UNITED STATES
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: | 9/30/07 |
FORM N-CSR
ITEM 1. REPORTS TO STOCKHOLDERS.
The annual report of Seligman Municipal Series Trust is included in the following combined annual report of Seligman Municipal Funds.
To The Shareholders | 1 | |||||
Interview With Your Portfolio Managers | 2 | |||||
Performance and Portfolio Overview | 4 | |||||
Understanding and Comparing Your Fund’s Expenses | 12 | |||||
Portfolios of Investments | 14 | |||||
Statements of Assets and Liabilities | 20 | |||||
Statements of Operations | 21 | |||||
Statements of Changes in Net Assets | 22 | |||||
Notes to Financial Statements | 25 | |||||
Financial Highlights | 35 | |||||
Report of Independent Registered Public Accounting Firm | 45 | |||||
Directors/Trustees and Officers | 46 | |||||
Additional Fund Information | 49 |
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 General Counsel Sullivan & Cromwell LLP | Seligman Data Corp. 100 Park Avenue New York, NY 10017 Mail Inquiries To: P.O. Box 9759 Providence, RI 02940-9759 Independent Registered Public Accounting Firm Deloitte & ToucheLLP | (800) 221-2450 Shareholder Services (800) 445-1777 Retirement Plan Services (212) 682-7600 Outside the United States (800) 622-4597 24-Hour Automated Telephone Access Service |
Thomas G. Moles and Eileen A. Comerford
Q. | What market and economic events materially affected the performance of the Funds in Seligman Municipal Series Trust, Seligman New Jersey Municipal Fund, Inc., and Seligman Pennsylvania Municipal Fund Series (collectively, the “Funds”) during the fiscal year ended September 30, 2007? |
A. | One of the most significant trends in the municipal market has been the increased participation of non-traditional investors, which includes hedge funds, arbitrage accounts, derivative product originators and even foreign buyers. While traditional investors — individuals, mutual funds and insurance companies — continue to comprise the largest segment of outstanding municipal bonds holders, non-traditional investors have become a significant presence in the municipal bond market. Many non-traditional buyers have been attracted to the municipal market due to the positive yield spread between short-term and long-term municipal bonds. These investors seek to profit by buying long-term municipal bonds and financing those purchases at short-term yields. |
The growing use of this strategy contributed to a steady narrowing of the yield spread between long-term and short-term municipal bonds. In February 2007, the difference between 30-year and one-year municipal bond yields reached a new low. Strong demand for longer maturity bonds contributed to the sharp decrease in long-term municipal yields. In December 2006, the Bond Buyer 20-Bond General Obligation Index declined to its lowest level in 39 years. Further, the decline in municipal bond yields outpaced the decline in US Treasury bond yields, reducing the yield advantage of municipal bonds. While municipal bonds continued to offer attractive after-tax yields for investors in higher tax brackets, the benefit fell to a 10-year low. The yield spread between municipal bonds and Treasury bonds remained wider than normal until August, when turmoil in the credit markets sparked a Treasury market flight-to-quality. The relative value of municipal bonds improved dramatically during this time, presenting investors with an attractive buying opportunity not seen since the first quarter of 2006. |
US states continue to report positive revenue growth, as compared with fiscal year 2006, though the pace of increases has slowed. For the 12-month period ended September 30, 2007, credit rating upgrades of the Funds’ holdings exceeded downgrades, resulting in an overall improvement in relative value. Corporate income tax revenue has shown the weakest growth, while personal income revenue has shown the strongest. Should the economy take a turn for the worse in 2008, however, as many forecasters are predicting, individual tax receipts could decline significantly as consumers cut back on spending. In addition to the negative implications of a decelerating economy, the states face significant expenditure pressures from increasing health care costs, Medicaid, unfunded pensions, and other post employment benefits (OPEB). Further, the slowdown in the housing sector has state and local officials concerned about the impact on tax revenue and employment. |
Q. | What investment strategies or techniques did you employ that materially impacted the Funds’ performance during the period? |
A. | Our investment strategy over the past 12 months has been consistent with our expectations for a higher interest rate environment, a steepening yield curve, and widening credit spreads. We believed that the yield spread between municipal and Treasury bonds would narrow to reflect more historically typical levels, improving the relative value of municipal bonds. We have been encouraged by the resiliency of the US economy over the past year, but remain concerned about the impact the housing correction may have on the broader economy. While inflation has improved modestly this year, increases in energy and commodity prices remain a risk to stable inflation trends. Our actions over the past 12 months have reflected our cautious outlook for the economy and the municipal bond market. Each of the Funds reported positive investment results comprised primarily of coupon interest, which was slightly offset by declines in the net asset value of the Funds’ portfolios. |
The Funds’ portfolios remain heavily overweighted in premium coupon, callable bonds which worked to our advantage during the recent fiscal year. In addition, new purchases for the Funds were comprised almost entirely of premium coupon, callable bonds in the range of 5.00% to 5.25%. A significant percentage of municipal bonds issued during the past year offered premium coupons due to strong institutional demand for this type of structure. In addition, all of the portfolios hold older, higher coupon bonds. This resulted in an average coupon in excess of 5.00% for all Funds. Over the past 12 months, premium coupon bonds outperformed current, discount, and zero coupon bonds. |
Pre-refunded bonds enjoyed strong performance, relative to other sectors of the municipal market, and our decision to maintain significant holdings of these bonds contributed to positive investment results. In addition, many of the Funds’ holdings during the past year were refunded to |
Thomas G. Moles and Eileen A. Comerford
future call dates, which often resulted in price appreciation. Should the recent volatility in the credit markets continue, the Funds should continue to benefit, given the defensive, high-quality characteristics of most pre-refunded bonds.
A Team Approach The Funds are managed by the Seligman Municipals Team, headed by Thomas G. Moles. Mr. Moles and Co-Portfolio Manager Eileen A. Comerford are assisted in the management of the Funds by a group of seasoned professionals who are responsible for research and trading consistent with the Funds’ investment objective. Team members include Senior Credit Analyst Audrey Kuchtyak, Steven Hallac, and Debra McGuinness. |
_____________________
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 Funds’ prospectus or the statements of additional information. |
For Periods Ended September 30, 2007
Average Annual | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months* | | One Year | | Five Years | | Ten Years | | Class C Since Inception 5/27/99 | ||||||||||||||
Class A | |||||||||||||||||||||||
With Sales Charge | (3.82 | )% | (1.57 | )% | 2.93 | % | 4.35 | % | n/a | ||||||||||||||
Without Sales Charge | 0.97 | 3.35 | 3.95 | 4.86 | n/a | ||||||||||||||||||
Class C | |||||||||||||||||||||||
With 1% CDSC | (0.47 | ) | 1.43 | n/a | n/a | n/a | |||||||||||||||||
Without CDSC | 0.52 | 2.42 | 3.01 | n/a | 3.81 | % | |||||||||||||||||
Class D | |||||||||||||||||||||||
With 1% CDSC | (0.47 | ) | 1.43 | n/a | n/a | n/a | |||||||||||||||||
Without CDSC | 0.52 | 2.42 | 3.01 | 3.93 | n/a | ||||||||||||||||||
Benchmarks** | |||||||||||||||||||||||
Lehman Brothers Municipal Bond Index | 1.15 | 3.10 | 4.02 | 5.32 | 5.20 | # | |||||||||||||||||
Lipper California Municipal Debt Funds Average | (0.33 | ) | 1.49 | 3.71 | 4.70 | 4.36 |
Net Asset Value Per Share
| 9/30/07 | | 3/31/07 | | 9/30/06 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | $ | 6.55 | $ | 6.62 | $ | 6.60 | ||||||||
Class C | 6.56 | 6.63 | 6.61 | |||||||||||
Class D | 6.56 | 6.63 | 6.61 |
Revenue Bonds | 68% | |||||
General Obligation Bondsøø | 32 |
Weighted Average Maturity3 | 19.1 years | |||||
Option-Adjusted Duration3 | 5.4 years |
For Periods Ended September 30, 2007
| Dividend† | | SEC 30-Day Yield†† | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Class A | $ | 0.267 | 3.65 | % | ||||||
Class C | 0.208 | 2.93 | ||||||||
Class D | 0.208 | 2.93 |
AAA | 21 | % | ||||||||
AA | 18 | |||||||||
A | 47 | |||||||||
BBB | 4 | |||||||||
Non-rated | 10 |
For Periods Ended September 30, 2007
Average Annual | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months* | | One Year | | Five Years | | Ten Years | | Class C Since Inception 5/27/99 | ||||||||||||||
Class A | |||||||||||||||||||||||
With Sales Charge | (3.66 | )% | (2.31 | )% | 2.08 | % | 4.05 | % | n/a | ||||||||||||||
Without Sales Charge | 1.14 | 2.51 | 3.08 | 4.56 | n/a | ||||||||||||||||||
Class C | |||||||||||||||||||||||
With 1% CDSC | (0.30 | ) | 0.61 | n/a | n/a | n/a | |||||||||||||||||
Without CDSC | 0.69 | 1.60 | 2.16 | n/a | 3.51 | % | |||||||||||||||||
Class D | |||||||||||||||||||||||
With 1% CDSC | (0.30 | ) | 0.61 | n/a | n/a | n/a | |||||||||||||||||
Without CDSC | 0.69 | 1.60 | 2.16 | 3.62 | n/a | ||||||||||||||||||
Benchmarks** | |||||||||||||||||||||||
Lehman Brothers Municipal Bond Index | 1.15 | 3.10 | 4.02 | 5.32 | 5.20 | # | |||||||||||||||||
Lipper California Municipal Debt Funds Average | (0.33 | ) | 1.49 | 3.71 | 4.70 | 4.36 |
Net Asset Value Per Share
| 9/30/07 | | 3/31/07 | | 9/30/06 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | $ | 6.57 | $ | 6.63 | $ | 6.69 | ||||||||
Class C | 6.54 | 6.60 | 6.66 | |||||||||||
Class D | 6.54 | 6.60 | 6.66 |
Revenue Bonds | 76% | |||||
General Obligation Bondsøø | 24 |
Weighted Average Maturity3 | 15.2 years | |||||
Option-Adjusted Duration3 | 4.5 years |
For Periods Ended September 30, 2007
| Dividend† | | Capital Gain† | | SEC 30-Day Yield†† | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | $ | 0.271 | $ | 0.013 | 2.91 | % | ||||||||
Class C | 0.211 | 0.013 | 2.16 | |||||||||||
Class D | 0.211 | 0.013 | 2.16 |
AAA | 69 | % | ||||||||
AA | 16 | |||||||||
A | 15 |
For Periods Ended September 30, 2007
Average Annual | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months* | | One Year | | Five Years | | Ten Years | | Class C Since Inception 5/27/99 | ||||||||||||||
Class A | |||||||||||||||||||||||
With Sales Charge | (3.38 | )% | (2.04 | )% | 2.27 | % | 4.09 | % | n/a | ||||||||||||||
Without Sales Charge | 1.39 | 2.88 | 3.26 | 4.60 | n/a | ||||||||||||||||||
Class C | |||||||||||||||||||||||
With 1% CDSC | 0.01 | 0.99 | n/a | n/a | n/a | ||||||||||||||||||
Without CDSC | 1.01 | 1.98 | 2.46 | n/a | 3.61 | % | |||||||||||||||||
Class D | |||||||||||||||||||||||
With 1% CDSC | 0.01 | 0.99 | n/a | n/a | n/a | ||||||||||||||||||
Without CDSC | 1.01 | 1.98 | 2.46 | 3.82 | n/a | ||||||||||||||||||
Benchmarks** | |||||||||||||||||||||||
Lehman Brothers Municipal Bond Index | 1.15 | 3.10 | 4.02 | 5.32 | 5.20 | # | |||||||||||||||||
Lipper Florida Municipal Debt Funds Average | 0.13 | 1.86 | 3.71 | 4.67 | 4.28 |
Net Asset Value Per Share
| 9/30/07 | | 3/31/07 | | 9/30/06 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | $ | 7.66 | $ | 7.71 | $ | 7.77 | ||||||||
Class C | 7.67 | 7.72 | 7.79 | |||||||||||
Class D | 7.67 | 7.72 | 7.79 |
Revenue Bonds | 41% | |||||
General Obligation Bondsøø | 59 |
Weighted Average Maturity3 | 9.4 years | |||||
Option-Adjusted Duration3 | 4.3 years |
For Periods Ended September 30, 2007
| Dividends† | | Capital Gain† | | SEC 30-Day Yield†† | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | $ | 0.319 | $ | 0.010 | 3.05 | % | ||||||||
Class C | 0.261 | 0.010 | 2.45 | |||||||||||
Class D | 0.261 | 0.010 | 2.45 |
AAA | 62 | % | ||||||||
AA | 15 | |||||||||
A | 23 |
For Periods Ended September 30, 2007
Average Annual | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months* | | One Year | | Five Years | | Ten Years | | Class C Since Inception 5/27/99 | ||||||||||||||
Class A | |||||||||||||||||||||||
With Sales Charge | (4.04 | )% | (2.87 | )% | 1.77 | % | 3.68 | % | n/a | ||||||||||||||
Without Sales Charge | 0.79 | 1.95 | 2.77 | 4.19 | n/a | ||||||||||||||||||
Class C | |||||||||||||||||||||||
With 1% CDSC | (0.58 | ) | 0.09 | n/a | n/a | n/a | |||||||||||||||||
Without CDSC | 0.41 | 1.06 | 2.01 | n/a | 3.19 | % | |||||||||||||||||
Class D | |||||||||||||||||||||||
With 1% CDSC | (0.71 | ) | 0.09 | n/a | n/a | n/a | |||||||||||||||||
Without CDSC | 0.28 | 1.06 | 1.98 | 3.39 | n/a | ||||||||||||||||||
Benchmarks** | |||||||||||||||||||||||
Lehman Brothers Municipal Bond Index | 1.15 | 3.10 | 4.02 | 5.32 | 5.20 | # | |||||||||||||||||
Lipper North Carolina Municipal Debt Funds Average | 0.10 | 1.78 | 2.98 | 4.23 | 4.04 |
Net Asset Value Per Share
| 9/30/07 | | 3/31/07 | | 9/30/06 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | $ | 7.68 | $ | 7.75 | $ | 7.86 | ||||||||
Class C | 7.67 | 7.74 | 7.86 | |||||||||||
Class D | 7.66 | 7.74 | 7.85 |
Revenue Bonds | 38% | |||||
General Obligation Bondsøø | 62 |
Weighted Average Maturity3 | 9.8 years | |||||
Option-Adjusted Duration3 | 6.0 years |
For Periods Ended September 30, 2007
| Dividend† | | Capital Gain† | | SEC 30-Day Yield†† | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | $ | 0.256 | $ | 0.073 | 2.27 | % | ||||||||
Class C | 0.199 | 0.073 | 1.72 | |||||||||||
Class D | 0.199 | 0.073 | 1.64 |
AAA | 81 | % | ||||||||
AA | 11 | |||||||||
A | 8 |
For Periods Ended September 30, 2007
Average Annual | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months* | | One Year | | Five Years | | Ten Years | | Class C Since Inception 5/27/99 | ||||||||||||||
Class A | |||||||||||||||||||||||
With Sales Charge | (3.21 | )% | (1.88 | )% | 2.21 | % | 3.84 | % | n/a | ||||||||||||||
Without Sales Charge | 1.56 | 3.04 | 3.21 | 4.35 | n/a | ||||||||||||||||||
Class C | |||||||||||||||||||||||
With 1% CDSC | 0.15 | 1.23 | n/a | n/a | n/a | ||||||||||||||||||
Without CDSC | 1.15 | 2.22 | 2.41 | n/a | 3.32 | % | |||||||||||||||||
Class D | |||||||||||||||||||||||
With 1% CDSC | 0.15 | 1.23 | n/a | n/a | n/a | ||||||||||||||||||
Without CDSC | 1.15 | 2.22 | 2.41 | 3.55 | n/a | ||||||||||||||||||
Benchmarks** | |||||||||||||||||||||||
Lehman Brothers Municipal Bond Index | 1.15 | 3.10 | 4.02 | 5.32 | 5.20 | # | |||||||||||||||||
Lipper New Jersey Municipal Debt Funds Average | 0.05 | 1.90 | 3.98 | 4.56 | 4.21 |
Net Asset Value Per Share
| 9/30/07 | | 3/31/07 | | 9/30/06 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | $ | 7.28 | $ | 7.31 | $ | 7.37 | ||||||||
Class C | 7.38 | 7.41 | 7.47 | |||||||||||
Class D | 7.38 | 7.41 | 7.47 |
Revenue Bonds | 72% | |||||
General Obligation Bondsøø | 28 |
Weighted Average Maturity3 | 14.2 years | |||||
Option-Adjusted Duration3 | 5.3 years |
For Periods Ended September 30, 2007
| Dividend† | | Capital Gain† | | SEC 30-Day Yield†† | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | $ | 0.289 | $ | 0.020 | 2.80 | % | ||||||||
Class C | 0.232 | 0.020 | 2.18 | |||||||||||
Class D | 0.232 | 0.020 | 2.18 |
AAA | 76 | % | ||||||||
A | 20 | |||||||||
BBB | 4 |
For Periods Ended September 30, 2007
Average Annual | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months* | | One Year | | Five Years | | Ten Years | | Class C Since Inception 5/27/99 | ||||||||||||||
Class A | |||||||||||||||||||||||
With Sales Charge | (4.09 | )% | (3.13 | )% | 1.44 | % | 3.65 | % | n/a | ||||||||||||||
Without Sales Charge | 0.71 | 1.69 | 2.43 | 4.16 | n/a | ||||||||||||||||||
Class C | |||||||||||||||||||||||
With 1% CDSC | (0.53 | ) | (0.05 | ) | n/a | n/a | n/a | ||||||||||||||||
Without CDSC | 0.47 | 0.94 | 1.67 | n/a | 3.09 | % | |||||||||||||||||
Class D | |||||||||||||||||||||||
With 1% CDSC | (0.53 | ) | (0.05 | ) | n/a | n/a | n/a | ||||||||||||||||
Without CDSC | 0.47 | 0.94 | 1.67 | 3.37 | n/a | ||||||||||||||||||
Benchmarks** | |||||||||||||||||||||||
Lehman Brothers Municipal Bond Index | 1.15 | 3.10 | 4.02 | 5.32 | 5.20 | # | |||||||||||||||||
Lipper Pennsylvania Municipal Debt Funds Average | 0.17 | 1.90 | 3.60 | 4.44 | 4.22 |
Net Asset Value Per Share
| 9/30/07 | | 3/31/07 | | 9/30/06 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | $ | 7.72 | $ | 7.79 | $ | 7.84 | ||||||||
Class C | 7.70 | 7.76 | 7.82 | |||||||||||
Class D | 7.70 | 7.76 | 7.82 |
Revenue Bonds | 58% | |||||
General Obligation Bondsøø | 42 |
Weighted Average Maturity3 | 12.5 years | |||||
Option-Adjusted Duration3 | 5.6 years |
For Periods Ended September 30, 2007
| Dividend† | | SEC 30-Day Yield†† | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Class A | $ | 0.250 | 2.24 | % | ||||||
Class C | 0.192 | 1.60 | ||||||||
Class D | 0.192 | 1.60 |
AAA | 81 | % | ||||||||
AA | 15 | |||||||||
Non-rated | 4 |
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 Ratings Services (“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. | |||
3 | Excludes variable rate demand notes. Weighted average maturity is the number of years to stated maturity, weighted based upon current market value. Duration is the average amount of time that it takes to receive the interest and principal of a bond or portfolio of bonds. The duration formula is based on a formula that calculates the weighted average of the cash flows (interest and principal payments) of the bond, discounted to present time, taking into account call dates and related call premiums, if any. | |||
* | Returns for periods of less than one year are not annualized. | |||
** | The Lehman Brothers Municipal Bond Index (“Lehman Index”) and the Lipper Single-State Municipal Debt Funds Averages (“Lipper Averages”) are unmanaged benchmarks that assume reinvestment of all distributions and exclude the effect of taxes and sales charges. The Lehman Index also excludes the effect of fees. The Lehman Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market and is composed of approximately 60% revenue bonds and 40% state government obligations. The Lipper Single-State Municipal Debt Funds Averages measure the performance of funds that limit their assets to those securities exempt from taxation in a specified state (double tax-exempt) or city (triple tax-exempt). Investors cannot invest directly in an index or average. | |||
# | From 5/28/99. | |||
ø | Percentages based on current market values of long-term holdings at September 30, 2007. | |||
øø | Includes pre-refunded and escrowed-to-maturity securities. | |||
† | Represents per share amount paid or declared for the year ended September 30, 2007. | |||
†† | Current yield, representing the annualized yield for the 30-day period ended September 30, 2007, 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 Funds. 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 Fund | 3.55 | % | 2.83 | % | 2.83 | % | ||||||||||||
Florida Fund | 2.90 | 2.30 | 2.30 |
Actual | Hypothetical | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning Account Value 4/1/07 | | Annualized Expense Ratio* | | Ending Account Value 9/30/07 | | Expenses Paid During Period** 4/1/07 to 9/30/07 | | Ending Account Value 9/30/07 | | Expenses Paid During Period** 4/1/07 to 9/30/07 | ||||||||||||||||
California High-Yield Fund | |||||||||||||||||||||||||||
Class A | $ | 1,000.00 | 0.84 | % | $ | 1,009.70 | $ | 4.23 | $ | 1,020.86 | $ | 4.26 | |||||||||||||||
Class C | 1,000.00 | 1.74 | 1,005.20 | 8.75 | 1,016.34 | 8.80 | |||||||||||||||||||||
Class D | 1,000.00 | 1.74 | 1,005.20 | 8.75 | 1,016.34 | 8.80 | |||||||||||||||||||||
California Quality Fund | |||||||||||||||||||||||||||
Class A | 1,000.00 | 0.94 | 1,011.40 | 4.74 | 1,020.36 | 4.76 | |||||||||||||||||||||
Class C | 1,000.00 | 1.84 | 1,006.90 | 9.26 | 1,015.84 | 9.30 | |||||||||||||||||||||
Class D | 1,000.00 | 1.84 | 1,006.90 | 9.26 | 1,015.84 | 9.30 | |||||||||||||||||||||
Florida Fund | |||||||||||||||||||||||||||
Class A | 1,000.00 | 1.00 | 1,013.90 | 5.05 | 1,020.05 | 5.06 | |||||||||||||||||||||
Class C | 1,000.00 | 1.75 | 1,010.10 | 8.82 | 1,016.29 | 8.85 | |||||||||||||||||||||
Class D | 1,000.00 | 1.75 | 1,010.10 | 8.82 | 1,016.29 | 8.85 | |||||||||||||||||||||
North Carolina Fund | |||||||||||||||||||||||||||
Class A | 1,000.00 | 1.33 | 1,007.90 | 6.69 | 1,018.40 | 6.73 | |||||||||||||||||||||
Class C | 1,000.00 | 2.08 | 1,004.10 | 10.45 | 1,014.64 | 10.50 | |||||||||||||||||||||
Class D | 1,000.00 | 2.08 | 1,002.80 | 10.44 | 1,014.64 | 10.50 |
Actual | Hypothetical | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning Account Value 4/1/07 | | Annualized Expense Ratio* | | Ending Account Value 9/30/07 | | Expenses Paid During Period** 4/1/07 to 9/30/07 | | Ending Account Value 9/30/07 | | Expenses Paid During Period** 4/1/07 to 9/30/07 | ||||||||||||||||
New Jersey Fund | |||||||||||||||||||||||||||
Class A | $ | 1,000.00 | 1.17 | % | $ | 1,015.60 | 5.91 | % | $ | 1,019.20 | 5.92 | % | |||||||||||||||
Class C | 1,000.00 | 1.93 | 1,011.50 | 9.73 | 1,015.39 | 9.75 | |||||||||||||||||||||
Class D | 1,000.00 | 1.93 | 1,011.50 | 9.73 | 1,015.39 | 9.75 | |||||||||||||||||||||
Pennsylvania Fund | |||||||||||||||||||||||||||
Class A | 1,000.00 | 1.41 | 1,007.10 | 7.09 | 1,018.00 | 7.13 | |||||||||||||||||||||
Class C | 1,000.00 | 2.17 | 1,004.70 | 10.86 | 1,014.19 | 10.91 | |||||||||||||||||||||
Class D | 1,000.00 | 2.16 | 1,004.70 | 10.86 | 1,014.24 | 10.91 |
* | 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 Funds’ 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 Funds, respectively. Absent such waivers, the expense ratios and expenses paid for the period would have been higher. | |||
** | Expenses are equal to the Funds’ annualized expense ratios based on actual expenses for the period April 1, 2007 to September 30, 2007, multiplied by the average account value over the period, multiplied by 183/365 (number of days in the period). |
September 30, 2007
Face Amount | | Municipal Bonds | | Rating† | | Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$1,000,000 | California Department of Veterans Affairs Rev. (Home Purchase), 5.50% due 12/1/2018* | Aa2 | $ | 1,022,830 | ||||||||||
2,000,000 | California Educational Facilities Authority Rev. (Scripps College), 5% due 8/1/2031 | A1 | 2,025,640 | |||||||||||
1,485,000 | California Educational Facilities Authority Rev. (University of the Pacific), 5% due 11/1/2025 | A2 | 1,529,758 | |||||||||||
750,000 | California Health Facilities Financing Authority Rev. (Cedars-Sinai Medical Center), 5% due 11/15/2027 | A2 | 758,445 | |||||||||||
3,000,000 | California Health Facilities Financing Authority Rev. (Cedars-Sinai Medical Center), 6.25% due 12/1/2034ø | NR | 3,202,230 | |||||||||||
2,750,000 | California Health Facilities Financing Authority Rev. (Kaiser Permanente), 5.40% due 5/1/2028†† | AAA‡ | 2,794,687 | |||||||||||
2,280,000 | California Housing Finance Agency Rev. (Multi-Family Housing), 5.375% due 2/1/2036* | Aa3 | 2,297,146 | |||||||||||
650,000 | California Housing Finance Agency Rev. (Single Family Mortgage), 5.40% due 8/1/2028* | Aaa | 658,177 | |||||||||||
2,500,000 | California Infrastructure and Economic Development Bank Rev. (The J. David Gladstone Institutes Project), 5.25% due 10/1/2034 | A-‡ | 2,532,900 | |||||||||||
1,000,000 | California State GOs, 5.25% due 2/1/2025 | A1 | 1,051,190 | |||||||||||
2,500,000 | California Statewide Communities Development Authority Rev. (Sutter Health), 5.625% due 8/15/2042 | Aa3 | 2,598,550 | |||||||||||
1,500,000 | Foothill/Eastern Transportation Corridor Agency, CA Toll Road Rev., 5.75% due 1/15/2040 | Baa3 | 1,519,650 | |||||||||||
2,475,000 | Modesto, CA Irrigation District Certificates of Participation, 5.30% due 7/1/2022 | A2 | 2,476,436 | |||||||||||
3,000,000 | Puerto Rico Highway & Transportation Authority Rev., 5.50% due 7/1/2036ø | Aaa | 3,386,280 | |||||||||||
3,000,000 | San Bernardino, CA Joint Powers Financing Authority Rev. (California Dept. of Transportation Lease), 5.50% due 12/1/2020 | A2 | 3,004,740 | |||||||||||
2,000,000 | Washington Township, CA Hospital District Hospital Healthcare System Rev., 5.25% due 7/1/2029 | A3 | 2,016,780 | |||||||||||
Total Municipal Bonds (Cost $31,644,701) — 97.6% | 32,875,439 | |||||||||||||
Short-Term Holdings | ||||||||||||||
300,000 | Massachusetts State GOs, VRDN, due 3/1/2026 | VMIG 1 | 300,000 | |||||||||||
Total Short-Term Holdings (Cost $300,000) — 0.9% | 300,000 | |||||||||||||
Total Investments (Cost $31,944,701) — 98.5% | 33,175,439 | |||||||||||||
Other Assets Less Liabilities — 1.5% | 523,553 | |||||||||||||
Net Assets — 100.0% | $ | 33,698,992 |
September 30, 2007
Face Amount | | Municipal Bonds | | Rating† | | Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$3,000,000 | California Educational Facilities Authority Rev. (Pepperdine University), 5% due 11/1/2029 | Aa3 | $ | 3,090,180 | ||||||||||
2,000,000 | California Educational Facilities Authority Rev. (Stanford University), 5.35% due 6/1/2027 | Aaa | 2,024,700 | |||||||||||
3,000,000 | California Educational Facilities Authority Rev. (University of San Diego), 5% due 10/1/2028 | Aaa | 3,061,710 | |||||||||||
1,000,000 | California Infrastructure & Economic Development Bank Rev. (Bay Area Toll Bridge Seismic Retrofit), 5% due 7/1/2023†† | Aaa | 1,080,650 | |||||||||||
3,295,000 | California State GOs, 5.375% due 10/1/2027ø | Aaa | 3,473,787 | |||||||||||
470,000 | California State GOs, 5.375% due 10/1/2027ø | Aaa | 495,780 | |||||||||||
235,000 | California State GOs, 5.375% due 10/1/2027ø | A1 | 247,890 | |||||||||||
1,750,000 | California State University System Rev., 5% due 11/1/2027 | Aaa | 1,836,957 | |||||||||||
2,420,000 | California State Veterans’ GOs, 5.70% due 12/1/2032* | A1 | 2,447,394 | |||||||||||
2,000,000 | California Statewide Communities Development Authority Rev. (Kaiser Permanente), 5.50% due 11/1/2032 | A3 | 2,050,680 | |||||||||||
2,500,000 | Eastern Municipal Water District, CA Water and Sewer Rev., 6.75% due 7/1/2012 | Aaa | 2,733,900 | |||||||||||
2,000,000 | Los Angeles, CA Department of Water & Power Water System Rev., 5.125% due 7/1/2041 | Aa3 | 2,034,340 | |||||||||||
3,000,000 | Orange County, CA Local Transportation Authority Rev. (Measure M Sales Tax), 6% due 2/15/2009 | Aaa | 3,102,960 | |||||||||||
2,000,000 | Sacramento County, CA Sanitation Districts Financing Authority Rev. (Sacramento Regional County Sanitation District), 5% due 12/1/2027 | Aaa | 2,062,780 | |||||||||||
500,000 | Sacramento, CA Municipal Utility District Electric Rev., 5.25% due 5/15/2024 | Aaa | 537,460 | |||||||||||
1,530,000 | San Francisco, CA Bay Area Rapid Transit District Rev. (Sales Tax), 5% due 7/1/2028 | Aaa | 1,556,821 | |||||||||||
Total Municipal Bonds (Cost $30,502,541) — 79.6% | 31,837,989 | |||||||||||||
Short-Term Holdings | ||||||||||||||
200,000 | Charlotte—Mecklenburg Hospital Authority, NC Health Care System Rev., VRDN, due 1/15/2026 | VMIG 1 | 200,000 | |||||||||||
500,000 | Massachusetts Health & Educational Facilities Authority Rev. (Capital Assets Program), VRDN, due 1/1/2035 | VMIG 1 | 500,000 | |||||||||||
805,000 | Missouri State Health & Educational Facilities Authority Health Facility Rev. (Cox Health System), VRDN, due 6/1/2022 | VMIG 1 | 805,000 | |||||||||||
600,000 | Moffat County, CO Pollution Control Rev. (Pacificorp Project), VRDN, due 5/1/2013 | VMIG 1 | 600,000 | |||||||||||
300,000 | New York City, NY GOs, VRDN, due 8/1/2015 | VMIG 1 | 300,000 | |||||||||||
450,000 | New York City, NY Transitional Finance Authority, VRDN, due 11/1/2022 | VMIG 1 | 450,000 | |||||||||||
600,000 | North Central Texas Health Facilities Development Corporation Hospital Rev. (Presbyterian Medical Center Project), VRDN, due 12/1/2015 | VMIG 1 | 600,000 | |||||||||||
300,000 | Port Authority of New York & New Jersey Special Obligation Rev., VRDN, due 5/1/2019 | VMIG 1 | 300,000 | |||||||||||
1,000,000 | Royal Oak, MI Hospital Finance Authority Hospital Rev. (William Beaumont Hospital), VRDN, due 1/1/2020 | VMIG 1 | 1,000,000 | |||||||||||
2,720,000 | San Francisco, CA Bay Area Rapid Transit District Rev. (Sales Tax), 5% due 7/1/2028ø | Aaa | 2,778,670 | |||||||||||
Total Short-Term Holdings (Cost $7,410,714) — 18.9% | 7,533,670 | |||||||||||||
Total Investments (Cost $37,913,255) — 98.5% | 39,371,659 | |||||||||||||
Other Assets Less Liabilities — 1.5% | 611,702 | |||||||||||||
Net Assets — 100.0% | $ | 39,983,361 |
September 30, 2007
Face Amount | | Municipal Bonds | | Rating† | | Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$2,000,000 | Broward County, FL Airport System Rev., 5.25% due 10/1/2026* | Aaa | $ | 2,045,880 | ||||||||||
1,750,000 | Escambia County, FL Health Facilities Authority Rev. (Ascension Health Credit Group), 6% due 11/15/2031ø | AAA‡ | 1,853,390 | |||||||||||
65,000 | Florida Housing Finance Agency Rev. (General Mortgage), 6.35% due 6/1/2014 | AA‡ | 65,104 | |||||||||||
325,000 | Florida Housing Finance Corporation Rev. (Homeowner Mortgage), 5.95% due 1/1/2032* | Aaa | 331,139 | |||||||||||
2,500,000 | Florida Ports Financing Commission Rev. (State Transportation Trust Fund), 5.375% due 6/1/2027* | Aaa | 2,527,200 | |||||||||||
1,000,000 | Florida State Board of Education GOs (Public Education Capital Outlay), 5% due 6/1/2025 | Aa1 | 1,047,600 | |||||||||||
2,000,000 | Hillsborough County, FL School Board Certificates of Participation, 6% due 7/1/2025ø | Aaa | 2,103,940 | |||||||||||
1,990,000 | Marion County, FL Hospital District Health System Rev. (Munroe Regional Health System), 5.625% due 10/1/2024ø | A2 | 2,087,908 | |||||||||||
10,000 | Marion County, FL Hospital District Health System Rev. (Munroe Regional Health System), 5.625% due 10/1/2024 | A2 | 10,460 | |||||||||||
1,000,000 | Marion County, FL Hospital District Health System Rev. (Monroe Regional Health System), 5% due 10/1/2029 | A2 | 996,030 | |||||||||||
1,750,000 | Orange County, FL Health Facilities Authority Hospital Rev. (Adventist Health System/Sunbelt Obligation Group), 6.375% due 11/15/2020ø | A1 | 1,907,570 | |||||||||||
2,000,000 | Pinellas County, FL Health Facilities Authority Rev. (Baycare Health System), 5.50% due 11/15/2033ø | Aa3 | 2,184,560 | |||||||||||
1,040,000 | Polk County, FL Constitutional Fuel Tax Rev., 5% due 12/1/2020 | Aaa | 1,102,743 | |||||||||||
230,000 | Reedy Creek, FL Improvement District Utilities Rev., 5.125% due 10/1/2019 | Aaa | 232,537 | |||||||||||
1,000,000 | St. Johns County, FL Transport Improvement Rev., 5% due 10/1/2026 | Aaa | 1,043,470 | |||||||||||
600,000 | South Florida Water Management District Certificates of Participation Rev. (Master Lease Purchase Agreement), 5% due 10/1/2026 | Aaa | 621,564 | |||||||||||
1,750,000 | Tampa Bay, FL Regional Water Supply Utility System Authority Rev., 5.75% due 10/1/2029ø | Aaa | 1,891,978 | |||||||||||
Total Municipal Bonds (Cost $21,182,580) — 86.6% | 22,053,073 | |||||||||||||
Short-Term Holdings | ||||||||||||||
1,000,000 | Greater Orlando Aviation Authority, FL Airport Facilities Rev., 5.25% due 10/1/2023*ø | Aaa | 1,010,080 | |||||||||||
1,000,000 | Jacksonville, FL Electric Authority System Rev., 5.50% due 10/1/2041ø | Aa2 | 1,000,140 | |||||||||||
395,000 | Missouri State Health & Educational Facilities Authority Health Facility Rev. (Cox Health System), VRDN, due 6/1/2022 | VMIG 1 | 395,000 | |||||||||||
400,000 | New York City, NY GOs, VRDN, due 8/15/2011 | VMIG 1 | 400,000 | |||||||||||
Total Short-Term Holdings (Cost $2,763,917) — 11.0% | 2,805,220 | |||||||||||||
Total Investments (Cost $23,946,497) — 97.6% | 24,858,293 | |||||||||||||
Other Assets Less Liabilities — 2.4% | 600,714 | |||||||||||||
Net Assets — 100.0% | $ | 25,459,007 |
Portfolios of Investments
September 30, 2007
Face Amount | | Municipal Bonds | | Rating† | | Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$1,250,000 | Appalachian State University, NC Housing & Student Center System Rev., 5.60% due 7/15/2020ø | Aaa | $ | 1,329,613 | ||||||||||
685,000 | Buncombe County, NC Metropolitan Sewer District Sewer System Rev., 5% due 7/1/2020 | Aaa | 721,682 | |||||||||||
1,000,000 | Charlotte, NC Storm Water Fee Rev., 6% due 6/1/2025ø | AAA‡ | 1,071,570 | |||||||||||
1,250,000 | Charlotte, NC Water & Sewer System Rev., 5.25% due 6/1/2025ø | AAA‡ | 1,315,737 | |||||||||||
750,000 | Durham County, NC Public Improvement GOs, 5% due 6/1/2022 | Aaa | 798,255 | |||||||||||
750,000 | Forsyth County, NC Certificates of Participation (Forsyth County School Project), 5% due 2/1/2026 | Aa1 | 775,552 | |||||||||||
215,000 | Greensboro, NC Combined Enterprise System Rev., 5.25% due 6/1/2022ø | AAA‡ | 232,937 | |||||||||||
250,000 | High Point, NC Combined Enterprise System Rev., 5% due 11/1/2023 | Aaa | 261,523 | |||||||||||
150,000 | North Carolina Housing Finance Agency Rev. (Home Ownership), 6.40% due 7/1/2028* | Aa2 | 154,776 | |||||||||||
500,000 | North Carolina Infrastructure Finance Corporation Certificates of Participation (State of North Carolina Repair and Renovation Projects), 5% due 6/1/2017 | Aaa | 536,015 | |||||||||||
500,000 | North Carolina Medical Care Commission Hospital Rev. (First Health of the Carolinas Project), 5% due 10/1/2028 | Aa3 | 503,605 | |||||||||||
1,750,000 | North Carolina Municipal Power Agency No. 1 (Catawba Electric Rev.), 5% due 1/1/2020†† | Aaa | 1,883,910 | |||||||||||
1,000,000 | Raleigh, NC Combined Enterprise System Rev., 5% due 3/1/2024ø | AAA‡ | 1,076,670 | |||||||||||
1,000,000 | Wake County, NC Industrial Facilities & Pollution Control Financing Authority Rev. (Carolina Power & Light), 5.375% due 2/1/2017 | A2 | 1,051,230 | |||||||||||
750,000 | Wilmington City, NC Water & Sewer System Rev., 5% due 6/1/2025 | Aaa | 783,465 | |||||||||||
250,000 | Winston-Salem, NC Water & Sewer System Rev., 5.125% due 6/1/2028ø | AAA‡ | 265,638 | |||||||||||
Total Municipal Bonds (Cost $12,029,784) — 92.8% | 12,762,178 | |||||||||||||
Short-Term Holdings | ||||||||||||||
400,000 | Charlotte—Mecklenburg Hospital Authority, NC Health Care System Rev., VRDN, due 1/15/2026 | VMIG 1 | 400,000 | |||||||||||
300,000 | Royal Oak, MI Hospital Finance Authority Hospital Rev. (William Beaumont Hospital), VRDN, due 1/1/2020 | VMIG 1 | 300,000 | |||||||||||
Total Short-Term Holdings (Cost $700,000) — 5.1% | 700,000 | |||||||||||||
Total Investments (Cost $12,729,784) — 97.9% | 13,462,178 | |||||||||||||
Other Assets Less Liabilities — 2.1% | 295,011 | |||||||||||||
Net Assets — 100.0% | $ | 13,757,189 |
September 30, 2007
Face Amount | | Municipal Bonds | | Rating† | | Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$790,000 | Bergen County, NJ Improvement Authority Governmental Loan Rev., 5% due 9/1/2014 | Aaa | $ | 855,222 | ||||||||||
2,000,000 | Delaware River & Bay Authority Rev. (New Jersey and Delaware), 5.75% due 1/1/2029ø | Aaa | 2,114,380 | |||||||||||
1,000,000 | Essex County, NJ Improvement Authority Projects Rev., 5.25% due 12/15/2018 | Aaa | 1,110,090 | |||||||||||
1,000,000 | New Jersey Economic Development Authority Rev. (The Seeing Eye, Inc. Project), 5% due 12/1/2024 | Aaa | 1,044,620 | |||||||||||
1,500,000 | New Jersey Economic Development Authority State Lease Rev. (Liberty State Park Project), 5% due 3/1/2027 | Aaa | 1,557,390 | |||||||||||
3,000,000 | New Jersey Economic Development Authority Water Facilities Rev. (New Jersey American Water Co., Inc.), 5.375% due 5/1/2032* | Aaa | 3,077,730 | |||||||||||
1,250,000 | New Jersey Educational Facilities Authority Rev. (Princeton University), 5% due 7/1/2028 | Aaa | 1,316,000 | |||||||||||
1,250,000 | New Jersey Educational Facilities Authority Rev. (Stevens Institute of Technology), 5.25% due 7/1/2022 | Baa2 | 1,300,238 | |||||||||||
1,110,000 | New Jersey Health Care Facilities Financing Authority Rev. (Atlantic City Medical Center), 5.75% due 7/1/2025 | A2 | 1,159,573 | |||||||||||
890,000 | New Jersey Health Care Facilities Financing Authority Rev. (Atlantic City Medical Center), 5.75% due 7/1/2025ø | A2 | 972,530 | |||||||||||
2,450,000 | New Jersey Health Care Facilities Financing Authority Rev. (Hackensack University Medical Center), 6% due 1/1/2034 | A3 | 2,529,772 | |||||||||||
2,255,000 | New Jersey Health Care Facilities Financing Authority Rev. (Meridian Health System Obligated Group), 5.375% due 7/1/2024 | Aaa | 2,332,301 | |||||||||||
2,500,000 | New Jersey Highway Authority Rev. (Garden State Parkway), 5.625% due 1/1/2030ø | AAA‡ | 2,637,925 | |||||||||||
235,000 | New Jersey Housing & Mortgage Finance Agency Rev. (Multi-Family Housing), 5.75% due 5/1/2025 | Aaa | 241,728 | |||||||||||
1,500,000 | New Jersey Housing & Mortgage Finance Agency Rev. (Multi-Family Housing), 6.35% due 11/1/2031* | Aaa | 1,542,540 | |||||||||||
1,000,000 | New Jersey Transportation Trust Fund Authority Rev., 5% due 12/15/2021ø | Aaa | 1,057,040 | |||||||||||
1,000,000 | Port Authority of New York and New Jersey Consolidated Bonds, 5% due 10/1/2028 | A1 | 1,036,690 | |||||||||||
500,000 | Port Authority of New York and New Jersey Consolidated Bonds, 5% due 8/15/2022 | Aaa | 531,220 | |||||||||||
1,000,000 | Puerto Rico Electric Power Authority Rev., 5% due 7/1/2023 | Aaa | 1,064,270 | |||||||||||
1,000,000 | Puerto Rico Highway & Transportation Authority Rev., 5.50% due 7/1/2036ø | Aaa | 1,128,760 | |||||||||||
Total Municipal Bonds (Cost $ 27,291,123) — 84.4% | 28,610,019 | |||||||||||||
Short-Term Holdings | ||||||||||||||
1,200,000 | Loudoun County, VA Industrial Development Authority Rev. (Howard Hughes Medical Institute), VRDN, due 2/15/2038 | VMIG 1 | 1,200,000 | |||||||||||
1,400,000 | Massachusetts State GOs (Series A), VRDN, due 3/1/2026 | VMIG 1 | 1,400,000 | |||||||||||
100,000 | Massachusetts State GOs (Series B), VRDN, due 3/1/2026 | VMIG 1 | 100,000 | |||||||||||
100,000 | Montgomery County, MD GOs, VRDN, due 6/1/2026 | VMIG 1 | 100,000 | |||||||||||
2,000,000 | New Jersey Educational Facilities Financing Authority Rev. (Institute for Advanced Study), 5% due 7/1/2021ø | Aaa | 2,023,360 | |||||||||||
Total Short-Term Holdings (Cost $4,751,460) — 14.2% | 4,823,360 | |||||||||||||
Total Investments (Cost $32,042,583) — 98.6% | 33,433,379 | |||||||||||||
Other Assets Less Liabilities — 1.4% | 455,668 | |||||||||||||
Net Assets — 100.0% | $ | 33,889,047 |
Portfolios of Investments
September 30, 2007
Face Amount | | Municipal Bonds | | Rating† | | Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$1,000,000 | Berks County, PA Municipal Authority Hospital Rev. (The Reading Hospital & Medical Center Project), 5.70% due 10/1/2014 | Aaa | $ | 1,075,660 | ||||||||||
1,000,000 | Berks County, PA Municipal Authority Hospital Rev. (The Reading Hospital & Medical Center Project), 6% due 11/1/2029ø | Aaa | 1,068,980 | |||||||||||
1,100,000 | Butler County, PA GOs, 5.25% due 7/15/2023ø | Aaa | 1,192,950 | |||||||||||
1,000,000 | Delaware River Port Authority Rev. (Pennsylvania and New Jersey Port District Project), 5.625% due 1/1/2026 | Aaa | 1,036,660 | |||||||||||
1,000,000 | Delaware Valley, PA Regional Finance Authority Rev. (Local Government), 7.75% due 7/1/2027 | Aaa | 1,383,260 | |||||||||||
1,000,000 | Northampton County, PA General Purpose Authority, 5.25% due 10/1/2030 | Aaa | 1,050,660 | |||||||||||
1,000,000 | Pennsylvania Economic Development Financing Authority Rev., (The Procter & Gamble Paper Products Company Project), 5.375% due 3/1/2031* | Aa3 | 1,084,750 | |||||||||||
1,050,000 | Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), 5.75% due 5/1/2022 | Aaa | 1,072,711 | |||||||||||
550,000 | Pennsylvania Higher Educational Facilities Authority Rev. (University of Pennsylvania), 5% due 7/15/2023 | Aa2 | 573,760 | |||||||||||
750,000 | Pennsylvania Intergovernmental Cooperative Authority Special Tax Rev. (Philadelphia Funding Program), 5% due 6/15/2021 | Aaa | 765,255 | |||||||||||
1,000,000 | Pennsylvania State Turnpike Commission Oil Franchise Tax Rev., 5.25% due 12/1/2016ø | Aaa | 1,089,420 | |||||||||||
1,000,000 | Pennsylvania State Turnpike Commission Rev. (Registration Fee), 5% due 7/15/2041ø | Aaa | 1,059,420 | |||||||||||
500,000 | Pennsylvania State University Rev., 5% due 9/1/2024 | Aa2 | 522,595 | |||||||||||
1,000,000 | Philadelphia, PA Parking Authority Airport Parking Rev., 5.50% due 9/1/2018 | Aaa | 1,011,400 | |||||||||||
450,000 | Philadelphia, PA Redevelopment Authority Rev. (Home Mortgage), 9% due 6/1/2017†† | NR | 618,764 | |||||||||||
Total Municipal Bonds (Cost $13,628,986) — 94.8% | 14,606,245 | |||||||||||||
Short-Term Holdings | ||||||||||||||
500,000 | Massachusetts State GOs, VRDN, due 3/1/2026 | VMIG 1 | 500,000 | |||||||||||
Total Short-Term Holdings (Cost $500,000) — 3.2% | 500,000 | |||||||||||||
Total Investments (Cost $14,128,986) — 98.0% | 15,106,245 | |||||||||||||
Other Assets Less Liabilities — 2.0% | 308,244 | |||||||||||||
Net Assets — 100.0% | $ | 15,414,489 |
† | 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 Ratings Services (“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. Ratings have not been audited by Deloitte & Touche LLP. |
†† | Escrowed-to-maturity security. |
ø | Pre-refunded security. Such securities that will be paid off within one year are classified as short-term holdings. |
* | Interest income earned from this security is subject to the federal alternative minimum tax. |
VRDN — Variable Rate Demand Notes (See Note 1d). |
See Notes to Financial Statements. |
September 30, 2007
| California High-Yield Fund | | California Quality Fund | | Florida Fund | | North Carolina Fund | | New Jersey Fund | | Pennsylvania Fund | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets: | |||||||||||||||||||||||||||
Investments, at value (see portfolios of investments): | |||||||||||||||||||||||||||
Long-term holdings | $ | 32,875,439 | $ | 31,837,989 | $ | 22,053,073 | $ | 12,762,178 | $ | 28,610,019 | $ | 14,606,245 | |||||||||||||||
Short-term holdings | 300,000 | 7,533,670 | 2,805,220 | 700,000 | 4,823,360 | 500,000 | |||||||||||||||||||||
Total investments* | 33,175,439 | 39,371,659 | 24,858,293 | 13,462,178 | 33,433,379 | 15,106,245 | |||||||||||||||||||||
Cash** | 127,581 | 165,687 | 256,173 | 169,428 | 135,519 | 138,887 | |||||||||||||||||||||
Interest receivable | 497,434 | 638,937 | 519,122 | 169,877 | 452,376 | 221,474 | |||||||||||||||||||||
Expenses prepaid to shareholder service agent | 1,209 | 1,439 | 921 | 576 | 1,267 | 576 | |||||||||||||||||||||
Receivable for Shares of Beneficial Interest/Capital Stock sold | — | 33 | 6,916 | — | — | 4,765 | |||||||||||||||||||||
Other | 1,724 | 2,063 | 1,318 | 784 | 1,759 | 789 | |||||||||||||||||||||
Total Assets | 33,803,387 | 40,179,818 | 25,642,743 | 13,802,843 | 34,024,300 | 15,472,736 | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||
Dividends payable | 49,429 | 49,753 | 35,376 | 13,242 | 38,908 | 14,076 | |||||||||||||||||||||
Management fee payable | 11,076 | 16,432 | 7,354 | 5,771 | 13,974 | 6,346 | |||||||||||||||||||||
Distribution and service (12b-1) fees payable | 5,878 | 4,584 | 6,439 | 3,178 | 7,764 | 3,402 | |||||||||||||||||||||
Payable for Shares of Beneficial Interest/Capital Stock repurchased | 4,005 | 87,127 | 104,278 | 60 | 39,605 | 800 | |||||||||||||||||||||
Accrued expenses and other | 34,007 | 38,561 | 30,289 | 23,403 | 35,002 | 33,623 | |||||||||||||||||||||
Total Liabilities | 104,395 | 196,457 | 183,736 | 45,654 | 135,253 | 58,247 | |||||||||||||||||||||
Net Assets | $ | 33,698,992 | $ | 39,983,361 | $ | 25,459,007 | $ | 13,757,189 | $ | 33,889,047 | $ | 15,414,489 | |||||||||||||||
Composition of Net Assets: | |||||||||||||||||||||||||||
Shares of Beneficial Interest/Capital Stock, at $0.001 par value: | |||||||||||||||||||||||||||
Class A | $ | 4,373 | $ | 5,722 | $ | 2,922 | $ | 1,667 | $ | 4,209 | $ | 1,868 | |||||||||||||||
Class C | 348 | 240 | 271 | 61 | 330 | 72 | |||||||||||||||||||||
Class D | 424 | 125 | 132 | 64 | 113 | 56 | |||||||||||||||||||||
Additional paid-in capital | 32,306,869 | 38,150,842 | 24,238,510 | 12,980,077 | 32,250,517 | 14,340,905 | |||||||||||||||||||||
Undistributed net investment income | 86,840 | 204,015 | 54,950 | 50,713 | 81,812 | 95,402 | |||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | 69,400 | 164,013 | 250,426 | (7,787 | ) | 161,270 | (1,073 | ) | |||||||||||||||||||
Net unrealized appreciation of investments | 1,230,738 | 1,458,404 | 911,796 | 732,394 | 1,390,796 | 977,259 | |||||||||||||||||||||
Net Assets | $ | 33,698,992 | $ | 39,983,361 | $ | 25,459,007 | $ | 13,757,189 | $ | 33,889,047 | $ | 15,414,489 | |||||||||||||||
Net Assets: | |||||||||||||||||||||||||||
Class A | $ | 28,640,579 | $ | 37,598,458 | $ | 22,372,436 | $ | 12,798,869 | $ | 30,618,632 | $ | 14,427,877 | |||||||||||||||
Class C | $ | 2,280,820 | $ | 1,569,671 | $ | 2,076,044 | $ | 471,094 | $ | 2,434,911 | $ | 556,983 | |||||||||||||||
Class D | $ | 2,777,593 | $ | 815,232 | $ | 1,010,527 | $ | 487,226 | $ | 835,504 | $ | 429,629 | |||||||||||||||
Shares of Beneficial Interest/Capital Stock Outstanding: | |||||||||||||||||||||||||||
Class A | 4,373,625 | 5,722,378 | 2,922,193 | 1,667,205 | 4,208,533 | 1,868,195 | |||||||||||||||||||||
Class C | 347,929 | 239,850 | 270,544 | 61,418 | 329,873 | 72,369 | |||||||||||||||||||||
Class D | 423,647 | 124,573 | 131,694 | 63,573 | 113,197 | 55,785 | |||||||||||||||||||||
Net Asset Value per Share: | |||||||||||||||||||||||||||
Class A | $ | 6.55 | $ | 6.57 | $ | 7.66 | $ | 7.68 | $ | 7.28 | $ | 7.72 | |||||||||||||||
Class C | $ | 6.56 | $ | 6.54 | $ | 7.67 | $ | 7.67 | $ | 7.38 | $ | 7.70 | |||||||||||||||
Class D | $ | 6.56 | $ | 6.54 | $ | 7.67 | $ | 7.66 | $ | 7.38 | $ | 7.70 | |||||||||||||||
* Cost of total investments | $ | 31,944,701 | $ | 37,913,255 | $ | 23,946,497 | $ | 12,729,784 | $ | 32,042,583 | $ | 14,128,986 | |||||||||||||||
** Includes restricted cash of | $ | 5,300 | $ | 6,300 | $ | 2,000 | — | $ | 5,000 | $ | 4,000 | ||||||||||||||||
See Notes to Financial Statements. |
For the Year Ended September 30, 2007
| California High-Yield Fund | | California Quality Fund | | Florida Fund | | North Carolina Fund | | New Jersey Fund | | Pennsylvania Fund | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Investment Income: | |||||||||||||||||||||||||||
Interest | $ | 1,783,000 | $ | 2,183,865 | $ | 1,450,368 | $ | 773,290 | $ | 1,813,693 | $ | 798,057 | |||||||||||||||
Expenses: | |||||||||||||||||||||||||||
Management fees | 174,700 | 214,476 | 138,906 | 81,336 | 175,579 | 82,226 | |||||||||||||||||||||
Distribution and service (12b-1) fees | 84,133 | 66,893 | 97,294 | 52,228 | 113,193 | 48,166 | |||||||||||||||||||||
Shareholder account services | 53,453 | 64,875 | 44,035 | 26,382 | 57,305 | 28,448 | |||||||||||||||||||||
Auditing fees | 26,830 | 30,641 | 23,442 | 17,972 | 25,235 | 24,015 | |||||||||||||||||||||
Registration | 14,334 | 14,157 | 13,373 | 13,332 | 18,824 | 13,593 | |||||||||||||||||||||
Legal fees | 7,943 | 9,112 | 10,090 | 16,193 | 20,416 | 20,989 | |||||||||||||||||||||
Directors’/Trustees’ fees and expenses | 5,921 | 6,135 | 5,708 | 5,414 | 6,437 | 5,934 | |||||||||||||||||||||
Custody and related services | 4,728 | 3,118 | 4,404 | 1,675 | 2,679 | 1,628 | |||||||||||||||||||||
Shareholder reports and communications | 3,076 | 3,070 | 2,678 | 3,978 | 9,961 | 1,894 | |||||||||||||||||||||
Miscellaneous | 4,998 | 5,859 | 4,595 | 3,393 | 5,660 | 3,392 | |||||||||||||||||||||
Total Expenses Before Management Fee Waiver | 380,116 | 418,336 | 344,525 | 221,903 | 435,289 | 230,285 | |||||||||||||||||||||
Fee waiver (Note 3) | (34,940 | ) | — | (41,672 | ) | — | — | — | |||||||||||||||||||
Total Expenses After Management Fee Waiver | 345,176 | 418,336 | 302,853 | 221,903 | 435,289 | 230,285 | |||||||||||||||||||||
Net Investment Income | �� | 1,437,824 | 1,765,529 | 1,147,515 | 551,387 | 1,378,404 | 567,772 | ||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments: | |||||||||||||||||||||||||||
Net realized gain (loss) on investments | 67,521 | 285,451 | 194,266 | (21,778 | ) | 152,732 | (23,382 | ) | |||||||||||||||||||
Net change in unrealized appreciation of investments | (436,813 | ) | (992,937 | ) | (596,682 | ) | (273,495 | ) | (510,530 | ) | (275,048 | ) | |||||||||||||||
Net Loss on Investments | (369,292 | ) | (707,486 | ) | (402,416 | ) | (295,273 | ) | (357,798 | ) | (298,430 | ) | |||||||||||||||
Increase in Net Assets from Operations | $ | 1,068,532 | $ | 1,058,043 | $ | 745,099 | $ | 256,114 | $ | 1,020,606 | $ | 269,342 |
California High-Yield Fund | California Quality Fund | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | Year Ended September 30, | ||||||||||||||||||
| 2007 | | 2006 | | 2007 | | 2006 | ||||||||||||
Operations: | |||||||||||||||||||
Net investment income | $ | 1,437,824 | $ | 1,478,793 | $ | 1,765,529 | $ | 1,974,456 | |||||||||||
Net realized gain on investments | 67,521 | — | 285,451 | 61,023 | |||||||||||||||
Net change in unrealized appreciation of investments | (436,813 | ) | (126,060 | ) | (992,937 | ) | (626,045 | ) | |||||||||||
Increase in Net Assets from Operations | 1,068,532 | 1,352,733 | 1,058,043 | 1,409,434 | |||||||||||||||
Distributions to Shareholders: | |||||||||||||||||||
Net investment income: | |||||||||||||||||||
Class A | (1,195,595 | ) | (1,286,369 | ) | (1,646,981 | ) | (1,815,436 | ) | |||||||||||
Class C | (81,924 | ) | (78,277 | ) | (55,345 | ) | (84,541 | ) | |||||||||||
Class D | (90,377 | ) | (102,630 | ) | (30,086 | ) | (33,794 | ) | |||||||||||
Total | (1,367,896 | ) | (1,467,276 | ) | (1,732,412 | ) | (1,933,771 | ) | |||||||||||
Net realized long-term gain on investments: | |||||||||||||||||||
Class A | — | — | (81,972 | ) | (218,450 | ) | |||||||||||||
Class C | — | — | (3,623 | ) | (15,057 | ) | |||||||||||||
Class D | — | — | (2,002 | ) | (5,019 | ) | |||||||||||||
Total | — | — | (87,597 | ) | (238,526 | ) | |||||||||||||
Decrease in Net Assets from Distributions | (1,367,896 | ) | (1,467,276 | ) | (1,820,009 | ) | (2,172,297 | ) | |||||||||||
Share Transactions: | |||||||||||||||||||
Net proceeds from sales of shares | 648,122 | 918,763 | 492,091 | 994,293 | |||||||||||||||
Investment of dividends | 840,334 | 857,485 | 1,027,593 | 1,052,587 | |||||||||||||||
Exchanged from associated funds | 153,320 | 418,403 | 640,630 | 470,492 | |||||||||||||||
Investment of gain distributions | — | — | 61,687 | 163,236 | |||||||||||||||
Total | 1,641,776 | 2,194,651 | 2,222,001 | 2,680,608 | |||||||||||||||
Cost of shares repurchased | (3,264,320 | ) | (3,144,960 | ) | (6,514,802 | ) | (7,836,599 | ) | |||||||||||
Exchanged into associated funds | (163,874 | ) | (45,370 | ) | (414,780 | ) | (95,898 | ) | |||||||||||
Total | (3,428,194 | ) | (3,190,330 | ) | (6,929,582 | ) | (7,932,497 | ) | |||||||||||
Decrease in Net Assets from Share Transactions | (1,786,418 | ) | (995,679 | ) | (4,707,581 | ) | (5,251,889 | ) | |||||||||||
Decrease in Net Assets | (2,085,782 | ) | (1,110,222 | ) | (5,469,547 | ) | (6,014,752 | ) | |||||||||||
Net Assets: | |||||||||||||||||||
Beginning of year | 35,784,774 | 36,894,996 | 45,452,908 | 51,467,660 | |||||||||||||||
End of Year* | $ | 33,698,992 | $ | 35,784,774 | $ | 39,983,361 | $ | 45,452,908 | |||||||||||
* Including undistributed net investment income | $ | 86,840 | $ | 18,791 | $ | 204,015 | $ | 199,706 | |||||||||||
See Notes to Financial Statements. |
Florida Fund | North Carolina Fund | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | Year Ended September 30, | ||||||||||||||||||
| 2007 | | 2006 | | 2007 | | 2006 | ||||||||||||
Operations: | |||||||||||||||||||
Net investment income | $ | 1,147,515 | $ | 1,316,386 | $ | 551,387 | $ | 609,462 | |||||||||||
Net realized gain (loss) on investments | 194,266 | 59,991 | (21,778 | ) | 131,413 | ||||||||||||||
Net change in unrealized appreciation of investments | (596,682 | ) | (512,692 | ) | (273,495 | ) | (225,203 | ) | |||||||||||
Increase in Net Assets from Operations | 745,099 | 863,685 | 256,114 | 515,672 | |||||||||||||||
Distributions to Shareholders: | |||||||||||||||||||
Net investment income: | |||||||||||||||||||
Class A | (995,082 | ) | (1,141,090 | ) | (488,700 | ) | (544,819 | ) | |||||||||||
Class C | (88,869 | ) | (118,535 | ) | (27,226 | ) | (32,215 | ) | |||||||||||
Class D | (39,465 | ) | (40,492 | ) | (12,527 | ) | (13,740 | ) | |||||||||||
Total | (1,123,416 | ) | (1,300,117 | ) | (528,453 | ) | (590,774 | ) | |||||||||||
Net realized long-term gain on investments: | |||||||||||||||||||
Class A | (32,733 | ) | (169,725 | ) | (142,487 | ) | (117,043 | ) | |||||||||||
Class C | (3,907 | ) | (22,748 | ) | (10,580 | ) | (9,747 | ) | |||||||||||
Class D | (1,626 | ) | (7,282 | ) | (4,650 | ) | (3,694 | ) | |||||||||||
Total | (38,266 | ) | (199,755 | ) | (157,717 | ) | (130,484 | ) | |||||||||||
Decrease in Net Assets from Distributions | (1,161,682 | ) | (1,499,872 | ) | (686,170 | ) | (721,258 | ) | |||||||||||
Share Transactions: | |||||||||||||||||||
Net proceeds from sales of shares | 485,516 | 1,132,226 | 23,134 | 414,666 | |||||||||||||||
Investment of dividends | 665,122 | 715,536 | 335,669 | 375,230 | |||||||||||||||
Exchanged from associated funds | 14,064 | 418,818 | 67,237 | 74,484 | |||||||||||||||
Investment of gain distributions | 26,605 | 126,478 | 118,956 | 99,321 | |||||||||||||||
Total | 1,191,307 | 2,393,058 | 544,996 | 963,701 | |||||||||||||||
Cost of shares repurchased | (5,257,705 | ) | (4,633,215 | ) | (3,439,972 | ) | (2,129,581 | ) | |||||||||||
Exchanged into associated funds | (143,295 | ) | (1,418,929 | ) | (47,989 | ) | (225,651 | ) | |||||||||||
Total | (5,401,000 | ) | (6,052,144 | ) | (3,487,961 | ) | (2,355,232 | ) | |||||||||||
Decrease in Net Assets from Share Transactions | (4,209,693 | ) | (3,659,086 | ) | (2,942,965 | ) | (1,391,531 | ) | |||||||||||
Decrease in Net Assets | (4,626,276 | ) | (4,295,273 | ) | (3,373,021 | ) | (1,597,117 | ) | |||||||||||
Net Assets: | |||||||||||||||||||
Beginning of year | 30,085,283 | 34,380,556 | 17,130,210 | 18,727,327 | |||||||||||||||
End of Year* | $ | 25,459,007 | $ | 30,085,283 | $ | 13,757,189 | $ | 17,130,210 | |||||||||||
* Including undistributed net investment income | $ | 54,950 | $ | 87,161 | $ | 50,713 | $ | 42,972 | |||||||||||
See Notes to Financial Statements. |
New Jersey Fund | Pennsylvania Fund | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | Year Ended September 30, | ||||||||||||||||||
| 2007 | | 2006 | | 2007 | | 2006 | ||||||||||||
Operations: | |||||||||||||||||||
Net investment income | $ | 1,378,404 | $ | 1,504,009 | $ | 567,772 | $ | 630,478 | |||||||||||
Net realized gain (loss) on investments | 152,732 | 79,319 | (23,382 | ) | (6,377 | ) | |||||||||||||
Net change in unrealized appreciation of investments | (510,530 | ) | (530,794 | ) | (275,048 | ) | (97,278 | ) | |||||||||||
Increase in Net Assets from Operations | 1,020,606 | 1,052,534 | 269,342 | 526,823 | |||||||||||||||
Distributions to Shareholders: | |||||||||||||||||||
Net investment income: | |||||||||||||||||||
Class A | (1,251,627 | ) | (1,350,961 | ) | (496,120 | ) | (574,255 | ) | |||||||||||
Class C | (84,129 | ) | (107,809 | ) | (15,022 | ) | (21,377 | ) | |||||||||||
Class D | (26,125 | ) | (28,977 | ) | (11,213 | ) | (12,448 | ) | |||||||||||
Total | (1,361,881 | ) | (1,487,747 | ) | (522,355 | ) | (608,080 | ) | |||||||||||
Net realized long-term gain on investments: | |||||||||||||||||||
Class A | (87,975 | ) | (197,192 | ) | — | (142,134 | ) | ||||||||||||
Class C | (8,786 | ) | (19,471 | ) | — | (7,201 | ) | ||||||||||||
Class D | (2,220 | ) | (5,070 | ) | — | (3,844 | ) | ||||||||||||
Total | (98,981 | ) | (221,733 | ) | — | (153,179 | ) | ||||||||||||
Decrease in Net Assets from Distributions | (1,460,862 | ) | (1,709,480 | ) | (522,355 | ) | (761,259 | ) | |||||||||||
Share Transactions: | |||||||||||||||||||
Net proceeds from sales of shares | 1,626,910 | 1,566,868 | 204,074 | 678,797 | |||||||||||||||
Investment of dividends | 958,961 | 992,574 | 354,192 | 393,186 | |||||||||||||||
Exchanged from associated funds | 510,335 | 514,796 | — | 287,331 | |||||||||||||||
Investment of gain distributions | 77,261 | 175,597 | — | 118,796 | |||||||||||||||
Total | 3,173,467 | 3,249,835 | 558,266 | 1,478,110 | |||||||||||||||
Cost of shares repurchased | (4,292,048 | ) | (5,225,637 | ) | (2,843,225 | ) | (2,919,549 | ) | |||||||||||
Exchanged into associated funds | (1,154,399 | ) | (346,187 | ) | (199,728 | ) | (123,256 | ) | |||||||||||
Total | (5,446,447 | ) | (5,571,824 | ) | (3,042,953 | ) | (3,042,805 | ) | |||||||||||
Decrease in Net Assets from Share Transactions | (2,272,980 | ) | (2,321,989 | ) | (2,484,687 | ) | (1,564,695 | ) | |||||||||||
Decrease in Net Assets | (2,713,236 | ) | (2,978,935 | ) | (2,737,700 | ) | (1,799,131 | ) | |||||||||||
Net Assets: | |||||||||||||||||||
Beginning of year | 36,602,283 | 39,581,218 | 18,152,189 | 19,951,320 | |||||||||||||||
End of Year* | $ | 33,889,047 | $ | 36,602,283 | $ | 15,414,489 | $ | 18,152,189 | |||||||||||
* Including undistributed net investment income | $ | 81,812 | $ | 74,864 | $ | 95,402 | $ | 76,623 | |||||||||||
See Notes to Financial Statements. |
a. | Security Valuation — Traded securities are valued at the last sales price on the primary market on which they are traded. Securities for which there is no last sales price are valued by independent pricing services based on bid prices which consider such factors as transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities or are valued by J. & W. Seligman & Co. Incorporated (the “Manager”) based on quotations provided by primary market makers in such securities. Securities for which market quotations are not readily available (or are otherwise no longer valid or reliable) are valued at fair value determined in accordance with procedures approved by the directors/trustees. This can occur in the event of, among other things, natural disasters, acts of terrorism, market disruptions, intra-day trading halts, and extreme market volatility. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine net asset value or the price that may be realized upon the actual sale of the security. Short-term holdings maturing in more than 60 days are valued at current market quotations. Short-term holdings maturing in 60 days or less are valued at current market quotations or amortized cost if the Manager believes it approximates fair value. |
b. | Restricted Cash — Restricted cash represents deposits that are being held by banks as collateral for letters of credit issued in connection with the insurance policies of the Trust, New Jersey Fund and Pennsylvania Fund. |
c. | Multiple Class Allocations — Each Fund’s income, expenses (other than class-specific expenses), and realized and unrealized gains or losses are allocated daily to each class of shares of that Fund based upon the relative value of the shares of each class. Class-specific expenses, which include distribution and service fees and any other items that are specifically attributable to a particular class, are charged directly to such class. For the year ended September 30, 2007, distribution and service fees were the only class-specific expenses. |
d. | Security Transactions and Related Investment Income — Investment transactions are recorded on trade dates. Identified cost of investments sold is used for both financial reporting and federal income tax purposes. Interest income is recorded on the accrual basis. The Funds amortize discounts and premiums paid on bonds and other debt securities for financial reporting purposes. |
Short-term holdings include securities with stated or effective maturity dates of less than one year. |
Variable rate demand notes purchased by the Funds may be put back to the designated remarketing agent for the issue at par on any day, for settlement within seven days, and, accordingly, are treated as short-term holdings. These notes bear interest at a rate that resets daily or weekly. At September 30, 2007, the interest rates paid on these notes ranged from 3.89% to 4.15%. |
e. | Distributions to Shareholders — Dividends are declared daily and paid monthly. Other distributions paid by the Funds are recorded on the ex-dividend date. |
f. | Taxes — There is no provision for federal income tax. Each Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all taxable net income and net realized gains. |
Fund | | | Commissions and Concessions Retained by Affiliates | | | | Dealer Commissions | | ||
---|---|---|---|---|---|---|---|---|---|---|
California High-Yield | $3,125 | $15,486 | ||||||||
California Quality | 2,159 | 12,990 | ||||||||
Florida | 1,330 | 9,553 | ||||||||
North Carolina | 430 | 1,136 | ||||||||
New Jersey | 1,826 | 11,741 | ||||||||
Pennsylvania | 1,282 | 5,835 |
Fund | | Class C | | Class D | ||||||
---|---|---|---|---|---|---|---|---|---|---|
California High-Yield | $ | 26,022 | $ | 28,691 | ||||||
California Quality | 17,274 | 9,393 | ||||||||
Florida | 26,288 | 11,662 | ||||||||
North Carolina | 10,574 | 4,868 | ||||||||
New Jersey | 26,850 | 8,330 | ||||||||
Pennsylvania | 6,043 | 4,523 |
Fund | | Distribution and Service Fees | | Fund | | Distribution and Service Fees | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
California High-Yield | $3,419 | North Carolina | $ 2,778 | ||||||||||
California Quality | 1,614 | New Jersey | 10,307 | ||||||||||
Florida | 3,106 | Pennsylvania | 1,057 |
Fund | | | Fund | | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
California High-Yield | $53,453 | North Carolina | $26,382 | ||||||||||
California Quality | 64,875 | New Jersey | 57,305 | ||||||||||
Florida | 44,035 | Pennsylvania | 28,448 |
Guaranties. Each Fund of the Trust would bear a portion of any payments made by the Trust under the Guaranties. A portion of the rent paid by Seligman Data Corp. is charged to the Funds as part of Seligman Data Corp.’s shareholder account services cost.
Fund | | | Fund | | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
California High-Yield | $ | 548 | North Carolina | $ | 504 | ||||||||
California Quality | 565 | New Jersey | 549 | ||||||||||
Florida | 530 | Pennsylvania | 504 |
4. | Committed Line of Credit — The Trust, New Jersey Fund, and Pennsylvania Fund are each participants in a joint $375 million committed line of credit that is shared by substantially all open-end funds in the Seligman Group of Investment Companies. Each Fund’s borrowings are limited to 10% of its net assets. Borrowings pursuant to the credit facility are subject to interest at a per annum rate equal to the overnight federal funds rate plus 0.50%. Each Fund incurs a commitment fee of 0.10% per annum on its share of the unused portion of the credit facility. The credit facility may be drawn upon only for temporary purposes and is subject to certain other customary restrictions. The credit facility commitment expires in June 2008, but is renewable annually with the consent of the participating banks. For the year ended September 30, 2007, the Funds did not borrow from the credit facility. |
5. | Purchases and Sales of Securities — Purchases and sales of portfolio securities, excluding short-term holdings, for the year ended September 30, 2007, were as follows: |
Fund | | Purchases | | Sales | ||||||
---|---|---|---|---|---|---|---|---|---|---|
California High-Yield | $ | 2,616,417 | $ | 3,655,000 | ||||||
California Quality | 1,882,422 | 8,993,650 | ||||||||
Florida | 4,906,176 | 9,418,891 | ||||||||
North Carolina | 797,798 | 3,366,902 | ||||||||
New Jersey | 7,136,468 | 9,815,000 | ||||||||
Pennsylvania | — | 2,271,378 |
6. | Federal Tax Information — Certain components of income, expense and realized capital gain and loss are recognized at different times or have a different character for federal income tax purposes and for financial reporting purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value per share of the Funds. As a result of the differences described above, the treatment for financial reporting purposes of distributions made during the year from net investment income or net realized gains may differ from their ultimate treatment for federal income tax purposes. Further, the cost of investments also can differ for federal income tax purposes. |
Fund | | Tax Basis Cost | | ||||
---|---|---|---|---|---|---|---|
California High-Yield | $ | 31,857,861 | |||||
California Quality | 37,858,400 | ||||||
Florida | 23,891,547 | ||||||
North Carolina | 12,677,869 | ||||||
New Jersey | 31,960,771 | ||||||
Pennsylvania | 14,033,584 |
| California High-Yield | | California Quality | | Florida | | North Carolina | | New Jersey | | Pennsylvania | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Gross unrealized appreciation of portfolio securities | $ | 1,354,613 | $ | 1,551,532 | $ | 1,045,450 | $ | 785,649 | $ | 1,478,848 | $ | 1,080,249 | ||||||||||||||
Gross unrealized depreciation of portfolio securities | (37,035 | ) | (38,273 | ) | (78,704 | ) | (1,340 | ) | (6,240 | ) | (7,588 | ) | ||||||||||||||
Net unrealized appreciation of portfolio securities | 1,317,578 | 1,513,259 | 966,746 | 784,309 | 1,472,608 | 1,072,661 | ||||||||||||||||||||
Undistributed tax-exempt income | 49,977 | 50,318 | 35,906 | 12,541 | 39,457 | 14,583 | ||||||||||||||||||||
Undistributed net realized gain | 69,400 | 313,174 | 250,426 | — | 161,270 | — | ||||||||||||||||||||
Capital loss carryforward | — | — | — | — | �� | — | (1,073 | ) | ||||||||||||||||||
Timing difference (post-October losses) | — | — | — | (7,787 | ) | — | — | |||||||||||||||||||
Total accumulated earnings | $ | 1,436,955 | $ | 1,876,751 | $ | 1,253,078 | $ | 789,063 | $ | 1,673,335 | $ | 1,086,171 |
Year Ended September 30, | | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
| 2007 | | 2006 | ||||||||
Tax-exempt income: | |||||||||||
California High-Yield | $ | 1,367,896 | $ | 1,467,276 | |||||||
California Quality | 1,732,412 | 1,933,771 | |||||||||
Florida | 1,123,416 | 1,300,117 | |||||||||
North Carolina | 528,453 | 590,774 | |||||||||
New Jersey | 1,361,881 | 1,487,747 | |||||||||
Pennsylvania | 522,355 | 608,080 | |||||||||
Long-term capital gains: | |||||||||||
California Quality | $ | 87,597 | $ | 238,526 | |||||||
Florida | 38,266 | 199,755 | |||||||||
North Carolina | 157,717 | 130,484 | |||||||||
New Jersey | 98,981 | 221,733 | |||||||||
Pennsylvania | — | 153,179 |
7. | Share Transactions — At September 30, 2007, the Funds (with the exception of New Jersey Fund) had unlimited shares authorized. The New Jersey Fund had 100,000,000 shares authorized. Transactions in Shares of Beneficial Interest (for Funds of the Trust and Pennsylvania Fund) or Capital Stock were as follows: |
California High-Yield Fund | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended 9/30/07 | | Year Ended 9/30/06 | ||||||||||||||||
Class A | | Shares | | Amount | | Shares | | Amount | |||||||||||
Net proceeds from sales of shares | 71,761 | $ | 474,546 | 36,481 | $ | 239,657 | |||||||||||||
Investment of dividends | 113,342 | 746,092 | 115,848 | 761,222 | |||||||||||||||
Exchanged from associated funds | 23,373 | 153,320 | 3,816 | 24,994 | |||||||||||||||
Total | 208,476 | 1,373,958 | 156,145 | 1,025,873 | |||||||||||||||
Cost of shares repurchased | (364,823 | ) | (2,399,318 | ) | (343,374 | ) | (2,256,084 | ) | |||||||||||
Exchanged into associated funds | (24,314 | ) | (159,903 | ) | (3,495 | ) | (23,000 | ) | |||||||||||
Total | (389,137 | ) | (2,559,221 | ) | (346,869 | ) | (2,279,084 | ) | |||||||||||
Decrease | (180,661 | ) | $ | (1,185,263 | ) | (190,724 | ) | $ | (1,253,211 | ) | |||||||||
Class C | Shares | Amount | Shares | Amount | |||||||||||||||
Net proceeds from sales of shares | 26,255 | $ | 173,481 | 102,822 | $ | 675,111 | |||||||||||||
Investment of dividends | 8,598 | 56,675 | 6,850 | 45,095 | |||||||||||||||
Exchanged from associated funds | — | — | 8,071 | 53,121 | |||||||||||||||
Total | 34,853 | 230,156 | 117,743 | 773,327 | |||||||||||||||
Cost of shares repurchased | (87,624 | ) | (576,871 | ) | (90,288 | ) | (592,805 | ) | |||||||||||
Increase (decrease) | (52,771 | ) | $ | (346,715 | ) | 27,455 | $ | 180,522 | |||||||||||
Class D | Shares | Amount | Shares | Amount | |||||||||||||||
Net proceeds from sales of shares | 14 | $ | 95 | 604 | $ | 3,995 | |||||||||||||
Investment of dividends | 5,697 | 37,567 | 7,772 | 51,168 | |||||||||||||||
Exchanged from associated funds | — | — | 51,584 | 340,288 | |||||||||||||||
Total | 5,711 | 37,662 | 59,960 | 395,451 | |||||||||||||||
Cost of shares repurchased | (43,634 | ) | (288,131 | ) | (44,999 | ) | (296,071 | ) | |||||||||||
Exchanged into associated funds | (601 | ) | (3,971 | ) | (3,405 | ) | (22,370 | ) | |||||||||||
Total | (44,235 | ) | (292,102 | ) | �� | (48,404 | ) | (318,441 | ) | ||||||||||
Increase (decrease) | (38,524 | ) | $ | (254,440 | ) | 11,556 | $ | 77,010 |
California Quality Fund | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended 9/30/07 | | Year Ended 9/30/06 | | |||||||||||||||
Class A | | Shares | | Amount | | Shares | | Amount | |||||||||||
Net proceeds from sales of shares | 67,380 | $ | 443,678 | 138,675 | $ | 929,493 | |||||||||||||
Investment of dividends | 146,654 | 969,178 | 147,576 | 987,536 | |||||||||||||||
Exchanged from associated funds | 94,722 | 623,731 | 58,811 | 393,464 | |||||||||||||||
Investment of gain distributions | 8,598 | 57,262 | 22,352 | 150,199 | |||||||||||||||
Total | 317,354 | 2,093,849 | 367,414 | 2,460,692 | |||||||||||||||
Cost of shares repurchased | (902,259 | ) | (5,955,830 | ) | (952,575 | ) | (6,377,975 | ) | |||||||||||
Exchanged into associated funds | (48,662 | ) | (321,449 | ) | (10,986 | ) | (73,662 | ) | |||||||||||
Total | (950,921 | ) | (6,277,279 | ) | (963,561 | ) | (6,451,637 | ) | |||||||||||
Decrease | (633,567 | ) | $ | (4,183,430 | ) | (596,147 | ) | $ | (3,990,945 | ) | |||||||||
Class C | Shares | Amount | Shares | Amount | |||||||||||||||
Net proceeds from sales of shares | 496 | $ | 3,286 | 1,909 | $ | 12,680 | |||||||||||||
Investment of dividends | 6,585 | 43,369 | 7,193 | 47,964 | |||||||||||||||
Exchanged from associated funds | 2,551 | 16,899 | — | — | |||||||||||||||
Investment of gain distributions | 513 | 3,408 | 1,564 | 10,479 | |||||||||||||||
Total | 10,145 | 66,962 | 10,666 | 71,123 | |||||||||||||||
Cost of shares repurchased | (51,873 | ) | (342,091 | ) | (203,168 | ) | (1,355,717 | ) | |||||||||||
Exchanged into associated funds | (6,809 | ) | (44,394 | ) | (1,091 | ) | (7,297 | ) | |||||||||||
Total | (58,682 | ) | (386,485 | ) | (204,259 | ) | (1,363,014 | ) | |||||||||||
Decrease | (48,537 | ) | $(319,523 | ) | (193,593 | ) | $ | (1,291,891 | ) | ||||||||||
Class D | Shares | Amount | Shares | Amount | |||||||||||||||
Net proceeds from sales of shares | 6,824 | $ | 45,127 | 7,755 | $ | 52,120 | |||||||||||||
Investment of dividends | 2,284 | 15,046 | 2,562 | 17,087 | |||||||||||||||
Exchanged from associated funds | — | — | 11,554 | 77,028 | |||||||||||||||
Investment of gain distributions | 153 | 1,017 | 382 | 2,558 | |||||||||||||||
Total | 9,261 | 61,190 | 22,253 | 148,793 | |||||||||||||||
Cost of shares repurchased | (32,935 | ) | (216,881 | ) | (15,472 | ) | (102,907 | ) | |||||||||||
Exchanged into associated funds | (7,426 | ) | (48,937 | ) | (2,220 | ) | (14,939 | ) | |||||||||||
Total | (40,361 | ) | (265,818 | ) | (17,692 | ) | (117,846 | ) | |||||||||||
Increase (decrease) | (31,100 | ) | $ | (204,628 | ) | 4,561 | $ | 30,947 |
Florida Fund | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended 9/30/07 | | Year Ended 9/30/06 | | |||||||||||||||
Class A | | Shares | | Amount | | Shares | | Amount | |||||||||||
Net proceeds from sales of shares | 42,311 | $ | 325,876 | 99,799 | $ | 778,397 | |||||||||||||
Investment of dividends | 75,354 | 579,424 | 78,565 | 612,179 | |||||||||||||||
Exchanged from associated funds | 1,831 | 14,064 | 49,489 | 385,250 | |||||||||||||||
Investment of gain distributions | 2,880 | 22,322 | 13,326 | 104,198 | |||||||||||||||
Total | 122,376 | 941,686 | 241,179 | 1,880,024 | |||||||||||||||
Cost of shares repurchased | (496,238 | ) | (3,819,160 | ) | (445,592 | ) | (3,466,996 | ) | |||||||||||
Exchanged into associated funds | (18,570 | ) | (143,295 | ) | (181,520 | ) | (1,418,929 | ) | |||||||||||
Total | (514,808 | ) | (3,962,455 | ) | (627,112 | ) | (4,885,925 | ) | |||||||||||
Decrease | (392,432 | ) | $ | (3,020,769 | ) | (385,933 | ) | $ | (3,005,901 | ) | |||||||||
Class C | Shares | Amount | Shares | Amount | |||||||||||||||
Net proceeds from sales of shares | 1,199 | $ | 9,267 | 22,227 | $ | 173,717 | |||||||||||||
Investment of dividends | 8,623 | 66,489 | 10,264 | 80,175 | |||||||||||||||
Exchanged from associated funds | — | — | — | — | |||||||||||||||
Investment of gain distributions | 421 | 3,271 | 2,277 | 17,831 | |||||||||||||||
Total | 10,243 | 79,027 | 34,768 | 271,723 | |||||||||||||||
Cost of shares repurchased | (146,963 | ) | (1,132,446 | ) | (119,990 | ) | (936,087 | ) | |||||||||||
Decrease | (136,720 | ) | $ | (1,053,419 | ) | (85,222 | ) | $ | (664,364 | ) | |||||||||
Class D | Shares | Amount | Shares | Amount | |||||||||||||||
Net proceeds from sales of shares | 19,364 | $ | 150,373 | 22,944 | $ | 180,112 | |||||||||||||
Investment of dividends | 2,492 | 19,209 | 2,969 | 23,182 | |||||||||||||||
Exchanged from associated funds | — | — | 4,287 | 33,568 | |||||||||||||||
Investment of gain distributions | 130 | 1,012 | 569 | 4,449 | |||||||||||||||
Total | 21,986 | 170,594 | 30,769 | 241,311 | |||||||||||||||
Cost of shares repurchased | (39,821 | ) | (306,099 | ) | (29,480 | ) | (230,132 | ) | |||||||||||
Increase (decrease) | (17,835 | ) | $ | (135,505 | ) | 1,289 | $ | 11,179 |
North Carolina Fund | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended 9/30/07 | | Year Ended 9/30/06 | | |||||||||||||||
Class A | | Shares | | Amount | | Shares | | Amount | |||||||||||
Net proceeds from sales of shares | 2,254 | $ | 16,966 | 50,611 | $ | 398,533 | |||||||||||||
Investment of dividends | 41,155 | 317,627 | 45,275 | 353,338 | |||||||||||||||
Exchanged from associated funds | 2,569 | 19,792 | 8,627 | 67,120 | |||||||||||||||
Investment of gain distributions | 13,961 | 109,034 | 11,434 | 89,521 | |||||||||||||||
Total | 59,939 | 463,419 | 115,947 | 908,512 | |||||||||||||||
Cost of shares repurchased | (359,985 | ) | (2,750,774 | ) | (255,223 | ) | (1,986,911 | ) | |||||||||||
Exchanged into associated funds | (53 | ) | (407 | ) | (5,916 | ) | (45,831 | ) | |||||||||||
Total | (360,038 | ) | (2,751,181 | ) | (261,139 | ) | (2,032,742 | ) | |||||||||||
Decrease | (300,099 | ) | $ | (2,287,762 | ) | (145,192 | ) | $ | (1,124,230 | ) | |||||||||
Class C | Shares | Amount | Shares | Amount | |||||||||||||||
Net proceeds from sales of shares | 787 | $ | 6,074 | 2,065 | $ | 16,000 | |||||||||||||
Investment of dividends | 1,502 | 11,559 | 1,816 | 14,170 | |||||||||||||||
Exchanged from associated funds | — | — | — | — | |||||||||||||||
Investment of gain distributions | 949 | 7,401 | 979 | 7,659 | |||||||||||||||
Total | 3,238 | 25,034 | 4,860 | 37,829 | |||||||||||||||
Cost of shares repurchased | (87,120 | ) | (661,830 | ) | (14,823 | ) | (115,922 | ) | |||||||||||
Exchanged into associated funds | — | — | (22,937 | ) | (179,820 | ) | |||||||||||||
Total | (87,120 | ) | (661,830 | ) | (37,760 | ) | (295,742 | ) | |||||||||||
Decrease | (83,882 | ) | $ | (636,796 | ) | (32,900 | ) | $ | (257,913 | ) | |||||||||
Class D | Shares | Amount | Shares | Amount | |||||||||||||||
Net proceeds from sales of shares | 13 | $ | 94 | 17 | $ | 133 | |||||||||||||
Investment of dividends | 842 | 6,483 | 991 | 7,722 | |||||||||||||||
Exchanged from associated funds | 6,106 | 47,445 | 942 | 7,364 | |||||||||||||||
Investment of gain distributions | 323 | 2,521 | 274 | 2,141 | |||||||||||||||
Total | 7,284 | 56,543 | 2,224 | 17,360 | |||||||||||||||
Cost of shares repurchased | (3,500 | ) | (27,368 | ) | (3,414 | ) | (26,748 | ) | |||||||||||
Exchanged into associated funds | (6,077 | ) | (47,582 | ) | — | — | |||||||||||||
Total | (9,577 | ) | (74,950 | ) | (3,414 | ) | (26,748 | ) | |||||||||||
Decrease | (2,293 | ) | $ | (18,407 | ) | (1,190 | ) | $ | (9,388 | ) |
New Jersey Fund | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended 9/30/07 | | Year Ended 9/30/06 | | |||||||||||||||
Class A | | Shares | | Amount | | Shares | | Amount | |||||||||||
Net proceeds from sales of shares | 212,721 | $ | 1,550,957 | 172,278 | $ | 1,274,735 | |||||||||||||
Investment of dividends | 120,227 | 876,267 | 121,163 | 893,139 | |||||||||||||||
Exchanged from associated funds | 69,922 | 510,335 | 33,719 | 248,536 | |||||||||||||||
Investment of gain distributions | 9,308 | 68,323 | 21,018 | 155,309 | |||||||||||||||
Total | 412,178 | 3,005,882 | 348,178 | 2,571,719 | |||||||||||||||
Cost of shares repurchased | (502,010 | ) | (3,653,723 | ) | (631,131 | ) | (4,653,060 | ) | |||||||||||
Exchanged into associated funds | (107,099 | ) | (784,791 | ) | (12,448 | ) | (91,512 | ) | |||||||||||
Total | (609,109 | ) | (4,438,514 | ) | (643,579 | ) | (4,744,572 | ) | |||||||||||
Decrease | (196,931 | ) | $ | (1,432,632 | ) | (295,401 | ) | $ | (2,172,853 | ) | |||||||||
Class C | Shares | Amount | Shares | Amount | |||||||||||||||
Net proceeds from sales of shares | 6,316 | $ | 46,641 | 35,871 | $ | 267,960 | |||||||||||||
Investment of dividends | 7,745 | 57,284 | 9,763 | 72,954 | |||||||||||||||
Exchanged from associated funds | — | — | 34,270 | 256,636 | |||||||||||||||
Investment of gain distributions | 918 | 6,831 | 2,077 | 15,553 | |||||||||||||||
Total | 14,979 | 110,756 | 81,981 | 613,103 | |||||||||||||||
Cost of shares repurchased | (75,811 | ) | (562,277 | ) | (62,531 | ) | (466,938 | ) | |||||||||||
Exchanged into associated funds | (49,713 | ) | (369,605 | ) | (34,056 | ) | (254,675 | ) | |||||||||||
Total | (125,524 | ) | (931,882 | ) | (96,587 | ) | (721,613 | ) | |||||||||||
Decrease | (110,545 | ) | $ | (821,126 | ) | (14,606 | ) | $ | (108,510 | ) | |||||||||
Class D | Shares | Amount | Shares | Amount | |||||||||||||||
Net proceeds from sales of shares | 3,958 | $ | 29,312 | 3,218 | $ | 24,173 | |||||||||||||
Investment of dividends | 3,435 | 25,410 | 3,545 | 26,481 | |||||||||||||||
Exchanged from associated funds | — | — | 1,287 | 9,624 | |||||||||||||||
Investment of gain distributions | 283 | 2,107 | 633 | 4,735 | |||||||||||||||
Total | 7,676 | 56,829 | 8,683 | 65,013 | |||||||||||||||
Cost of shares repurchased | (10,231 | ) | (76,048 | ) | (14,129 | ) | (105,639 | ) | |||||||||||
Exchanged into associated funds | — | (3 | ) | — | — | ||||||||||||||
Total | (10,231 | ) | (76,051 | ) | (14,129 | ) | (105,639 | ) | |||||||||||
Decrease | (2,555 | ) | $ | (19,222 | ) | (5,446 | ) | $ | (40,626 | ) |
Pennsylvania Fund | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended 9/30/07 | | Year Ended 9/30/06 | | |||||||||||||||
Class A | | Shares | | Amount | | Shares | | Amount | |||||||||||
Net proceeds from sales of shares | 25,246 | $ | 196,716 | 84,885 | $ | 662,412 | |||||||||||||
Investment of dividends | 44,478 | 344,905 | 48,763 | 379,872 | |||||||||||||||
Exchanged from associated funds | — | — | 34,056 | 266,383 | |||||||||||||||
Investment of gain distributions | — | — | 14,355 | 111,796 | |||||||||||||||
Total | 69,724 | 541,621 | 182,059 | 1,420,463 | |||||||||||||||
Cost of shares repurchased | (332,316 | ) | (2,583,615 | ) | (353,244 | ) | (2,757,303 | ) | |||||||||||
Exchanged into associated funds | (25,515 | ) | (199,728 | ) | (11,115 | ) | (86,803 | ) | |||||||||||
Total | (357,831 | ) | (2,783,343 | ) | (364,359 | ) | (2,844,106 | ) | |||||||||||
Decrease | (288,107 | ) | $ | (2,241,722 | ) | (182,300 | ) | $ | (1,423,643 | ) | |||||||||
Class C | Shares | Amount | Shares | Amount | |||||||||||||||
Net proceeds from sales of shares | 935 | $ | 7,263 | 1,063 | $ | 8,290 | |||||||||||||
Investment of dividends | 1,021 | 7,890 | 1,445 | 11,228 | |||||||||||||||
Exchanged from associated funds | — | — | 2,679 | 20,948 | |||||||||||||||
Investment of gain distributions | — | — | 589 | 4,578 | |||||||||||||||
Total | 1,956 | 15,153 | 5,776 | 45,044 | |||||||||||||||
Cost of shares repurchased | (30,035 | ) | (234,376 | ) | (16,117 | ) | (126,247 | ) | |||||||||||
Exchanged into associated funds | — | — | (4,656 | ) | (36,453 | ) | |||||||||||||
Total | (30,035 | ) | (234,376 | ) | (20,773 | ) | (162,700 | ) | |||||||||||
Decrease | (28,079 | ) | $ | (219,223 | ) | (14,997 | ) | $ | (117,656 | ) | |||||||||
Class D | Shares | Amount | Shares | Amount | |||||||||||||||
Net proceeds from sales of shares | 12 | $ | 95 | 1,035 | $ | 8,095 | |||||||||||||
Investment of dividends | 181 | 1,397 | 268 | 2,086 | |||||||||||||||
Investment of gain distributions | — | — | 312 | 2,422 | |||||||||||||||
Total | 193 | 1,492 | 1,615 | 12,603 | |||||||||||||||
Cost of shares repurchased | (3,294 | ) | (25,234 | ) | (4,712 | ) | (35,999 | ) | |||||||||||
Decrease | (3,101 | ) | $ | (23,742 | ) | (3,097 | ) | $ | (23,396 | ) |
8. | Other Matters — In late 2003, the Manager conducted an extensive internal review in response to public announcements concerning frequent trading in shares of open-end mutual funds. As of September 2003, the Manager had one arrangement that permitted frequent trading in the Seligman mutual funds. This arrangement was in the process of being closed down by the Manager before the first proceedings relating to trading practices within the mutual fund industry were publicly announced. Based on a review of the Manager’s records for 2001 through 2003, the Manager identified three other arrangements that had permitted frequent trading in the Seligman mutual funds. All three had already been terminated prior to the end of September 2002. |
9. | Recently Issued Accounting Pronouncements — In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109.” FIN 48 requires the Funds to measure and recognize in their financial statements the benefit of a tax position taken (or expected to be taken) on an income tax return if such position will more likely than not be sustained upon examination based on the technical merits of the position. FIN 48 is effective for fiscal years beginning after December 15, 2006 and, in accordance with SEC guidance, can be implemented within the first required financial statement reporting period. Accordingly, the Funds will incorporate the effects, if any, of FIN 48 in their financial statements in their semi-annual report for the six months ending March 31, 2008. The Funds are currently evaluating the impact of the adoption of FIN 48 and, based on progress to date, do not believe it will have a material impact on their respective financial statements. |
CLASS A | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | ||||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | |||||||||||||||
Net Asset Value, Beginning of Year | $ | 6.60 | $ | 6.62 | $ | 6.65 | $ | 6.59 | $ | 6.74 | |||||||||||||||
Income from Investment Operations: | |||||||||||||||||||||||||
Net investment income | 0.28 | 0.28 | 0.26 | 0.28 | 0.28 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.06 | ) | (0.02 | ) | 0.04 | 0.06 | (0.12 | ) | |||||||||||||||||
Total from Investment Operations | 0.22 | 0.26 | 0.30 | 0.34 | 0.16 | ||||||||||||||||||||
Less Distributions: | |||||||||||||||||||||||||
Dividends from net investment income | (0.27 | ) | (0.28 | ) | (0.26 | ) | (0.27 | ) | (0.28 | ) | |||||||||||||||
Distributions from net realized capital gain | — | — | (0.07 | ) | (0.01 | ) | (0.03 | ) | |||||||||||||||||
Total Distributions | (0.27 | ) | (0.28 | ) | (0.33 | ) | (0.28 | ) | (0.31 | ) | |||||||||||||||
Net Asset Value, End of Year | $ | 6.55 | $ | 6.60 | $ | 6.62 | $ | 6.65 | $ | 6.59 | |||||||||||||||
Total Return | 3.35 | % | 3.99 | % | 4.63 | % | 5.30 | % | 2.48 | % | |||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 28,6 | 41 | $ | 30,0 | 79 | $ | 31,4 | 32 | $ | 34,3 | 15 | $ | 38,7 | 98 | ||||||||||
Ratio of expenses to average net assets | 0.85 | % | 0.90 | % | 0.92 | % | 0.90 | % | 0.88 | % | |||||||||||||||
Ratio of net investment income to average net assets | 4.25 | % | 4.26 | % | 3.97 | % | 4.20 | % | 4.24 | % | |||||||||||||||
Portfolio turnover rate | 8.03 | % | — | 1.47 | % | — | 4.43 | % | |||||||||||||||||
Without management fee waiver:* | |||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.95 | % | 1.00 | % | 1.02 | % | 1.00 | % | 0.98 | % | |||||||||||||||
Ratio of net investment income to average net assets | 4.15 | % | 4.16 | % | 3.87 | % | 4.10 | % | 4.14 | % |
CLASS C | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 6.61 | $ | 6.63 | $ | 6.66 | $ | 6.60 | $ | 6.75 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.22 | 0.22 | 0.20 | 0.22 | 0.22 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.06 | ) | (0.02 | ) | 0.04 | 0.06 | (0.12 | ) | ||||||||||||||||
Total from Investment Operations | 0.16 | 0.20 | 0.24 | 0.28 | 0.10 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.21 | ) | (0.22 | ) | (0.20 | ) | (0.21 | ) | (0.22 | ) | ||||||||||||||
Distributions from net realized capital gain | — | — | (0.07 | ) | (0.01 | ) | (0.03 | ) | ||||||||||||||||
Total Distributions | (0.21 | ) | (0.22 | ) | (0.27 | ) | (0.22 | ) | (0.25 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 6.56 | $ | 6.61 | $ | 6.63 | $ | 6.66 | $ | 6.60 | ||||||||||||||
Total Return | 2.42 | % | 3.06 | % | 3.69 | % | 4.35 | % | 1.56 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 2,2 | 81 | $ | 2,6 | 49 | $ | 2,4 | 75 | $ | 2,9 | 64 | $ | 3,4 | 82 | |||||||||
Ratio of expenses to average net assets | 1.75 | % | 1.80 | % | 1.82 | % | 1.80 | % | 1.78 | % | ||||||||||||||
Ratio of net investment income to average net assets | 3.35 | % | 3.35 | % | 3.07 | % | 3.30 | % | 3.34 | % | ||||||||||||||
Portfolio turnover rate | 8.03 | % | — | 1.47 | % | — | 4.43 | % | ||||||||||||||||
Without management fee waiver:* | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 1.85 | % | 1.90 | % | 1.92 | % | 1.90 | % | 1.88 | % | ||||||||||||||
Ratio of net investment income to average net assets | 3.25 | % | 3.25 | % | 2.97 | % | 3.20 | % | 3.24 | % |
CLASS D | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 6.61 | $ | 6.63 | $ | 6.66 | $ | 6.60 | $ | 6.75 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.22 | 0.22 | 0.20 | 0.22 | 0.22 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.06 | ) | (0.02 | ) | 0.04 | 0.06 | (0.12 | ) | ||||||||||||||||
Total from Investment Operations | 0.16 | 0.20 | 0.24 | 0.28 | 0.10 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.21 | ) | (0.22 | ) | (0.20 | ) | (0.21 | ) | (0.22 | ) | ||||||||||||||
Distributions from net realized capital gain | — | — | (0.07 | ) | (0.01 | ) | (0.03 | ) | ||||||||||||||||
Total Distributions | (0.21 | ) | (0.22 | ) | (0.27 | ) | (0.22 | ) | (0.25 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 6.56 | $ | 6.61 | $ | 6.63 | $ | 6.66 | $ | 6.60 | ||||||||||||||
Total Return | 2.42 | % | 3.06 | % | 3.69 | % | 4.35 | % | 1.56 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 2,7 | 78 | $ | 3,0 | 56 | $ | 2,9 | 88 | $ | 2,5 | 19 | $ | 4,8 | 32 | |||||||||
Ratio of expenses to average net assets | 1.75 | % | 1.80 | % | 1.82 | % | 1.80 | % | 1.78 | % | ||||||||||||||
Ratio of net investment income to average net assets | 3.35 | % | 3.35 | % | 3.07 | % | 3.30 | % | 3.34 | % | ||||||||||||||
Portfolio turnover rate | 8.03 | % | — | 1.47 | % | — | 4.43 | % | ||||||||||||||||
Without management fee waiver:* | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 1.85 | % | 1.90 | % | 1.92 | % | 1.90 | % | 1.88 | % | ||||||||||||||
Ratio of net investment income to average net assets | 3.25 | % | 3.25 | % | 2.97 | % | 3.20 | % | 3.24 | % |
CLASS A | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 6.69 | $ | 6.79 | $ | 6.89 | $ | 6.88 | $ | 7.04 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.28 | 0.28 | 0.28 | 0.28 | 0.27 | |||||||||||||||||||
Net realized and unrealized loss on investments | (0.12 | ) | (0.07 | ) | (0.02 | ) | — | (0.16 | ) | |||||||||||||||
Total from Investment Operations | 0.16 | 0.21 | 0.26 | 0.28 | 0.11 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.27 | ) | (0.28 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | ||||||||||||||
Distributions from net realized capital gain | (0.01 | ) | (0.03 | ) | (0.09 | ) | — | — | ||||||||||||||||
Total Distributions | (0.28 | ) | (0.31 | ) | (0.36 | ) | (0.27 | ) | (0.27 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 6.57 | $ | 6.69 | $ | 6.79 | $ | 6.89 | $ | 6.88 | ||||||||||||||
Total Return | 2.51 | % | 3.14 | % | 3.90 | % | 4.23 | % | 1.63 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 37,5 | 98 | $ | 42,4 | 95 | $ | 47,1 | 86 | $ | 51,3 | 95 | $ | 61,5 | 66 | |||||||||
Ratio of expenses to average net assets | 0.92 | % | 0.94 | % | 0.94 | % | 0.93 | % | 0.93 | % | ||||||||||||||
Ratio of net investment income to average net assets | 4.17 | % | 4.19 | % | 4.04 | % | 4.06 | % | 3.96 | % | ||||||||||||||
Portfolio turnover rate | 4.66 | % | — | — | 0.86 | % | 1.43 | % |
CLASS C | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 6.66 | $ | 6.76 | $ | 6.87 | $ | 6.85 | $ | 7.01 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.22 | 0.22 | 0.21 | 0.22 | 0.21 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.12 | ) | (0.07 | ) | (0.02 | ) | 0.01 | (0.16 | ) | |||||||||||||||
Total from Investment Operations | 0.10 | 0.15 | 0.19 | 0.23 | 0.05 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.21 | ) | (0.22 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | ||||||||||||||
Distributions from net realized capital gain | (0.01 | ) | (0.03 | ) | (0.09 | ) | — | — | ||||||||||||||||
Total Distributions | (0.22 | ) | (0.25 | ) | (0.30 | ) | (0.21 | ) | (0.21 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 6.54 | $ | 6.66 | $ | 6.76 | $ | 6.87 | $ | 6.85 | ||||||||||||||
Total Return | 1.60 | % | 2.23 | % | 2.84 | % | 3.46 | % | 0.72 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $1,5 | 70 | $1,9 | 21 | $ | 3,2 | 59 | $ | 4,7 | 83 | $ | 5,7 | 72 | |||||||||||
Ratio of expenses to average net assets | 1.82 | % | 1.84 | % | 1.84 | % | 1.83 | % | 1.83 | % | ||||||||||||||
Ratio of net investment income to average net assets | 3.27 | % | 3.29 | % | 3.13 | % | 3.16 | % | 3.06 | % | ||||||||||||||
Portfolio turnover rate | 4.66 | % | — | — | 0.86 | % | 1.43 | % |
CLASS D | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 6.66 | $ | 6.76 | $ | 6.87 | $ | 6.85 | $ | 7.01 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.22 | 0.22 | 0.21 | 0.22 | 0.21 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.12 | ) | (0.07 | ) | (0.02 | ) | 0.01 | (0.16 | ) | |||||||||||||||
Total from Investment Operations | 0.10 | 0.15 | 0.19 | 0.23 | 0.05 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.21 | ) | (0.22 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | ||||||||||||||
Distributions from net realized capital gain | (0.01 | ) | (0.03 | ) | (0.09 | ) | — | — | ||||||||||||||||
Total Distributions | (0.22 | ) | (0.25 | ) | (0.30 | ) | (0.21 | ) | (0.21 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 6.54 | $ | 6.66 | $ | 6.76 | $ | 6.87 | $ | 6.85 | ||||||||||||||
Total Return | 1.60 | % | 2.23 | % | 2.84 | % | 3.46 | % | 0.72 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $8 | 15 | $ | 1,0 | 37 | $ | 1,0 | 22 | $ | 1,3 | 06 | $ | 1,5 | 12 | ||||||||||
Ratio of expenses to average net assets | 1.82 | % | 1.84 | % | 1.84 | % | 1.83 | % | 1.83 | % | ||||||||||||||
Ratio of net investment income to average net assets | 3.27 | % | 3.29 | % | 3.13 | % | 3.16 | % | 3.06 | % | ||||||||||||||
Portfolio turnover rate | 4.66 | % | — | — | 0.86 | % | 1.43 | % |
CLASS A | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 7.77 | $ | 7.92 | $ | 8.00 | $ | 8.08 | $ | 8.08 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.33 | 0.33 | 0.33 | 0.32 | 0.32 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.11 | ) | (0.11 | ) | (0.08 | ) | (0.06 | ) | 0.01 | |||||||||||||||
Total from Investment Operations | 0.22 | 0.22 | 0.25 | 0.26 | 0.33 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.32 | ) | (0.32 | ) | (0.32 | ) | (0.32 | ) | (0.32 | ) | ||||||||||||||
Distributions from net realized capital gain | (0.01 | ) | (0.05 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | ||||||||||||||
Total Distributions | (0.33 | ) | (0.37 | ) | (0.33 | ) | (0.34 | ) | (0.33 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 7.66 | $ | 7.77 | $ | 7.92 | $ | 8.00 | $ | 8.08 | ||||||||||||||
Total Return | 2.88 | % | 2.86 | % | 3.17 | % | 3.26 | % | 4.16 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 22,3 | 72 | $ | 25,7 | 50 | $ | 29,2 | 98 | $ | 32,4 | 70 | $ | 34,1 | 31 | |||||||||
Ratio of expenses to average net assets | 0.99 | % | 1.00 | % | 0.98 | % | 0.99 | % | 1.00 | % | ||||||||||||||
Ratio of net investment income to average net assets | 4.23 | % | 4.20 | % | 4.11 | % | 4.05 | % | 3.98 | % | ||||||||||||||
Portfolio turnover rate | 18.37 | % | 5.12 | % | — | — | 12.51 | % | ||||||||||||||||
Without management fee waiver:* | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 1.14 | % | 1.15 | % | 1.13 | % | 1.14 | % | 1.15 | % | ||||||||||||||
Ratio of net investment income to average net assets | 4.08 | % | 4.05 | % | 3.96 | % | 3.90 | % | 3.83 | % |
CLASS C | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 7.79 | $ | 7.93 | $ | 8.02 | $ | 8.09 | $ | 8.10 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.27 | 0.27 | 0.27 | 0.26 | 0.26 | |||||||||||||||||||
Net realized and unrealized loss on investments | (0.12 | ) | (0.09 | ) | (0.09 | ) | (0.05 | ) | — | |||||||||||||||
Total from Investment Operations | 0.15 | 0.18 | 0.18 | 0.21 | 0.26 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.26 | ) | (0.27 | ) | (0.26 | ) | (0.26 | ) | (0.26 | ) | ||||||||||||||
Distributions from net realized capital gain | (0.01 | ) | (0.05 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | ||||||||||||||
Total Distributions | (0.27 | ) | (0.32 | ) | (0.27 | ) | (0.28 | ) | (0.27 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 7.67 | $ | 7.79 | $ | 7.93 | $ | 8.02 | $ | 8.09 | ||||||||||||||
Total Return | 1.98 | % | 2.22 | % | 2.27 | % | 2.61 | % | 3.24 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 2,0 | 76 | $ | 3,1 | 71 | $ | 3,9 | 07 | $ | 4,6 | 83 | $ | 4,6 | 86 | |||||||||
Ratio of expenses to average net assets | 1.74 | % | 1.75 | % | 1.73 | % | 1.74 | % | 1.75 | % | ||||||||||||||
Ratio of net investment income to average net assets | 3.48 | % | 3.45 | % | 3.36 | % | 3.30 | % | 3.23 | % | ||||||||||||||
Portfolio turnover rate | 18.37 | % | 5.12 | % | — | — | 12.51 | % | ||||||||||||||||
Without management fee waiver:* | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 1.89 | % | 1.90 | % | 1.88 | % | 1.89 | % | 1.90 | % | ||||||||||||||
Ratio of net investment income to average net assets | 3.33 | % | 3.30 | % | 3.21 | % | 3.15 | % | 3.08 | % |
CLASS D | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 7.79 | $ | 7.93 | $ | 8.02 | $ | 8.10 | $ | 8.10 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.27 | 0.27 | 0.27 | 0.26 | 0.26 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.12 | ) | (0.09 | ) | (0.09 | ) | (0.06 | ) | 0.01 | |||||||||||||||
Total from Investment Operations | 0.15 | 0.18 | 0.18 | 0.20 | 0.27 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.26 | ) | (0.27 | ) | (0.26 | ) | (0.26 | ) | (0.26 | ) | ||||||||||||||
Distributions from net realized capital gain | (0.01 | ) | (0.05 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | ||||||||||||||
Total Distributions | (0.27 | ) | (0.32 | ) | (0.27 | ) | (0.28 | ) | (0.27 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 7.67 | $ | 7.79 | $ | 7.93 | $ | 8.02 | $ | 8.10 | ||||||||||||||
Total Return | 1.98 | % | 2.22 | % | 2.27 | % | 2.48 | % | 3.37 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 1,0 | 11 | $ | 1,1 | 64 | $ | 1,1 | 76 | $ | 1,3 | 51 | $ | 1,5 | 67 | |||||||||
Ratio of expenses to average net assets | 1.74 | % | 1.75 | % | 1.73 | % | 1.74 | % | 1.75 | % | ||||||||||||||
Ratio of net investment income to average net assets | 3.48 | % | 3.45 | % | 3.36 | % | 3.30 | % | 3.23 | % | ||||||||||||||
Portfolio turnover rate | 18.37 | % | 5.12 | % | — | — | 12.51 | % | ||||||||||||||||
Without management fee waiver:* | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 1.89 | % | 1.90 | % | 1.88 | % | 1.89 | % | 1.90 | % | ||||||||||||||
Ratio of net investment income to average net assets | 3.33 | % | 3.30 | % | 3.21 | % | 3.15 | % | 3.08 | % |
CLASS A | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 7.86 | $ | 7.94 | $ | 8.05 | $ | 8.14 | $ | 8.19 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.27 | 0.27 | 0.29 | 0.29 | 0.29 | |||||||||||||||||||
Net realized and unrealized loss on investments | (0.12 | ) | (0.02 | ) | (0.10 | ) | (0.07 | ) | (0.01 | ) | ||||||||||||||
Total from Investment Operations | 0.15 | 0.25 | 0.19 | 0.22 | 0.28 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.26 | ) | (0.27 | ) | (0.28 | ) | (0.28 | ) | (0.29 | ) | ||||||||||||||
Distributions from net realized capital gain | (0.07 | ) | (0.06 | ) | (0.02 | ) | (0.03 | ) | (0.04 | ) | ||||||||||||||
Total Distributions | (0.33 | ) | (0.33 | ) | (0.30 | ) | (0.31 | ) | (0.33 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 7.68 | $ | 7.86 | $ | 7.94 | $ | 8.05 | $ | 8.14 | ||||||||||||||
Total Return | 1.95 | % | 3.14 | % | 2.45 | % | 2.82 | % | 3.51 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 12,7 | 99 | $ | 15,4 | 71 | $ | 16,7 | 81 | $ | 19,8 | 56 | $ | 22,7 | 78 | |||||||||
Ratio of expenses to average net assets | 1.29 | % | 1.28 | % | 1.24 | % | 1.19 | % | 1.19 | % | ||||||||||||||
Ratio of net investment income to average net assets | 3.46 | % | 3.51 | % | 3.60 | % | 3.55 | % | 3.65 | % | ||||||||||||||
Portfolio turnover rate | 5.17 | % | 29.32 | % | — | 7.93 | % | 10.00 | % |
CLASS C | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 7.86 | $ | 7.94 | $ | 8.04 | $ | 8.13 | $ | 8.18 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.21 | 0.22 | 0.23 | 0.22 | 0.23 | |||||||||||||||||||
Net realized and unrealized loss on investments | (0.13 | ) | (0.03 | ) | (0.09 | ) | (0.06 | ) | (0.01 | ) | ||||||||||||||
Total from Investment Operations | 0.08 | 0.19 | 0.14 | 0.16 | 0.22 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.20 | ) | (0.21 | ) | (0.22 | ) | (0.22 | ) | (0.23 | ) | ||||||||||||||
Distributions from net realized capital gain | (0.07 | ) | (0.06 | ) | (0.02 | ) | (0.03 | ) | (0.04 | ) | ||||||||||||||
Total Distributions | (0.27 | ) | (0.27 | ) | (0.24 | ) | (0.25 | ) | (0.27 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 7.67 | $ | 7.86 | $ | 7.94 | $ | 8.04 | $ | 8.13 | ||||||||||||||
Total Return | 1.06 | % | 2.37 | % | 1.82 | % | 2.06 | % | 2.74 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $4 | 71 | $ | 1,1 | 42 | $ | 1,4 | 14 | $ | 3,0 | 12 | $ | 2,7 | 78 | ||||||||||
Ratio of expenses to average net assets | 2.04 | % | 2.03 | % | 1.99 | % | 1.94 | % | 1.94 | % | ||||||||||||||
Ratio of net investment income to average net assets | 2.71 | % | 2.76 | % | 2.85 | % | 2.80 | % | 2.90 | % | ||||||||||||||
Portfolio turnover rate | 5.17 | % | 29.32 | % | — | 7.93 | % | 10.00 | % |
CLASS D | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 7.85 | $ | 7.93 | $ | 8.04 | $ | 8.13 | $ | 8.18 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.21 | 0.22 | 0.23 | 0.22 | 0.23 | |||||||||||||||||||
Net realized and unrealized loss on investments | (0.13 | ) | (0.03 | ) | (0.10 | ) | (0.06 | ) | (0.01 | ) | ||||||||||||||
Total from Investment Operations | 0.08 | 0.19 | 0.13 | 0.16 | 0.22 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.20 | ) | (0.21 | ) | (0.22 | ) | (0.22 | ) | (0.23 | ) | ||||||||||||||
Distributions from net realized capital gain | (0.07 | ) | (0.06 | ) | (0.02 | ) | (0.03 | ) | (0.04 | ) | ||||||||||||||
Total Distributions | (0.27 | ) | (0.27 | ) | (0.24 | ) | (0.25 | ) | (0.27 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 7.66 | $ | 7.85 | $ | 7.93 | $ | 8.04 | $ | 8.13 | ||||||||||||||
Total Return | 1.06 | % | 2.37 | % | 1.69 | % | 2.06 | % | 2.74 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 4 | 87 | $ | 5 | 17 | $ | 5 | 32 | $ | 7 | 06 | $ | 8 | 24 | |||||||||
Ratio of expenses to average net assets | 2.04 | % | 2.03 | % | 1.99 | % | 1.94 | % | 1.94 | % | ||||||||||||||
Ratio of net investment income to average net assets | 2.71 | % | 2.76 | % | 2.85 | % | 2.80 | % | 2.90 | % | ||||||||||||||
Portfolio turnover rate | 5.17 | % | 29.32 | % | — | 7.93 | % | 10.00 | % |
CLASS A | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 7.37 | $ | 7.49 | $ | 7.54 | $ | 7.60 | $ | 7.65 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.29 | 0.30 | 0.30 | 0.29 | 0.29 | |||||||||||||||||||
Net realized and unrealized loss on investments | (0.07 | ) | (0.08 | ) | (0.04 | ) | (0.05 | ) | (0.04 | ) | ||||||||||||||
Total from Investment Operations | 0.22 | 0.22 | 0.26 | 0.24 | 0.25 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.29 | ) | (0.30 | ) | (0.30 | ) | (0.29 | ) | (0.29 | ) | ||||||||||||||
Distributions from net realized capital gain | (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | ||||||||||||||
Total Distributions | (0.31 | ) | (0.34 | ) | (0.31 | ) | (0.30 | ) | (0.30 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 7.28 | $ | 7.37 | $ | 7.49 | $ | 7.54 | $ | 7.60 | ||||||||||||||
Total Return | 3.04 | % | 2.99 | % | 3.40 | % | 3.28 | % | 3.34 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 30,6 | 19 | $ | 32,4 | 49 | $ | 35,2 | 09 | $ | 43,3 | 24 | $ | 46,6 | 10 | |||||||||
Ratio of expenses to average net assets | 1.17 | % | 1.15 | % | 1.20 | % | 1.13 | % | 1.13 | % | ||||||||||||||
Ratio of net investment income to average net assets | 4.00 | % | 4.03 | % | 3.95 | % | 3.91 | % | 3.82 | % | ||||||||||||||
Portfolio turnover rate | 21.67 | % | 4.39 | % | 2.53 | % | — | 4.39 | % |
CLASS C | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 7.47 | $ | 7.59 | $ | 7.64 | $ | 7.69 | $ | 7.74 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.24 | 0.24 | 0.24 | 0.24 | 0.23 | |||||||||||||||||||
Net realized and unrealized loss on investments | (0.08 | ) | (0.08 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | ||||||||||||||
Total from Investment Operations | 0.16 | 0.16 | 0.20 | 0.20 | 0.19 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.23 | ) | (0.24 | ) | (0.24 | ) | (0.24 | ) | (0.23 | ) | ||||||||||||||
Distributions from net realized capital gain | (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | ||||||||||||||
Total Distributions | (0.25 | ) | (0.28 | ) | (0.25 | ) | (0.25 | ) | (0.24 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 7.38 | $ | 7.47 | $ | 7.59 | $ | 7.64 | $ | 7.69 | ||||||||||||||
Total Return | 2.22 | % | 2.17 | % | 2.57 | % | 2.58 | % | 2.52 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 2,4 | 35 | $ | 3,2 | 89 | $ | 3,4 | 53 | $ | 3,6 | 59 | $ | 5,2 | 71 | |||||||||
Ratio of expenses to average net assets | 1.92 | % | 1.91 | % | 1.96 | % | 1.90 | % | 1.90 | % | ||||||||||||||
Ratio of net investment income to average net assets | 3.25 | % | 3.28 | % | 3.19 | % | 3.14 | % | 3.05 | % | ||||||||||||||
Portfolio turnover rate | 21.67 | % | 4.39 | % | 2.53 | % | — | 4.39 | % |
CLASS D | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 7.47 | $ | 7.59 | $ | 7.64 | $ | 7.69 | $ | 7.74 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.24 | 0.24 | 0.24 | 0.24 | 0.23 | |||||||||||||||||||
Net realized and unrealized loss on investments | (0.08 | ) | (0.08 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | ||||||||||||||
Total from Investment Operations | 0.16 | 0.16 | 0.20 | 0.20 | 0.19 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.23 | ) | (0.24 | ) | (0.24 | ) | (0.24 | ) | (0.23 | ) | ||||||||||||||
Distributions from net realized capital gain | (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | ||||||||||||||
Total Distributions | (0.25 | ) | (0.28 | ) | (0.25 | ) | (0.25 | ) | (0.24 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 7.38 | $ | 7.47 | $ | 7.59 | $ | 7.64 | $ | 7.69 | ||||||||||||||
Total Return | 2.22 | % | 2.17 | % | 2.57 | % | 2.58 | % | 2.52 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 8 | 36 | $ | 8 | 64 | $ | 9 | 20 | $ | 1,0 | 02 | $ | 1,2 | 99 | |||||||||
Ratio of expenses to average net assets | 1.92 | % | 1.91 | % | 1.96 | % | 1.90 | % | 1.90 | % | ||||||||||||||
Ratio of net investment income to average net assets | 3.25 | % | 3.28 | % | 3.19 | % | 3.14 | % | 3.05 | % | ||||||||||||||
Portfolio turnover rate | 21.67 | % | 4.39 | % | 2.53 | % | — | 4.39 | % |
CLASS A | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 7.84 | $ | 7.93 | $ | 8.03 | $ | 8.09 | $ | 8.26 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.27 | 0.27 | 0.28 | 0.27 | 0.27 | |||||||||||||||||||
Net realized and unrealized loss on investments | (0.14 | ) | (0.04 | ) | (0.10 | ) | (0.05 | ) | (0.08 | ) | ||||||||||||||
Total from Investment Operations | 0.13 | 0.23 | 0.18 | 0.22 | 0.19 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.25 | ) | (0.26 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | ||||||||||||||
Distributions from net realized capital gain | — | (0.06 | ) | (0.01 | ) | (0.01 | ) | (0.09 | ) | |||||||||||||||
Total Distributions | (0.25 | ) | (0.32 | ) | (0.28 | ) | (0.28 | ) | (0.36 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 7.72 | $ | 7.84 | $ | 7.93 | $ | 8.03 | $ | 8.09 | ||||||||||||||
Total Return | 1.69 | % | 3.02 | % | 2.34 | % | 2.72 | % | 2.37 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 14,4 | 28 | $ | 16,9 | 06 | $ | 18,5 | 48 | $ | 19,7 | 21 | $ | 22,3 | 54 | |||||||||
Ratio of expenses to average net assets | 1.35 | % | 1.43 | % | 1.48 | % | 1.36 | % | 1.30 | % | ||||||||||||||
Ratio of net investment income to average net assets | 3.50 | % | 3.45 | % | 3.54 | % | 3.32 | % | 3.38 | % | ||||||||||||||
Portfolio turnover rate | — | 2.98 | % | 18.95 | % | 5.34 | % | 8.30 | % |
CLASS C | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 7.82 | $ | 7.91 | $ | 8.01 | $ | 8.07 | $ | 8.24 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.21 | 0.21 | 0.22 | 0.21 | 0.21 | |||||||||||||||||||
Net realized and unrealized loss on investments | (0.14 | ) | (0.04 | ) | (0.10 | ) | (0.05 | ) | (0.08 | ) | ||||||||||||||
Total from Investment Operations | 0.07 | 0.17 | 0.12 | 0.16 | 0.13 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.19 | ) | (0.20 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | ||||||||||||||
Distributions from net realized capital gain | — | (0.06 | ) | (0.01 | ) | (0.01 | ) | (0.09 | ) | |||||||||||||||
Total Distributions | (0.19 | ) | (0.26 | ) | (0.22 | ) | (0.22 | ) | (0.30 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 7.70 | $ | 7.82 | $ | 7.91 | $ | 8.01 | $ | 8.07 | ||||||||||||||
Total Return | 0.94 | % | 2.26 | % | 1.58 | % | 1.96 | % | 1.60 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 5 | 57 | $ | 7 | 85 | $ | 9 | 13 | $ | 1,1 | 00 | $ | 1,1 | 33 | |||||||||
Ratio of expenses to average net assets | 2.11 | % | 2.18 | % | 2.23 | % | 2.11 | % | 2.05 | % | ||||||||||||||
Ratio of net investment income to average net assets | 2.74 | % | 2.70 | % | 2.79 | % | 2.57 | % | 2.63 | % | ||||||||||||||
Portfolio turnover rate | — | 2.98 | % | 18.95 | % | 5.34 | % | 8.30 | % |
CLASS D | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended September 30, | | |||||||||||||||||||||||
Per Share Data: | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | ||||||||||||||
Net Asset Value, Beginning of Year | $ | 7.82 | $ | 7.91 | $ | 8.01 | $ | 8.07 | $ | 8.24 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.21 | 0.21 | 0.22 | 0.21 | 0.21 | |||||||||||||||||||
Net realized and unrealized loss on investments | (0.14 | ) | (0.04 | ) | (0.10 | ) | (0.05 | ) | (0.08 | ) | ||||||||||||||
Total from Investment Operations | 0.07 | 0.17 | 0.12 | 0.16 | 0.13 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.19 | ) | (0.20 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | ||||||||||||||
Distributions from net realized capital gain | — | (0.06 | ) | (0.01 | ) | (0.01 | ) | (0.09 | ) | |||||||||||||||
Total Distributions | (0.19 | ) | (0.26 | ) | (0.22 | ) | (0.22 | ) | (0.30 | ) | ||||||||||||||
Net Asset Value, End of Year | $ | 7.70 | $ | 7.82 | $ | 7.91 | $ | 8.01 | $ | 8.07 | ||||||||||||||
Total Return | 0.94 | % | 2.26 | % | 1.58 | % | 1.96 | % | 1.60 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of year (000s omitted) | $ | 4 | 30 | $ | 4 | 60 | $ | 4 | 90 | $ | 5 | 56 | $ | 6 | 24 | |||||||||
Ratio of expenses to average net assets | 2.11 | % | 2.18 | % | 2.23 | % | 2.11 | % | 2.05 | % | ||||||||||||||
Ratio of net investment income to average net assets | 2.74 | % | 2.70 | % | 2.79 | % | 2.57 | % | 2.63 | % | ||||||||||||||
Portfolio turnover rate | — | 2.98 | % | 18.95 | % | 5.34 | % | 8.30 | % |
* | During the periods stated, the Manager, at its discretion, waived portions of its management fees for California High-Yield Fund and Florida Fund (Note 3). |
Seligman Municipal Series Trust,
Seligman New Jersey Municipal Fund, Inc. and
Seligman Pennsylvania Municipal Fund Series:
New York, New York
November 26, 2007
Information pertaining to the Directors/Trustees and Officers of Seligman Municipal Series Trust, Seligman New Jersey Municipal Fund, Inc., and Seligman Pennsylvania Municipal Fund Series is set forth below.
Name, (Age), Position(s) held with Fundsø | | Principal Occupation(s) During Past Five Years, Directorships and Other Information | ||||
---|---|---|---|---|---|---|
Maureen Fonseca (52)3 • Director/Trustee: August 2007 to Date • Oversees 59 Portfolios in Fund Complex | Head of School, The Masters School (educational training); Director or Trustee of each of the investment companies of the Seligman Group of Funds† (with the exception of Seligman New Technologies Fund, Inc. and Seligman New Technologies Fund II, Inc.); Trustee, New York State Association of Independent Schools and Greens Farms Academy (educational training); and Commissioner, Middle States Association (educational training). | |||||
John R. Galvin (78)1,3 • Director/Trustee: 1995 to Date • Oversees 61 Portfolios in Fund Complex | 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, Director, Raytheon Co. (defense and commercial electronics), Governor of the Center for Creative Leadership, and Trustee, Institute for Defense Analyses. From February 1995 until June 1997, Director, USLIFE Corporation (life insurance). From June 1987 to June 1992, Mr. Galvin was the Supreme Allied Commander, NATO, and the Commander-in-Chief, United States European Command. | |||||
John F. Maher (64)1,3 • Director/Trustee: December 2006 to Date • Oversees 59 Portfolios in Fund Complex | Retired President and Chief Executive Officer, and former Director, Great Western Financial Corporation (bank holding company) and its principal subsidiary, Great Western Bank (a federal savings bank); and Director or Trustee of each of the investment companies of the Seligman Group of Funds† (with the exception of Seligman New Technologies Fund, Inc. and Seligman New Technologies Fund II, Inc.). From 1989 to 1999, he was a Director, Baker Hughes (energy products and services). | |||||
Frank A. McPherson (74)2,3 • Director/Trustee: 1995 to Date • Oversees 61 Portfolios in Fund Complex | Retired Chairman of the Board and Chief Executive Officer of Kerr-McGee Corporation (diversified energy and chemical company); Director or Trustee of each of the investment companies of the Seligman Group of Funds†; and Director, DCP Midstream GP, LLP (natural gas processing and transporting), Integris Health (owner of various hospitals), Oklahoma Medical Research Foundation, Oklahoma Foundation for Excellence in Education, National Cowboy and Western Heritage Museum, and Oklahoma City Museum of Art. Formerly, Director, ConocoPhillips (integrated international oil corporation), Kimberly-Clark Corporation (consumer products), Oklahoma Chapter of the Nature Conservancy, Boys and Girls Clubs of Oklahoma, Oklahoma City Public Schools Foundation, Oklahoma City Chamber of Commerce and BOK Financial (bank holding company). From 1990 until 1994, Director, the Federal Reserve System’s Kansas City Reserve Bank. | |||||
Betsy S. Michel (65)2,3 • Trustee, Seligman Municipal Series Trust: 1984 to Date; Seligman Pennsylvania Municipal Fund Series: 1986 to Date • Director, Seligman New Jersey Municipal Fund: 1988 to Date • Oversees 61 Portfolios in Fund Complex | Attorney; Director or Trustee of each of the investment companies of the Seligman Group of Funds†; and Trustee, The Geraldine R. Dodge Foundation (charitable foundation), and Drew University (Madison, NJ). Formerly, Chairman of the Board of Trustees of St. George’s School (Newport, RI); and Trustee, World Learning, Inc. (international educational training), and Council of New Jersey Grantmakers. | |||||
Leroy C. Richie (66)1,3 • Director/Trustee: 2000 to Date • Oversees 61 Portfolios in Fund Complex | Counsel, Lewis & Munday, P.C. (law firm); Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Director, Vibration Control Technologies, LLC (auto vibration technology); Lead Outside Director, Digital Ally Inc. (digital imaging) and Infinity, Inc. (oil and gas exploration and production); Director and Chairman, Highland Park Michigan Economic Development Corp.; and Chairman, Detroit Public Schools Foundation. Formerly, Chairman and Chief Executive Officer, Q Standards Worldwide, Inc. (library of technical standards); Director, Kerr-McGee Corporation (diversified energy and chemical company); Trustee, New York University Law Center Foundation; and Vice Chairman, Detroit Medical Center and Detroit Economic Growth Corp. From 1990 until 1997, Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation. |
Name, (Age), Position(s) held with Fundsø | | Principal Occupation(s) During Past Five Years, Directorships and Other Information | ||||
---|---|---|---|---|---|---|
Robert L. Shafer (75)2,3 • Trustee, Seligman Municipal Series Trust: 1984 to Date; Seligman Pennsylvania Municipal Fund Series: 1986 to Date • Director, Seligman New Jersey Municipal Fund: 1988 to Date • Oversees 61 Portfolios in Fund Complex | Ambassador and Permanent Observer of the Sovereign Military Order of Malta to the United Nations; and Director or Trustee of each of the investment companies of the Seligman Group of Funds†. From May 1987 until June 1997, Director, USLIFE Corporation (life insurance) and from December 1973 until January 1996, Vice President, Pfizer Inc. (pharmaceuticals). | |||||
James N. Whitson (72)1,3 • Director/Trustee: 1993 to Date • Oversees 61 Portfolios in Fund Complex | 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†; and Director, CommScope, Inc. (manufacturer of coaxial cable). Formerly, Director and Consultant, Sammons Enterprises, Inc. and Director, C-SPAN (cable television networks). |
Name, (Age), Position(s) held with Fundø | | Principal Occupation(s) During Past Five Years, Directorships and Other Information | ||||
---|---|---|---|---|---|---|
William C. Morris* (69) • Director/Trustee and Chairman of the Board: 1988 to Date • Oversees 61 Portfolios in Fund Complex | Chairman and Director, 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 and Director, Seligman Advisors, Inc., Seligman Services, Inc. and Carbo Ceramics Inc. (manufacturer of ceramic proppants for oil and gas industry); Director, Seligman Data Corp.; and President and Chief Executive Officer of The Metropolitan Opera Association. Formerly, Director, Kerr-McGee Corporation (diversified energy and chemical company) and Chief Executive Officer of each of the investment companies of the Seligman Group of Funds. | |||||
Brian T. Zino* (55) • Director/Trustee: 1993 to Date • President: 1995 to Date • Chief Executive Officer: 2002 to Date • Oversees 61 Portfolios in Fund Complex | Director and President, J. & W. Seligman & Co. Incorporated; President, Chief Executive Officer, and Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Director, Seligman Advisors, Inc. and Seligman Services, Inc.; and Chairman, Seligman Data Corp. and Member of the Board of Governors of the Investment Company Institute. Formerly, Director, ICI Mutual Insurance Company. | |||||
Eileen A. Comerford (49) • Vice President and Co-Portfolio Manager: 2003 to Date | Senior Vice President and Investment Officer, J. & W. Seligman & Co. Incorporated; Vice President and Co-Portfolio Manager, Seligman Municipal Series Trust, Seligman New Jersey Municipal Fund, Inc., Seligman Pennsylvania Municipal Fund Series, and Seligman Select Municipal Fund, Inc. (closed-end investment company). | |||||
Eleanor T.M. Hoagland (56) • Vice President and Chief Compliance Officer: 2004 to Date | Managing Director, J. & W. Seligman & Co. Incorporated; Vice President and Chief Compliance Officer of each of the investment companies of the Seligman Group of Funds†. |
Name, (Age), Position(s) held with Fundø | | Principal Occupation(s) During Past Five Years, Directorships and Other Information | ||||
---|---|---|---|---|---|---|
Thomas G. Moles (65) • Vice President and Co- Portfolio Manager, Seligman Municipal Series Trust: 1984 to Date; Seligman Pennsylvania Municipal Fund Series, 1986 to Date; and Seligman New Jersey Municipal Fund: 1988 to Date | Director and Managing Director, J. & W. Seligman & Co. Incorporated; Vice President and Co-Portfolio Manager, Seligman Municipal Series Trust, Seligman New Jersey Municipal Fund, Inc., and Seligman Pennsylvania Municipal Fund Series; Executive Vice President and Co-Portfolio Manager, Seligman Select Municipal Fund, Inc. (closed-end investment company); and Director, Seligman Advisors, Inc. and Seligman Services, Inc. | |||||
Thomas G. Rose (49) • Vice President: 2000 to Date | Managing Director, Chief Financial Officer, and Treasurer, J. & W. Seligman & Co. Incorporated; Senior Vice President, Finance, 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. | |||||
Lawrence P. Vogel (51) • Vice President: 1992 to Date • Treasurer: 2000 to Date | 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† and Treasurer, Seligman Data Corp. | |||||
Frank J. Nasta (43) • Secretary: 1994 to Date | Director, 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†; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.; and Corporate Secretary, Seligman International, Inc. and Seligman Data Corp. |
The Funds’ Statements of Additional Information (SAI) include additional information about Fund directors/trustees and are available, without charge, upon request. You may call toll-free (800) 221-2450 in the US or call collect (212) 682-7600 outside the US to request a copy of an SAI, to request other information about the Funds, or to make shareholder inquiries. |
ø | The address for each of the directors/trustees and officers is 100 Park Avenue, 8th Floor, New York, NY 10017. Each director/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 Board of Directors/Trustees. |
† | The Seligman Group of Funds consists of 24 registered investment companies. |
* | Messrs. Morris and Zino are considered “interested persons” of the Funds, 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 Audit Committee 2 Director/Trustee Nominating Committee 3 Board Operations Committee |
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 Funds’ prospectus or statements of additional information. |
ITEM 2. CODE OF ETHICS.
As of September 30, 2007, the registrant has adopted a code of ethics that applies to its principal executive and principal financial officers.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant’s board of trustees has determined that Mr. James N. Whitson, a member of its audit committee, is an audit committee financial expert. Mr. Whitson is “independent” as such term is defined in Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) – (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:
| 2007 | 2006 |
Audit Fees | $87,150 | $83,000 |
Audit-Related Fees | – | – |
Tax Fees | 10,600 | 10,000 |
All Other Fees | – | – |
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Tax fees include amounts related to tax compliance, tax planning, and tax advice.
Aggregate fees billed by the registrant’s principal accountant for the last two fiscal years for non-audit services provided to the registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registered investment company, where the engagement relates directly to the operations and financial reporting of the registrant, were as follows:
| 2007 | 2006 |
|
Audit-Related Fees | $141,440 | $129,300 |
|
Tax Fees | 9,000 | 12,990 |
|
All Other Fees | – | – |
|
Audit-related fees include amounts for (i) attestation services for the registrant’s shareholder service agent and (ii) performance of certain agreed-upon procedures relating to certain services performed by the registrant’s distributor. Tax fees include amounts related to tax compliance, tax planning, and tax advice for and an evaluation of certain tax reporting procedures of the registrant’s shareholder service agent.
(e) (1) The Audit Committee is required to preapprove audit and non-audit services performed for the registrant by the principal accountant in order to assure that the provision
of such services does not impair the principal accountant’s independence. The Audit Committee also is required to preapprove certain non-audit services performed by the registrant’s principal accountant for the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and certain of the adviser’s affiliates that provide services directly related to the operations and financial reporting of the registrant. Unless a type of service to be provided by the principal accountant has received preapproval, it will require specific preapproval by the Audit Committee.
The Audit Committee may delegate preapproval authority to one or more of its members. The member or members to whom such authority is delegated shall report any preapproval decisions to the Audit Committee at its next scheduled meeting.
Notwithstanding the foregoing, under certain circumstances, preapproval of non-audit services of a de minimis amount is not required.
(2) No services included in (b) – (d) above were approved pursuant to the waiver provisions of paragraphs (c)(7)(i)(C) or (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $161,040 and $152,290, respectively.
(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, the audit committee considered whether these services were compatible with maintaining the principal accountant’s independence.
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) | Code of Ethics for Principal Executive and Principal Financial Officers. |
| (a)(2) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the |
| (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: | December 7, 2007 |
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: | December 7, 2007 |
By: | /S/ LAWRENCE P. VOGEL |
| Lawrence P. Vogel |
| Vice President, Treasurer and Chief Financial Officer |
Date: | December 7, 2007 |
SELIGMAN MUNICIPAL SERIES TRUST
EXHIBIT INDEX
| (a)(1) | Code of Ethics for Principal Executive and Principal Financial Officers. |
| (a)(2) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the |
| (b) | Certification of chief executive officer and chief financial officer as required by Rule 30a-2(b) of the |