Principal |
||||||||
Amount |
||||||||
(000s omitted) | Security | Value | ||||||
General Obligations 5.8%
|
||||||||
$ | 770 |
Long Beach City School District, 4.50%, 5/1/26
|
$ | 791,737 | ||||
1,000 |
New York,
5.00%, 2/15/34(1)
|
1,055,050 | ||||||
$ | 1,846,787 | |||||||
Hospital 3.4%
|
||||||||
$ | 135 |
New York Dormitory Authority, (Highland Hospital of Rochester),
5.00%, 7/1/26
|
$ | 137,350 | ||||
180 |
New York Dormitory Authority, (Highland Hospital of Rochester),
5.20%, 7/1/32
|
180,900 | ||||||
750 |
Suffolk County Industrial Development Agency, (Huntington
Hospital), 5.875%, 11/1/32
|
754,470 | ||||||
$ | 1,072,720 | |||||||
Industrial Development Revenue 1.2%
|
||||||||
$ | 390 |
New York Liberty Development Corp., (Goldman Sachs Group, Inc.),
5.25%, 10/1/35
|
$ | 390,499 | ||||
$ | 390,499 | |||||||
Insured-Electric Utilities 3.5%
|
||||||||
$ | 500 |
Long Island Power Authority, (BHAC), 5.50%, 5/1/33
|
$ | 536,260 | ||||
500 |
Long Island Power Authority, (BHAC), 6.00%, 5/1/33
|
556,885 | ||||||
$ | 1,093,145 | |||||||
Insured-Escrowed/Prerefunded 3.9%
|
||||||||
$ | 540 |
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26
|
$ | 309,712 | ||||
550 |
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27
|
298,298 | ||||||
1,385 |
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/30
|
628,665 | ||||||
$ | 1,236,675 | |||||||
Insured-General Obligations 24.8%
|
||||||||
$ | 535 |
Brentwood Union Free School District, (AGC), 4.75%, 11/15/23
|
$ | 596,231 | ||||
560 |
Brentwood Union Free School District, (AGC), 5.00%, 11/15/24
|
628,186 | ||||||
180 |
Freeport Union Free School District, (AGC), 4.00%, 4/1/23
|
189,661 | ||||||
200 |
Freeport Union Free School District, (AGC), 4.00%, 4/1/24
|
208,934 | ||||||
250 |
Hauppauge Union Free School District, (AGC), 4.00%, 7/15/24
|
258,940 | ||||||
250 |
Hoosic Valley Central School District, (AGC), 4.00%, 6/15/23
|
262,713 | ||||||
185 |
Longwood Central School District, Suffolk County, (AGC),
4.15%, 6/1/23
|
194,150 | ||||||
190 |
Longwood Central School District, Suffolk County, (AGC),
4.25%, 6/1/24
|
198,888 | ||||||
1,000 |
New York, (AGM), 5.00%, 4/1/22
|
1,095,360 | ||||||
1,795 |
New York Dormitory Authority, (School Districts Financing
Program), (NPFG), 5.00%, 10/1/30
|
1,803,849 | ||||||
100 |
Plattsburgh, (AGC), 4.25%, 11/15/19
|
111,277 | ||||||
300 |
Plattsburgh, (AGC), 4.25%, 11/15/20
|
333,810 | ||||||
410 |
Sachem Central School District, (FGIC), (NPFG),
4.25%, 10/15/28
|
416,486 | ||||||
235 |
Syracuse, (AGC), 5.00%, 6/15/19
|
268,356 | ||||||
185 |
Wantagh Union Free School District, (AGC), 4.50%, 11/15/19
|
206,454 | ||||||
190 |
Wantagh Union Free School District, (AGC), 4.50%, 11/15/20
|
209,971 | ||||||
210 |
Wantagh Union Free School District, (AGC), 4.75%, 11/15/22
|
231,187 | ||||||
220 |
Wantagh Union Free School District, (AGC), 4.75%, 11/15/23
|
239,756 | ||||||
350 |
William Floyd Union Free School District, (AGC),
4.00%, 12/15/24
|
357,917 | ||||||
$ | 7,812,126 | |||||||
Principal |
||||||||
Amount |
||||||||
(000s omitted) | Security | Value | ||||||
Insured-Hospital 3.7%
|
||||||||
$ | 500 |
New York City Health and Hospitals Corp., (AGM),
5.50%, 2/15/20
|
$ | 572,770 | ||||
90 |
New York Dormitory Authority, (Health Quest Systems), (AGC),
5.125%, 7/1/37
|
89,361 | ||||||
500 |
New York Dormitory Authority, (Hudson Valley Hospital Center),
(AGM), (BHAC), 5.00%, 8/15/36
|
505,355 | ||||||
$ | 1,167,486 | |||||||
Insured-Housing 3.2%
|
||||||||
$ | 1,000 |
New York City Housing Corp., (NPFG), 4.95%, 11/1/33
|
$ | 1,003,230 | ||||
$ | 1,003,230 | |||||||
Insured-Lease Revenue/Certificates of
Participation 6.5%
|
||||||||
$ | 1,225 |
Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47
|
$ | 1,036,448 | ||||
950 |
New York City Transitional Finance Authority, (BHAC),
5.50%, 7/15/38
|
1,007,656 | ||||||
$ | 2,044,104 | |||||||
Insured-Other Revenue 14.8%
|
||||||||
$ | 700 |
New York City Cultural Resource Trust, (American Museum of
Natural History), (NPFG), 5.00%, 7/1/44
|
$ | 704,550 | ||||
2,500 |
New York City Cultural Resource Trust, (Museum of Modern Art),
(AMBAC), (BHAC),
5.125%, 7/1/31(1)
|
2,511,625 | ||||||
1,700 |
New York City Industrial Development Agency, (Yankee Stadium),
(NPFG), 4.75%, 3/1/46
|
1,460,317 | ||||||
$ | 4,676,492 | |||||||
Insured-Private Education 27.8%
|
||||||||
$ | 1,440 |
New York Dormitory Authority, (Barnard College), (FGIC), (NPFG),
5.00%, 7/1/24
|
$ | 1,517,357 | ||||
855 |
New York Dormitory Authority, (Brooklyn Law School), (XLCA),
5.125%, 7/1/30
|
858,625 | ||||||
2,250 |
New York Dormitory Authority, (Fordham University), (AGC),
(BHAC),
5.00%, 7/1/38(1)
|
2,309,467 | ||||||
345 |
New York Dormitory Authority, (Pratt Institute), (AGC),
5.00%, 7/1/34
|
348,512 | ||||||
545 |
New York Dormitory Authority, (Pratt Institute), (AGC),
5.125%, 7/1/39
|
550,701 | ||||||
500 |
New York Dormitory Authority, (Skidmore College), (FGIC),
(NPFG), 5.00%, 7/1/33
|
507,020 | ||||||
850 |
New York Dormitory Authority, (St. Johns University),
(NPFG), 5.25%, 7/1/37
|
848,206 | ||||||
5,425 |
Oneida County Industrial Development Agency, (Hamilton College),
(NPFG), 0.00%, 7/1/32
|
1,811,245 | ||||||
$ | 8,751,133 | |||||||
Insured-Public Education 0.3%
|
||||||||
$ | 105 |
New York Dormitory Authority, (City University), (AMBAC),
5.25%, 7/1/30
|
$ | 103,819 | ||||
$ | 103,819 | |||||||
Insured-Special Tax Revenue 8.1%
|
||||||||
$ | 655 |
New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 4.75%, 11/15/45
|
$ | 607,513 | ||||
1,700 |
Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/35
|
304,402 | ||||||
3,200 |
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
341,088 | ||||||
2,105 |
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
208,900 | ||||||
385 |
Sales Tax Asset Receivables Corp., (AMBAC), 5.00%, 10/15/29
|
396,800 | ||||||
690 |
Sales Tax Asset Receivables Corp., (AMBAC), 5.00%, 10/15/32
|
707,298 | ||||||
$ | 2,566,001 | |||||||
Insured-Transportation 13.3%
|
||||||||
$ | 1,000 |
Metropolitan Transportation Authority, (AGM), (NPFG),
5.00%, 11/15/31
|
$ | 1,015,240 | ||||
510 |
New York Thruway Authority, (AMBAC), 5.50%, 4/1/20
|
612,836 | ||||||
2,500 |
Port Authority of New York and New Jersey, (AGM),
5.00%, 11/1/27(1)
|
2,555,411 | ||||||
$ | 4,183,487 | |||||||
Insured-Water and Sewer 11.9%
|
||||||||
$ | 905 |
Nassau County Sewer and Storm Water Finance Authority, (BHAC),
5.375%, 11/1/28
|
$ | 974,739 | ||||
2,750 |
New York City Municipal Water Finance Authority, (Water and
Sewer System), (AMBAC), (BHAC),
5.00%, 6/15/38(1)
|
2,770,075 | ||||||
$ | 3,744,814 | |||||||
Principal |
||||||||
Amount |
||||||||
(000s omitted) | Security | Value | ||||||
Insured-Water Revenue 1.1%
|
||||||||
$ | 350 |
Suffolk County Water Authority, (NPFG), 4.50%, 6/1/25
|
$ | 357,875 | ||||
$ | 357,875 | |||||||
Other Revenue 1.0%
|
||||||||
$ | 1,100 |
Brooklyn Arena Local Development Corp., (Barclays Center),
0.00%, 7/15/31
|
$ | 315,480 | ||||
$ | 315,480 | |||||||
Private Education 16.3%
|
||||||||
$ | 455 |
New York City Industrial Development Agency, (St. Francis
College), 5.00%, 10/1/34
|
$ | 455,910 | ||||
1,275 |
New York Dormitory Authority, (Columbia University),
5.00%, 10/1/41
|
1,341,772 | ||||||
5 |
New York Dormitory Authority, (Cornell University),
5.00%, 7/1/37
|
5,212 | ||||||
1,275 |
New York Dormitory Authority, (Cornell University),
5.00%, 7/1/37(1)
|
1,328,958 | ||||||
610 |
New York Dormitory Authority, (Rockefeller University),
5.00%, 7/1/40
|
631,759 | ||||||
325 |
New York Dormitory Authority, (Skidmore College),
5.00%, 7/1/28
|
340,775 | ||||||
1,000 |
New York Dormitory Authority, (The New School),
5.50%, 7/1/40
|
1,028,950 | ||||||
$ | 5,133,336 | |||||||
Special Tax Revenue 6.4%
|
||||||||
$ | 500 |
New York City Transitional Finance Authority, Future Tax
Revenue,
5.50%, 11/1/35(1)(2)
|
$ | 545,910 | ||||
1,400 |
New York Dormitory Authority, Personal Income Tax Revenue,
5.00%, 3/15/33
|
1,477,588 | ||||||
$ | 2,023,498 | |||||||
Transportation 12.1%
|
||||||||
$ | 2,000 |
Metropolitan Transportation Authority, 5.00%, 11/15/34
|
$ | 1,958,040 | ||||
350 |
Nassau County Bridge Authority, 5.00%, 10/1/35
|
357,518 | ||||||
65 |
Nassau County Bridge Authority, 5.00%, 10/1/40
|
65,474 | ||||||
530 |
New York Thruway Authority, 5.00%, 4/1/26
|
569,390 | ||||||
340 |
Triborough Bridge and Tunnel Authority, 5.00%, 11/15/37
|
348,221 | ||||||
500 |
Triborough Bridge and Tunnel Authority,
5.00%, 11/15/38(1)
|
512,520 | ||||||
$ | 3,811,163 | |||||||
Water Revenue 4.9%
|
||||||||
$ | 750 |
New York Environmental Facilities Corp., 5.00%, 10/15/39
|
$ | 779,415 | ||||
500 |
New York Environmental Facilities Corp., Clean Water and
Drinking Water, (Municipal Water Finance), 5.00%, 6/15/18
|
507,390 | ||||||
235 |
New York Environmental Facilities Corp., Clean Water and
Drinking Water, (Municipal Water Finance),
5.00%, 6/15/26(3)
|
248,994 | ||||||
$ | 1,535,799 | |||||||
Total Tax-Exempt Investments 174.0%
(identified cost $54,601,291) |
$ | 54,869,669 | ||||||
Auction Preferred Shares Plus Cumulative Unpaid
Dividends (42.0)%
|
$ | (13,250,111 | ) | |||||
Other Assets, Less Liabilities (32.0)%
|
$ | (10,077,410 | ) | |||||
Net Assets Applicable to Common Shares 100.0%
|
$ | 31,542,148 | ||||||
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. | ||||
AGM
|
- | Assured Guaranty Municipal Corp. | ||||
AMBAC
|
- | AMBAC Financial Group, Inc. | ||||
BHAC
|
- | Berkshire Hathaway Assurance Corp. | ||||
FGIC
|
- | Financial Guaranty Insurance Company | ||||
NPFG
|
- | National Public Finance Guaranty Corp. | ||||
XLCA
|
- | XL Capital Assurance, Inc. |
The Fund 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 June 30, 2011, 70.6% 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 1.6% to 26.0% of total investments. | ||||||
(1)
|
Security represents the municipal bond held by a trust that issues residual interest bonds. | |||||
(2)
|
Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $170,910. | |||||
(3)
|
Security (or a portion thereof) has been pledged to cover collateral requirements on open financial contracts. |
Expiration |
Aggregate |
Net Unrealized |
||||||||||||||
Date | Contracts | Position | Cost | Value | Depreciation | |||||||||||
9/11
|
40 U.S. 10-Year Treasury Note | Short | $ | (4,867,427 | ) | $ | (4,893,125 | ) | $ | (25,698 | ) |
Annual |
Floating |
Effective Date/ |
Net Unrealized |
|||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Appreciation |
||||||||||||
Counterparty | Amount | Paid By Fund | Paid To Fund | Date | (Depreciation) | |||||||||||
Bank of America
|
$ | 2,000,000 | 4.165 | % |
3-month USD- LIBOR-BBA |
August 12, 2011/ August 12, 2041 |
$ | (22,327 | ) | |||||||
JPMorgan Chase Co.
|
762,500 | 4.088 |
3-month USD- LIBOR-BBA |
September 9, 2011/ September 9, 2041 |
4,071 | |||||||||||
$ | (18,256 | ) | ||||||||||||||
Aggregate cost
|
$ | 42,802,475 | ||
Gross unrealized appreciation
|
$ | 1,646,869 | ||
Gross unrealized depreciation
|
(1,399,675 | ) | ||
Net unrealized appreciation
|
$ | 247,194 | ||
| 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
|
$ | | $ | 54,869,669 | $ | | $ | 54,869,669 | ||||||||
Total Investments
|
$ | | $ | 54,869,669 | $ | | $ | 54,869,669 | ||||||||
Interest Rate Swaps
|
$ | | $ | 4,071 | $ | | $ | 4,071 | ||||||||
Total
|
$ | | $ | 54,873,740 | $ | | $ | 54,873,740 | ||||||||
Liability Description | ||||||||||||||||
Futures Contracts
|
$ | (25,698 | ) | $ | | $ | | $ | (25,698 | ) | ||||||
Interest Rate Swaps
|
| (22,327 | ) | | (22,327 | ) | ||||||||||
Total
|
$ | (25,698 | ) | $ | (22,327 | ) | $ | | $ | (48,025 | ) | |||||
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 | ||||