Principal |
||||||||
Amount |
||||||||
Security | (000s omitted) | Value | ||||||
Cogeneration 2.2%
|
||||||||
Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT), 6.50%, 1/1/13
|
$ | 100 | $ | 70,045 | ||||
Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT), 6.60%, 1/1/19
|
500 | 281,375 | ||||||
Pennsylvania Economic Development Financing Authority, (Resource
Recovery-Colver), (AMT), 5.125%, 12/1/15
|
475 | 464,740 | ||||||
$ | 816,160 | |||||||
Education 18.1%
|
||||||||
Allegheny County Higher Education Building Authority, (Duquesne
University), 5.50%, 3/1/31
|
$ | 1,050 | $ | 1,112,118 | ||||
Bucks County Industrial Development Authority, (George School),
5.00%, 9/15/39
|
500 | 525,475 | ||||||
Cumberland County Municipal Authority, (Dickinson College),
5.00%, 11/1/39
|
1,200 | 1,236,000 | ||||||
Northampton County General Purpose Authority, (Lehigh
University), 5.00%, 11/15/39
|
500 | 521,220 | ||||||
Pennsylvania Higher Educational Facilities Authority, (Saint
Josephs University), 5.00%, 11/1/40
|
625 | 629,756 | ||||||
Pennsylvania Higher Educational Facilities Authority, (Thomas
Jefferson University), 5.00%, 3/1/40
|
625 | 642,206 | ||||||
State Public School Building Authority, (Northampton County Area
Community College), 5.50%, 3/1/31
|
750 | 799,995 | ||||||
University of Pittsburgh, 5.25%, 9/15/29
|
500 | 559,540 | ||||||
Washington County Industrial Development Authority, (Washington
and Jefferson College), 5.25%, 11/1/30
|
500 | 527,185 | ||||||
$ | 6,553,495 | |||||||
Electric Utilities 1.7%
|
||||||||
York County Industrial Development Authority, Pollution Control
Revenue, (Public Service Enterprise Group, Inc.),
5.50%, 9/1/20
|
$ | 600 | $ | 610,356 | ||||
$ | 610,356 | |||||||
Escrowed/Prerefunded 1.8%
|
||||||||
Bucks County Industrial Development Authority, (Pennswood
Village), Prerefunded to 10/1/12, 6.00%, 10/1/27
|
$ | 600 | $ | 641,610 | ||||
$ | 641,610 | |||||||
General Obligations 10.2%
|
||||||||
Chester County,
5.00%, 7/15/27(1)
|
$ | 500 | $ | 564,590 | ||||
Daniel Boone Area School District, 5.00%, 8/15/32
|
1,000 | 1,047,490 | ||||||
Delaware Valley Regional Finance Authority, 5.75%, 7/1/32
|
1,000 | 1,015,750 | ||||||
Philadelphia School District, 6.00%, 9/1/38
|
1,000 | 1,073,580 | ||||||
$ | 3,701,410 | |||||||
Hospital 22.7%
|
||||||||
Allegheny County Hospital Development Authority, (University of
Pittsburgh Medical Center), 5.50%, 8/15/34
|
$ | 500 | $ | 515,900 | ||||
Chester County Health and Education Facilities Authority,
(Jefferson Health System), 5.00%, 5/15/40
|
750 | 756,270 | ||||||
Dauphin County General Authority, (Pinnacle Health System),
6.00%, 6/1/29
|
750 | 774,285 | ||||||
Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), 5.25%, 7/1/32
|
1,215 | 1,233,432 | ||||||
Lycoming County Authority, (Susquehanna Health System),
5.75%, 7/1/39
|
750 | 723,727 | ||||||
Monroe County Hospital Authority, (Pocono Medical Center),
5.25%, 1/1/43
|
1,500 | 1,414,305 | ||||||
Northampton County General Purpose Authority, (Saint Lukes
Hospital), 5.50%, 8/15/33
|
250 | 244,080 | ||||||
Pennsylvania Higher Educational Facilities Authority,
(University of Pennsylvania Health System),
6.00%, 8/15/26(2)
|
1,000 | 1,124,240 | ||||||
Pennsylvania Higher Educational Facilities Authority, (UPMC
Health System), 5.00%, 5/15/31
|
675 | 688,804 | ||||||
South Fork Municipal Authority, (Conemaugh Health System),
5.50%, 7/1/29
|
250 | 250,152 |
Principal |
||||||||
Amount |
||||||||
Security | (000s omitted) | Value | ||||||
Washington County Hospital Authority, (Monongahela Hospital),
5.50%, 6/1/17
|
$ | 500 | $ | 524,570 | ||||
$ | 8,249,765 | |||||||
Housing 17.0%
|
||||||||
Allegheny County Residential Finance Authority, SFMR, (AMT),
4.95%, 11/1/37
|
$ | 460 | $ | 455,639 | ||||
Allegheny County Residential Finance Authority, SFMR, (AMT),
5.00%, 5/1/35
|
1,115 | 1,120,676 | ||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.70%, 10/1/37
|
865 | 837,787 | ||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.75%, 10/1/25
|
500 | 502,815 | ||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.875%, 4/1/26
|
910 | 915,014 | ||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.875%, 10/1/31
|
500 | 496,815 | ||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.90%, 10/1/37
|
975 | 972,826 | ||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT),
5.15%, 10/1/37
|
865 | 868,278 | ||||||
$ | 6,169,850 | |||||||
Industrial Development Revenue 9.5%
|
||||||||
Luzerne County Industrial Development Authority,
(Pennsylvania-American
Water Co.), 5.50%, 12/1/39
|
$ | 200 | $ | 208,254 | ||||
Montgomery County Industrial Development Authority, (Aqua
Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42
|
750 | 753,150 | ||||||
Pennsylvania Economic Development Financing Authority,
(Pennsylvania-American
Water Co.), 6.20%, 4/1/39
|
250 | 272,017 | ||||||
Pennsylvania Economic Development Financing Authority,
(Procter & Gamble Paper Products Co.), (AMT),
5.375%, 3/1/31
|
1,000 | 1,092,290 | ||||||
Pennsylvania Economic Development Financing Authority, (Waste
Management, Inc.), (AMT), 5.10%, 10/1/27
|
500 | 500,235 | ||||||
Puerto Rico Port Authority, (American Airlines, Inc.), (AMT),
6.25%, 6/1/26
|
780 | 642,689 | ||||||
$ | 3,468,635 | |||||||
Insured-Education 12.7%
|
||||||||
Lycoming County Authority, (Pennsylvania College of Technology),
(AGC), 5.50%, 10/1/37
|
$ | 500 | $ | 520,825 | ||||
Lycoming County Authority, (Pennsylvania College of Technology),
(AMBAC), 5.25%, 5/1/32
|
1,675 | 1,654,079 | ||||||
Pennsylvania Higher Educational Facilities Authority, (Drexel
University), (NPFG), 5.00%, 5/1/37
|
1,115 | 1,137,144 | ||||||
State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/29
|
375 | 395,505 | ||||||
State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/32
|
875 | 910,018 | ||||||
$ | 4,617,571 | |||||||
Insured-Escrowed/Prerefunded 9.0%
|
||||||||
Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC),
Escrowed to Maturity, 4.75%, 12/1/27
|
$ | 1,600 | $ | 1,616,304 | ||||
Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity,
0.00%, 8/15/19
|
2,000 | 1,655,160 | ||||||
$ | 3,271,464 | |||||||
Insured-General Obligations 4.6%
|
||||||||
Beaver County, (AGM), 5.55%, 11/15/31
|
$ | 500 | $ | 538,455 | ||||
Bethlehem Area School District, (AGM), 5.25%, 1/15/25
|
750 | 816,382 | ||||||
West Mifflin Area School District, (AGM), 5.125%, 4/1/31
|
300 | 318,444 | ||||||
$ | 1,673,281 | |||||||
Insured-Hospital 11.1%
|
||||||||
Allegheny County Hospital Development Authority, (UPMC Health
System), (NPFG), 6.00%, 7/1/24
|
$ | 250 | $ | 302,880 | ||||
Delaware County General Authority, (Catholic Health East),
(AMBAC), 4.875%, 11/15/26
|
355 | 355,085 | ||||||
Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), (AGM), 5.00%, 7/1/35
|
1,440 | 1,457,122 | ||||||
Montgomery County Higher Education and Health Authority,
(Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28
|
1,900 | 1,900,057 | ||||||
$ | 4,015,144 | |||||||
Principal |
||||||||
Amount |
||||||||
Security | (000s omitted) | Value | ||||||
Insured-Lease Revenue/Certificates of
Participation 4.9%
|
||||||||
Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31
|
$ | 500 | $ | 524,675 | ||||
Philadelphia Authority for Industrial Development, (One Benjamin
Franklin), (AGM), 4.75%, 2/15/27
|
1,195 | 1,249,337 | ||||||
$ | 1,774,012 | |||||||
Insured-Special Tax Revenue 3.4%
|
||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
$ | 9,870 | $ | 598,122 | ||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
3,350 | 395,836 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
2,100 | 231,672 | ||||||
$ | 1,225,630 | |||||||
Insured-Transportation 9.1%
|
||||||||
Philadelphia, Airport Revenue, (AGM), (AMT), 5.00%, 6/15/27
|
$ | 500 | $ | 508,760 | ||||
Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29
|
1,005 | 1,005,583 | ||||||
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41(2)
|
1,800 | 1,779,804 | ||||||
$ | 3,294,147 | |||||||
Insured-Water and Sewer 3.9%
|
||||||||
Bucks County Water and Sewer Authority, (AGM),
5.00%, 12/1/35
|
$ | 500 | $ | 523,920 | ||||
Delaware County Industrial Development Authority, (Aqua
Pennsylvania, Inc.), (FGIC), (NPFG), (AMT), 5.00%, 11/1/36
|
525 | 528,591 | ||||||
Philadelphia, Water and Wastewater Revenue, (FGIC), (NPFG),
5.00%, 11/1/31
|
360 | 362,470 | ||||||
$ | 1,414,981 | |||||||
Senior Living/Life Care 3.9%
|
||||||||
Cliff House Trust, (AMT),
6.625%, 6/1/27(3)
|
$ | 1,000 | $ | 522,830 | ||||
Lancaster County Hospital Authority, (Willow Valley Retirement
Communities), 5.875%, 6/1/31
|
500 | 500,540 | ||||||
Montgomery County Industrial Development Authority, (Foulkeways
at Gwynedd), 5.00%, 12/1/24
|
200 | 200,740 | ||||||
Montgomery County Industrial Development Authority, (Foulkeways
at Gwynedd), 5.00%, 12/1/30
|
200 | 191,634 | ||||||
$ | 1,415,744 | |||||||
Special Tax Revenue 0.3%
|
||||||||
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
|
$ | 110 | $ | 116,806 | ||||
$ | 116,806 | |||||||
Transportation 11.0%
|
||||||||
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/35
|
$ | 465 | $ | 479,838 | ||||
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/40
|
285 | 292,701 | ||||||
Pennsylvania Economic Development Financing Authority, (Amtrak),
(AMT), 6.25%, 11/1/31
|
270 | 271,917 | ||||||
Pennsylvania Turnpike Commission, 5.25%, 6/1/39
|
1,000 | 1,015,500 | ||||||
Pennsylvania Turnpike Commission, 5.35%, (0.00% until 12/1/15),
12/1/30
|
1,430 | 1,152,766 | ||||||
Pennsylvania Turnpike Commission, 5.625%, 6/1/29
|
750 | 798,817 | ||||||
$ | 4,011,539 | |||||||
Utilities 1.7%
|
||||||||
Philadelphia Gas Works, 5.25%, 8/1/40
|
$ | 600 | $ | 602,940 | ||||
$ | 602,940 | |||||||
Water and Sewer 1.8%
|
||||||||
Harrisburg Water Authority, 5.25%, 7/15/31
|
$ | 750 | $ | 646,920 | ||||
$ | 646,920 | |||||||
Total Tax-Exempt Investments 160.6%
(identified cost $57,803,055) |
$ | 58,291,460 | ||||||
Auction Preferred Shares Plus Cumulative Unpaid
Dividends (58.4)%
|
$ | (21,175,336 | ) | |||||
Other Assets, Less Liabilities (2.2)%
|
$ | (827,591 | ) | |||||
Net Assets Applicable to Common Shares 100.0%
|
$ | 36,288,533 | ||||||
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. | ||||
AMT
|
- | Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. | ||||
CIFG
|
- | CIFG Assurance North America, Inc. | ||||
FGIC
|
- | Financial Guaranty Insurance Company | ||||
NPFG
|
- | National Public Finance Guaranty Corp. | ||||
SFMR
|
- | Single Family Mortgage Revenue | ||||
The Trust invests primarily in debt securities issued by Pennsylvania 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 August 31, 2011, 36.5% 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 3.1% to 12.2% 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 municipal bond held by a trust that issues residual interest bonds. | |||||
(3)
|
Security is in default and making only partial interest payments. |
Expiration |
Aggregate |
Net Unrealized |
||||||||||||||
Date | Contracts | Position | Cost | Value | Depreciation | |||||||||||
12/11
|
50 U.S. 30-Year Treasury Bond | Short | $ | (6,779,206 | ) | $ | (6,801,563 | ) | $ | (22,357 | ) |
Annual |
Floating |
Effective Date/ |
||||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Net Unrealized |
||||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Date | Appreciation | |||||||||||
Bank of America
|
$ | 1,000,000 | 3.256 | % |
3-month USD- LIBOR-BBA |
November 11, 2011/ November 11, 2041 |
$ | 7,090 |
Aggregate cost
|
$ | 56,221,269 | ||
Gross unrealized appreciation
|
$ | 2,162,433 | ||
Gross unrealized depreciation
|
(1,742,242 | ) | ||
Net unrealized appreciation
|
$ | 420,191 | ||
| 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
|
$ | | $ | 58,291,460 | $ | | $ | 58,291,460 | ||||||||
Total Investments
|
$ | | $ | 58,291,460 | $ | | $ | 58,291,460 | ||||||||
Interest Rate Swaps
|
$ | | $ | 7,090 | $ | | $ | 7,090 | ||||||||
Total
|
$ | | $ | 58,298,550 | $ | | $ | 58,298,550 | ||||||||
Liability Description | ||||||||||||||||
Futures Contracts
|
$ | (22,357 | ) | $ | | $ | | $ | (22,357 | ) | ||||||
Total
|
$ | (22,357 | ) | $ | | $ | | $ | (22,357 | ) | ||||||
By:
|
/s/ Cynthia J. Clemson
|
|||
President | ||||
Date:
|
October 25, 2011 |
By:
|
/s/ Cynthia J. Clemson
|
|||
President | ||||
Date:
|
October 25, 2011 | |||
By:
|
/s/ Barbara E. Campbell
|
|||
Treasurer | ||||
Date:
|
October 25, 2011 |