Seligman | |
Municipal Series Trust | |
California High-Yield Series California Quality Series Florida Series North Carolina Series | |
Annual Report | |
September 30, 2003 | |
Seeking Income Exempt | |
From Regular Income Tax | |
| |
Table of Contents | ||
1 | ||
2 | ||
4 | ||
10 | ||
15 | ||
17 | ||
18 | ||
22 | ||
30 | ||
42 | ||
43 | ||
47 | ||
back cover |
Average Annual | ||||||||||||||||||
Class C | Class D | |||||||||||||||||
Since | Since | |||||||||||||||||
Six | One | Five | Ten | Inception | Inception | |||||||||||||
Class A ** | Months * | Year | Years | Years | 5/27/99 | 2/1/94 | ||||||||||||
With Sales Charge | (2.87 | )% | (2.44 | )% | 3.57 | % | 5.04 | % | n/a | n/a | ||||||||
Without Sales Charge | 1.99 | 2.48 | 4.58 | 5.56 | n/a | n/a | ||||||||||||
Class C ** | ||||||||||||||||||
With Sales Charge and CDSC# | (0.37 | ) | (0.45 | ) | n/a | n/a | 3.96 | % | n/a | |||||||||
Without Sales Charge and CDSC | 1.68 | 1.56 | n/a | n/a | 4.22 | n/a | ||||||||||||
Class D ** | ||||||||||||||||||
With 1% CDSC | 0.68 | 0.58 | 3.68 | n/a | n/a | n/a | ||||||||||||
Without CDSC | 1.68 | 1.56 | 3.68 | n/a | n/a | 4.56 | % | |||||||||||
Lehman Index *** | 2.66 | 3.89 | 5.67 | 6.03 | 6.28 | ‡ | 5.97 | ‡‡ | ||||||||||
Dividend, Capital Gain, and Yield Information Per Share | ||||||||||||
Net Asset Value Per Share | For Periods Ended September 30, 2003 | |||||||||||
9/30/03 | 3/31/03 | 9/30/02 | Dividends † | Capital Gain † | SEC Yield †† | |||||||
Class A | $6.59 | $6.60 | $6.74 | $0.281 | $0.029 | 3.80% | ||||||
Class C | 6.60 | 6.60 | 6.75 | 0.221 | 0.029 | 3.06 | ||||||
Class D | 6.60 | 6.60 | 6.75 | 0.221 | 0.029 | 3.10 |
Holdings By Market Sector ø | Moody’s/S&P Ratings ø | |||||
Revenue Bonds | 92% | Aaa/AAA | 10% | |||
General Obligation Bondsøø | 8 | Aa/AA | 8 | |||
A/A | 54 | |||||
Weighted Average Maturity | 23.8 years | Baa/BBB | 22 | |||
Ca/CCC | 6 |
Average Annual | |||||||||||||||||||
Class C | Class D | ||||||||||||||||||
Since | Since | ||||||||||||||||||
Six | One | Five | Ten | Inception | Inception | ||||||||||||||
Class A ** | Months * | Year | Years | Years | 5/27/99 | 2/1/94 | |||||||||||||
With Sales Charge | (3.18 | )% | (3.19 | )% | 3.63 | % | 4.69 | % | n/a | n/a | |||||||||
Without Sales Charge | 1.58 | 1.63 | 4.65 | 5.19 | n/a | n/a | |||||||||||||
Class C ** | |||||||||||||||||||
With Sales Charge and CDSC# | (1.02 | ) | (1.24 | ) | n/a | n/a | 4.18 | % | n/a | ||||||||||
Without Sales Charge and CDSC | 0.98 | 0.72 | n/a | n/a | 4.43 | n/a | |||||||||||||
Class D ** | |||||||||||||||||||
With 1% CDSC | (0.01 | ) | (0.26 | ) | n/a | n/a | n/a | n/a | |||||||||||
Without CDSC | 0.98 | 0.72 | 3.70 | n/a | n/a | 4.23 | % | ||||||||||||
Lehman Index *** | 2.66 | 3.89 | 5.67 | 6.03 | 6.28 | ‡ | 5.97 | ‡‡ | |||||||||||
Dividend and Yield Information Per Share | ||||||||||
Net Asset Value Per Share | For Periods Ended September 30, 2003 | |||||||||
9/30/03 | 3/31/03 | 9/30/02 | Dividends † | SEC Yield †† | ||||||
Class A | $6.88 | $6.91 | $7.04 | $0.270 | 3.13% | |||||
Class C | 6.85 | 6.89 | 7.01 | 0.208 | 2.38 | |||||
Class D | 6.85 | 6.89 | 7.01 | 0.208 | 2.41 |
Holdings By Market Sector ø | Moody’s/S&P Ratings ø | |||||
Revenue Bonds | 85% | Aaa/AAA | 70% | |||
General Obligation Bonds øø | 15 | Aa/AA | 12 | |||
A/A | 12 | |||||
Weighted Average Maturity | 21.9 years | Baa/BBB | 6 | |||
Average Annual | ||||||||||||||||||
Class C | Class D | |||||||||||||||||
Since | Since | |||||||||||||||||
Six | One | Five | Ten | Inception | Inception | |||||||||||||
Class A ** | Months * | Year | Years | Years | 5/27/99 | 2/1/94 | ||||||||||||
With Sales Charge | (2.48 | )% | (0.76 | )% | 3.96 | % | 4.86 | % | n/a | n/a | ||||||||
Without Sales Charge | 2.36 | 4.16 | 4.97 | 5.38 | n/a | n/a | ||||||||||||
Class C ** | ||||||||||||||||||
With Sales Charge and CDSC# | (0.14 | ) | 1.24 | n/a | n/a | 4.63 | % | n/a | ||||||||||
Without Sales Charge and CDSC | 1.85 | 3.24 | n/a | n/a | 4.87 | n/a | ||||||||||||
Class D ** | ||||||||||||||||||
With 1% CDSC | 0.98 | 2.37 | n/a | n/a | n/a | n/a | ||||||||||||
Without CDSC | 1.98 | 3.37 | 4.21 | n/a | n/a | 4.55 | % | |||||||||||
Lehman Index *** | 2.66 | 3.89 | 5.97 | 6.03 | 6.28 | ‡ | 5.97 | ‡‡ | ||||||||||
Dividend, Capital Gain, and Yield Information Per Share | ||||||||||||
Net Asset Value Per Share | For Periods Ended September 30, 2003 | |||||||||||
9/30/03 | 3/31/03 | 9/30/02 | Dividends † | Capital Gain † | SEC Yield †† | |||||||
Class A | $8.08 | $8.05 | $8.08 | $0.316 | $0.011 | 2.75% | ||||||
Class C | 8.09 | 8.07 | 8.10 | 0.255 | 0.011 | 2.13 | ||||||
Class D | 8.10 | 8.07 | 8.10 | 0.255 | 0.011 | 2.15 |
Holdings By Market Sector ø | Moody’s/S&P Ratings ø | |||||
Revenue Bonds | 70% | Aaa/AAA | 71% | |||
General Obligation Bonds øø | 30 | Aa/AA | 8 | |||
A/A | 21 | |||||
Weighted Average Maturity | 18.5 years | |||||
Average Annual | ||||||||||||||||||
Class C | Class D | |||||||||||||||||
Since | Since | |||||||||||||||||
Six | One | Five | Ten | Inception | Inception | |||||||||||||
Class A ** | Months * | Year | Years | Years | 5/27/99 | 2/1/94 | ||||||||||||
With Sales Charge | (2.33 | )% | (1.43 | )% | 3.61 | % | 4.61 | % | n/a | n/a | ||||||||
Without Sales Charge | 2.51 | 3.51 | 4.61 | 5.12 | n/a | n/a | ||||||||||||
Class C ** | ||||||||||||||||||
With Sales Charge and CDSC# | 0.01 | 0.76 | n/a | n/a | 4.23 | % | n/a | |||||||||||
Without Sales Charge and CDSC | 2.00 | 2.74 | n/a | n/a | 4.47 | n/a | ||||||||||||
Class D ** | ||||||||||||||||||
With 1% CDSC | 1.00 | 1.75 | n/a | n/a | n/a | n/a | ||||||||||||
Without CDSC | 2.00 | 2.74 | 3.81 | n/a | n/a | 4.31 | % | |||||||||||
Lehman Index *** | 2.66 | 3.89 | 5.67 | 6.03 | 6.28 | ‡ | 5.97 | ‡‡ | ||||||||||
Dividend, Capital Gain, and Yield Information Per Share | ||||||||||||
Net Asset Value Per Share | For Periods Ended September 30, 2003 | |||||||||||
9/30/03 | 3/31/03 | 9/30/02 | Dividends † | Capital Gain † | SEC Yield †† | |||||||
Class A | $8.14 | $8.08 | $8.19 | $0.291 | $0.037 | 2.85% | ||||||
Class C | 8.13 | 8.08 | 8.18 | 0.230 | 0.037 | 2.23 | ||||||
Class D | 8.13 | 8.08 | 8.18 | 0.230 | 0.037 | 2.26 |
Holdings By Market Sector ø | Moody’s/S&P Ratings ø | |||||
Revenue Bonds | 72% | Aaa/AAA | 45% | |||
General Obligation Bonds øø | 28 | Aa/AA | 31 | |||
A/A | 10 | |||||
Weighted Average Maturity | 17.6 years | Baa/BBB | 14 | |||
* | Returns for periods of less than one year are not annualized. | |
** | Return figures reflect any change in price and assume all distributions within the period are reinvested in additional shares. Returns for Class A shares are calculated with and without the effect of the initial 4.75% maximum sales charge. Returns for Class C shares are calculated with and without the effect of the initial 1% maximum sales charge and the 1% contingent deferred sales charge ("CDSC") that is charged on redemptions made within 18 months of purchase. Returns for Class D shares are calculated with and without the effect of the 1% CDSC, charged on redemptions made within one year of purchase. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. A portion of each Series’ income may be s ubject to applicable state and local taxes, and any amount may be subject to the federal alternative minimum tax. An investment in the Trust is not insured by the Federal Deposit Insurance Corporation or any other government agency. Past performance is not indicative of future investment results. During the periods presented, the Manager, at its discretion, waived a portion of its management fee for the California High-Yield and Florida Series. Absent such waivers, returns would have been lower. | |
*** | The Lehman Index is an unmanaged index that does not include any fees or sales charges. It is composed of approximately 60% revenue bonds and 40% state government obligations. Investors cannot invest directly in an index. | |
# | The CDSC is 1% for periods of 18 months or less. | |
‡ | From 5/31/99. | |
‡‡ | From 1/31/94. | |
† | Represents per share amount paid or declared for the year ended September 30, 2003. | |
†† | Current yield, representing the annualized yield for the 30-day period ended September 30, 2003, has been computed in accordance with SEC regulations and will vary. During the period, the Manager, at its discretion, waived a portion of its management fee for the California High-Yield and Florida Series. Without these waivers the yields would be as follows: |
Class A | Class C | Class D | |||||
California High-Yield Series | 3.70% | 2.96% | 3.00% | ||||
Florida Series | 2.60 | 1.98 | 2.00 |
ø | Percentages based on current market values of long-term holdings at September 30, 2003. | |
øø | Includes pre-refunded and escrowed-to-maturity securities. |
Face Amount | Municipal Bonds | Ratings Moody’s/S&P † | Market Value | |||
$1,000,000 | California Department of Veterans’Affairs (Home Purchase Rev.), 5 1/2% due 12/1/2018* | Aa2/AA | $ 1,045,070 | |||
1,500,000 | California Department of Veterans’Affairs (Home Purchase Rev.), 5.60% due 12/1/2028 | Aaa/AAA | 1,534,860 | |||
1,000,000 | California Educational Facilities Authority Rev. (Loyola Marymount University), 5 3/4% due 10/1/2024ø | Aaa/NR | 1,043,870 | |||
275,000 | California Educational Facilities Authority Rev. (Loyola Marymount University), 5 3/4% due 10/1/2024 | A2/NR | 285,651 | |||
2,500,000 | California Educational Facilities Authority Rev. (Scripps College), 5% due 8/1/2031 | A1/NR | 2,488,650 | |||
3,000,000 | California Health Facilities Financing Authority Rev. (Cedars-Sinai Medical Center), 6 1/4% due 12/1/2034 | A3/NR | 3,212,400 | |||
2,750,000 | California Health Facilities Financing Authority Rev. (Kaiser Permanente), 5.40% due 5/1/2028 | A3/A | 2,776,235 | |||
2,500,000 | California Housing Finance Agency (Multi-Family Housing Rev.), 5 3/8% due 2/1/2036* | Aa3/AA- | 2,506,250 | |||
1,775,000 | California Housing Finance Agency (Single Family Mortgage), 5.40% due 8/1/2028* | Aaa/AAA | 1,802,246 | |||
2,500,000 | California Infrastructure and Economic Development Bank Rev. (The J. David Gladstone Institutes), 51/4% due 10/1/2034 | NR/A- | 2,521,950 | |||
1,750,000 | California Pollution Control Financing Authority Rev. (Pacific Gas & Electric Co.), 5 7/8% due 6/1/2023* | B3/CCC | 1,701,368 | |||
1,000,000 | California Pollution Control Financing Authority Rev. (Pacific Gas & Electric Co.), 5.85% due 12/1/2023* | B3/CCC | 972,240 | |||
2,500,000 | California Statewide Communities Development Authority Rev., (Sutter Health), 5 5/8% due 8/15/2042 | A1/A+ | 2,554,450 | |||
1,500,000 | Foothill/Eastern Transportation Corridor Agency, CA Toll Road Rev., 5 3/4% due 1/15/2040 | Baa3/BBB- | 1,523,565 | |||
2,870,000 | Modesto, CA Irrigation District Certificates of Participation, 5.30% due 7/1/2022 | A2/A+ | 2,871,119 | |||
2,005,000 | Pleasanton, CA Joint Powers Financing Authority Reassessment Rev., 6.15% due 9/2/2012 | Baa1/NR | 2,052,178 | |||
3,000,000 | Puerto Rico Highway & Transportation Authority Rev., 5 1/2% due 7/1/2036 | Baa1/A | 3,169,560 | |||
1,795,000 | Sacramento, CA Municipal Utility District Electric Rev., 5 1/4% due 7/1/2028ø | A2/A | 1,870,139 | |||
705,000 | Sacramento, CA Municipal Utility District Electric Rev., 5 1/4% due 7/1/2028ø | A2/A | 734,398 | |||
3,000,000 | San Bernardino, CA Joint Powers Financing Authority (California Dept. of Transportation Lease), 5 1/2% due 12/1/2020 | Baa1/BBB- | 3,102,330 | |||
2,160,000 | San Francisco, CA City & County Public Utilities Commission Rev., 5% due 11/1/2026 | A1/A+ | 2,166,631 | |||
2,000,000 | Washington Township, CA Hospital District Hospital Healthcare System Rev., 5 1/4% due 7/1/2029 | A2/NR | 2,020,120 | |||
Total Municipal Bonds (Cost $42,498,641) —93.3% | 43,955,280 | |||||
$ 450,000 | Lehigh County, PA General Purpose Authority Rev. (Lehigh Valley Hospital) due 7/1/2029 | VMIG 1/NR | $ 450,000 | |||
1,200,000 | New York City, NY GOs Subseries E-5 due 8/1/2015 | VMIG 1/A-1+ | 1,200,000 | |||
900,000 | New York City, NY Municipal Water Finance Authority, Water & Sewer System Rev. due 6/15/2025 | VMIG 1/A-1+ | 900,000 | |||
Total Variable Rate Demand Notes (Cost $2,550,000) —5.4% | 2,550,000 | |||||
Total Investments (Cost $45,048,641) —98.7% | 46,505,280 | |||||
Other Assets Less Liabilities —1.3% | 606,032 | |||||
Net Assets —100.0% | $47,111,312 | |||||
Face Amount | Municipal Bonds | Ratings Moody’s/S&P † | Market Value | |||
$3,000,000 | California Department of Water Resources Water System Rev. (Central Valley Project), 6.10% due 12/1/2029ø | Aaa/AA | $ 3,406,620 | |||
3,000,000 | California Educational Facilities Authority Rev. (Pepperdine University), 5% due 11/1/2029 | A1/NR | 3,017,700 | |||
2,000,000 | California Educational Facilities Authority Rev. (Stanford University), 5.35% due 6/1/2027 | Aaa/AAA | 2,105,500 | |||
3,000,000 | California Educational Facilities Authority Rev. (University of San Diego), 5% due 10/1/2028 | Aaa/NR | 3,035,490 | |||
3,000,000 | California Educational Facilities Authority Rev. (University of Southern California), 5% due 10/1/2028 | Aa1/AA+ | 3,019,380 | |||
1,000,000 | California Infrastructure & Economic Development Bank Rev. (Bay Area Toll Bridges Seismic Retrofit Bonds), 5% due 7/1/2023 | Aaa/AAA | 1,027,120 | |||
4,000,000 | California Pollution Control Financing Authority Rev. (Mobil Oil Corporation Project), 51/2% due 12/1/2029* | Aaa/AAA | 4,217,480 | |||
4,000,000 | California State GOs, 5 3/8% due 10/1/2027 | A3/BBB | 4,057,960 | |||
2,420,000 | California State Veterans' GOs, 5.70% due 12/1/2032* | A3/A | 2,473,361 | |||
3,000,000 | California Statewide Communities Development Authority Certificates of Participation (The Trustees of the J. Paul Getty Trust), 5% due 10/1/2023 | Aaa/AAA | 3,027,450 | |||
2,000,000 | California Statewide Communities Development Authority Rev., (Kaiser Permanente), 51/2% due 11/1/2032 | A3/A | 2,024,560 | |||
3,000,000 | East Bay, CA Municipal Utility District Water System Rev., 5% due 6/1/2026 | Aaa/AAA | 3,024,630 | |||
2,500,000 | Eastern Municipal Water District, CA Water and Sewer Rev., 63/4% due 7/1/2012 | Aaa/AAA | 3,060,250 | |||
3,000,000 | Fresno, CA Sewer System Rev., 5 1/4% due 9/1/2019 | Aaa/AAA | 3,377,820 | |||
4,000,000 | Los Angeles, CA Department of Water & Power Water System Rev., 5 1/8% due 7/1/2041 | Aa3/AA | 4,028,680 | |||
3,000,000 | Orange County, CA Local Transportation Authority (Measure M Sales Tax Rev.), 6% due 2/15/2009 | Aaa/AAA | 3,534,840 |
Face Amount | Municipal Bonds | Ratings Moody’s/S&P † | Market Value | |||
$1,000,000 | Rancho, CA Water District Financing Authority Rev., 5.90% due 11/1/2015 | Aaa/AAA | $ 1,106,110 | |||
4,000,000 | Regents of the University of California Rev. (Multiple Purpose Projects), 5 3/8% due 9/1/2024 | |||||
4,000,000 | Sacramento County, CA Sanitation Districts Financing Authority Rev. (Sacramento Regional County Sanitation District), 5% due 12/1/2027 | Aaa/AAA | 4,053,120 | |||
1,000,000 | Sacramento County, CA Sanitation Districts Financing Authority Rev. (Sacramento Regional County Sanitation District), 5 7/8% due 12/1/2027 ø | Aa3/AA | 1,094,470 | |||
4,250,000 | San Francisco Bay Area Rapid Transit District, CA (Sales Tax Rev.), 5% due 7/1/2028 | Aaa/AAA | 4,288,463 | |||
3,000,000 | San Francisco, CA City and County Airports Commission Rev. (International Airport), 6.60% due 5/1/2024* | Aaa/AAA | 3,151,860 | |||
Total Municipal Bonds (Cost $62,262,942) —96.4% | 66,352,624 | |||||
Variable Rate Demand Notes (Cost $1,500,000) —2.2% | 1,500,000 | |||||
Total Investments (Cost $63,762,942) —98.6% | 67,852,624 | |||||
Other Assets Less Liabilities —1.4% | 997,766 | |||||
Net Assets —100.0% | $68,850,390 | |||||
Face Amount | Municipal Bonds | Ratings Moody’s/S&P † | Market Value | |||
$2,000,000 | Broward County, FL Airport System Rev., 5 1/4% due 10/1/2026* | Aaa/AAA | $ 2,041,700 | |||
1,000,000 | Dade County, FL Aviation Rev., 6 1/8% due 10/1/2020*ø | Aaa/AAA | 1,066,820 | |||
2,000,000 | Dade County, FL Public Improvement GOs, 5 3/4% due 10/1/2016 | Aaa/AAA | 2,225,800 | |||
1,750,000 | Escambia County, FL Health Facilities Authority Rev. (Ascension Health Credit Group), 6% due 11/15/2031ø | Aa2/AAA | 2,096,028 | |||
720,000 | Florida Housing Finance Agency Rev. (General Mortgage), 6.20% due 7/1/2027* | Aa2/AA | 747,583 | |||
710,000 | Florida Housing Finance Agency Rev. (Homeowner Mortgage), 6.35% due 6/1/2014* | NR/AAA | 725,201 | |||
645,000 | Florida Housing Finance Agency Rev. (Homeowner Mortgage), 5.95% due 1/1/2032* | Aaa/AAA | 667,840 | |||
375,000 | Florida Housing Finance Agency Rev. (Single Family Mortgage), 6.55% due 7/1/2014* | Aaa/AAA | 388,421 | |||
2,500,000 | Florida Ports Financing Commission Rev. (State Transportation Trust Fund), 5 3/8% due 6/1/2027* | Aaa/AAA | 2,555,000 | |||
2,500,000 | Florida State Turnpike Authority Rev., 5 5/8% due 7/1/2025ø | Aaa/AAA | 2,719,400 | |||
2,000,000 | Greater Orlando Aviation Authority, FL Airport Facilities Rev., 5 1/4% due 10/1/2023* | Aaa/AAA | 2,042,380 | |||
2,000,000 | Hillsborough County, FL School Board (Certificates of Participation), 6% due 7/1/2025 ø | Aaa/AAA | 2,388,380 |
Face Amount | Municipal Bonds | Ratings Moody’s/S&P † | Market Value | |||
$2,000,000 | Jacksonville Electric Authority, FL (Electric System Rev.), 5 1/2% due 10/1/2041 | Aa2/AA | $ 2,130,200 | |||
2,000,000 | Jacksonville Electric Authority, FL (Water & Sewer System Rev.), 5 5/8% due 10/1/2030 | Aaa/AAA | 2,098,260 | |||
1,000,000 | Jacksonville, FL Port Authority Airport Rev., 6 1/4% due 10/1/2024* | Aaa/AAA | 1,101,620 | |||
2,000,000 | Jacksonville, FL Sewage & Solid Waste Disposal Facilities Rev. (Anheuser-Busch Project), 5 7/8% due 2/1/2036* | A1/A+ | 2,075,740 | |||
1,000,000 | Lee County, FL (Water & Sewer Rev.), 5% due 10/1/2023 | Aaa/AAA | 1,033,400 | |||
2,000,000 | Marion County, FL Hospital District Health System Rev. (Munroe Regional Health System), 5 5/8% due 10/1/2024 | A2/NR | 2,036,440 | |||
1,750,000 | Orange County, FL Health Facilities Authority Hospital Rev. (Adventist Health System/Sunbelt Obligation Group), 6 3/8% due 11/15/2020 | A3/A | 1,934,835 | |||
2,000,000 | Pinellas County, FL Health Facilities Authority Rev. (Baycare Health System), 5 1/2% due 11/15/2033 | A1/NR | 2,014,720 | |||
2,000,000 | Reedy Creek Improvement District, FL Utilities Rev., 5 1/8% due 10/1/2019 | Aaa/AAA | 2,136,780 | |||
1,750,000 | Tampa Bay, FL Regional Water Supply Utility System Authority Rev., 5 3/4% due 10/1/2029 ø | Aaa/AAA | 2,070,320 | |||
Total Municipal Bonds (Cost $35,348,670) —94.8% | 38,296,868 | |||||
Variable Rate Demand Notes (Cost $1,200,000) —3.0% | 1,200,000 | |||||
Total Investments (Cost $36,548,670) —97.8% | 39,496,868 | |||||
Other Assets Less Liabilities —2.2% | 887,606 | |||||
Net Assets —100.0% | $40,384,474 | |||||
Face Amount | Municipal Bonds | Ratings Moody’s/S&P † | Market Value | |||
$1,250,000 | Appalachian State University, NC Housing & Student Center System Rev., 5.60% due 7/15/2020 | Aaa/NR | $ 1,391,912 | |||
1,250,000 | Asheville, NC Water System Rev., 5.70% due 8/1/2025 | Aaa/AAA | 1,361,525 | |||
1,185,000 | Buncombe County, NC Metropolitan Sewer District Sewer System Rev., 5% due 7/1/2020 | Aaa/AAA | 1,254,311 | |||
1,000,000 | Charlotte, NC Storm Water Fee Rev., 6% due 6/1/2025ø | Aa2/AA+ | 1,196,850 | |||
1,000,000 | Charlotte, NC Water & Sewer GOs, 5.90% due 2/1/2017ø | Aaa/AAA | 1,036,560 | |||
1,250,000 | Charlotte, NC Water & Sewer System Rev., 5 1/4% due 6/1/2025ø | Aa1/AAA | 1,441,188 | |||
2,000,000 | Charlotte-Mecklenburg Hospital Authority, NC Health Care System Rev., 5 3/4% due 1/15/2021 | Aa3/AA | 2,175,020 | |||
250,000 | City of Winston-Salem, NC Water & Sewer System Rev., 5 1/8% due 6/1/2028ø | Aa2/AAA | 285,402 | |||
215,000 | Greensboro, NC Combined Enterprise System Rev., 5 1/4% due 6/1/2022 | Aa3/AA+ | 229,254 |
Face Amount | Municipal Bonds | Ratings Moody’s/S&P † | Market Value | |||
$2,500,000 | Martin County Industrial Facilities and Pollution Control Financing Authority, NC Solid Waste Disposal Rev.(Weyerhaeuser Company Project), 6% due 11/1/2025* | Baa2/BBB | $ 2,518,700 | |||
1,250,000 | North Carolina Capital Facilities Finance Agency Rev., (Duke University Project), 5 1/8% due 10/1/2041 | Aa1/AA+ | 1,267,775 | |||
735,000 | North Carolina Housing Finance Agency Rev. (Home Ownership), 6.40% due 7/1/2028* | Aa2/AA | 778,600 | |||
605,000 | North Carolina Housing Finance Agency Rev. (Single Family), 6 1/2% due 3/1/2018 | Aa2/AA | 618,141 | |||
1,500,000 | North Carolina Medical Care Commission Hospital Rev. (First Health of the Carolinas Project), 5% due 10/1/2028 | Aa3/AA | 1,503,510 | |||
1,500,000 | North Carolina Medical Care Commission Hospital Rev. (Gaston Health Care), 5% due 2/15/2029 | A1/A+ | 1,457,895 | |||
1,750,000 | North Carolina Municipal Power Agency No. 1 Catawba Electric Rev., 5% due 1/1/2020 †† | Aaa/AAA | 1,912,225 | |||
1,000,000 | Puerto Rico Electric Power Authority Rev., 5 1/4% due 7/1/2021 | Aaa/AAA | 1,118,380 | |||
1,000,000 | University of North Carolina at Chapel Hill Hospital Rev., 5 1/4% due 2/15/2026ø | A1/AA | 1,110,080 | |||
1,250,000 | University of North Carolina at Charlotte Rev. (Student Activity Center), 5 1/2% due 6/1/2021 | Aaa/AAA | 1,343,250 | |||
1,000,000 | Wake County Industrial Facilities & Pollution Control Financing Authority Rev., NC (Carolina Power & Light), 5 3/8% due 2/1/2017 | A3/BBB | 1,070,700 | |||
Total Municipal Bonds (Cost $23,151,057) —95.0% | 25,071,278 | |||||
Variable Rate Demand Notes (Cost $700,000) —2.7% | 700,000 | |||||
Total Investments (Cost $23,851,057) —97.7% | 25,771,278 | |||||
Other Assets Less Liabilities —2.3% | 608,552 | |||||
Net Assets —100.0% | $26,379,830 | |||||
Statements of Assets and Liabilities
September 30, 2003
California | California | North | |||||||||||
High-Yield | Quality | Florida | Carolina | ||||||||||
Series | Series | Series | Series | ||||||||||
Assets: | |||||||||||||
Investments, at value:* | |||||||||||||
Long-term holdings | $ | 43,955,280 | $ | 66,352,624 | $ | 38,296,868 | $ | 25,071,278 | |||||
Short-term holdings | 2,550,000 | 1,500,000 | 1,200,000 | 700,000 | |||||||||
46,505,280 | 67,852,624 | 39,496,868 | 25,771,278 | ||||||||||
Cash | 88,030 | 69,847 | 52,546 | 95,620 | |||||||||
Interest receivable | 672,043 | 1,110,175 | 799,261 | 347,863 | |||||||||
Expenses prepaid to shareholder | |||||||||||||
service agent | 16,242 | 18,153 | 12,420 | 7,643 | |||||||||
Receivable for Shares of | |||||||||||||
Beneficial Interest sold | 16,000 | — | 151,049 | — | |||||||||
Receivable for securities sold | — | — | — | 313,320 | |||||||||
Other | 2,118 | 3,138 | 1,846 | 1,191 | |||||||||
Total Assets | 47,299,713 | 69,053,937 | 40,513,990 | 26,536,915 | |||||||||
Liabilities: | |||||||||||||
Dividends payable | 78,654 | 105,785 | 61,302 | 45,201 | |||||||||
Payable for Shares | |||||||||||||
of Beneficial Interest repurchased | 41,249 | 6,000 | 10,490 | 65,170 | |||||||||
Management fee payable | 15,354 | 27,945 | 11,602 | 10,830 | |||||||||
Distribution and service fees payable | 9,277 | 10,286 | 11,437 | 7,163 | |||||||||
Accrued expenses and other | 43,867 | 53,531 | 34,685 | 28,721 | |||||||||
Total Liabilities | 188,401 | 203,547 | 129,516 | 157,085 | |||||||||
Net Assets | $ | 47,111,312 | $ | 68,850,390 | $ | 40,384,474 | $ | 26,379,830 | |||||
Composition of Net Assets: | |||||||||||||
Shares of Beneficial Interest, at par: | |||||||||||||
Class A | $ | 5,888 | $ | 8,952 | $ | 4,224 | $ | 2,798 | |||||
Class C | 528 | 842 | 579 | 342 | |||||||||
Class D | 733 | 221 | 194 | 101 | |||||||||
Additional paid-in capital | 45,518,125 | 64,738,764 | 37,286,379 | 24,365,158 | |||||||||
Undistributed net investment income | 116,767 | 180,123 | 67,995 | 43,575 | |||||||||
Undistributed/accumulated net | |||||||||||||
realized gain (loss) | 12,632 | (168,194 | ) | 76,905 | 47,635 | ||||||||
Net unrealized appreciation | |||||||||||||
of investments | 1,456,639 | 4,089,682 | 2,948,198 | 1,920,221 | |||||||||
Net Assets | $ | 47,111,312 | $ | 68,850,390 | $ | 40,384,474 | $ | 26,379,830 | |||||
(Continued on page 16. )
California | California | North | |||||||||||
High-Yield | Quality | Florida | Carolina | ||||||||||
Series | Series | Series | Series | ||||||||||
Net Assets: | |||||||||||||
Class A | $ | 38,797,689 | $ | 61,565,685 | $ | 34,130,985 | $ | 22,778,362 | |||||
Class C | $ | 3,482,097 | $ | 5,772,456 | $ | 4,686,308 | $ | 2,777,909 | |||||
Class D | $ | 4,831,526 | $ | 1,512,249 | $ | 1,567,181 | $ | 823,559 | |||||
Shares of Beneficial Interest Outstanding (unlimited shares authorized; $0.001 par value) : | |||||||||||||
Class A | 5,888,220 | 8,952,255 | 4,224,358 | 2,797,815 | |||||||||
Class C | 527,959 | 842,199 | 578,930 | 341,595 | |||||||||
Class D | 732,527 | 220,627 | 193,598 | 101,270 | |||||||||
Net Asset Value per Share: | |||||||||||||
Class A | $ | 6.59 | $ | 6.88 | $ | 8.08 | $ | 8.14 | |||||
Class C | $ | 6.60 | $ | 6.85 | $ | 8.09 | $ | 8.13 | |||||
Class D | $ | 6.60 | $ | 6.85 | $ | 8.10 | $ | 8.13 | |||||
_____________ | |||||||||||||
* Cost of investments | $ | 45,048,641 | $ | 63,762,942 | $ | 36,548,670 | $ | 23,851,057 |
California | California | North | |||||||||||
High-Yield | Quality | Florida | Carolina | ||||||||||
Series | Series | Series | Series | ||||||||||
Investment Income: | |||||||||||||
Interest | $ | 2,669,152 | $ | 3,659,813 | $ | 2,126,989 | $ | 1,356,999 | |||||
Expenses: | |||||||||||||
Management fees | 255,537 | 374,016 | 213,775 | 140,411 | |||||||||
Distribution and service fees | 126,079 | 138,683 | 153,592 | 98,525 | |||||||||
Shareholder account services | 117,045 | 141,904 | 94,048 | 59,749 | |||||||||
Auditing and legal fees | 27,138 | 34,142 | 25,506 | 19,192 | |||||||||
Custody and related services | 25,422 | 30,056 | 19,542 | 15,036 | |||||||||
Registration | 14,515 | 14,945 | 12,638 | 12,071 | |||||||||
Trustee’s fees and expenses | 8,815 | 9,564 | 7,860 | 7,220 | |||||||||
Shareholder reports | |||||||||||||
and communications | 6,236 | 10,693 | 5,696 | 5,808 | |||||||||
Miscellaneous | 4,636 | 5,734 | 3,776 | 3,204 | |||||||||
Total Expenses | |||||||||||||
Before Management Fee Waiver | 585,423 | 759,737 | 536,433 | 361,216 | |||||||||
Fee Waiver (Note 4) | (51,109 | ) | — | (64,132 | ) | — | |||||||
Total Expenses | |||||||||||||
After Management Fee Waiver | 534,314 | 759,737 | 472,301 | 361,216 | |||||||||
Net Investment Income | 2,134,838 | 2,900,076 | 1,654,688 | 995,783 | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments: | |||||||||||||
Net realized gain on investments | 140,138 | 22,618 | 66,794 | 41,191 | |||||||||
Net change in unrealized appreciation of investments | (1,238,128 | ) | (1,945,933 | ) | (76,255 | ) | (109,179 | ) | |||||
Net Loss on Investments | (1,097,990 | ) | (1,923,315 | ) | (9,461 | ) | (67,988 | ) | |||||
Increase in Net Assets from Operations | $ | 1,036,848 | $ | 976,761 | $ | 1,645,227 | $ | 927,795 | |||||
California High-Yield Series | California Quality Series | ||||||||||||
Year Ended September 30, | Year Ended September 30, | ||||||||||||
2003 | 2002 | 2003 | 2002 | ||||||||||
Operations: | |||||||||||||
Net investment income | $ | 2,134,838 | $ | 2,415,922 | $ | 2,900,076 | $ | 3,335,069 | |||||
Net realized gain (loss) on investments | 140,138 | 161,411 | 22,618 | (52,470 | ) | ||||||||
Net change in unrealized appreciation of investments | (1,238,128 | ) | 1,073,987 | (1,945,933 | ) | 2,173,479 | |||||||
Increase in Net Assets from Operations | 1,036,848 | 3,651,320 | 976,761 | 5,456,078 | |||||||||
Distributions to Shareholders: | |||||||||||||
Net investment income: | |||||||||||||
Class A | (1,822,424 | ) | (2,084,717 | ) | (2,650,341 | ) | (3,138,850 | ) | |||||
Class C | (112,043 | ) | (120,977 | ) | (160,286 | ) | (96,892 | ) | |||||
Class D | (168,572 | ) | (191,021 | ) | (55,316 | ) | (72,824 | ) | |||||
Total | (2,103,039 | ) | (2,396,715 | ) | (2,865,943 | ) | (3,308,566 | ) | |||||
Net realized short-term gain on investments: † | |||||||||||||
Class A | (125,405 | ) | — | — | — | ||||||||
Class C | (8,656 | ) | — | — | — | ||||||||
Class D | (13,453 | ) | — | — | — | ||||||||
Total | (147,514 | ) | — | — | — | ||||||||
Net realized long-term gain on investments: | |||||||||||||
Class A | (88,522 | ) | (136,035 | ) | — | (669,363 | ) | ||||||
Class C | (6,110 | ) | (9,158 | ) | — | (17,701 | ) | ||||||
Class D | (9,496 | ) | (15,440 | ) | — | (28,044 | ) | ||||||
Total | (104,128 | ) | (160,633 | ) | — | (715,108 | ) | ||||||
Decrease in Net Assets from | |||||||||||||
Distributions | (2,354,681 | ) | (2,557,348 | ) | (2,865,943 | ) | (4,023,674 | ) | |||||
California High-Yield Series | California Quality Series | ||||||||||||
Year Ended September 30, | Year Ended September 30, | ||||||||||||
2003 | 2002 | 2003 | 2002 | ||||||||||
Capital Share Transactions: | |||||||||||||
Net proceeds from sales of shares | $ | 1,532,392 | $ | 2,990,070 | $ | 4,974,059 | $ | 16,952,913 | |||||
Investment of dividends | 1,243,133 | 1,388,559 | 1,478,061 | 1,614,524 | |||||||||
Exchanged from associated funds | 15,772,060 | 14,607,950 | 1,676,737 | 1,235,384 | |||||||||
Shares issued in payment of gain distributions | 182,579 | 117,873 | — | 460,051 | |||||||||
Total | 18,730,164 | 19,104,452 | 8,128,857 | 20,262,872 | |||||||||
Cost of shares repurchased | (6,600,451 | ) | (5,037,549 | ) | (16,337,268 | ) | (18,363,638 | ) | |||||
Exchanged into associated funds | (23,587,901 | ) | (14,743,265 | ) | (2,788,344 | ) | (1,476,492 | ) | |||||
Total | (30,188,352 | ) | (19,780,814 | ) | (19,125,612 | ) | (19,840,130 | ) | |||||
Increase (Decrease) in Net Assets | |||||||||||||
from Capital Share Transactions | (11,458,188 | ) | (676,362 | ) | (10,996,755 | ) | 422,742 | ||||||
Increase (Decrease) in Net Assets | (12,776,021 | ) | 417,610 | (12,885,937 | ) | 1,855,146 | |||||||
Net Assets: | |||||||||||||
Beginning of year | 59,887,333 | 59,469,723 | 81,736,327 | 79,881,181 | |||||||||
End of Year * | $ | 47,111,312 | $ | 59,887,333 | $ | 68,850,390 | $ | 81,736,327 | |||||
__________________ | |||||||||||||
* Including undistributed net investment income as follows: | $ | 116,767 | $ | 102,692 | $ | 180,123 | $ | 156,808 | |||||
† �� For tax purposes, these distributions are considered ordinary income. |
Florida Series | North Carolina Series | ||||||||||||
Year Ended September 30, | Year Ended September 30, | ||||||||||||
2003 |
|
| 2002 |
|
| 2003 |
|
| 2002 | ||||
Operations: | |||||||||||||
Net investment income | $ | 1,654,688 | $ | 1,745,510 | $ | 995,783 | $ | 1,175,377 | |||||
Net realized gain on investments | 66,794 | 74,668 | 41,191 | 117,215 | |||||||||
Net change in unrealized appreciation of investments | (76,255 | ) | 993,334 | (109,179 | ) | 987,590 | |||||||
Increase in Net Assets from Operations | 1,645,227 | 2,813,512 | 927,795 | 2,280,182 | |||||||||
Distributions to Shareholders: | |||||||||||||
Net investment income: | |||||||||||||
Class A | (1,439,063 | ) | (1,568,880 | ) | (875,583 | ) | (1,028,081 | ) | |||||
Class C | (140,805 | ) | (98,276 | ) | (82,387 | ) | (90,604 | ) | |||||
Class D | (57,918 | ) | (63,496 | ) | (25,624 | ) | (45,412 | ) | |||||
Total | (1,637,786 | ) | (1,730,652 | ) | (983,594 | ) | (1,164,097 | ) | |||||
Net realized short-term gain on investments: † | |||||||||||||
Class A | — | — | (21,521 | ) | — | ||||||||
Class C | — | — | (2,424 | ) | — | ||||||||
Class D | — | — | (803 | ) | — | ||||||||
Total | — | — | (24,748 | ) | — | ||||||||
Net realized long-term gain on investments: | |||||||||||||
Class A | (50,295 | ) | — | (92,232 | ) | (22,817 | ) | ||||||
Class C | (5,431 | ) | — | (10,386 | ) | (2,204 | ) | ||||||
Class D | (2,384 | ) | — | (3,440 | ) | (1,347 | ) | ||||||
Total | (58,110 | ) | — | (106,058 | ) | (26,368 | ) | ||||||
Decrease in Net Assets from Distributions | (1,695,896 | ) | (1,730,652 | ) | (1,114,400 | ) | (1,190,465 | ) | |||||
Florida Series | North Carolina Series | ||||||||||||
Year Ended September 30, | Year Ended September 30, | ||||||||||||
2003 | 2002 | 2003 | 2002 | ||||||||||
Capital Share Transactions: | |||||||||||||
Net proceeds from sales of shares | $ | 4,358,821 | $ | 4,543,758 | $ | 3,745,650 | $ | 4,829,290 | |||||
Investment of dividends | 759,368 | 788,699 | 588,430 | 649,812 | |||||||||
Exchanged from associated funds | 1,566,632 | 2,433,758 | 4,162,491 | 3,051,795 | |||||||||
Shares issued in payment of | |||||||||||||
gain distributions | 27,939 | — | 93,143 | 18,346 | |||||||||
Total | 6,712,760 | 7,766,215 | 8,589,714 | 8,549,243 | |||||||||
Cost of shares repurchased | (8,503,284 | ) | (4,409,030 | ) | (5,956,929 | ) | (5,006,154 | ) | |||||
Exchanged into associated funds | (1,030,121 | ) | (1,963,962 | ) | (5,355,336 | ) | (4,644,798 | ) | |||||
Total | (9,533,405 | ) | (6,372,992 | ) | (11,312,265 | ) | (9,650,952 | ) | |||||
Increase (Decrease) in Net Assets from Capital Share Transactions | (2,820,645 | ) | 1,393,223 | (2,722,551 | ) | (1,101,709 | ) | ||||||
Increase (Decrease) in Net Assets | (2,871,314 | ) | 2,476,083 | (2,909,156 | ) | (11,992 | ) | ||||||
Net Assets: | |||||||||||||
Beginning of year | 43,255,788 | 40,779,705 | 29,288,986 | 29,300,978 | |||||||||
End of Year * | $ | 40,384,474 | $ | 43,255,788 | $ | 26,379,830 | $ | 29,288,986 | |||||
_________________ | |||||||||||||
* Including undistributed net investment income as follows: | $ | 67,995 | $ | 67,360 | $ | 43,575 | $ | 53,226 |
Series | Purchases | Sales | ||
California High-Yield | $2,133,648 | $10,547,700 | ||
California Quality | 993,710 | 5,844,095 | ||
Florida | 4,859,495 | 4,938,140 | ||
North Carolina | 2,524,227 | 3,748,800 |
Total | Total | |||||
Tax | Unrealized | Unrealized | ||||
Series | Basis Cost | Appreciation | Depreciation | |||
California High-Yield | $44,931,874 | $1,699,300 | $125,894 | |||
California Quality | 63,731,979 | 4,120,645 | — | |||
Florida | 36,480,675 | 3,016,193 | — | |||
North Carolina | 23,807,482 | 1,963,796 | — |
Distributor | Dealer | |||
Series | Concessions | Commissions | ||
California High-Yield | $2,679 | $23,030 | ||
California Quality | 8,394 | 70,908 | ||
Florida | 7,633 | 64,910 | ||
North Carolina | 4,473 | 38,073 |
Series | Class C | Class D | ||
California High-Yield | $33,337 | $50,188 | ||
California Quality | 52,769 | 18,317 | ||
Florida | 44,216 | 18,218 | ||
North Carolina | 28,948 | 8,968 |
Distribution and | ||||
Series | Commissions | Service Fees | ||
California High-Yield | $ 534 | $4,423 | ||
California Quality | 3,361 | 3,699 | ||
Florida | 417 | 4,269 | ||
North Carolina | — | 2,055 |
Series | |||
California High-Yield | $117,045 | ||
California Quality | 141,904 | ||
Florida | 94,048 | ||
North Carolina | 59,749 |
Series | |||
California High-Yield | $11,318 | ||
California Quality | 11,497 | ||
Florida | 6,797 | ||
North Carolina | 5,539 |
Year Ended September 30, | |||||||||||||
2003 | 2002 | ||||||||||||
Class A | Shares | Amount | Shares | Amount | |||||||||
Net proceeds from sales of shares | 124,441 | $ | 818,547 | 320,139 | $ | 2,102,918 | |||||||
Investment of dividends | 157,158 | 1,034,298 | 180,008 | 1,177,632 | |||||||||
Exchanged from associated funds | 2,378,200 | 15,699,417 | 2,242,274 | 14,514,200 | |||||||||
Shares issued in payment of gain distributions | 23,350 | 152,707 | 14,874 | 98,617 | |||||||||
Total | 2,683,149 | 17,704,969 | 2,757,295 | 17,893,367 | |||||||||
Cost of shares repurchased | (818,165 | ) | (5,389,247 | ) | (550,019 | ) | (3,608,289 | ) | |||||
Exchanged into associated funds | (3,546,399 | ) | (23,415,548 | ) | (2,219,063 | ) | (14,464,774 | ) | |||||
Total | (4,364,564 | ) | (28,804,795 | ) | (2,769,082 | ) | (18,073,063 | ) | |||||
Decrease | (1,681,415 | ) | $ | (11,099,826 | ) | (11,787 | ) | $ | (179,696 | ) | |||
Class C | Shares | Amount | Shares | Amount | |||||||||
Net proceeds from sales of shares | 87,104 | $ | 579,047 | 101,708 | $ | 665,889 | |||||||
Investment of dividends | 12,010 | 79,055 | 12,133 | 79,356 | |||||||||
Exchanged from associated funds | 145 | 980 | 635 | 4,168 | |||||||||
Shares issued in payment of gain | |||||||||||||
distributions | 1,861 | 12,188 | 1,061 | 7,042 | |||||||||
Total | 101,120 | 671,270 | 115,537 | 756,455 | |||||||||
Cost of shares repurchased | (84,856 | ) | (561,520 | ) | (99,497 | ) | (650,192 | ) | |||||
Exchanged into associated funds | (654 | ) | (4,386 | ) | — | — | |||||||
Total | (85,510 | ) | (565,906 | ) | (99,497 | ) | (650,192 | ) | |||||
Increase | 15,610 | $ | 105,364 | 16,040 | $ | 106,263 | |||||||
Class D | Shares |
|
| Amount |
|
| Shares |
|
| Amount | |||
Net proceeds from sales of shares | 20,466 | $ | 134,798 | 33,741 | $ | 221,263 | |||||||
Investment of dividends | 19,706 | 129,780 | 20,128 | 131,571 | |||||||||
Exchanged from associated funds | 10,918 | 71,663 | 13,470 | 89,582 | |||||||||
Shares issued in payment of gain distributions | 2,700 | 17,684 | 1,839 | 12,214 | |||||||||
Total | 53,790 | 353,925 | 69,178 | 454,630 | |||||||||
Cost of shares repurchased | (98,831 | ) | (649,684 | ) | (119,047 | ) | (779,068 | ) | |||||
Exchanged into associated funds | (25,719 | ) | (167,967 | ) | (41,820 | ) | (278,491 | ) | |||||
Total | (124,550 | ) | (817,651 | ) | (160,867 | ) | (1,057,559 | ) | |||||
Decrease | (70,760 | ) | $ | (463,726 | ) | (91,689 | ) | $ | (602,929 | ) | |||
California Quality Series | ||||||||||||||
Year Ended September 30, | ||||||||||||||
2003 | 2002 | |||||||||||||
Class A | Shares |
|
| Amount |
|
| Shares |
|
| Amount | ||||
Net proceeds from sales of shares | 454,386 | $ | 3,116,697 | 1,961,711 | $ | 13,403,676 | ||||||||
Investment of dividends | 197,996 | 1,362,841 | 224,654 | 1,529,185 | ||||||||||
Exchanged from associated funds | 203,496 | 1,398,476 | 170,580 | 1,155,749 | ||||||||||
Shares issued in payment of gain distributions | — | — | 64,258 | 442,096 | ||||||||||
Total | 855,878 | 5,878,014 | 2,421,203 | 16,530,706 | ||||||||||
Cost of shares repurchased | (2,189,530 | ) | (15,075,151 | ) | (2,423,487 | ) | (16,398,180 | ) | ||||||
Exchanged into associated funds | (330,355 | ) | (2,269,490 | ) | (189,932 | ) | (1,283,088 | ) | ||||||
Total | (2,519,885 | ) | (17,344,641 | ) | (2,613,419 | ) | (17,681,268 | ) | ||||||
Decrease | (1,664,007 | ) | $ | (11,466,627 | ) | (192,216 | ) | $ | (1,150,562 | ) | ||||
Class C | Shares |
|
| Amount |
|
| Shares |
|
| Amount | ||||
Net proceeds from sales of shares | 265,193 | $ | 1,852,962 | 501,589 | $ | 3,387,528 | ||||||||
Investment of dividends | 12,819 | 87,959 | 7,914 | 53,629 | ||||||||||
Exchanged from associated funds | 33,331 | 228,840 | 8,740 | 59,200 | ||||||||||
Shares issued in payment of gain distributions | — | — | 1,352 | 9,277 | ||||||||||
Total | 311,343 | 2,169,761 | 519,595 | 3,509,634 | ||||||||||
Cost of shares repurchased | (118,463 | ) | (807,896 | ) | (52,181 | ) | (357,388 | ) | ||||||
Exchanged into associated funds | (72,952 | ) | (497,851 | ) | (28,712 | ) | (193,404 | ) | ||||||
Total | (191,415 | ) | (1,305,747 | ) | (80,893 | ) | (550,792 | ) | ||||||
Increase | 119,928 | $ | 864,014 | 438,702 | $ | 2,958,842 | ||||||||
Class D | Shares |
|
| Amount |
|
| Shares |
|
| Amount | ||||
Net proceeds from sales of shares | 642 | $ | 4,400 | 23,952 | $ | 161,709 | ||||||||
Investment of dividends | 3,975 | 27,261 | 4,683 | 31,710 | ||||||||||
Exchanged from associated funds | 7,117 | 49,421 | 3,017 | 20,435 | ||||||||||
Shares issued in payment of gain distributions | — | — | 1,265 | 8,678 | ||||||||||
Total | 11,734 | 81,082 | 32,917 | 222,532 | ||||||||||
Cost of shares repurchased | (66,877 | ) | (454,221 | ) | (240,192 | ) | (1,608,070 | ) | ||||||
Exchanged into associated funds | (3,098 | ) | (21,003 | ) | — | — | ||||||||
Total | (69,975 | ) | (475,224 | ) | (240,192 | ) | (1,608,070 | ) | ||||||
Decrease | (58,241 | ) | $ | (394,142 | ) | (207,275 | ) | $ | (1,385,538 | ) | ||||
Florida Series | |||||||||||||
Year Ended September 30, | |||||||||||||
2003 | 2002 | ||||||||||||
Class A | Shares |
|
| Amount |
|
| Shares |
|
| Amount | |||
Net proceeds from sales of shares | 330,311 | $ | 2,643,315 | 354,258 | $ | 2,773,212 | |||||||
Investment of dividends | 82,805 | 663,209 | 92,289 | 723,506 | |||||||||
Exchanged from associated funds | 91,095 | 728,063 | 271,819 | 2,111,014 | |||||||||
Shares issued in payment of gain distributions | 3,134 | 24,817 | — | — | |||||||||
Total | 507,345 | 4,059,404 | 718,366 | 5,607,732 | |||||||||
Cost of shares repurchased | (896,691 | ) | (7,170,449 | ) | (485,845 | ) | (3,811,354 | ) | |||||
Exchanged into associated funds | (27,024 | ) | (214,892 | ) | (246,999 | ) | (1,918,108 | ) | |||||
Total | (923,715 | ) | (7,385,341 | ) | (732,844 | ) | (5,729,462 | ) | |||||
Decrease | (416,370 | ) | $ | (3,325,937 | ) | (14,478 | ) | $ | (121,730 | ) | |||
Class C | Shares |
|
| Amount |
|
| Shares |
|
| Amount | |||
Net proceeds from sales of shares | 183,875 | $ | 1,476,270 | 218,807 | $ | 1,720,394 | |||||||
Investment of dividends | 8,646 | 69,506 | 4,186 | 32,923 | |||||||||
Exchanged from associated funds | 90,205 | 720,768 | 8,768 | 69,304 | |||||||||
Shares issued in payment of gain distributions | 326 | 2,587 | — | — | |||||||||
Total | 283,052 | 2,269,131 | 231,761 | 1,822,621 | |||||||||
Cost of shares repurchased | (87,747 | ) | (708,656 | ) | (39,712 | ) | (310,033 | ) | |||||
Exchanged into associated funds | (90,461 | ) | (722,729 | ) | (5,924 | ) | (45,854 | ) | |||||
Total | (178,208 | ) | (1,431,385 | ) | (45,636 | ) | (355,887 | ) | |||||
Increase | 104,844 | $ | 837,746 | 186,125 | $ | 1,466,734 | |||||||
Class D | Shares |
|
| Amount |
|
| Shares |
|
| Amount | |||
Net proceeds from sales of shares | 29,901 | $ | 239,236 | 6,356 | $ | 50,152 | |||||||
Investment of dividends | 3,324 | 26,653 | 4,106 | 32,270 | |||||||||
Exchanged from associated funds | 14,714 | 117,801 | 32,091 | 253,440 | |||||||||
Shares issued in payment of gain distributions | 67 | 535 | — | — | |||||||||
Total | 48,006 | 384,225 | 42,553 | 335,862 | |||||||||
Cost of shares repurchased | (78,115 | ) | (624,179 | ) | (36,756 | ) | (287,643 | ) | |||||
Exchanged into associated funds | (11,394 | ) | (92,500 | ) | — | — | |||||||
Total | (89,509 | ) | (716,679 | ) | (36,756 | ) | (287,643 | ) | |||||
Increase (decrease) | (41,503 | ) | $ | (332,454 | ) | 5,797 | $ | 48,219 | |||||
North Carolina Series | |||||||||||||
Year Ended September 30, | |||||||||||||
2003 | 2002 | ||||||||||||
Class A | Shares | Amount | Shares | Amount | |||||||||
Net proceeds from sales of shares | 366,967 | $ | 2,960,033 | 456,442 | $ | 3,594,349 | |||||||
Investment of dividends | 65,938 | 531,292 | 74,746 | 590,015 | |||||||||
Exchanged from associated funds | 511,231 | 4,106,760 | 376,602 | 2,980,430 | |||||||||
Shares issued in payment of gain distributions | 10,034 | 79,874 | 1,984 | 15,631 | |||||||||
Total | 954,170 | 7,677,959 | 909,774 | 7,180,425 | |||||||||
Cost of shares repurchased | (628,493 | ) | (5,067,401 | ) | (484,707 | ) | (3,824,732 | ) | |||||
Exchanged into associated funds | (626,979 | ) | (5,052,939 | ) | (588,192 | ) | (4,644,798 | ) | |||||
Total | (1,255,472 | ) | (10,120,340 | ) | (1,072,899 | ) | (8,469,530 | ) | |||||
Decrease | (301,302 | ) | $ | (2,442,381 | ) | (163,125 | ) | $ | (1,289,105 | ) | |||
Class C | Shares |
|
| Amount |
|
| Shares |
|
| Amount | |||
Net proceeds from sales of shares | 87,410 | $ | 703,100 | 152,325 | $ | 1,203,569 | |||||||
Investment of dividends | 5,449 | 43,875 | 5,199 | 41,043 | |||||||||
Exchanged from associated funds | 3,641 | 29,724 | 7,663 | 60,350 | |||||||||
Shares issued in payment of gain distributions | 1,375 | 10,933 | 201 | 1,581 | |||||||||
Total | 97,875 | 787,632 | 165,388 | 1,306,543 | |||||||||
Cost of shares repurchased | (80,597 | ) | (651,703 | ) | (63,489 | ) | (505,894 | ) | |||||
Exchanged into associated funds | (37,696 | ) | (302,397 | ) | — | — | |||||||
Total | (118,293 | ) | (954,100 | ) | (63,489 | ) | (505,894 | ) | |||||
Increase (decrease) | (20,418 | ) | $ | (166,468 | ) | 101,899 | $ | 800,649 | |||||
Class D | Shares |
|
| Amount |
|
| Shares |
|
| Amount | |||
Net proceeds from sales of shares | 10,332 | $ | 82,517 | 3,978 | $ | 31,372 | |||||||
Investment of dividends | 1,648 | 13,263 | 2,380 | 18,754 | |||||||||
Exchanged from associated funds | 3,251 | 26,007 | 1,393 | 11,015 | |||||||||
Shares issued in payment of gain distributions | 294 | 2,336 | 144 | 1,134 | |||||||||
Total | 15,525 | 124,123 | 7,895 | 62,275 | |||||||||
Cost of shares repurchased | (29,233 | ) | (237,825 | ) | (84,993 | ) | (675,528 | ) | |||||
Exchanged into associated funds | — | — | — | — | |||||||||
Total | (29,233 | ) | (237,825 | ) | (84,993 | ) | (675,528 | ) | |||||
Decrease | (13,708 | ) | $ | (113,702 | ) | (77,098 | ) | $ | (613,253 | ) | |||
California High-Yield Series | ||||||||||||||||
Class A | ||||||||||||||||
Year Ended September 30, | ||||||||||||||||
2003 |
|
| 2002 ø |
|
| 2001 |
|
| 2000 |
|
| 1999 | ||||
Per Share Data: | ||||||||||||||||
Net Asset Value, Beginning of Year | $ | 6.74 | $ | 6.63 | $ | 6.33 | $ | 6.28 | $ | 6.80 | ||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income | 0.28 | 0.29 | 0.30 | 0.32 | 0.31 | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.12 | ) | 0.13 | 0.30 | 0.13 | (0.50 | ) | |||||||||
Total from Investment Operations | 0.16 | 0.42 | 0.60 | 0.45 | (0.19 | ) | ||||||||||
Less Distributions: | ||||||||||||||||
Dividends from net investment income | (0.28 | ) | (0.29 | ) | (0.30 | ) | (0.32 | ) | (0.31 | ) | ||||||
Distributions from net realized capital gain | (0.03 | ) | (0.02 | ) | — | (0.08 | ) | (0.02 | ) | |||||||
Total Distributions | (0.31 | ) | (0.31 | ) | (0.30 | ) | (0.40 | ) | (0.33 | ) | ||||||
Net Asset Value, End of Year | $ | 6.59 | $ | 6.74 | $ | 6.63 | $ | 6.33 | $ | 6.28 | ||||||
Total Return: | 2.48 | % | 6.50 | % | 9.74 | % | 7.49 | % | (2.82) | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets, end of year (000s omitted) | $ | 38,798 | $ | 51,011 | $ | 50,239 | $ | 47,915 | $ | 57,807 | ||||||
Ratio of expenses to average net assets | 0.88 | % | 0.84 | % | 0.70 | % | 0.71 | % | 0.84 | % | ||||||
Ratio of net investment income to average net assets | 4.24 | % | 4.41 | % | 4.69 | % | 5.23 | % | 4.71 | % | ||||||
Portfolio turnover rate | 4.43 | % | 11.72 | % | 2.95 | % | 5.20 | % | 27.61 | % | ||||||
Without management fee waiver:** | ||||||||||||||||
Ratio of expenses to average net assets | 0.98 | % | 0.94 | % | 0.95 | % | 0.91 | % | ||||||||
Ratio of net investment income to average net assets | 4.14 | % | 4.31 | % | 4.44 | % | 5.04 | % |
Class C | ||||||||||||||||
Year Ended September 30, | ||||||||||||||||
2003 |
|
| 2002ø |
|
| 2001 |
|
| 2000 |
|
| 5/27/99* to 9/30/99 | ||||
Per Share Data: | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 6.75 | $ | 6.64 | $ | 6.34 | $ | 6.29 | $ | 6.62 | ||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income | 0.22 | 0.23 | 0.25 | 0.27 | 0.09 | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.12 | ) | 0.13 | 0.30 | 0.13 | (0.33 | ) | |||||||||
Total from Investment Operations | 0.10 | 0.36 | 0.55 | 0.40 | (0.24 | ) | ||||||||||
Less Distributions: | ||||||||||||||||
Dividends from net investment income | (0.22 | ) | (0.23 | ) | (0.25 | ) | (0.27 | ) | (0.09 | ) | ||||||
Distributions from net realized capital gain | (0.03 | ) | (0.02 | ) | — | (0.08 | ) | — | ||||||||
Total Distributions | (0.25 | ) | (0.25 | ) | (0.25 | ) | (0.35 | ) | (0.09 | ) | ||||||
Net Asset Value, End of Period | $ | 6.60 | $ | 6.75 | $ | 6.64 | $ | 6.34 | $ | 6.29 | ||||||
Total Return: | 1.56 | % | 5.57 | % | 8.74 | % | 6.53 | % | (3.79) | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets, end of period (000s omitted) | $ | 3,482 | $ | 3,457 | $ | 3,293 | $ | 1,546 | $ | 1,041 | ||||||
Ratio of expenses to average net assets | 1.78 | % | 1.74 | % | 1.60 | % | 1.61 | % | 1.72 | %† | ||||||
Ratio of net investment income | ||||||||||||||||
to average net assets | 3.34 | % | 3.51 | % | 3.79 | % | 4.33 | % | 3.95 | %† | ||||||
Portfolio turnover rate | 4.43 | % | 11.72 | % | 2.95 | % | 5.20 | % | 27.61 | %†† | ||||||
Without management fee waiver:** | ||||||||||||||||
Ratio of expenses to average net assets | 1.88 | % | 1.84 | % | 1.85 | % | 1.81 | % | ||||||||
Ratio of net investment income to average net assets | 3.24 | % | 3.41 | % | 3.54 | % | 4.13 | % |
California High-Yield Series | ||||||||||||||||
Class D | ||||||||||||||||
Year Ended September 30, | ||||||||||||||||
2003 |
|
| 2002 ø |
|
| 2001 |
|
| 2000 |
|
| 1999 | ||||
Per Share Data: | ||||||||||||||||
Net Asset Value, Beginning of Year | $ | 6.75 | $ | 6.64 | $ | 6.34 | $ | 6.29 | $ | 6.80 | ||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income | 0.22 | 0.23 | 0.25 | 0.27 | 0.25 | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.12 | ) | 0.13 | 0.30 | 0.13 | (0.49 | ) | |||||||||
Total from Investment Operations | 0.10 | 0.36 | 0.55 | 0.40 | (0.24 | ) | ||||||||||
Less Distributions: | ||||||||||||||||
Dividends from net investment income | (0.22 | ) | (0.23 | ) | (0.25 | ) | (0.27 | ) | (0.25 | ) | ||||||
Distributions from net realized capital gain | (0.03 | ) | (0.02 | ) | — | (0.08 | ) | (0.02 | ) | |||||||
Total Distributions | (0.25 | ) | (0.25 | ) | (0.25 | ) | (0.35 | ) | (0.27 | ) | ||||||
Net Asset Value, End of Year | $ | 6.60 | $ | 6.75 | $ | 6.64 | $ | 6.34 | $ | 6.29 | ||||||
Total Return: | 1.56 | % | 5.57 | % | 8.74 | % | 6.53 | % | (3.54) | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets, end of year (000s omitted) | $ | 4,832 | $ | 5,419 | $ | 5,938 | $ | 5,880 | $ | 7,658 | ||||||
Ratio of expenses to average net assets | 1.78 | % | 1.74 | % | 1.60 | % | 1.61 | % | 1.74 | % | ||||||
Ratio of net investment income | ||||||||||||||||
to average net assets | 3.34 | % | 3.51 | % | 3.79 | % | 4.33 | % | 3.81 | % | ||||||
Portfolio turnover rate | 4.43 | % | 11.72 | % | 2.95 | % | 5.20 | % | 27.61 | % | ||||||
Without management fee waiver:** | ||||||||||||||||
Ratio of expenses to average net assets | 1.88 | % | 1.84 | % | 1.85 | % | 1.81 | % | ||||||||
Ratio of net investment income to average net assets | 3.24 | % | 3.41 | % | 3.54 | % | 4.13 | % |
Class A | ||||||||||||||||
Year Ended September 30, | ||||||||||||||||
2003 |
|
| 2002ø |
|
| 2001 |
|
| 2000 |
|
| 1999 | ||||
Per Share Data: | ||||||||||||||||
Net Asset Value, Beginning of Year | $ | 7.04 | $ | 6.90 | $ | 6.53 | $ | 6.42 | $ | 7.21 | ||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income | 0.27 | 0.29 | 0.30 | 0.30 | 0.31 | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.16 | ) | 0.20 | 0.39 | 0.18 | (0.56 | ) | |||||||||
Total from Investment Operations | 0.11 | 0.49 | 0.69 | 0.48 | (0.25 | ) | ||||||||||
Less Distributions: | ||||||||||||||||
Dividends from net investment income | (0.27 | ) | (0.29 | ) | (0.30 | ) | (0.30 | ) | (0.31 | ) | ||||||
Distributions from net realized capital gain | — | (0.06 | ) | (0.02 | ) | (0.07 | ) | (0.23 | ) | |||||||
Total Distributions | (0.27 | ) | (0.35 | ) | (0.32 | ) | (0.37 | ) | (0.54 | ) | ||||||
Net Asset Value, End of Year | $ | 6.88 | $ | 7.04 | $ | 6.90 | $ | 6.53 | $ | 6.42 | ||||||
Total Return: | 1.63 | % | 7.29 | % | 10.72 | % | 7.95 | % | (3.68) | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets, end of year (000s omitted) | $ | 61,566 | $ | 74,713 | $ | 74,585 | $ | 70,905 | $ | 74,793 | ||||||
Ratio of expenses to average net assets | 0.93 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.82 | % | ||||||
Ratio of net investment income to average net assets | 3.96 | % | 4.23 | % | 4.42 | % | 4.83 | % | 4.56 | % | ||||||
Portfolio turnover rate | 1.43 | % | 6.40 | % | 19.83 | % | 1.33 | % | 20.24 | % |
Year Ended September 30, | ||||||||||||||||
2003 |
|
| 2002ø |
|
| 2001 |
|
| 2000 | 5/27/99* to 9/30/99 | ||||||
Per Share Data: | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 7.01 | $ | 6.88 | $ | 6.51 | $ | 6.40 | $ | 6.75 | ||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income | 0.21 | 0.23 | 0.24 | 0.25 | 0.09 | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.16 | ) | 0.18 | 0.39 | 0.18 | (0.35 | ) | |||||||||
Total from Investment Operations | 0.05 | 0.41 | 0.63 | 0.43 | (0.26 | ) | ||||||||||
Less Distributions: | ||||||||||||||||
Dividends from net investment income | (0.21 | ) | (0.22 | ) | (0.24 | ) | (0.25 | ) | (0.09 | ) | ||||||
Distributions from net realized capital gain | — | (0.06 | ) | (0.02 | ) | (0.07 | ) | — | ||||||||
Total Distributions | (0.21 | ) | (0.28 | ) | (0.26 | ) | (0.32 | ) | (0.09 | ) | ||||||
Net Asset Value, End of Period | $ | 6.85 | $ | 7.01 | $ | 6.88 | $ | 6.51 | $ | 6.40 | ||||||
Total Return: | 0.72 | % | 6.20 | % | 9.81 | % | 7.00 | % | (4.04) | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets, end of period (000s omitted) | $ | 5,772 | $ | 5,067 | $ | 1,952 | $ | 204 | $ | 10 | ||||||
Ratio of expenses to average net assets | 1.83 | % | 1.77 | % | 1.77 | % | 1.77 | % | 1.72 | %† | ||||||
Ratio of net investment income to average net assets | 3.06 | % | 3.33 | % | 3.52 | % | 3.93 | % | 3.80 | %† | ||||||
Portfolio turnover rate | 1.43 | % | 6.40 | % | 19.83 | % | 1.33 | % | 20.24 | %†† |
California Quality Series | ||||||||||||||||
Class D | ||||||||||||||||
Year Ended September 30, | ||||||||||||||||
2003 |
|
| 2002ø |
|
| 2001 |
|
| 2000 |
|
| 1999 | ||||
Per Share Data: | ||||||||||||||||
Net Asset Value, Beginning of Year | $ | 7.01 | $ | 6.88 | $ | 6.51 | $ | 6.40 | $ | 7.19 | ||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income | 0.21 | 0.23 | 0.24 | 0.25 | 0.25 | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.16 | ) | 0.18 | 0.39 | 0.18 | (0.56 | ) | |||||||||
Total from Investment Operations | 0.05 | 0.41 | 0.63 | 0.43 | (0.31 | ) | ||||||||||
Less Distributions: | ||||||||||||||||
Dividends from net investment income | (0.21 | ) | (0.22 | ) | (0.24 | ) | (0.25 | ) | (0.25 | ) | ||||||
Distributions from net realized capital gain | — | (0.06 | ) | (0.02 | ) | (0.07 | ) | (0.23 | ) | |||||||
Total Distributions | (0.21 | ) | (0.28 | ) | (0.26 | ) | (0.32 | ) | (0.48 | ) | ||||||
Net Asset Value, End of Year | $ | 6.85 | $ | 7.01 | $ | 6.88 | $ | 6.51 | $ | 6.40 | ||||||
Total Return: | 0.72 | % | 6.20 | % | 9.81 | % | 7.00 | % | (4.58) | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets, end of year (000s omitted) | $ | 1,512 | $ | 1,956 | $ | 3,344 | $ | 3,666 | $ | 4,286 | ||||||
Ratio of expenses to average net assets | 1.83 | % | 1.77 | % | 1.77 | % | 1.77 | % | 1.72 | % | ||||||
Ratio of net investment income to average net assets | 3.06 | % | 3.33 | % | 3.52 | % | 3.93 | % | 3.66 | % | ||||||
Portfolio turnover rate | 1.43 | % | 6.40 | % | 19.83 | % | 1.33 | % | 20.24 | % |
Class A | ||||||||||||||||
Year Ended September 30, | ||||||||||||||||
2003 |
|
| 2002ø |
|
| 2001 |
|
| 2000 |
|
| 1999 | ||||
Per Share Data: | ||||||||||||||||
Net Asset Value, Beginning of Year | $ | 8.08 | $ | 7.88 | $ | 7.48 | $ | 7.41 | $ | 8.07 | ||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income | 0.32 | 0.34 | 0.36 | 0.37 | 0.34 | |||||||||||
Net realized and unrealized gain (loss) on investments | 0.01 | 0.20 | 0.43 | 0.11 | (0.61 | ) | ||||||||||
Total from Investment Operations | 0.33 | 0.54 | 0.79 | 0.48 | (0.27 | ) | ||||||||||
Less Distributions: | ||||||||||||||||
Dividends from net investment income | (0.32 | ) | (0.34 | ) | (0.36 | ) | (0.37 | ) | (0.34 | ) | ||||||
Distributions from net realized capital gain | (0.01 | ) | — | (0.03 | ) | (0.04 | ) | (0.05 | ) | |||||||
Total Distributions | (0.33 | ) | (0.34 | ) | (0.39 | ) | (0.41 | ) | (0.39 | ) | ||||||
Net Asset Value, End of Year | $ | 8.08 | $ | 8.08 | $ | 7.88 | $ | 7.48 | $ | 7.41 | ||||||
Total Return: | 4.16 | % | 7.08 | % | 10.78 | % | 6.78 | % | (3.42) | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets, end of year (000s omitted) | $ | 34,131 | $ | 37,513 | $ | 36,695 | $ | 34,949 | $ | 37,606 | ||||||
Ratio of expenses to average net assets | 1.00 | % | 0.94 | % | 0.70 | % | 0.72 | % | 1.03 | % | ||||||
Ratio of net investment income to average net assets | 3.98 | % | 4.37 | % | 4.70 | % | 5.08 | % | 4.38 | % | ||||||
Portfolio turnover rate | 12.51 | % | 10.19 | % | 9.57 | % | 12.68 | % | 18.31 | % | ||||||
Without management fee waiver:** | ||||||||||||||||
Ratio of expenses to average net assets | 1.15 | % | 1.09 | % | 1.08 | % | 1.09 | % | ||||||||
Ratio of net investment income to average net assets | 3.83 | % | 4.22 | % | 4.32 | % | 4.71 | % |
Class C | ||||||||||||||||
Year Ended September 30, | ||||||||||||||||
2003 |
|
| 2002ø |
|
| 2001 |
|
| 2000 |
|
| 5/27/99* to 9/30/99 | ||||
Per Share Data: | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 8.10 | $ | 7.90 | $ | 7.50 | $ | 7.43 | $ | 7.83 | ||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income | 0.26 | 0.29 | 0.31 | 0.32 | 0.10 | |||||||||||
Net realized and unrealized gain (loss) on investments | — | 0.19 | 0.43 | 0.11 | (0.40 | ) | ||||||||||
Total from Investment Operations | 0.26 | 0.48 | 0.74 | 0.43 | (0.30 | ) | ||||||||||
Less Distributions: | ||||||||||||||||
Dividends from net investment income | (0.26 | ) | (0.28 | ) | (0.31 | ) | (0.32 | ) | (0.10 | ) | ||||||
Distributions from net realized capital gain | (0.01 | ) | — | (0.03 | ) | (0.04 | ) | — | ||||||||
Total Distributions | (0.27 | ) | (0.28 | ) | (0.34 | ) | (0.36 | ) | (0.10 | ) | ||||||
Net Asset Value, End of Period | $ | 8.09 | $ | 8.10 | $ | 7.90 | $ | 7.50 | $ | 7.43 | ||||||
Total Return: | 3.24 | % | 6.26 | % | 9.97 | % | 5.98 | % | (3.96) | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets, end of period (000s omitted) | $ | 4,686 | $ | 3,839 | $ | 2,274 | $ | 699 | $ | 254 | ||||||
Ratio of expenses to average net assets | 1.75 | % | 1.69 | % | 1.45 | % | 1.47 | % | 1.78 | %† | ||||||
Ratio of net investment income to average net assets | 3.23 | % | 3.62 | % | 3.95 | % | 4.33 | % | 3.82 | %† | ||||||
Portfolio turnover rate | 12.51 | % | 10.19 | % | 9.57 | % | 12.68 | % | 18.31 | %†† | ||||||
Without management fee waiver:** | ||||||||||||||||
Ratio of expenses to average net assets | 1.90 | % | 1.84 | % | 1.83 | % | 1.84 | % | ||||||||
Ratio of net investment income to average net assets | 3.08 | % | 3.47 | % | 3.57 | % | 3.96 | % |
Year Ended September 30, | ||||||||||||||||
2003 |
|
| 2002ø |
|
| 2001 |
|
| 2000 |
|
| 1999 | ||||
Per Share Data: | ||||||||||||||||
Net Asset Value, Beginning of Year | $ | 8.10 | $ | 7.90 | $ | 7.50 | $ | 7.43 | $ | 8.08 | ||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income | 0.26 | 0.29 | 0.31 | 0.32 | 0.28 | |||||||||||
Net realized and unrealized gain (loss) on investments | 0.01 | 0.19 | 0.43 | 0.11 | (0.60 | ) | ||||||||||
Total from Investment Operations | 0.27 | 0.48 | 0.74 | 0.43 | (0.32 | ) | ||||||||||
Less Distributions: | ||||||||||||||||
Dividends from net investment income | (0.26 | ) | (0.28 | ) | (0.31 | ) | (0.32 | ) | (0.28 | ) | ||||||
Distributions from net realized capital gain | (0.01 | ) | — | (0.03 | ) | (0.04 | ) | (0.05 | ) | |||||||
Total Distributions | (0.27 | ) | (0.28 | ) | (0.34 | ) | (0.36 | ) | (0.33 | ) | ||||||
Net Asset Value, End of Year | $ | 8.10 | $ | 8.10 | $ | 7.90 | $ | 7.50 | $ | 7.43 | ||||||
Total Return: | 3.37 | % | 6.26 | % | 9.97 | % | 5.98 | % | (4.01) | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets, end of year (000s omitted) | $ | 1,567 | $ | 1,904 | $ | 1,811 | $ | 1,463 | $ | 1,843 | ||||||
Ratio of expenses to average net assets | 1.75 | % | 1.69 | % | 1.45 | % | 1.47 | % | 1.78 | % | ||||||
Ratio of net investment income to average net assets | 3.23 | % | 3.62 | % | 3.95 | % | 4.33 | % | 3.63 | % | ||||||
Portfolio turnover rate | 12.51 | % | 10.19 | % | 9.57 | % | 12.68 | % | 18.31 | % | ||||||
Without management fee waiver:** | ||||||||||||||||
Ratio of expenses to average net assets | 1.90 | % | 1.84 | % | 1.83 | % | 1.84 | % | ||||||||
Ratio of net investment income to average net assets | 3.08 | % | 3.47 | % | 3.57 | % | 3.96 | % |
_____________
Class A | ||||||||||||||||
Year Ended September 30, | ||||||||||||||||
2003 |
|
| 2002ø |
|
| 2001 |
|
| 2000 |
|
| 1999 | ||||
Per Share Data: | ||||||||||||||||
Net Asset Value, Beginning of Year | $ | 8.19 | $ | 7.89 | $ | 7.54 | $ | 7.59 | $ | 8.30 | ||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income | 0.29 | 0.32 | 0.33 | 0.34 | 0.35 | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.01 | ) | 0.31 | 0.37 | 0.05 | (0.59 | ) | |||||||||
Total from Investment Operations | 0.28 | 0.63 | 0.70 | 0.39 | (0.24 | ) | ||||||||||
Less Distributions: | ||||||||||||||||
Dividends from net investment income | (0.29 | ) | (0.32 | ) | (0.33 | ) | (0.34 | ) | (0.35 | ) | ||||||
Distributions from net realized capital gain | (0.04 | ) | (0.01 | ) | (0.02 | ) | (0.10 | ) | (0.12 | ) | ||||||
Total Distributions | (0.33 | ) | (0.33 | ) | (0.35 | ) | (0.44 | ) | (0.47 | ) | ||||||
Net Asset Value, End of Year | $ | 8.14 | $ | 8.19 | $ | 7.89 | $ | 7.54 | $ | 7.59 | ||||||
Total Return: | 3.51 | % | 8.21 | % | 9.52 | % | 5.36 | % | (3.07) | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets, end of year (000s omitted) | $ | 22,778 | $ | 25,386 | $ | 25,737 | $ | 24,987 | $ | 27,224 | ||||||
Ratio of expenses to average net assets | 1.19 | % | 1.11 | % | 1.13 | % | 1.13 | % | 1.06 | % | ||||||
Ratio of net investment income to average net assets | 3.65 | % | 4.11 | % | 4.29 | % | 4.63 | % | 4.38 | % | ||||||
Portfolio turnover rate | 10.00 | % | 7.96 | % | 5.61 | % | 11.96 | % | 1.52 | % |
Class C | ||||||||||||||||
Year Ended September 30, | ||||||||||||||||
| ||||||||||||||||
2003 |
|
| 2002ø |
|
| 2001 |
|
| 2000 |
|
| 5/27/99* to 9/30/99 | ||||
Per Share Data: | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 8.18 | $ | 7.88 | $ | 7.54 | $ | 7.59 | $ | 7.97 | ||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income | 0.23 | 0.27 | 0.27 | 0.29 | 0.10 | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.01 | ) | 0.30 | 0.36 | 0.05 | (0.38 | ) | |||||||||
Total from Investment Operations | 0.22 | 0.57 | 0.63 | 0.34 | (0.28 | ) | ||||||||||
Less Distributions: | ||||||||||||||||
Dividends from net investment income | (0.23 | ) | (0.26 | ) | (0.27 | ) | (0.29 | ) | (0.10 | ) | ||||||
Distributions from net realized capital gain | (0.04 | ) | (0.01 | ) | (0.02 | ) | (0.10 | ) | — | |||||||
Total Distributions | (0.27 | ) | (0.27 | ) | (0.29 | ) | (0.39 | ) | (0.10 | ) | ||||||
Net Asset Value, End of Period | $ | 8.13 | $ | 8.18 | $ | 7.88 | $ | 7.54 | $ | 7.59 | ||||||
Total Return: | 2.74 | % | 7.41 | % | 8.59 | % | 4.58 | % | (3.62) | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net Assets, end of period (000s omitted) | $ | 2,778 | $ | 2,962 | $ | 2,049 | $ | 544 | $ | 10 | ||||||
Ratio of expenses to average net assets | 1.94 | % | 1.86 | % | 1.88 | % | 1.88 | % | 1.80 | %† | ||||||
Ratio of net investment income to average net assets | 2.90 | % | 3.36 | % | 3.54 | % | 3.88 | % | 3.77 | %† | ||||||
Portfolio turnover rate | 10.00 | % | 7.96 | % | 5.61 | % | 11.96 | % | 1.52 | %†† |
Class D | ||||||||||||||||
Year Ended September 30, | ||||||||||||||||
2003 |
|
| 2002ø |
|
| 2001 |
|
| 2000 |
|
| 1999 | ||||
Per Share Data: | ||||||||||||||||
Net Asset Value, Beginning of Year | $ | 8.18 | $ | 7.88 | $ | 7.54 | $ | 7.59 | $ | 8.30 | ||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income | 0.23 | 0.27 | 0.27 | 0.29 | 0.29 | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.01 | ) | 0.30 | 0.36 | 0.05 | (0.59 | ) | |||||||||
Total from Investment Operations | 0.22 | 0.57 | 0.63 | 0.34 | (0.30 | ) | ||||||||||
Less Distributions: | ||||||||||||||||
Dividends from net investment income | (0.23 | ) | (0.26 | ) | (0.27 | ) | (0.29 | ) | (0.29 | ) | ||||||
Distributions from net realized capital gain | (0.04 | ) | (0.01 | ) | (0.02 | ) | (0.10 | ) | (0.12 | ) | ||||||
Total Distributions | (0.27 | ) | (0.27 | ) | (0.29 | ) | (0.39 | ) | (0.41 | ) | ||||||
Net Asset Value, End of Year | $ | 8.13 | $ | 8.18 | $ | 7.88 | $ | 7.54 | $ | 7.59 | ||||||
Total Return: | 2.74 | % | 7.41 | % | 8.59 | % | 4.58 | % | (3.79) | % | ||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets, end of year (000s omitted) | $ | 824 | $ | 941 | $ | 1,514 | $ | 1,250 | $ | 1,682 | ||||||
Ratio of expenses to average net assets | 1.94 | % | 1.86 | % | 1.88 | % | 1.88 | % | 1.81 | % | ||||||
Ratio of net investment income to average net assets | 2.90 | % | 3.36 | % | 3.54 | % | 3.88 | % | 3.63 | % | ||||||
Portfolio turnover rate | 10.00 | % | 7.96 | % | 5.61 | % | 11.96 | % | 1.52 | % |
* | Commencement of offering of Class C shares. | |
** |
| During the periods stated, the Manager, at its discretion, waived portions of its management fees for California High-Yield Series and Florida Series (Note 4). |
† | Annualized. | |
†† | For the year ended September 30, 1999. | |
ø | As required, effective October 1, 2001, the Trust adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing market discounts on portfolio securities for financial reporting purposes. The effect of this change, for the year ended September 30, 2002, was to increase net investment income and decrease net realized and unrealized gain on investments per share by less than $0.01 for each share class of each Series and to increase the ratio of net investment income to average net assets of each share class of the California High-Yield and Florida Series by 0.04% and each share class of the California Quality and North Carolina Series by 0.05%. The per share data and ratios for periods prior to October 1, 2001, have not been restated. |
Name, (Age), Position(s) held with Fund ø | Principal Occupation(s) During Past Five Years, Directorships and Other Information | |
Robert B. Catell (67) 3,4
| Chairman and Chief Executive Officer of KeySpan Corporation (diversified energy, gas and electric company); Director or Trustee of each of the investment companies of the Seligman Group of Funds † (except Seligman Cash Management Fund, Inc.); Director, Alberta Northeast Gas, Ltd., Boundary Gas Inc., Taylor Gas Liquids, Ltd., and The Houston Exploration Company (oil and gas exploration, development and production companies); Edison Electric Institute, New York State Energy Research and Development Authority, Independence Community Bank, Business Council of New York State, Inc., New York City Partnership, and the Long Island Association (business and civic organizations). | |
John R. Galvin (74) 2,4
| Dean Emeritus, Fletcher School of Law and Diplomacy at Tufts University; Director or Trustee of each of the investment companies of the Seligman Group of Funds † ; and Chairman Emeritus, American Council on Germany. Formerly, Governor of the Center for Creative Leadership; Director, Raytheon Co. (defense and commercial electronics) and USLIFE Corporation (life insurance), and a Trustee of the Institute for Defense Analysis. From June 1987 to June 1992, Mr. Galvin was the Supreme Allied Commander, Europe and the Commander-in-Chief, United States European Command. | |
Alice S. Ilchman (68) 3,4
| President Emerita, Sarah Lawrence College; Director or Trustee of each of the investment companies of the Seligman Group of Funds † ; Trustee, Save the Children (non-profit child-assistance organization) and the Committee for Economic Development; a Governor of the Court of Governors, London School of Economics; and Director, Public Broadcasting Service (PBS). Formerly, Chairman, The Rockefeller Foundation (charitable foundation) and Director, New York Telephone Company and Jeannette K.Watson Summer Fellowsh ips (summer intern ships for college students). | |
Frank A. McPherson (70) 3,4
| Retired Chairman of the Board and Chief Executive Officer of Kerr-McGee Corporation (diversified energy company); Director or Trustee of each of the investment companies of the Seligman Group of Funds † ; Director, ConocoPhillips (oil and gas exploration and production); Integris Health (owner of various hospitals); BOK Financial (bank holding company); Oklahoma Chapter of the Nature Conservancy; Oklahoma Medical Research Foundation; Boys and Girls Clubs of Oklahoma; Oklahoma City Public Schools Foundation and Oklahoma Foundation for Excellence in Education. Formerly, Director, Kimberly-Clark Corporation (consumer products) and Director of the Federal Reserve System’s Kansas City Reserve Bank. | |
Name, (Age), Position(s) held with Fund ø | Principal Occupation(s) During Past Five Years, Directorships and Other Information | |
John E. Merow (73) 2,4
| Retired Chairman and Senior Partner, Sullivan & Cromwell LLP (law firm); Director or Trustee of each of the investment companies of the Seligman Group of Funds † ; Director, Commonwealth Industries, Inc. (manufacturers of aluminum sheet products); Director and Treasurer, the Foreign Policy Association; Director Emeritus, Municipal Art Society of New York; Trustee and Secretary, the U.S. Council for International Business; Trustee and Vice Chairman, New York-Presbyterian Healthcare System, Inc.; Trustee, New York-Presbyterian Hospital; and Member of the American Law Institute and Council on Foreign Relations. | |
Betsy S. Michel (61) 2,4
| Attorney; Director or Trustee of each of the investment companies of the Seligman Group of Funds † ; Trustee, The Geraldine R. Dodge Foundation (charitable foundation) and World Learning, Inc. (international education and training). Formerly, Chairman of the Board of Trustees of St. George’s School (Newport, RI). | |
Leroy C. Richie (62) 2,4
| Chairman and Chief Executive Officer, Q Standards Worldwide, Inc.(library of technical standards); Director or Trustee of each of the investment companies of the Seligman Group of Funds (except Seligman Cash Management Fund, Inc.) † ; Director, Kerr-McGee Corporation (diversified energy company) and Infinity, Inc.(oil and gas services and exploration); Director and Chairman, Highland Park Michigan Economic Development Corp. Formerly, Trustee, New York University Law Center Foundation; Vice Chairman, Detroit Medical Center and the Detroit Economic Growth Corp. ; and Chairman and Chief Executive Officer, Capital Coating Technologies, Inc.(applied coating technologies); and Vice President and General Counsel, Automotive Legal Affairs, of Chrysler Corporation. | |
Robert L. Shafer (71) 3,4
| Retired Vice President, Pfizer Inc.(pharmaceuticals); Director or Trustee of each of the investment companies of the Seligman Group of Funds † . Formerly, Director, USLIFE Corporation (life insurance). | |
James N. Whitson (68) 2,4
| Retired Executive Vice President and Chief Operating Officer, Sammons Enterprises, Inc.(a diversified holding company); Director or Trustee of each of the investment companies of the Seligman Group of Funds † ; Director, C-SPAN (cable television network) and CommScope, Inc.(manufacturer of coaxial cable). Formerly, Director and Consultant, Sammons Enterprises, Inc. | |
Name, (Age), Position(s) held with Fund ø | Principal Occupation(s) During Past Five Years, Directorships and Other Information | |
William C. Morris (65) * 1
| Chairman, J. & W. Seligman & Co. Incorporated, Chairman of the Board and Director or Trustee of each of the investment companies of the Seligman Group of Funds † ; Chairman, Seligman Advisors, Inc., Seligman Services, Inc., and Carbo Ceramics Inc. (ceramic proppants for oil and gas industry); and Director, Seligman Data Corp. Formerly, Director, Kerr-McGee Corporation (diversified energy company) and Chief Executive Officer of each of the investment companies of the Seligman Group of Funds. | |
Brian T. Zino (51) * 1
| Director and President, J. & W. Seligman & Co. Incorporated; Chief Executive Officer, President and Director or Trustee of each of the investment companies of the Seligman Group of Funds † ; Director, Seligman Advisors, Inc. and Seligman Services, Inc.; Chairman, Seligman Data Corp.; Member of the Board of Governors of the Investment Company Institute; and Chairman, ICI Mutual Insurance Company. | |
Paul C. Guidone (45) * 1
| Managing Director and Chief Investment Officer, J. & W. Seligman & Co. Incorporated; Director or Trustee of each of the investment companies of the Seligman Group of Funds (except Seligman Cash Management Fund, Inc.) † ; Member of the Association of Investment Management and Research, the New York Society of Security Analysts and the London Society of Investment Professionals.Formerly, Deputy Chairman and Group Chief Executive Officer, HSBC Asset Management; and Managing Director and Chief Investment Officer, Prudential Diversified Investments. | |
Thomas G. Moles (61)
| Director and Managing Director, J. & W. Seligman & Co. Incorporated; Vice President and Co-Portfolio Manager, Seligman Municipal Fund Series, Inc., Seligman New Jersey Municipal Fund, Inc. and Seligman Pennsylvania Municipal Fund Series; Executive Vice President and Co-Portfolio Manager, Seligman Quality Municipal Fund, Inc. and Seligman Select Municipal Fund, Inc., closed-end investment companies; and Director, Seligman Advisors, Inc. and Seligman Services, Inc. | |
Eileen A. Comerford (45)
| Senior Vice President and Investment Officer, J. & W. Seligman & Co. Incorporated; Vice President and Co-Portfolio Manager, Seligman Municipal Fund Series, Inc., Seligman Municipal Series Trust, Seligman New Jersey Municipal Fund, Inc., Seligman Pennsylvania Municipal Fund Series, Seligman Quality Municipal Fund, Inc. and Seligman Select Municipal Fund, Inc. | |
Name, (Age), Position(s) held with Fund ø | Principal Occupation(s) During Past Five Years, Directorships and Other Information | |
Thomas G. Rose (45)
| Senior Vice President, Finance, J. & W. Seligman & Co. Incorporated, Seligman Advisors, Inc., and Seligman Data Corp.; Vice President of each of the investment companies of the Seligman Group of Funds †, Seligman Services, Inc. and Seligman International, Inc. Formerly, Treasurer of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp. | |
Lawrence P. Vogel (47)
| Senior Vice President and Treasurer, Investment Companies, J. & W. Seligman & Co. Incorporated; Vice President and Treasurer of each of the investment companies of the Seligman Group of Funds † ; Treasurer, Seligman Data Corp. Formerly, Senior Vice President, Finance, J. & W. Seligman & Co. Incorporated, Seligman Advisors, Inc. and Seligman Data Corp.; Vice President, Seligman Services, Inc. and Vice President and Treasurer, Seligman International, Inc. and Treasurer, Seligman Henderson Co. | |
Frank J. Nasta (38)
| Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds † , Seligman Advisors, Inc., Seligman Services, Inc., Seligman International, Inc. and Seligman Data Corp. Formerly, Senior Vice President, Law and Regulation, J. & W. Seligman & Co. Incorporated, and Corporate Secretary, Seligman Henderson Co. | |
Ø | The address for each of the Trustees and officers is 100 Park Avenue, 8th floor, New York, NY 10017. Each Trustee serves for an indefinite term, until the election and qualification of a successor or until his or her earlier death, resignation or removal. Each officer is elected annually by the Trustees. | |
† | The Seligman Group of Funds consists of 23 registered investment companies. | |
* | Mr. Morris, Mr. Zino, and Mr. Guidone are considered "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended, by virtue of their positions with J. & W. Seligman & Co. Incorporated and its affiliates. |
Member: | 1 Executive Committee | |
2 Audit Committee | ||
3 Trustee Nominating Committee | ||
4 Board Operations Committee |
Capital Gain Distribution — A payment to mutual fund shareholders of profits realized on the sale of securities in a fund’s portfolio.
Portfolio Turnover — A measure of the trading activity in a mutual fund’s investment portfolio that reflects how often securities are bought and sold.