SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-4250
Seligman Municipal Series Trust
(Exact name of Registrant as specified in charter)
100 Park Avenue
New York, New York 10017
(Address of principal executive offices) (Zip code)
Lawrence P. Vogel
100 Park Avenue
New York, New York 10017
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 850-1864
Date of fiscal year end: 9/30
Date of reporting period: 3/31/06
FORM N-CSR
ITEM 1. REPORTS TO STOCKHOLDERS.
142 Years of Investment Experience
To The Shareholders | 1 | |||||
Performance and Portfolio Overview | 2 | |||||
Understanding and Comparing Your Series’ Expenses | 8 | |||||
Portfolios of Investments | 10 | |||||
Statements of Assets and Liabilities | 16 | |||||
Statements of Operations | 18 | |||||
Statements of Changes in Net Assets | 19 | |||||
Notes to Financial Statements | 21 | |||||
Financial Highlights | 32 | |||||
Matters Relating to the Trustees’ Consideration of the Continuance of the Management Agreements | 44 | |||||
Trustees and Executive Officers | 51 | |||||
Additional Trust Information | 52 |
Chairman
President
Manager | Shareholder Service Agent | Important Telephone Numbers | ||||||
J. & W. Seligman & Co. Incorporated 100 Park Avenue New York, NY 10017 General Distributor Seligman Advisors, Inc. 100 Park Avenue New York, NY 10017 | Seligman Data Corp. 100 Park Avenue New York, NY 10017 General Counsel Sullivan & Cromwell LLP | (800) 221-2450 (800) 445-1777 (212) 682-7600 (800) 622-4597 | Shareholder Services Retirement Plan Services Outside the United States 24-Hour Automated Telephone Access Service |
1
See footnotes on page 7.
2
For Periods Ended March 31, 2006
Average Annual | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months* | | One Year | | Five Years | | Ten Years | | Class C Since Inception 5/27/99 | ||||||||||||||
Class A | |||||||||||||||||||||||
With Sales Charge | (3.62 | )% | (1.08 | )% | 3.86 | % | 5.01 | % | n/a | ||||||||||||||
Without Sales Charge | 1.18 | 3.88 | 4.86 | 5.52 | n/a | ||||||||||||||||||
Class C | |||||||||||||||||||||||
With Sales Charge and CDSC# | (1.31 | ) | 0.87 | 3.70 | n/a | 3.79 | % | ||||||||||||||||
Without Sales Charge and CDSC | 0.72 | 2.94 | 3.92 | n/a | 3.95 | ||||||||||||||||||
Class D | |||||||||||||||||||||||
With 1% CDSC | (0.27 | ) | 1.94 | n/a | n/a | n/a | |||||||||||||||||
Without CDSC | 0.72 | 2.94 | �� | 3.92 | 4.59 | n/a | |||||||||||||||||
Lehman Index** | 0.98 | 3.81 | 5.18 | 5.87 | 5.38 | ‡ |
Net Asset Value Per Share | Dividend Per Share and Yield Information For Periods Ended March 31, 2006 | ||||||||||||||||||||||||
3/31/06 | 9/30/05 | 3/31/05 | Dividends† | SEC 30-Day Yield†† | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | $6.56 | $6.62 | $6.58 | $0.136 | 3.50% | ||||||||||||||||||||
Class C | 6.57 | 6.63 | 6.59 | 0.106 | 2.73 | ||||||||||||||||||||
Class D | 6.57 | 6.63 | 6.59 | 0.106 | 2.76 | ||||||||||||||||||||
Holdings by Market Sectorø | Holdings by Credit Quality2ø | ||||||||||||||||||||||||
Revenue Bonds | 81% | AAA | 15% | ||||||||||||||||||||||
General Obligation Bondsøø | 19 | AA | 10 | ||||||||||||||||||||||
A | 61 | ||||||||||||||||||||||||
BBB | 14 | ||||||||||||||||||||||||
Weighted Average Maturity## | 21.9 years |
See footnotes on page 7.
3
For Periods Ended March 31, 2006
Average Annual | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months* | | One Year | | Five Years | | Ten Years | | Class C Since Inception 5/27/99 | ||||||||||||||
Class A | |||||||||||||||||||||||
With Sales Charge | (3.93 | )% | (1.53 | )% | 3.30 | % | 4.80 | % | n/a | ||||||||||||||
Without Sales Charge | 0.88 | 3.42 | 4.32 | 5.31 | n/a | ||||||||||||||||||
Class C | |||||||||||||||||||||||
With Sales Charge and CDSC# | (1.58 | ) | 0.32 | 3.16 | n/a | 3.63 | % | ||||||||||||||||
Without Sales Charge and CDSC | 0.42 | 2.35 | 3.37 | n/a | 3.79 | ||||||||||||||||||
Class D | |||||||||||||||||||||||
With 1% CDSC | (0.56 | ) | 1.36 | n/a | n/a | n/a | |||||||||||||||||
Without CDSC | 0.42 | 2.35 | 3.37 | 4.35 | n/a | ||||||||||||||||||
Lehman Index** | 0.98 | 3.81 | 5.18 | 5.87 | 5.38 | ‡ |
Net Asset Value Per Share | Dividend and Capital Gain Per Share, and Yield Information For Periods Ended March 31, 2006 | ||||||||||||||||||||||||
3/31/06 | 9/30/05 | 3/31/05 | Dividends† | Capital Gain† | SEC 30-Day Yield†† | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | $6.68 | $6.79 | $6.76 | $0.136 | $0.032 | 3.02% | |||||||||||||||||||
Class C | 6.65 | 6.76 | 6.74 | 0.105 | 0.032 | 2.24 | |||||||||||||||||||
Class D | 6.65 | 6.76 | 6.74 | 0.105 | 0.032 | 2.26 | |||||||||||||||||||
Holdings by Market Sectorø | Holdings by Credit Quality2ø | ||||||||||||||||||||||||
Revenue Bonds | 77% | AAA | 67% | ||||||||||||||||||||||
General Obligation Bondsøø | 23 | AA | 5 | ||||||||||||||||||||||
A | 28 | ||||||||||||||||||||||||
Weighted Average Maturity## | 16.1 years |
See footnotes on page 7.
4
For Periods Ended March 31, 2006
Average Annual | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months* | | One Year | | Five Years | | Ten Years | | Class C Since Inception 5/27/99 | ||||||||||||||
Class A | |||||||||||||||||||||||
With Sales Charge | (4.02 | )% | (1.90 | )% | 3.29 | % | 4.70 | % | n/a | ||||||||||||||
Without Sales Charge | 0.71 | 2.93 | 4.30 | 5.21 | n/a | ||||||||||||||||||
Class C | |||||||||||||||||||||||
With Sales Charge and CDSC# | (1.52 | ) | 0.16 | 3.30 | n/a | 3.71 | % | ||||||||||||||||
Without Sales Charge and CDSC | 0.46 | 2.15 | 3.51 | n/a | 3.86 | ||||||||||||||||||
Class D | |||||||||||||||||||||||
With 1% CDSC | (0.53 | ) | 1.17 | n/a | n/a | n/a | |||||||||||||||||
Without CDSC | 0.46 | 2.15 | 3.51 | 4.43 | n/a | ||||||||||||||||||
Lehman Index** | 0.98 | 3.81 | 5.18 | 5.87 | 5.38 | ‡ |
Net Asset Value Per Share | Dividend and Capital Gain Per Share, and Yield Information For Periods Ended March 31, 2006 | ||||||||||||||||||||||||
3/31/06 | 9/30/05 | 3/31/05 | Dividends† | Capital Gain† | SEC 30-Day Yield†† | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | $7.77 | $7.92 | $7.91 | $0.158 | $0.046 | 3.03% | |||||||||||||||||||
Class C | 7.79 | 7.93 | 7.93 | 0.128 | 0.046 | 2.38 | |||||||||||||||||||
Class D | 7.79 | 7.93 | 7.93 | 0.128 | 0.046 | 2.41 | |||||||||||||||||||
Holdings by Market Sectorø | Holdings by Credit Quality2ø | ||||||||||||||||||||||||
Revenue Bonds | 50% | AAA | 61% | ||||||||||||||||||||||
General Obligation Bondsøø | 50 | AA | 19 | ||||||||||||||||||||||
A | 20 | ||||||||||||||||||||||||
Weighted Average Maturity## | 14.3 years |
See footnotes on page 7.
5
For Periods Ended March 31, 2006
Average Annual | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months* | | One Year | | Five Years | | Ten Years | | Class C Since Inception 5/27/99 | ||||||||||||||
Class A | |||||||||||||||||||||||
With Sales Charge | (4.55 | )% | (2.33 | )% | 3.00 | % | 4.33 | % | n/a | ||||||||||||||
Without Sales Charge | 0.26 | 2.49 | 4.00 | 4.84 | n/a | ||||||||||||||||||
Class C | |||||||||||||||||||||||
With Sales Charge and CDSC | (2.08 | ) | (0.14 | ) | 3.05 | n/a | 3.23 | % | |||||||||||||||
Without Sales Charge and CDSC | (0.11 | ) | 1.85 | 3.26 | n/a | 3.38 | |||||||||||||||||
Class D | |||||||||||||||||||||||
With 1% CDSC | (1.10 | ) | 0.74 | n/a | n/a | n/a | |||||||||||||||||
Without CDSC | (0.12 | ) | 1.72 | 3.23 | 4.05 | n/a | |||||||||||||||||
Lehman Index** | 0.98 | 3.81 | 5.18 | 5.87 | 5.38 | ‡ |
Net Asset Value Per Share | Dividend and Capital Gain Per Share, and Yield Information For Periods Ended March 31, 2006 | ||||||||||||||||||||||||
3/31/06 | 9/30/05 | 3/31/05 | Dividends† | Capital Gain† | SEC 30-Day Yield†† | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | $7.77 | $7.94 | $7.91 | $0.135 | $0.055 | 2.70% | |||||||||||||||||||
Class C | 7.77 | 7.94 | 7.90 | 0.105 | 0.055 | 2.03 | |||||||||||||||||||
Class D | 7.76 | 7.93 | 7.90 | 0.105 | 0.055 | 2.05 | |||||||||||||||||||
Holdings by Market Sectorø | Holdings by Credit Quality2ø | ||||||||||||||||||||||||
Revenue Bonds | 59% | AAA | 59% | ||||||||||||||||||||||
General Obligation Bondsøø | 41 | AA | 34 | ||||||||||||||||||||||
A | 7 | ||||||||||||||||||||||||
Weighted Average Maturity## | 12.4 years |
See footnotes on page 7.
6
1 | The website reference is an inactive textual reference and information contained in or otherwise accessible through the website does not form a part of this report or the Trust’s prospectus or the statement of additional information. | |||
2 | Credit ratings are primarily those issued by Moody’s Investors Service, Inc. (“Moody’s”). Where Moody’s ratings have not been assigned, ratings from Standard & Poor’s Corporation (“S&P”) were used. A generic rating designation has been utilized, and therefore, it cannot be inferred solely from the rating category whether ratings reflect those assigned by Moody’s or S&P. Pre-refunded and escrowed-to-maturity securities that have been rerated as AAA or its equivalent by either Moody’s or S&P have been included in the AAA category. Holdings and credit ratings are subject to change. | |||
* | Returns for periods of less than one year are not annualized. | |||
** | The Lehman Index is an unmanaged list of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market. The index does not include any taxes, fees or sales charges and does not reflect state-specific bond market performance. 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. | |||
## | Excludes variable rate demand notes. | |||
‡ | From 5/28/99. | |||
† | Represents per share amount paid or declared for the six months ended March 31, 2006. | |||
†† | Current yield, representing the annualized yield for the 30-day period ended March 31, 2006, 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. Such waivers may be discontinued at any time. Without these waivers the yields would be as follows: |
| Class A | | Class C | | Class D | | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
California High-Yield Series | 3.40 | % | 2.63 | % | 2.66 | % | |||||||||||||
Florida Series | 2.88 | 2.23 | 2.26 |
ø | Percentages based on current market values of long-term holdings at March 31, 2006. | |||
øø | Includes pre-refunded and escrowed-to-maturity securities. |
7
Your Series’ Expenses
8
Your Series’ Expenses
Actual | Hypothetical | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning Account Value 10/1/05 | | Annualized Expense Ratio* | | Ending Account Value 3/31/06 | | Expenses Paid During Period** 10/1/05 to 3/31/06 | | Ending Account Value 3/31/06 | | Expenses Paid During Period** 10/1/05 to 3/31/06 | ||||||||||||||||
California High-Yield | |||||||||||||||||||||||||||
Class A | $ | 1,000.00 | 0.94 | % | $ | 1,011.80 | $4.72 | $ | 1,020.23 | $4.74 | |||||||||||||||||
Class C | 1,000.00 | 1.84 | 1,007.20 | 9.23 | 1,015.74 | 9.27 | |||||||||||||||||||||
Class D | 1,000.00 | 1.84 | 1,007.20 | 9.23 | 1,015.74 | 9.27 | |||||||||||||||||||||
California Quality | |||||||||||||||||||||||||||
Class A | 1,000.00 | 0.98 | 1,008.80 | 4.90 | 1,020.05 | 4.93 | |||||||||||||||||||||
Class C | 1,000.00 | 1.88 | 1,004.20 | 9.40 | 1,015.55 | 9.45 | |||||||||||||||||||||
Class D | 1,000.00 | 1.88 | 1,004.20 | 9.40 | 1,015.55 | 9.45 | |||||||||||||||||||||
Florida | |||||||||||||||||||||||||||
Class A | 1,000.00 | 1.01 | 1,007.10 | 5.05 | 1,019.90 | 5.08 | |||||||||||||||||||||
Class C | 1,000.00 | 1.77 | 1,004.60 | 8.87 | 1,016.08 | 8.92 | |||||||||||||||||||||
Class D | 1,000.00 | 1.77 | 1,004.60 | 8.87 | 1,016.08 | 8.92 | |||||||||||||||||||||
North Carolina | |||||||||||||||||||||||||||
Class A | 1,000.00 | 1.31 | 1,002.60 | 6.55 | 1,018.39 | 6.60 | |||||||||||||||||||||
Class C | 1,000.00 | 2.07 | 998.90 | 10.32 | 1,014.61 | 10.40 | |||||||||||||||||||||
Class D | 1,000.00 | 2.07 | 998.80 | 10.32 | 1,014.61 | 10.40 |
* | Expenses of Class C and Class D shares differ from the expenses of Class A shares due to the difference in 12b-1 fees paid by each share class. See the Trust’s prospectus for a description of each share class and its fees, expenses and sales charges. J. & W. Seligman & Co. Incorporated, the Manager, at its discretion, waived 0.10% and 0.15% per annum of its fees for the California High-Yield and Florida Series, respectively. Absent such waiver, the expense ratios and expenses paid for the period would have been higher. | |||
** | Expenses are equal to the Series’ annualized expense ratios based on actual expenses for the period October 1, 2005 to March 31, 2006, multiplied by the average account value over the period, multiplied by 182/365 (number of days in the period). |
9
March 31, 2006
Face Amount | | Municipal Bonds | | Rating† | | Value | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
$1,000,000 | California Department of Veterans Affairs Rev. (Home Purchase), 5.50% due 12/1/2018* | Aa2 | $ | 1,035,210 | ||||||||
1,500,000 | California Department of Veterans Affairs Rev. (Home Purchase), 5.60% due 12/1/2028 | Aaa | 1,519,080 | |||||||||
2,000,000 | California Educational Facilities Authority Rev. (Scripps College), 5% due 8/1/2031 | A1 | 2,035,440 | |||||||||
3,000,000 | California Health Facilities Financing Authority Rev. (Cedars-Sinai Medical Center), 6.25% due 12/1/2034ø | A3 | 3,288,270 | |||||||||
750,000 | California Health Facilities Financing Authority Rev. (Cedars-Sinai Medical Center), 5% due 11/15/2027 | A3 | 761,985 | |||||||||
2,750,000 | California Health Facilities Financing Authority Rev. (Kaiser Permanente), 5.40% due 5/1/2028†† | AAA‡ | 2,816,275 | |||||||||
2,280,000 | California Housing Finance Agency Rev. (Multi-Family Housing), 5.375% due 2/1/2036* | Aa3 | 2,305,901 | |||||||||
650,000 | California Housing Finance Agency Rev. (Single Family Mortgage), 5.40% due 8/1/2028* | Aaa | 659,139 | |||||||||
2,500,000 | California Infrastructure and Economic Development Bank Rev. (The J. David Gladstone Institutes Project), 5.25% due 10/1/2034 | A-‡ | 2,557,000 | |||||||||
2,500,000 | California Statewide Communities Development Authority Rev. (Sutter Health), 5.625% due 8/15/2042 | A1 | 2,622,400 | |||||||||
1,500,000 | Foothill/Eastern Transportation Corridor Agency, CA Toll Road Rev., 5.75% due 1/15/2040 | Baa3 | 1,541,295 | |||||||||
2,685,000 | Modesto, CA Irrigation District Certificates of Participation, 5.30% due 7/1/2022 | A2 | 2,686,504 | |||||||||
3,000,000 | Puerto Rico Highway & Transportation Authority Rev., 5.50% due 7/1/2036 | Baa2 | 3,198,240 | |||||||||
3,000,000 | San Bernardino, CA Joint Powers Financing Authority (California Dept. of Transportation Lease), 5.50% due 12/1/2020 | A3 | 3,037,830 | |||||||||
870,000 | San Francisco, CA City & County Public Utilities Commission Water Rev., 5% due 11/1/2026 | A1 | 878,987 | |||||||||
2,000,000 | Washington Township, CA Hospital District Hospital Healthcare System Rev., 5.25% due 7/1/2029 | A2 | 2,051,060 | |||||||||
Total Municipal Bonds (Cost $31,591,824) — 91.6% | 32,994,616 | |||||||||||
(Continued on next page.) |
See footnotes on page 15.
10
March 31, 2006
Face Amount | | Short-Term Holdings | | Rating† | | Value | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
$300,000 | Lincoln County, WY Pollution Control Rev. (Exxon Project), VRDN, due 7/1/2017 | P-1 | $ | 300,000 | ||||||||
200,000 | Missouri State Health & Educational Facilities Authority Health Facility Rev. (Cox Health System), VRDN, due 6/1/2022 | VMIG 1 | 200,000 | |||||||||
500,000 | New York City, NY GOs, VRDN, due 8/15/2018 | VMIG 1 | 500,000 | |||||||||
400,000 | New York City, NY Municipal Water Finance Authority, Water & Sewer System Rev., VRDN, due 6/15/2025 | VMIG 1 | 400,000 | |||||||||
1,130,000 | San Francisco, CA City & County Public Utilities Commission Water Rev., 5% due 11/1/2026ø | A1 | 1,156,939 | |||||||||
Total Short-Term Holdings (Cost $2,517,064) — 7.1% | 2,556,939 | |||||||||||
Total Investments (Cost $34,108,888) — 98.7% | 35,551,555 | |||||||||||
Other Assets Less Liabilities — 1.3% | 479,390 | |||||||||||
Net Assets — 100.0% | $ | 36,030,945 |
Face Amount | | Municipal Bonds | | Rating† | | Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$3,000,000 | California Educational Facilities Authority Rev. (Pepperdine University), 5% due 11/1/2029 | A1 | $ | 3,088,320 | ||||||||||
2,000,000 | California Educational Facilities Authority Rev. (Stanford University), 5.35% due 6/1/2027 | Aaa | 2,067,360 | |||||||||||
3,000,000 | California Educational Facilities Authority Rev. (University of San Diego), 5% due 10/1/2028 | Aaa | 3,079,620 | |||||||||||
1,000,000 | California Infrastructure & Economic Development Bank Rev. (Bay Area Toll Bridge Seismic Retrofit), 5% due 7/1/2023 | Aaa | 1,041,880 | |||||||||||
4,000,000 | California Pollution Control Financing Authority Rev. (Mobil Oil Corporation Project), 5.50% due 12/1/2029* | Aaa | 4,123,760 | |||||||||||
3,295,000 | California State GOs, 5.375% due 10/1/2027ø | A2 | 3,520,444 | |||||||||||
705,000 | California State GOs, 5.375% due 10/1/2027 | A2 | 740,264 | |||||||||||
2,420,000 | California State Veterans’ GOs, 5.70% due 12/1/2032* | A2 | 2,482,025 | |||||||||||
2,000,000 | California Statewide Communities Development Authority Rev. (Kaiser Permanente), 5.50% due 11/1/2032 | A3 | 2,078,480 | |||||||||||
865,000 | East Bay Municipal Utility District, CA Water System Rev., 5% due 6/1/2026 | Aaa | 880,613 | |||||||||||
(Continued on next page.) |
See footnotes on page 15.
11
March 31, 2006
Face Amount | | Municipal Bonds | | Rating† | | Value | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
$2,500,000 | Eastern Municipal Water District, CA Water and Sewer Rev., 6.75% due 7/1/2012 | Aaa | $ | 2,864,775 | ||||||||
2,000,000 | Los Angeles, CA Department of Water & Power Water System Rev., 5.125% due 7/1/2041 | Aa3 | 2,048,240 | |||||||||
3,000,000 | Orange County, CA Local Transportation Authority (Measure M Sales Tax Rev.), 6% due 2/15/2009 | Aaa | 3,201,000 | |||||||||
4,000,000 | Regents of the University of California Rev. (Multiple Purpose Projects), 5.375% due 9/1/2024 | Aaa | 4,132,840 | |||||||||
2,000,000 | Sacramento County, CA Sanitation Districts Financing Authority Rev. (Sacramento Regional County Sanitation District), 5% due 12/1/2027 | Aaa | 2,053,880 | |||||||||
500,000 | Sacramento, CA Municipal Utility District Electric Rev., 5.25% due 5/15/2024 | Aaa | 534,935 | |||||||||
2,720,000 | San Francisco, CA Bay Area Rapid Transit District (Sales Tax Rev.), 5% due 7/1/2028ø | Aaa | 2,833,152 | |||||||||
1,530,000 | San Francisco, CA Bay Area Rapid Transit District (Sales Tax Rev.), 5% due 7/1/2028 | Aaa | 1,572,519 | |||||||||
Total Municipal Bonds (Cost $39,949,398) — 88.6% | 42,344,107 | |||||||||||
Short-Term Holdings | ||||||||||||
3,000,000 | California Department of Water Resources Water System Rev. (Central Valley Project), 6.10% due 12/1/2029ø | Aaa | 3,042,990 | |||||||||
200,000 | Charlotte-Mecklenburg Hospital Authority, NC Health Care System Rev., VRDN, due 1/15/2026 | VMIG 1 | 200,000 | |||||||||
1,135,000 | East Bay Municipal Utility District, CA Water System Rev., 5% due 6/1/2026ø | Aaa | 1,160,492 | |||||||||
500,000 | New York City, NY GOs, VRDN, due 8/1/2010 | VMIG 1 | 500,000 | |||||||||
Total Short-Term Holdings (Cost $4,878,432) — 10.3% | 4,903,482 | |||||||||||
Total Investments (Cost $44,827,830) — 98.9% | 47,247,589 | |||||||||||
Other Assets Less Liabilities — 1.1% | 529,401 | |||||||||||
Net Assets — 100.0% | $ | 47,776,990 |
See footnotes on page 15.
12
March 31, 2006
Face Amount | | Municipal Bonds | | Rating† | | Value | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
$2,000,000 | Broward County, FL Airport System Rev., 5.25% due 10/1/2026* | Aaa | $ | 2,070,060 | ||||||||
2,000,000 | Dade County, FL Public Improvement GOs, 5.75% due 10/1/2016 | Aaa | 2,040,560 | |||||||||
1,750,000 | Escambia County, FL Health Facilities Authority Rev. (Ascension Health Credit Group), 6% due 11/15/2031ø | AAA‡ | 1,895,565 | |||||||||
70,000 | Florida Housing Finance Agency Rev. (General Mortgage), 6.35% due 6/1/2014 | AA‡ | 70,104 | |||||||||
385,000 | Florida Housing Finance Corporation Rev. (Homeowner Mortgage), 5.95% due 1/1/2032* | Aaa | 398,182 | |||||||||
2,500,000 | Florida Ports Financing Commission Rev. (State Transportation Trust Fund), 5.375% due 6/1/2027* | Aaa | 2,559,250 | |||||||||
2,000,000 | Greater Orlando Aviation Authority, FL Airport Facilities Rev., 5.25% due 10/1/2023* | Aaa | 2,047,700 | |||||||||
2,000,000 | Hillsborough County, FL School Board (Certificates of Participation), 6% due 7/1/2025ø | Aaa | 2,158,540 | |||||||||
2,000,000 | Jacksonville, FL Electric Authority System Rev., 5.50% due 10/1/2041ø | Aa2 | 2,056,180 | |||||||||
1,500,000 | Jacksonville, FL Electric Authority Water & Sewer System Rev., 5.375% due 10/1/2030ø | Aaa | 1,522,815 | |||||||||
2,000,000 | Jacksonville, FL Sewage & Solid Waste Disposal Facilities Rev. (Anheuser-Busch Project), 5.875% due 2/1/2036* | A1 | 2,049,980 | |||||||||
2,000,000 | Marion County, FL Hospital District Health System Rev. (Munroe Regional Health System), 5.625% due 10/1/2024 | A2 | 2,076,720 | |||||||||
1,750,000 | Orange County, FL Health Facilities Authority Hospital Rev. (Adventist Health System/Sunbelt Obligation Group), 6.375% due 11/15/2020ø | A2 | 1,957,148 | |||||||||
1,500,000 | Orlando, FL Utilities Commission Utility System Rev., 5% due 10/1/2025 | Aa1 | 1,571,640 | |||||||||
2,000,000 | Pinellas County, FL Health Facilities Authority Rev. (Baycare Health System), 5.50% due 11/15/2033 | Aa3 | 2,089,620 | |||||||||
1,770,000 | Reedy Creek, FL Improvement District Utilities Rev., 5.125% due 10/1/2019ø | Aaa | 1,826,906 | |||||||||
230,000 | Reedy Creek, FL Improvement District Utilities Rev., 5.125% due 10/1/2019 | Aaa | 236,780 | |||||||||
1,750,000 | Tampa Bay, FL Regional Water Supply Utility System Authority Rev., 5.75% due 10/1/2029ø | Aaa | 1,920,678 | |||||||||
Total Municipal Bonds (Cost $29,052,521) — 95.3% | 30,548,428 | |||||||||||
(Continued on next page.) |
See footnotes on page 15.
13
March 31, 2006
Face Amount | | Short-Term Holdings | | Rating† | | Value | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
$300,000 | Lincoln County, WY Pollution Control Rev. (Exxon Project), VRDN, due 7/1/2017 | P-1 | $ | 300,000 | ||||||||
700,000 | Massachusetts Health & Educational Facilities Authority Rev. (Capital Assets Program), VRDN, due 1/1/2035 | VMIG 1 | 700,000 | |||||||||
Total Short-Term Holdings (Cost $1,000,000) — 3.1% | 1,000,000 | |||||||||||
Total Investments (Cost $30,052,521) — 98.4% | 31,548,428 | |||||||||||
Other Assets Less Liabilities — 1.6% | 511,072 | |||||||||||
Net Assets — 100.0% | $ | 32,059,500 |
Face Amount | | Municipal Bonds | | Rating† | | Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$ 750,000 | Appalachian State University, NC Rev. 5% due 7/15/2023 | Aaa | $ | 788,048 | ||||||||||
1,250,000 | Appalachian State University, NC Housing & Student Center System Rev., 5.60% due 7/15/2020ø | Aaa | 1,354,000 | |||||||||||
1,185,000 | Buncombe County, NC Metropolitan District Sewer System Rev., 5% due 7/1/2020 | Aaa | 1,241,655 | |||||||||||
1,000,000 | Charlotte, NC Storm Water Fee Rev., 6% due 6/1/2025ø | Aa2 | 1,096,700 | |||||||||||
1,250,000 | Charlotte, NC Water & Sewer System Rev., 5.25% due 6/1/2025ø | AAA‡ | 1,334,987 | |||||||||||
750,000 | Forsyth County, NC Certificates of Participation (Forsyth County School Project), 5% due 2/1/2026 | Aa1 | 775,935 | |||||||||||
215,000 | Greensboro, NC Combined Enterprise System Rev., 5.25% due 6/1/2022 | Aa3 | 229,835 | |||||||||||
750,000 | High Point, NC Combined Enterprise System Rev., 5% due 11/1/2023 | Aaa | 785,677 | |||||||||||
245,000 | North Carolina Housing Finance Agency Rev. (Home Ownership), 6.40% due 7/1/2028* | Aa2 | 256,760 | |||||||||||
25,000 | North Carolina Housing Finance Agency Rev. (Single Family), 6.50% due 3/1/2018 | Aa2 | 25,213 | |||||||||||
1,500,000 | North Carolina Medical Care Commission Hospital Rev. (First Health of the Carolinas Project), 5% due 10/1/2028 | Aa3 | 1,522,320 | |||||||||||
(Continued on next page.) |
See footnotes on page 15.
14
March 31, 2006
Face Amount | | Municipal Bonds | | Rating† | | Value | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
$1,750,000 | North Carolina Municipal Power Agency No. 1 (Catawba Electric Rev.), 5% due 1/1/2020†† | Aaa | $ | 1,904,158 | ||||||||
1,000,000 | Raleigh, NC Combined Enterprise System Rev., 5% due 3/1/2024 | Aa1 | 1,045,830 | |||||||||
1,000,000 | Wake County, NC Industrial Facilities & Pollution Control Financing Authority Rev. (Carolina Power & Light), 5.375% due 2/1/2017 | A3 | 1,054,160 | |||||||||
750,000 | Wilmington, NC Water & Sewer System Rev., 5% due 6/1/2025 | Aaa | 785,910 | |||||||||
250,000 | Winston-Salem, NC Water & Sewer System Rev., 5.125% due 6/1/2028ø | AAA‡ | 268,145 | |||||||||
Total Municipal Bonds (Cost $13,644,758) — 82.7% | 14,469,333 | |||||||||||
Short-Term Holdings | ||||||||||||
1,250,000 | Asheville, NC Water System Rev., 5.70% due 8/1/2025ø | Aaa | 1,283,788 | |||||||||
500,000 | Missouri State Health & Educational Facilities Authority Health Facility Rev. (Cox Health System), VRDN, due 6/1/2022 | VMIG 1 | 500,000 | |||||||||
100,000 | New York City, NY GOs, VRDN, due 8/1/2019 | VMIG 1 | 100,000 | |||||||||
800,000 | Sarasota County, FL Public Hospital Board Rev. (Sarasota Memorial Hospital Project), VRDN, due 7/1/2037 | VMIG 1 | 800,000 | |||||||||
Total Short-Term Holdings (Cost $2,635,486) — 15.3% | 2,683,788 | |||||||||||
Total Investments (Cost $16,280,244) — 98.0% | 17,153,121 | |||||||||||
Other Assets Less Liabilities — 2.0% | 352,444 | |||||||||||
Net Assets — 100.0% | $ | 17,505,565 |
† | Credit ratings are primarily those issued by Moody’s Investors Service, Inc. (“Moody’s”). Where Moody’s ratings have not been assigned, ratings from Standard & Poor’s Corporation (“S&P”) were used (indicated by the symbol ‡). Pre-refunded and escrowed-to-maturity securities that have been rerated as AAA by S&P but have not been rerated by Moody’s have been reported as AAA. | |||
ø | Pre-refunded security. Such securities that will be paid off within one year are classified as short-term holdings. | |||
†† | Escrowed-to-maturity security. | |||
* | Interest income earned from this security is subject to the federal alternative minimum tax. | |||
VRDN — variable rate demand note. See Notes to Financial Statements. |
15
March 31, 2006
| California High-Yield Series | | California Quality Series | | Florida Series | | North Carolina Series | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets: | ||||||||||||||||
Investments, at value:* | ||||||||||||||||
Long-term holdings | $ | 32,994,616 | $ | 42,344,107 | $ | 30,548,428 | $ | 14,469,333 | ||||||||
Short-term holdings | 2,556,939 | 4,903,482 | 1,000,000 | 2,683,788 | ||||||||||||
Total investments | 35,551,555 | 47,247,589 | 31,548,428 | 17,153,121 | ||||||||||||
Cash** | 14,691 | 17,670 | 29,174 | 29,158 | ||||||||||||
Interest receivable | 532,465 | 759,511 | 665,192 | 213,782 | ||||||||||||
Receivable for Shares of Beneficial Interest sold | 23,806 | 2,844 | 9,899 | — | ||||||||||||
Expenses prepaid to shareholder service agent | 4,287 | 4,435 | 2,957 | 1,774 | ||||||||||||
Receivable for securities sold | — | — | — | 177,165 | ||||||||||||
Other | 1,767 | 2,223 | 1,711 | 1,284 | ||||||||||||
Total Assets | 36,128,571 | 48,034,272 | 32,257,361 | 17,576,284 | ||||||||||||
Liabilities: | ||||||||||||||||
Dividends payable | 48,891 | 64,811 | 43,448 | 18,972 | ||||||||||||
Management fee payable | 12,293 | 20,584 | 9,619 | 7,560 | ||||||||||||
Distribution and service fees payable | 7,258 | 6,868 | 9,904 | 4,835 | ||||||||||||
Payable for Shares of Beneficial Interest repurchased | — | 129,255 | 107,519 | 22,412 | ||||||||||||
Accrued expenses and other | 29,184 | 35,764 | 27,371 | 16,940 | ||||||||||||
Total Liabilities | 97,626 | 257,282 | 197,861 | 70,719 | ||||||||||||
Net Assets | $ | 36,030,945 | $ | 47,776,990 | $ | 32,059,500 | $ | 17,505,565 | ||||||||
Composition of Net Assets: | ||||||||||||||||
Shares of Beneficial Interest, at par: | ||||||||||||||||
Class A | $ | 4,660 | $ | 6,629 | $ | 3,520 | $ | 2,041 | ||||||||
Class C | 342 | 367 | 448 | 146 | ||||||||||||
Class D | 487 | 161 | 157 | 65 | ||||||||||||
Additional paid-in capital | 34,513,796 | 45,232,904 | 30,414,721 | 16,486,736 | ||||||||||||
Undistributed net investment income | 68,993 | 220,810 | 87,371 | 55,609 | ||||||||||||
Undistributed/accumulated net realized gain (loss) | — | (103,640 | ) | 57,376 | 88,091 | |||||||||||
Net unrealized appreciation of investments | 1,442,667 | 2,419,759 | 1,495,907 | 872,877 | ||||||||||||
Net Assets | $ | 36,030,945 | $ | 47,776,990 | $ | 32,059,500 | $ | 17,505,565 | ||||||||
(Continued on next page.) |
See footnotes on page 17.
16
March 31, 2006
| California High-Yield Series | | California Quality Series | | Florida Series | | North Carolina Series | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Assets: | ||||||||||||||||
Class A | $ | 30,585,642 | $ | 44,261,114 | $ | 27,347,068 | $ | 15,863,604 | ||||||||
Class C | $ | 2,244,877 | $ | 2,440,893 | $ | 3,488,805 | $ | 1,134,085 | ||||||||
Class D | $ | 3,200,426 | $ | 1,074,983 | $ | 1,223,627 | $ | 507,876 | ||||||||
Shares of Beneficial Interest Outstanding (Unlimited shares authorized; $0.001 par value): | ||||||||||||||||
Class A | 4,660,297 | 6,628,776 | 3,519,713 | 2,040,403 | ||||||||||||
Class C | 341,684 | 366,918 | 448,087 | 146,013 | ||||||||||||
Class D | 487,058 | 161,606 | 157,164 | 65,415 | ||||||||||||
Net Asset Value per Share: | ||||||||||||||||
Class A | $ | 6.56 | $ | 6.68 | $ | 7.77 | $ | 7.77 | ||||||||
Class C | $ | 6.57 | $ | 6.65 | $ | 7.79 | $ | 7.77 | ||||||||
Class D | $ | 6.57 | $ | 6.65 | $ | 7.79 | $ | 7.76 | ||||||||
__________________ * Cost of investments | $ | 34,108,888 | $ | 44,827,830 | $ | 30,052,521 | $ | 16,280,244 | ||||||||
** Includes restricted cash of | $ | 5,300 | $ | 6,300 | $ | 2,000 | — |
17
For the Six Months Ended March 31, 2006
| California High-Yield Series | | California Quality Series | | Florida Series | | North Carolina Series | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Investment Income: | ||||||||||||||||
Interest | $ | 928,779 | $ | 1,275,363 | $ | 856,244 | $ | 439,100 | ||||||||
Expenses: | ||||||||||||||||
Management fees | 90,305 | 123,667 | 83,282 | 45,643 | ||||||||||||
Distribution and service fees | 42,128 | 42,404 | 59,493 | 29,028 | ||||||||||||
Shareholder account services | 38,219 | 43,417 | 30,081 | 17,484 | ||||||||||||
Auditing and legal fees | 16,899 | 21,326 | 17,068 | 15,617 | ||||||||||||
Registration | 8,776 | 8,727 | 7,280 | 6,832 | ||||||||||||
Custody and related services | 6,233 | 8,625 | 6,534 | 4,188 | ||||||||||||
Shareholder reports and communications | 3,689 | 4,838 | 3,640 | 2,743 | ||||||||||||
Trustee’s fees and expenses | 3,659 | 3,834 | 3,596 | 3,396 | ||||||||||||
Miscellaneous | 2,641 | 3,390 | 2,493 | 1,843 | ||||||||||||
Total Expenses Before Management Fee Waiver | 212,549 | 260,228 | 213,467 | 126,774 | ||||||||||||
Fee waiver (Note 3) | (18,061 | ) | — | (24,985 | ) | — | ||||||||||
Total Expenses After Management Fee Waiver | 194,488 | 260,228 | 188,482 | 126,774 | ||||||||||||
Net Investment Income | 734,291 | 1,015,135 | 667,762 | 312,326 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||
Net realized gain on investments | — | 50,876 | 83,021 | 89,499 | ||||||||||||
Net change in unrealized appreciation of investments | (350,944 | ) | (657,627 | ) | (525,263 | ) | (358,215 | ) | ||||||||
Net Loss on Investments | (350,944 | ) | (606,751 | ) | (442,242 | ) | (268,716 | ) | ||||||||
Increase in Net Assets from Operations | $ | 383,347 | $ | 408,384 | $ | 225,520 | $ | 43,610 |
18
California High-Yield Series | California Quality Series | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended 3/31/06 | | Year Ended 9/30/05 | | Six Months Ended 3/31/06 | | Year Ended 9/30/05 | |||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 734,291 | $ | 1,472,170 | $ | 1,015,135 | $ | 2,144,730 | ||||||||
Net realized gain on investments | — | — | 50,876 | 330,304 | ||||||||||||
Net change in unrealized appreciation of investments | (350,944 | ) | 239,831 | (657,627 | ) | (462,651 | ) | |||||||||
Increase in Net Assets from Operations | 383,347 | 1,712,001 | 408,384 | 2,012,383 | ||||||||||||
Distributions to Shareholders: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (635,880 | ) | (1,290,395 | ) | (919,198 | ) | (1,973,546 | ) | ||||||||
Class C | (37,867 | ) | (79,080 | ) | (46,605 | ) | (120,885 | ) | ||||||||
Class D | (49,820 | ) | (91,036 | ) | (16,848 | ) | (33,700 | ) | ||||||||
Total | (723,567 | ) | (1,460,511 | ) | (982,651 | ) | (2,128,131 | ) | ||||||||
Net realized long-term gain on investments: | ||||||||||||||||
Class A | — | (348,442 | ) | (218,450 | ) | (652,732 | ) | |||||||||
Class C | — | (28,555 | ) | (15,057 | ) | (55,969 | ) | |||||||||
Class D | — | (31,371 | ) | (5,019 | ) | (14,803 | ) | |||||||||
Total | — | (408,368 | ) | (238,526 | ) | (723,504 | ) | |||||||||
Decrease in Net Assets from Distributions | (723,567 | ) | (1,868,879 | ) | (1,221,177 | ) | (2,851,635 | ) | ||||||||
Transactions in Shares of Beneficial Interest: | ||||||||||||||||
Net proceeds from sales of shares | 331,150 | 503,407 | 436,499 | 1,044,303 | ||||||||||||
Investment of dividends | 428,371 | 863,684 | 536,698 | 1,154,063 | ||||||||||||
Exchanged from associated funds | 340,288 | 792,816 | 307,011 | 588,958 | ||||||||||||
Investment of gain distributions | — | 293,176 | 163,236 | 493,409 | ||||||||||||
Total | 1,099,809 | 2,453,083 | 1,443,444 | 3,280,733 | ||||||||||||
Cost of shares repurchased | (1,608,770 | ) | (4,977,036 | ) | (4,233,558 | ) | (8,061,544 | ) | ||||||||
Exchanged into associated funds | (14,870 | ) | (222,590 | ) | (87,763 | ) | (397,068 | ) | ||||||||
Total | (1,623,640 | ) | (5,199,626 | ) | (4,321,321 | ) | (8,458,612 | ) | ||||||||
Decrease in Net Assets from Transactions in Shares of Beneficial Interest | (523,831 | ) | (2,746,543 | ) | (2,877,877 | ) | (5,177,879 | ) | ||||||||
Decrease in Net Assets | (864,051 | ) | (2,903,421 | ) | (3,690,670 | ) | (6,017,131 | ) | ||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 36,894,996 | 39,798,417 | 51,467,660 | 57,484,791 | ||||||||||||
End of Period* | $ | 36,030,945 | $ | 36,894,996 | $ | 47,776,990 | $ | 51,467,660 | ||||||||
(Continued on next page.) | ||||||||||||||||
* Including undistributed net investment income | $ | 68,993 | $ | 58,269 | $ | 220,810 | $ | 188,326 |
19
Florida Series | North Carolina Series | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended 3/31/06 | | Year Ended 9/30/05 | | Six Months Ended 3/31/06 | | Year Ended 9/30/05 | |||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 667,762 | $ | 1,463,794 | $ | 312,326 | $ | 759,871 | ||||||||
Net realized gain on investments | 83,021 | 172,452 | 89,499 | 122,197 | ||||||||||||
Net change in unrealized appreciation of investments | (525,263 | ) | (553,167 | ) | (358,215 | ) | (372,492 | ) | ||||||||
Increase in Net Assets from Operations | 225,520 | 1,083,079 | 43,610 | 509,576 | ||||||||||||
Distributions to Shareholders: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (573,371 | ) | (1,264,083 | ) | (282,847 | ) | (653,505 | ) | ||||||||
Class C | (60,948 | ) | (139,901 | ) | (17,381 | ) | (72,461 | ) | ||||||||
Class D | (20,219 | ) | (44,218 | ) | (7,041 | ) | (19,398 | ) | ||||||||
Total | (654,538 | ) | (1,448,202 | ) | (307,269 | ) | (745,364 | ) | ||||||||
Net realized long-term gain on investments: | ||||||||||||||||
Class A | (169,725 | ) | (19,968 | ) | (117,044 | ) | (51,439 | ) | ||||||||
Class C | (22,748 | ) | (2,907 | ) | (9,747 | ) | (7,560 | ) | ||||||||
Class D | (7,282 | ) | (839 | ) | (3,693 | ) | (1,847 | ) | ||||||||
Total | (199,755 | ) | (23,714 | ) | (130,484 | ) | (60,846 | ) | ||||||||
Decrease in Net Assets from Distributions | (854,293 | ) | (1,471,916 | ) | (437,753 | ) | (806,210 | ) | ||||||||
Transactions in Shares of Beneficial Interest: | ||||||||||||||||
Net proceeds from sales of shares | 721,458 | 1,045,897 | 265,682 | 272,380 | ||||||||||||
Investment of dividends | 356,613 | 758,900 | 197,275 | 479,784 | ||||||||||||
Exchanged from associated funds | 259,922 | 617,634 | 38,161 | 133,328 | ||||||||||||
Investment of gain distributions | 126,480 | 16,047 | 99,321 | 49,160 | ||||||||||||
Total | 1,464,473 | 2,438,478 | 600,439 | 934,652 | ||||||||||||
Cost of shares repurchased | (2,006,444 | ) | (5,945,877 | ) | (1,245,298 | ) | (5,388,968 | ) | ||||||||
Exchanged into associated funds | (1,150,312 | ) | (227,031 | ) | (182,760 | ) | (95,331 | ) | ||||||||
Total | (3,156,756 | ) | (6,172,908 | ) | (1,428,058 | ) | (5,484,299 | ) | ||||||||
Decrease in Net Assets from Transactions in Shares of Beneficial Interest | (1,692,283 | ) | (3,734,430 | ) | (827,619 | ) | (4,549,647 | ) | ||||||||
Decrease in Net Assets | (2,321,056 | ) | (4,123,267 | ) | (1,221,762 | ) | (4,846,281 | ) | ||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 34,380,556 | 38,503,823 | 18,727,327 | 23,573,608 | ||||||||||||
End of Period* | $ | 32,059,500 | $ | 34,380,556 | $ | 17,505,565 | $ | 18,727,327 | ||||||||
* Including undistributed net investment income | $ | 87,371 | $ | 74,174 | $ | 55,609 | $ | 50,553 |
20
21
Series | | Distributor Concessions | | Dealer Commissions | ||||
---|---|---|---|---|---|---|---|---|
California High-Yield | $ | 563 | $ | 4,699 | ||||
California Quality | 1,593 | 11,101 | ||||||
Florida | 1,853 | 14,324 | ||||||
North Carolina | 595 | 4,063 |
22
Series | | Class C | | Class D | ||||
---|---|---|---|---|---|---|---|---|
California High-Yield | $ | 11,714 | $ | 15,376 | ||||
California Quality | 14,796 | 5,340 | ||||||
Florida | 18,581 | 6,157 | ||||||
North Carolina | 6,465 | 2,628 |
Series | | Commissions | | Distribution and Service Fees | ||||
---|---|---|---|---|---|---|---|---|
California High-Yield | — | $ | 2,030 | |||||
California Quality | $ | 429 | 1,420 | |||||
Florida | 638 | 1,799 | ||||||
North Carolina | — | 1,328 |
Series | | |||
---|---|---|---|---|
California High-Yield | $ | 38,219 | ||
California Quality | 43,417 | |||
Florida | 30,081 | |||
North Carolina | 17,484 |
23
Series | | |||
---|---|---|---|---|
California High-Yield | $ | 8,873 | ||
California Quality | 9,086 | |||
Florida | 5,867 | |||
North Carolina | 5,000 |
24
Series | | Purchases | | Sales | | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
California High-Yield | — | $ | 160,000 | |||||||||||
California Quality | — | 2,030,000 | ||||||||||||
Florida | $ | 1,567,245 | 2,601,290 | |||||||||||
North Carolina | 3,166,425 | 4,765,000 |
Series | | Tax Basis Cost | | | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
California High-Yield | $ | 34,044,923 | ||||||||||||
California Quality | 44,765,104 | |||||||||||||
Florida | 29,971,301 | |||||||||||||
North Carolina | 16,242,010 |
Series | | California High-Yield | | California Quality | | Florida | | North Carolina | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Gross unrealized appreciation of portfolio securities | $ | 1,518,562 | $ | 2,482,485 | $ | 1,577,127 | $ | 938,406 | ||||||||||
Gross unrealized depreciation of portfolio securities | (11,930 | ) | — | — | (27,295 | ) | ||||||||||||
Net unrealized appreciation of portfolio securities | 1,506,632 | 2,482,485 | 1,577,127 | 911,111 | ||||||||||||||
Undistributed tax-exempt income | 2,924 | 73,333 | 49,214 | 16,563 | ||||||||||||||
Accumulated net realized gain | — | 47,762 | 58,324 | 108,117 | ||||||||||||||
Total accumulated earnings | $ | 1,509,556 | $ | 2,603,580 | $ | 1,684,665 | $ | 1,035,791 |
25
| Six Months Ended 3/31/2006 | | Year Ended 9/30/2005 | | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Tax-exempt income: | ||||||||||||||
California High-Yield | $ | 723,567 | $ | 1,513,097 | ||||||||||
California Quality | 982,651 | 2,128,131 | ||||||||||||
Florida | 654,538 | 1,448,202 | ||||||||||||
North Carolina | 307,269 | 745,364 | ||||||||||||
Long-term capital gains: | ||||||||||||||
California High-Yield | — | 355,782 | ||||||||||||
California Quality | 238,526 | 723,504 | ||||||||||||
Florida | 199,755 | 23,714 | ||||||||||||
North Carolina | 130,484 | 60,846 |
California High-Yield Series | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended March 31, 2006 | | Year Ended September 30, 2005 | |||||||||||||
Class A | | Shares | | Amount | | Shares | | Amount | ||||||||
Net proceeds from sales of shares | 22,415 | �� | $ | 147,573 | 59,615 | $ | 395,391 | |||||||||
Investment of dividends | 56,951 | 375,231 | 113,844 | 754,713 | ||||||||||||
Exchanged from associated funds | — | — | 30,967 | 204,413 | ||||||||||||
Investment of gain distributions | — | — | 37,131 | 244,320 | ||||||||||||
Total | 79,366 | 522,804 | 241,557 | 1,598,837 | ||||||||||||
Cost of shares repurchased | (164,079 | ) | (1,080,213 | ) | (622,899 | ) | (4,130,453 | ) | ||||||||
Exchanged into associated funds | — | — | (32,609 | ) | (217,152 | ) | ||||||||||
Total | (164,079 | ) | (1,080,213 | ) | (655,508 | ) | (4,347,605 | ) | ||||||||
Decrease | (84,713 | ) | $ | (557,409 | ) | (413,951 | ) | $ | (2,748,768 | ) | ||||||
Class C | Shares | Amount | Shares | Amount | ||||||||||||
Net proceeds from sales of shares | 27,283 | $ | 179,582 | 12,984 | $ | 86,027 | ||||||||||
Investment of dividends | 3,587 | 23,667 | 7,953 | 52,760 | ||||||||||||
Exchanged from associated funds | — | — | 4,728 | 31,382 | ||||||||||||
Investment of gain distributions | — | — | 3,786 | 24,951 | ||||||||||||
Total | 30,870 | 203,249 | 29,451 | 195,120 | ||||||||||||
Cost of shares repurchased | (62,431 | ) | (410,248 | ) | (101,439 | ) | (675,224 | ) | ||||||||
Decrease | (31,561 | ) | $ | (206,999 | ) | (71,988 | ) | $ | (480,104 | ) |
26
California High-Yield Series | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended March 31, 2006 | | Year Ended September 30, 2005 | | |||||||||||||||
Class D | | Shares | | Amount | | Shares | | Amount | |||||||||||
Net proceeds from sales of shares | 604 | $ | 3,995 | 3,299 | $ | 21,989 | |||||||||||||
Investment of dividends | 4,466 | 29,473 | 8,473 | 56,211 | |||||||||||||||
Exchanged from associated funds | 51,584 | 340,288 | 83,528 | 557,021 | |||||||||||||||
Investment of gain distributions | — | — | 3,628 | 23,905 | |||||||||||||||
Total | 56,654 | 373,756 | 98,928 | 659,126 | |||||||||||||||
Cost of shares repurchased | (17,951 | ) | (118,309 | ) | (25,714 | ) | (171,359 | ) | |||||||||||
Exchanged into associated funds | (2,259 | ) | (14,870 | ) | (820 | ) | (5,438 | ) | |||||||||||
Total | (20,210 | ) | (133,179 | ) | (26,534 | ) | (176,797 | ) | |||||||||||
Increase | 36,444 | $ | 240,577 | 72,394 | $ | 482,329 |
California Quality Series | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended March 31, 2006 | | Year Ended September 30, 2005 | | |||||||||||||||
Class A | | Shares | | Amount | | Shares | | Amount | |||||||||||
Net proceeds from sales of shares | 56,996 | $ | 384,408 | 147,127 | $ | 1,003,777 | |||||||||||||
Investment of dividends | 74,768 | 502,991 | 158,217 | 1,079,785 | |||||||||||||||
Exchanged from associated funds | 37,214 | 249,792 | 27,959 | 190,982 | |||||||||||||||
Investment of gain distributions | 22,352 | 150,199 | 65,323 | 443,520 | |||||||||||||||
Total | 191,330 | 1,287,390 | 398,626 | 2,718,064 | |||||||||||||||
Cost of shares repurchased | (504,881 | ) | (3,399,458 | ) | (850,072 | ) | (5,793,374 | ) | |||||||||||
Exchanged into associated funds | (9,765 | ) | (65,527 | ) | (55,162 | ) | (375,462 | ) | |||||||||||
Total | (514,646 | ) | (3,464,985 | ) | (905,234 | ) | (6,168,836 | ) | |||||||||||
Decrease | (323,316 | ) | $ | (2,177,595 | ) | (506,608 | ) | $ | (3,450,772 | ) | |||||||||
Class C | Shares | Amount | Shares | Amount | |||||||||||||||
Net proceeds from sales of shares | — | $ | — | 5,654 | $ | 38,337 | |||||||||||||
Investment of dividends | 3,713 | 24,895 | 8,248 | 56,102 | |||||||||||||||
Exchanged from associated funds | — | — | 54,246 | 369,172 | |||||||||||||||
Investment of gain distributions | 1,564 | 10,479 | 6,094 | 41,254 | |||||||||||||||
Total | 5,277 | 35,374 | 74,242 | 504,865 | |||||||||||||||
Cost of shares repurchased | (119,248 | ) | (798,612 | ) | (286,099 | ) | (1,947,902 | ) | |||||||||||
Exchanged into associated funds | (1,091 | ) | (7,297 | ) | (2,802 | ) | (18,961 | ) | |||||||||||
Total | (120,339 | ) | (805,909 | ) | (288,901 | ) | (1,966,863 | ) | |||||||||||
Decrease | (115,062 | ) | $ | (770,535 | ) | (214,659 | ) | $ | (1,461,998 | ) |
27
California Quality Series | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended March 31, 2006 | | Year Ended September 30, 2005 | | |||||||||||||||
Class D | | Shares | | Amount | | Shares | | Amount | |||||||||||
Net proceeds from sales of shares | 7,750 | $ | 52,089 | 322 | $ | 2,189 | |||||||||||||
Investment of dividends | 1,310 | 8,778 | 2,672 | 18,176 | |||||||||||||||
Exchanged from associated funds | 8,566 | 57,219 | 4,242 | 28,804 | |||||||||||||||
Investment of gain distributions | 382 | 2,558 | 1,276 | 8,635 | |||||||||||||||
Total | 18,008 | 120,644 | 8,512 | 57,804 | |||||||||||||||
Cost of shares repurchased | (5,294 | ) | (35,452 | ) | (47,258 | ) | (320,268 | ) | |||||||||||
Exchanged into associated funds | (2,220 | ) | (14,939 | ) | (389 | ) | (2,645 | ) | |||||||||||
Total | (7,514 | ) | (50,391 | ) | (47,647 | ) | (322,913 | ) | |||||||||||
Increase (decrease) | 10,494 | $ | 70,253 | (39,135 | ) | $ | (265,109 | ) |
Florida Series | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended March 31, 2006 | | Year Ended September 30, 2005 | | |||||||||||||||
Class A | | Shares | | Amount | | Shares | | Amount | |||||||||||
Net proceeds from sales of shares | 66,312 | $ | 518,757 | 94,812 | $ | 756,005 | |||||||||||||
Investment of dividends | 38,646 | 302,611 | 80,048 | 637,959 | |||||||||||||||
Exchanged from associated funds | 29,014 | 226,355 | 73,081 | 583,068 | |||||||||||||||
Investment of gain distributions | 13,324 | 104,182 | 1,665 | 13,282 | |||||||||||||||
Total | 147,296 | 1,151,905 | 249,606 | 1,990,314 | |||||||||||||||
Cost of shares repurchased | (181,238 | ) | (1,417,059 | ) | (600,570 | ) | (4,786,378 | ) | |||||||||||
Exchanged into associated funds | (146,903 | ) | (1,150,312 | ) | (6,052 | ) | (48,575 | ) | |||||||||||
Total | (328,141 | ) | (2,567,371 | ) | (606,622 | ) | (4,834,953 | ) | |||||||||||
Decrease | (180,845 | ) | $ | (1,415,466 | ) | (357,016 | ) | $ | (2,844,639 | ) | |||||||||
Class C | Shares | Amount | Shares | Amount | |||||||||||||||
Net proceeds from sales of shares | 9,876 | $ | 77,622 | 36,316 | $ | 289,703 | |||||||||||||
Investment of dividends | 5,397 | 42,339 | 12,388 | 98,932 | |||||||||||||||
Exchanged from associated funds | — | — | 767 | 6,163 | |||||||||||||||
Investment of gain distributions | 2,277 | 17,832 | 289 | 2,312 | |||||||||||||||
Total | 17,550 | 137,793 | 49,760 | 397,110 | |||||||||||||||
Cost of shares repurchased | (61,949 | ) | (485,173 | ) | (118,994 | ) | (947,816 | ) | |||||||||||
Exchanged into associated funds | — | — | (22,374 | ) | (178,456 | ) | |||||||||||||
Total | (61,949 | ) | (485,173 | ) | (141,368 | ) | (1,126,272 | ) | |||||||||||
Decrease | (44,399 | ) | $ | (347,380 | ) | (91,608 | ) | $ | (729,162 | ) |
28
Florida Series | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended March 31, 2006 | | Year Ended September 30, 2005 | | |||||||||||||||
Class D | | Shares | | Amount | | Shares | | Amount | |||||||||||
Net proceeds from sales of shares | 15,865 | $ | 125,079 | 24 | $ | 189 | |||||||||||||
Investment of dividends | 1,489 | 11,679 | 2,757 | 22,009 | |||||||||||||||
Exchanged from associated funds | 4,287 | 33,567 | 3,539 | 28,403 | |||||||||||||||
Investment of gain distributions | 569 | 4,450 | 56 | 453 | |||||||||||||||
Total | 22,210 | 174,775 | 6,376 | 51,054 | |||||||||||||||
Cost of shares repurchased | (13,286 | ) | (104,212 | ) | (26,608 | ) | (211,683 | ) | |||||||||||
Increase (decrease) | 8,924 | $ | 70,563 | (20,232 | ) | $ | (160,629 | ) |
North Carolina Series | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended March 31, 2006 | | Year Ended September 30, 2005 | | |||||||||||||||
Class A | | Shares | | Amount | | Shares | | Amount | |||||||||||
Net proceeds from sales of shares | 33,661 | $ | 265,587 | 31,132 | $ | 250,714 | |||||||||||||
Investment of dividends | 23,543 | 184,850 | 53,761 | 430,309 | |||||||||||||||
Exchanged from associated funds | 3,938 | 30,797 | 16,614 | 133,328 | |||||||||||||||
Investment of gain distributions | 11,434 | 89,521 | 5,121 | 41,021 | |||||||||||||||
Total | 72,576 | 570,755 | 106,628 | 855,372 | |||||||||||||||
Cost of shares repurchased | (144,294 | ) | (1,130,176 | ) | (448,712 | ) | (3,586,486 | ) | |||||||||||
Exchanged into associated funds | (375 | ) | (2,939 | ) | (11,785 | ) | (94,215 | ) | |||||||||||
Total | (144,669 | ) | (1,133,115 | ) | (460,497 | ) | (3,680,701 | ) | |||||||||||
Decrease | (72,093 | ) | $ | (562,360 | ) | (353,869 | ) | $ | (2,825,329 | ) | |||||||||
Class C | Shares | Amount | Shares | Amount | |||||||||||||||
Net proceeds from sales of shares | — | $ | — | 1,058 | $ | 8,487 | |||||||||||||
Investment of dividends | 1,060 | 8,312 | 4,610 | 36,863 | |||||||||||||||
Investment of gain distributions | �� | 979 | 7,659 | 864 | 6,911 | ||||||||||||||
Total | 2,039 | 15,971 | 6,532 | 52,261 | |||||||||||||||
Cost of shares repurchased | (11,289 | ) | (88,535 | ) | (202,888 | ) | (1,611,054 | ) | |||||||||||
Exchanged into associated funds | (22,937 | ) | (179,821 | ) | — | — | |||||||||||||
Total | (34,226 | ) | (268,356 | ) | (202,888 | ) | (1,611,054 | ) | |||||||||||
Decrease | (32,187 | ) | $ | (252,385 | ) | (196,356 | ) | $ | (1,558,793 | ) | |||||||||
Class D | Shares | Amount | Shares | Amount | |||||||||||||||
Net proceeds from sales of shares | 12 | $ | 95 | 1,627 | $ | 13,179 | |||||||||||||
Investment of dividends | 519 | 4,072 | 1,578 | 12,612 | |||||||||||||||
Exchanged from associated funds | 942 | 7,364 | — | — | |||||||||||||||
Investment of gain distributions | 274 | 2,141 | 154 | 1,228 | |||||||||||||||
Total | 1,747 | 13,672 | 3,359 | 27,019 | |||||||||||||||
Cost of shares repurchased | (3,388 | ) | (26,546 | ) | (24,018 | ) | (191,428 | ) | |||||||||||
Exchanged into associated funds | — | — | (140 | ) | (1,116 | ) | |||||||||||||
Total | (3,388 | ) | (26,546 | ) | (24,158 | ) | (192,544 | ) | |||||||||||
Decrease | (1,641 | ) | $ | (12,874 | ) | (20,799 | ) | $ | (165,525 | ) |
29
30
31
California High-Yield Series | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | |||||||||||||||||||||||||
Six Months Ended 3/31/06 | Year Ended September 30, | ||||||||||||||||||||||||
| | 2005 | | 2004 | | 2003 | | 2002ø | | 2001 | |||||||||||||||
Per Share Data: | |||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 6.62 | $ | 6.65 | $ | 6.59 | $ | 6.74 | $ | 6.63 | $ | 6.33 | |||||||||||||
Income from Investment Operations: | |||||||||||||||||||||||||
Net investment income | 0.14 | 0.26 | 0.28 | 0.28 | 0.29 | 0.30 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.06 | ) | 0.04 | 0.06 | (0.12 | ) | 0.13 | 0.30 | |||||||||||||||||
Total from Investment Operations | 0.08 | 0.30 | 0.34 | 0.16 | 0.42 | 0.60 | |||||||||||||||||||
Less Distributions: | |||||||||||||||||||||||||
Dividends from net investment income | (0.14 | ) | (0.26 | ) | (0.27 | ) | (0.28 | ) | (0.29 | ) | (0.30 | ) | |||||||||||||
Distributions from net realized capital gain | — | (0.07 | ) | (0.01 | ) | (0.03 | ) | (0.02 | ) | — | |||||||||||||||
Total Distributions | (0.14 | ) | (0.33 | ) | (0.28 | ) | (0.31 | ) | (0.31 | ) | (0.30 | ) | |||||||||||||
Net Asset Value, End of Period | $ | 6.56 | $ | 6.62 | $ | 6.65 | $ | 6.59 | $ | 6.74 | $ | 6.63 | |||||||||||||
Total Return | 1.18 | % | 4.63 | % | 5.30 | % | 2.48 | % | 6.50 | % | 9.74 | % | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||
Net assets, end of period (000s omitted) | $30,586 | $31,432 | $34,315 | $38,798 | $51,011 | $50,239 | |||||||||||||||||||
Ratio of expenses to average net assets | 0.94 | %† | 0.92 | % | 0.90 | % | 0.88 | % | 0.84 | % | 0.70 | % | |||||||||||||
Ratio of net investment income to average net assets | 4.20 | %† | 3.97 | % | 4.20 | % | 4.24 | % | 4.41 | % | 4.69 | % | |||||||||||||
Portfolio turnover rate | — | 1.47 | % | — | 4.43 | % | 11.72 | % | 2.95 | % | |||||||||||||||
Without management fee waiver:* | |||||||||||||||||||||||||
Ratio of expenses to average net assets | 1.04 | %† | 1.02 | % | 1.00 | % | 0.98 | % | 0.94 | % | 0.95 | % | |||||||||||||
Ratio of net investment income to average net assets | 4.10 | %† | 3.87 | % | 4.10 | % | 4.14 | % | 4.31 | % | 4.44 | % |
32
California High-Yield Series | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class C | ||||||||||||||||||||||||
Six Months Ended 3/31/06 | Year Ended September 30, | |||||||||||||||||||||||
| | 2005 | | 2004 | | 2003 | | 2002ø | | 2001 | ||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 6.63 | $ | 6.66 | $ | 6.60 | $ | 6.75 | $ | 6.64 | $ | 6.34 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.11 | 0.20 | 0.22 | 0.22 | 0.23 | 0.25 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.06 | ) | 0.04 | 0.06 | (0.12 | ) | 0.13 | 0.30 | ||||||||||||||||
Total from Investment Operations | 0.05 | 0.24 | 0.28 | 0.10 | 0.36 | 0.55 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.11 | ) | (0.20 | ) | (0.21 | ) | (0.22 | ) | (0.23 | ) | (0.25 | ) | ||||||||||||
Distributions from net realized capital gain | — | (0.07 | ) | (0.01 | ) | (0.03 | ) | (0.02 | ) | — | ||||||||||||||
Total Distributions | (0.11 | ) | (0.27 | ) | (0.22 | ) | (0.25 | ) | (0.25 | ) | (0.25 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 6.57 | $ | 6.63 | $ | 6.66 | $ | 6.60 | $ | 6.75 | $ | 6.64 | ||||||||||||
Total Return | 0.72 | % | 3.69 | % | 4.35 | % | 1.56 | % | 5.57 | % | 8.74 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000s omitted) | $2,245 | $2,475 | $2,964 | $3,482 | $3,457 | $3,293 | ||||||||||||||||||
Ratio of expenses to average net assets | 1.84 | %† | 1.82 | % | 1.80 | % | 1.78 | % | 1.74 | % | 1.60 | % | ||||||||||||
Ratio of net investment income to average net assets | 3.30 | %† | 3.07 | % | 3.30 | % | 3.34 | % | 3.51 | % | 3.79 | % | ||||||||||||
Portfolio turnover rate | — | 1.47 | % | — | 4.43 | % | 11.72 | % | 2.95 | % | ||||||||||||||
Without management fee waiver:* | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 1.94 | %† | 1.92 | % | 1.90 | % | 1.88 | % | 1.84 | % | 1.85 | % | ||||||||||||
Ratio of net investment income to average net assets | 3.20 | %† | 2.97 | % | 3.20 | % | 3.24 | % | 3.41 | % | 3.54 | % |
33
California High-Yield Series | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class D | ||||||||||||||||||||||||
Six Months Ended 3/31/06 | Year Ended September 30, | |||||||||||||||||||||||
| | 2005 | | 2004 | | 2003 | | 2002ø | | 2001 | ||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 6.63 | $ | 6.66 | $ | 6.60 | $ | 6.75 | $ | 6.64 | $ | 6.34 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.11 | 0.20 | 0.22 | 0.22 | 0.23 | 0.25 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.06 | ) | 0.04 | 0.06 | (0.12 | ) | 0.13 | 0.30 | ||||||||||||||||
Total from Investment Operations | 0.05 | 0.24 | 0.28 | 0.10 | 0.36 | 0.55 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.11 | ) | (0.20 | ) | (0.21 | ) | (0.22 | ) | (0.23 | ) | (0.25 | ) | ||||||||||||
Distributions from net realized capital gain | — | (0.07 | ) | (0.01 | ) | (0.03 | ) | (0.02 | ) | — | ||||||||||||||
Total Distributions | (0.11 | ) | (0.27 | ) | (0.22 | ) | (0.25 | ) | (0.25 | ) | (0.25 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 6.57 | $ | 6.63 | $ | 6.66 | $ | 6.60 | $ | 6.75 | $ | 6.64 | ||||||||||||
Total Return | 0.72 | % | 3.69 | % | 4.35 | % | 1.56 | % | 5.57 | % | 8.74 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000s omitted) | $3,200 | $2,988 | $2,519 | $4,832 | $5,419 | $5,938 | ||||||||||||||||||
Ratio of expenses to average net assets | 1.84 | %† | 1.82 | % | 1.80 | % | 1.78 | % | 1.74 | % | 1.60 | % | ||||||||||||
Ratio of net investment income to average net assets | 3.30 | %† | 3.07 | % | 3.30 | % | 3.34 | % | 3.51 | % | 3.79 | % | ||||||||||||
Portfolio turnover rate | — | 1.47 | % | — | 4.43 | % | 11.72 | % | 2.95 | % | ||||||||||||||
Without management fee waiver:* | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 1.94 | %† | 1.92 | % | 1.90 | % | 1.88 | % | 1.84 | % | 1.85 | % | ||||||||||||
Ratio of net investment income to average net assets | 3.20 | %† | 2.97 | % | 3.20 | % | 3.24 | % | 3.41 | % | 3.54 | % |
34
California Quality Series | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | ||||||||||||||||||||||||
Six Months Ended 3/31/06 | Year Ended September 30, | |||||||||||||||||||||||
| | 2005 | | 2004 | | 2003 | | 2002ø | | 2001 | ||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 6.79 | $ | 6.89 | $ | 6.88 | $ | 7.04 | $ | 6.90 | $ | 6.53 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.14 | 0.28 | 0.28 | 0.27 | 0.29 | 0.30 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.08 | ) | (0.02 | ) | — | (0.16 | ) | 0.20 | 0.39 | |||||||||||||||
Total from Investment Operations | 0.06 | 0.26 | 0.28 | 0.11 | 0.49 | 0.69 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.14 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | (0.29 | ) | (0.30 | ) | ||||||||||||
Distributions from net realized capital gain | (0.03 | ) | (0.09 | ) | — | — | (0.06 | ) | (0.02 | ) | ||||||||||||||
Total Distributions | (0.17 | ) | (0.36 | ) | (0.27 | ) | (0.27 | ) | (0.35 | ) | (0.32 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 6.68 | $ | 6.79 | $ | 6.89 | $ | 6.88 | $ | 7.04 | $ | 6.90 | ||||||||||||
Total Return | 0.88 | % | 3.90 | % | 4.23 | % | 1.63 | % | 7.29 | % | 10.72 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000s omitted) | $44,261 | $47,186 | $51,395 | $61,566 | $74,713 | $74,585 | ||||||||||||||||||
Ratio of expenses to average net assets | 0.98 | %† | 0.94 | % | 0.93 | % | 0.93 | % | 0.87 | % | 0.87 | % | ||||||||||||
Ratio of net investment income to average net assets | 4.18 | %† | 4.04 | % | 4.06 | % | 3.96 | % | 4.23 | % | 4.42 | % | ||||||||||||
Portfolio turnover rate | — | — | 0.86 | % | 1.43 | % | 6.40 | % | 19.83 | % |
35
California Quality Series | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class C | ||||||||||||||||||||||||
Six Months Ended 3/31/06 | Year Ended September 30, | |||||||||||||||||||||||
| | 2005 | | 2004 | | 2003 | | 2002ø | | 2001 | ||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 6.76 | $ | 6.87 | $ | 6.85 | $ | 7.01 | $ | 6.88 | $ | 6.51 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.11 | 0.21 | 0.22 | 0.21 | 0.23 | 0.24 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.08 | ) | (0.02 | ) | 0.01 | (0.16 | ) | 0.18 | 0.39 | |||||||||||||||
Total from Investment Operations | 0.03 | 0.19 | 0.23 | 0.05 | 0.41 | 0.63 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.11 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | (0.22 | ) | (0.24 | ) | ||||||||||||
Distributions from net realized capital gain | (0.03 | ) | (0.09 | ) | — | — | (0.06 | ) | (0.02 | ) | ||||||||||||||
Total Distributions | (0.14 | ) | (0.30 | ) | (0.21 | ) | (0.21 | ) | (0.28 | ) | (0.26 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 6.65 | $ | 6.76 | $ | 6.87 | $ | 6.85 | $ | 7.01 | $ | 6.88 | ||||||||||||
Total Return | 0.42 | % | 2.84 | % | 3.46 | % | 0.72 | % | 6.20 | % | 9.81 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000s omitted) | $2,441 | $3,259 | $4,783 | $5,772 | $5,067 | $1,952 | ||||||||||||||||||
Ratio of expenses to average net assets | 1.88 | %† | 1.84 | % | 1.83 | % | 1.83 | % | 1.77 | % | 1.77 | % | ||||||||||||
Ratio of net investment income to average net assets | 3.28 | %† | 3.13 | % | 3.16 | % | 3.06 | % | 3.33 | % | 3.52 | % | ||||||||||||
Portfolio turnover rate | — | — | 0.86 | % | 1.43 | % | 6.40 | % | 19.83 | % |
36
California Quality Series | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class D | ||||||||||||||||||||||||
Six Months Ended 3/31/06 | Year Ended September 30, | |||||||||||||||||||||||
| | 2005 | | 2004 | | 2003 | | 2002ø | | 2001 | ||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 6.76 | $ | 6.87 | $ | 6.85 | $ | 7.01 | $ | 6.88 | $ | 6.51 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.11 | 0.21 | 0.22 | 0.21 | 0.23 | 0.24 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.08 | ) | (0.02 | ) | 0.01 | (0.16 | ) | 0.18 | 0.39 | |||||||||||||||
Total from Investment Operations | 0.03 | 0.19 | 0.23 | 0.05 | 0.41 | 0.63 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.11 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | (0.22 | ) | (0.24 | ) | ||||||||||||
Distributions from net realized capital gain | (0.03 | ) | (0.09 | ) | — | — | (0.06 | ) | (0.02 | ) | ||||||||||||||
Total Distributions | (0.14 | ) | (0.30 | ) | (0.21 | ) | (0.21 | ) | (0.28 | ) | (0.26 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 6.65 | $ | 6.76 | $ | 6.87 | $ | 6.85 | $ | 7.01 | $ | 6.88 | ||||||||||||
Total Return | 0.42 | % | 2.84 | % | 3.46 | % | 0.72 | % | 6.20 | % | 9.81 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000s omitted) | $1,075 | $1,022 | $1,306 | $1,512 | $1,956 | $3,344 | ||||||||||||||||||
Ratio of expenses to average net assets | 1.88 | %† | 1.84 | % | 1.83 | % | 1.83 | % | 1.77 | % | 1.77 | % | ||||||||||||
Ratio of net investment income to average net assets | 3.28 | %† | 3.13 | % | 3.16 | % | 3.06 | % | 3.33 | % | 3.52 | % | ||||||||||||
Portfolio turnover rate | — | — | 0.86 | % | 1.43 | % | 6.40 | % | 19.83 | % |
37
Florida Series | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | ||||||||||||||||||||||||
Six Months Ended 3/31/06 | Year Ended September 30, | |||||||||||||||||||||||
| | 2005 | | 2004 | | 2003 | | 2002ø | | 2001 | ||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 7.92 | $ | 8.00 | $ | 8.08 | $ | 8.08 | $ | 7.88 | $ | 7.48 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.16 | 0.33 | 0.32 | 0.32 | 0.34 | 0.36 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.10 | ) | (0.08 | ) | (0.06 | ) | 0.01 | 0.20 | 0.43 | |||||||||||||||
Total from Investment Operations | 0.06 | 0.25 | 0.26 | 0.33 | 0.54 | 0.79 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.16 | ) | (0.32 | ) | (0.32 | ) | (0.32 | ) | (0.34 | ) | (0.36 | ) | ||||||||||||
Distributions from net realized capital gain | (0.05 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | — | (0.03 | ) | |||||||||||||
Total Distributions | (0.21 | ) | (0.33 | ) | (0.34 | ) | (0.33 | ) | (0.34 | ) | (0.39 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 7.77 | $ | 7.92 | $ | 8.00 | $ | 8.08 | $ | 8.08 | $ | 7.88 | ||||||||||||
Total Return | 0.71 | % | 3.17 | % | 3.26 | % | 4.16 | % | 7.08 | % | 10.78 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000s omitted) | $27,347 | $29,298 | $32,470 | $34,131 | $37,513 | $36,695 | ||||||||||||||||||
Ratio of expenses to average net assets | 1.01 | %† | 0.98 | % | 0.99 | % | 1.00 | % | 0.94 | % | 0.70 | % | ||||||||||||
Ratio of net investment income to average net assets | 4.13 | %† | 4.11 | % | 4.05 | % | 3.98 | % | 4.37 | % | 4.70 | % | ||||||||||||
Portfolio turnover rate | 5.00 | % | — | — | 12.51 | % | 10.19 | % | 9.57 | % | ||||||||||||||
Without management fee waiver:* | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 1.16 | %† | 1.13 | % | 1.14 | % | 1.15 | % | 1.09 | % | 1.08 | % | ||||||||||||
Ratio of net investment income to average net assets | 3.98 | %† | 3.96 | % | 3.90 | % | 3.83 | % | 4.22 | % | 4.32 | % |
38
Florida Series | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class C | ||||||||||||||||||||||||
Six Months Ended 3/31/06 | Year Ended September 30, | |||||||||||||||||||||||
| | 2005 | | 2004 | | 2003 | | 2002ø | | 2001 | ||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 7.93 | $ | 8.02 | $ | 8.09 | $ | 8.10 | $ | 7.90 | $ | 7.50 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.13 | 0.27 | 0.26 | 0.26 | 0.29 | 0.31 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.09 | ) | (0.09 | ) | (0.05 | ) | — | 0.19 | 0.43 | |||||||||||||||
Total from Investment Operations | 0.04 | 0.18 | 0.21 | 0.26 | 0.48 | 0.74 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.13 | ) | (0.26 | ) | (0.26 | ) | (0.26 | ) | (0.28 | ) | (0.31 | ) | ||||||||||||
Distributions from net realized capital gain | (0.05 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | — | (0.03 | ) | |||||||||||||
Total Distributions | (0.18 | ) | (0.27 | ) | (0.28 | ) | (0.27 | ) | (0.28 | ) | (0.34 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 7.79 | $ | 7.93 | $ | 8.02 | $ | 8.09 | $ | 8.10 | $ | 7.90 | ||||||||||||
Total Return | 0.46 | % | 2.27 | % | 2.61 | % | 3.24 | % | 6.26 | % | 9.97 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000s omitted) | $3,489 | $3,907 | $4,683 | $4,686 | $3,839 | $2,274 | ||||||||||||||||||
Ratio of expenses to average net assets | 1.77 | %† | 1.73 | % | 1.74 | % | 1.75 | % | 1.69 | % | 1.45 | % | ||||||||||||
Ratio of net investment income to average net assets | 3.37 | %† | 3.36 | % | 3.30 | % | 3.23 | % | 3.62 | % | 3.95 | % | ||||||||||||
Portfolio turnover rate | 5.00 | % | — | — | 12.51 | % | 10.19 | % | 9.57 | % | ||||||||||||||
Without management fee waiver:* | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 1.92 | %† | 1.88 | % | 1.89 | % | 1.90 | % | 1.84 | % | 1.83 | % | ||||||||||||
Ratio of net investment income to average net assets | 3.22 | %† | 3.21 | % | 3.15 | % | 3.08 | % | 3.47 | % | 3.57 | % |
39
Florida Series | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class D | ||||||||||||||||||||||||
Six Months Ended 3/31/06 | Year Ended September 30, | |||||||||||||||||||||||
| | 2005 | | 2004 | | 2003 | | 2002ø | | 2001 | ||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 7.93 | $ | 8.02 | $ | 8.10 | $ | 8.10 | $ | 7.90 | $ | 7.50 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.13 | 0.27 | 0.26 | 0.26 | 0.29 | 0.31 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.09 | ) | (0.09 | ) | (0.06 | ) | 0.01 | 0.19 | 0.43 | |||||||||||||||
Total from Investment Operations | 0.04 | 0.18 | 0.20 | 0.27 | 0.48 | 0.74 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.13 | ) | (0.26 | ) | (0.26 | ) | (0.26 | ) | (0.28 | ) | (0.31 | ) | ||||||||||||
Distributions from net realized capital gain | (0.05 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | — | (0.03 | ) | |||||||||||||
Total Distributions | (0.18 | ) | (0.27 | ) | (0.28 | ) | (0.27 | ) | (0.28 | ) | (0.34 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 7.79 | $ | 7.93 | $ | 8.02 | $ | 8.10 | $ | 8.10 | $ | 7.90 | ||||||||||||
Total Return | 0.46 | % | 2.27 | % | 2.48 | % | 3.37 | % | 6.26 | % | 9.97 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000s omitted) | $1,224 | $1,176 | $1,351 | $1,567 | $1,904 | $1,811 | ||||||||||||||||||
Ratio of expenses to average net assets | 1.77 | %† | 1.73 | % | 1.74 | % | 1.75 | % | 1.69 | % | 1.45 | % | ||||||||||||
Ratio of net investment income to average net assets | 3.37 | %† | 3.36 | % | 3.30 | % | 3.23 | % | 3.62 | % | 3.95 | % | ||||||||||||
Portfolio turnover rate | 5.00 | % | — | — | 12.51 | % | 10.19 | % | 9.57 | % | ||||||||||||||
Without management fee waiver:* | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 1.92 | %† | 1.88 | % | 1.89 | % | 1.90 | % | 1.84 | % | 1.83 | % | ||||||||||||
Ratio of net investment income to average net assets | 3.22 | %† | 3.21 | % | 3.15 | % | 3.08 | % | 3.47 | % | 3.57 | % |
40
North Carolina Series | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | ||||||||||||||||||||||||
Six Months Ended 3/31/06 | Year Ended September 30, | |||||||||||||||||||||||
| | 2005 | | 2004 | | 2003 | | 2002ø | | 2001 | ||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 7.94 | $ | 8.05 | $ | 8.14 | $ | 8.19 | $ | 7.89 | $ | 7.54 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.14 | 0.29 | 0.29 | 0.29 | 0.32 | 0.33 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.11 | ) | (0.10 | ) | (0.07 | ) | (0.01 | ) | 0.31 | 0.37 | ||||||||||||||
Total from Investment Operations | 0.03 | 0.19 | 0.22 | 0.28 | 0.63 | 0.70 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.14 | ) | (0.28 | ) | (0.28 | ) | (0.29 | ) | (0.32 | ) | (0.33 | ) | ||||||||||||
Distributions from net realized capital gain | (0.06 | ) | (0.02 | ) | (0.03 | ) | (0.04 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||
Total Distributions | (0.20 | ) | (0.30 | ) | (0.31 | ) | (0.33 | ) | (0.33 | ) | (0.35 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 7.77 | $ | 7.94 | $ | 8.05 | $ | 8.14 | $ | 8.19 | $ | 7.89 | ||||||||||||
Total Return | 0.26 | % | 2.45 | % | 2.82 | % | 3.51 | % | 8.21 | % | 9.52 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000s omitted) | $15,864 | $16,781 | $19,856 | $22,778 | $25,386 | $25,737 | ||||||||||||||||||
Ratio of expenses to average net assets | 1.31 | %† | 1.24 | % | 1.19 | % | 1.19 | % | 1.11 | % | 1.13 | % | ||||||||||||
Ratio of net investment income to average net assets | 3.50 | %† | 3.60 | % | 3.55 | % | 3.65 | % | 4.11 | % | 4.29 | % | ||||||||||||
Portfolio turnover rate | 19.11 | % | — | 7.93 | % | 10.00 | % | 7.96 | % | 5.61 | % |
41
North Carolina Series | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class C | ||||||||||||||||||||||||
Six Months Ended 3/31/06 | Year Ended September 30, | |||||||||||||||||||||||
| | 2005 | | 2004 | | 2003 | | 2002ø | | 2001 | ||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 7.94 | $ | 8.04 | $ | 8.13 | $ | 8.18 | $ | 7.88 | $ | 7.54 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.11 | 0.23 | 0.22 | 0.23 | 0.27 | 0.27 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.11 | ) | (0.09 | ) | (0.06 | ) | (0.01 | ) | 0.30 | 0.36 | ||||||||||||||
Total from Investment Operations | — | 0.14 | 0.16 | 0.22 | 0.57 | 0.63 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.11 | ) | (0.22 | ) | (0.22 | ) | (0.23 | ) | (0.26 | ) | (0.27 | ) | ||||||||||||
Distributions from net realized capital gain | (0.06 | ) | (0.02 | ) | (0.03 | ) | (0.04 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||
Total Distributions | (0.17 | ) | (0.24 | ) | (0.25 | ) | (0.27 | ) | (0.27 | ) | (0.29 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 7.77 | $ | 7.94 | $ | 8.04 | $ | 8.13 | $ | 8.18 | $ | 7.88 | ||||||||||||
Total Return | (0.11 | )% | 1.82 | % | 2.06 | % | 2.74 | % | 7.41 | % | 8.59 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000s omitted) | $1,134 | $1,414 | $3,012 | $2,778 | $2,962 | $2,049 | ||||||||||||||||||
Ratio of expenses to average net assets | 2.07 | %† | 1.99 | % | 1.94 | % | 1.94 | % | 1.86 | % | 1.88 | % | ||||||||||||
Ratio of net investment income to average net assets | 2.75 | %† | 2.85 | % | 2.80 | % | 2.90 | % | 3.36 | % | 3.54 | % | ||||||||||||
Portfolio turnover rate | 19.11 | % | — | 7.93 | % | 10.00 | % | 7.96 | % | 5.61 | % |
42
North Carolina Series | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class D | ||||||||||||||||||||||||
Six Months Ended 3/31/06 | Year Ended September 30, | |||||||||||||||||||||||
| | 2005 | | 2004 | | 2003 | | 2002ø | | 2001 | ||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 7.93 | $ | 8.04 | $ | 8.13 | $ | 8.18 | $ | 7.88 | $ | 7.54 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.11 | 0.23 | 0.22 | 0.23 | 0.27 | 0.27 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.11 | ) | (0.10 | ) | (0.06 | ) | (0.01 | ) | 0.30 | 0.36 | ||||||||||||||
Total from Investment Operations | — | 0.13 | 0.16 | 0.22 | 0.57 | 0.63 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.11 | ) | (0.22 | ) | (0.22 | ) | (0.23 | ) | (0.26 | ) | (0.27 | ) | ||||||||||||
Distributions from net realized capital gain | (0.06 | ) | (0.02 | ) | (0.03 | ) | (0.04 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||
Total Distributions | (0.17 | ) | (0.24 | ) | (0.25 | ) | (0.27 | ) | (0.27 | ) | (0.29 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 7.76 | $ | 7.93 | $ | 8.04 | $ | 8.13 | $ | 8.18 | $ | 7.88 | ||||||||||||
Total Return | (0.12 | )% | 1.69 | % | 2.06 | % | 2.74 | % | 7.41 | % | 8.59 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000s omitted) | $508 | $532 | $706 | $824 | $941 | $1,514 | ||||||||||||||||||
Ratio of expenses to average net assets | 2.07 | %† | 1.99 | % | 1.94 | % | 1.94 | % | 1.86 | % | 1.88 | % | ||||||||||||
Ratio of net investment income to average net assets | 2.75 | %† | 2.85 | % | 2.80 | % | 2.90 | % | 3.36 | % | 3.54 | % | ||||||||||||
Portfolio turnover rate | 19.11 | % | — | 7.93 | % | 10.00 | % | 7.96 | % | 5.61 | % |
† | Annualized. | |
* | During the periods stated, the Manager, at its discretion, waived portions of its management fees for California High-Yield Series and Florida Series (Note 3). | |
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 discount on portfolio securities for financial reporting purposes. The effects 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. |
43
Consideration of the Continuance of the
Management Agreements
1. | information comparing the performance of each of the Series to other investment companies with similar investment objectives; |
2. | the nature, extent and quality of investment and administrative services rendered by the Manager; |
3. | payments received by the Manager from all sources in respect of each Series and all investment companies in the Seligman Group of Funds; |
4. | the costs borne by, and profitability of, the Manager and its affiliates in providing services to each Series and to all investment companies in the Seligman Group of Funds; |
5. | comparative fee and expense data for each Series and other investment companies with similar investment objectives; |
44
Consideration of the Continuance of the
Management Agreements
6. | the extent to which economies of scale would be realized as the Series grow and whether fee levels reflect any economies of scale for the benefit of investors; |
7. | the Manager’s practices regarding allocation of portfolio transactions of the Series; |
8. | information about “revenue sharing” arrangements that the Manager enters into in respect of each Series; |
9. | portfolio turnover rates of each Series compared to other investment companies with similar investment objectives; |
10. | fall-out benefits which the Manager and its affiliates receive from their relationships to the Series; |
11. | the professional experience and qualifications of each Series’ portfolio management team and other senior personnel of the Manager; and |
12. | the terms of the Management Agreement. |
45
Consideration of the Continuance of the
Management Agreements
Seligman Group of Funds that provides shareholder services to the Trust and other investment companies in the Seligman Group of Funds at cost.
46
Consideration of the Continuance of the
Management Agreements
noted that there are limitations inherent in allocating costs to multiple individual advisory products served by an organization such as the Manager where each of the advisory products draws on, and benefits from, the research and other resources of the organization.
47
Consideration of the Continuance of the
Management Agreements
September 30, 2005. Although the Series’ results for the first nine months of 2005 were somewhat below the competitor average, they were above the Lipper average. Based upon their review, the trustees concluded that the California High-Yield Series’ relative investment performance over time had been highly satisfactory.
48
Consideration of the Continuance of the
Management Agreements
49
Consideration of the Continuance of the
Management Agreements
50
51
1 | These website references are inactive textual references and information contained in or otherwise accessible through these websites does not form a part of this report or the Trust’s prospectus or statement of additional information. |
52
ITEM 2. | CODE OF ETHICS. Not applicable. |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable. |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable. |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. |
ITEM 6. | SCHEDULE OF INVESTMENTS. Included in Item 1 above. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. |
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. |
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Not applicable. |
ITEM 11. | CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-CSR is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms and that such material information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure. |
(b) The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. | ||
ITEM 12. | EXHIBITS. | |
(a)(1) | Not applicable. | |
(a)(2) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. | |
(a)(3) | Not applicable. | |
(b) | Certifications of chief executive officer and chief financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SELIGMAN MUNICIPAL SERIES TRUST
By: | /S/ BRIAN T. ZINO |
Brian T. Zino President and Chief Executive Officer | |
Date: | June 2, 2006 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /S/ BRIAN T. ZINO |
Brian T. Zino President and Chief Executive Officer | |
Date: | June 2, 2006 |
By: | /S/ LAWRENCE P.VOGEL |
Lawrence P. Vogel Vice President, Treasurer and Chief Financial Officer | |
Date: | June 2, 2006 |
SELIGMAN MUNICIPAL SERIES TRUST
EXHIBIT INDEX
(a)(1) | Not applicable. |
(a)(2) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. |
(b) | Certification of chief executive officer and chief financial officer as required by Rule 30a-2(b) of the Investment Company Act of 1940. |