Principal |
||||||||
Amount |
||||||||
(000s omitted) | Security | Value | ||||||
Cogeneration 1.5%
|
||||||||
$ | 1,150 |
Suffolk County Industrial Development Agency, (Nissequogue
Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23
|
$ | 1,016,370 | ||||
$ | 1,016,370 | |||||||
Education 26.8%
|
||||||||
$ | 315 |
Geneva Industrial Development Agency, (Hobart &
William Smith Project), 5.375%, 2/1/33
|
$ | 310,795 | ||||
1,490 |
New York City Cultural Resource Trust, (The Juilliard School),
5.00%, 1/1/34
|
1,501,920 | ||||||
325 |
New York City Cultural Resource Trust, (The Juilliard School),
5.00%, 1/1/39
|
325,501 | ||||||
510 |
New York Dormitory Authority, (Brooklyn Law School),
5.75%, 7/1/33
|
528,401 | ||||||
1,000 |
New York Dormitory Authority, (Columbia University),
5.00%, 7/1/38(1)
|
1,016,210 | ||||||
725 |
New York Dormitory Authority, (Columbia University),
5.00%, 10/1/41
|
743,168 | ||||||
510 |
New York Dormitory Authority, (Cornell University),
5.00%, 7/1/34
|
517,436 | ||||||
2,000 |
New York Dormitory Authority, (Cornell University),
5.00%, 7/1/39
|
2,007,320 | ||||||
1,240 |
New York Dormitory Authority, (New York University),
5.25%, 7/1/48
|
1,227,873 | ||||||
2,250 |
New York Dormitory Authority, (Rochester Institute of
Technology), 6.00%, 7/1/33
|
2,382,412 | ||||||
2,500 |
New York Dormitory Authority, (Rockefeller University),
5.00%, 7/1/40
|
2,512,525 | ||||||
325 |
New York Dormitory Authority, (Skidmore College),
5.00%, 7/1/27
|
329,303 | ||||||
400 |
New York Dormitory Authority, (Skidmore College),
5.25%, 7/1/29
|
409,756 | ||||||
1,495 |
New York Dormitory Authority, (St. Francis College),
5.00%, 10/1/40
|
1,382,202 | ||||||
2,000 |
New York Dormitory Authority, (The New School),
5.50%, 7/1/40
|
1,958,500 | ||||||
280 |
Onondaga Civic Development Corp., (Le Moyne College),
5.20%, 7/1/29
|
267,240 | ||||||
735 |
Onondaga Civic Development Corp., (Le Moyne College),
5.375%, 7/1/40
|
709,202 | ||||||
$ | 18,129,764 | |||||||
Electric Utilities 4.6%
|
||||||||
$ | 1,420 |
Long Island Power Authority, Electric System Revenue,
6.00%, 5/1/33
|
$ | 1,523,078 | ||||
1,645 |
Suffolk County Industrial Development Agency, (Keyspan-Port
Jefferson), (AMT), 5.25%, 6/1/27
|
1,571,764 | ||||||
$ | 3,094,842 | |||||||
General Obligations 10.6%
|
||||||||
$ | 6,000 |
New York City,
5.25%, 9/15/33(2)
|
$ | 6,037,440 | ||||
1,000 |
New York City, 6.25%, 10/15/28
|
1,111,560 | ||||||
$ | 7,149,000 | |||||||
Health Care-Miscellaneous 2.9%
|
||||||||
$ | 1,115 |
New York City Industrial Development Agency, (A Very Special
Place, Inc.), 5.75%, 1/1/29
|
$ | 888,477 | ||||
1,200 |
New York City Industrial Development Agency, (Ohel
Childrens Home), 6.25%, 8/15/22
|
901,056 | ||||||
50 |
Suffolk County Industrial Development Agency, (Alliance of Long
Island Agencies), Series A, Class H, 7.50%, 9/1/15
|
50,712 | ||||||
100 |
Suffolk County Industrial Development Agency, (Alliance of Long
Island Agencies), Series A, Class I, 7.50%, 9/1/15
|
101,425 | ||||||
$ | 1,941,670 | |||||||
Hospital 30.2%
|
||||||||
$ | 160 |
Chautauqua County Industrial Development Agency, (Womens
Christian Association), 6.35%, 11/15/17
|
$ | 162,112 | ||||
485 |
Chautauqua County Industrial Development Agency, (Womens
Christian Association), 6.40%, 11/15/29
|
491,412 | ||||||
130 |
Dutchess County Local Development Corp., (Health Quest Systems,
Inc.), 5.75%, 7/1/30
|
130,547 | ||||||
430 |
Dutchess County Local Development Corp., (Health Quest Systems,
Inc.), 5.75%, 7/1/40
|
415,780 | ||||||
1,165 |
Fulton County Industrial Development Agency, (Nathan Littauer
Hospital), 6.00%, 11/1/18
|
1,088,063 | ||||||
2,490 |
Monroe County Industrial Development Agency, (Highland
Hospital), 5.00%, 8/1/25
|
2,383,279 | ||||||
400 |
Nassau County Industrial Development Agency, (North Shore Health
System), 6.25%, 11/1/21
|
403,216 |
Principal |
||||||||
Amount |
||||||||
(000s omitted) | Security | Value | ||||||
$ | 1,500 |
New York Dormitory Authority, (Lenox Hill Hospital),
5.50%, 7/1/30
|
$ | 1,444,590 | ||||
4,000 |
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center),
5.00%, 7/1/36(2) |
3,932,000 | ||||||
2,000 |
New York Dormitory Authority, (Methodist Hospital),
5.25%, 7/1/33
|
1,834,960 | ||||||
1,000 |
New York Dormitory Authority, (Mount Sinai Hospital),
5.00%, 7/1/26
|
998,340 | ||||||
845 |
New York Dormitory Authority, (North Shore Hospital),
5.00%, 11/1/34
|
796,843 | ||||||
1,250 |
New York Dormitory Authority, (NYU Hospital Center),
5.625%, 7/1/37
|
1,210,712 | ||||||
415 |
New York Dormitory Authority, (Orange Regional Medical Center),
6.125%, 12/1/29
|
393,491 | ||||||
835 |
New York Dormitory Authority, (Orange Regional Medical Center),
6.25%, 12/1/37
|
770,655 | ||||||
1,250 |
Oneida County Industrial Development Agency, (St.
Elizabeths Medical Center), 5.75%, 12/1/19
|
1,196,425 | ||||||
650 |
Saratoga County Industrial Development Agency, (Saratoga
Hospital), 5.25%, 12/1/32
|
603,792 | ||||||
2,105 |
Suffolk County Industrial Development Agency, (Huntington
Hospital), 6.00%, 11/1/22
|
2,134,638 | ||||||
$ | 20,390,855 | |||||||
Housing 16.8%
|
||||||||
$ | 1,500 |
New York City Housing Development Corp., MFMR, (AMT),
5.05%, 11/1/39
|
$ | 1,373,820 | ||||
2,620 |
New York City Housing Development Corp., MFMR, (AMT),
5.20%, 11/1/40
|
2,468,983 | ||||||
1,000 |
New York Housing Finance Agency, 5.25%, 11/1/41
|
974,640 | ||||||
2,625 |
New York Housing Finance Agency, (FNMA), (AMT),
5.40%, 11/15/42
|
2,491,440 | ||||||
1,500 |
New York Mortgage Agency, (AMT), 4.875%, 10/1/30
|
1,401,990 | ||||||
1,930 |
New York Mortgage Agency, (AMT), 4.90%, 10/1/37
|
1,729,493 | ||||||
1,000 |
New York Mortgage Agency, (AMT), 5.125%, 10/1/37
|
935,960 | ||||||
$ | 11,376,326 | |||||||
Industrial Development Revenue 9.7%
|
||||||||
$ | 1,000 |
Essex County Industrial Development Agency, (International Paper
Company), (AMT), 6.625%, 9/1/32
|
$ | 1,035,500 | ||||
1,500 |
New York City Industrial Development Agency, (American Airlines,
Inc. - JFK International Airport), (AMT),
8.00%, 8/1/12
|
1,553,055 | ||||||
1,090 |
New York Liberty Development Corp., (Goldman Sachs Group, Inc.),
5.25%, 10/1/35
|
1,069,290 | ||||||
2,500 |
Onondaga County Industrial Development Agency, (Anheuser-Busch
Cos., Inc.), (AMT), 6.25%, 12/1/34
|
2,500,925 | ||||||
430 |
Port Authority of New York and New Jersey, (Continental
Airlines), (AMT), 9.125%, 12/1/15
|
435,719 | ||||||
$ | 6,594,489 | |||||||
Insured-Education 6.2%
|
||||||||
$ | 1,250 |
New York Dormitory Authority, (City University), (AMBAC),
5.50%, 7/1/35
|
$ | 1,144,337 | ||||
1,500 |
New York Dormitory Authority, (State University), (BHAC),
5.00%, 7/1/38(2)
|
1,502,190 | ||||||
5,365 |
Oneida County Industrial Development Agency, (Hamilton College),
(NPFG), 0.00%, 7/1/33
|
1,568,136 | ||||||
$ | 4,214,663 | |||||||
Insured-Electric Utilities 3.5%
|
||||||||
$ | 1,365 |
Long Island Power Authority, Electric System Revenue, (BHAC),
5.75%, 4/1/33
|
$ | 1,442,600 | ||||
960 |
New York Power Authority, (NPFG), 5.00%, 11/15/47
|
931,978 | ||||||
$ | 2,374,578 | |||||||
Insured-Escrowed/Prerefunded 1.6%
|
||||||||
$ | 860 |
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26
|
$ | 452,480 | ||||
1,280 |
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27
|
634,586 | ||||||
$ | 1,087,066 | |||||||
Insured-Lease Revenue/ Certificates of
Participation 3.8%
|
||||||||
$ | 3,365 |
Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47
|
$ | 2,560,025 | ||||
$ | 2,560,025 | |||||||
Insured-Other Revenue 2.7%
|
||||||||
$ | 2,645 |
New York City Industrial Development Agency, (Yankee Stadium),
(AGC), 0.00%, 3/1/31
|
$ | 799,504 | ||||
3,625 |
New York City Industrial Development Agency, (Yankee Stadium),
(AGC), 0.00%, 3/1/32
|
1,025,839 | ||||||
$ | 1,825,343 | |||||||
Principal |
||||||||
Amount |
||||||||
(000s omitted) | Security | Value | ||||||
Insured-Special Tax Revenue 6.0%
|
||||||||
$ | 1,000 |
New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 4.75%, 11/15/45
|
$ | 843,110 | ||||
4,440 |
Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/34
|
810,256 | ||||||
19,745 |
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
991,001 | ||||||
3,380 |
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44
|
360,409 | ||||||
6,705 |
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
660,510 | ||||||
4,225 |
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
385,531 | ||||||
$ | 4,050,817 | |||||||
Insured-Transportation 3.4%
|
||||||||
$ | 940 |
Metropolitan Transportation Authority, (AGC),
4.50%, 11/15/38
|
$ | 825,160 | ||||
1,475 |
Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (NPFG), (AMT), 5.625%, 4/1/29
|
1,447,034 | ||||||
$ | 2,272,194 | |||||||
Insured-Water and Sewer 1.3%
|
||||||||
$ | 1,000 |
Nassau County Industrial Development Agency, (Water Services
Corp.), (AMBAC), (AMT), 5.00%, 12/1/35
|
$ | 852,960 | ||||
$ | 852,960 | |||||||
Lease Revenue/Certificates of
Participation 4.2%
|
||||||||
$ | 2,040 |
New York City Transitional Finance Authority, (Building Aid),
4.50%, 1/15/38
|
$ | 1,824,882 | ||||
1,000 |
New York City Transitional Finance Authority, (Building Aid),
5.50%, 7/15/31
|
1,040,180 | ||||||
$ | 2,865,062 | |||||||
Other Revenue 4.2%
|
||||||||
$ | 1,285 |
Albany Industrial Development Agency, Civic Facility,
(Charitable Leadership), 5.75%, 7/1/26
|
$ | 843,833 | ||||
3,120 |
Brooklyn Arena Local Development Corp., (Barclays Center),
0.00%, 7/15/31
|
837,221 | ||||||
380 |
Brooklyn Arena Local Development Corp., (Barclays Center),
6.25%, 7/15/40
|
371,967 | ||||||
790 |
New York City Cultural Resource Trust, (Museum of Modern Art),
5.00%, 4/1/31
|
802,182 | ||||||
$ | 2,855,203 | |||||||
Senior Living/Life Care 2.7%
|
||||||||
$ | 1,450 |
Mount Vernon Industrial Development Agency, (Wartburg Senior
Housing, Inc.), 6.20%, 6/1/29
|
$ | 1,252,394 | ||||
380 |
Suffolk County Economic Development Corp., (Peconic Landing at
Southold, Inc.), 6.00%, 12/1/40
|
357,451 | ||||||
210 |
Suffolk County Industrial Development Agency, (Jeffersons
Ferry Project), 5.00%, 11/1/28
|
188,137 | ||||||
$ | 1,797,982 | |||||||
Special Tax Revenue 9.1%
|
||||||||
$ | 1,500 |
Metropolitan Transportation Authority, Dedicated Tax Revenue,
5.00%, 11/15/34
|
$ | 1,473,300 | ||||
2,100 |
New York City Transitional Finance Authority, Future Tax
Revenue,
5.50%, 11/1/35(2)
|
2,208,402 | ||||||
1,000 |
New York Dormitory Authority, Personal Income Tax Revenue,
(University & College Improvements),
5.25%, 3/15/38
|
1,009,440 | ||||||
900 |
New York Urban Development Corp., Personal Income Tax Revenue,
5.00%, 3/15/32
|
908,154 | ||||||
545 |
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
|
550,821 | ||||||
$ | 6,150,117 | |||||||
Transportation 10.8%
|
||||||||
$ | 790 |
Metropolitan Transportation Authority, 5.00%, 11/15/37
|
$ | 727,211 | ||||
1,900 |
Port Authority of New York and New Jersey,
5.00%, 11/15/37(2)
|
1,870,930 | ||||||
970 |
Port Authority of New York and New Jersey, (AMT),
4.75%, 6/15/33
|
905,310 | ||||||
990 |
Port Authority of New York and New Jersey, (AMT),
5.75%, 3/15/35(2)
|
1,011,800 | ||||||
2,740 |
Triborough Bridge and Tunnel Authority,
5.25%, 11/15/34(2)
|
2,780,552 | ||||||
10 |
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34
|
10,148 | ||||||
$ | 7,305,951 | |||||||
Water and Sewer 13.0%
|
||||||||
$ | 585 |
Dutchess County Water and Wastewater Authority,
0.00%, 10/1/34
|
$ | 165,853 | ||||
325 |
Dutchess County Water and Wastewater Authority,
0.00%, 10/1/35
|
85,690 | ||||||
3,105 |
New York City Municipal Water Finance Authority, (Water and
Sewer System),
5.75%, 6/15/40(2)
|
3,281,612 |
Principal |
||||||||
Amount |
||||||||
(000s omitted) | Security | Value | ||||||
$ | 1,730 |
New York Environmental Facilities Corp., 5.00%, 10/15/39
|
$ | 1,735,553 | ||||
2,535 |
New York Environmental Facilities Corp., Clean Water and
Drinking Water, (Municipal Water Finance),
5.00%, 6/15/37(2)
|
2,544,811 | ||||||
1,000 |
Saratoga County Water Authority, 5.00%, 9/1/48
|
962,200 | ||||||
$ | 8,775,719 | |||||||
Total Tax-Exempt
Investments 175.6%
(identified cost $124,231,203) |
$ | 118,680,996 | ||||||
Auction Preferred Shares Plus Cumulative Unpaid
Dividends (49.9)%
|
$ | (33,726,465 | ) | |||||
Other Assets, Less Liabilities (25.7)%
|
$ | (17,376,187 | ) | |||||
Net Assets Applicable to Common Shares 100.0%
|
$ | 67,578,344 | ||||||
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares. | ||||||
AGC
|
- | Assured Guaranty Corp. | ||||
AMBAC
|
- | AMBAC Financial Group, Inc. | ||||
AMT
|
- | Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. | ||||
BHAC
|
- | Berkshire Hathaway Assurance Corp. | ||||
FNMA
|
- | Federal National Mortgage Association | ||||
MFMR
|
- | Multi-Family Mortgage Revenue | ||||
NPFG
|
- | National Public Finance Guaranty Corp. | ||||
The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at February 28, 2011, 16.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.2% to 7.6% of total investments. | ||||||
(1)
|
Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |||||
(2)
|
Security represents the underlying municipal bond of an inverse floater. |
Expiration |
Aggregate |
Net Unrealized |
||||||||||||||
Date | Contracts | Position | Cost | Value | Depreciation | |||||||||||
6/11
|
75 U.S. 10-Year Treasury Note | Short | $ | (8,912,433 | ) | $ | (8,928,516 | ) | $ | (16,083 | ) |
Annual |
Net Unrealized |
|||||||||||||||
Notional |
Fixed Rate |
Floating Rate |
Effective Date/ |
Appreciation |
||||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Termination Date | (Depreciation) | |||||||||||
Bank of America
|
$ | 5,200,000 | 4.524 | % |
3-month USD- LIBOR-BBA |
May 18, 2011/ May 20, 2041 |
$ | (177,395 | ) | |||||||
JPMorgan Chase Co.
|
1,600,000 | 4.163 |
3-month USD- LIBOR-BBA |
March 14, 2011/ March 14, 2041 |
33,386 | |||||||||||
$ | (144,009 | ) | ||||||||||||||
Aggregate cost
|
$ | 104,880,564 | ||
Gross unrealized appreciation
|
$ | 1,329,711 | ||
Gross unrealized depreciation
|
(8,064,279 | ) | ||
Net unrealized depreciation
|
$ | (6,734,568 | ) | |
| 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) |
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Tax-Exempt Investments
|
$ | | $ | 118,680,996 | $ | | $ | 118,680,996 | ||||||||
Total Investments
|
$ | | $ | 118,680,996 | $ | | $ | 118,680,996 | ||||||||
Interest Rate Swaps
|
$ | | $ | 33,386 | $ | | $ | 33,386 | ||||||||
Total
|
$ | | $ | 118,714,382 | $ | | $ | 118,714,382 | ||||||||
Liability Description | ||||||||||||||||
Futures Contracts
|
$ | (16,083 | ) | $ | | $ | | $ | (16,083 | ) | ||||||
Interest Rate Swaps
|
| (177,395 | ) | | (177,395 | ) | ||||||||||
Total
|
$ | (16,083 | ) | $ | (177,395 | ) | $ | | $ | (193,478 | ) | |||||
By: | /s/ Cynthia J. Clemson | |||
Cynthia J. Clemson | ||||
President | ||||
By: | /s/ Cynthia J. Clemson | |||
Cynthia J. Clemson | ||||
President | ||||
By: | /s/ Barbara E. Campbell | |||
Barbara E. Campbell | ||||
Treasurer | ||||