ | (9,299,921 | ) | |||||||
Net
Assets Applicable to
Common Shares 100.0% |
$ | 43,459,358 | ||||||||
(1) | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). | |
(2) | Security (or a portion thereof) has been pledged as collateral for open swap contracts. |
Tax-Exempt Investments 198.5% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Cogeneration 1.7% | ||||||||||
$ | 1,150 | Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23 | $ | 840,616 | ||||||
$ | 840,616 | |||||||||
Education 6.3% | ||||||||||
$ | 1,000 | New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38(1) | $ | 953,950 | ||||||
2,250 | New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33 | 2,212,942 | ||||||||
$ | 3,166,892 | |||||||||
Electric Utilities 6.1% | ||||||||||
$ | 1,420 | Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33 | $ | 1,423,195 | ||||||
2,100 | Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27 | 1,632,120 | ||||||||
$ | 3,055,315 | |||||||||
Escrowed/Prerefunded 0.4% | ||||||||||
$ | 200 |
New York City Industrial Development Agency, (Ohel
Childrens Home), Escrowed to Maturity, 6.25%, 8/15/22 |
$ | 209,400 | ||||||
$ | 209,400 | |||||||||
General Obligations 14.1% | ||||||||||
$ | 6,000 | New York City, 5.25%, 9/15/33(2) | $ | 5,521,200 | ||||||
1,000 | New York City, 6.25%, 10/15/28 | 1,045,650 | ||||||||
680 | Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29 | 544,265 | ||||||||
$ | 7,111,115 | |||||||||
Health Care-Miscellaneous 8.0% | ||||||||||
$ | 1,115 | New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29 | $ | 776,609 | ||||||
1,200 | New York City Industrial Development Agency, (Ohel Childrens Home), 6.25%, 8/15/22 | 852,336 | ||||||||
200 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | 147,450 | ||||||||
50 | Suffolk County Industrial Development Agency, (Alliance of LI), Series A, Class H, 7.50%, 9/1/15 | 47,375 | ||||||||
100 | Suffolk County Industrial Development Agency, (Alliance of LI), Series A, Class I, 7.50%, 9/1/15 | 94,750 | ||||||||
2,600 | Westchester County Industrial Development Agency, (Childrens Village), 5.375%, 3/15/19 | 2,113,644 | ||||||||
$ | 4,032,164 | |||||||||
Hospital 31.3% | ||||||||||
$ | 190 | Chautauqua County Industrial Development Agency, (Womens Christian Association), 6.35%, 11/15/17 | $ | 164,411 | ||||||
485 | Chautauqua County Industrial Development Agency, (Womens Christian Association), 6.40%, 11/15/29 | 365,496 | ||||||||
1,250 | Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18 | 1,020,287 | ||||||||
2,500 | Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25 | 1,863,225 | ||||||||
400 | Nassau County Industrial Development Agency, (North Shore Health System), 6.25%, 11/1/21 | 400,132 | ||||||||
1,500 | New York Dormitory Authority, (Lenox Hill Hospital), 5.50%, 7/1/30 | 1,061,040 | ||||||||
4,000 | New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 5.00%, 7/1/36(2) | 3,617,960 | ||||||||
2,000 | New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33 | 1,401,640 | ||||||||
845 | New York Dormitory Authority, (North Shore Hospital), 5.00%, 11/1/34 | 608,408 | ||||||||
1,250 | New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37 | 896,912 | ||||||||
415 | New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29 | 320,376 | ||||||||
835 | New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37 | 621,449 | ||||||||
1,250 | Oneida County Industrial Development Agency, (St. Elizabeths Medical Center), 5.75%, 12/1/19 | 987,612 | ||||||||
650 | Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32 | 481,683 | ||||||||
2,105 | Suffolk County Industrial Development Agency, (Huntington Hospital), 6.00%, 11/1/22 | 1,950,346 | ||||||||
$ | 15,760,977 | |||||||||
Housing 23.2% | ||||||||||
$ | 1,500 | New York City Housing Development Corp., (Multi-Family Housing), (AMT), 5.05%, 11/1/39 | $ | 1,127,310 | ||||||
2,620 | New York City Housing Development Corp., (Multi-Family Housing), (AMT), 5.20%, 11/1/40 | 2,010,274 | ||||||||
3,555 | New York City Housing Development Corp., (Multi-Family Housing), (FNMA), (AMT), 4.60%, 1/15/26 | 2,734,506 | ||||||||
3,125 | New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42 | 2,463,031 | ||||||||
1,500 |
New York Mortgage Agency, (AMT), 4.875%, 10/1/30 |
1,140,345 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Housing (continued)
|
||||||||||
2,000 |
New York Mortgage Agency, (AMT), 4.90%, 10/1/37 |
1,441,560 | ||||||||
1,000 |
New York Mortgage Agency, (AMT), 5.125%, 10/1/37 |
766,860 | ||||||||
$ | 11,683,886 | |||||||||
Industrial Development Revenue 16.7% | ||||||||||
$ | 1,000 |
Essex County Industrial Development Agency, (International Paper
Company), (AMT), 6.625%, 9/1/32 |
$ | 724,530 | ||||||
625 | Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35 | 454,112 | ||||||||
2,525 | Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35(2) | 1,834,736 | ||||||||
1,500 | New York Industrial Development Agency, (American Airlines, Inc. JFK International Airport), (AMT), 8.00%, 8/1/12 | 1,364,655 | ||||||||
1,000 | Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), 4.875%, 7/1/41 | 813,080 | ||||||||
2,500 |
Onondaga County Industrial Development Agency, (Anheuser-Busch
Cos., Inc.), (AMT), 6.25%, 12/1/34 |
2,123,425 | ||||||||
775 | Onondaga County Industrial Development Agency, (Senior Air Cargo), (AMT), 6.125%, 1/1/32 | 598,354 | ||||||||
495 | Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15 | 495,703 | ||||||||
$ | 8,408,595 | |||||||||
Insured-Education 7.3% | ||||||||||
$ | 1,500 | New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38 | $ | 1,386,825 | ||||||
1,250 | New York Dormitory Authority, (Yeshiva University), (AMBAC), 5.50%, 7/1/35 | 1,054,675 | ||||||||
5,460 | Oneida County Industrial Development Agency, (Hamilton College), (MBIA), 0.00%, 7/1/33 | 1,239,584 | ||||||||
$ | 3,681,084 | |||||||||
Insured-Electric Utilities 7.5% | ||||||||||
$ | 1,365 | Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33 | $ | 1,396,941 | ||||||
3,000 | Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%, 7/1/34 | 2,360,940 | ||||||||
$ | 3,757,881 | |||||||||
Insured-General Obligations 3.7% | ||||||||||
$ | 1,750 |
Puerto Rico, (FSA), Variable Rate, 12.711%, 7/1/27(3)(4) |
$ | 1,876,788 | ||||||
$ | 1,876,788 | |||||||||
Insured-Lease Revenue/Certificates of Participation 4.7% | ||||||||||
$ | 3,300 |
Hudson Yards Infrastructure Corp., (MBIA), 4.50%, 2/15/47 |
$ | 2,348,247 | ||||||
$ | 2,348,247 | |||||||||
Insured-Special Tax Revenue 8.0% | ||||||||||
$ | 1,000 | New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45 | $ | 779,250 | ||||||
1,000 | New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44 | 818,450 | ||||||||
4,500 | Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34 | 677,340 | ||||||||
19,745 |
Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 |
684,954 | ||||||||
3,380 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 |
268,237 | ||||||||
6,705 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 |
494,024 | ||||||||
4,225 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 |
288,272 | ||||||||
$ | 4,010,527 | |||||||||
Insured-Transportation 13.8% | ||||||||||
$ | 6,235 |
Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (MBIA), (AMT), 5.625%, 4/1/29 |
$ | 5,127,914 | ||||||
2,030 | Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/34 | 1,812,607 | ||||||||
$ | 6,940,521 | |||||||||
Insured-Water and Sewer 1.4% | ||||||||||
$ | 1,000 | Nassau County Industrial Development Agency, (Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35 | $ | 701,350 | ||||||
$ | 701,350 | |||||||||
Lease Revenue/Certificates of Participation 5.7% | ||||||||||
$ | 2,500 | New York City Transitional Finance Authority, (Building Aid), 4.50%, 1/15/38 | $ | 1,928,725 | ||||||
1,000 | New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31 | 956,320 | ||||||||
$ | 2,885,045 | |||||||||
Other Revenue 1.9% | ||||||||||
$ | 1,285 | Albany Industrial Development Agency Civic Facility, (Charitable Leadership), 5.75%, 7/1/26 | $ | 960,075 | ||||||
$ | 960,075 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Senior Living/Life Care 2.5% | ||||||||||
$ | 1,450 | Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29 | $ | 1,094,170 | ||||||
250 | Suffolk County Industrial Development Agency, (Jeffersons Ferry Project), 5.00%, 11/1/28 | 178,105 | ||||||||
$ | 1,272,275 | |||||||||
Special Tax Revenue 1.9% | ||||||||||
$ | 1,000 | New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38 | $ | 949,800 | ||||||
$ | 949,800 | |||||||||
Transportation 19.7% | ||||||||||
$ | 1,700 |
Metropolitan Transportation Authority, 4.50%, 11/15/37 |
$ | 1,291,694 | ||||||
3,200 |
Metropolitan Transportation Authority, 4.50%, 11/15/38 |
2,417,088 | ||||||||
1,900 |
Port Authority of New York and New Jersey, 5.00%, 11/15/37(2) |
1,752,845 | ||||||||
1,190 | Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33 | 892,928 | ||||||||
990 | Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(2) | 842,064 | ||||||||
10 | Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35 | 8,506 | ||||||||
2,000 |
Triborough Bridge and Tunnel Authority, 5.00%, 11/15/37 |
1,802,560 | ||||||||
1,000 |
Triborough Bridge and Tunnel Authority, 5.00%, 11/15/38 |
899,960 | ||||||||
$ | 9,907,645 | |||||||||
Water and Sewer 12.6% | ||||||||||
$ | 3,105 | New York City Municipal Water Finance Authority, 5.75%, 6/15/40 | $ | 3,123,692 | ||||||
2,535 | New York Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 5.00%, 6/15/37(2) | 2,356,941 | ||||||||
5 | New York Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 5.00%, 6/15/37 | 4,649 | ||||||||
1,000 | Saratoga County Water Authority, 5.00%, 9/1/48 | 862,480 | ||||||||
$ | 6,347,762 | |||||||||
Total
Tax-Exempt Investments 198.5%
|
||||||||||
(identified
cost $122,107,447)
|
$ | 99,907,960 | ||||||||
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (67.0)%
|
$ | (33,729,429 | ) | |||||||
Other
Assets, Less Liabilities (31.5)%
|
$ | (15,853,503 | ) | |||||||
Net
Assets 100.0%
|
$ | 50,325,028 | ||||||||
(1) | Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. | |
(2) | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). | |
(3) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2008, the aggregate value of these securities is $1,876,788 or 3.7% of the Trusts net assets applicable to common shares. | |
(4) | Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2008. |
Tax-Exempt Investments 182.1% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Cogeneration 1.6% | ||||||||||
$ | 385 |
Ohio Water Development Authority, Solid Waste Disposal, (Bay
Shore Power), (AMT), 5.875%, 9/1/20 |
$ | 304,054 | ||||||
200 |
Ohio Water Development Authority, Solid Waste Disposal, (Bay
Shore Power), (AMT), 6.625%, 9/1/20 |
168,994 | ||||||||
$ | 473,048 | |||||||||
Electric Utilities 1.2% | ||||||||||
$ | 360 |
Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14 |
$ | 349,049 | ||||||
$ | 349,049 | |||||||||
Escrowed/Prerefunded 13.7% | ||||||||||
$ | 1,000 |
Delaware County, Prerefunded to 12/1/10, 6.00%, 12/1/25 |
$ | 1,091,040 | ||||||
1,530 | Hamilton City School District, Prerefunded to 12/1/09, 5.625%, 12/1/24 | 1,614,165 | ||||||||
565 | Highland County, (Joint Township Hospital District), Prerefunded to 12/1/09, 6.75%, 12/1/29 | 600,471 | ||||||||
670 | Richland County Hospital Facilities, (Medcentral Health Systems), Prerefunded to 11/15/10, 6.375%, 11/15/22 | 732,283 | ||||||||
$ | 4,037,959 | |||||||||
General Obligations 8.0% | ||||||||||
$ | 1,000 | Barberton City School District, 4.50%, 12/1/33 | $ | 818,590 | ||||||
1,090 |
Central Ohio Solid Waste Authority, 5.125%, 9/1/27(1) |
1,053,583 | ||||||||
500 | Columbus, 5.00%, 7/1/23(2) | 504,955 | ||||||||
$ | 2,377,128 | |||||||||
Health Care-Miscellaneous 0.2% | ||||||||||
$ | 100 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | $ | 73,725 | ||||||
$ | 73,725 | |||||||||
Hospital 13.4% | ||||||||||
$ | 550 | Cuyahoga County, (Cleveland Clinic Health System), 5.50%, 1/1/29 | $ | 502,254 | ||||||
600 | Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.25%, 8/15/46 | 427,032 | ||||||||
1,500 | Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.625%, 8/15/32 | 1,213,470 | ||||||||
500 | Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26 | 377,345 | ||||||||
750 |
Ohio Higher Educational Facilities Authority, (University
Hospital Health Systems, Inc.), 4.75%, 1/15/36 |
497,430 | ||||||||
1,000 |
Ohio Higher Educational Facilities Authority, (University
Hospital Health Systems, Inc.), 4.75%, 1/15/46 |
632,030 | ||||||||
330 | Richland County Hospital Facilities, (Medcentral Health Systems), 6.375%, 11/15/22 | 324,608 | ||||||||
$ | 3,974,169 | |||||||||
Housing 12.9% | ||||||||||
$ | 1,000 | Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 4.625%, 9/1/27 | $ | 758,240 | ||||||
1,000 | Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 4.75%, 3/1/37 | 696,640 | ||||||||
600 | Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 5.00%, 9/1/31 | 468,288 | ||||||||
2,500 | Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), 5.25%, 4/20/48 | 1,893,225 | ||||||||
$ | 3,816,393 | |||||||||
Industrial Development Revenue 13.5% | ||||||||||
$ | 1,385 | Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27 | $ | 731,072 | ||||||
1,300 | Dayton Special Facilities Revenue, (Emery Air Freight), 5.625%, 2/1/18(3) | 1,287,962 | ||||||||
2,250 | Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 6.00%, 8/1/38 | 1,793,768 | ||||||||
225 | Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15 | 175,986 | ||||||||
$ | 3,988,788 | |||||||||
Insured-Education 7.7% | ||||||||||
$ | 730 | Miami University, (AMBAC), 3.25%, 9/1/26 | $ | 509,087 | ||||||
1,500 |
University of Akron, Series A, (FSA), 5.00%, 1/1/38 |
1,326,495 | ||||||||
500 |
University of Akron, Series B, (FSA), 5.00%, 1/1/38 |
442,165 | ||||||||
$ | 2,277,747 | |||||||||
Insured-Electric Utilities 13.4% | ||||||||||
$ | 2,000 |
Cleveland Public Power System, (MBIA), 0.00%, 11/15/38 |
$ | 286,280 | ||||||
830 | Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/25 | 299,339 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Electric
Utilities (continued)
|
||||||||||
3,000 | Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/26 | 1,005,870 | ||||||||
2,225 | Ohio Water Development Authority, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34 | 1,797,288 | ||||||||
330 |
Puerto Rico Electric Power Authority, (FGIC), 5.25%, 7/1/30 |
268,670 | ||||||||
375 |
Puerto Rico Electric Power Authority, (FGIC), 5.25%, 7/1/34 |
295,118 | ||||||||
$ | 3,952,565 | |||||||||
Insured-Escrowed/Prerefunded 6.3% | ||||||||||
$ | 245 | Cuyahoga County Hospital, (Cleveland Clinic), (MBIA), Escrowed to Maturity, 5.125%, 1/1/29 | $ | 240,916 | ||||||
1,000 | Ohio Higher Educational Facilities, (University of Dayton), (AMBAC), Prerefunded to 12/1/10, 5.50%, 12/1/30 | 1,077,300 | ||||||||
500 | University of Cincinnati, (FGIC), Prerefunded to 6/1/11, 5.25%, 6/1/24 | 542,840 | ||||||||
$ | 1,861,056 | |||||||||
Insured-General Obligations 24.0% | ||||||||||
$ | 350 |
Bowling Green City School District, (FSA), 5.00%, 12/1/34 |
$ | 319,186 | ||||||
200 |
Brookfield Local School District, (FSA), 5.00%, 1/15/30 |
186,872 | ||||||||
2,455 | Canal Winchester Local School District, (MBIA), 0.00%, 12/1/30 | 584,290 | ||||||||
1,500 |
Madeira City School District, (FSA), 3.50%, 12/1/27(8) |
1,065,480 | ||||||||
1,750 |
Milford Exempt Village School District, (AGC), 5.25%, 12/1/36 |
1,645,105 | ||||||||
500 |
Olmsted Falls City School District, (XLCA), 5.00%, 12/1/35 |
434,745 | ||||||||
1,000 |
Puerto Rico, (FSA), Variable Rate, 12.711%, 7/1/27(4)(5) |
1,072,450 | ||||||||
1,200 | Puerto Rico, (MBIA), 5.50%, 7/1/20 | 1,104,180 | ||||||||
750 | St. Marys School District, (FSA), 5.00%, 12/1/35 | 675,225 | ||||||||
$ | 7,087,533 | |||||||||
Insured-Hospital 8.9% | ||||||||||
$ | 255 | Cuyahoga County, (Cleveland Clinic), (MBIA), 5.125%, 1/1/29 | $ | 223,339 | ||||||
980 | Hamilton County, (Cincinnati Childrens Hospital), (FGIC), (MBIA), 5.00%, 5/15/32 | 802,718 | ||||||||
1,500 | Hamilton County, (Cincinnati Childrens Hospital), (FGIC), (MBIA), 5.125%, 5/15/28 | 1,298,565 | ||||||||
485 | Lorain County, (Catholic Healthcare Partners), (FSA), Variable Rate, 16.545%, 2/1/29(4)(5)(6) | $ | 321,128 | |||||||
$ | 2,645,750 | |||||||||
Insured-Lease Revenue/Certificates of Participation 1.4% | ||||||||||
$ | 500 | Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33 | $ | 416,505 | ||||||
$ | 416,505 | |||||||||
Insured-Special Tax Revenue 4.2% | ||||||||||
$ | 405 | Hamilton County, Sales Tax Revenue, (AMBAC), 5.25%, 12/1/32 | $ | 369,976 | ||||||
9,905 |
Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 |
343,604 | ||||||||
1,690 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 |
134,118 | ||||||||
3,350 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 |
246,828 | ||||||||
2,100 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 |
143,283 | ||||||||
$ | 1,237,809 | |||||||||
Insured-Transportation 8.2% | ||||||||||
$ | 385 | Cleveland Airport System, (FSA), 5.00%, 1/1/31 | $ | 348,671 | ||||||
1,000 |
Ohio Turnpike Commission, (FGIC), (MBIA), 5.50%, 2/15/24 |
1,046,220 | ||||||||
1,000 |
Ohio Turnpike Commission, (FGIC), (MBIA), 5.50%, 2/15/26 |
1,036,070 | ||||||||
$ | 2,430,961 | |||||||||
Insured-Water and Sewer 2.6% | ||||||||||
$ | 270 | Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/46 | $ | 202,770 | ||||||
750 | Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/47 | 561,398 | ||||||||
$ | 764,168 | |||||||||
Lease Revenue/Certificates of Participation 6.8% | ||||||||||
$ | 1,000 | Mahoning County, (Career and Technical Center), 6.25%, 12/1/36 | $ | 961,720 | ||||||
1,155 | Union County, (Pleasant Valley Joint Fire District), 6.125%, 12/1/19 | 1,038,588 | ||||||||
$ | 2,000,308 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Other Revenue 13.2% | ||||||||||
$ | 7,345 | Buckeye Tobacco Settlement Financing Authority, 0.00%, 6/1/47 | $ | 162,251 | ||||||
710 | Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47 | 439,618 | ||||||||
2,530 |
Puerto Rico Infrastructure Financing Authority, 5.50%, 10/1/32 |
2,529,797 | ||||||||
1,000 | Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27 | 773,600 | ||||||||
$ | 3,905,266 | |||||||||
Pooled Loans 14.3% | ||||||||||
$ | 550 | Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25 | $ | 517,798 | ||||||
1,020 | Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22 | 965,899 | ||||||||
1,245 | Rickenbacher Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32(7) | 1,141,125 | ||||||||
310 | Summit County Port Authority, (Twinsburg Township), 5.125%, 5/15/25 | 223,371 | ||||||||
750 | Toledo-Lucas County Port Authority, 4.80%, 11/15/35 | 478,320 | ||||||||
1,100 | Toledo-Lucas County Port Authority, 5.40%, 5/15/19 | 886,688 | ||||||||
$ | 4,213,201 | |||||||||
Special Tax Revenue 6.6% | ||||||||||
$ | 560 |
Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18 |
$ | 539,577 | ||||||
1,390 | Cuyahoga County Economic Development, (Shaker Square), 6.75%, 12/1/30 | 1,406,221 | ||||||||
$ | 1,945,798 | |||||||||
Total
Tax-Exempt Investments 182.1%
|
||||||||||
(identified
cost $61,949,288)
|
$ | 53,828,926 | ||||||||
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (77.6)%
|
(22,954,918 | ) | ||||||||
Other
Assets, Less Liabilities (4.5)%
|
$ | (1,311,053 | ) | |||||||
Net
Assets Applicable to
Common Shares 100.0% |
$ | 29,562,955 | ||||||||
(1) | When-issued security. | |
(2) | Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. | |
(3) | Security (or a portion thereof) has been segregated to cover payable for when-issued securities. | |
(4) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2008, the aggregate value of these securities is $1,393,578 or 4.7% of the Trusts net assets applicable to common shares. | |
(5) | Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2008. | |
(6) | Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $1,455,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater. | |
(7) | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). | |
(8) | Security (or a portion thereof) has been pledged as collateral for open swap contracts. |
Tax-Exempt Investments 195.4% | ||||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Bond Bank 3.5% | ||||||||||
$ | 1,000 |
Delaware Valley Regional Finance Authority, 5.75%, 7/1/32 |
$ | 969,830 | ||||||
$ | 969,830 | |||||||||
Cogeneration 5.9% | ||||||||||
$ | 315 | Carbon County Industrial Development Authority, (Panther Creek Partners), (AMT), 6.65%, 5/1/10 | $ | 319,590 | ||||||
500 |
Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT), 6.50%, 1/1/13 |
446,620 | ||||||||
500 |
Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT), 6.60%, 1/1/19 |
407,275 | ||||||||
625 | Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15 | 471,675 | ||||||||
$ | 1,645,160 | |||||||||
Electric Utilities 3.1% | ||||||||||
$ | 600 |
Pennsylvania Economic Development Financing Authority, (Reliant
Energy, Inc.), (AMT), 6.75%, 12/1/36 |
$ | 374,526 | ||||||
600 | York County Industrial Development Authority, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20 | 480,852 | ||||||||
$ | 855,378 | |||||||||
Escrowed/Prerefunded 14.2% | ||||||||||
$ | 600 | Allegheny County Industrial Development Authority, (Residential Resources, Inc.), Prerefunded to 9/1/11, 6.50%, 9/1/21 | $ | 667,716 | ||||||
600 |
Bucks County Industrial Development Authority, (Pennswood),
Prerefunded to 10/1/12, 6.00%, 10/1/27 |
677,766 | ||||||||
925 | Montgomery County Higher Education and Health Authority, (Foulkeways at Gwynedd), Prerefunded to 11/15/09, 6.75%, 11/15/30 | 975,116 | ||||||||
1,000 |
Pennsylvania Higher Educational Facilities Authority, (Drexel
University), Prerefunded to 5/1/09, 6.00%, 5/1/29 |
1,020,750 | ||||||||
600 | Philadelphia Higher Education Facilities Authority, (Chestnut Hill College), Prerefunded to 10/1/09, 6.00%, 10/1/29 | 635,256 | ||||||||
$ | 3,976,604 | |||||||||
General Obligations 6.7% | ||||||||||
$ | 1,000 | Daniel Boone Area School District, 5.00%, 8/15/32 | $ | 896,350 | ||||||
1,000 | Philadelphia School District, 6.00%, 9/1/38 | 975,520 | ||||||||
$ | 1,871,870 | |||||||||
Health Care-Miscellaneous 0.3% | ||||||||||
$ | 100 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | $ | 73,725 | ||||||
$ | 73,725 | |||||||||
Hospital 12.0% | ||||||||||
$ | 1,250 | Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32 | $ | 1,002,112 | ||||||
1,500 | Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43 | 1,050,645 | ||||||||
850 | Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 6.00%, 1/15/31 | 824,135 | ||||||||
500 | Washington County Hospital Authority, (Monongahela Hospital), 5.50%, 6/1/17 | 486,280 | ||||||||
$ | 3,363,172 | |||||||||
Housing 15.8% | ||||||||||
$ | 515 |
Allegheny County Residential Finance Authority, (Single Family
Mortgages), (AMT), 4.95%, 11/1/37 |
$ | 374,837 | ||||||
1,170 | Allegheny County Residential Finance Authority, (Single Family Mortgages), (AMT), 5.00%, 5/1/35 | 889,914 | ||||||||
990 |
Pennsylvania Housing Finance Agency, (AMT), 4.70%, 10/1/37 |
681,892 | ||||||||
1,200 | Pennsylvania Housing Finance Agency, (AMT), 4.875%, 4/1/26 | 966,720 | ||||||||
1,000 |
Pennsylvania Housing Finance Agency, (AMT), 4.90%, 10/1/37 |
730,230 | ||||||||
1,000 |
Pennsylvania Housing Finance Agency, (AMT), 5.15%, 10/1/37 |
769,940 | ||||||||
$ | 4,413,533 | |||||||||
Industrial Development Revenue 8.1% | ||||||||||
$ | 500 |
New Morgan Industrial Development Authority, (Browning-Ferris
Industries, Inc.), (AMT), 6.50%, 4/1/19 |
$ | 406,035 | ||||||
1,000 | Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31 | 891,630 |
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Industrial
Development Revenue (continued)
|
||||||||||
500 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27 | 333,425 | ||||||||
1,550 | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26 | 623,875 | ||||||||
$ | 2,254,965 | |||||||||
Insured-Education 28.9% | ||||||||||
$ | 500 | Lycoming County Authority, (Pennsylvania College of Technology), (AGC), 5.50%, 10/1/37 | $ | 455,070 | ||||||
1,900 | Lycoming County Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32 | 1,737,455 | ||||||||
1,155 | Pennsylvania Higher Educational Facilities Authority, (Drexel University), (MBIA), 5.00%, 5/1/37 | 1,012,496 | ||||||||
2,000 |
Pennsylvania Higher Educational Facilities Authority, (State
System Higher Education), (FSA), 5.00%, 6/15/24(1) |
1,928,720 | ||||||||
1,000 | Pennsylvania Higher Educational Facilities Authority, (Temple University), (MBIA), 5.00%, 4/1/33 | 882,080 | ||||||||
500 | Pennsylvania Higher Educational Facilities Authority, (University of the Sciences in Philadelphia), (AGC), 5.00%, 11/1/37 | 446,770 | ||||||||
500 |
State Public School Building Authority, (Delaware County
Community College), (FSA), 5.00%, 10/1/27 |
471,420 | ||||||||
375 |
State Public School Building Authority, (Delaware County
Community College), (FSA), 5.00%, 10/1/29 |
346,200 | ||||||||
875 |
State Public School Building Authority, (Delaware County
Community College), (FSA), 5.00%, 10/1/32 |
790,344 | ||||||||
$ | 8,070,555 | |||||||||
Insured-Electric Utilities 1.9% | ||||||||||
$ | 630 |
Lehigh County Industrial Development Authority, (PPL Electric
Utilities Corp.), (FGIC), (MBIA), 4.75%, 2/15/27 |
$ | 535,954 | ||||||
$ | 535,954 | |||||||||
Insured-Escrowed/Prerefunded 28.6% | ||||||||||
$ | 650 | Berks County Municipal Authority, (Reading Hospital and Medical Center), (FSA), Prerefunded to 11/1/09, 6.00%, 11/1/29 | $ | 688,552 | ||||||
1,600 | Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC), Escrowed to Maturity, 4.75%, 12/1/27 | 1,510,032 | ||||||||
1,801 |
Puerto Rico Electric Power Authority, (FSA) Prerefunded to 7/1/10, 5.25%, 7/1/29(2) |
1,918,350 | ||||||||
2,500 |
Puerto Rico Electric Power Authority, (FSA) Prerefunded to 7/1/10, 5.25%, 7/1/29(2) |
2,663,618 | ||||||||
2,000 | Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19 | 1,205,300 | ||||||||
$ | 7,985,852 | |||||||||
Insured-General Obligations 3.8% | ||||||||||
$ | 1,000 |
Puerto Rico, (FSA), Variable Rate, 12.711%, 7/1/27(3)(4) |
$ | 1,072,450 | ||||||
$ | 1,072,450 | |||||||||
Insured-Hospital 15.7% | ||||||||||
$ | 500 | Delaware County General Authority, (Catholic Health East), (AMBAC), 4.875%, 11/15/26 | $ | 395,975 | ||||||
1,440 | Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (FSA), 5.00%, 7/1/35(2) | 1,196,690 | ||||||||
1,500 | Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (MBIA), 5.25%, 7/1/29 | 1,219,335 | ||||||||
2,000 | Montgomery County Higher Education and Health Authority, (Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28 | 1,580,540 | ||||||||
$ | 4,392,540 | |||||||||
Insured-Lease Revenue/Certificates of Participation 3.8% | ||||||||||
$ | 1,195 | Philadelphia Authority for Industrial Development, (One Benjamin Franklin), (FSA), 4.75%, 2/15/27 | $ | 1,054,803 | ||||||
$ | 1,054,803 | |||||||||
Insured-Special Tax Revenue 6.5% | ||||||||||
$ | 1,000 | Pittsburgh and Allegheny County Public Auditorium Authority, (AMBAC), 5.00%, 2/1/24 | $ | 944,980 | ||||||
9,870 |
Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 |
342,390 | ||||||||
1,690 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 |
134,119 | ||||||||
3,350 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 |
246,828 | ||||||||
2,100 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 |
143,283 | ||||||||
$ | 1,811,600 | |||||||||
Principal
Amount |
||||||||||
(000s omitted) | Security | Value | ||||||||
Insured-Transportation 13.5% | ||||||||||
$ | 1,000 |
Pennsylvania Turnpike Commission, (AGC), 5.00%, 6/1/38 |
$ | 892,750 | ||||||
500 | Philadelphia Airport Commission, (FSA), (AMT), 5.00%, 6/15/27 | 386,860 | ||||||||
1,005 |
Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29 |
933,967 | ||||||||
1,800 | Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2) | 1,573,101 | ||||||||
$ | 3,786,678 | |||||||||
Insured-Water and Sewer 7.2% | ||||||||||
$ | 275 | Allegheny County Sanitation Authority, (BHAC), (MBIA), 5.00%, 12/1/22 | $ | 274,780 | ||||||
585 | Chester County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (FGIC), (MBIA), (AMT), 5.00%, 2/1/40 | 394,512 | ||||||||
875 | Delaware County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (FGIC), (MBIA), (AMT), 5.00%, 11/1/36 | 604,958 | ||||||||
500 | Delaware County Industrial Development Authority, (Water Facilities), (FGIC), (AMT), 6.00%, 6/1/29 | 427,885 | ||||||||
360 | Philadelphia Water and Wastewater Revenue, (FGIC), 5.00%, 11/1/31 | 311,436 | ||||||||
$ | 2,013,571 | |||||||||
Senior Living/Life Care 6.5% | ||||||||||
$ | 1,000 | Cliff House Trust, (AMT), 6.625%, 6/1/27(5) | $ | 639,420 | ||||||
500 | Crawford County Hospital Authority, (Wesbury United Methodist Community), 6.25%, 8/15/29 | 382,655 | ||||||||
500 | Lancaster County Hospital Authority, (Willow Valley Retirement Communities), 5.875%, 6/1/31 | 430,420 | ||||||||
200 | Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24 | 153,768 | ||||||||
300 | Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/30 | 212,904 | ||||||||
$ | 1,819,167 | |||||||||
Transportation 5.0% | ||||||||||
$ | 40 |
Erie Municipal Airport Authority, (AMT), 5.50%, 7/1/09 |
$ | 39,774 | ||||||
485 |
Erie Municipal Airport Authority, (AMT), 5.875%, 7/1/16 |
427,780 | ||||||||
270 | Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 6.25%, 11/1/31 | 211,461 | ||||||||
750 | Pennsylvania Turnpike Commission, 5.625%, 6/1/29 | 729,990 | ||||||||
$ | 1,409,005 | |||||||||
Water and Sewer 4.4% | ||||||||||
$ | 750 | Harrisburg Water Authority, 5.25%, 7/15/31 | $ | 706,425 | ||||||
750 | Montgomery County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42 | 528,487 | ||||||||
$ | 1,234,912 | |||||||||
Total
Tax-Exempt Investments 195.4%
|
||||||||||
(identified
cost $62,735,794)
|
$ | 54,611,324 | ||||||||
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (79.6)%
|
$ | (22,230,422 | ) | |||||||
Other
Assets, Less Liabilities (15.8)%
|
$ | (4,437,199 | ) | |||||||
Net
Assets Applicable to Common Shares 100.0%
|
$ | 27,943,703 | ||||||||
(1) | Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. | |
(2) | Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust. | |
(3) | Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2008. | |
(4) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2008, the aggregate value of these securities is $1,072,450 or 3.8% of the Trusts net assets applicable to common shares. | |
(5) | Security is in default with respect to scheduled principal payments. |
As of November 30, 2008 | California Trust | Massachusetts Trust | Michigan Trust | National Trust | ||||||||||||||
Assets | ||||||||||||||||||
Investments
|
||||||||||||||||||
Identified cost
|
$ | 155,084,405 | $ | 61,378,794 | $ | 47,060,298 | $ | 101,359,732 | ||||||||||
Unrealized depreciation
|
(22,894,335 | ) | (10,094,453 | ) | (5,594,260 | ) | (19,487,680 | ) | ||||||||||
Investments, at value
|
$ | 132,190,070 | $ | 51,284,341 | $ | 41,466,038 | $ | 81,872,052 | ||||||||||
Cash
|
$ | 6,465,485 | $ | 616,787 | $ | | $ | | ||||||||||
Interest receivable
|
1,926,428 | 1,082,917 | 698,528 | 1,311,984 | ||||||||||||||
Receivable for investments sold
|
8,500 | | | 28,832 | ||||||||||||||
Deferred debt issuance costs
|
41,077 | 7,071 | | 70,610 | ||||||||||||||
Total assets
|
$ | 140,631,560 | $ | 52,991,116 | $ | 42,164,566 | $ | 83,283,478 | ||||||||||
Liabilities | ||||||||||||||||||
Payable for floating rate notes issued
|
$ | 15,570,000 | $ | 3,880,000 | $ | 1,125,000 | $ | 21,295,000 | ||||||||||
Payable for variation margin on open financial futures contracts
|
51,047 | | 3,797 | 25,313 | ||||||||||||||
Payable for open swap contracts
|
3,667,977 | 1,340,750 | 214,235 | 2,136,337 | ||||||||||||||
Due to custodian
|
| | 228,922 | 1,894,094 | ||||||||||||||
Payable to affiliates:
|
||||||||||||||||||
Investment adviser fee
|
78,507 | 27,320 | 23,860 | 44,143 | ||||||||||||||
Administration fee
|
21,564 | 8,331 | 6,817 | 12,612 | ||||||||||||||
Trustees fees
|
836 | 360 | 300 | 4,864 | ||||||||||||||
Interest expense and fees payable
|
94,898 | 33,221 | 18,908 | 148,917 | ||||||||||||||
Accrued expenses
|
102,974 | 69,874 | 63,252 | 97,400 | ||||||||||||||
Total liabilities
|
$ | 19,587,803 | $ | 5,359,856 | $ | 1,685,091 | $ | 25,658,680 | ||||||||||
Auction preferred shares at liquidation value plus cumulative
unpaid dividends
|
$ | 49,978,954 | $ | 20,055,300 | $ | 17,502,294 | $ | 20,152,642 | ||||||||||
Net assets applicable to common shares
|
$ | 71,064,803 | $ | 27,575,960 | $ | 22,977,181 | $ | 37,472,156 | ||||||||||
Sources of Net Assets | ||||||||||||||||||
Common shares, $0.01 par value, unlimited number of shares
authorized
|
$ | 71,855 | $ | 27,155 | $ | 21,163 | $ | 42,574 | ||||||||||
Additional paid-in capital
|
104,250,556 | 39,615,795 | 31,113,305 | 62,317,743 | ||||||||||||||
Accumulated net realized loss
|
(6,695,337 | ) | (938,397 | ) | (2,458,199 | ) | (3,321,916 | ) | ||||||||||
Accumulated undistributed net investment income
|
349,290 | 306,610 | 152,189 | 230,953 | ||||||||||||||
Net unrealized depreciation
|
(26,911,561 | ) | (11,435,203 | ) | (5,851,277 | ) | (21,797,198 | ) | ||||||||||
Net assets applicable to common shares
|
$ | 71,064,803 | $ | 27,575,960 | $ | 22,977,181 | $ | 37,472,156 | ||||||||||
Auction
Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) |
||||||||||||||||||
1,999 | 802 | 700 | 806 | |||||||||||||||
Common Shares Outstanding | ||||||||||||||||||
7,185,509 | 2,715,457 | 2,116,294 | 4,257,408 | |||||||||||||||
Net Asset Value Per Common Share | ||||||||||||||||||
Net assets applicable to common shares
¸
common shares issued and outstanding
|
$ | 9.89 | $ | 10.16 | $ | 10.86 | $ | 8.80 | ||||||||||
As of November 30, 2008 | New Jersey Trust | New York Trust | Ohio Trust | Pennsylvania Trust | ||||||||||||||
Assets | ||||||||||||||||||
Investments
|
||||||||||||||||||
Identified cost
|
$ | 108,048,815 | $ | 122,107,447 | $ | 61,949,288 | $ | 62,735,794 | ||||||||||
Unrealized depreciation
|
(21,136,600 | ) | (22,199,487 | ) | (8,120,362 | ) | (8,124,470 | ) | ||||||||||
Investments, at value
|
$ | 86,912,215 | $ | 99,907,960 | $ | 53,828,926 | $ | 54,611,324 | ||||||||||
Cash
|
$ | | $ | 678,025 | $ | 529,885 | $ | | ||||||||||
Interest receivable
|
1,489,894 | 1,662,620 | 1,038,581 | 1,031,406 | ||||||||||||||
Receivable for investments sold
|
| 30,000 | 130,000 | 90,166 | ||||||||||||||
Deferred debt issuance costs
|
5,731 | 44,920 | | | ||||||||||||||
Total assets
|
$ | 88,407,840 | $ | 102,323,525 | $ | 55,527,392 | $ | 55,732,896 | ||||||||||
Liabilities | ||||||||||||||||||
Payable for floating rate notes issued
|
$ | 8,047,000 | $ | 15,150,000 | $ | 830,000 | $ | 4,485,780 | ||||||||||
Payable for when-issued securities
|
| | 1,068,680 | | ||||||||||||||
Payable for variation margin on open financial futures contracts
|
| 53,578 | 10,969 | 40,078 | ||||||||||||||
Payable for open swap contracts
|
2,351,168 | 2,776,903 | 974,104 | 584,150 | ||||||||||||||
Due to custodian
|
180,478 | | | 295,927 | ||||||||||||||
Payable to affiliates:
|
||||||||||||||||||
Investment adviser fee
|
49,003 | 57,640 | 31,520 | 31,017 | ||||||||||||||
Administration fee
|
14,001 | 16,469 | 9,006 | 8,638 | ||||||||||||||
Trustees fees
|
566 | 646 | 373 | 367 | ||||||||||||||
Interest expense and fees payable
|
77,922 | 117,278 | 10,987 | 44,159 | ||||||||||||||
Accrued expenses
|
75,408 | 96,554 | 73,880 | 68,655 | ||||||||||||||
Total liabilities
|
$ | 10,795,546 | $ | 18,269,068 | $ | 3,009,519 | $ | 5,558,771 | ||||||||||
Auction preferred shares at liquidation value plus cumulative
unpaid dividends
|
$ | 34,152,936 | $ | 33,729,429 | $ | 22,954,918 | $ | 22,230,422 | ||||||||||
Net assets applicable to common shares
|
$ | 43,459,358 | $ | 50,325,028 | $ | 29,562,955 | $ | 27,943,703 | ||||||||||
Sources of Net Assets | ||||||||||||||||||
Common shares, $0.01 par value, unlimited number of shares
authorized
|
$ | 46,242 | $ | 53,804 | $ | 28,293 | $ | 27,085 | ||||||||||
Additional paid-in capital
|
66,724,505 | 78,209,754 | 41,408,825 | 38,995,386 | ||||||||||||||
Accumulated net realized loss
|
(388,092 | ) | (2,960,757 | ) | (2,967,063 | ) | (2,324,799 | ) | ||||||||||
Accumulated undistributed net investment income
|
564,471 | 365,184 | 262,411 | 228,855 | ||||||||||||||
Net unrealized depreciation
|
(23,487,768 | ) | (25,342,957 | ) | (9,169,511 | ) | (8,982,824 | ) | ||||||||||
Net assets applicable to common shares
|
$ | 43,459,358 | $ | 50,325,028 | $ | 29,562,955 | $ | 27,943,703 | ||||||||||
Auction
Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) |
||||||||||||||||||
1,366 | 1,349 | 918 | 889 | |||||||||||||||
Common Shares Outstanding | ||||||||||||||||||
4,624,183 | 5,380,419 | 2,829,304 | 2,708,462 | |||||||||||||||
Net Asset Value Per Common Share | ||||||||||||||||||
Net assets applicable to common shares
¸
common shares issued and outstanding
|
$ | 9.40 | $ | 9.35 | $ | 10.45 | $ | 10.32 | ||||||||||
For the Year Ended November 30, 2008 | California Trust | Massachusetts Trust | Michigan Trust | National Trust | ||||||||||||||
Investment Income | ||||||||||||||||||
Interest
|
$ | 8,939,731 | $ | 3,409,332 | $ | 2,616,827 | $ | 5,625,615 | ||||||||||
Total investment income
|
$ | 8,939,731 | $ | 3,409,332 | $ | 2,616,827 | $ | 5,625,615 | ||||||||||
Expenses | ||||||||||||||||||
Investment adviser fee
|
$ | 1,101,164 | $ | 405,164 | $ | 321,079 | $ | 640,801 | ||||||||||
Administration fee
|
314,617 | 116,289 | 91,736 | 183,086 | ||||||||||||||
Trustees fees and expenses
|
6,151 | 1,991 | 1,749 | 4,234 | ||||||||||||||
Custodian fee
|
92,278 | 48,321 | 35,629 | 70,909 | ||||||||||||||
Transfer and dividend disbursing agent fees
|
31,125 | 31,296 | 31,929 | 31,860 | ||||||||||||||
Legal and accounting services
|
60,925 | 46,621 | 36,682 | 232,548 | ||||||||||||||
Printing and postage
|
19,909 | 8,514 | 4,614 | 18,686 | ||||||||||||||
Interest expense and fees
|
363,174 | 93,543 | 45,934 | 465,586 | ||||||||||||||
Preferred shares service fee
|
141,993 | 52,799 | 44,219 | 75,744 | ||||||||||||||
Miscellaneous
|
61,258 | 41,976 | 39,982 | 47,317 | ||||||||||||||
Total expenses
|
$ | 2,192,594 | $ | 846,514 | $ | 653,553 | $ | 1,770,771 | ||||||||||
Deduct
|
||||||||||||||||||
Reduction of custodian fee
|
$ | 21,747 | $ | 6,222 | $ | 6,321 | $ | 22,106 | ||||||||||
Total expense reductions
|
$ | 21,747 | $ | 6,222 | $ | 6,321 | $ | 22,106 | ||||||||||
Net expenses
|
$ | 2,170,847 | $ | 840,292 | $ | 647,232 | $ | 1,748,665 | ||||||||||
Net investment income
|
$ | 6,768,884 | $ | 2,569,040 | $ | 1,969,595 | $ | 3,876,950 | ||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||
Net realized gain (loss)
|
||||||||||||||||||
Investment transactions
|
$ | (3,385,434 | ) | $ | (13,072 | ) | $ | (389,430 | ) | $ | (110,188 | ) | ||||||
Financial futures contracts
|
(1,276,291 | ) | | (15,970 | ) | (602,012 | ) | |||||||||||
Swap contracts
|
(1,462,697 | ) | (599,528 | ) | (90,540 | ) | (851,924 | ) | ||||||||||
Net realized loss
|
$ | (6,124,422 | ) | $ | (612,600 | ) | $ | (495,940 | ) | $ | (1,564,124 | ) | ||||||
Change in unrealized appreciation (depreciation)
|
||||||||||||||||||
Investments
|
$ | (28,100,413 | ) | $ | (11,209,792 | ) | $ | (7,070,614 | ) | $ | (21,866,933 | ) | ||||||
Financial futures contracts
|
(334,024 | ) | | (42,782 | ) | (167,820 | ) | |||||||||||
Swap contracts
|
(2,932,153 | ) | (1,009,361 | ) | (163,444 | ) | (1,707,761 | ) | ||||||||||
Net change in unrealized appreciation (depreciation)
|
$ | (31,366,590 | ) | $ | (12,219,153 | ) | $ | (7,276,840 | ) | $ | (23,742,514 | ) | ||||||
Net realized and unrealized loss
|
$ | (37,491,012 | ) | $ | (12,831,753 | ) | $ | (7,772,780 | ) | $ | (25,306,638 | ) | ||||||
Distributions to preferred shareholders
|
||||||||||||||||||
From net investment income
|
$ | (1,988,268 | ) | $ | (754,703 | ) | $ | (636,924 | ) | $ | (1,062,311 | ) | ||||||
Net decrease in net assets from operations
|
$ | (32,710,396 | ) | $ | (11,017,416 | ) | $ | (6,440,109 | ) | $ | (22,491,999 | ) | ||||||
For the Year Ended November 30, 2008 | New Jersey Trust | New York Trust | Ohio Trust | Pennsylvania Trust | ||||||||||||||
Investment Income | ||||||||||||||||||
Interest
|
$ | 5,953,734 | $ | 7,097,853 | $ | 3,605,528 | $ | 3,561,317 | ||||||||||
Total investment income
|
$ | 5,953,734 | $ | 7,097,853 | $ | 3,605,528 | $ | 3,561,317 | ||||||||||
Expenses | ||||||||||||||||||
Investment adviser fee
|
$ | 701,238 | $ | 828,520 | $ | 432,784 | $ | 416,805 | ||||||||||
Administration fee
|
200,354 | 236,721 | 123,652 | 119,087 | ||||||||||||||
Trustees fees and expenses
|
4,406 | 4,751 | 2,049 | 2,012 | ||||||||||||||
Custodian fee
|
72,473 | 94,000 | 50,574 | 44,336 | ||||||||||||||
Transfer and dividend disbursing agent fees
|
32,647 | 30,850 | 29,095 | 33,550 | ||||||||||||||
Legal and accounting services
|
49,128 | 58,737 | 45,453 | 42,528 | ||||||||||||||
Printing and postage
|
13,850 | 13,246 | 10,779 | 5,024 | ||||||||||||||
Interest expense and fees
|
279,195 | 403,051 | 98,659 | 136,093 | ||||||||||||||
Preferred shares service fee
|
94,350 | 104,525 | 60,915 | 56,641 | ||||||||||||||
Miscellaneous
|
46,222 | 39,827 | 40,423 | 42,035 | ||||||||||||||
Total expenses
|
$ | 1,493,863 | $ | 1,814,228 | $ | 894,383 | $ | 898,111 | ||||||||||
Deduct
|
||||||||||||||||||
Reduction of custodian fee
|
$ | 15,184 | $ | 21,625 | $ | 8,255 | $ | 8,034 | ||||||||||
Total expense reductions
|
$ | 15,184 | $ | 21,625 | $ | 8,255 | $ | 8,034 | ||||||||||
Net expenses
|
$ | 1,478,679 | $ | 1,792,603 | $ | 886,128 | $ | 890,077 | ||||||||||
Net investment income
|
$ | 4,475,055 | $ | 5,305,250 | $ | 2,719,400 | $ | 2,671,240 | ||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||
Net realized gain (loss)
|
||||||||||||||||||
Investment transactions
|
$ | 998,610 | $ | 206,106 | $ | (120,145 | ) | $ | 618,570 | |||||||||
Financial futures contracts
|
| (1,296,932 | ) | (205,412 | ) | (973,505 | ) | |||||||||||
Swap contracts
|
(1,053,553 | ) | (1,107,603 | ) | (380,218 | ) | (213,148 | ) | ||||||||||
Net realized loss
|
$ | (54,943 | ) | $ | (2,198,429 | ) | $ | (705,775 | ) | $ | (568,083 | ) | ||||||
Change in unrealized appreciation (depreciation)
|
||||||||||||||||||
Investments
|
$ | (23,970,130 | ) | $ | (26,823,804 | ) | $ | (10,895,731 | ) | $ | (10,970,697 | ) | ||||||
Financial futures contracts
|
| (400,627 | ) | (78,830 | ) | (291,483 | ) | |||||||||||
Swap contracts
|
(1,767,360 | ) | (2,219,248 | ) | (794,902 | ) | (504,240 | ) | ||||||||||
Net change in unrealized appreciation (depreciation)
|
$ | (25,737,490 | ) | $ | (29,443,679 | ) | $ | (11,769,463 | ) | $ | (11,766,420 | ) | ||||||
Net realized and unrealized loss
|
$ | (25,792,433 | ) | $ | (31,642,108 | ) | $ | (12,475,238 | ) | $ | (12,334,503 | ) | ||||||
Distributions to preferred shareholders
|
||||||||||||||||||
From net investment income
|
$ | (1,337,294 | ) | $ | (1,443,622 | ) | $ | (858,575 | ) | $ | (809,974 | ) | ||||||
Net decrease in net assets from operations
|
$ | (22,654,672 | ) | $ | (27,780,480 | ) | $ | (10,614,413 | ) | $ | (10,473,237 | ) | ||||||
For the Year Ended November 30, 2008 | ||||||||||||||||||
Increase (Decrease) in Net Assets | California Trust | Massachusetts Trust | Michigan Trust | National Trust | ||||||||||||||
From operations
|
||||||||||||||||||
Net investment income
|
$ | 6,768,884 | $ | 2,569,040 | $ | 1,969,595 | $ | 3,876,950 | ||||||||||
Net realized loss from investment transactions, financial
futures contracts and swap contracts
|
(6,124,422 | ) | (612,600 | ) | (495,940 | ) | (1,564,124 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
(31,366,590 | ) | (12,219,153 | ) | (7,276,840 | ) | (23,742,514 | ) | ||||||||||
Distributions to preferred shareholders
From net investment income |
(1,988,268 | ) | (754,703 | ) | (636,924 | ) | (1,062,311 | ) | ||||||||||
Net decrease in net assets from operations
|
$ | (32,710,396 | ) | $ | (11,017,416 | ) | $ | (6,440,109 | ) | $ | (22,491,999 | ) | ||||||
Distributions to common shareholders
From net investment income |
$ | (4,831,246 | ) | $ | (1,761,505 | ) | $ | (1,293,055 | ) | $ | (2,792,860 | ) | ||||||
Total distributions to common shareholders
|
$ | (4,831,246 | ) | $ | (1,761,505 | ) | $ | (1,293,055 | ) | $ | (2,792,860 | ) | ||||||
Capital share transactions
|
||||||||||||||||||
Reinvestment of distributions to common shareholders
|
$ | 39,205 | $ | 13,438 | $ | | $ | | ||||||||||
Net increase in net assets from capital share transactions
|
$ | 39,205 | $ | 13,438 | $ | | $ | | ||||||||||
Net decrease in net assets
|
$ | (37,502,437 | ) | $ | (12,765,483 | ) | $ | (7,733,164 | ) | $ | (25,284,859 | ) | ||||||
Net Assets Applicable to Common Shares | ||||||||||||||||||
At beginning of year
|
$ | 108,567,240 | $ | 40,341,443 | $ | 30,710,345 | $ | 62,757,015 | ||||||||||
At end of year
|
$ | 71,064,803 | $ | 27,575,960 | $ | 22,977,181 | $ | 37,472,156 | ||||||||||
Accumulated
undistributed net investment income included in net assets applicable to common shares |
||||||||||||||||||
At end of year
|
$ | 349,290 | $ | 306,610 | $ | 152,189 | $ | 230,953 | ||||||||||
For the Year Ended November 30, 2008 | ||||||||||||||||||
Increase (Decrease) in Net Assets | New Jersey Trust | New York Trust | Ohio Trust | Pennsylvania Trust | ||||||||||||||
From operations
|
||||||||||||||||||
Net investment income
|
$ | 4,475,055 | $ | 5,305,250 | $ | 2,719,400 | $ | 2,671,240 | ||||||||||
Net realized loss from investment transactions, financial
futures contracts and swap contracts
|
(54,943 | ) | (2,198,429 | ) | (705,775 | ) | (568,083 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
(25,737,490 | ) | (29,443,679 | ) | (11,769,463 | ) | (11,766,420 | ) | ||||||||||
Distributions to preferred shareholders
From net investment income |
(1,337,294 | ) | (1,443,622 | ) | (858,575 | ) | (809,974 | ) | ||||||||||
Net decrease in net assets from operations
|
$ | (22,654,672 | ) | $ | (27,780,480 | ) | $ | (10,614,413 | ) | $ | (10,473,237 | ) | ||||||
Distributions to common shareholders
|
||||||||||||||||||
From net investment income
|
$ | (2,911,723 | ) | $ | (3,874,132 | ) | $ | (1,775,906 | ) | $ | (1,764,997 | ) | ||||||
Total distributions to common shareholders
|
$ | (2,911,723 | ) | $ | (3,874,132 | ) | $ | (1,775,906 | ) | $ | (1,764,997 | ) | ||||||
Capital share transactions
|
||||||||||||||||||
Reinvestment of distributions to common shareholders
|
$ | 24,930 | $ | 48,143 | $ | | $ | | ||||||||||
Net increase in net assets from capital share transactions
|
$ | 24,930 | $ | 48,143 | $ | | $ | | ||||||||||
Net decrease in net assets
|
$ | (25,541,465 | ) | $ | (31,606,469 | ) | $ | (12,390,319 | ) | $ | (12,238,234 | ) | ||||||
Net Assets Applicable to Common Shares | ||||||||||||||||||
At beginning of year
|
$ | 69,000,823 | $ | 81,931,497 | $ | 41,953,274 | $ | 40,181,937 | ||||||||||
At end of year
|
$ | 43,459,358 | $ | 50,325,028 | $ | 29,562,955 | $ | 27,943,703 | ||||||||||
Accumulated
undistributed net investment income included in net assets applicable to common shares |
||||||||||||||||||
At end of year
|
$ | 564,471 | $ | 365,184 | $ | 262,411 | $ | 228,855 | ||||||||||
For the Year Ended November 30, 2007 | ||||||||||||||||||
Increase (Decrease) in Net Assets | California Trust | Massachusetts Trust | Michigan Trust | National Trust | ||||||||||||||
From operations
|
||||||||||||||||||
Net investment income
|
$ | 6,721,579 | $ | 2,481,917 | $ | 1,932,321 | $ | 4,018,334 | ||||||||||
Net realized gain from investment transactions, financial
futures contracts and swap contracts
|
1,212,305 | 1,482,005 | 612,556 | 806,170 | ||||||||||||||
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
(10,493,249 | ) | (5,028,194 | ) | (2,484,463 | ) | (5,256,087 | ) | ||||||||||
Distributions to preferred shareholders
From net investment income |
(2,014,092 | ) | (734,875 | ) | (625,544 | ) | (1,305,923 | ) | ||||||||||
Net decrease in net assets from operations
|
$ | (4,573,457 | ) | $ | (1,799,147 | ) | $ | (565,130 | ) | $ | (1,737,506 | ) | ||||||
Distributions to common shareholders
|
||||||||||||||||||
From net investment income
|
$ | (4,825,005 | ) | $ | (1,734,298 | ) | $ | (1,367,125 | ) | $ | (2,757,391 | ) | ||||||
Total distributions to common shareholders
|
$ | (4,825,005 | ) | $ | (1,734,298 | ) | $ | (1,367,125 | ) | $ | (2,757,391 | ) | ||||||
Net decrease in net assets
|
$ | (9,398,462 | ) | $ | (3,533,445 | ) | $ | (1,932,255 | ) | $ | (4,494,897 | ) | ||||||
Net Assets Applicable to Common Shares | ||||||||||||||||||
At beginning of year
|
$ | 117,965,702 | $ | 43,874,888 | $ | 32,642,600 | $ | 67,251,912 | ||||||||||
At end of year
|
$ | 108,567,240 | $ | 40,341,443 | $ | 30,710,345 | $ | 62,757,015 | ||||||||||
Accumulated
undistributed net investment income included in net assets applicable to common shares |
||||||||||||||||||
At end of year
|
$ | 470,128 | $ | 258,921 | $ | 119,435 | $ | 221,395 | ||||||||||
For the Year Ended November 30, 2007 | ||||||||||||||||||
Increase (Decrease) in Net Assets | New Jersey Trust | New York Trust | Ohio Trust | Pennsylvania Trust | ||||||||||||||
From operations
|
||||||||||||||||||
Net investment income
|
$ | 4,281,160 | $ | 5,325,083 | $ | 2,652,615 | $ | 2,581,747 | ||||||||||
Net realized gain (loss) from investment transactions, financial
futures contracts and swap contracts
|
2,245,358 | 985,195 | 1,008,079 | (79,473 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
(8,114,677 | ) | (7,930,136 | ) | (3,397,293 | ) | (1,711,887 | ) | ||||||||||
Distributions to preferred shareholders
From net investment income |
(1,262,219 | ) | (1,544,549 | ) | (839,516 | ) | (813,684 | ) | ||||||||||
Net decrease in net assets from operations
|
$ | (2,850,378 | ) | $ | (3,164,407 | ) | $ | (576,115 | ) | $ | (23,297 | ) | ||||||
Distributions to common shareholders
|
||||||||||||||||||
From net investment income
|
$ | (2,994,385 | ) | $ | (3,873,823 | ) | $ | (1,856,075 | ) | $ | (1,793,216 | ) | ||||||
Total distributions to common shareholders
|
$ | (2,994,385 | ) | $ | (3,873,823 | ) | $ | (1,856,075 | ) | $ | (1,793,216 | ) | ||||||
Net decrease in net assets
|
$ | (5,844,763 | ) | $ | (7,038,230 | ) | $ | (2,432,190 | ) | $ | (1,816,513 | ) | ||||||
Net Assets Applicable to Common Shares | ||||||||||||||||||
At beginning of year
|
$ | 74,845,586 | $ | 88,969,727 | $ | 44,385,464 | $ | 41,998,450 | ||||||||||
At end of year
|
$ | 69,000,823 | $ | 81,931,497 | $ | 41,953,274 | $ | 40,181,937 | ||||||||||
Accumulated
undistributed net investment income included in net assets applicable to common shares |
||||||||||||||||||
At end of year
|
$ | 369,307 | $ | 391,474 | $ | 191,149 | $ | 154,809 | ||||||||||
For the Year Ended November 30, 2008 | ||||||||||
Cash Flows From Operating Activities | National Trust | New York Trust | ||||||||
Net decrease in net assets from operations
|
$ | (22,491,999 | ) | $ | (27,780,480 | ) | ||||
Distributions to preferred shareholders
|
1,062,311 | 1,443,622 | ||||||||
Net decrease in net assets from operations excluding
distributions to preferred shareholders
|
$ | (21,429,688 | ) | $ | (26,336,858 | ) | ||||
Adjustments to reconcile net decrease in net assets from
operations to net cash provided by (used in) operating
activities:
|
||||||||||
Investments purchased
|
(104,784,642 | ) | (61,321,560 | ) | ||||||
Investments sold
|
111,337,868 | 80,577,139 | ||||||||
Net accretion/amortization of premium (discount)
|
(559,251 | ) | (433,237 | ) | ||||||
Amortization of deferred debt issuance costs
|
3,584 | 4,212 | ||||||||
Decrease (increase) in interest receivable
|
(291,191 | ) | 219,921 | |||||||
Increase in receivable for investments sold
|
(28,832 | ) | (5,000 | ) | ||||||
Decrease in receivable for variation margin on open financial
futures contracts
|
15,625 | 45,000 | ||||||||
Decrease in prepaid expenses
|
3,471 | 3,811 | ||||||||
Decrease in payable to affiliate for inverse floaters
|
(506,570 | ) | | |||||||
Decrease in payable for when-issued securities
|
| (1,214,013 | ) | |||||||
Increase in payable for variation margin on open financial
futures contracts
|
25,313 | 53,578 | ||||||||
Increase in payable for open swap contracts
|
1,707,761 | 2,219,248 | ||||||||
Decrease in payable to affiliate for investment adviser fee
|
(12,506 | ) | (15,087 | ) | ||||||
Decrease in payable to affiliate for administration fee
|
(3,573 | ) | (4,310 | ) | ||||||
Increase (decrease) in payable to affiliate for Trustees
fees
|
3,594 | (625 | ) | |||||||
Increase (decrease) in interest expense and fees payable
|
65,557 | (105,360 | ) | |||||||
Increase in accrued expenses
|
11,894 | 1,869 | ||||||||
Net change in unrealized (appreciation) depreciation from
investments
|
21,866,933 | 26,823,804 | ||||||||
Net realized (gain) loss from investments
|
110,188 | (206,106 | ) | |||||||
Net cash provided by operating activities
|
$ | 7,535,535 | $ | 20,306,426 | ||||||
Cash Flows From Financing Activities | ||||||||||
Deferred debt issuance costs
|
$ | (74,194 | ) | $ | (49,132 | ) | ||||
Cash distributions paid to common shareholders, net of
reinvestments
|
(2,792,860 | ) | (3,825,989 | ) | ||||||
Distributions to preferred shareholders
|
(1,067,941 | ) | (1,444,380 | ) | ||||||
Liquidation of auction preferred shares
|
(15,350,000 | ) | (10,775,000 | ) | ||||||
Proceeds from secured borrowings
|
32,265,000 | 20,210,000 | ||||||||
Repayment of secured borrowings
|
(23,060,000 | ) | (24,210,000 | ) | ||||||
Increase in due to custodian
|
1,894,094 | | ||||||||
Net cash used in financing activities
|
$ | (8,185,901 | ) | $ | (20,094,501 | ) | ||||
Net increase (decrease) in cash
|
$ | (650,366 | ) | $ | 211,925 | |||||
Cash at beginning of year
|
$ | 650,366 | $ | 466,100 | ||||||
Cash at end of year
|
$ | | $ | 678,025 | ||||||
Supplemental disclosure of cash flow information: | ||||||||||
Noncash financing activities not included herein consist of
reinvestment of dividends and distributions of:
|
$ | | $ | 48,143 | ||||||
California Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Net asset value Beginning of year (Common shares)
|
$ | 15.120 | $ | 16.430 | $ | 15.420 | $ | 15.070 | $ | 15.320 | ||||||||||||
Income (loss) from operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.943 | $ | 0.936 | $ | 0.962 | $ | 1.013 | $ | 1.079 | ||||||||||||
Net realized and unrealized gain (loss)
|
(5.223 | ) | (1.294 | ) | 1.028 | 0.383 | (0.227 | ) | ||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||
From net investment income
|
(0.277 | ) | (0.280 | ) | (0.239 | ) | (0.154 | ) | (0.079 | ) | ||||||||||||
Total income (loss) from operations
|
$ | (4.557 | ) | $ | (0.638 | ) | $ | 1.751 | $ | 1.242 | $ | 0.773 | ||||||||||
Less distributions to common shareholders | ||||||||||||||||||||||
From net investment income
|
$ | (0.673 | ) | $ | (0.672 | ) | $ | (0.741 | ) | $ | (0.892 | ) | $ | (1.023 | ) | |||||||
Total distributions to common shareholders
|
$ | (0.673 | ) | $ | (0.672 | ) | $ | (0.741 | ) | $ | (0.892 | ) | $ | (1.023 | ) | |||||||
Net asset value End of year (Common shares)
|
$ | 9.890 | $ | 15.120 | $ | 16.430 | $ | 15.420 | $ | 15.070 | ||||||||||||
Market value End of year (Common shares)
|
$ | 9.150 | $ | 13.160 | $ | 15.050 | $ | 13.650 | $ | 15.160 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(30.70 | )% | (3.65 | )% | 12.10 | % | 8.72 | % | 5.35 | % | ||||||||||||
Total Investment Return on Market
Value(2)
|
(26.34 | )% | (8.44 | )% | 15.99 | % | (4.34 | )% | 8.60 | % | ||||||||||||
California Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets applicable to common shares, end of year (000s
omitted)
|
$ | 71,065 | $ | 108,567 | $ | 117,966 | $ | 110,760 | $ | 108,193 | ||||||||||||
Ratios (as a percentage of average daily net assets
applicable to common shares):(3) |
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.87 | % | 1.78 | %(4) | 1.79 | % | 1.78 | % | 1.78 | % | ||||||||||||
Interest and fee
expense(5)
|
0.37 | % | 0.34 | % | 0.49 | % | 0.33 | % | 0.20 | % | ||||||||||||
Total expenses before custodian fee reduction
|
2.24 | % | 2.12 | %(4) | 2.28 | % | 2.11 | % | 1.98 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.85 | % | 1.76 | %(4) | 1.77 | % | 1.76 | % | 1.77 | % | ||||||||||||
Net investment income
|
6.91 | % | 5.94 | % | 6.12 | % | 6.52 | % | 7.10 | % | ||||||||||||
Portfolio Turnover
|
31 | % | 40 | % | 26 | % | 31 | % | 17 | % | ||||||||||||
The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
|
||||||||||||||||||||||
Ratios (as a percentage of average daily net assets
applicable to common shares and preferred shares):(3) |
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.18 | % | 1.17 | %(4) | 1.18 | % | 1.16 | % | 1.15 | % | ||||||||||||
Interest and fee
expense(5)
|
0.24 | % | 0.22 | % | 0.32 | % | 0.22 | % | 0.13 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.42 | % | 1.39 | %(4) | 1.50 | % | 1.38 | % | 1.28 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.17 | % | 1.16 | %(4) | 1.16 | % | 1.15 | % | 1.15 | % | ||||||||||||
Net investment income
|
4.39 | % | 3.90 | % | 4.03 | % | 4.26 | % | 4.61 | % | ||||||||||||
Senior Securities:
|
||||||||||||||||||||||
Total preferred shares outstanding
|
1,999 | 2,360 | 2,360 | 2,360 | 2,360 | |||||||||||||||||
Asset coverage per preferred
share(6)
|
$ | 60,552 | $ | 71,003 | $ | 74,997 | $ | 71,942 | $ | 70,849 | ||||||||||||
Involuntary liquidation preference per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
Approximate market value per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(4) | The investment adviser was allocated a portion of the Trusts operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. | |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(6) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing this by the number of preferred shares outstanding. | |
(7) | Plus accumulated and unpaid dividends. |
Massachusetts Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Net asset value Beginning of year (Common shares)
|
$ | 14.860 | $ | 16.170 | $ | 15.270 | $ | 15.090 | $ | 15.380 | ||||||||||||
Income (loss) from operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.947 | $ | 0.914 | $ | 0.931 | $ | 0.973 | $ | 1.054 | ||||||||||||
Net realized and unrealized gain (loss)
|
(4.720 | ) | (1.314 | ) | 0.926 | 0.234 | (0.251 | ) | ||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||
From net investment income
|
(0.278 | ) | (0.271 | ) | (0.243 | ) | (0.145 | ) | (0.070 | ) | ||||||||||||
Total income (loss) from operations
|
$ | (4.051 | ) | $ | (0.671 | ) | $ | 1.614 | $ | 1.062 | $ | 0.733 | ||||||||||
Less distributions to common shareholders | ||||||||||||||||||||||
From net investment income
|
$ | (0.649 | ) | $ | (0.639 | ) | $ | (0.714 | ) | $ | (0.882 | ) | $ | (1.023 | ) | |||||||
Total distributions to common shareholders
|
$ | (0.649 | ) | $ | (0.639 | ) | $ | (0.714 | ) | $ | (0.882 | ) | $ | (1.023 | ) | |||||||
Net asset value End of year (Common shares)
|
$ | 10.160 | $ | 14.860 | $ | 16.170 | $ | 15.270 | $ | 15.090 | ||||||||||||
Market value End of year (Common shares)
|
$ | 8.930 | $ | 13.050 | $ | 14.920 | $ | 14.800 | $ | 16.810 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(28.02 | )% | (3.94 | )% | 11.05 | % | 7.02 | % | 4.90 | % | ||||||||||||
Total Investment Return on Market
Value(2)
|
(27.89 | )% | (8.57 | )% | 5.72 | % | (6.89 | )% | 16.71 | % | ||||||||||||
Massachusetts Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets applicable to common shares, end of year (000s
omitted)
|
$ | 27,576 | $ | 40,341 | $ | 43,875 | $ | 41,395 | $ | 40,662 | ||||||||||||
Ratios (as a percentage of average daily net assets
applicable to common shares):(3) |
||||||||||||||||||||||
Expenses excluding interest and fees
|
2.06 | % | 1.91 | %(4) | 1.88 | % | 1.88 | % | 1.87 | % | ||||||||||||
Interest and fee
expense(5)
|
0.26 | % | 0.61 | % | 0.77 | % | 0.52 | % | 0.30 | % | ||||||||||||
Total expenses before custodian fee reduction
|
2.32 | % | 2.52 | %(4) | 2.65 | % | 2.40 | % | 2.17 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
2.04 | % | 1.89 | %(4) | 1.87 | % | 1.87 | % | 1.86 | % | ||||||||||||
Net investment income
|
7.03 | % | 5.90 | % | 6.01 | % | 6.29 | % | 6.97 | % | ||||||||||||
Portfolio Turnover
|
40 | % | 42 | % | 22 | % | 13 | % | 39 | % | ||||||||||||
The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
|
||||||||||||||||||||||
Ratios (as a percentage of average daily net assets
applicable to common shares and preferred shares):(3) |
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.31 | % | 1.26 | %(4) | 1.24 | % | 1.24 | % | 1.22 | % | ||||||||||||
Interest and fee
expense(5)
|
0.16 | % | 0.40 | % | 0.51 | % | 0.34 | % | 0.19 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.47 | % | 1.66 | %(4) | 1.75 | % | 1.58 | % | 1.41 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.30 | % | 1.25 | %(4) | 1.24 | % | 1.24 | % | 1.22 | % | ||||||||||||
Net investment income
|
4.47 | % | 3.91 | % | 3.98 | % | 4.15 | % | 4.55 | % | ||||||||||||
Senior Securities:
|
||||||||||||||||||||||
Total preferred shares outstanding
|
802 | 860 | 860 | 860 | 860 | |||||||||||||||||
Asset coverage per preferred
share(6)
|
$ | 59,391 | $ | 71,920 | $ | 76,024 | $ | 73,138 | $ | 72,281 | ||||||||||||
Involuntary liquidation preference per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
Approximate market value per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(4) | The investment adviser was allocated a portion of the Trusts operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. | |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(6) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing this by the number of preferred shares outstanding. | |
(7) | Plus accumulated and unpaid dividends. |
Michigan Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Net asset value Beginning of year (Common shares)
|
$ | 14.510 | $ | 15.420 | $ | 14.820 | $ | 14.860 | $ | 15.240 | ||||||||||||
Income (loss) from operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.931 | $ | 0.913 | $ | 0.950 | $ | 0.995 | $ | 1.072 | ||||||||||||
Net realized and unrealized gain (loss)
|
(3.669 | ) | (0.881 | ) | 0.608 | 0.010 | (0.334 | ) | ||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||
From net investment income
|
(0.301 | ) | (0.296 | ) | (0.256 | ) | (0.172 | ) | (0.086 | ) | ||||||||||||
Total income (loss) from operations
|
$ | (3.039 | ) | $ | (0.264 | ) | $ | 1.302 | $ | 0.833 | $ | 0.652 | ||||||||||
Less distributions to common shareholders | ||||||||||||||||||||||
From net investment income
|
$ | (0.611 | ) | $ | (0.646 | ) | $ | (0.702 | ) | $ | (0.873 | ) | $ | (1.032 | ) | |||||||
Total distributions to common shareholders
|
$ | (0.611 | ) | $ | (0.646 | ) | $ | (0.702 | ) | $ | (0.873 | ) | $ | (1.032 | ) | |||||||
Net asset value End of year (Common shares)
|
$ | 10.860 | $ | 14.510 | $ | 15.420 | $ | 14.820 | $ | 14.860 | ||||||||||||
Market value End of year (Common shares)
|
$ | 7.920 | $ | 12.430 | $ | 14.110 | $ | 13.500 | $ | 16.600 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(21.02 | )% | (1.37 | )% | 9.38 | % | 5.62 | % | 4.36 | % | ||||||||||||
Total Investment Return on Market
Value(2)
|
(32.76 | )% | (7.66 | )% | 9.88 | % | (13.87 | )% | 13.63 | % | ||||||||||||
Michigan Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets applicable to common shares, end of year (000s
omitted)
|
$ | 22,977 | $ | 30,710 | $ | 32,643 | $ | 31,357 | $ | 31,363 | ||||||||||||
Ratios (as a percentage of average daily net assets
applicable to common shares):(3) |
||||||||||||||||||||||
Expenses excluding interest and fees
|
2.15 | % | 2.03 | %(4) | 1.97 | % | 2.00 | % | 1.96 | % | ||||||||||||
Interest and fee
expense(5)
|
0.16 | % | 0.32 | % | 0.46 | % | 0.40 | % | 0.42 | % | ||||||||||||
Total expenses before custodian fee reduction
|
2.31 | % | 2.35 | %(4) | 2.43 | % | 2.40 | % | 2.38 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
2.13 | % | 2.01 | %(4) | 1.96 | % | 1.99 | % | 1.96 | % | ||||||||||||
Net investment income
|
6.96 | % | 6.12 | % | 6.35 | % | 6.60 | % | 7.16 | % | ||||||||||||
Portfolio Turnover
|
24 | % | 22 | % | 22 | % | 14 | % | 5 | % | ||||||||||||
The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
|
||||||||||||||||||||||
Ratios (as a percentage of average daily net assets
applicable to common shares and preferred shares):(3) |
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.33 | % | 1.31 | %(4) | 1.27 | % | 1.29 | % | 1.26 | % | ||||||||||||
Interest and fee
expense(5)
|
0.10 | % | 0.21 | % | 0.29 | % | 0.26 | % | 0.27 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.43 | % | 1.52 | %(4) | 1.56 | % | 1.55 | % | 1.53 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.31 | % | 1.29 | %(4) | 1.26 | % | 1.28 | % | 1.26 | % | ||||||||||||
Net investment income
|
4.30 | % | 3.94 | % | 4.09 | % | 4.26 | % | 4.60 | % | ||||||||||||
Senior Securities:
|
||||||||||||||||||||||
Total preferred shares outstanding
|
700 | 700 | 700 | 700 | 700 | |||||||||||||||||
Asset coverage per preferred
share(6)
|
$ | 57,828 | $ | 68,878 | $ | 71,635 | $ | 69,796 | $ | 69,810 | ||||||||||||
Involuntary liquidation preference per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
Approximate market value per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(4) | The investment adviser was allocated a portion of the Trusts operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. | |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(6) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing this by the number of preferred shares outstanding. | |
(7) | Plus accumulated and unpaid dividends. |
National Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Net asset value Beginning of year (Common shares)
|
$ | 14.740 | $ | 15.800 | $ | 15.150 | $ | 15.040 | $ | 15.530 | ||||||||||||
Income (loss) from operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.911 | $ | 0.944 | $ | 0.970 | $ | 1.013 | $ | 1.082 | ||||||||||||
Net realized and unrealized gain (loss)
|
(5.945 | ) | (1.049 | ) | 0.678 | 0.179 | (0.450 | ) | ||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||
From net investment income
|
(0.250 | ) | (0.307 | ) | (0.270 | ) | (0.177 | ) | (0.087 | ) | ||||||||||||
Total income (loss) from operations
|
$ | (5.284 | ) | $ | (0.412 | ) | $ | 1.378 | $ | 1.015 | $ | 0.545 | ||||||||||
Less distributions to common shareholders | ||||||||||||||||||||||
From net investment income
|
$ | (0.656 | ) | $ | (0.648 | ) | $ | (0.728 | ) | $ | (0.905 | ) | $ | (1.035 | ) | |||||||
Total distributions to common shareholders
|
$ | (0.656 | ) | $ | (0.648 | ) | $ | (0.728 | ) | $ | (0.905 | ) | $ | (1.035 | ) | |||||||
Net asset value End of year (Common shares)
|
$ | 8.800 | $ | 14.740 | $ | 15.800 | $ | 15.150 | $ | 15.040 | ||||||||||||
Market value End of year (Common shares)
|
$ | 7.640 | $ | 12.720 | $ | 14.180 | $ | 14.180 | $ | 15.250 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(36.71 | )% | (2.26 | )% | 9.84 | % | 6.98 | % | 3.80 | % | ||||||||||||
Total Investment Return on Market
Value(2)
|
(36.32 | )% | (6.02 | )% | 5.32 | % | (1.25 | )% | 5.76 | % | ||||||||||||
National Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets applicable to common shares, end of year (000s
omitted)
|
$ | 37,472 | $ | 62,757 | $ | 67,252 | $ | 64,501 | $ | 63,911 | ||||||||||||
Ratios (as a percentage of average daily net assets
applicable to common shares):(3) |
||||||||||||||||||||||
Expenses excluding interest and fees
|
2.34 | % | 1.87 | %(4) | 1.87 | % | 1.86 | % | 1.84 | % | ||||||||||||
Interest and fee
expense(5)
|
0.83 | % | 0.75 | % | 0.54 | % | 0.42 | % | 0.50 | % | ||||||||||||
Total expenses before custodian fee reduction
|
3.17 | % | 2.62 | %(4) | 2.41 | % | 2.28 | % | 2.34 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
2.30 | % | 1.86 | %(4) | 1.86 | % | 1.85 | % | 1.83 | % | ||||||||||||
Net investment income
|
6.95 | % | 6.16 | % | 6.33 | % | 6.65 | % | 7.09 | % | ||||||||||||
Portfolio Turnover
|
108 | % | 26 | % | 33 | % | 15 | % | 4 | % | ||||||||||||
The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
|
||||||||||||||||||||||
Ratios (as a percentage of average daily net assets
applicable to common shares and preferred shares):(3) |
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.53 | % | 1.21 | %(4) | 1.21 | % | 1.20 | % | 1.18 | % | ||||||||||||
Interest and fee
expense(5)
|
0.54 | % | 0.48 | % | 0.35 | % | 0.27 | % | 0.32 | % | ||||||||||||
Total expenses before custodian fee reduction
|
2.07 | % | 1.69 | %(4) | 1.56 | % | 1.47 | % | 1.50 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.50 | % | 1.20 | %(4) | 1.20 | % | 1.19 | % | 1.18 | % | ||||||||||||
Net investment income
|
4.52 | % | 3.99 | % | 4.10 | % | 4.30 | % | 4.58 | % | ||||||||||||
Senior Securities:
|
||||||||||||||||||||||
Total preferred shares outstanding
|
806 | 1,420 | 1,420 | 1,420 | 1,420 | |||||||||||||||||
Asset coverage per preferred
share(6)
|
$ | 71,495 | $ | 69,201 | $ | 72,363 | $ | 70,423 | $ | 70,011 | ||||||||||||
Involuntary liquidation preference per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
Approximate market value per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(4) | The investment adviser was allocated a portion of the Trusts operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. | |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(6) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing this by the number of preferred shares outstanding. | |
(7) | Plus accumulated and unpaid dividends. |
New Jersey Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Net asset value Beginning of year (Common shares)
|
$ | 14.930 | $ | 16.200 | $ | 15.020 | $ | 14.810 | $ | 15.190 | ||||||||||||
Income (loss) from operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.968 | $ | 0.926 | $ | 0.953 | $ | 1.014 | $ | 1.082 | ||||||||||||
Net realized and unrealized gain (loss)
|
(5.579 | ) | (1.275 | ) | 1.205 | 0.238 | (0.313 | ) | ||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||
From net investment income
|
(0.289 | ) | (0.273 | ) | (0.253 | ) | (0.169 | ) | (0.081 | ) | ||||||||||||
Total income (loss) from operations
|
$ | (4.900 | ) | $ | (0.622 | ) | $ | 1.905 | $ | 1.083 | $ | 0.688 | ||||||||||
Less distributions to common shareholders | ||||||||||||||||||||||
From net investment income
|
$ | (0.630 | ) | $ | (0.648 | ) | $ | (0.725 | ) | $ | (0.873 | ) | $ | (1.068 | ) | |||||||
Total distributions to common shareholders
|
$ | (0.630 | ) | $ | (0.648 | ) | $ | (0.725 | ) | $ | (0.873 | ) | $ | (1.068 | ) | |||||||
Net asset value End of year (Common shares)
|
$ | 9.400 | $ | 14.930 | $ | 16.200 | $ | 15.020 | $ | 14.810 | ||||||||||||
Market value End of year (Common shares)
|
$ | 8.500 | $ | 12.790 | $ | 15.080 | $ | 14.030 | $ | 15.540 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(33.57 | )% | (3.59 | )% | 13.28 | % | 7.59 | % | 4.76 | % | ||||||||||||
Total Investment Return on Market
Value(2)
|
(29.88 | )% | (11.28 | )% | 12.89 | % | (4.22 | )% | 8.31 | % | ||||||||||||
New Jersey Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets applicable to common shares, end of year (000s
omitted)
|
$ | 43,459 | $ | 69,001 | $ | 74,846 | $ | 69,375 | $ | 68,298 | ||||||||||||
Ratios (as a percentage of average daily net assets
applicable to common shares):(3) |
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.96 | % | 1.84 | %(4) | 1.85 | % | 1.86 | % | 1.85 | % | ||||||||||||
Interest and fee
expense(5)
|
0.45 | % | 0.89 | % | 0.93 | % | 0.58 | % | 0.50 | % | ||||||||||||
Total expenses before custodian fee reduction
|
2.41 | % | 2.73 | %(4) | 2.78 | % | 2.44 | % | 2.35 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.94 | % | 1.81 | %(4) | 1.83 | % | 1.84 | % | 1.84 | % | ||||||||||||
Net investment income
|
7.22 | % | 5.94 | % | 6.20 | % | 6.66 | % | 7.28 | % | ||||||||||||
Portfolio Turnover
|
54 | % | 42 | % | 23 | % | 46 | % | 52 | % | ||||||||||||
The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
|
||||||||||||||||||||||
Ratios (as a percentage of average daily net assets
applicable to common shares and preferred shares):(3) |
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.23 | % | 1.21 | %(4) | 1.20 | % | 1.21 | % | 1.19 | % | ||||||||||||
Interest and fee
expense(5)
|
0.28 | % | 0.58 | % | 0.61 | % | 0.38 | % | 0.32 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.51 | % | 1.79 | %(4) | 1.81 | % | 1.59 | % | 1.51 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.21 | % | 1.19 | %(4) | 1.19 | % | 1.19 | % | 1.18 | % | ||||||||||||
Net investment income
|
4.51 | % | 3.89 | % | 4.04 | % | 4.33 | % | 4.68 | % | ||||||||||||
Senior Securities:
|
||||||||||||||||||||||
Total preferred shares outstanding
|
1,366 | 1,520 | 1,520 | 1,520 | 1,520 | |||||||||||||||||
Asset coverage per preferred
share(6)
|
$ | 56,817 | $ | 70,395 | $ | 74,250 | $ | 70,651 | $ | 69,935 | ||||||||||||
Involuntary liquidation preference per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
Approximate market value per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(4) | The investment adviser was allocated a portion of the Trusts operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. | |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(6) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing this by the number of preferred shares outstanding. | |
(7) | Plus accumulated and unpaid dividends. |
New York Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Net asset value Beginning of year (Common shares)
|
$ | 15.240 | $ | 16.550 | $ | 15.660 | $ | 15.490 | $ | 15.810 | ||||||||||||
Income (loss) from operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.987 | $ | 0.991 | $ | 0.987 | $ | 1.070 | $ | 1.126 | ||||||||||||
Net realized and unrealized gain (loss)
|
(5.887 | ) | (1.293 | ) | 0.932 | 0.243 | (0.332 | ) | ||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||
From net investment income
|
(0.269 | ) | (0.287 | ) | (0.247 | ) | (0.163 | ) | (0.074 | ) | ||||||||||||
Total income (loss) from operations
|
$ | (5.169 | ) | $ | (0.589 | ) | $ | 1.672 | $ | 1.150 | $ | 0.720 | ||||||||||
Less distributions to common shareholders | ||||||||||||||||||||||
From net investment income
|
$ | (0.721 | ) | $ | (0.721 | ) | $ | (0.782 | ) | $ | (0.980 | ) | $ | (1.040 | ) | |||||||
Total distributions to common shareholders
|
$ | (0.721 | ) | $ | (0.721 | ) | $ | (0.782 | ) | $ | (0.980 | ) | $ | (1.040 | ) | |||||||
Net asset value End of year (Common shares)
|
$ | 9.350 | $ | 15.240 | $ | 16.550 | $ | 15.660 | $ | 15.490 | ||||||||||||
Market value End of year (Common shares)
|
$ | 7.900 | $ | 14.100 | $ | 15.700 | $ | 14.990 | $ | 15.370 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(35.07 | )% | (3.42 | )% | 11.28 | % | 7.61 | % | 4.91 | % | ||||||||||||
Total Investment Return on Market
Value(2)
|
(40.71 | )% | (5.81 | )% | 10.28 | % | 3.81 | % | 6.46 | % | ||||||||||||
New York Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets applicable to common shares, end of year (000s
omitted)
|
$ | 50,325 | $ | 81,931 | $ | 88,970 | $ | 84,194 | $ | 83,044 | ||||||||||||
Ratios (as a percentage of average daily net assets
applicable to common shares):(3) |
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.92 | % | 1.80 | %(4) | 1.82 | % | 1.81 | % | 1.78 | % | ||||||||||||
Interest and fee
expense(5)
|
0.55 | % | 0.98 | % | 1.03 | % | 0.57 | % | 0.32 | % | ||||||||||||
Total expenses before custodian fee reduction
|
2.47 | % | 2.78 | %(4) | 2.85 | % | 2.38 | % | 2.10 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.89 | % | 1.78 | %(4) | 1.80 | % | 1.80 | % | 1.78 | % | ||||||||||||
Net investment income
|
7.21 | % | 6.23 | % | 6.22 | % | 6.72 | % | 7.23 | % | ||||||||||||
Portfolio Turnover
|
48 | % | 29 | % | 27 | % | 40 | % | 31 | % | ||||||||||||
The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
|
||||||||||||||||||||||
Ratios (as a percentage of average daily net assets
applicable to common shares and preferred shares):(3) |
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.23 | % | 1.18 | %(4) | 1.19 | % | 1.19 | % | 1.16 | % | ||||||||||||
Interest and fee
expense(5)
|
0.35 | % | 0.65 | % | 0.68 | % | 0.37 | % | 0.21 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.58 | % | 1.83 | %(4) | 1.87 | % | 1.56 | % | 1.37 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.21 | % | 1.17 | %(4) | 1.19 | % | 1.19 | % | 1.16 | % | ||||||||||||
Net investment income
|
4.63 | % | 4.10 | % | 4.09 | % | 4.42 | % | 4.71 | % | ||||||||||||
Senior Securities:
|
||||||||||||||||||||||
Total preferred shares outstanding
|
1,349 | 1,780 | 1,780 | 1,780 | 1,780 | |||||||||||||||||
Asset coverage per preferred
share(6)
|
$ | 62,309 | $ | 71,032 | $ | 74,983 | $ | 72,311 | $ | 71,659 | ||||||||||||
Involuntary liquidation preference per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
Approximate market value per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(4) | The investment adviser was allocated a portion of the Trusts operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. | |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(6) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing this by the number of preferred shares outstanding. | |
(7) | Plus accumulated and unpaid dividends. |
Ohio Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Net asset value Beginning of year (Common shares)
|
$ | 14.830 | $ | 15.690 | $ | 14.910 | $ | 15.040 | $ | 15.070 | ||||||||||||
Income (loss) from operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.961 | $ | 0.938 | $ | 0.958 | $ | 1.003 | $ | 1.081 | ||||||||||||
Net realized and unrealized gain (loss)
|
(4.410 | ) | (0.845 | ) | 0.800 | (0.055 | ) | (0.011 | ) | |||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||
From net investment income
|
(0.303 | ) | (0.297 | ) | (0.264 | ) | (0.175 | ) | (0.091 | ) | ||||||||||||
Total income (loss) from operations
|
$ | (3.752 | ) | $ | (0.204 | ) | $ | 1.494 | $ | 0.773 | $ | 0.979 | ||||||||||
Less distributions to common shareholders | ||||||||||||||||||||||
From net investment income
|
$ | (0.628 | ) | $ | (0.656 | ) | $ | (0.714 | ) | $ | (0.903 | ) | $ | (1.009 | ) | |||||||
Total distributions to common shareholders
|
$ | (0.628 | ) | $ | (0.656 | ) | $ | (0.714 | ) | $ | (0.903 | ) | $ | (1.009 | ) | |||||||
Net asset value End of year (Common shares)
|
$ | 10.450 | $ | 14.830 | $ | 15.690 | $ | 14.910 | $ | 15.040 | ||||||||||||
Market value End of year (Common shares)
|
$ | 8.550 | $ | 12.850 | $ | 14.610 | $ | 14.170 | $ | 16.750 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(25.69 | )% | (1.06 | )% | 10.50 | % | 5.10 | % | 6.71 | % | ||||||||||||
Total Investment Return on Market
Value(2)
|
(29.83 | )% | (7.93 | )% | 8.27 | % | (10.31 | )% | 13.96 | % | ||||||||||||
Ohio Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets applicable to common shares, end of year (000s
omitted)
|
$ | 29,563 | $ | 41,953 | $ | 44,385 | $ | 42,193 | $ | 42,444 | ||||||||||||
Ratios (as a percentage of average daily net assets
applicable to common shares):(3) |
||||||||||||||||||||||
Expenses excluding interest and fees
|
2.08 | % | 1.93 | %(4) | 1.92 | % | 1.91 | % | 1.91 | % | ||||||||||||
Interest and fee
expense(5)
|
0.26 | % | 0.72 | % | 0.74 | % | 0.54 | % | 0.29 | % | ||||||||||||
Total expenses before custodian fee reduction
|
2.34 | % | 2.65 | %(4) | 2.66 | % | 2.45 | % | 2.20 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
2.06 | % | 1.91 | %(4) | 1.92 | % | 1.90 | % | 1.90 | % | ||||||||||||
Net investment income
|
7.12 | % | 6.17 | % | 6.31 | % | 6.57 | % | 7.23 | % | ||||||||||||
Portfolio Turnover
|
27 | % | 24 | % | 16 | % | 13 | % | 12 | % | ||||||||||||
The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
|
||||||||||||||||||||||
Ratios (as a percentage of average daily net assets
applicable to common shares and preferred shares):(3) |
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.29 | % | 1.25 | %(4) | 1.25 | % | 1.24 | % | 1.23 | % | ||||||||||||
Interest and fee
expense(5)
|
0.16 | % | 0.46 | % | 0.48 | % | 0.35 | % | 0.19 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.45 | % | 1.71 | %(4) | 1.73 | % | 1.59 | % | 1.42 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.28 | % | 1.23 | %(4) | 1.24 | % | 1.23 | % | 1.22 | % | ||||||||||||
Net investment income
|
4.41 | % | 3.99 | % | 4.08 | % | 4.25 | % | 4.64 | % | ||||||||||||
Senior Securities:
|
||||||||||||||||||||||
Total preferred shares outstanding
|
918 | 940 | 940 | 940 | 940 | |||||||||||||||||
Asset coverage per preferred
share(6)
|
$ | 57,209 | $ | 69,640 | $ | 72,223 | $ | 69,888 | $ | 70,153 | ||||||||||||
Involuntary liquidation preference per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
Approximate market value per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(4) | The investment adviser was allocated a portion of the Trusts operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. | |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(6) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing this by the number of preferred shares outstanding. | |
(7) | Plus accumulated and unpaid dividends. |
Pennsylvania Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Net asset value Beginning of year (Common shares)
|
$ | 14.840 | $ | 15.510 | $ | 14.870 | $ | 14.890 | $ | 15.210 | ||||||||||||
Income (loss) from operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.986 | $ | 0.953 | $ | 0.983 | $ | 1.008 | $ | 1.076 | ||||||||||||
Net realized and unrealized gain (loss)
|
(4.555 | ) | (0.661 | ) | 0.664 | 0.103 | (0.301 | ) | ||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||
From net investment income
|
(0.299 | ) | (0.300 | ) | (0.274 | ) | (0.181 | ) | (0.092 | ) | ||||||||||||
Total income (loss) from operations
|
$ | (3.868 | ) | $ | (0.008 | ) | $ | 1.373 | $ | 0.930 | $ | 0.683 | ||||||||||
Less distributions to common shareholders | ||||||||||||||||||||||
From net investment income
|
$ | (0.652 | ) | $ | (0.662 | ) | $ | (0.733 | ) | $ | (0.950 | ) | $ | (1.003 | ) | |||||||
Total distributions to common shareholders
|
$ | (0.652 | ) | $ | (0.662 | ) | $ | (0.733 | ) | $ | (0.950 | ) | $ | (1.003 | ) | |||||||
Net asset value End of year (Common shares)
|
$ | 10.320 | $ | 14.840 | $ | 15.510 | $ | 14.870 | $ | 14.890 | ||||||||||||
Market value End of year (Common shares)
|
$ | 9.600 | $ | 12.790 | $ | 14.560 | $ | 14.660 | $ | 15.540 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(26.57 | )% | 0.27 | % | 9.68 | % | 6.27 | % | 4.77 | % | ||||||||||||
Total Investment Return on Market
Value(2)
|
(20.75 | )% | (7.95 | )% | 4.44 | % | 0.39 | % | 4.07 | % | ||||||||||||
Pennsylvania Trust | ||||||||||||||||||||||
Year Ended November 30, | ||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets applicable to common shares, end of year (000s
omitted)
|
$ | 27,944 | $ | 40,182 | $ | 41,998 | $ | 40,233 | $ | 40,023 | ||||||||||||
Ratios (as a percentage of average daily net assets
applicable
to common shares):(3) |
||||||||||||||||||||||
Expenses excluding interest and fees
|
2.06 | % | 1.95 | %(4) | 1.94 | % | 1.97 | % | 1.91 | % | ||||||||||||
Interest and fee
expense(5)
|
0.37 | % | 0.70 | % | 0.93 | % | 0.44 | % | 0.24 | % | ||||||||||||
Total expenses before custodian fee reduction
|
2.43 | % | 2.65 | %(4) | 2.87 | % | 2.41 | % | 2.15 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
2.04 | % | 1.94 | %(4) | 1.93 | % | 1.95 | % | 1.91 | % | ||||||||||||
Net investment income
|
7.23 | % | 6.28 | % | 6.53 | % | 6.69 | % | 7.18 | % | ||||||||||||
Portfolio Turnover
|
25 | % | 23 | % | 18 | % | 28 | % | 8 | % | ||||||||||||
The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
|
||||||||||||||||||||||
Ratios (as a percentage of average daily net assets
applicable
to common shares and preferred shares):(3) |
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.28 | % | 1.27 | %(4) | 1.25 | % | 1.27 | % | 1.23 | % | ||||||||||||
Interest and fee
expense(5)
|
0.23 | % | 0.45 | % | 0.60 | % | 0.28 | % | 0.15 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.51 | % | 1.72 | %(4) | 1.85 | % | 1.55 | % | 1.38 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.27 | % | 1.26 | %(4) | 1.24 | % | 1.26 | % | 1.22 | % | ||||||||||||
Net investment income
|
4.50 | % | 4.06 | % | 4.21 | % | 4.30 | % | 4.61 | % | ||||||||||||
Senior Securities:
|
||||||||||||||||||||||
Total preferred shares outstanding
|
889 | 900 | 900 | 900 | 900 | |||||||||||||||||
Asset coverage per preferred
share(6)
|
$ | 56,439 | $ | 69,658 | $ | 71,672 | $ | 69,708 | $ | 69,471 | ||||||||||||
Involuntary liquidation preference per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
Approximate market value per preferred
share(7)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(4) | The investment adviser was allocated a portion of the Trusts operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. | |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). | |
(6) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing this by the number of preferred shares outstanding. | |
(7) | Plus accumulated and unpaid dividends. |
Trust | Amount | Expiration Date | ||||
California
|
$ | 995,999 | November 30, 2012 | |||
6,689,345 | November 30, 2016 | |||||
Massachusetts
|
39,627 | November 30, 2009 | ||||
343,176 | November 30, 2010 | |||||
692,532 | November 30, 2016 | |||||
Michigan
|
165,469 | November 30, 2009 | ||||
475,985 | November 30, 2010 | |||||
443,883 | November 30, 2011 | |||||
697,198 | November 30, 2012 | |||||
224,050 | November 30, 2013 | |||||
517,712 | November 30, 2016 | |||||
National
|
160,909 | November 30, 2009 | ||||
1,495,013 | November 30, 2012 | |||||
114,338 | November 30, 2013 | |||||
1,728,781 | November 30, 2016 | |||||
New Jersey
|
262,308 | November 30, 2009 | ||||
177,350 | November 30, 2011 | |||||
New York
|
70,059 | November 30, 2009 | ||||
2,354,581 | November 30, 2016 |
Trust | Amount | Expiration Date | ||||
Ohio
|
$ | 850,745 | November 30, 2009 | |||
764,355 | November 30, 2012 | |||||
588,403 | November 30, 2013 | |||||
736,482 | November 30, 2016 | |||||
Pennsylvania
|
844,973 | November 30, 2009 | ||||
41,331 | November 30, 2010 | |||||
502,868 | November 30, 2012 | |||||
389,289 | November 30, 2013 | |||||
800,874 | November 30, 2016 |
Interest Rate
or |
Collateral for |
|||||||||||
Floating Rate |
Range of |
Floating Rate |
||||||||||
Trust | Notes Outstanding | Interest Rates (%) | Notes Outstanding | |||||||||
California
|
$ | 15,570,000 | 0.98 6.19 | $ | 18,844,540 | |||||||
Massachusetts
|
3,880,000 | 0.88 2.15 | 4,462,489 | |||||||||
Michigan
|
1,125,000 | 1.07 6.00 | 1,464,315 | |||||||||
National
|
21,295,000 | 1.00 1.90 | 21,524,236 |
Interest Rate
or |
Collateral for |
|||||||||||
Floating Rate |
Range of |
Floating Rate |
||||||||||
Trust | Notes Outstanding | Interest Rates (%) | Notes Outstanding | |||||||||
New Jersey
|
$ | 8,047,000 | 1.04 1.90 | $ | 8,957,566 | |||||||
New York
|
15,150,000 | 0.88 1.90 | 15,925,746 | |||||||||
Ohio
|
830,000 | 0.93 1.07 | 1,141,125 | |||||||||
Pennsylvania
|
4,485,780 | 1.00 4.00 | 7,351,759 |
APS Redeemed |
||||||||||||
During the |
Redemption |
APS Issued and |
||||||||||
Trust | Period | Amount | Outstanding | |||||||||
California
|
361 | $ | 9,025,000 | 1,999 | ||||||||
Massachusetts
|
58 | 1,450,000 | 802 | |||||||||
Michigan
|
| | 700 | |||||||||
National
|
614 | 15,350,000 | 806 | |||||||||
New Jersey
|
154 | 3,850,000 | 1,366 | |||||||||
New York
|
431 | 10,775,000 | 1,349 | |||||||||
Ohio
|
22 | 550,000 | 918 | |||||||||
Pennsylvania
|
11 | 275,000 | 889 |
APS Dividend |
Dividends |
|||||||||||||||
Rates at |
Paid to APS |
Average APS |
Dividend Rate |
|||||||||||||
Trust | November 30, 2008 | Shareholders | Dividend Rates | Ranges (%) | ||||||||||||
California
|
1.57 | % | $ | 1,988,268 | 3.98 | % | 1.57 10.21 | |||||||||
Massachusetts
|
1.61 | 754,703 | 3.76 | 1.61 11.35 | ||||||||||||
Michigan
|
1.60 | 636,924 | 3.64 | 1.58 12.26 | ||||||||||||
National
|
1.60 | 1,062,311 | 3.56 | 1.58 12.26 | ||||||||||||
New Jersey
|
1.57 | 1,337,294 | 3.59 | 1.57 10.21 | ||||||||||||
New York
|
1.60 | 1,443,622 | 4.28 | 1.57 11.73 | ||||||||||||
Ohio
|
1.56 | 858,575 | 3.66 | 1.56 12.57 | ||||||||||||
Pennsylvania
|
1.61 | 809,974 | 3.60 | 1.61 11.35 |
Year Ended November 30, 2008 | ||||||||||||||||
California |
Massachusetts |
Michigan |
National |
|||||||||||||
Trust | Trust | Trust | Trust | |||||||||||||
Distributions declared from:
|
||||||||||||||||
Tax-exempt income
|
$ | 6,819,447 | $ | 2,516,208 | $ | 1,929,979 | $ | 3,855,168 | ||||||||
Ordinary income
|
$ | 67 | $ | | $ | | $ | 3 |
Year Ended November 30, 2008 | ||||||||||||||||
New Jersey |
New York |
Ohio |
Pennsylvania |
|||||||||||||
Trust | Trust | Trust | Trust | |||||||||||||
Distributions declared from:
|
||||||||||||||||
Tax-exempt income
|
$ | 4,248,329 | $ | 5,317,570 | $ | 2,634,481 | $ | 2,574,969 | ||||||||
Ordinary income
|
$ | 688 | $ | 184 | $ | | $ | 2 |
Year Ended November 30, 2007 | ||||||||||||||||
California |
Massachusetts |
Michigan |
National |
|||||||||||||
Trust | Trust | Trust | Trust | |||||||||||||
Distributions declared from:
|
||||||||||||||||
Tax-exempt income
|
$ | 6,839,097 | $ | 2,460,878 | $ | 1,979,161 | $ | 4,063,314 | ||||||||
Ordinary income
|
$ | | $ | 8,295 | $ | 13,508 | $ | |
Year Ended November 30, 2007 | ||||||||||||||||
New Jersey |
New York |
Ohio |
Pennsylvania |
|||||||||||||
Trust | Trust | Trust | Trust | |||||||||||||
Distributions declared from:
|
||||||||||||||||
Tax-exempt income
|
$ | 4,256,604 | $ | 5,417,963 | $ | 2,683,661 | $ | 2,606,900 | ||||||||
Ordinary income
|
$ | | $ | 409 | $ | 11,930 | $ | |
California |
Massachusetts |
Michigan |
National |
|||||||||||||
Trust | Trust | Trust | Trust | |||||||||||||
Increase (decrease):
|
||||||||||||||||
Paid-in capital
|
$ | (2,239,451 | ) | $ | (594,169 | ) | $ | (337,655 | ) | $ | (936,796 | ) | ||||
Accumulated net realized loss
|
$ | 2,309,659 | $ | 599,312 | $ | 344,517 | $ | 949,017 | ||||||||
Accumulated undistributed net investment income
|
$ | (70,208 | ) | $ | (5,143 | ) | $ | (6,862 | ) | $ | (12,221 | ) |
New Jersey |
New York |
Ohio |
Pennsylvania |
|||||||||||||
Trust | Trust | Trust | Trust | |||||||||||||
Increase (decrease):
|
||||||||||||||||
Paid-in capital
|
$ | (1,898,620 | ) | $ | (1,621,946 | ) | $ | (625,516 | ) | $ | (807,118 | ) | ||||
Accumulated net realized loss
|
$ | 1,929,494 | $ | 1,635,732 | $ | 639,173 | $ | 829,341 | ||||||||
Accumulated undistributed net investment income
|
$ | (30,874 | ) | $ | (13,786 | ) | $ | (13,657 | ) | $ | (22,223 | ) |
California |
Massachusetts |
Michigan |
National |
|||||||||||||
Trust | Trust | Trust | Trust | |||||||||||||
Undistributed income
|
$ | 353,244 | $ | 311,910 | $ | 154,483 | $ | 233,595 | ||||||||
Capital loss carryforward
|
$ | (7,685,344 | ) | $ | (1,075,335 | ) | $ | (2,524,297 | ) | $ | (3,499,041 | ) | ||||
Net unrealized depreciation
|
$ | (25,921,554 | ) | $ | (11,298,265 | ) | $ | (5,785,179 | ) | $ | (21,620,073 | ) | ||||
Other temporary differences
|
$ | (3,954 | ) | $ | (5,300 | ) | $ | (2,294 | ) | $ | (2,642 | ) |
New Jersey |
New York |
Ohio |
Pennsylvania |
|||||||||||||
Trust | Trust | Trust | Trust | |||||||||||||
Undistributed income
|
$ | 567,407 | $ | 369,613 | $ | 267,329 | $ | 234,277 | ||||||||
Capital loss carryforward
|
$ | (439,658 | ) | $ | (2,424,640 | ) | $ | (2,939,985 | ) | $ | (2,579,335 | ) | ||||
Net unrealized depreciation
|
$ | (23,436,202 | ) | $ | (25,879,074 | ) | $ | (9,196,589 | ) | $ | (8,728,288 | ) | ||||
Other temporary differences
|
$ | (2,936 | ) | $ | (4,429 | ) | $ | (4,918 | ) | $ | (5,422 | ) |
Investment |
Administration |
|||||||
Trust | Adviser Fee | Fee | ||||||
California
|
$ | 1,101,164 | $ | 314,617 | ||||
Massachusetts
|
405,164 | 116,289 | ||||||
Michigan
|
321,079 | 91,736 | ||||||
National
|
640,801 | 183,086 | ||||||
New Jersey
|
701,238 | 200,354 | ||||||
New York
|
828,520 | 236,721 | ||||||
Ohio
|
432,784 | 123,652 | ||||||
Pennsylvania
|
416,805 | 119,087 |
Trust | Purchases | Sales | ||||||
California
|
$ | 49,883,117 | $ | 62,205,873 | ||||
Massachusetts
|
23,373,987 | 24,740,083 | ||||||
Michigan
|
10,887,500 | 11,408,314 | ||||||
National
|
104,784,642 | 111,337,868 | ||||||
New Jersey
|
57,660,002 | 67,425,135 | ||||||
New York
|
61,321,560 | 80,577,139 | ||||||
Ohio
|
16,990,152 | 23,384,997 | ||||||
Pennsylvania
|
15,559,230 | 19,497,225 |
Year Ended November 30, | ||||||||||||
Trust | 2008 | 2007 | ||||||||||
California
|
4,021 | | ||||||||||
Massachusetts
|
1,394 | | ||||||||||
Michigan
|
| | ||||||||||
National
|
| | ||||||||||
New Jersey
|
2,698 | | ||||||||||
New York
|
5,073 | | ||||||||||
Ohio
|
| | ||||||||||
Pennsylvania
|
| |
California Trust
|
||||||||
Aggregate cost
|
$ | 138,873,647 | ||||||
Gross unrealized appreciation
|
$ | 1,648,954 | ||||||
Gross unrealized depreciation
|
(23,902,531 | ) | ||||||
Net unrealized depreciation
|
$ | (22,253,577 | ) | |||||
Massachusetts Trust
|
||||||||
Aggregate cost
|
$ | 57,361,856 | ||||||
Gross unrealized appreciation
|
$ | 468,276 | ||||||
Gross unrealized depreciation
|
(10,425,791 | ) | ||||||
Net unrealized depreciation
|
$ | (9,957,515 | ) | |||||
Michigan Trust
|
||||||||
Aggregate cost
|
$ | 45,911,982 | ||||||
Gross unrealized appreciation
|
$ | 1,160,057 | ||||||
Gross unrealized depreciation
|
(6,731,001 | ) | ||||||
Net unrealized depreciation
|
$ | (5,570,944 | ) | |||||
National Trust
|
||||||||
Aggregate cost
|
$ | 80,060,788 | ||||||
Gross unrealized appreciation
|
$ | 2,275,429 | ||||||
Gross unrealized depreciation
|
(21,759,165 | ) | ||||||
Net unrealized depreciation
|
$ | (19,483,736 | ) | |||||
New Jersey Trust
|
||||||||
Aggregate cost
|
$ | 99,950,249 | ||||||
Gross unrealized appreciation
|
$ | 129,185 | ||||||
Gross unrealized depreciation
|
(21,214,219 | ) | ||||||
Net unrealized depreciation
|
$ | (21,085,034 | ) | |||||
New York Trust
|
||||||||
Aggregate cost
|
$ | 107,860,131 | ||||||
Gross unrealized appreciation
|
$ | 608,073 | ||||||
Gross unrealized depreciation
|
(23,710,244 | ) | ||||||
Net unrealized depreciation
|
$ | (23,102,171 | ) | |||||
Ohio Trust
|
||||||||
Aggregate cost
|
$ | 61,221,411 | ||||||
Gross unrealized appreciation
|
$ | 482,329 | ||||||
Gross unrealized depreciation
|
(8,704,814 | ) | ||||||
Net unrealized depreciation
|
$ | (8,222,485 | ) | |||||
Pennsylvania Trust
|
||||||||
Aggregate cost
|
$ | 58,269,682 | ||||||
Gross unrealized appreciation
|
$ | 784,049 | ||||||
Gross unrealized depreciation
|
(8,928,187 | ) | ||||||
Net unrealized depreciation
|
$ | (8,144,138 | ) | |||||
Futures Contracts | ||||||||||||||||||||||
Expiration |
Aggregate |
Net Unrealized |
||||||||||||||||||||
Trust | Date | Contracts | Position | Cost | Value | Depreciation | ||||||||||||||||
California
|
3/09 | 121 | ||||||||||||||||||||
U.S. Treasury Bond | Short | $ | (15,076,360 | ) | $ | (15,425,609 | ) | $ | (349,249 | ) | ||||||||||||
Michigan
|
3/09 | 9 | ||||||||||||||||||||
U.S. Treasury Bond | Short | $ | (1,104,577 | ) | $ | (1,147,359 | ) | $ | (42,782 | ) | ||||||||||||
National
|
3/09 | 60 | ||||||||||||||||||||
U.S. Treasury Bond | Short | $ | (7,475,881 | ) | $ | (7,649,062 | ) | $ | (173,181 | ) | ||||||||||||
New York
|
3/09 | 127 | ||||||||||||||||||||
U.S. Treasury Bond | Short | $ | (15,823,949 | ) | $ | (16,190,516 | ) | $ | (366,567 | ) | ||||||||||||
Ohio
|
3/09 | 26 | ||||||||||||||||||||
U.S. Treasury Bond | Short | $ | (3,239,549 | ) | $ | (3,314,594 | ) | $ | (75,045 | ) | ||||||||||||
Pennsylvania
|
3/09 | 95 | ||||||||||||||||||||
U.S. Treasury Bond | Short | $ | (11,836,812 | ) | $ | (12,111,016 | ) | $ | (274,204 | ) | ||||||||||||
Interest Rate Swaps | ||||||||||||||
California Trust | ||||||||||||||
Annual |
Floating |
Effective
Date/ |
||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | Depreciation | |||||||||
JPMorgan Chase Co. |
$2,125,000 | 4.743% |
3-month USD-LIBOR-BBA |
September 14, 2009/ September 14, 2039 |
$ | (680,646 | ) | |||||||
Merrill Lynch Capital Services, Inc. |
6,825,000 | 4.682 |
3-month USD-LIBOR-BBA |
April 1, 2009/ April 1, 2039 |
(2,174,821 | ) | ||||||||
Morgan Stanley Capital Services, Inc. |
2,575,000 | 4.691 |
3-month USD-LIBOR-BBA |
June 11, 2009/ June 11, 2039 |
(812,510 | ) | ||||||||
$ | (3,667,977 | ) | ||||||||||||
Massachusetts Trust | ||||||||||||||
Annual |
Floating |
Effective
Date/ |
||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | Depreciation | |||||||||
JPMorgan Chase Co. |
$787,500 | 4.743% |
3-month USD-LIBOR-BBA |
September 14, 2009/ September 14, 2039 |
$ | (252,239 | ) | |||||||
Merrill Lynch Capital Services, Inc. |
2,500,000 | 4.682 |
3-month USD-LIBOR-BBA |
April 1, 2009/ April 1, 2039 |
(796,638 | ) | ||||||||
Morgan Stanley Capital Services, Inc. |
925,000 | 4.691 |
3-month USD-LIBOR-BBA |
June 11, 2009/ June 11, 2039 |
(291,873 | ) | ||||||||
$ | (1,340,750 | ) | ||||||||||||
Michigan Trust | ||||||||||||||
Annual |
Floating |
Effective
Date/ |
||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | Depreciation | |||||||||
Merrill Lynch Capital Services, Inc. |
$400,000 | 4.682% |
3-month USD-LIBOR-BBA |
April 1, 2009/ April 1, 2039 |
$ | (127,462 | ) | |||||||
Morgan Stanley Capital Services, Inc. |
275,000 | 4.691 |
3-month USD-LIBOR-BBA |
June 11, 2009/ June 11, 2039 |
(86,773 | ) | ||||||||
$ | (214,235 | ) | ||||||||||||
National Trust | ||||||||||||||
Annual |
Floating |
Effective
Date/ |
||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | Depreciation | |||||||||
JPMorgan Chase Co. |
$1,237,500 | 4.743% |
3-month USD-LIBOR-BBA |
September 14, 2009/ September 14, 2039 |
$ | (396,376 | ) | |||||||
Merrill Lynch Capital Services, Inc. |
3,975,000 | 4.682 |
3-month USD-LIBOR-BBA |
April 1, 2009/ April 1, 2039 |
(1,266,654 | ) | ||||||||
Morgan Stanley Capital Services, Inc. |
1,500,000 | 4.691 |
3-month USD-LIBOR-BBA |
June 11, 2009/ June 11, 2039 |
(473,307 | ) | ||||||||
$ | (2,136,337 | ) | ||||||||||||
New Jersey Trust | ||||||||||||||
Annual |
Floating |
Effective
Date/ |
||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | Depreciation | |||||||||
JPMorgan Chase Co. |
$1,362,500 | 4.743% |
3-month USD-LIBOR-BBA |
September 14, 2009/ September 14, 2039 |
$ | (436,414 | ) | |||||||
Merrill Lynch Capital Services, Inc. |
4,375,000 | 4.682 |
3-month USD-LIBOR-BBA |
April 1, 2009/ April 1, 2039 |
(1,394,116 | ) | ||||||||
Morgan Stanley Capital Services, Inc. |
1,650,000 | 4.691 |
3-month USD-LIBOR-BBA |
June 11, 2009/ June 11, 2039 |
(520,638 | ) | ||||||||
$ | (2,351,168 | ) | ||||||||||||
New York Trust | ||||||||||||||
Annual |
Floating |
Effective
Date/ |
||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | Depreciation | |||||||||
JPMorgan Chase Co. |
$1,600,000 | 4.743% |
3-month USD-LIBOR-BBA |
September 14, 2009/ September 14, 2039 |
$ | (512,487 | ) | |||||||
Merrill Lynch Capital Services, Inc. |
5,200,000 | 4.682 |
3-month USD-LIBOR-BBA |
April 1, 2009/ April 1, 2039 |
(1,657,006 | ) | ||||||||
Morgan Stanley Capital Services, Inc. |
1,925,000 | 4.691 |
3-month USD-LIBOR-BBA |
June 11, 2009/ June 11, 2039 |
(607,410 | ) | ||||||||
$ | (2,776,903 | ) | ||||||||||||
Ohio Trust | ||||||||||||||
Annual |
Floating |
Effective
Date/ |
||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | Depreciation | |||||||||
JPMorgan Chase Co. |
$812,500 | 4.743% |
3-month USD-LIBOR-BBA |
September 14, 2009/ September 14, 2039 |
$ | (260,247 | ) | |||||||
Merrill Lynch Capital Services, Inc. |
1,250,000 | 4.682 |
3-month USD-LIBOR-BBA |
April 1, 2009/ April 1, 2039 |
(398,319 | ) | ||||||||
Morgan Stanley Capital Services, Inc. |
1,000,000 | 4.691 |
3-month USD-LIBOR-BBA |
June 11, 2009/ June 11, 2039 |
(315,538 | ) | ||||||||
$ | (974,104 | ) | ||||||||||||
Pennsylvania Trust | ||||||||||||||
Annual |
Floating |
Effective
Date/ |
||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | Depreciation | |||||||||
JPMorgan Chase Co. |
$912,500 | 4.743% |
3-month USD-LIBOR-BBA |
September 14, 2009/ September 14, 2039 |
$ | (292,277 | ) | |||||||
Morgan Stanley Capital Services, Inc. |
925,000 | 4.691 |
3-month USD-LIBOR-BBA |
June 11, 2009/ June 11, 2039 |
(291,873 | ) | ||||||||
$ | (584,150 | ) | ||||||||||||
| Level 1 quoted prices in active markets for identical investments | |
| Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) | |
| Level 3 significant unobservable inputs (including a funds own assumptions in determining the fair value of investments) |
California Trust | ||||||||||||
Investments in |
Other
Financial |
|||||||||||
Valuation Inputs | Securities | Instruments* | ||||||||||
Level 1
|
Quoted Prices | $ | | $ | (349,249 | ) | ||||||
Level 2
|
Other Significant Observable Inputs | 132,190,070 | (3,667,977 | ) | ||||||||
Level 3
|
Significant Unobservable Inputs | | | |||||||||
Total
|
$ | 132,190,070 | $ | (4,017,226 | ) | |||||||
Massachusetts Trust | ||||||||||||
Investments in |
Other
Financial |
|||||||||||
Valuation Inputs | Securities | Instruments* | ||||||||||
Level 1
|
Quoted Prices | $ | | $ | | |||||||
Level 2
|
Other Significant Observable Inputs | 51,284,341 | (1,340,750 | ) | ||||||||
Level 3
|
Significant Unobservable Inputs | | | |||||||||
Total
|
$ | 51,284,341 | $ | (1,340,750 | ) | |||||||
Michigan Trust | ||||||||||||
Investments in |
Other
Financial |
|||||||||||
Valuation Inputs | Securities | Instruments* | ||||||||||
Level 1
|
Quoted Prices | $ | | $ | (42,782 | ) | ||||||
Level 2
|
Other Significant Observable Inputs | 41,466,038 | (214,235 | ) | ||||||||
Level 3
|
Significant Unobservable Inputs | | | |||||||||
Total
|
$ | 41,466,038 | $ | (257,017 | ) | |||||||
National Trust | ||||||||||||
Investments in |
Other
Financial |
|||||||||||
Valuation Inputs | Securities | Instruments* | ||||||||||
Level 1
|
Quoted Prices | $ | | $ | (173,181 | ) | ||||||
Level 2
|
Other Significant Observable Inputs | 81,872,052 | (2,136,337 | ) | ||||||||
Level 3
|
Significant Unobservable Inputs | | | |||||||||
Total
|
$ | 81,872,052 | $ | (2,309,518 | ) | |||||||
New Jersey Trust | ||||||||||||
Investments in |
Other
Financial |
|||||||||||
Valuation Inputs | Securities | Instruments* | ||||||||||
Level 1
|
Quoted Prices | $ | | $ | | |||||||
Level 2
|
Other Significant Observable Inputs | 86,912,215 | (2,351,168 | ) | ||||||||
Level 3
|
Significant Unobservable Inputs | | | |||||||||
Total
|
$ | 86,912,215 | $ | (2,351,168 | ) | |||||||
New York Trust | ||||||||||||
Investments in |
Other
Financial |
|||||||||||
Valuation Inputs | Securities | Instruments* | ||||||||||
Level 1
|
Quoted Prices | $ | | $ | (366,567 | ) | ||||||
Level 2
|
Other Significant Observable Inputs | 99,907,960 | (2,776,903 | ) | ||||||||
Level 3
|
Significant Unobservable Inputs | | | |||||||||
Total
|
$ | 99,907,960 | $ | (3,143,470 | ) | |||||||
Ohio Trust | ||||||||||||
Investments in |
Other
Financial |
|||||||||||
Valuation Inputs | Securities | Instruments* | ||||||||||
Level 1
|
Quoted Prices | $ | | $ | (75,045 | ) | ||||||
Level 2
|
Other Significant Observable Inputs | 53,828,926 | (974,104 | ) | ||||||||
Level 3
|
Significant Unobservable Inputs | | | |||||||||
Total
|
$ | 53,828,926 | $ | (1,049,149 | ) | |||||||
Pennsylvania Trust | ||||||||||||
Investments in |
Other
Financial |
|||||||||||
Valuation Inputs | Securities | Instruments* | ||||||||||
Level 1
|
Quoted Prices | $ | | $ | (274,204 | ) | ||||||
Level 2
|
Other Significant Observable Inputs | 54,611,324 | (584,150 | ) | ||||||||
Level 3
|
Significant Unobservable Inputs | | | |||||||||
Total
|
$ | 54,611,324 | $ | (858,354 | ) | |||||||
* | Other financial instruments include futures and interest rate swap contracts not reflected in the Portfolio of Investments, which are valued at the unrealized appreciation (depreciation) on the instrument. |
Eaton Vance California Municipal Income Trust
|
100.00 | % | ||
Eaton Vance Massachusetts Municipal Income Trust
|
100.00 | % | ||
Eaton Vance Michigan Municipal Income Trust
|
100.00 | % | ||
Eaton Vance National Municipal Income Trust
|
100.00 | % | ||
Eaton Vance New Jersey Municipal Income Trust
|
99.98 | % | ||
Eaton Vance New York Municipal Income Trust
|
100.00 | % | ||
Eaton Vance Ohio Municipal Income Trust
|
100.00 | % | ||
Eaton Vance Pennsylvania Municipal Income Trust
|
100.00 | % |
California Municipal Income Trust
|
CEV | |
Massachusetts Municipal Income Trust
|
MMV | |
Michigan Municipal Income Trust
|
EMI | |
National Municipal Income Trust
|
FEV | |
New Jersey Municipal Income Trust
|
EVJ | |
New York Municipal Income Trust
|
EVY | |
Ohio Municipal Income Trust
|
EVO | |
Pennsylvania Municipal Income Trust
|
EVP |
| An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds; | |
| An independent report comparing each funds total expense ratio and its components to comparable funds; | |
| An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods; | |
| Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices; | |
| Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund; | |
| Profitability analyses for each adviser with respect to each fund; |
| Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel; | |
| Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through soft dollar benefits received in connection with the funds brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds; | |
| Data relating to portfolio turnover rates of each fund; | |
| The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes; |
| Reports detailing the financial results and condition of each adviser; | |
| Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; | |
| Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes; | |
| Copies of or descriptions of each advisers proxy voting policies and procedures; | |
| Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions; | |
| Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates; |
| Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates; | |
| Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds administrator; and | |
| The terms of each advisory agreement. |
| Eaton Vance California Municipal Income Trust | |
| Eaton Vance Massachusetts Municipal Income Trust | |
| Eaton Vance Michigan Municipal Income Trust | |
| Eaton Vance National Municipal Income Trust (formerly, Eaton Vance Florida Plus Municipal Income Trust) | |
| Eaton Vance New Jersey Municipal Income Trust | |
| Eaton Vance New York Municipal Income Trust | |
| Eaton Vance Ohio Municipal Income Trust | |
| Eaton Vance Pennsylvania Municipal Income Trust |
Term of |
Number of
Portfolios |
|||||||||||
Position(s) |
Office and |
in Fund
Complex |
||||||||||
Name and |
with the |
Length of |
Principal
Occupation(s) |
Overseen By |
||||||||
Date of Birth | Trusts | Service | During Past Five Years | Trustee(1) | Other Directorships Held | |||||||
Interested Trustee | ||||||||||||
Thomas E. Faust Jr. 5/31/58 |
Class II Trustee |
Until 2010. 3 years. Trustee since 2007. |
Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or Officer of 173 registered investment companies and 4 private companies managed by EVM or BMR. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trusts. | 173 | Director of EVC | |||||||
Noninterested Trustees | ||||||||||||
Benjamin C. Esty(A) 1/2/63 |
Class I Trustee |
Until 2009. 3 years. Trustee since 2006. |
Roy and Elizabeth Simmons Professor of Business Administration, Harvard University Graduate School of Business Administration. | 173 | None | |||||||
Allen R. Freedman 4/3/40 |
Class II Trustee |
Until 2010. 3 years. Trustee since 2007. |
Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of software to higher education). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007). Formerly, Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007). | 173 | Director of Assurant, Inc. (insurance provider) and Stonemor Partners L.P. (owner and operator of cemeteries) | |||||||
William H. Park 9/19/47 |
Class III Trustee |
Until 2011. 3 years. Trustee since 2003. |
Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (since 2006). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). | 173 | None | |||||||
Ronald A. Pearlman 7/10/40 |
Class I Trustee |
Until 2009. 3 years. Trustee since 2003. |
Professor of Law, Georgetown University Law Center. | 173 | None | |||||||
Helen Frame Peters 3/22/48 |
Class III Trustee |
Until 2011. 3 years. Trustee since 2008. |
Professor of Finance, Carroll School of Management, Boston College (since 2003). Adjunct Professor of Finance, Peking University, Beijing, China (since 2005). Formerly, Dean, Carroll School of Management, Boston College (2000-2003). | 173 | Director of Federal Home Loan Bank of Boston (a bank for banks) and BJs Wholesale Clubs (wholesale club retailer); Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) | |||||||
Heidi L. Steiger 7/8/53 |
Class III Trustee |
Until 2011. 3 years. Trustee since 2007. |
Managing Partner, Topridge Associates LLC (global wealth management firm) (since 2008); Senior Advisor (since 2008), President (2005-2008), Lowenhaupt Global Advisors, LLC (global wealth management firm). Formerly, President and Contributing Editor, Worth Magazine (2004-2005). Formerly, Executive Vice President and Global Head of Private Asset Management (and various other positions), Neuberger Berman (investment firm) (1986-2004). | 173 | Director of Nuclear Electric Insurance Ltd. (nuclear insurance provider) and Aviva USA (insurance provider) |
Term of |
Number of
Portfolios |
|||||||||||
Position(s) |
Office and |
in Fund
Complex |
||||||||||
Name and |
with the |
Length of |
Principal
Occupation(s) |
Overseen By |
||||||||
Date of Birth | Trusts | Service | During Past Five Years | Trustee(1) | Other Directorships Held | |||||||
Noninterested Trustees (continued) | ||||||||||||
Lynn A. Stout 9/14/57 |
Class I Trustee |
Until 2009. 3 years. Trustee since 1998. |
Paul Hastings Professor of Corporate and Securities Law (since 2006) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. | 173 | None | |||||||
Ralph F.
Verni(A) 1/26/43 |
Chairman of the Board and Class II Trustee |
Until 2010. 3 years. Trustee since 2006; Chairman of the Board since 2007. |
Consultant and private investor. | 173 | None |
Term of |
||||||
Position(s) |
Office and |
|||||
Name and |
with the |
Length of |
Principal
Occupation(s) |
|||
Date of Birth | Trusts | Service | During Past Five Years | |||
Cynthia J. Clemson 3/2/63 |
President of CEV, EMI, FEV, EVY, EVO and EVP; Vice President of MMV and EVJ | President since 2005 and Vice President since 2004 | Vice President of EVM and BMR. Officer of 90 registered investment companies managed by EVM or BMR. | |||
Robert B. MacIntosh 1/22/57 |
President of MMV and EVJ; Vice President of CEV, EMI, FEV, EVY, EVO and EVP | President since 2005 and Vice President since 1998 | Vice President of EVM and BMR. Officer of 90 registered investment companies managed by EVM or BMR. | |||
William H. Ahern, Jr. 7/28/59 |
Vice President of EMI and EVO | Vice President of EMI since 2000 and of EVO since 2005 | Vice President of EVM and BMR. Officer of 75 registered investment companies managed by EVM or BMR. | |||
Craig R. Brandon 12/21/66 |
Vice President of EVY | Since 2005 | Vice President of EVM and BMR. Officer of 44 registered investment companies managed by EVM or BMR. | |||
Thomas M. Metzold 8/3/58 |
Vice President of FEV | Vice President of FEV since 2008 and of EVP since 2005 | Vice President of EVM and BMR. Officer of 44 registered investment companies managed by EVM or BMR. | |||
Adam A. Weigold 3/22/75 |
Vice President of EVP | Since 2007 | Vice President of EVM and BMR. Officer of 71 registered investment companies managed by EVM or BMR. | |||
Barbara E. Campbell 6/19/57 |
Treasurer | Since 2005 | Vice President of EVM and BMR. Officer of 173 registered investment companies managed by EVM or BMR. | |||
Maureen A. Gemma 5/24/60 |
Secretary and Chief legal Officer | Secretary since 2007 and Chief Legal Officer since 2008 | Vice President of EVM and BMR. Officer of 173 registered investment companies managed by EVM or BMR. | |||
Paul M. ONeil 7/11/53 |
Chief Compliance Officer | Since 2004 | Vice President of EVM and BMR. Officer of 173 registered investment companies managed by EVM or BMR. |
(1) | Includes both master and feeder funds in a master-feeder structure. | |
(A) | APS Trustee. |
147-1/09 | CE-MUNISRC |
Fiscal Years Ended | 11/30/2007 | 11/30/2008 | ||||||
Audit Fees |
$ | 24,090 | $ | 23,695 | ||||
Audit-Related Fees(1) |
$ | 3,785 | $ | 3,915 | ||||
Tax Fees(2) |
$ | 6,883 | $ | 7,130 | ||||
All Other Fees(3) |
$ | 0 | $ | 37 | ||||
Total |
$ | 34,758 | $ | 34,777 | ||||
(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees and specifically include fees for the performance of certain agreed-upon procedures relating to the registrants auction preferred shares. | |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. | |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e)(1)
|
The registrants audit committee has adopted policies and procedures relating to the
pre-approval of services provided by the registrants principal accountant (the Pre-Approval
Policies). The Pre-Approval Policies establish a framework intended to assist the audit committee
in the proper discharge of its pre-approval responsibilities. As a general matter, the
Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit committee; and (ii) delineate specific procedures
governing the mechanics of the pre-approval process, including the approval and monitoring of audit
and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval
Policies, it must be separately pre-approved by the audit committee. The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrants audit committee at least annually. The registrants audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrants principal accountant. |
(e)(2)
|
No services described in paragraphs (b)-(d) above were approved by the registrants audit committee pursuant to the de minimis exception set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X. |
(f) Not applicable. |
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related,
tax, and other services) billed to the registrant by the registrants principal accountant for the
registrants fiscal years ended November 30, 2007 and November 30, 2008; and (ii) the aggregate
non-audit fees (i.e., fees for audit related, tax, and other services) billed to the Eaton Vance
organization by the registrants principal accountant for the same time periods, respectively. |
Fiscal Years Ended | 11/30/2007 | 11/30/2008 | ||||||
Registrant |
$ | 10,668 | $ | 11,045 | ||||
Eaton Vance(1) |
$ | 286,446 | $ | 345,473 |
(1) | Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the registrants investment adviser and administrator. | |
(h)
|
The registrants audit committee has considered whether the provision by the registrants principal accountant of non-audit services to the registrants investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountants independence. |
Number of | ||||||||||||||||
Number | Accounts | Total Assets of | ||||||||||||||
of All | Total Assets of | Paying a | Accounts Paying a | |||||||||||||
Accounts | All Accounts* | Performance Fee | Performance Fee* | |||||||||||||
California Municipal
Income Trust |
||||||||||||||||
Cynthia J. Clemson |
||||||||||||||||
Registered Investment
Companies |
8 | $ | 2,262.6 | 0 | $ | 0 | ||||||||||
Other Pooled Investment
Vehicles |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Massachusetts Municipal
Income Trust |
||||||||||||||||
New Jersey Municipal
Income Trust |
||||||||||||||||
Robert B. MacIntosh |
||||||||||||||||
Registered Investment
Companies |
10 | $ | 1,953.0 | 0 | $ | 0 | ||||||||||
Other Pooled Investment
Vehicles |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts |
328 | $ | 277.5 | 0 | $ | 0 | ||||||||||
Michigan
Municipal Income
Trust |
||||||||||||||||
Ohio Municipal Income
Trust |
||||||||||||||||
William H. Ahern |
||||||||||||||||
Registered Investment
Companies |
14 | $ | 1,619.8 | 0 | $ | 0 | ||||||||||
Other Pooled Investment
Vehicles |
0 | $ | 0 | 0 | $ | 0 |
Number of | ||||||||||||||||
Number | Accounts | Total Assets of | ||||||||||||||
of All | Total Assets of | Paying a | Accounts Paying a | |||||||||||||
Accounts | All Accounts* | Performance Fee | Performance Fee* | |||||||||||||
Other Accounts |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
New York Municipal Income
Trust |
||||||||||||||||
Craig R. Brandon |
||||||||||||||||
Registered Investment
Companies |
12 | $ | 1178.4 | 0 | $ | 0 | ||||||||||
Other Pooled Investment
Vehicles |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Florida Plus Municipal
Income Trust |
||||||||||||||||
Thomas M. Metzold |
||||||||||||||||
Registered Investment
Companies |
7 | $ | 5,911.4 | 0 | $ | 0 | ||||||||||
Other Pooled Investment
Vehicles |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Pennsylvania Municipal
Income Trust |
||||||||||||||||
Adam A. Weigold |
||||||||||||||||
Registered Investment
Companies |
12 | $ | 856.2 | 0 | $ | 0 | ||||||||||
Other Pooled Investment
Vehicles |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts |
0 | $ | 0 | 0 | $ | 0 |
* | In millions of dollars. |
Dollar Range of | ||||
Equity Securities | ||||
Owned in the | ||||
Fund | ||||
California Municipal Income Trust |
None | |||
Cynthia J. Clemson |
||||
Massachusetts Municipal Income Trust |
$ | 10,001 - $50,000 | ||
New Jersey Municipal Income Trust |
None | |||
Robert B. MacIntosh |
||||
Michigan Municipal Income Trust |
None | |||
Ohio Municipal Income Trust |
None | |||
William H. Ahern, Jr. |
||||
New York Municipal Income Trust |
None | |||
Craig R. Brandon |
||||
Florida Plus Municipal Income Trust |
None | |||
Thomas M. Metzold |
||||
Pennsylvania Municipal Income Trust |
None | |||
Adam A. Weigold |
Eaton Vance Ohio Municipal Income Trust |
||||
By: | /s/ Cynthia J. Clemson | |||
Cynthia J. Clemson | ||||
President |
By: | /s/ Barbara E. Campbell | |||
Barbara E. Campbell | ||||
Treasurer |
By: | /s/ Cynthia J. Clemson | |||
Cynthia J. Clemson | ||||
President |